Morgan Stanley (MS US) - Adjusted

In Millions of USD except Per Share FY 2006 FY 2007 FY 2008 FY 2009

12 Months Ending 11/30/2006 11/30/2007 11/30/2008 12/31/2009
Net Revenue 29,839.0 27,979.0 24,739.0 28,790.0
+ Net Interest Income 1,879.0 2,781.0 3,202.0 790.0
+ Total Interest Income 42,776.0 60,083.0 40,725.0 7,477.0
+ Interest Income 42,776.0 60,083.0 40,725.0 7,477.0
+ Investment Income — — — —
- Total Interest Expense 40,897.0 57,302.0 37,523.0 6,687.0
+ Total Non-Interest Income — — — 28,000.0
+ Trading Securities G/L 13,612.0 6,468.0 1,260.0 12,199.0
+ Trading Account Profits/Losses — — — 12,199.0
+ Investments & Loans Income (Loss) — — — 0.0
+ Other Income (Loss) — — — 0.0
+ Commissions & Fees Earned 13,763.0 17,569.0 14,215.0 15,094.0
+ Other Operating Income (Losses) 585.0 1,161.0 6,062.0 707.0
- Provision for Loan Losses — — — —
Net Revenue after Provisions 29,839.0 27,979.0 24,739.0 28,790.0
- Total Non-Interest Expense 20,736.0 24,585.0 22,452.0 21,760.0
+ Commissions & Fees Paid 1,305.0 1,656.0 1,659.0 1,190.0
+ Other Operating Expenses 19,431.0 22,929.0 20,793.0 20,570.0
Operating Income (Loss) 9,103.0 3,394.0 2,287.0 7,030.0
- Non-Operating (Income) Loss 40.0 — — 0.0
+ (Income) Loss from Affiliates -40.0 — — —
+ Other Non-Op (Income) Loss 80.0 — — 0.0
Pretax Income (Loss), Adjusted -40.0 3,394.0 2,287.0 7,030.0
- Abnormal Losses (Gains) -280.0 0.0 5,300.0 5,900.0
+ Debt Valuation Adjustment — — 5,300.0 5,510.0
+ Credit Valuation Adjustment — — — —
+ Merger/Acquisition Expense — — — 349.0
+ Goodwill Impairment — — — —
+ Impairment of Intangibles — — — 16.0
+ Legal Settlement — — — —
+ Restructuring — — — —
+ Other Abnormal Items — — — 25.0
Pretax Income (Loss), GAAP 9,063.0 3,394.0 2,287.0 1,130.0
- Income Tax Expense (Benefit) 2,728.0 831.0 480.0 -297.0
+ Current Income Tax — — — 545.0
+ Deferred Income Tax — — — -842.0
+ Tax Valuation Allowance/Credits — — — 0.0
Income (Loss) from Cont Ops 6,335.0 2,563.0 1,807.0 1,427.0
- Net Extraordinary Losses (Gains) -1,137.0 -646.0 100.0 21.0
+ Discontinued Operations — — — 21.0
 + Extraordinary & Accounting Items — — — 0.0
Income (Loss) Incl. MI 7,472.0 3,209.0 1,707.0 1,406.0
- Minority Interest — — 0.0 60.0
Net Income, GAAP 7,472.0 3,209.0 1,707.0 1,346.0
- Preferred Dividends 19.0 68.0 119.0 1,311.0
- Other Adjustments — 0.0 0.0 942.0
Net Income Avail to Common, GAAP 7,453.0 3,141.0 1,588.0 -907.0

Net Income Avail to Common, Adj 7,453.0 3,141.0 1,588.0 2,618.0

Net Abnormal Losses (Gains) — — — 3,504.0
Net Extraordinary Losses (Gains) -1,137.0 -646.0 100.0 21.0

Basic Weighted Avg Shares 1,010.3 1,001.9 1,028.2 1,185.4

Basic EPS, GAAP 7.38 3.13 1.54 -0.77
Basic EPS from Cont Ops 6.25 2.49 1.64 -0.73
Basic EPS from Cont Ops, Adjusted 5.97 2.49 1.64 2.21

Diluted Weighted Avg Shares 1,054.8 1,054.2 1,095.7 1,185.4

Diluted EPS, GAAP 7.07 2.98 1.45 -0.77
Diluted EPS from Cont Ops 5.99 2.37 1.54 -0.73
Diluted EPS from Cont Ops, Adjusted 5.72 2.37 1.54 2.21

