UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8−K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 18, 2012

Morgan Stanley

(Exact name of Registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)

1−11758 36−3145972 (Commission (I.R.S. Employer Identification No.) File Number)

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1585 Broadway, New York, New York 10036

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: (212) 761−4000

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(Former address, if changed since last report)

Check the appropriate box below if the Form 8−K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[] Soliciting material pursuant to Rule 14a−12 under the Exchange Act (17 CFR 240. 14a−12)

[] Pre−commencement communications pursuant to Rule 14d−2(b) under the Exchange Act (17 CFR 240. 14d−2(b))

[] Pre−commencement communications pursuant to Rule 13e−4(c) under the Exchange Act (17 CFR 240.13e−4(c))

Item 2.02. Results of Operations and Financial Condition

On October 18, 2012, Morgan Stanley (the "Registrant") released financial information with respect to its quarter ended September 30, 2012. A copy of the press release containing this information is annexed as Exhibit 99.1 to this Report and by this reference incorporated herein and made a part hereof. In addition, a copy of the Registrant's Financial Data Supplement for its quarter ended September 30, 2012 is annexed as Exhibit 99.2 to this Report and by this reference incorporated herein and made a part hereof.

The information furnished under Item 2.02 of this Report, including Exhibit 99.1 and Exhibit 99.2, shall be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended.

Item 9.01. Financial Statements and Exhibits

99.1 Press release of the Registrant, dated October 18, 2012, containing financial information for the quarter ended September 30, 2012. 99.2 Financial Data Supplement of the Registrant for the quarter ended September 30, 2012.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.

MORGAN STANLEY (Registrant) By: /s/ Paul C. Wirth Paul C. Wirth Deputy Chief Financial Officer and Controller

Dated: October 18, 2012

Exhibit 99.1

Media Relations: Jeanmarie McFadden 212−761−2433

Investor Relations: Celeste Mellet Brown 212−761−3896

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Morgan Stanley Reports Third Quarter 2012:

Net Revenues of $5.3 Billion Included the Negative Impact of $2.3 Billion from the Tightening of Morgan Stanley’s Debt−Related Credit Spreads (DVA);[1] Loss from Continuing Operations of $0.55 per Diluted Share
Excluding DVA, Net Revenues were $7.6 Billion and Income from Continuing Operations was $0.28 per Diluted Share[2, 3]
Strength in Fixed Income & Commodities Sales and Trading; Ranked #1 in Global IPOs, #2 in Global Announced M&A and #3 in Global Equity and Increased Market Share in U.S. Investment Grade Debt; Global Wealth Management 7% Pre−Tax Margin and 13% Excluding Non−Recurring Items[4, 5]
The Firm Completed the Purchase of an Additional 14% Stake in Morgan Stanley Smith Barney (Joint Venture)[6]

NEW YORK, October 18, 2012 – Morgan Stanley (NYSE: MS) today reported net revenues of $5.3 billion for the third quarter ended September 30, 2012 compared with $9.8 billion a year ago. For the current quarter, the loss from continuing operations applicable to Morgan Stanley was $1.0 billion, or a loss of $0.55 per diluted share,[7] compared with income of $2.2 billion, or $1.14 per diluted share,[7] for the same period a year ago.

Results for the quarter included negative revenue of $2.3 billion compared with positive revenue of $3.4 billion a year ago related to changes in Morgan Stanley’s debt−related credit spreads and other credit factors (Debt Valuation Adjustment, DVA).[1 ]

Excluding DVA, net revenues for the current quarter were $7.6 billion compared with $6.4 billion a year ago and income from continuing operations applicable to Morgan Stanley was $561 million, or $0.28 per diluted share, compared with income of $64 million, or $0.02 a year ago.[3, 7, 8]

Compensation expense of $3.9 billion increased from $3.6 billion a year ago. Non−compensation expenses of $2.8 billion increased from $2.5 billion a year ago primarily due to litigation costs reported in Institutional Securities and non−recurring expenses associated with the Morgan Stanley Wealth Management (MSWM)[9] integration.

For the current quarter, the net loss applicable to Morgan Stanley, including discontinued operations, was $0.55 per diluted share, compared with net income of $1.15 per diluted share in the third quarter of 2011.

	Summary of Firm Results (dollars in millions)	Summary of Firm Results (dollars in millions)
	As Reported Net MS Earnings Revenues Cont. Ops.(1)	Excluding DVA(2), (3) Net MS Earnings Revenues Cont. Ops.(1)
3Q 2012	$5289 $(1031)	$7551 $535
2Q 2012	, , $6953 $536	, $6603 $312
3Q 2011	, $9,810 $2,132	, $6,400 $39

(1) Represents income (loss) from continuing operations applicable to Morgan Stanley common shareholders less preferred dividends.

(2) Net revenues for 3Q 2012, 2Q 2012 and 3Q 2011 exclude positive (negative) revenue from DVA of $(2,262) million, $350 million and $3,410 million, respectively.

(3) Earnings / (loss) from continuing operations applicable to Morgan Stanley common shareholders for 3Q 2012, 2Q 2012 and 3Q 2011 excludes after−tax DVA impact of $(1,568) million, $225 million and $2,114 million, respectively, and includes a related allocation of earnings to Participating Restricted Stock Units of $2 million, $(1) million and $(21) million, respectively.

Business Overview

Global Wealth Management Group net revenues were $3.3 billion and global fee based asset flows were $7.5 billion.
Institutional Securities net revenues excluding DVA were $3.6 billion compared with $3.0 billion a year ago with higher revenues in Fixed Income & Commodities sales and trading and Investment Banking. The Firm ranked #1 in global IPOs, #2 in global announced M&A and #3 in global Equity.[10]
Asset Management reported net revenues of $631 million with assets under management or supervision of $331 billion.

James P. Gorman, Chairman and Chief Executive Officer, said, “Our third quarter results show a balanced, strategically focused franchise that has attained stronger revenues and executed on key goals. The rebound in Fixed Income & Commodities sales and trading indicates that clients have re−engaged after the uncertainty of the rating review in the previous quarter. We are beginning to unlock the full potential of the Global Wealth Management franchise, having increased our ownership of, and agreed on a purchase price for the rest of, Morgan Stanley Wealth Management. I am confident in our potential to enhance profitability and increase value for our shareholders in the quarters ahead.”

	Summary of Institutional Securities Results (dollars in millions)	Summary of Institutional Securities Results (dollars in millions)
	As Reported Net Pre−Tax Revenues Income	Excluding DVA(1) Net Pre−Tax Revenues Income
3Q 2012	$1376 $(1917)	$3638 $345
2Q 2012	, , $3234 $508	, $2884 $158
3Q 2011	, $6,410 $3,447	, $3,000 $37

(1) Net revenues and pre−tax income for 3Q 2012, 2Q 2012 and 3Q 2011 exclude positive (negative) revenue from DVA of $(2,262) million, $350 million and $3,410 million, respectively.

INSTITUTIONAL SECURITIES

Institutional Securities reported a pre−tax loss from continuing operations of $1.9 billion compared with pre−tax income of $3.4 billion in the third quarter of last year. Net revenues for the current quarter were $1.4 billion compared with $6.4 billion a year ago. DVA resulted in negative revenue of $2.3 billion in the current quarter compared with positive revenue of $3.4 billion a year ago. Excluding DVA, net revenues for the current quarter were $3.6 billion compared with $3.0 billion a year ago. The following discussion for sales and trading excludes DVA.

Advisory revenues were $339 million compared with $413 million a year ago reflecting lower completed market volumes. Equity underwriting revenues were $199 million compared with $239 million a year ago. Fixed income underwriting revenues were $431 million compared with $212 million a year ago reflecting increased bond issuance volumes and higher market share in investment grade debt.
Fixed Income & Commodities sales and trading net revenues were $1.5 billion compared with $1.1 billion a year ago. The increase in net revenues from last year’s third quarter reflected higher results in interest rate products and gains in credit products compared to losses in the prior year quarter.[11]
Equity sales and trading net revenues were $1.2 billion compared with $1.3 billion in the prior year quarter primarily reflecting lower market volumes.[11]
Other sales and trading net losses were $164 million compared with losses of $444 million in last year’s third quarter primarily driven by gains associated with corporate lending activity.
Investment gains were $74 million compared with losses of $119 million in the prior year quarter.
Compensation expense was $1.6 billion compared with $1.5 billion a year ago. Non−compensation expenses of $1.7 billion increased from $1.4 billion a year ago primarily due to increased litigation costs of approximately $280 million.
Morgan Stanley’s average trading Value−at−Risk (VaR) measured at the 95% confidence level was $63 million compared with $76 million in second quarter of 2012 and $99 million in the third quarter of the prior year. The Firm modified its VaR model this quarter to make it more responsive to recent market conditions. The model has been approved by the Firm’s regulators for use in the Firm’s regulatory capital calculations. VaR has been recast for all periods to reflect this enhancement.[12]

Summary of Global Wealth Management Group Results (dollars in millions)	Summary of Global Wealth Management Group Results (dollars in millions)
	Net Pre−Tax Revenues Income(1)
3Q 2012	$3336 $239
2Q 2012	, $3305 $393
3Q 2011	, $3,226 $356

(1) 3Q 2012 pre−tax income includes $193 million of non−recurring costs associated with the MSWM integration and purchase of an additional 14% stake in the Joint Venture.

