EXHIBIT 15
To the Board of Directors and Shareholders of Morgan Stanley:
We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim condensed consolidated financial statements of Morgan Stanley and subsidiaries (the “Firm”) for the three-month andsix-month periods ended June 30, 2017 and 2016, and have issued our report dated August 3, 2017. As indicated in such report, because we did not perform an audit, we expressed no opinion on that information.
We are aware that our report referred to above, which is included in your Quarterly Report on Form10-Q for the quarter ended June 30, 2017, is being incorporated by reference in the following Registration Statements of the Firm:
Filed on FormS-3:
Registration StatementNo. 33-57202
Registration StatementNo. 33-60734
Registration StatementNo. 33-89748
Registration StatementNo. 33-92172
Registration StatementNo. 333-07947
Registration StatementNo. 333-27881
Registration StatementNo. 333-27893
Registration StatementNo. 333-27919
Registration StatementNo. 333-46403
Registration StatementNo. 333-46935
Registration StatementNo. 333-76111
Registration StatementNo. 333-75289
Registration StatementNo. 333-34392
Registration StatementNo. 333-47576
Registration StatementNo. 333-83616
Registration StatementNo. 333-106789
Registration StatementNo. 333-117752
Registration StatementNo. 333-129243
Registration StatementNo. 333-131266
Registration StatementNo. 333-155622
Registration StatementNo. 333-156423
Registration StatementNo. 333-178081
Registration StatementNo. 333-200365
Filed on FormS-4:
Registration StatementNo. 333-25003
Filed on FormS-8:
Registration StatementNo. 33-63024
Registration StatementNo. 33-63026
Registration StatementNo. 33-78038
Registration StatementNo. 33-79516
Registration StatementNo. 33-82240
Registration StatementNo. 33-82242
Registration StatementNo. 33-82244
Registration StatementNo. 333-04212
Registration StatementNo. 333-28141
Registration StatementNo. 333-28263
Registration StatementNo. 333-62869
Registration StatementNo. 333-78081
Registration StatementNo. 333-95303
Registration StatementNo. 333-55972
Registration StatementNo. 333-85148
Registration StatementNo. 333-85150
Registration StatementNo. 333-108223
Registration StatementNo. 333-142874
Registration StatementNo. 333-146954
Registration StatementNo. 333-159503
Registration StatementNo. 333-159504
Registration StatementNo. 333-159505
Registration StatementNo. 333-168278
Registration StatementNo. 333-172634
Registration StatementNo. 333-177454
Registration StatementNo. 333-183595
Registration StatementNo. 333-188649
Registration StatementNo. 333-192448
Registration StatementNo. 333-204504
Registration StatementNo. 333-211723
Registration StatementNo. 333-218377
We also are aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statements prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.
/s/ Deloitte & Touche LLP
New York, New York
August 3, 2017