Morgan Stanley 8K Excluding DVA,1 Net Revenues of $9.6 Billion and Earnings per Diluted Share of $0.792,3,4 | MS 20 Jul 15

Exhibit 99.2

MORGAN STANLEY
Quarterly Consolidated Financial Summary
(unaudited, dollars in millions, except for per share data)



	Quarter Ended									Percentage Change From:						Six Months Ended						Percentage
	June 30, 2015			Mar 31, 2015			June 30, 2014			Mar 31, 2015			June 30, 2014			June 30, 2015			June 30, 2014			Change
Net revenues
Institutional Securities	$	5,172		$	5,458		$	4,248			(5	%)		22	%	$	10,630		$	8,925			19	%
Wealth Management		3,875			3,834			3,702			1	%		5	%		7,709			7,311			5	%
Investment Management		751			669			705			12	%		7	%		1,420			1,457			(3	%)
Intersegment Eliminations		(55	)		(54	)		(47	)		(2	%)		(17	%)		(109	)		(89	)		(22	%)
Net revenues	$	9,743		$	9,907		$	8,608			(2	%)		13	%	$	19,650		$	17,604			12	%

Income (loss) from continuing operations before tax					��
Institutional Securities	$	1,622		$	1,813		$	960			(11	%)		69	%	$	3,435		$	2,376			45	%
Wealth Management		885			855			763			4	%		16	%		1,740			1,449			20	%
Investment Management		220			187			209			18	%		5	%		407			477			(15	%)
Intersegment Eliminations		0			0			0			--			--			0			0			--
Income (loss) from continuing operations before tax	$	2,727		$	2,855		$	1,932			(4	%)		41	%	$	5,582		$	4,302			30	%

Net Income (loss) applicable to Morgan Stanley
Institutional Securities	$	1,087		$	1,750		$	1,290			(38	%)		(16	%)	$	2,837		$	2,253			26	%
Wealth Management		561			535			467			5	%		20	%		1,096			888			23	%
Investment Management		159			109			142			46	%		12	%		268			263			2	%
Intersegment Eliminations		0			0			0			--			--			0			0			--
Net Income (loss) applicable to Morgan Stanley	$	1,807		$	2,394		$	1,899			(25	%)		(5	%)	$	4,201		$	3,404			23	%


Financial Metrics:

Earnings per diluted share from continuing operations	$	0.85		$	1.18		$	0.92			(28	%)		(8	%)	$	2.03		$	1.66			22	%
Earnings per diluted share	$	0.85		$	1.18		$	0.92			(28	%)		(8	%)	$	2.03		$	1.66			22	%

Earnings per diluted share from continuing operations excluding DVA	$	0.79		$	1.14		$	0.89			(31	%)		(11	%)	$	1.93		$	1.59			21	%
Earnings per diluted share excluding DVA	$	0.79		$	1.14		$	0.89			(31	%)		(11	%)	$	1.93		$	1.59			21	%

Return on average common equity from continuing operations		9.9	%		14.2	%		11.3	%								12.0	%		10.2	%
Return on average common equity		9.9	%		14.1	%		11.3	%								12.0	%		10.2	%

Return on average common equity from continuing operations excluding DVA		9.1	%		13.5	%		10.7	%								11.3	%		9.6	%
Return on average common equity excluding DVA		9.1	%		13.5	%		10.7	%								11.3	%		9.6	%

Notes:

Refer to End Notes, Definition of Performance Metrics and GAAP to Non-GAAP Measures and Legal Notice on pages 14 - 16.

MORGAN STANLEY
Quarterly Consolidated Income Statement Information
(unaudited, dollars in millions)


	Quarter Ended									Percentage Change From:						Six Months Ended						Percentage
	June 30, 2015			Mar 31, 2015			June 30, 2014			Mar 31, 2015			June 30, 2014			June 30, 2015			June 30, 2014			Change
Revenues:
Investment banking	$	1,614		$	1,357		$	1,633			19	%		(1	%)	$	2,971		$	2,941			1	%
Trading		2,973			3,650			2,516			(19	%)		18	%		6,623			5,478			21	%
Investments		261			266			227			(2	%)		15	%		527			586			(10	%)
Commissions and fees		1,158			1,186			1,138			(2	%)		2	%		2,344			2,354			--
Asset management, distribution and admin. fees		2,742			2,681			2,621			2	%		5	%		5,423			5,170			5	%
Other		297			171			206			74	%		44	%		468			500			(6	%)
Total non-interest revenues		9,045			9,311			8,341			(3	%)		8	%		18,356			17,029			8	%

Interest income		1,386			1,484			1,250			(7	%)		11	%		2,870			2,593			11	%
Interest expense		688			888			983			(23	%)		(30	%)		1,576			2,018			(22	%)
Net interest		698			596			267			17	%		161	%		1,294			575			125	%
Net revenues		9,743			9,907			8,608			(2	%)		13	%		19,650			17,604			12	%
Non-interest expenses:
Compensation and benefits		4,405			4,524			4,200			(3	%)		5	%		8,929			8,506			5	%

Non-compensation expenses:
Occupancy and equipment		351			342			358			3	%		(2	%)		693			719			(4	%)
Brokerage, clearing and exchange fees		487			463			458			5	%		6	%		950			901			5	%
Information processing and communications		438			415			411			6	%		7	%		853			835			2	%
Marketing and business development		179			150			165			19	%		8	%		329			312			5	%
Professional services		598			486			531			23	%		13	%		1,084			984			10	%
Other		558			672			553			(17	%)		1	%		1,230			1,045			18	%
Total non-compensation expenses		2,611			2,528			2,476			3	%		5	%		5,139			4,796			7	%

Total non-interest expenses		7,016			7,052			6,676			(1	%)		5	%		14,068			13,302			6	%