GLOBAL WEALTH MANAGEMENT GROUP

Global Wealth Management Group reported pre−tax income from continuing operations of $239 million compared with $356 million in the third quarter of last year. Net revenues for the current quarter were $3.3 billion compared with $3.2 billion a year ago. The quarter’s reported pre−tax margin was 7%; excluding $193 million of non−recurring costs associated with the MSWM integration and purchase of an additional 14% stake in the Joint Venture, the pre−tax margin was 13%.[4, 5] Income after the noncontrolling interest allocation to Citigroup Inc. (Citi) and before taxes was $234 million.[13]

Asset management fee revenues of $1.8 billion increased 3% from the prior year quarter primarily reflecting an increase in fee based assets and positive flows.
Transactional revenues[14] of $1.0 billion were essentially unchanged from a year ago primarily reflecting reduced commissions and fees on lower levels of client activity, offset by higher principal trading revenues driven by higher fixed income secondary trading and net gains from investments associated with the Firm’s deferred compensation and co−investment plans.
Compensation expense was $2.1 billion compared with $2.0 billion a year ago. Non−compensation expenses of $1.0 billion increased from $884 million a year ago reflecting non−recurring costs of approximately $176 million primarily associated with the MSWM integration.[5]
Total client assets were $1.8 trillion at quarter end. Client assets in fee based accounts were $556 billion, or 31% of total client assets. Global fee based asset flows for the quarter were $7.5 billion.
Global representatives of 16,829 were essentially unchanged from the prior quarter. Average annualized revenue per global representative was $790,000 and total client assets per global representative were $105 million in the current quarter.

Summary of Asset Management Results (dollars in millions)	Summary of Asset Management Results (dollars in millions)
	Net Pre−Tax Revenues Income
3Q 2012	$631 $198
2Q 2012	$456 $43
3Q 2011	$205 $(118)

ASSET MANAGEMENT

Asset Management reported pre−tax income from continuing operations of $198 million compared with a pre−tax loss of $118 million in last year’s third quarter.[15] The quarter’s reported pre−tax margin was 31%.[4] Income after the noncontrolling interest allocation and before taxes was $148 million.

Net revenues of $631 million increased from $205 million a year ago reflecting solid results in the Traditional Asset Management business and gains on principal investments in the Merchant Banking and Real Estate Investing businesses compared with losses in the prior year quarter.[16]
Compensation expense was $241 million compared with $132 million a year ago. Non−compensation expenses of $192 million were essentially unchanged from a year ago.
Assets under management or supervision at September 30, 2012 of $331 billion increased from $268 billion a year ago. The increase primarily reflected net customer inflows in Morgan Stanley’s liquidity funds and market appreciation. The business recorded positive net flows of $10.8 billion in the current quarter, which included approximately $4.5 billion related to the conversion of MSWM client balances into liquidity funds, compared with net outflows of $5.8 billion in the third quarter of last year.

CAPITAL

Morgan Stanley’s Tier 1 capital ratio under Basel I was approximately 16.7% and Tier 1 common ratio was approximately 13.7% at September 30, 2012.[17]

At September 30, 2012, book value and tangible book value per common share were $30.53 and $26.65,[18] respectively, based on approximately 2.0 billion shares outstanding. Tangible book value per common share reflected a reduction of approximately $0.58 related to the increased 14% ownership interest in the Joint Venture.

OTHER MATTERS

The effective tax rate from continuing operations for the current quarter was 35.4%. The current quarter includes an out of period net income tax provision of approximately $82 million to adjust previously recorded deferred tax assets.[19]

The Firm declared a $0.05 quarterly dividend per common share. The dividend is payable on November 15, 2012 to common shareholders of record on October 31, 2012.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 43 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

A financial summary follows. Financial, statistical and business−related information, as well as information regarding business and segment trends, is included in the Financial Supplement. Both the earnings release and the Financial Supplement are available online in the Investor Relations section at www.morganstanley.com.

# # #

(See Attached Schedules)

The information above contains forward−looking statements. Readers are cautioned not to place undue reliance on forward−looking statements, which speak only as of the date on which they are made and which reflect management's current estimates, projections, expectations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of additional risks and uncertainties that may affect the future results of the Company, please see "Forward−Looking Statements" immediately preceding Part I, Item 1, "Competition" and "Supervision and Regulation" in Part I, Item 1, "Risk Factors" in Part I, Item 1A, "Legal Proceedings" in Part I, Item 3, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 and "Quantitative and Qualitative Disclosures about Market Risk" in Part II, Item 7A, each of the Company's Annual Report on Form 10−-K for the year ended December 31, 2011 and other items throughout the Form 10−K, the Company’s Quarterly Reports on Form 10−Q, including “Risk Factors” in Part II, Item 1A therein, and the Company’s Current Reports on Form 8−K, including any amendments thereto.

1 Represents the change in the fair value of certain of Morgan Stanley’s long−term and short−term borrowings resulting from fluctuations in its credit spreads and other credit factors (commonly referred to as “DVA”).

2 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 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 with such comparable GAAP financial measure.

3 Income (loss) per diluted share amounts, excluding DVA, are non−GAAP financial measures that the Firm considers useful for investors to allow better comparability of period to period operating performance. Such exclusions are provided to differentiate revenues associated with Morgan Stanley borrowings, regardless of whether the impact is either positive, or negative, that result solely from fluctuations in credit spreads and other credit factors. The reconciliation of income (loss) per diluted share from continuing operations applicable to Morgan Stanley common shareholders and average diluted shares from a non−GAAP to GAAP basis is as follows (shares and DVA are presented in millions):

rom a non−GAAP to GAAP basis is as follows (shares and DVA are presented in millions):
	3Q 2012	3Q 2011
Income (loss) per diluted share applicable to MS – Non−GAAP	$0.28	$0.02
DVA impact − 3Q12 DVA of $(2,262) net of tax benefit of $694	$(0.83)	$1.12
Income (loss) per diluted share applicable to MS – GAAP	$(0.55)	$1.14
Average diluted shares – Non−GAAP	1,924	1,869
DVA impact	(35)	0
Average diluted shares – GAAP*	1,889	1,869
*Due to GAAP loss in the current period, average diluted shares equal average basic shares.

*Due to GAAP loss in the current period, average diluted shares equal average basic shares.

4 Pre−tax margin is a non−GAAP financial measure that the Firm considers useful for investors to assess operating performance. Pre−tax margin represents income (loss) from continuing operations before taxes, divided by net revenues.

5 Global Wealth Management’s pre−tax margin was adjusted for approximately $193 million of non−recurring costs associated with the MSWM integration and the purchase of an additional 14% stake in the Joint Venture. The non−recurring items reflected approximately $176 million of non−compensation and $17 million of compensation related expenses, reported in the Global Wealth Management business segment.

6 The Firm completed the purchase of the additional 14% stake in the Joint Venture from Citi on September 17, 2012 for $1.89 billion. At September 30, 2012, the Firm holds a 65% stake in the Joint Venture. The Firm must use reasonable best efforts to obtain regulatory approvals required to purchase the remaining 35% stake in the Joint Venture by June 1, 2015. Due to the terms of the revised agreement with Citi, at September 30, 2012, the Firm reclassified approximately $4.3 billion of non−redeemable noncontrolling interests to redeemable noncontrolling interests on the condensed consolidated statements of financial condition.

7 Includes preferred dividends and other adjustments related to the calculation of earnings per share of approximately $24 million for the quarter ended September 30, 2012 and $46 million for the quarter ended September 30, 2011. Refer to page 3 of Morgan Stanley’s Financial Supplement accompanying this release for the calculation of earnings per share.