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP
Revenue 70,736.0 85,281.0 62,262.0 28,944.0
Pre-Tax Pre-Provision Profit 9,103.0 3,394.0 2,287.0 7,030.0
T12 Net Interest Margin 0.20 0.28 0.47 0.13
Net Revenue Margin 42.18 32.81 39.73 99.47
Pretax Margin -0.13 12.13 9.24 24.42
Sales per Employee 1,278,900.74 1,767,262.10 1,325,738.86 471,492.80
Dividends per Share 1.08 1.08 1.08 0.17
Total Cash Common Dividends 1,167.0 1,219.0 1,227.0 201.5
Efficiency Ratio 68.10 87.11 90.09 97.64
Actual Loan Losses (Net) 827.0 — — 0.0
Source: Bloomberg
 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016
32,103.0 27,946.0 30,504.0 33,174.0 34,092.0 34,537.0 34,631.0
898.0 351.0 -205.0 778.0 1,735.0 3,093.0 3,698.0
7,305.0 7,234.0 5,692.0 5,209.0 5,413.0 5,835.0 7,016.0
7,305.0 7,234.0 5,692.0 5,209.0 2,691.0 2,697.0 3,743.0
— — — — 2,722.0 3,138.0 3,273.0
6,407.0 6,883.0 5,897.0 4,431.0 3,678.0 2,742.0 3,318.0
31,205.0 27,595.0 30,709.0 32,396.0 32,357.0 31,444.0 30,933.0
12,091.0 8,676.0 12,134.0 11,817.0 10,030.0 10,037.0 10,369.0
12,091.0 8,676.0 12,134.0 11,817.0 10,030.0 10,037.0 10,369.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
17,878.0 18,743.0 18,019.0 19,513.0 21,231.0 20,914.0 19,739.0
1,236.0 176.0 556.0 1,066.0 1,096.0 493.0 825.0
— — — — — — —
32,103.0 27,946.0 30,504.0 33,174.0 34,092.0 34,537.0 34,631.0
24,557.0 25,915.0 24,752.0 26,171.3 27,314.0 26,069.0 25,518.0
1,416.0 1,633.0 1,535.0 1,711.0 1,806.0 1,892.0 1,920.0
23,141.0 24,282.0 23,217.0 24,460.3 25,508.0 24,177.0 23,598.0
7,546.0 2,031.0 5,752.0 7,002.7 6,778.0 8,468.0 9,113.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
— — — — — — —
0.0 0.0 0.0 0.0 0.0 0.0 0.0
7,546.0 2,031.0 5,752.0 7,002.7 6,778.0 8,468.0 9,113.0
1,348.0 -4,079.0 5,232.0 2,444.7 3,187.0 -27.0 265.0
873.0 -3,681.0 4,402.0 681.0 -651.0 -618.0 —
— -600.0 — — 468.0 — —
301.0 — 193.0 -232.3 — — —
— — — — — — —
174.0 7.0 4.0 44.0 6.0 28.0 2.0
— — 513.0 1,952.0 3,364.0 563.0 263.0
— 195.0 120.0 — — — —
— — — — — — —
6,198.0 6,110.0 520.0 4,558.0 3,591.0 8,495.0 8,848.0
743.0 1,414.0 -237.0 902.0 -90.0 2,200.0 2,726.0
1,217.0 874.0 407.0 996.0 150.0 1,006.0 1,148.0
-474.0 540.0 -644.0 -94.0 -240.0 1,194.0 1,578.0
0.0 — 0.0 0.0 0.0 — —
5,455.0 4,696.0 757.0 3,656.0 3,681.0 6,295.0 6,122.0
-247.0 51.0 41.0 43.0 14.0 16.0 -1.0
-247.0 51.0 41.0 43.0 14.0 16.0 -1.0
 0.0 0.0 0.0 0.0 0.0 0.0 0.0
5,702.0 4,645.0 716.0 3,613.0 3,667.0 6,279.0 6,123.0
999.0 535.0 648.0 681.0 200.0 152.0 144.0
4,703.0 4,110.0 68.0 2,932.0 3,467.0 6,127.0 5,979.0
881.0 292.0 96.0 120.0 311.0 456.0 471.0
228.0 1,751.0 2.0 157.0 4.0 0.0 0.0
3,594.0 2,067.0 -30.0 2,655.0 3,152.0 5,671.0 5,508.0

3,223.2 -862.7 3,668.5 3,889.4 3,016.7 5,108.2 5,611.3

-123.8 -2,980.7 3,657.5 1,191.4 -149.3 -578.9 104.3
-247.0 51.0 41.0 43.0 14.0 16.0 -1.0

1,361.7 1,654.7 1,885.8 1,905.8 1,924.0 1,909.0 1,849.0

2.64 1.25 -0.02 1.39 1.64 2.97 2.98
2.49 1.28 0.02 1.42 1.65 2.98 2.98
2.37 -0.52 1.95 2.04 1.57 2.68 3.03

1,411.3 1,675.3 1,918.8 1,956.5 1,971.0 1,953.0 1,887.0

2.63 1.23 -0.02 1.36 1.60 2.90 2.92
2.45 1.27 0.02 1.38 1.61 2.91 2.92
2.36 -0.52 1.93 1.99 1.53 2.61 2.98