Income (loss) from continuing operations before taxes		2,727			2,855			1,932			(4	%)		41	%		5,582			4,302			30	%
Income tax provision / (benefit) from continuing operations (1)		894			387			15			131	%		*			1,281			800			60	%
Income (loss) from continuing operations		1,833			2,468			1,917			(26	%)		(4	%)		4,301			3,502			23	%
Gain (loss) from discontinued operations after tax		(2	)		(5	)		0			60	%		*			(7	)		(1	)		*
Net income (loss)	$	1,831		$	2,463		$	1,917			(26	%)		(4	%)	$	4,294		$	3,501			23	%
Net income applicable to nonredeemable noncontrolling interests		24			69			18			(65	%)		33	%		93			97			(4	%)
Net income (loss) applicable to Morgan Stanley		1,807			2,394			1,899			(25	%)		(5	%)		4,201			3,404			23	%
Preferred stock dividend / Other		142			80			79			78	%		80	%		222			135			64	%
Earnings (loss) applicable to Morgan Stanley common shareholders	$	1,665		$	2,314		$	1,820			(28	%)		(9	%)	$	3,979		$	3,269			22	%

Pre-tax profit margin		28	%		29	%		22	%								28	%		24	%
Compensation and benefits as a % of net revenues		45	%		46	%		49	%								45	%		48	%
Non-compensation expenses as a % of net revenues		27	%		26	%		29	%								26	%		27	%
Effective tax rate from continuing operations (1)		32.8	%		13.6	%		0.8	%								22.9	%		18.6	%

Notes:

Refer to End Notes, Definition of Performance Metrics and GAAP to Non-GAAP Measures and Legal Notice on pages 14 - 16.

MORGAN STANLEY
Quarterly Consolidated Financial Information and Statistical Data
(unaudited, dollars in millions)


	Quarter Ended									Percentage Change From:						Six Months Ended				Percentage
	June 30, 2015			Mar 31, 2015			June 30, 2014			Mar 31, 2015			June 30, 2014			June 30, 2015		June 30, 2014		Change


Regional revenues
Americas	$	6,777		$	6,930		$	6,132			(2	%)		11	%	$	13,707	$	12,714		8	%
EMEA (Europe, Middle East, Africa)		1,436			1,762			1,498			(19	%)		(4	%)		3,198		2,920		10	%
Asia		1,530			1,215			978			26	%		56	%		2,745		1,970		39	%
Consolidated net revenues	$	9,743		$	9,907		$	8,608			(2	%)		13	%	$	19,650	$	17,604		12	%

Worldwide employees		55,795			56,087			56,142			(1	%)		(1	%)

Deposits	$	139,203		$	135,815		$	117,695			2	%		18	%
Assets	$	825,253		$	829,099		$	826,568			--			--
Risk-weighted assets	$	419,500		$	438,964		$	418,054			(4	%)		--
Global liquidity reserve	$	188,214		$	194,687		$	191,847			(3	%)		(2	%)
Long-term debt outstanding	$	158,089		$	155,545		$	149,483			2	%		6	%
Maturities of long-term debt outstanding (next 12 months)	$	27,208		$	24,229		$	16,594			12	%		64	%

Common equity	$	67,518		$	66,642		$	65,735			1	%		3	%
Less: Goodwill and intangible assets		(9,740	)		(9,657	)		(9,731	)		(1	%)		--
Tangible common equity	$	57,778		$	56,985		$	56,004			1	%		3	%

Preferred equity	$	7,520		$	7,520		$	5,020			--			50	%
Junior subordinated debt issued to capital trusts	$	2,863		$	4,873		$	4,876			(41	%)		(41	%)

Period end common shares outstanding		1,956			1,971			1,965			(1	%)		--
Book value per common share	$	34.52		$	33.80		$	33.46
Tangible book value per common share	$	29.54		$	28.91		$	28.51

Common Equity Tier 1 capital Advanced (Transitional)	$	58,661		$	57,342		$	58,144			2	%		1	%
Tier 1 capital Advanced (Transitional)	$	65,727		$	64,746		$	64,533			2	%		2	%

Common Equity Tier 1 capital ratio Advanced (Transitional)		14.0	%		13.1	%		13.9	%
Common Equity Tier 1 capital ratio Advanced (Fully Phased-in)		12.5	%		11.6	%		12.3	%
Tier 1 capital ratio Advanced (Transitional)		15.7	%		14.7	%		15.4	%
Tier 1 leverage ratio Advanced (Transitional)		7.9	%		7.8	%		7.8	%
Supplementary Leverage Ratio (Transitional)		5.6	%		5.5	%		5.1	%
Supplementary Leverage Ratio (Fully Phased-in)		5.3	%		5.1	%		4.6	%

Notes:

Refer to End Notes, Definition of Performance Metrics and GAAP to Non-GAAP Measures and Legal Notice on pages 14 - 16.

MORGAN STANLEY
Quarterly Consolidated Loans and Lending Commitments Financial Information
(unaudited, dollars in billions)


	Quarter Ended						Percentage Change From:
	June 30, 2015		Mar 31, 2015		June 30, 2014		Mar 31, 2015			June 30, 2014

Institutional Securities
Corporate lending funded loans (1)	$	15.7	$	14.8	$	15.8		6	%		(1	%)

Corporate lending commitments (2)	$	88.2	$	89.1	$	92.5		(1	%)		(5	%)

Corporate Lending Loans and Lending Commitments (3)	$	103.9	$	103.9	$	108.3		--			(4	%)

Other funded loans	$	28.5	$	25.3	$	21.9		13	%		30	%

Other lending commitments	$	6.8	$	4.0	$	4.3		70	%		58	%

Other Loans and Lending Commitments (4)	$	35.3	$	29.3	$	26.2		20	%		35	%

Institutional Securities Loans and Lending Commitments (5)	$	139.2	$	133.2	$	134.5		5	%		3	%


Wealth Management

Funded loans	$	43.8	$	40.0	$	31.3		10	%		40	%

Lending commitments	$	5.9	$	5.4	$	4.4		9	%		34	%

Wealth Management Loans and Lending Commitments (6)	$	49.7	$	45.4	$	35.7		9	%		39	%

Consolidated Loans and Lending Commitments	$	188.9	$	178.6	$	170.2		6	%		11	%

Notes:

Refer to End Notes, Definition of Performance Metrics and GAAP to Non-GAAP Measures and Legal Notice on pages 14 - 16.