8 Income (loss) applicable to Morgan Stanley, excluding DVA, is a non−GAAP financial measure that the Firm considers useful for investors to allow for better comparability of period−to−period operating performance. The reconciliation of income (loss) from continuing operations applicable to Morgan Stanley from a non−GAAP to GAAP basis is as follows (amounts are presented in millions):

. from a non−GAAP to GAAP basis is as follows (amounts are presented in millions):
	3Q 2012	2Q 2012	3Q 2011
Income (loss) applicable to MS – Non−GAAP	$561	$338	$64
DVA impact − 3Q12 DVA of $(2,262) net of tax benefit of $694	$(1,568)	$225	$2,114
Income (loss) applicable to MS – GAAP	$(1,007)	$563	$2,178

9 On September 25, 2012 the Firm announced that its U.S. wealth management business, Morgan Stanley Smith Barney, was rebranded Morgan Stanley Wealth Management (MSWM).

10 Source: Thomson Reuters – for the period of January 1, 2012 to September 30, 2012 as of October 2, 2012.

11 Sales and trading net revenues, including Fixed Income & Commodities (FIC) and Equity sales and trading net revenues excluding DVA, are non−GAAP financial measures that the Firm considers useful for investors to allow better comparability of period−to−period operating performance. The reconciliation of sales and trading, including FIC and Equity sales and trading net revenues from a non−GAAP to GAAP basis is as follows (amounts are presented in millions):

	3Q 2012	3Q 2011
Sales & Trading – Non−GAAP	$2,522	$1,996
DVA impact	$(2,262)	$3,410
Sales & Trading – GAAP	$260	$5,406
FIC Sales & Trading – Non−GAAP	$1,458	$1,099
DVA impact	$(1,621)	$2,790
FIC Sales & Trading – GAAP	$(163)	$3,889
Equity Sales & Trading – Non−GAAP	$1,228	$1,341
DVA impact	$(641)	$620
Equity Sales & Trading – GAAP	$587	$1,961

12 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. Effective for the quarter ended September 30, 2012, the Firm enhanced its VaR model to make it more responsive to current market conditions while maintaining a longer−term perspective. The model has been approved by the Firm’s regulators for use in the Firm’s regulatory capital calculations. VaR has been recast for all periods to reflect this enhancement. Further discussion of the calculation of VaR and the limitations of the Firm's VaR methodology will be disclosed in Part I, Item 3 "Quantitative and Qualitative Disclosures about Market Risk" included in Morgan Stanley’s Quarterly Report on Form 10−Q for the quarter ended September 30, 2012. Refer to page 8 of Morgan Stanley’s Financial Supplement accompanying this release for the VaR disclosure.

13 During the quarter ended September 30, 2012, Morgan Stanley completed the purchase of an additional 14% stake in the Joint Venture from Citi, increasing the Firm’s interest from 51% to 65%. Prior to September 17, 2012, Citi’s results related to its 49% interest were reported in net income (loss) applicable to nonredeemable noncontrolling interests on page 10 of Morgan Stanley’s Financial Supplement accompanying this release. Due to the terms of the revised agreement with Citi, subsequent to the purchase of the additional 14% stake, Citi’s results related to the 35% interest are reported in net income (loss) applicable to redeemable noncontrolling interests on page 10 of Morgan Stanley’s Financial Supplement accompanying this release.

14 Transactional revenues include investment banking, principal transactions − trading and commissions and fee revenues.

15 Results for the third quarter of 2012 and 2011 included pre−tax income of $50 million and a pre−tax loss of $17 million, respectively, related to principal investments held by certain consolidated real estate funds. The limited partnership interests in these funds are reported in net income (loss) applicable to noncontrolling interests on page 12 of Morgan Stanley’s Financial Supplement accompanying this release.

16 Results for the current quarter included gains of $51 million compared with losses of $13 million in the prior year third quarter related to principal investments held by certain consolidated real estate funds.

17 The Firm calculates its Tier 1 capital ratio and risk−weighted assets in accordance with the capital adequacy standards for financial holding companies adopted by the Federal Reserve Board. These standards are based upon a framework described in the International Convergence of Capital Measurement and Capital Standards, July 1988, as amended, also referred to as Basel I. In accordance with the Federal Reserve Board’s definition, Tier 1 common capital is defined as Tier 1 capital less non−common elements in Tier 1 capital, including perpetual preferred stock and related surplus, minority interest in subsidiaries, trust preferred securities and mandatory convertible preferred securities. These computations are preliminary estimates as of October 18, 2012 (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 September 30, 2012.

18 Tangible common equity and tangible book value per common share are non−GAAP financial measures that the Firm considers to be useful measures of capital adequacy. Tangible common equity equals common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction and includes only the Firm’s share of the Joint Venture’s goodwill and intangible assets. Tangible book value per common share equals tangible common equity divided by period end common shares outstanding.

19 The Firm recognized an out of period net income tax provision of approximately $82 million in the Institutional Securities business segment for the quarter ended September 30, 2012, primarily related to the overstatement of tax benefits associated with repatriated earnings of a foreign subsidiary in 2010. The Firm has evaluated the effects of the understatement of income tax provision both qualitatively and quantitatively, and concluded that it did not have a material impact on any prior annual or quarterly consolidated results.

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MORGAN STANLEY Quarterly Financial Summary

(unaudited, dollars in millions)

		Quarter Ended		Percentage Change From:	Percentage Change From:	Nine Mon	ths Ended	Percentage
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011	Change
Net revenues
Institutional Securities	$ 1376	$ 3234	$ 6410	(57%)	(79%)	$ 7633	$ 15137	(50%)
Global Wealth Management Group	, 3336	, 3305	, 3226	1%	3%	, 10055	, 10070	−−
Asset Management	, 631	, 456	, 205	38%	*	, 1620	, 1463	11%
Intersegment Eliminations	(54)	(42)	(31)	(29%)	(74%)	, (131)	, (79)	(66%)
Consolidated net revenues	~~$~~ ~~5,289~~	~~$~~ ~~6,953~~	~~$~~ ~~9,810~~	(24%)	(46%)	~~$~~ ~~19,177~~	~~$~~ ~~26,591~~	(28%)

Income (loss) from continuing operations before tax
Institutional Securities	$ (1917)	$ 508	$ 3447	*	*	$ (1721)	$ 5364	*
Global Wealth Management Group	, 239	393	, 356	(39%)	(33%)	, 1019	, 1017	−−
Asset Management	198	43	(118)	*	*	, 369	, 175	111%
Intersegment Eliminations	0	(4)	0	*	−−	(4)	0	*
Consolidated income (loss) from continuing operations before tax	~~$~~ ~~(1,480)~~	~~$~~ ~~940~~	~~$~~ ~~3,685~~	*	*	~~$~~ ~~(337)~~	~~$~~ ~~6,556~~	*

Income (loss) applicable to Morgan Stanley
Institutional Securities	$ (1268)	$ 381	$ 2072	*	*	$ (1183)	$ 3827	*
Global Wealth Management Group	, 157	172	, 167	(9%)	(6%)	, 522	, 527	(1%)
Asset Management	104	14	(61)	*	*	143	29	*
Intersegment Eliminations	0	(4)	0	*	−−	(4)	0	*
Consolidated income (loss) applicable to Morgan Stanley	~~$~~ ~~(1,007)~~	~~$~~ ~~563~~	~~$~~ ~~2,178~~	*	*	~~$~~ ~~(522)~~	~~$~~ ~~4,383~~	*
Earnings (loss) applicable to Morgan Stanley common shareholders	~~$~~ ~~(1,047)~~	~~$~~ ~~564~~	~~$~~ ~~2,153~~	*	*	~~$~~ ~~(599)~~	~~$~~ ~~2,335~~	*

Earnings per basic share:
Income from continuing operations	$ (0.55)	$ 0.28	$ 1.15	*	*	$ (0.32)	$ 1.48	*
Discontinued operations	$ −	$ 0.02	$ 0.01	*	*	$ −	$ (0.01)	*
Earnings per basic share	$ (0.55)	$ 0.30	$ 1.16	*	*	$ (0.32)	$ 1.47	*

Earnings per diluted share:
Income from continuing operations	$ (0.55)	$ 0.28	$ 1.14	*	*	$ (0.32)	$ 1.47	*
Discontinued operations	$ −	$ 0.01	$ 0.01	*	*	$ −	$ (0.02)	*
Earnings per diluted share	$ (0.55)	$ 0.29	$ 1.15	*	*	$ (0.32)	$ 1.45	*

Financial Metrics:
Return on average common equity
from continuing operations	*	3.5%	14.6%			*	6.1%
Return on average common equity	*	3.7%	14.7%			*	6.0%

Tier 1 common capital ratio	13.7%	13.6%	11.6%
Tier 1 capital ratio	16.7%	17.2%	14.9%

Book value per common share	$ 30.53	$ 31.02	$ 31.29
Tangible book value per common share	$ 26.65	$ 27.70	$ 27.79

Notes: − Results for the quarters ended September 30, 2012, June 30, 2012 and September 30, 2011, include positive (negative) revenue of $(2,262) million, $350 million and $3,410 million, respectively, related to the movement in Morgan Stanley's credit spreads and other credit factors on certain long−term and short−term debt (Debt Valuation Adjustment, DVA).

