Morgan Stanley (MS) 8-K Other Events

Exhibit 99.4

Selected Financial Data.

MORGAN STANLEY

SELECTED FINANCIAL DATA

(dollars in millions, except share and per share data)

	Fiscal Year(1)
	2004			2003			2002			2001			2000
Income Statement Data:
Revenues:
Investment banking	$	3,341		$	2,440		$	2,478		$	3,413		$	4,988
Principal transactions:
Trading		5,605			6,286			3,527			5,545			7,399
Investments		512			86			(31	)		(316	)		193
Commissions		3,264			2,887			3,191			3,066			3,566
Fees:
Asset management, distribution and administration		4,473			3,814			4,033			4,304			4,484
Merchant and cardmember		1,317			1,377			1,421			1,348			1,256
Servicing		1,921			1,922			2,032			1,861			1,450
Interest and dividends		18,584			15,738			15,876			24,112			21,224
Other		324			226			399			217			272
Total revenues		39,341			34,776			32,926			43,550			44,832
Interest expense		14,707			12,693			12,515			20,491			17,950
Provision for consumer loan losses		926			1,266			1,337			1,051			810
Net revenues		23,708			20,817			19,074			22,008			26,072
Non-interest expenses:
Compensation and benefits		9,853			8,522			7,910			9,352			10,882
Other		7,037			6,135			6,070			6,847			6,694
Restructuring and other charges		—			—			235			—			—
Total non-interest expenses		16,890			14,657			14,215			16,199			17,576
Gain on sale of business		—			—			—			—			35
Income from continuing operations before losses from unconsolidated investees, income taxes, dividends on preferred securities subject to mandatory redemption and cumulative effect of accounting change		6,818			6,160			4,859			5,809			8,531
Losses from unconsolidated investees		328			279			77			30			33
Provision for income taxes		1,856			1,707			1,625			2,076			3,028
Dividends on preferred securities subject to mandatory redemption		45			154			87			50			28
Income from continuing operations before cumulative effect of accounting change		4,589			4,020			3,070			3,653			5,442
Discontinued operations:
(Loss)/gain from discontinued operations		(172	)		(393	)		(138	)		(124	)		23
Income tax benefit/(provision)		69			160			56			51			(9	)
(Loss)/gain on discontinued operations		(103	)		(233	)		(82	)		(73	)		14
Income before cumulative effect of accounting change		4,486			3,787			2,988			3,580			5,456
Cumulative effect of accounting change		—			—			—			(59	)		—
Net income	$	4,486		$	3,787		$	2,988		$	3,521		$	5,456
Earnings applicable to common shares(2)	$	4,486		$	3,787		$	2,988		$	3,489		$	5,420

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	Fiscal Year(1)
	2004			2003			2002			2001			2000
Per Share Data:
Basic earnings per common share:
Income from continuing operations before cumulative effect of accounting change	$	4.25		$	3.74		$	2.84		$	3.33		$	4.94
Loss from discontinued operations		(0.10	)		(0.22	)		(0.08	)		(0.07	)		0.01
Cumulative effect of accounting change		—			—			—			(0.05	)		—
Basic earnings per common share	$	4.15		$	3.52		$	2.76		$	3.21		$	4.95
Diluted earnings per common share:
Income from continuing operations before cumulative effect of accounting change	$	4.15		$	3.66		$	2.76		$	3.23		$	4.72
Loss from discontinued operations		(0.09	)		(0.21	)		(0.07	)		(0.07	)		0.01
Cumulative effect of accounting change		—			—			—			(0.05	)		—
Diluted earnings per common share	$	4.06		$	3.45		$	2.69		$	3.11		$	4.73
Book value per common share	$	25.95			22.93			20.24			18.64		$	16.91
Dividends per common share	$	1.00			0.92			0.92			0.92		$	0.80
Balance Sheet and Other Operating Data:
Total assets	$	775,410			602,843			529,499			482,628		$	421,279
Consumer loans, net		20,226			19,382			23,014			19,677			21,743
Total capital(3)		110,793			82,769			65,936			61,633			49,637
Long-term borrowings(3)		82,587			57,902			44,051			40,917			30,366
Shareholders’ equity		28,206			24,867			21,885			20,716			19,271
Return on average common shareholders’ equity		16.8	%		16.5	%		14.1	%		18.0	%		30.9	%
Average common and equivalent shares(2)		1,080,121,708			1,076,754,740			1,083,270,783			1,086,121,508			1,095,858,438

(1) Certain prior-period information has been reclassified to conform to the current year’s presentation.

(2) Amounts shown are used to calculate basic earnings per common share.

(3) These amounts exclude the current portion of long-term borrowings and include Capital Units and junior subordinated debt issued to capital trusts.

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