Morgan Stanley (MS) 8-K Other Events

Exhibit 99.3

Item 6. Selected Financial Data.

MORGAN STANLEY

SELECTED FINANCIAL DATA

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

	Fiscal Year(1)
	2008			2007		2006		2005			2004
Income Statement Data:
Revenues:
Investment banking	$	4,092		$	6,368	$	4,755	$	3,843		$	3,341
Principal transactions:
Trading		5,457			3,206		11,805		7,377			5,512
Investments		(4,192	)		3,262		1,806		1,127			721
Commissions		4,463			4,682		3,770		3,331			3,235
Asset management, distribution and administration fees		5,660			6,519		5,238		4,915			4,436
Other		4,133			793		229		(82	)		(172	)
Total non-interest revenues		19,613			24,830		27,603		20,511			17,073
Interest and dividends		40,718			60,078		42,776		25,986			16,719
Interest expense		37,479			57,301		40,912		23,559			13,978
Net interest		3,239			2,777		1,864		2,427			2,741
Net revenues		22,852			27,607		29,467		22,938			19,814
Non-interest expenses:
Compensation and benefits		12,134			16,418		13,865		10,638			9,239
Other		9,931			7,914		6,652		6,377			5,423
Total non-interest expenses		22,065			24,332		20,517		17,015			14,662
Income from continuing operations before income taxes, dividends on preferred securities subject to mandatory redemption and cumulative effect of accounting change, net		787			3,275		8,950		5,923			5,152
(Benefit from) provision for income taxes		(129	)		769		2,681		1,442			1,370
Dividends on preferred securities subject to mandatory redemption		—			—		—		—			45
Income from continuing operations before cumulative effect of accounting change, net		916			2,506		6,269		4,481			3,737
Discontinued operations:
Net gain from discontinued operations		1,471			1,183		1,795		644			1,170
Provision for income taxes		609			440		577		233			418
Net gain on discontinued operations		862			743		1,218		411			752
Cumulative effect of accounting change, net		—			—		—		49			—
Net income	$	1,778		$	3,249	$	7,487	$	4,941		$	4,489
Net income applicable to non-controlling interests		71			40		15		2			3
Net income applicable to Morgan Stanley	$	1,707		$	3,209	$	7,472	$	4,939		$	4,486
Earnings applicable to Morgan Stanley common shareholders(2)	$	1,495		$	2,976	$	7,027	$	4,774		$	4,442
Amounts applicable to Morgan Stanley:
Income from continuing operations	$	883		$	2,468	$	6,257	$	4,481		$	3,737
Gain from discontinued operations, net of tax		824			741		1,215		409			749
Cumulative effect of accounting change, net		—			—		—		49			—
Net income applicable to Morgan Stanley	$	1,707		$	3,209	$	7,472	$	4,939		$	4,486

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	Fiscal Year(1)
	2008			2007			2006			2005			2004
Per Share Data:
Earnings per basic common share:
Income from continuing operations	$	0.68		$	2.27		$	5.82		$	4.12		$	3.42
Gain on discontinued operations		0.77			0.70			1.14			0.38			0.69
Cumulative effect of accounting change, net		—			—			—			0.05			—
Earnings per basic common share	$	1.45		$	2.97		$	6.96		$	4.55		$	4.11
Earnings per diluted common share:
Income from continuing operations	$	0.65		$	2.22		$	5.73		$	4.08		$	3.35
Gain on discontinued operations		0.74			0.68			1.12			0.37			0.67
Cumulative effect of accounting change, net		—			—			—			0.05			—
Earnings per diluted common share	$	1.39		$	2.90		$	6.85		$	4.50		$	4.02
Book value per common share	$	30.24		$	28.56		$	32.67		$	27.59		$	25.95
Dividends per common share	$	1.08		$	1.08		$	1.08		$	1.08		$	1.00
Balance Sheet and Other Operating Data:
Total assets	$	659,035		$	1,045,409		$	1,121,192		$	898,835		$	747,578
Consumer loans, net		—			—			22,915			21,966			19,166
Total capital(3)		192,297			191,085			162,134			125,891			110,793
Long-term borrowings(3)		141,466			159,816			126,770			96,709			82,587
Morgan Stanley shareholders’ equity		50,831			31,269			35,364			29,182			28,206
Return on average common shareholders’ equity		4.9	%		8.9	%		23.5	%		17.3	%		16.8	%
Average common and equivalent shares(2)		1,028,180,275			1,001,878,651			1,010,254,255			1,049,896,047			1,080,121,708

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

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

(3) These amounts exclude the current portion of long-term borrowings and include junior subordinated debt issued to capital trusts and include capital units as of November 30, 2006, November 30, 2005 and November 30, 2004.

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