US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP

32,260.0 28,555.0 31,999.0 36,924.0 37,953.0 37,897.0 37,949.0
7,546.0 2,031.0 5,752.0 7,002.7 6,778.0 8,468.0 9,113.0
0.11 0.05 -0.03 0.10 0.22 0.41 0.48
99.51 97.87 95.33 89.84 89.83 91.13 91.26
23.51 7.27 18.86 21.11 19.88 24.52 26.31
515,813.37 463,961.91 560,785.83 661,791.59 680,136.91 674,107.94 686,102.22
0.20 0.20 0.20 0.20 0.35 0.55 0.70
272.3 330.9 377.2 381.2 673.4 1,050.0 1,294.3
94.70 121.17 94.50 79.46 78.56 72.68 72.14
0.0 0.0 -2.0 15.0 5.0 0.0 14.0
 FY 2017 FY 2018 Last 12M
12/31/2017 12/31/2018 12/31/2018
37,945.0 40,107.0 40,107.0
3,300.0 3,806.0 3,806.0
8,997.0 13,892.0 13,892.0
5,634.0 13,892.0 10,924.0
3,363.0 —
5,697.0 10,086.0 10,086.0
34,645.0 36,301.0 36,301.0
11,936.0 11,988.0 11,988.0
11,936.0 11,988.0 11,988.0
0.0 0.0 0.0
0.0 0.0 0.0
21,861.0 23,570.0 23,570.0
848.0 743.0 743.0
— —
37,945.0 40,107.0 40,107.0
27,200.0 28,870.0 28,870.0
2,093.0 2,393.0 2,393.0
25,107.0 26,477.0 26,477.0
10,745.0 11,237.0 11,237.0
0.0 0.0 0.0
— —
0.0 0.0 0.0
10,745.0 11,237.0 11,237.0
342.0 0.0 0.0
— —
— —
— —
— —
— —
342.0 —
— —
— —
10,403.0 11,237.0 11,237.0
4,168.0 2,350.0 2,350.0
1,414.0 —
2,754.0 —
— —
6,235.0 8,887.0 8,887.0
19.0 4.0 4.0
19.0 4.0 4.0
 0.0 0.0 0.0
6,216.0 8,883.0 8,883.0
105.0 135.0 135.0
6,111.0 8,748.0 8,748.0
523.0 526.0 526.0
0.0 0.0 0.0
5,588.0 8,222.0 8,222.0

7,029.3 8,023.0 8,115.0

1,422.3 -203.0 -111.0
19.0 4.0 4.0

1,780.0 1,708.0 1,674.0

3.14 4.81 4.80
3.15 4.82 4.80
3.95 4.70 4.74

1,821.0 1,738.0 1,705.0

3.07 4.73 4.72
3.08 4.73 4.73
3.86 4.62 4.66

US GAAP US GAAP
43,642.0 50,193.0 50,193.0
10,745.0 11,237.0 11,237.0
0.40 — 0.47
86.95 79.91 73.25
28.32 28.02 22.39
757,239.78 831,725.99 851,621.21
0.90 1.10 1.10
1,602.0 1,878.8 1,876.3
70.03 70.20 76.64
74.0 0.0 -52.0
Morgan Stanley (MS US) - Standardized
In Millions of USD except Per Share FY 2005 FY 2006 FY 2007 FY 2008
12 Months Ending 11/30/2005 11/30/2006 11/30/2007 11/30/2008
Total Assets
+ Cash & Cash Equivalents 29,414.0 20,606.0 25,598.0 78,654.0
+ Interbanking Assets — 175,787.0 366,881.0 158,562.0
+ Fed Funds Sold & Repos — — — —
+ Other Interbank Assets — — — —
+ ST And LT Investments — 771,794.0 446,321.0 246,173.0
+ Trading Securities/FVTPL — — — —
+ Available for Sales/FVTOCI — — — —
+ Held to Maturity/Amortized at Cost — — — —
+ Real Estate Investments 0.0 — — —
+ Other Investments — — — —
+ Net Receivables 6,137.0 20,845.0 19,949.0 13,562.0
+ Total Commercial Loans — — — —
+ Commercial RE Loans — — — —
+ Other Commercial Loans — — — —
+ Total Consumer Loans — — — —
+ 1-4 Family Residential Loans — — — —
+ Other Consumer Loans — — — —
+ Other Loans — — — —
+ Total Loans 79,763.0 114,302.0 92,363.0 38,553.0
- Reserve for Loan Losses 838.0 831.0 0.0 0.0
+ Net Loans 78,925.0 113,471.0 92,363.0 38,553.0
+ Net Fixed Assets 5,878.0 4,086.0 4,372.0 5,057.0
+ Property, Plant & Equip — — — —
+ Total Intangible Assets 2,500.0 3,443.0 4,071.0 3,138.0
+ Goodwill 2,206.0 2,792.0 3,024.0 2,243.0
+ Other Intangible Assets — — — —
+ Total Deferred Tax Assets — — — —
+ Total Derivative Assets — — — —
+ Customer Acceptances & Liab — — — —
+ Other Assets 854,594.0 300,418.0 545,098.0 312,228.0
Total Assets 898,523.0 1,121,192.0 1,045,409.0 658,812.0

Liabilities & Shareholders' Equity

+ Interest Bearing Deposits — — — —
+ Saving Deposits — — — —
+ Time Deposits — — — —
+ Other Deposits — — 203,453.0 115,225.0
+ Total Deposits 130,909.0 163,250.0 234,632.0 157,980.0
+ ST Borrowings & Repos 562,776.0 708,596.0 521,758.0 194,014.0
 + Secs Sold Under Repo — 267,566.0 162,840.0 102,401.0
+ Trading Account Liabilities — — — —
+ ST Capital Leases — — — —
+ ST Borrowings — — — —
+ Payables Broker Dealers — — — —
+ LT Debt 110,465.0 126,704.0 159,816.0 163,437.0
+ LT Capital Leases — — — —
+ LT Borrowings — — — —
+ Pension Liabilities — — — —
+ Pensions — — — —
+ Other Post-Ret Benefits — — — —
+ Total Deferred Tax Liabilities — — — —
+ Total Derivative Liabilities — — — —
+ Other Liabilities 65,125.0 87,212.0 97,934.0 92,550.0
Total Liabilities 869,275.0 1,085,762.0 1,014,140.0 607,981.0
+ Preferred Equity and Hybrid Capital 0.0 1,100.0 1,100.0 19,155.0
+ Share Capital & APIC 2,401.0 2,225.0 1,914.0 1,631.0
+ Common Stock — — — —
+ Additional Paid in Capital — — — —
- Treasury Stock 8,214.0 9,348.0 9,591.0 7,926.0
+ Retained Earnings 35,185.0 41,422.0 38,045.0 38,096.0
+ Other Equity -190.0 -35.0 -199.0 -125.0
Equity before Minority Interest 29,182.0 35,364.0 31,269.0 50,831.0
+ Minority/Non Controlling Interest 66.0 66.0 0.0 0.0
Total Equity 29,248.0 35,430.0 31,269.0 50,831.0
Total Liabilities & Equity 898,523.0 1,121,192.0 1,045,409.0 658,812.0