Income (loss) applicable to Morgan Stanley represents income (loss) from continuing operations, adjusted for the portion of net income (loss) applicable to noncontrolling interests related to continuing operations. For the quarters ended September 30, 2012, June 30, 2012, and September 30, 2011 net income (loss) applicable to noncontrolling interests include $16 million, $8 million, and $2 million respectively, reported as a gain in discontinued operations.
The return on average common equity and tangible book value per common share are non−GAAP measures that the Firm considers to be a useful measure that the Firm and investors use to assess operating performance and capital adequacy.
Tier 1 common capital ratio equals Tier 1 common equity divided by Risk Weighted Assets (RWA).
Tier 1 capital ratio equals Tier 1 capital divided by RWA.
Book value per common share equals common equity divided by period end common shares outstanding.
Tangible book value per common share equals tangible common equity divided by period end common shares outstanding.
See page 4 of the financial supplement for additional information related to the calculation of the financial metrics.

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MORGAN STANLEY

Quarterly Consolidated Income Statement Information

(unaudited, dollars in millions)

		Quarter Ended		Percentage Change From:	Percentage Change From:	Nine Mon	ths Ended	Percentage
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011	Change
Revenues:
Investment banking	$ 1152	$ 1104	$ 1031	4%	12%	$ 3319	$ 3940	(16%)
Principal transactions:	,	,	,			,	,
Trading	607	2469	4960	(75%)	(88%)	5483	11421	(52%)
Investments	290	, 63	, (298)	*	*	, 438	, 433	1%
Commissions and fees	988	1040	1476	(5%)	(33%)	3205	4198	(24%)
Asset management, distribution and admin. fees	2257	, 2268	, 2149	−−	5%	, 6677	, 6406	4%
Other	, 152	, 170	, 347	(11%)	(56%)	, 432	, 110	*
Total non−interest revenues	5446	7114	9665	(23%)	(44%)	19554	26508	(26%)
	,	,	,			,	,
Interest income	1379	1323	1753	4%	(21%)	4244	5573	(24%)
Interest expense	, 1,536	, 1,484	, 1,608	4%	(4%)	, 4,621	, 5,490	(16%)
Net interest	(157)	(161)	145	2%	*	(377)	83	*
Net revenues	5,289	6,953	9,810	(24%)	(46%)	19,177	26,591	(28%)
Non−interest expenses:
Compensation and benefits	3929	3633	3638	8%	8%	11993	12545	(4%)
Non−compensation expenses:	,	,	,			,	,
Occupancy and equipment	388	380	382	2%	2%	1160	1174	(1%)
Brokerage clearing and exchange fees	359	405	443	(11%)	(19%)	, 1167	, 1254	(7%)
, Information processing and communications	493	487	456	1%	8%	, 1439	, 1340	7%
Marketing and business development	138	156	143	(12%)	(3%)	, 440	, 436	1%
Professional services	477	478	440	−−	8%	1367	1310	4%
Other	985	474	623	108%	58%	, 1,948	, 1,976	(1%)
Total non−compensation expenses	2840	2380	2487	19%	14%	7521	7490	−−
	,	,	,			,	,
Total non−interest expenses	6,769	6,013	6,125	13%	11%	19,514	20,035	(3%)

Income (loss) from continuing operations before taxes	(1480)	940	3685	*	*	(337)	6556	*
Income tax provision / (benefit) from continuing operations	, (524)	226	, 1,415	*	*	(244)	, 1,709	*
Income (loss) from continuing operations	(956)	714	2,270	*	*	(93)	4,847	*
Gain (loss) from discontinued operations after tax	0	36	23	*	*	21	(18)	*
Net income (loss)	$ (956)	$ 750	$ 2293	*	*	$ (72)	$ 4829	*
Net income applicable to redeemable noncontrolling interests	8	0	, 0	*	*	8	, 0	*
Net income applicable to nonredeemable noncontrolling interests	59	159	94	(63%)	(37%)	446	469	(5%)
Net income (loss) applicable to Morgan Stanley	(1,023)	591	2,199	*	*	(526)	4,360	*
Preferred stock dividend / Other	24	27	46	(11%)	(48%)	73	2,025	(96%)
Earnings (loss) applicable to Morgan Stanley common shareholders	~~$~~ ~~(1,047)~~	~~$~~ ~~564~~	~~$~~ ~~2,153~~	*	*	~~$~~ ~~(599)~~	~~$~~ ~~2,335~~	*

Amounts applicable to Morgan Stanley:
Income (loss) from continuing operations	(1007)	563	2178	*	*	(522)	4383	*
Gain (loss) from discontinued operations after tax	, (16)	28	, 21	*	*	(4)	, (23)	83%
Net income (loss) applicable to Morgan Stanley	~~$~~ ~~(1,023)~~	~~$~~ ~~591~~	~~$~~ ~~2,199~~	*	*	~~$~~ ~~(526)~~	~~$~~ ~~4,360~~	*

Pre−tax profit margin	*	14%	38%			*	25%
Compensation and benefits as a % of net revenues	74%	52%	37%			63%	47%
Non−compensation expenses as a % of net revenues	54%	34%	25%			39%	28%
Effective tax rate from continuing operations	35.4%	24.0%	38.4%			72.4%	26.1%

Notes: − Pre−tax profit margin is a non−GAAP financial measure that the Firm considers to be a useful measure that the Firm and investors use to assess operating performance. Percentages represent income from continuing operations before income taxes as a percentage of net revenues.

The portion of net income attributable to noncontrolling interests for consolidated entities is presented as either net income (loss) applicable to redeemable noncontrolling interests or net income (loss) applicable to nonredeemable noncontrolling interests.

− During the quarter ended September 30, 2012, Morgan Stanley completed the purchase of an additional 14% stake in Morgan Stanley Smith Barney from Citigroup Inc. (Citi), increasing the Firm’s interest from 51% to 65%. Prior to September 17, 2012, Citi’s results related to its 49% interest were reported in net income (loss) applicable to nonredeemable noncontrolling interests. Due to the terms of the revised agreement with Citi, subsequent to the purchase of the additional 14% stake, Citi’s results related to the 35% interest are reported in net income (loss) applicable to redeemable noncontrolling interests.

− The quarter ended September 30, 2012 includes an out of period net income tax provision of approximately $82 million, primarily related to the overstatement of tax benefits associated with repatriated earnings of a foreign subsidiary in 2010.

− For the quarter ended June 30, 2012, discontinued operations included operating results related to Saxon (reported in Institutional Securities segment) and a pre−tax gain of $108 million ($73 million after−tax) and other operating income related to the sale of Quilter & Co. Ltd. (reported in the Global Wealth Management business segment).

Preferred stock dividend / other includes allocation of earnings to Participating Restricted Stock Units.

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MORGAN STANLEY Quarterly Earnings Per Share

(unaudited, dollars in millions, except for per share data)

		Quarter Ended		Percentage Change From:	Percentage Change From:	Nine Mon	ths Ended	Percentage
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011	Change


Income (loss) from continuing operations	$ (956)	$ 714	$ 2270	*	*	$ (93)	$ 4847	*
Net income applicable to redeemable noncontrolling interests	8	0	, 0	*	*	8	, 0	*
Net income applicable to nonredeemable noncontrolling interests	43	151	92	(72%)	(53%)	421	464	(9%)
Net income (loss) from continuing operations applicable to noncontrolling interest	51	151	92	(66%)	(45%)	429	464	(8%)
Income (loss) from continuing operations applicable to Morgan Stanley	(1007)	563	2178	*	*	(522)	4383	*
Less: Preferred Dividends	, 24	24	, 24	−−	−−	72	, 268	(73%)
Less: MUFG preferred stock conversion	−	−	−	−−	−−	−	1,726	*
Income from continuing operations applicable to Morgan Stanley, prior to allocation of income to Participating Restricted Stock Units	(1031)	539	2154	*	*	(594)	2389	*
	,		,				,
Basic EPS Adjustments:
Less: Allocation of earnings to Participating Restricted Stock Units	0	3	22	*	*	1	31	(97%)
Earnings (loss) from continuing operations applicable to Morgan Stanley common shareholders	$ (1031)	$ 536	$ 2132	*	*	$ (595)	$ 2358	*
	,		,				,
Gain (loss) from discontinued operations after tax	0	36	23	*	*	21	(18)	*
Less: Gain (loss) from discontinued operations after tax applicable to noncontrolling interests	16	8	2	100%	*	25	5	*
Gain (loss) from discontinued operations after tax applicable to Morgan Stanley	(16)	28	21	*	*	(4)	(23)	83%
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	(16)	28	21	*	*	(4)	(23)	83%