MORGAN STANLEY
Quarterly Institutional Securities Income Statement Information
(unaudited, dollars in millions)


	Quarter Ended									Percentage Change From:						Six Months Ended						Percentage
	June 30, 2015			Mar 31, 2015			June 30, 2014			Mar 31, 2015			June 30, 2014			June 30, 2015			June 30, 2014			Change
Revenues:
Investment banking	$	1,440		$	1,173		$	1,432			23	%		1	%	$	2,613		$	2,568			2	%
Trading		2,785			3,422			2,257			(19	%)		23	%		6,207			4,964			25	%
Investments		16			112			62			(86	%)		(74	%)		128			171			(25	%)
Commissions and fees		683			673			629			1	%		9	%		1,356			1,307			4	%
Asset management, distribution and admin. fees		69			76			66			(9	%)		5	%		145			147			(1	%)
Other		212			90			108			136	%		96	%		302			299			1	%
Total non-interest revenues		5,205			5,546			4,554			(6	%)		14	%		10,751			9,456			14	%

Interest income		723			870			758			(17	%)		(5	%)		1,593			1,639			(3	%)
Interest expense		756			958			1,064			(21	%)		(29	%)		1,714			2,170			(21	%)
Net interest		(33	)		(88	)		(306	)		63	%		89	%		(121	)		(531	)		77	%
Net revenues		5,172			5,458			4,248			(5	%)		22	%		10,630			8,925			19	%

Compensation and benefits		1,897			2,026			1,722			(6	%)		10	%		3,923			3,575			10	%
Non-compensation expenses		1,653			1,619			1,566			2	%		6	%		3,272			2,974			10	%
Total non-interest expenses		3,550			3,645			3,288			(3	%)		8	%		7,195			6,549			10	%


Income (loss) from continuing operations before taxes		1,622			1,813			960			(11	%)		69	%		3,435			2,376			45	%
Income tax provision / (benefit) from continuing operations (1)		511			6			(344	)		*			*			517			82			*
Income (loss) from continuing operations		1,111			1,807			1,304			(39	%)		(15	%)		2,918			2,294			27	%
Gain (loss) from discontinued operations after tax		(2	)		(5	)		(3	)		60	%		33	%		(7	)		(5	)		(40	%)
Net income (loss)		1,109			1,802			1,301			(38	%)		(15	%)		2,911			2,289			27	%
Net income applicable to nonredeemable noncontrolling interests		22			52			11			(58	%)		100	%		74			36			106	%
Net income (loss) applicable to Morgan Stanley	$	1,087		$	1,750		$	1,290			(38	%)		(16	%)	$	2,837		$	2,253			26	%


Pre-tax profit margin		31	%		33	%		23	%								32	%		27	%
Compensation and benefits as a % of net revenues		37	%		37	%		41	%								37	%		40	%

Notes:

Refer to End Notes, Definition of Performance Metrics and GAAP to Non-GAAP Measures and Legal Notice on pages 14 - 16.

MORGAN STANLEY
Quarterly Financial Information and Statistical Data
Institutional Securities
(unaudited, dollars in millions)



	Quarter Ended									Percentage Change From:						Six Months Ended						Percentage
	June 30, 2015			Mar 31, 2015			June 30, 2014			Mar 31, 2015			June 30, 2014			June 30, 2015			June 30, 2014			Change

Investment Banking
Advisory revenues	$	423		$	471		$	418			(10	%)		1	%	$	894		$	754			19	%
Underwriting revenues
Equity		489			307			489			59	%		--			796			804			(1	%)
Fixed income		528			395			525			34	%		1	%		923			1,010			(9	%)
Total underwriting revenues		1,017			702			1,014			45	%		--			1,719			1,814			(5	%)

Total investment banking revenues	$	1,440		$	1,173		$	1,432			23	%		1	%	$	2,613		$	2,568			2	%

Sales & Trading
Equity	$	2,342		$	2,293		$	1,826			2	%		28	%	$	4,635		$	3,581			29	%
Fixed Income & Commodities		1,377			2,003			1,061			(31	%)		30	%		3,380			2,791			21	%
Other		(215	)		(213	)		(241	)		(1	%)		11	%		(428	)		(485	)		12	%
Total sales & trading net revenues	$	3,504		$	4,083		$	2,646			(14	%)		32	%	$	7,587		$	5,887			29	%

Investments & Other
Investments	$	16		$	112		$	62			(86	%)		(74	%)	$	128		$	171			(25	%)
Other		212			90			108			136	%		96	%		302			299			1	%
Total investments & other revenues	$	228		$	202		$	170			13	%		34	%	$	430		$	470			(9	%)

Institutional Securities net revenues	$	5,172		$	5,458		$	4,248			(5	%)		22	%	$	10,630		$	8,925			19	%



Average Daily 95% / One-Day Value-at-Risk ("VaR")
Primary Market Risk Category ($ millions, pre-tax)
Interest rate and credit spread	$	35		$	32		$	31
Equity price	$	23		$	18		$	18
Foreign exchange rate	$	12		$	11		$	9
Commodity price	$	16		$	17		$	19

Aggregation of Primary Risk Categories	$	50		$	44		$	43

Credit Portfolio VaR	$	12		$	16		$	11

Trading VaR	$	54		$	47		$	48

Notes:	For the periods noted below, sales and trading net revenues included positive revenue related to DVA as follows:
		June 30, 2015: Total QTD: $182 million; Fixed Income & Commodities: $110 million; Equity: $72 million
		March 31, 2015: Total QTD: $125 million; Fixed Income & Commodities: $100 million; Equity: $25 million
		June 30, 2014: Total QTD: $87 million; Fixed Income & Commodities: $50 million; Equity: $37 million
		June 30, 2015: Total YTD: $307 million; Fixed Income & Commodities: $210 million; Equity: $97 million
		June 30, 2014: Total YTD: $213 million; Fixed Income & Commodities: $126 million; Equity: $87 million
	-	Refer to End Notes, Definition of Performance Metrics and GAAP to Non-GAAP Measures and Legal Notice on pages 14 - 16.