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP
Shares Outstanding 1,057.7 1,048.9 1,056.3 1,047.6
Number of Treasury Shares 154.0 162.8 155.4 164.1
Pension Obligations — — — —
Future Minimum Operating Lease Obligatio 3,580.0 4,852.0 6,416.0 6,124.0
Total Capital Leases — — — —
Options Granted During Period 0.9 2.1 18.9 —
Options Outstanding at Period End 125.8 109.4 118.1 100.0
Book Value per Share 27.59 32.67 28.56 30.24
Assets Under Management 599,000.0 645,000.0 782,000.0 527,000.0
Customer Assets 617,000.0 676,000.0 758,000.0 546,000.0
Earning Assets 842,636.0 1,061,883.0 905,565.0 443,288.0
Return on Assets 0.60 0.74 0.30 0.20
Net Deferred Tax Liabilities - Long Term -3,567.0 -3,116.0 -5,593.0 -6,282.0
Interest Bearing Liabilities 804,150.0 998,550.0 916,206.0 515,431.0
Net Debt 643,827.0 638,907.0 289,095.0 120,235.0
Return on Common Equity 17.21 23.49 9.75 5.14
Tangible Common Equity Ratio 2.98 2.76 2.51 4.35
Tangible Common Equity to Risk-Weighted — — — 10.24
Tier 1 Capital Ratio — — — 17.90
Total Risk-Based Capital Ratio — — — 26.80
Number of Employees 53,218.00 55,310.00 48,256.00 46,964.00
Source: Bloomberg
 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015

31,991.0 47,615.0 47,312.0 46,904.0 59,883.0 46,984.0 54,083.0

310,709.0 286,983.0 257,229.0 256,113.0 247,837.0 219,996.0 230,073.0
143,208.0 148,253.0 130,155.0 134,412.0 118,130.0 83,288.0 87,657.0
167,501.0 138,730.0 127,074.0 121,701.0 129,707.0 136,708.0 142,416.0
291,817.0 326,232.0 303,721.0 321,522.0 366,504.0 356,001.0 282,875.0
250,697.0 255,454.0 227,289.0 231,406.0 248,277.0 220,407.0 199,667.0
— 29,649.0 30,495.0 39,869.0 53,430.0 69,316.0 71,983.0
— — — — — 100.0 5,224.0
— — — — — — —
41,120.0 41,129.0 45,937.0 50,247.0 64,797.0 66,178.0 6,001.0
18,423.0 20,366.0 24,813.0 39,802.0 — — —
— — — — 15,118.0 24,957.0 30,393.0
— — — — 1,855.0 5,298.0 6,839.0
— — — — 13,263.0 19,659.0 23,554.0
— — — — 21,583.0 32,311.0 42,391.0
— — — — 10,006.0 15,735.0 20,863.0
— — — — 11,577.0 16,576.0 21,528.0
— — — — 63,433.0 58,419.0 58,607.0
33,313.0 44,360.0 39,225.0 53,532.0 100,134.0 115,687.0 131,391.0
— — — — 156.0 149.0 225.0
33,313.0 44,360.0 39,225.0 53,532.0 99,978.0 115,538.0 131,166.0
7,067.0 6,154.0 6,457.0 5,946.0 6,019.0 6,108.0 —
7,067.0 6,154.0 6,457.0 5,946.0 6,019.0 6,108.0 —
12,216.0 11,406.0 10,971.0 10,433.0 9,881.0 9,747.0 9,568.0
7,162.0 6,739.0 6,686.0 6,650.0 6,595.0 6,588.0 6,584.0
5,054.0 4,667.0 4,285.0 3,783.0 3,286.0 3,159.0 2,984.0
8,538.0 9,357.0 9,624.0 9,005.0 9,049.0 8,761.0 6,981.0
49,081.0 51,292.0 48,064.0 36,197.0 32,467.0 36,394.0 28,613.0
— — — — — 0.0 0.0
8,307.0 3,933.0 2,482.0 1,506.0 1,084.0 1,981.0 44,106.0
771,462.0 807,698.0 749,898.0 780,960.0 832,702.0 801,510.0 787,465.0