Earnings (loss) applicable to Morgan Stanley common shareholders	$ (1047)	$ 564	$ 2153	*	*	$ (599)	$ 2335	*
	,		,				,
Average basic common shares outstanding (millions)	1889	1885	1848	−−	2%	1884	1590	19%
	,	,	,			,	,
Earnings per basic share:
Income from continuing operations	$ (0.55)	$ 0.28	$ 1.15	*	*	$ (0.32)	$ 1.48	*
Discontinued operations	$ −	$ 0.02	$ 0.01	*	*	$ −	$ (0.01)	*
Earnings per basic share	$ (0.55)	$ 0.30	$ 1.16	*	*	$ (0.32)	$ 1.47	*

Earnings (loss) from continuing operations applicable to Morgan Stanley common shareholders	$ (1031)	$ 536	$ 2132	*	*	$ (595)	$ 2358	*
	,		,				,
Diluted EPS Adjustments:
Earnings (loss) from continuing operations applicable to Morgan Stanley common shareholders	$ (1031)	$ 536	$ 2132	*	*	$ (595)	$ 2358	*
	,		,				,
Earnings (loss) from discontinued operations applicable to Morgan Stanley common shareholders	(16)	28	21	*	*	(4)	(23)	83%

Earnings (loss) applicable to Morgan Stanley common shareholders	$ (1047)	$ 564	$ 2153	*	*	$ (599)	$ 2335	*
	,		,				,
Average diluted common shares outstanding and common stock equivalents (millions)	1889	1912	1869	(1%)	1%	1884	1608	17%
	,	,	,			,	,
Earnings per diluted share:
Income from continuing operations	$ (0.55)	$ 0.28	$ 1.14	*	*	$ (0.32)	$ 1.47	*
Discontinued operations	$ −	$ 0.01	$ 0.01	*	*	$ −	$ (0.02)	*
Earnings per diluted share	$ (0.55)	$ 0.29	$ 1.15	*	*	$ (0.32)	$ 1.45	*

Notes: − The portion of net income attributable to noncontrolling interests for consolidated entities is presented as either net income (loss) applicable to redeemable noncontrolling interests or net income (loss) applicable to nonredeemable noncontrolling interests.

− 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 15 of the financial supplement and Note 2 to the consolidated financial statements in the Firm's Annual Report on Form 10−K for the year ended December 31, 2011.

Exhibit 99.2

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MORGAN STANLEY Financial Supplement − 3Q 2012 Table of Contents

==> picture [120 x 21] intentionally omitted <==

MORGAN STANLEY Quarterly Financial Summary (unaudited, dollars in millions)

		Quarter Ended		Percentage Change From:	Percentage Change From:	Nine Mon	ths Ended	Percentage
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011	Change
Net revenues
Institutional Securities	$ 1376	$ 3234	$ 6410	(57%)	(79%)	$ 7633	$ 15137	(50%)
Global Wealth Management Group	, 3336	, 3305	, 3226	1%	3%	, 10055	, 10070	−−
Asset Management	, 631	, 456	, 205	38%	*	, 1620	, 1463	11%
Intersegment Eliminations	(54)	(42)	(31)	(29%)	(74%)	, (131)	, (79)	(66%)
Consolidated net revenues	~~$~~ ~~5,289~~	~~$~~ ~~6,953~~	~~$~~ ~~9,810~~	(24%)	(46%)	~~$~~ ~~19,177~~	~~$~~ ~~26,591~~	(28%)

Income (loss) from continuing operations before tax
Institutional Securities	$ (1917)	$ 508	$ 3447	*	*	$ (1721)	$ 5364	*
Global Wealth Management Group	, 239	393	, 356	(39%)	(33%)	, 1019	, 1017	−−
Asset Management	198	43	(118)	*	*	, 369	, 175	111%
Intersegment Eliminations	0	(4)	0	*	−−	(4)	0	*
Consolidated income (loss) from continuing operations before tax	~~$~~ ~~(1,480)~~	~~$~~ ~~940~~	~~$~~ ~~3,685~~	*	*	~~$~~ ~~(337)~~	~~$~~ ~~6,556~~	*

Income (loss) applicable to Morgan Stanley
Institutional Securities	$ (1268)	$ 381	$ 2072	*	*	$ (1183)	$ 3827	*
Global Wealth Management Group	, 157	172	, 167	(9%)	(6%)	, 522	, 527	(1%)
Asset Management	104	14	(61)	*	*	143	29	*
Intersegment Eliminations	0	(4)	0	*	−−	(4)	0	*
Consolidated income (loss) applicable to Morgan Stanley	~~$~~ ~~(1,007)~~	~~$~~ ~~563~~	~~$~~ ~~2,178~~	*	*	~~$~~ ~~(522)~~	~~$~~ ~~4,383~~	*


Financial Metrics:
Return on average common equity
from continuing operations	*	3.5%	14.6%			*	6.1%
Return on average common equity	*	3.7%	14.7%			*	6.0%

Tier 1 common capital ratio	13.7%	13.6%	11.6%
Tier 1 capital ratio	16.7%	17.2%	14.9%

Book value per common share	$ 30.53	$ 31.02	$ 31.29
Tangible book value per common share	$ 26.65	$ 27.70	$ 27.79

Notes: − Results for the quarters ended September 30, 2012, June 30, 2012 and September 30, 2011, include positive (negative) revenue of $(2,262) million, $350 million and $3,410 million, respectively, related to the movement in Morgan Stanley's credit spreads and other credit factors on certain long−term and short−term debt (Debt Valuation Adjustment, DVA).
Income (loss) applicable to Morgan Stanley represents income (loss) from continuing operations, adjusted for the portion of net income (loss) applicable to noncontrolling interests related to continuing operations. For the quarters ended September 30, 2012, June 30, 2012, and September 30, 2011 net income (loss) applicable to noncontrolling interests include $16 million, $8 million, and $2 million respectively, reported as a gain in discontinued operations.
The return on average common equity and tangible book value per common share are non−GAAP measures that the Firm considers to be a useful measure that the Firm and investors use to assess operating performance and capital adequacy.
Tier 1 common capital ratio equals Tier 1 common equity divided by Risk Weighted Assets (RWA).
Tier 1 capital ratio equals Tier 1 capital divided by RWA.
Book value per common share equals common equity divided by period end common shares outstanding.
Tangible book value per common share equals tangible common equity divided by period end common shares outstanding.
See page 4 of the financial supplement for additional information related to the calculation of the financial metrics.
Refer to Legal Notice on page 18.

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MORGAN STANLEY

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

		Quarter Ended		Percentage Change From:	Percentage Change From:	Nine Mon	ths Ended	Percentage
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011	Change
Revenues:
Investment banking	$ 1152	$ 1104	$ 1031	4%	12%	$ 3319	$ 3940	(16%)
Principal transactions:	,	,	,			,	,
Trading	607	2469	4960	(75%)	(88%)	5483	11421	(52%)
Investments	290	, 63	, (298)	*	*	, 438	, 433	1%
Commissions and fees	988	1040	1476	(5%)	(33%)	3205	4198	(24%)
Asset management, distribution and admin. fees	2257	, 2268	, 2149	−−	5%	, 6677	, 6406	4%
Other	, 152	, 170	, 347	(11%)	(56%)	, 432	, 110	*
Total non−interest revenues	5446	7114	9665	(23%)	(44%)	19554	26508	(26%)
	,	,	,			,	,
Interest income	1379	1323	1753	4%	(21%)	4244	5573	(24%)
Interest expense	, 1,536	, 1,484	, 1,608	4%	(4%)	, 4,621	, 5,490	(16%)
Net interest	(157)	(161)	145	2%	*	(377)	83	*
Net revenues	5,289	6,953	9,810	(24%)	(46%)	19,177	26,591	(28%)
Non−interest expenses:
Compensation and benefits	3929	3633	3638	8%	8%	11993	12545	(4%)
Non−compensation expenses:	,	,	,			,	,
Occupancy and equipment	388	380	382	2%	2%	1160	1174	(1%)
Brokerage clearing and exchange fees	359	405	443	(11%)	(19%)	, 1167	, 1254	(7%)
, Information processing and communications	493	487	456	1%	8%	, 1439	, 1340	7%
Marketing and business development	138	156	143	(12%)	(3%)	, 440	, 436	1%
Professional services	477	478	440	−−	8%	1367	1310	4%
Other	985	474	623	108%	58%	, 1,948	, 1,976	(1%)
Total non−compensation expenses	2840	2380	2487	19%	14%	7521	7490	−−
	,	,	,			,	,
Total non−interest expenses	6,769	6,013	6,125	13%	11%	19,514	20,035	(3%)