MORGAN STANLEY
Quarterly Wealth Management Income Statement Information
(unaudited, dollars in millions)


	Quarter Ended									Percentage Change From:						Six Months Ended						Percentage
	June 30, 2015			Mar 31, 2015			June 30, 2014			Mar 31, 2015			June 30, 2014			June 30, 2015			June 30, 2014			Change
Revenues:
Investment banking	$	186		$	192		$	213			(3	%)		(13	%)	$	378		$	394			(4	%)
Trading		196			232			267			(16	%)		(27	%)		428			542			(21	%)
Investments		13			2			2			*			*			15			6			150	%
Commissions and fees		490			526			511			(7	%)		(4	%)		1,016			1,051			(3	%)
Asset management, distribution and admin. fees		2,174			2,115			2,054			3	%		6	%		4,289			4,062			6	%
Other		79			78			78			1	%		1	%		157			141			11	%
Total non-interest revenues		3,138			3,145			3,125			--			--			6,283			6,196			1	%

Interest income		782			737			616			6	%		27	%		1,519			1,197			27	%
Interest expense		45			48			39			(6	%)		15	%		93			82			13	%
Net interest		737			689			577			7	%		28	%		1,426			1,115			28	%
Net revenues		3,875			3,834			3,702			1	%		5	%		7,709			7,311			5	%

Compensation and benefits		2,200			2,225			2,185			(1	%)		1	%		4,425			4,352			2	%
Non-compensation expenses		790			754			754			5	%		5	%		1,544			1,510			2	%
Total non-interest expenses		2,990			2,979			2,939			--			2	%		5,969			5,862			2	%

Income (loss) from continuing operations before taxes		885			855			763			4	%		16	%		1,740			1,449			20	%
Income tax provision / (benefit) from continuing operations		324			320			296			1	%		9	%		644			561			15	%
Income (loss) from continuing operations		561			535			467			5	%		20	%		1,096			888			23	%
Gain (loss) from discontinued operations after tax		0			0			0			--			--			0			0			--
Net income (loss)		561			535			467			5	%		20	%		1,096			888			23	%
Net income applicable to nonredeemable noncontrolling interests		-			-			-			--			--			-			-			--
Net income (loss) applicable to Morgan Stanley	$	561		$	535		$	467			5	%		20	%	$	1,096		$	888			23	%

Pre-tax profit margin		23	%		22	%		21	%								23	%		20	%
Compensation and benefits as a % of net revenues		57	%		58	%		59	%								57	%		60	%

Notes:

Refer to End Notes, Definition of Performance Metrics and GAAP to Non-GAAP Measures and Legal Notice on pages 14 - 16.

MORGAN STANLEY
Quarterly Financial Information and Statistical Data
Wealth Management
(unaudited)



	Quarter Ended									Percentage Change From:
	June 30, 2015			Mar 31, 2015			June 30, 2014			Mar 31, 2015			June 30, 2014

Bank deposit program (billions) (1)	$	132		$	135		$	127			(2	%)		4	%

Wealth Management Metrics

Wealth Management representatives		15,771			15,915			16,316			(1	%)		(3	%)

Annualized revenue per representative (000's)	$	978		$	959		$	905			2	%		8	%

Client assets (billions)	$	2,034		$	2,047		$	2,002			(1	%)		2	%
Client assets per representative (millions)	$	129		$	129		$	123			--			5	%
Client liabilities (billions)	$	58		$	54		$	45			7	%		29	%

Fee based asset flows (billions)	$	13.9		$	13.3		$	12.5			5	%		11	%
Fee-based client account assets (billions)	$	813		$	803		$	762			1	%		7	%
Fee-based assets as a % of client assets		40	%		39	%		38	%

Retail locations		618			621			636			--			(3	%)

Notes:

Refer to End Notes, Definition of Performance Metrics to GAAP and Non-GAAP Measures and Legal Notice on pages 14 - 16.

MORGAN STANLEY
Quarterly Investment Management Income Statement Information
(unaudited, dollars in millions)


	Quarter Ended									Percentage Change From:						Six Months Ended						Percentage
	June 30, 2015			Mar 31, 2015			June 30, 2014			Mar 31, 2015			June 30, 2014			June 30, 2015			June 30, 2014			Change
Revenues:
Investment banking	$	-		$	-		$	1			--			*		$	-		$	5			*
Trading		(6	)		3			(6	)		*			--			(3	)		(26	)		88	%
Investments (1)		232			152			163			53	%		42	%		384			409			(6	%)
Commissions and fees		0			0			0			--			--			0			0			--
Asset management, distribution and admin. fees		522			514			528			2	%		(1	%)		1,036			1,014			2	%
Other		9			5			26			80	%		(65	%)		14			66			(79	%)
Total non-interest revenues		757			674			712			12	%		6	%		1,431			1,468			(3	%)

Interest income		0			1			1			*			*			1			2			(50	%)
Interest expense		6			6			8			--			(25	%)		12			13			(8	%)
Net interest		(6	)		(5	)		(7	)		(20	%)		14	%		(11	)		(11	)		--
Net revenues		751			669			705			12	%		7	%		1,420			1,457			(3	%)

Compensation and benefits		308			273			293			13	%		5	%		581			579			--
Non-compensation expenses		223			209			203			7	%		10	%		432			401			8	%
Total non-interest expenses		531			482			496			10	%		7	%		1,013			980			3	%

Income (loss) from continuing operations before taxes		220			187			209			18	%		5	%		407			477			(15	%)
Income tax provision / (benefit) from continuing operations		59			61			63			(3	%)		(6	%)		120			157			(24	%)
Income (loss) from continuing operations		161			126			146			28	%		10	%		287			320			(10	%)
Gain (loss) from discontinued operations after tax		0			0			3			--			*			0			4			*
Net income (loss)		161			126			149			28	%		8	%		287			324			(11	%)
Net income applicable to nonredeemable noncontrolling interests		2			17			7			(88	%)		(71	%)		19			61			(69	%)
Net income (loss) applicable to Morgan Stanley	$	159		$	109		$	142			46	%		12	%	$	268		$	263			2	%

Pre-tax profit margin		29	%		28	%		30	%								29	%		33	%
Compensation and benefits as a % of net revenues		41	%		41	%		42	%								41	%		40	%

Notes:

Refer to End Notes, Definition of Performance Metrics and GAAP to Non-GAAP Measures and Legal Notice on pages 14 - 16.