62,215.0 63,812.0 65,662.0 83,266.0 112,379.0 133,544.0 156,034.0

57,114.0 59,856.0 63,029.0 80,058.0 109,908.0 132,159.0 153,346.0
5,101.0 3,956.0 2,633.0 3,208.0 2,471.0 1,385.0 2,688.0
117,058.0 123,249.0 117,241.0 122,540.0 157,125.0 181,069.0 186,626.0
179,273.0 187,061.0 182,903.0 205,806.0 269,504.0 314,613.0 342,660.0
284,380.0 295,881.0 247,978.0 281,275.0 290,160.0 202,368.0 166,668.0
 159,401.0 147,598.0 104,800.0 122,674.0 145,676.0 69,949.0 36,692.0
69,174.0 80,954.0 69,678.0 83,164.0 70,760.0 67,169.0 98,981.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
50,382.0 63,966.0 69,418.0 72,940.0 73,724.0 65,250.0 30,995.0
5,423.0 3,363.0 4,082.0 2,497.0 — — —
193,374.0 192,457.0 184,234.0 169,571.0 153,575.0 152,772.0 153,768.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
193,374.0 192,457.0 184,234.0 169,571.0 153,575.0 152,772.0 153,768.0
534.0 520.0 562.0 635.0 651.0 601.0 576.0
— — — — 523.0 526.0 489.0
— — — — 128.0 75.0 87.0
923.0 1,545.0 2,713.0 1,719.0 1,821.0 1,555.0 985.0
38,209.0 47,802.0 46,469.0 36,958.0 33,761.0 40,212.0 29,474.0
21,989.0 17,025.0 14,961.0 15,259.0 14,200.0 17,285.0 17,150.0
718,682.0 742,291.0 679,820.0 711,223.0 763,672.0 729,406.0 711,281.0
9,597.0 9,597.0 1,508.0 1,508.0 3,220.0 6,020.0 7,520.0
8,634.0 13,537.0 22,856.0 23,446.0 24,590.0 24,269.0 24,173.0
15.0 16.0 20.0 20.0 20.0 20.0 20.0
8,619.0 13,521.0 22,836.0 23,426.0 24,570.0 24,249.0 24,153.0
6,039.0 4,059.0 2,499.0 2,241.0 2,968.0 2,766.0 4,059.0
35,056.0 38,603.0 40,341.0 39,912.0 42,172.0 44,625.0 49,204.0
-560.0 -467.0 -157.0 -516.0 -1,093.0 -1,248.0 -1,656.0
46,688.0 57,211.0 62,049.0 62,109.0 65,921.0 70,900.0 75,182.0
6,092.0 8,196.0 8,029.0 7,628.0 3,109.0 1,204.0 1,002.0
52,780.0 65,407.0 70,078.0 69,737.0 69,030.0 72,104.0 76,184.0
771,462.0 807,698.0 749,898.0 780,960.0 832,702.0 801,510.0 787,465.0

US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP

1,360.6 1,512.0 1,927.0 1,974.0 1,944.9 1,951.0 1,920.0
127.3 91.9 62.4 64.9 94.0 87.9 118.9
534.0 520.0 562.0 635.0 — 0.0 0.0
6,570.0 6,291.0 6,210.0 6,446.0 6,330.0 5,727.0 5,848.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
— — 4.0 0.0 3.0 0.0 —
82.0 67.0 57.0 42.0 33.0 19.0 17.0
27.26 31.49 31.42 30.70 32.24 33.26 35.24
645,000.0 756,000.0 775,000.0 906,000.0 1,071,000.0 1,188,000.0 1,190,000.0
1,560,000.0 1,669,000.0 1,649,000.0 1,776,000.0 1,909,000.0 2,025,000.0 1,985,000.0
779,047.0 805,828.0 730,330.0 765,579.0 832,605.0 774,972.0 731,996.0
0.19 0.60 0.53 0.01 0.36 0.42 0.77
-7,615.0 -7,812.0 -6,911.0 -7,286.0 -7,228.0 -7,206.0 -5,996.0
657,027.0 675,399.0 615,115.0 656,652.0 713,239.0 669,753.0 663,096.0
135,054.0 153,740.0 127,671.0 147,829.0 136,015.0 88,160.0 36,280.0
-2.64 8.49 3.82 -0.05 4.31 4.94 8.56
 3.28 4.55 6.71 6.51 6.42 6.96 7.47
8.16 10.99 15.72 16.35 13.55 12.09 15.12
15.30 16.10 16.60 17.70 15.70 14.10 17.40
— — — — 16.90 16.40 20.70
61,388.00 62,542.00 61,546.00 57,061.00 55,794.00 55,802.00 56,218.00
 FY 2016 FY 2017 FY 2018
12/31/2016 12/31/2017 12/31/2018

43,381.0 46,164.0 —
227,191.0 208,268.0 —
101,955.0 84,258.0 —
125,236.0 124,010.0 —
311,040.0 346,271.0 —
230,948.0 267,469.0 —
63,170.0 55,203.0 —
16,922.0 23,599.0 —
— — —
0.0 0.0 —
— — —
32,727.0 39,734.0 —
7,702.0 9,980.0 —
25,025.0 29,754.0 —
49,251.0 53,443.0 —
24,385.0 26,635.0 —
24,866.0 26,808.0 —
59,004.0 67,360.0 —
140,982.0 160,537.0 —
274.0 224.0 —
140,708.0 160,313.0 —
— — —
— — —
9,298.0 9,045.0 —
6,577.0 6,597.0 —
2,721.0 2,448.0 —
5,810.0 3,415.0 —
31,206.0 30,813.0 —
0.0 0.0 —
46,315.0 47,444.0 —
814,949.0 851,733.0 —