Income (loss) from continuing operations before taxes	(1480)	940	3685	*	*	(337)	6556	*
Income tax provision / (benefit) from continuing operations	, (524)	226	, 1,415	*	*	(244)	, 1,709	*
Income (loss) from continuing operations	(956)	714	2,270	*	*	(93)	4,847	*
Gain (loss) from discontinued operations after tax	0	36	23	*	*	21	(18)	*
Net income (loss)	$ (956)	$ 750	$ 2293	*	*	$ (72)	$ 4829	*
Net income applicable to redeemable noncontrolling interests	8	0	, 0	*	*	8	, 0	*
Net income applicable to nonredeemable noncontrolling interests	59	159	94	(63%)	(37%)	446	469	(5%)
Net income (loss) applicable to Morgan Stanley	(1,023)	591	2,199	*	*	(526)	4,360	*
Preferred stock dividend / Other	24	27	46	(11%)	(48%)	73	2,025	(96%)
Earnings (loss) applicable to Morgan Stanley common shareholders	~~$~~ ~~(1,047)~~	~~$~~ ~~564~~	~~$~~ ~~2,153~~	*	*	~~$~~ ~~(599)~~	~~$~~ ~~2,335~~	*

Amounts applicable to Morgan Stanley:
Income (loss) from continuing operations	(1007)	563	2178	*	*	(522)	4383	*
Gain (loss) from discontinued operations after tax	, (16)	28	, 21	*	*	(4)	, (23)	83%
Net income (loss) applicable to Morgan Stanley	~~$~~ ~~(1,023)~~	~~$~~ ~~591~~	~~$~~ ~~2,199~~	*	*	~~$~~ ~~(526)~~	~~$~~ ~~4,360~~	*

Pre−tax profit margin	*	14%	38%			*	25%
Compensation and benefits as a % of net revenues	74%	52%	37%			63%	47%
Non−compensation expenses as a % of net revenues	54%	34%	25%			39%	28%
Effective tax rate from continuing operations	35.4%	24.0%	38.4%			72.4%	26.1%

− The portion of net income attributable to noncontrolling interests for consolidated entities is presented as either net income (loss) applicable to redeemable noncontrolling interests or net income (loss) applicable to nonredeemable noncontrolling interests.

− During the quarter ended September 30, 2012, Morgan Stanley completed the purchase of an additional 14% stake in Morgan Stanley Smith Barney (Joint Venture) from Citigroup Inc. (Citi), increasing the Firm’s interest from 51% to 65%. Prior to September 17, 2012, Citi’s results related to its 49% interest were reported in net income (loss) applicable to nonredeemable noncontrolling interests. Due to the terms of the revised agreement with Citi, subsequent to the purchase of the additional 14% stake, Citi’s results related to the 35% interest are reported in net income (loss) applicable to redeemable noncontrolling interests.

− For the quarter ended June 30, 2012, discontinued operations included operating results related to Saxon (reported in Institutional Securities segment) and a pre−tax gain of $108 million ($73 million after−tax) and other operating income related to the sale of Quilter & Co. Ltd. (Quilter) (reported in the Global Wealth Management business segment). − Preferred stock dividend / other includes allocation of earnings to Participating Restricted Stock Units (RSUs).

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MORGAN STANLEY Quarterly Earnings Per Share

(unaudited, dollars in millions, except for per share data)

		Quarter Ended		Percentage Change From:	Percentage Change From:	Nine Mon	ths Ended	Percentage
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011	Change


Income (loss) from continuing operations	$ (956)	$ 714	$ 2270	*	*	$ (93)	$ 4847	*
Net income applicable to redeemable noncontrolling interests	8	0	, 0	*	*	8	, 0	*
Net income applicable to nonredeemable noncontrolling interests	43	151	92	(72%)	(53%)	421	464	(9%)
Net income (loss) from continuing operations applicable to noncontrolling interest	51	151	92	(66%)	(45%)	429	464	(8%)
Income (loss) from continuing operations applicable to Morgan Stanley	(1007)	563	2178	*	*	(522)	4383	*
Less: Preferred Dividends	, 24	24	, 24	−−	−−	72	, 268	(73%)
Less: MUFG preferred stock conversion	−	−	−	−−	−−	−	1,726	*
Income from continuing operations applicable to Morgan Stanley, prior to allocation of income to Participating Restricted Stock Units	(1031)	539	2154	*	*	(594)	2389	*
	,		,				,
Basic EPS Adjustments:
Less: Allocation of earnings to Participating Restricted Stock Units	0	3	22	*	*	1	31	(97%)
Earnings (loss) from continuing operations applicable to Morgan Stanley common shareholders	$ (1031)	$ 536	$ 2132	*	*	$ (595)	$ 2358	*
	,		,				,
Gain (loss) from discontinued operations after tax	0	36	23	*	*	21	(18)	*
Less: Gain (loss) from discontinued operations after tax applicable to noncontrolling interests	16	8	2	100%	*	25	5	*
Gain (loss) from discontinued operations after tax applicable to Morgan Stanley	(16)	28	21	*	*	(4)	(23)	83%
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	(16)	28	21	*	*	(4)	(23)	83%

Earnings (loss) applicable to Morgan Stanley common shareholders	$ (1047)	$ 564	$ 2153	*	*	$ (599)	$ 2335	*
	,		,				,
Average basic common shares outstanding (millions)	1889	1885	1848	−−	2%	1884	1590	19%
	,	,	,			,	,
Earnings per basic share:
Income from continuing operations	$ (0.55)	$ 0.28	$ 1.15	*	*	$ (0.32)	$ 1.48	*
Discontinued operations	$ −	$ 0.02	$ 0.01	*	*	$ −	$ (0.01)	*
Earnings per basic share	$ (0.55)	$ 0.30	$ 1.16	*	*	$ (0.32)	$ 1.47	*

Earnings (loss) from continuing operations applicable to Morgan Stanley common shareholders	$ (1031)	$ 536	$ 2132	*	*	$ (595)	$ 2358	*
	,		,				,
Diluted EPS Adjustments:
Earnings (loss) from continuing operations applicable to Morgan Stanley common shareholders	$ (1031)	$ 536	$ 2132	*	*	$ (595)	$ 2358	*
	,		,				,
Earnings (loss) from discontinued operations applicable to Morgan Stanley common shareholders	(16)	28	21	*	*	(4)	(23)	83%

Earnings (loss) applicable to Morgan Stanley common shareholders	$ (1047)	$ 564	$ 2153	*	*	$ (599)	$ 2335	*
	,		,				,
Average diluted common shares outstanding and common stock equivalents (millions)	1889	1912	1869	(1%)	1%	1884	1608	17%
	,	,	,			,	,
Earnings per diluted share:
Income from continuing operations	$ (0.55)	$ 0.28	$ 1.14	*	*	$ (0.32)	$ 1.47	*
Discontinued operations	$ −	$ 0.01	$ 0.01	*	*	$ −	$ (0.02)	*
Earnings per diluted share	$ (0.55)	$ 0.29	$ 1.15	*	*	$ (0.32)	$ 1.45	*

− Refer to Legal Notice on page 18.

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MORGAN STANLEY

Quarterly Consolidated Financial Information and Statistical Data (unaudited)

			(unaudited)
		Quarter Ended		Percentage Change From:		Nine Mon	ths Ended	Percentage
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011	Change


Regional revenues(1)
Americas	$ 4753	$ 5114	$ 6544	(7%)	(27%)	$ 14657	$ 18609	(21%)
EMEA (Europe Middle East Africa)	, 296	, 978	, 2199	(70%)	(87%)	, 2428	, 5393	(55%)
, , Asia	240	861	, 1,067	(72%)	(78%)	, 2,092	, 2,589	(19%)
Consolidated net revenues	$ 5289	$ 6953	$ 9810	(24%)	(46%)	$ 19177	$ 26591	(28%)
	,	,	,			,	,
Worldwide employees	57726	58627	62245	(2%)	(7%)
	,	,	,
Firmwide deposits	$ 70757	$ 68252	$ 66184	4%	7%
Total assets	, $ 764985	, $ 748517	, $ 794939	2%	(4%)
Risk weighted assets(2)	, $ 319202	, $ 314583	, $ 346460	1%	(8%)
Global Liquidity Reserve (Billions)(3)	, $ 170	, $ 173	, $ 180	(2%)	(6%)
Long−Term Debt Outstanding	$ 168444	$ 167828	$ 189093	−−	(11%)
Maturities of Long−Term Debt Outstanding (next 12 months)	, $ 20214	, $ 25356	, $ 38731	(20%)	(48%)
	,	,	,
Common equity	60291	61333	60320	(2%)	−−
Preferred equity	, 1,508	, 1,508	, 1,508	−−	−−
Morgan Stanley shareholders' equity	61799	62841	61828	(2%)	−−
Junior subordinated debt issued to capital trusts	, 4833	, 4851	, 4836	−−	−−
Less: Goodwill and intangible assets(4)	, (7,655)	, (6,568)	, (6,761)	(17%)	(13%)
Tangible Morgan Stanley shareholders' equity	~~$~~ ~~58,977~~	~~$~~ ~~61,124~~	~~$~~ ~~59,903~~	(4%)	(2%)
Tangible common equity	~~$~~ ~~52,636~~	~~$~~ ~~54,765~~	~~$~~ ~~53,559~~	(4%)	(2%)