MORGAN STANLEY
Quarterly Financial Information and Statistical Data
Investment Management
(unaudited)

	Quarter Ended									Percentage Change From:						Six Months Ended						Percentage
	June 30, 2015			Mar 31, 2015			June 30, 2014			Mar 31, 2015			June 30, 2014			June 30, 2015			June 30, 2014			Change

Net Revenues (millions)
Traditional Asset Management	$	431		$	439		$	449			(2	%)		(4	%)	$	870		$	898			(3	%)
Merchant Banking and Real Estate Investing (1)		320			230			256			39	%		25	%		550			559			(2	%)
Total Investment Management	$	751		$	669		$	705			12	%		7	%	$	1,420		$	1,457			(3	%)

Assets under management or supervision (billions)

Net flows by asset class (2)
Traditional Asset Management
Equity	$	(4.4	)	$	(2.0	)	$	1.1			(120	%)		*		$	(6.4	)	$	3.9			*
Fixed Income		(0.3	)		1.1			0.0			*			*			0.8			(0.7	)		*
Liquidity		0.7			2.8			6.9			(75	%)		(90	%)		3.5			9.2			(62	%)
Alternatives		0.6			0.1			0.8			*			(25	%)		0.7			2.6			(73	%)
Managed Futures		0.0			(0.3	)		(0.3	)		*			*			(0.3	)		(0.5	)		40	%
Total Traditional Asset Management		(3.4	)		1.7			8.5			*			*			(1.7	)		14.5			*

Merchant Banking and Real Estate Investing		(0.6	)		(0.4	)		(1.2	)		(50	%)		50	%		(1.0	)		(1.4	)		29	%
Total net flows	$	(4.0	)	$	1.3		$	7.3			*			*		$	(2.7	)	$	13.1			*

Assets under management or supervision by asset class (3)
Traditional Asset Management
Equity	$	137		$	141		$	150			(3	%)		(9	%)
Fixed Income		64			65			62			(2	%)		3	%
Liquidity		132			131			121			1	%		9	%
Alternatives		37			36			35			3	%		6	%
Managed Futures		3			3			3			--			--
Total Traditional Asset Management		373			376			371			(1	%)		1	%

Merchant Banking and Real Estate Investing		30			30			28			--			7	%
Total Assets Under Management or Supervision	$	403		$	406		$	399			(1	%)		1	%
Share of minority stake assets	$	7		$	7		$	7			--			--

Notes:

Refer to End Notes, Definition of Performance Metrics and GAAP to Non-GAAP Measures and Legal Notice on pages 14 - 16.

MORGAN STANLEY
Quarterly U.S. Bank Supplemental Financial Information
(unaudited, dollars in billions)




	Quarter Ended						Percentage Change From:
	June 30, 2015		Mar 31, 2015		June 30, 2014		Mar 31, 2015			June 30, 2014


U.S. Bank assets	$	156.2	$	153.6	$	132.1		2	%		18	%

U.S. Bank investment securities portfolio (1)	$	52.9	$	58.3	$	56.5		(9	%)		(6	%)


Wealth Management U.S. Bank Data
Securities-based lending and other loans	$	25.3	$	22.8	$	18.4		11	%		37	%
Residential real estate loans		18.4		16.9		12.7		9	%		45	%
Total Securities-based and residential loans	$	43.7	$	39.7	$	31.1		10	%		40	%


Institutional Securities U.S. Bank Data
Corporate Lending	$	10.5	$	10.1	$	9.7		4	%		8	%
Other Lending:
Corporate loans		10.8		9.4		5.9		15	%		83	%
Wholesale real estate loans		9.6		9.0		4.9		7	%		96	%
Total other funded loans	$	20.4	$	18.4	$	10.8		11	%		89	%
Total corporate and other funded loans	$	30.9	$	28.5	$	20.5		8	%		51	%

Notes:

Refer to End Notes, Definition of Performance Metrics and GAAP to Non-GAAP Measures and Legal Notice on pages 14 - 16.

MORGAN STANLEY
Quarterly Consolidated Return on Equity Financial Information
(unaudited, dollars in billions)



	Quarter Ended									Percentage Change From:						Six Months Ended						Percentage
	June 30, 2015			Mar 31, 2015			June 30, 2014			Mar 31, 2015			June 30, 2014			June 30, 2015			June 30, 2014			Change
Average Common Equity Tier 1 capital (1)
Institutional Securities	$	33.3		$	35.1		$	32.5			(5	%)		2	%	$	34.2		$	31.0			10	%
Wealth Management		4.9			3.9			5.5			26	%		(11	%)		4.5			5.3			(15	%)
Investment Management		1.4			1.3			2.1			8	%		(33	%)		1.4			1.8			(22	%)
Parent capital		18.5			16.4			16.8			13	%		10	%		17.3			18.1			(4	%)
Firm	$	58.1		$	56.7		$	56.9			2	%		2	%	$	57.4		$	56.2			2	%

Average Common Equity (1)
Institutional Securities	$	35.3		$	37.0		$	33.3			(5	%)		6	%	$	36.1		$	31.9			13	%
Wealth Management		11.3			10.3			11.5			10	%		(2	%)		10.9			11.4			(4	%)
Investment Management		2.3			2.3			3.1			--			(26	%)		2.3			2.8			(18	%)
Parent capital		18.3			16.0			16.7			14	%		10	%		17.0			17.8			(4	%)
Firm	$	67.2		$	65.6		$	64.6			2	%		4	%	$	66.3		$	63.9			4	%