155,863.0 159,436.0 —
154,559.0 144,487.0 —
1,304.0 14,949.0 —
190,513.0 191,510.0 —
346,376.0 350,946.0 —
180,469.0 185,887.0 —
 54,628.0 56,424.0 —
98,879.0 104,600.0 —
0.0 0.0 —
26,962.0 24,863.0 —
— — —
165,716.0 192,582.0 —
0.0 0.0 —
165,716.0 192,582.0 —
598.0 671.0 —
510.0 585.0 —
88.0 86.0 —
1,043.0 841.0 —
29,315.0 26,695.0 —
14,255.0 15,645.0 —
737,772.0 773,267.0 —
7,520.0 8,520.0 —
23,291.0 23,565.0 —
20.0 20.0 —
23,271.0 23,545.0 —
5,797.0 9,211.0 —
53,679.0 57,577.0 —
-2,643.0 -3,060.0 —
76,050.0 77,391.0 —
1,127.0 1,075.0 —
77,177.0 78,466.0 —
814,949.0 851,733.0 —

US GAAP US GAAP US GAAP

1,852.5 1,788.1 1,700.0
186.4 250.8 —
0.0 0.0 —
5,710.0 5,412.0 —
0.0 0.0 —
0.0 — —
2.0 — —
36.99 38.52 —
425,000.0 489,000.0 —
2,103,000.0 2,373,000.0 2,303,000.0
815,147.0 833,565.0 —
0.75 0.73 —
-4,767.0 -2,574.0 —
692,561.0 729,415.0 —
75,613.0 124,037.0 —
8.09 8.13 —
 7.35 7.10 —
16.54 17.08 —
19.00 20.00 19.40
22.00 22.90 —
55,311.00 57,633.00 60,348.00
Morgan Stanley (MS US) - Standardized
In Millions of USD except Per Share FY 2005 FY 2006 FY 2007 FY 2008
12 Months Ending 11/30/2005 11/30/2006 11/30/2007 11/30/2008
Cash from Operating Activities
+ Net Income 4,939.0 7,472.0 3,209.0 1,707.0
+ Depreciation & Amortization 1,693.0 876.0 475.0 794.0
+ Provision for Loan Losses — 756.0 478.0 —
+ Non-Cash Items 78.0 2,199.0 126.0 -2,592.0
+ Gain on Sale of Secs & Loans — — — —
+ Deferred Income Taxes — 111.0 -2,046.0 -1,224.0
+ Stock-Based Compensation — 1,923.0 1,941.0 1,878.0
+ Other Non - Cash Adjusted 78.0 165.0 231.0 -3,246.0
+ Net Ch in Operating Capital -38,062.0 -72,106.0 -26,537.0 73,508.0
+ Trading Assets & Liab — — — —
+ Net Ch of Investments — — — —
+ Other Op Assets/Liab — — — —
Cash from Operating Activities -31,352.0 -60,803.0 -22,249.0 73,417.0

Cash from Investing Activities

+ Net Change in Fixed Assets -540.0 993.0 -1,469.0 -1,400.0
+ Disposal of Fixed Assets 0.0 993.0 — —
+ Capital Expenditures/Prop Add -540.0 — -1,469.0 -1,400.0
+ Net Change in Investments 0.0 — -9,801.0 —
+ Decrease in Investments 0.0 — 4,272.0 —
+ Dec in HTM Investments — — — —
+ Dec in AFS Investments — — — —
+ Dec in Other Investments — — — —
+ Increase in Investments 0.0 — -14,073.0 —
+ Inc in HTM Investments — — — —
+ Inc in AFS Investments — — — —
+ Inc in Other Investments — — — —
+ Net Ch in Loans & Interbank -3,568.0 -632.0 525.0 —
+ Net Ch in Customer Loans — — — —
+ Net Ch in Interbank Assets — — — —
+ Net Ch in Loans — — — —
+ Net Cash from Acq & Div — — — —
+ Cash from Divestitures — — — —
+ Cash for Acq of Subs — — — —
+ Cash for JVs — — — —
+ Other Investing Activities -13.0 -2,706.0 -693.0 2,129.0
+ Net Cash From Disc Ops — — — —
Cash from Investing Activities -4,121.0 -2,345.0 -11,438.0 729.0
Cash from Financing Activities
+ Dividends Paid -1,180.0 -1,167.0 -1,219.0 -1,227.0
+ Cash From (Repayment) Debt 31,381.0 47,352.0 24,604.0 -46,506.0
+ Cash From (Repay) ST Debt — — — —
+ Net Ch in Interbank Trans — — — —
+ Cash From LT Debt — — — —
+ Repayments of LT Debt — — — —
+ Cash (Repurchase) of Equity -3,366.0 -1,492.0 -2,983.0 17,613.0
+ Increase in Capital Stock 327.0 1,884.0 1,208.0 19,441.0
+ Decrease in Capital Stock -3,693.0 -3,376.0 -4,191.0 -1,828.0
+ Net Change In Deposits 4,886.0 9,647.0 23,099.0 11,576.0
+ Other Financing Activities 355.0 — -4,822.0 -2,546.0
+ Net Cash From Disc Ops — — — —
Cash from Financing Activities 32,076.0 54,340.0 38,679.0 -21,090.0