Leverage ratio	13.0x	12.2x	13.3x

Tier 1 common capital(5)	$ 43729	$ 42765	$ 40326	2%	8%
Tier 1 capital(6)	, $ 53353	, $ 54245	, $ 51613	(2%)	3%
	,	,	,
Tier 1 common capital ratio	13.7%	13.6%	11.6%
Tier 1 capital ratio	16.7%	17.2%	14.9%
Tier 1 leverage ratio	7.2%	7.1%	6.3%

Period end common shares outstanding (000's)	1975040	1977403	1927540	−−	2%
	,,	,,	,,
Book value per common share	$ 30.53	$ 31.02	$ 31.29
Tangible book value per common share	$ 26.65	$ 27.70	$ 27.79

Notes: − All data presented in millions except number of employees, liquidity, ratios and book values.

The number of worldwide employees for all periods has been restated to exclude employees of Quilter.
Tangible common equity and tangible book value per common share are non−GAAP financial measures that the Firm considers to be useful measures of capital adequacy. Tangible common equity equals common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction and includes only the Firm’s share of the Joint Venture’s goodwill and intangible assets. Tangible book value per common share equals tangible common equity divided by period end common shares outstanding.
Leverage ratio equals total assets divided by tangible Morgan Stanley shareholders' equity.
Tier 1 leverage ratio equals Tier 1 capital divided by adjusted average total assets (which reflects adjustments for disallowed goodwill, certain intangible assets, deferred tax assets and financial and non−financial equity investments).
Refer to End Notes on pages 16−17 and Legal Notice on page 18.

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

		Quarter Ended		Percentage Change From:		Nine Mon	ths Ended	Percentage
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011	Change:
Average Tier 1 Common Capital(1)
Institutional Securities	$ 22.0	$ 22.3	$ 25.9	(1%)	(15%)	$ 22.2	$ 26.5	(16%)
Global Wealth Management Group	3.8	3.8	3.5	−−	9%	3.7	3.3	12%
Asset Management	1.3	1.3	1.5	−−	(13%)	1.3	1.5	(13%)
Parent capital	16.3	15.1	9.4	8%	73%	15.1	3.1	*
Total − continuing operations	43.4	42.5	40.3	2%	8%	42.3	34.4	23%
Discontinued operations	0.0	0.0	0.0	−−	−−	0.0	0.0	−−
Firm	~~$~~ ~~43.4~~	~~$~~ ~~42.5~~	~~$~~ ~~40.3~~	2%	8%	~~$~~ ~~42.3~~	~~$~~ ~~34.4~~	23%

Average Common Equity(1)
Institutional Securities	$ 28.6	$ 29.3	$ 32.7	(2%)	(13%)	$ 29.2	$ 33.2	(12%)
Global Wealth Management Group	13.2	13.3	13.5	(1%)	(2%)	13.3	13.3	−−
Asset Management	2.4	2.5	2.7	(4%)	(11%)	2.4	2.7	(11%)
Parent capital	16.8	16.3	10.2	3%	65%	16.1	3.1	*
Total − continuing operations	61.0	61.4	59.1	(1%)	3%	61.0	52.3	17%
Discontinued operations	0.0	0.0	0.0	−−	−−	0.0	0.0	−−
Firm	~~$~~ ~~61.0~~	~~$~~ ~~61.4~~	~~$~~ ~~59.1~~	(1%)	3%	~~$~~ ~~61.0~~	~~$~~ ~~52.3~~	17%

Return on average Tier 1 common capital
Institutional Securities	*	6%	32%			*	10%
Global Wealth Management Group	16%	18%	19%			18%	12%
Asset Management	32%	4%	*			14%	*
Total − continuing operations	*	5%	21%			*	9%
Firm	*	5%	22%			*	9%

Return on average common equity
Institutional Securities	*	5%	25%			*	8%
Global Wealth Management Group	5%	5%	5%			5%	3%
Asset Management	17%	2%	*			8%	*
Total − continuing operations	*	4%	15%			*	6%
Firm	*	4%	15%			*	6%

Notes: − Beginning in the quarter ended March 31, 2012, Firm and segment required Capital is met by Tier 1 common capital. Prior to the quarter ended March 31, 2012, the Firm's required Capital was met by regulatory Tier 1 capital or Tier 1 common equity. Segment capital for prior quarters has been recast under this framework. Tier 1 common capital is defined as Tier 1 capital less non−common elements in Tier 1 capital, including perpetual preferred stock and related surplus, minority interest in subsidiaries, trust preferred securities and mandatory convertible preferred securities.

− The return on average common equity and average Tier 1 common capital are non−GAAP measures that the Firm considers to be useful measures that the Firm and investors use to assess operating performance.

− For the nine months ended September 30, 2011, the negative adjustment of $1.7 billion related to the MUFG conversion was allocated to the business segments and included in the numerator for the purpose of calculating the return on average common equity as follows: Institutional Securities $1.4 billion, Global Wealth Management $0.2 billion and Asset Management $0.1 billion. Excluding this negative adjustment, the return on average common equity would have been: Firm: 10%, Institutional Securities: 14%, Global Wealth Management: 5% and Asset Management: 1%, for the nine months ended September 30, 2011.

− Refer to End Notes on pages 16−17 and Legal Notice on page 18.

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MORGAN STANLEY

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

		Quarter Ended		Percentage Change From:	Percentage Change From:	Nine Mon	ths Ended	Percentage
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011	Change
Revenues:
Investment banking	$ 969	$ 884	$ 864	10%	12%	$ 2704	$ 3345	(19%)
Principal transactions:						,	,
Trading	314	2254	4781	(86%)	(93%)	4612	10636	(57%)
Investments	74	, 46	, (119)	61%	*	, 71	, 174	(59%)
Commissions and fees	468	509	814	(8%)	(43%)	1525	2088	(27%)
Asset management, distribution and admin. fees	41	33	30	24%	37%	, 106	, 95	12%
Other	73	51	259	43%	(72%)	182	(251)	*
Total non−interest revenues	1939	3777	6629	(49%)	(71%)	9200	16087	(43%)
	,	,	,			,	,
Interest income	986	931	1374	6%	(28%)	3062	4439	(31%)
Interest expense	1,549	1,474	, 1,593	5%	(3%)	, 4,629	, 5,389	(14%)
Net interest	(563)	(543)	(219)	(4%)	(157%)	(1,567)	(950)	(65%)
Net revenues	1,376	3,234	6,410	(57%)	(79%)	7,633	15,137	(50%)

Compensation and benefits	1638	1425	1520	15%	8%	5171	5653	(9%)
Non−compensation expenses	, 1,655	, 1,301	, 1,443	27%	15%	, 4,183	, 4,120	2%
Total non−interest expenses	3,293	2,726	2,963	21%	11%	9,354	9,773	(4%)


Income (loss) from continuing operations before taxes	(1917)	508	3447	*	*	(1721)	5364	*
Income tax provision / (benefit) from continuing operations	, (661)	72	, 1,315	*	*	, (694)	, 1,299	*
Income (loss) from continuing operations	(1,256)	436	2,132	*	*	(1,027)	4,065	*
Gain (loss) from discontinued operations after tax	(17)	(29)	(11)	41%	(55%)	(63)	(64)	2%
Net income (loss)	(1273)	407	2121	*	*	(1090)	4001	*
Net income applicable to redeemable noncontrolling interests	, −	−	, −	−−	−−	, −	, −	−−
Net income applicable to nonredeemable noncontrolling interests	12	55	60	(78%)	(80%)	156	238	(34%)
Net income (loss) applicable to Morgan Stanley	~~$~~ ~~(1,285)~~	~~$~~ ~~352~~	~~$~~ ~~2,061~~	*	*	~~$~~ ~~(1,246)~~	~~$~~ ~~3,763~~	*

Amounts applicable to Morgan Stanley:
Income (loss) from continuing operations	(1268)	381	2072	*	*	(1183)	3827	*
Gain (loss) from discontinued operations after tax	, (17)	(29)	, (11)	41%	(55%)	, (63)	, (64)	2%
Net income (loss) applicable to Morgan Stanley	~~$~~ ~~(1,285)~~	~~$~~ ~~352~~	~~$~~ ~~2,061~~	*	*	~~$~~ ~~(1,246)~~	~~$~~ ~~3,763~~	*

Return on average common equity
from continuing operations	*	5%	25%			*	8%
Pre−tax profit margin	*	16%	54%			*	35%
Compensation and benefits as a % of net revenues	119%	44%	24%			68%	37%

− The negative adjustment related to the MUFG conversion was included in the numerator in the calculation of the return on average common equity. Excluding this negative adjustment, the return on average common equity for Institutional Securities would have been 14% for the nine months ended September 30, 2011.