Return on average Common Equity Tier 1 capital (1)
Institutional Securities		12	%		20	%		15	%								16	%		14	%
Wealth Management		42	%		49	%		32	%								44	%		31	%
Investment Management		45	%		34	%		27	%								39	%		29	%
Firm		11	%		16	%		13	%								14	%		12	%

Return on average Common Equity (1)
Institutional Securities		11	%		19	%		15	%								15	%		14	%
Wealth Management		18	%		19	%		15	%								18	%		15	%
Investment Management		28	%		19	%		18	%								24	%		19	%
Firm		10	%		14	%		11	%								12	%		10	%

Notes:

Refer to End Notes, Definition of Performance Metrics and GAAP to Non-GAAP Measures and Legal Notice on pages 14 - 16.

MORGAN STANLEY
Quarterly Earnings Per Share
(unaudited, dollars in millions, except for per share data)


	Quarter Ended								Percentage Change From:						Six Months Ended						Percentage
	June 30, 2015			Mar 31, 2015			June 30, 2014		Mar 31, 2015			June 30, 2014			June 30, 2015			June 30, 2014			Change


Income (loss) from continuing operations	$	1,833		$	2,468		$	1,917		(26	%)		(4	%)	$	4,301		$	3,502			23	%
Net income applicable to nonredeemable noncontrolling interests		24			69			18		(65	%)		33	%		93			97			(4	%)
Income (loss) from continuing operations applicable to Morgan Stanley		1,809			2,399			1,899		(25	%)		(5	%)		4,208			3,405			24	%
Less: Preferred Dividends		141			78			76		81	%		86	%		219			130			68	%
Income (loss) from continuing operations applicable to Morgan Stanley, prior to allocation of income to Participating Restricted Stock Units		1,668			2,321			1,823		(28	%)		(9	%)		3,989			3,275			22	%

Basic EPS Adjustments:
Less: Allocation of earnings to Participating Restricted Stock Units		1			2			3		(50	%)		(67	%)		3			5			(40	%)
Earnings (loss) from continuing operations applicable to Morgan Stanley common shareholders	$	1,667		$	2,319		$	1,820		(28	%)		(8	%)	$	3,986		$	3,270			22	%

Gain (loss) from discontinued operations after tax		(2	)		(5	)		0		60	%		*			(7	)		(1	)		*
Less: Gain (loss) from discontinued operations after tax applicable to noncontrolling interests		0			0			0		--			--			0			0			--
Gain (loss) from discontinued operations after tax applicable to Morgan Stanley		(2	)		(5	)		0		60	%		*			(7	)		(1	)		*
Less: Allocation of earnings to Participating Restricted Stock Units		0			0			0		--			--			0			0			--
Earnings (loss) from discontinued operations applicable to Morgan Stanley common shareholders		(2	)		(5	)		0		60	%		*			(7	)		(1	)		*

Earnings (loss) applicable to Morgan Stanley common shareholders	$	1,665		$	2,314		$	1,820		(28	%)		(9	%)	$	3,979		$	3,269			22	%

Average basic common shares outstanding (millions)		1,919			1,924			1,928		--			--			1,922			1,926			--

Earnings per basic share:
Income from continuing operations	$	0.87		$	1.21		$	0.94		(28	%)		(7	%)	$	2.07		$	1.70			22	%
Discontinued operations	$	-		$	(0.01	)	$	-		*			--		$	-		$	-			--
Earnings per basic share	$	0.87		$	1.20		$	0.94		(28	%)		(7	%)	$	2.07		$	1.70			22	%

Earnings (loss) from continuing operations applicable to Morgan Stanley common shareholders	$	1,667		$	2,319		$	1,820		(28	%)		(8	%)	$	3,986		$	3,270			22	%

Earnings (loss) from discontinued operations applicable to Morgan Stanley common shareholders		(2	)		(5	)		0		60	%		*			(7	)		(1	)		*

Earnings (loss) applicable to Morgan Stanley common shareholders	$	1,665		$	2,314		$	1,820		(28	%)		(9	%)	$	3,979		$	3,269			22	%

Average diluted common shares outstanding and common stock equivalents (millions)		1,960			1,963			1,969		--			--			1,962			1,969			--

Earnings per diluted share:
Income from continuing operations	$	0.85		$	1.18		$	0.92		(28	%)		(8	%)	$	2.03		$	1.66			22	%
Discontinued operations	$	-		$	-		$	-		--			--		$	-		$	-			--
Earnings per diluted share	$	0.85		$	1.18		$	0.92		(28	%)		(8	%)	$	2.03		$	1.66			22	%

Notes:

Refer to End Notes, Definitions of Performance Metrics to GAAP and Non-GAAP Measures and Legal Notice on pages 14 - 16.

	MORGAN STANLEY
	End Notes




Page 2:
(1)	In the quarter ended March 31, 2015, income tax provision / (benefit) from continuing operations included a net discrete tax benefit of $564 million primarily associated with the repatriation of non-U.S. earnings at a cost lower than originally estimated due to an internal restructuring to simplify the Firm's legal entity organization in the U.K., reported in the Institutional Securities business segment. In the quarter ended June 30, 2014, income tax provision / (benefit) from continuing operations included a net discrete tax benefit of $609 million principally related to the remeasurement of reserves and related interest due to new information regarding the status of a multi-year tax authority examination.