Effect of Foreign Exchange Rates — — — —

Net Changes in Cash -3,397.0 -8,808.0 4,992.0 53,056.0

Cash Paid for Taxes 1,536.0 3,115.0 3,404.0 1,406.0

Cash Paid for Interest 24,425.0 39,667.0 59,955.0 35,587.0

Reference Items
Net Cash Paid for Acquisitions 323.0 2,706.0 1,169.0 174.0
Tax Benefit from Stock Options — 144.0 281.0 47.0
Free Cash Flow -31,892.0 — -23,718.0 72,017.0
Free Cash Flow to Equity -511.0 -11,377.0 818.0 43,447.0
Free Cash Flow per Basic Share -30.38 — -23.67 70.04
Price to Free Cash Flow — — — 0.21
Cash Flow to Net Income -6.35 -8.14 -6.93 43.01
Source: Bloomberg
 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015

1,346.0 4,703.0 4,110.0 68.0 2,932.0 3,467.0 6,127.0

1,224.0 1,419.0 1,404.0 1,581.0 1,511.0 1,161.0 1,433.0
— — — — 110.0 23.0 123.0
168.0 2,115.0 2,991.0 1,127.0 1,588.0 1,072.0 2,638.0
0.0 -102.0 -143.0 -78.0 -45.0 -40.0 -84.0
-932.0 -129.0 413.0 -639.0 -117.0 -231.0 1,189.0
1,265.0 1,260.0 1,300.0 891.0 1,180.0 1,260.0 1,104.0
-165.0 1,086.0 1,421.0 953.0 570.0 83.0 429.0
-48,689.0 32,377.0 6,877.0 21,983.0 28,868.0 -4,637.0 -14,784.0
-26,130.0 16,400.0 29,913.0 6,389.0 -23,598.0 20,619.0 30,212.0
-67,783.0 31,619.0 13,024.0 11,760.0 -12,056.0 -14,581.0 -11,569.0
45,224.0 -15,642.0 -36,060.0 3,834.0 64,522.0 -10,675.0 -33,427.0
-45,951.0 40,614.0 15,382.0 24,759.0 35,009.0 1,086.0 -4,463.0

-2,877.0 -1,201.0 -1,304.0 -1,312.0 -1,316.0 -992.0 -1,373.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0
-2,877.0 -1,201.0 -1,304.0 -1,312.0 -1,316.0 -992.0 -1,373.0
0.0 -28,001.0 -603.0 -9,341.0 -14,375.0 -14,992.0 -3,702.0
0.0 1,988.0 19,998.0 15,136.0 16,182.0 17,631.0 43,589.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 999.0 19,998.0 15,136.0 16,182.0 17,631.0 43,589.0
0.0 989.0 0.0 0.0 0.0 0.0 0.0
0.0 -29,989.0 -20,601.0 -24,477.0 -30,557.0 -32,623.0 -47,291.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 -29,989.0 -20,601.0 -24,477.0 -30,557.0 -32,623.0 -47,291.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 -307.0 -9,208.0 -3,486.0 -10,057.0 -20,116.0 -15,816.0
0.0 -307.0 -9,208.0 -3,486.0 -10,057.0 -20,116.0 -15,816.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
-1,595.0 -202.0 0.0 1,725.0 1,147.0 989.0 998.0
565.0 840.0 0.0 1,725.0 1,147.0 989.0 998.0
-2,160.0 -1,042.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 247.0 381.0 -211.0 140.0 -213.0 -102.0
— — — — — 0.0 —
-4,472.0 -29,464.0 -10,734.0 -12,625.0 -24,461.0 -35,324.0 -19,995.0
 -1,732.0 -1,488.0 -834.0 -469.0 -475.0 -904.0 -1,455.0
-1,461.0 4,364.0 -5,056.0 -26,661.0 -21,525.0 1,567.0 4,435.0
-12,246.0 42.0 1,451.0 -7,215.0 -10,722.0 -2,070.0 -2,370.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
43,960.0 32,523.0 32,725.0 23,646.0 27,939.0 36,740.0 34,182.0
-33,175.0 -28,201.0 -39,232.0 -43,092.0 -38,742.0 -33,103.0 -27,377.0
-4,643.0 5,269.0 -317.0 -185.0 1,015.0 1,425.0 -1,280.0
6,357.0 5,586.0 0.0 42.0 1,706.0 2,883.0 1,493.0
-11,000.0 -317.0 -317.0 -227.0 -691.0 -1,458.0 -2,773.0
10,860.0 1,597.0 1,850.0 17,604.0 29,113.0 21,165.0 22,490.0
0.0 -5,579.0 -791.0 -2,186.0 -5,495.0 -110.0 -36.0
— — — — — 0.0 —
3,024.0 4,163.0 -5,148.0 -11,897.0 2,633.0 23,143.0 24,154.0

