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
	2006			2005			2004			2003			2002
Income Statement Data:
Revenues:
Investment banking	$	4,755		$	3,843		$	3,341		$	2,440		$	2,478
Principal transactions:
Trading		11,805			7,377			5,512			6,262			3,521
Investments		1,807			1,128			721			170			71
Commissions		3,770			3,331			3,235			2,861			3,166
Asset management, distribution and administration fees		5,238			4,915			4,436			3,784			4,005
Interest and dividends		42,776			25,987			16,719			13,685			13,506
Other		585			496			332			245			346
Total revenues		70,736			47,077			34,296			29,447			27,093
Interest expense		40,897			23,552			13,977			11,826			11,448
Net revenues		29,839			23,525			20,319			17,621			15,645
Non-interest expenses:
Compensation and benefits		13,986			10,749			9,320			7,892			7,249
Other		6,750			6,711			5,482			4,659			4,492
Restructuring and other charges		—			—			—			—			235
September 11th related insurance recoveries, net		—			(251	)		—			—			—
Total non-interest expenses		20,736			17,209			14,802			12,551			11,976
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, net		9,103			6,316			5,517			5,070			3,669
Losses from unconsolidated investees		40			311			328			279			77
Provision for income taxes		2,728			1,473			1,384			1,305			1,205
Dividends on preferred securities subject to mandatory redemption		—			—			45			154			87
Income from continuing operations before cumulative effect of accounting change, net		6,335			4,532			3,760			3,332			2,300
Discontinued operations:
Gain from discontinued operations		1,666			559			1,129			696			1,051
Provision for income taxes		(529	)		(201	)		(403	)		(241	)		(363	)
Gain on discontinued operations		1,137			358			726			455			688
Cumulative effect of accounting change, net		—			49			—			—			—
Net income	$	7,472		$	4,939		$	4,486		$	3,787		$	2,988
Preferred stock dividend requirements	$	19		$	—		$	—		$	—		$	—
Earnings applicable to common shareholders(1)	$	7,453		$	4,939		$	4,486		$	3,787		$	2,988

1

	Fiscal Year
	2006			2005			2004			2003			2002
Per Share Data:
Earnings per basic common share:
Income from continuing operations	$	6.25		$	4.32		$	3.48		$	3.10		$	2.12
Gain on discontinued operations		1.13			0.33			0.67			0.42			0.64
Cumulative effect of accounting change, net		—			0.05			—			—			—
Earnings per basic common share	$	7.38		$	4.70		$	4.15		$	3.52		$	2.76
Earnings per diluted common share:
Income from continuing operations	$	5.99		$	4.19		$	3.40		$	3.04		$	2.07
Gain on discontinued operations		1.08			0.33			0.66			0.41			0.62
Cumulative effect of accounting change, net		—			0.05			—			—			—
Earnings per diluted common share	$	7.07		$	4.57		$	4.06		$	3.45		$	2.69
Book value per common share	$	32.67		$	27.59		$	25.95		$	22.93		$	20.24
Dividends per common share	$	1.08		$	1.08		$	1.00		$	0.92		$	0.92
Balance Sheet and Other Operating Data:
Total assets	$	1,121,192		$	898,835		$	747,578		$	602,843		$	529,499
Consumer loans, net		22,915			21,966			19,166			18,362			21,614
Total capital(2)		162,134			125,891			110,793			82,769			65,936
Long-term borrowings(2)		126,770			96,709			82,587			57,902			44,051
Shareholders’ equity		35,364			29,182			28,206			24,867			21,885
Return on average common shareholders’ equity		23.5	%		17.3	%		16.8	%		16.5	%		14.1	%
Average common and equivalent shares(1)		1,010,254,255			1,049,896,047			1,080,121,708			1,076,754,740			1,083,270,783

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

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

2