Page 4:
(1)	For the quarters ended June 30, 2015, March 31, 2015 and June 30, 2014 the percentage of Institutional Securities corporate funded loans by credit rating was as follows:
	- % investment grade: 45%, 43% and 40%
	- % non-investment grade: 55%, 57% and 60%
(2)	For the quarters ended June 30, 2015, March 31, 2015 and June 30, 2014 the percentage of Institutional Securities corporate lending commitments by credit rating was as follows:
	- % investment grade: 70%, 72% and 74%
	- % non-investment grade: 30%, 28% and 26%
(3)	On June 30, 2015, March 31, 2015 and June 30, 2014, the "event-driven" portfolio of loans and lending commitments to non-investment grade borrowers were $12.1 billion, $13.2 billion and $13.2 billion, respectively.
(4)	The Institutional Securities business segment engages in other lending activity. These activities include commercial and residential mortgage lending, asset-backed lending, corporate loans purchased in the secondary market, financing extended to equities and commodities customers, and loans to municipalities.
(5)	For the quarters ended June 30, 2015, March 31, 2015 and June 30, 2014, Institutional Securities recorded a provision for credit losses (release) of $2.2 million, $26.0 million and $13.1 million, respectively, related to funded loans and $(28.7) million, $36.5 million and $11.1 million related to unfunded commitments, respectively.
(6)	For the quarters ended June 30, 2015, March 31, 2015 and June 30, 2014, Wealth Management recorded a provision for credit losses of $1.6 million, $0.4 million and $1.2 million, respectively, related to funded loans and there was no material provision recorded related to the unfunded commitments for each of the quarterly periods presented.

Page 5:
(1)	In the quarter ended March 31, 2015, income tax provision / (benefit) from continuing operations included a net discrete tax benefit of $564 million primarily associated with the repatriation of non-U.S. earnings at a cost lower than originally estimated due to an internal restructuring to simplify the Firm's legal entity organization in the U.K. In the quarter ended June 30, 2014, income tax provision / (benefit) from continuing operations included a net discrete tax benefit of $612 million principally related to the remeasurement of reserves and related interest due to new information regarding the status of a multi-year tax authority examination.

Page 8:
(1)	For the quarters ended March 31, 2015 and June 30, 2014, approximately $130 billion and $109 billion, respectively, of the assets in the bank deposit program are attributable to Morgan Stanley.

Page 9:
(1)	The quarters ended June 30, 2015, March 31, 2015 and June 30, 2014 include investment gains (losses) for certain funds included in the Firm's consolidated financial statements. The limited partnership interests in these gains were reported in net income (loss) applicable to noncontrolling interests.

Page 10:
(1)	Real Estate Investing revenues within Merchant banking and Real Estate Investing includes gains or losses related to investments held by certain consolidated real estate funds. These gains or losses are offset in net income (loss) applicable to noncontrolling interests.
(2)	Net Flows by region [inflow / (outflow)] for the quarters ended June 30, 2015, March 31, 2015 and June 30, 2014 were:
	North America: $(1.1) billion, $(1.5) billion and $2.8 billion
	International: $(2.9) billion, $2.8 billion and $4.5 billion
(3)	Assets under management or supervision by region for the quarters ended June 30, 2015, March 31, 2015 and June 30, 2014 were:
	North America: $252 billion, $253 billion and $246 billion
	International: $151 billion, $153 billion and $153 billion

Page 11:
(1)	For the quarters ended June 30, 2015, March 31, 2015 and June 30, 2014, the U.S. Bank investment securities portfolio owned held to maturity investment securities of $2.4 billion, $1.6 billion and $0 million, respectively.

Page 12:
(1)	In the quarter ended March 31, 2015, the returns on average Common Equity and average Common Equity Tier 1 Capital for Institutional Securities reflect the impact of a net discrete tax benefit of $564 million related to an internal restructuring to simplify the Firm's legal entity organization in the U.K. In the quarter ended June 30, 2014, the returns on average Common Equity and average Common Equity Tier 1 Capital for Institutional Securities reflect the impact of a net discrete tax benefit of $609 million related related to the remeasurement of reserves and related interest due to new information regarding the status of a multi-year tax authority examination.

	MORGAN STANLEY
	Definition of Performance Metrics and GAAP to Non-GAAP Measures

GAAP vs. Non-GAAP Measures
(a)	From time to time, Morgan Stanley may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. For these purposes, “GAAP” refers to generally accepted accounting principles in the United States. The Securities and Exchange Commission (SEC) defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial positions, or cash flows that is subject to adjustments that effectively exclude, or include amounts from the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures disclosed by Morgan Stanley are provided as additional information to investors in order to provide them with greater transparency about, or an alternative method for assessing, our financial condition and operating results. These measures are not in accordance with, or a substitute for GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure. In addition to the following notes, please also refer to the Firm's second quarter earnings release footnotes for such definitions and reconciliations.
(b)	The following are considered non-GAAP financial measures: return on average common equity metrics, return on average common equity excluding DVA metrics and return on average Common Equity Tier 1 capital, Tangible Common Equity, Tangible book value per common share and pre-tax margin. These measures are calculated as follows: - The return on average common equity and the return on average common equity from continuing operations equal income applicable to Morgan Stanley in each case less preferred dividends as a percentage of average common equity. - The return on average common equity and the return on average common equity from continuing operations excluding DVA are adjusted for DVA in each case in the numerator and denominator. - The return on average Common Equity Tier 1 capital from continuing operations equals income applicable to Morgan Stanley less preferred dividends as a percentage of average Common Equity Tier 1 capital. - Tangible common equity equals common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. - Tangible book value per common share equals tangible common equity divided by period end common shares outstanding. - Pre-tax profit margin percentages represent income from continuing operations before income taxes as a percentage of net revenues.
(c)	Results for the quarters ended June 30, 2015, March 31, 2015 and June 30, 2014, include positive revenue of $182 million, $125 million and $87 million, respectively, related to the change in the fair value of certain of the Firm's long-term and short-term borrowings resulting from the fluctuation in the Firm's credit spreads and other credit factors (Debt Valuation Adjustment, DVA).
(d)	The pro forma fully phased-in Common Equity Tier 1 risk-based capital ratio and pro forma fully phased-in Supplementary Leverage Ratio are non-GAAP financial measures that the Company considers to be useful measures for evaluating compliance with new regulatory capital requirements that have not yet become effective. Supplementary leverage ratio equals Tier 1 capital (calculated under U.S. Basel III transitional rules) divided by the total supplementary leverage exposure. For information on the calculation of regulatory capital and ratios for prior periods, please refer to Part 2, Item 7 "Regulatory Requirements" in Morgan Stanley's Annual Report on Form 10-K for the year ended December 31, 2014 and Part 1, item 2 "Regulatory Requirements" in Morgan Stanley's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015.