720.0 311.0 197.0 -645.0 -202.0 -1,804.0 -1,735.0

-46,679.0 15,624.0 -303.0 -408.0 12,979.0 -12,899.0 -2,039.0

1,028.0 1,091.0 892.0 388.0 930.0 886.0 677.0

7,605.0 5,891.0 6,835.0 5,213.0 4,793.0 3,575.0 2,672.0

2,160.0 1,042.0 — — — — —
102.0 5.0 0.0 42.0 10.0 101.0 —
-48,828.0 39,413.0 14,078.0 23,447.0 33,693.0 94.0 -5,836.0
-61,158.0 42,896.0 641.0 -3,310.0 13,760.0 4,150.0 -357.0
-41.19 28.94 8.51 12.43 17.68 0.05 -3.06
— 0.94 1.78 1.54 1.77 794.16 —
-34.14 8.64 3.74 364.10 11.94 0.31 -0.73
 FY 2016 FY 2017 Last 12M
12/31/2016 12/31/2017 09/30/2018

5,979.0 6,111.0 7,903.0

1,736.0 1,753.0 1,788.0
144.0 29.0 -30.0
2,757.0 4,031.0 4,014.0
-112.0 -35.0
1,579.0 2,747.0
1,136.0 1,026.0 951.0
154.0 293.0 3,071.0
-5,233.0 -16,429.0 2,417.0
-24,079.0 -27,588.0 1,050.0
13,666.0 -1,026.0 -13,394.0
5,180.0 12,185.0 14,761.0
5,383.0 -4,505.0 16,092.0

-1,276.0 -1,629.0 -1,813.0

0.0 0.0 0.0
-1,276.0 -1,629.0 -1,813.0
-8,828.0 1,614.0 -4,925.0
42,083.0 25,576.0 16,160.0
0.0 0.0 0.0
42,083.0 25,576.0 16,160.0
0.0 0.0 0.0
-50,911.0 -23,962.0 -21,085.0
0.0 0.0 0.0
-50,911.0 -23,962.0 -21,085.0
0.0 0.0 0.0
-9,604.0 -12,125.0 -10,472.0
-9,604.0 -12,125.0 -10,472.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
0.0 0.0 0.0
200.0 -251.0 -419.0
— —
-19,508.0 -12,391.0 -17,629.0
 -1,746.0 -2,085.0 -2,311.0
13,363.0 18,018.0 -176.0
1,333.0 -1,573.0 -4,911.0
0.0 0.0 0.0
43,626.0 55,416.0 44,315.0
-31,596.0 -35,825.0 -39,580.0
-3,933.0 -3,298.0 -5,664.0
0.0 994.0 0.0
-3,933.0 -4,292.0 -5,664.0
-171.0 3,573.0 20,546.0
-150.0 53.0 -305.0
— —
7,363.0 16,261.0 12,090.0

-1,430.0 3,670.0 -242.0

-8,192.0 3,035.0 10,311.0

831.0 489.0 531.0

2,834.0 6,010.0 9,406.0

— —
— —
4,107.0 -6,134.0 14,279.0
16,999.0 12,361.0 13,577.0
2.22 -3.45 8.32
19.02 — 4.95
0.90 -0.74 6.90
Morgan Stanley (MS US) - Profitability
In Millions of USD except Per Share FY 2005 FY 2006 FY 2007 FY 2008
12 Months Ending 11/30/2005 11/30/2006 11/30/2007 11/30/2008
Returns
Return on Common Equity 17.21 23.49 9.75 5.14
Return on Assets 0.60 0.74 0.30 0.20
Return on Capital 0.79 0.95 0.41 0.30

Margins
EBITDA Margin 63.80 71.92 71.73 65.21
Operating Margin 25.71 30.51 12.13 9.24
Incremental Operating Margin 9.66 91.30 -306.94 -34.17
Pretax Margin 25.49 30.37 12.13 9.24
Income before XO Margin 18.77 21.23 9.16 7.30
Net Income Margin 9.48 10.56 3.76 2.74
Net Income to Common Margin 17.86 24.98 11.23 6.42

Additional
Effective Tax Rate 26.35 30.10 24.48 20.99
Dvd Payout Ratio 21.84 18.48 48.86 72.69
Sustainable Growth Rate 13.45 19.15 4.99 1.40
Source: Bloomberg

MARKET PRICE PER SHARE

 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
12/31/2009 12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015

-2.64 8.49 3.82 -0.05 4.31 4.94 8.56

0.19 0.60 0.53 0.01 0.36 0.42 0.77
0.30 1.05 0.88 0.14 0.70 0.78 1.52

30.17 37.26 36.81 24.99 28.44 22.21 33.43

4.85 19.85 18.96 1.99 14.03 10.48 24.16
-79.30 63.75 — -91.27 63.18 — 557.27
4.85 19.85 18.96 1.99 14.03 10.48 24.16
6.13 17.47 14.57 2.90 11.25 10.74 17.91
4.49 12.50 10.51 0.21 7.94 9.13 16.17
-3.90 11.51 6.41 -0.11 8.17 9.20 16.13

— 11.99 23.14 — 19.79 — 25.90

— 8.14 15.63 3,428.68 14.13 21.27 18.46
— 7.80 3.23 1.65 3.70 3.89 6.98

22.77 29.29 27.32 19.64 21.98 31.17 35.69

 FY 2016 FY 2017 FY 2018
12/31/2016 12/31/2017 12/31/2018

8.09 8.13 —
0.75 0.73 —
1.49 1.41 —

36.63 40.91 —
25.55 27.42 28.02
— 46.92 38.58
25.55 27.42 28.02
17.68 16.43 22.16
15.76 14.00 17.43
15.90 14.73 20.50

30.81 40.07 20.91

23.50 28.57 22.84
6.19 5.81 —

25.01 42.84 53.96