Definitions and notes on financial performance metrics
(a)	Book value per common share equals common equity divided by period end common shares outstanding.
(b)	Firmwide regional revenues reflect the Firm's consolidated net revenues on a managed basis. Further discussion regarding the geographic methodology for net revenues is disclosed in Note 21 to the consolidated financial statements included in the Firm's Annual Report on Form 10-K for the year ended December 31, 2014.
(c)	As a U.S. Basel III Advanced Approach banking organization, the Firm is required to compute risk-based capital ratios using both (i) standardized approaches for calculating credit risk weighted assets (“RWAs”) and market risk RWAs (the “Standardized Approach”); and (ii) an advanced internal ratings-based approach for calculating credit risk RWAs, an advanced measurement approach for calculating operational risk RWAs, and an advanced approach for market risk RWAs calculated under Basel III (the “Advanced Approach”). To implement a provision of the Dodd-Frank Act, U.S. Basel III subjects Advanced Approach banking organizations that have been approved by their regulators to exit the parallel run, such as the Firm, to a permanent “capital floor.” In calendar year 2014, the capital floor resulted in the Firm's capital ratios being the lower of the capital ratios computed under the Advanced Approach the U.S. Basel I-based rules as supplemented by the market risk rules known as “Basel 2.5”. Beginning on January 1, 2015, the capital floor is the lower of the capital ratios computed under the Advanced Approach or the Standardized Approach under U.S. Basel III, taking into consideration applicable transitional provisions. As of June 30, 2015, the lower ratio is represented by U.S. Basel III Advanced Approach. These computations are preliminary estimates as of July 20, 2015 (the date of this release) and could be subject to revision in Morgan Stanley’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015. For information on the calculation of regulatory capital and ratios for prior periods, please refer to Part 2, Item 7 "Regulatory Requirements" in Morgan Stanley's Annual Report on Form 10-K for the year ended December 31, 2014 and Part 1, item 2 "Regulatory Requirements" in Morgan Stanley's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015.
(d)	The global liquidity reserve, which is held within the bank and non-bank operating subsidiaries, is comprised of highly liquid and diversified cash and cash equivalents and unencumbered securities. Eligible unencumbered securities include U.S. government securities, U.S. agency securities, U.S. agency mortgage-backed securities, non-U.S. government securities and other highly liquid investment grade securities.
(e)	The Firm's goodwill and intangible balances are net of allowable mortgage servicing rights deduction.
(f)	Institutional Securities net income applicable to noncontrolling interests primarily represents the allocation to Mitsubishi UFJ Financial Group, Inc. of Morgan Stanley MUFG Securities Co., Ltd, which the Firm consolidates.
(g)	VaR represents the loss amount that one would not expect to exceed, on average, more than five times every one hundred trading days in the Firm's trading positions if the portfolio were held constant for a one-day period. Further discussion of the calculation of VaR and the limitations of the Firm's VaR methodology, is disclosed in Part II, Item 7A "Quantitative and Qualitative Disclosures about Market Risk" included in the Firm's 2014 Form 10-K.
(h)	Annualized revenue per Wealth Management representative is defined as annualized revenue divided by average representative headcount.
(i)	Client assets per Wealth Management representative represents total client assets divided by period end representative headcount.
(j)	Wealth Management client liabilities reflect U.S. Bank lending and broker dealer margin activity.
(k)	Wealth Management fee-based client account assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.
(l)	Wealth Management fee-based asset flows include net new fee-based assets, net account transfers, dividends, interest, and client fees and exclude cash management related activity.
(m)	The alternatives asset class within Traditional Asset Management includes a range of investment products such as funds of hedge funds, funds of private equity funds and funds of real estate funds.
(n)	Investment Management net flows include new commitments, investments or reinvestments, net of client redemptions, returns of capital post-fund investment period and dividends not reinvested; and excludes the impact of the transition of funds from their commitment period to the invested capital period.
(o)	The share of minority stake assets represents Investment Management's proportional share of assets managed by entities in which it owns a minority stake.
(p)	U.S. Bank refers to the Firm’s U.S. Bank operating subsidiaries Morgan Stanley Bank, N.A. and Morgan Stanley Private Bank, National Association and excludes transactions with affiliated entities.
(q)	The Institutional Securities U.S. Bank other lending data includes activities related to commercial and residential mortgage lending, asset-backed lending, corporate loans purchased in the secondary market, financing extended to equities and commodities customers, and loans to municipalities.
(r)	The Firm’s capital estimation and attribution to the business segments are based on the Required Capital framework, an internal capital adequacy measure which considers risk, leverage, potential losses from extreme stress events, and diversification under a going concern capital concept at a point in time. The framework also takes into consideration regulatory capital requirements as well as capital required for organic growth, acquisitions and other business needs. For further discussion of the framework, refer to Part I, Item 2 "Regulatory Requirements" in Morgan Stanley's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015.
(s)	Preferred stock dividend / other includes allocation of earnings to Participating Restricted Stock Units (RSUs).
(t)	The Firm calculates earnings per share using the two-class method as described under the accounting guidance for earnings per share. For further discussion of the Firm's earnings per share calculations, see page 13 of the Financial Supplement and Note 14 to the consolidated financial statements in the Firm's Quarterly Report on Form 10-Q for the quarter ended March 31, 2015.

MORGAN STANLEY

Legal Notice

This Financial Supplement contains financial, statistical and business-related information, as well as business and segment trends.

The information should be read in conjunction with the Firm's second quarter earnings press release issued July 20, 2015.

Morgan Stanley (MS) 8-KExcluding DVA,1 Net Revenues of $9.6 Billion and Earnings per Diluted Share of $0.792,3,4