− For the quarter ended June 30, 2012, discontinued operations included operating results related to Saxon. − Refer to Legal Notice on page 18.

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MORGAN STANLEY

Quarterly Financial Information and Statistical Data Institutional Securities

(unaudited, dollars in millions)

		Quarter Ended		Percentage Change From:	Percentage Change From:	Nine Mon	ths Ended	Percentage
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011	Change

Investment Banking
Advisory revenues	$ 339	$ 263	$ 413	29%	(18%)	$ 915	$ 1331	(31%)
Underwriting revenues							,
Equity	199	283	239	(30%)	(17%)	654	943	(31%)
Fixed income	431	338	212	28%	103%	1,135	1,071	6%
Total underwriting revenues	630	621	451	1%	40%	1789	2014	(11%)
						,	,
Total investment banking revenues	$ 969	$ 884	$ 864	10%	12%	$ 2704	$ 3345	(19%)
						,	,
Sales & Trading
Equity	$ 587	$ 1218	$ 1961	(52%)	(70%)	$ 3257	$ 5516	(41%)
Fixed Income & Commodities	(163)	, 1046	, 3889	*	*	, 1880	, 7764	(76%)
Other	(164)	, (11)	, (444)	*	63%	, (461)	, (1,411)	67%
Total sales & trading net revenues	$ 260	$ 2253	$ 5406	(88%)	(95%)	$ 4676	$ 11869	(61%)
		,	,			,	,
Investments & Other
Investments	$ 74	$ 46	$ (119)	61%	*	$ 71	$ 174	(59%)
Other	73	51	259	43%	(72%)	182	(251)	*
Total investments & other revenues	$ 147	$ 97	$ 140	52%	5%	$ 253	$ (77)	*

Total Institutional Securities net revenues	~~$~~ ~~1,376~~	~~$~~ ~~3,234~~	~~$~~ ~~6,410~~	(57%)	(79%)	~~$~~ ~~7,633~~	~~$~~ ~~15,137~~	(50%)

Notes: − For the periods noted below, sales and trading net revenues included positive (negative) revenue related to DVA as follows: September 30, 2012: Total QTD: $(2,262) million; Fixed Income & Commodities: $(1,621) million; Equity: $(641) million June 30, 2012: Total QTD: $350 million; Fixed Income & Commodities: $276 million; Equity: $74 million September 30, 2011: Total QTD: $3,410 million; Fixed Income & Commodities: $2,790 million; Equity: $620 million September 30, 2012: Total YTD: $(3,891) million; Fixed Income & Commodities: $(2,942) million; Equity: $(949) million September 30, 2011: Total YTD: $3,465 million; Fixed Income & Commodities: $2,823 million; Equity: $642 million − Refer to Legal Notice on page 18.

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

Average Daily 95% / One−Day Value−at−Risk ("VaR") Primary Market Risk Category ($ millions pre−tax)	C	urrent VaR Methodology	urrent VaR Methodology	P	rior VaR Methodology	rior VaR Methodology
		Quarter Ended			Quarter Ended
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	Sept 30, 2012	June 30, 2012	Sept 30, 2011

, Interest rate and credit spread	$ 53	$ 63	$ 58	$ 76	$ 75	$ 77
Equity price	26	29	30	32	36	35
Foreign exchange rate	12	13	18	17	16	19
Commodity price	22	27	30	27	34	32

Aggregation of Primary Risk Categories	58	68	75	79	81	93

Credit Portfolio VaR	23	26	69	28	33	104

Trading VaR	$ 63	$ 76	$ 99	$ 82	$ 91	$ 130

Notes: − 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. The Firm has modified its VaR model to make it more responsive to recent market conditions. The change has been approved by Firm’s regulators for use in the Firm's regulatory capital calculations. Further discussion of the calculation of VaR and the limitations of the Firm's 2012 VaR methodology, will be disclosed in Part I, Item 3 "Quantitative and Qualitative Disclosures about Market Risk" included in the Firm's 10−Q for the quarter ended September 30, 2012. −Refer to Legal Notice on page 18.

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MORGAN STANLEY Quarterly Financial Information and Statistical Data Institutional Securities − Corporate Loans and Commitments

(unaudited, dollars in billions)

Loans and commitments at fair value Corporate funded loans:		Quarter Ended		Percentage Change From:	Percentage Change From:
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011

Investment grade	$ 4.2	$ 5.2	$ 5.6	(19%)	(25%)
Non−investment grade	5.6	5.9	7.5	(5%)	(25%)
Total corporate funded loans	$ 9.8	$ 11.1	$ 13.1	(12%)	(25%)

Corporate lending commitments:
Investment grade	$ 24.2	$ 29.5	$ 52.6	(18%)	(54%)
Non−investment grade	8.2	9.0	17.1	(9%)	(52%)
Total corporate lending commitments	$ 32.4	$ 38.5	$ 69.7	(16%)	(54%)

Corporate funded loans plus lending commitments:
Investment grade	$ 28.4	$ 34.7	$ 58.2	(18%)	(51%)
Non−investment grade	13.8	14.9	24.6	(7%)	(44%)
Total loans and commitments at fair value	$ 42.2	$ 49.6	$ 82.8	(15%)	(49%)

% investment grade	67%	70%	70%
% non−investment grade	33%	30%	30%

Held for investment (HFI) portfolio	$ 40.5	$ 32.9	$ 4.0	23%	*

Held for sale (HFS) portfolio	$ 9.7	$ 8.4	$ −	15%	*
Total Corporate Lending Exposure	$ 92.4	$ 90.9	$ 86.8	2%	6%

Hedges	$ 19.6	$ 24.4	$ 41.4	(20%)	(53%)

Notes: − In connection with certain of its Institutional Securities business activities, the Firm provides loans or lending commitments to select clients related to its event driven or relationship lending activities. For a further discussion of this activity, see the Firm's Annual Report on Form 10−K for the year ended December 31, 2011.

Total Corporate Lending exposure represents the Firm's potential loss assuming the market price of funded loans and lending commitments was zero.
On September 30, 2012, June 30, 2012 and September 30, 2011, the "event−driven" portfolio of pipeline commitments and closed deals to non−investment grade borrowers were $6.5 billion, $4.8 billion and $7.0 billion, respectively.
On September 30, 2012, June 30, 2012 and September 30, 2011, the HFI portfolio allowance for loan losses for funded loans was $85 million, $58 million and $2 million, respectively, and the HFI portfolio allowance for credit losses for loan commitments was $60 million, $27 million and $10 million, respectively.
− Held for sale portfolio reflects loans and commitments carried at the lower of cost or fair market value.
The hedge balance reflects the notional amount utilized by the corporate lending business.
Refer to Legal Notice on page 18.

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MORGAN STANLEY

Quarterly Global Wealth Management Group Income Statement Information (unaudited, dollars in millions)

Revenues:		Quarter Ended		Percentage Change From:	Percentage Change From:	Nine Mon	ths Ended	Percentage Change
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011

Investment banking	$ 199	$ 223	$ 162	(11%)	23%	$ 627	$ 585	7%
Principal transactions:
Trading	312	222	184	41%	70%	905	806	12%
Investments	4	1	(3)	*	*	7	6	17%
Commissions and fees	521	531	662	(2%)	(21%)	1682	2111	(20%)
Asset management distribution and admin. fees	1810	1857	1753	(3%)	3%	, 5406	, 5170	5%
, Other	, 80	, 80	, 95	−−	(16%)	, 217	, 332	(35%)
Total non−interest revenues	2926	2914	2853	−−	3%	8844	9010	(2%)
	,	,	,			,	,
Interest income	507	489	466	4%	9%	1486	1383	7%
Interest expense	97	98	93	(1%)	4%	, 275	, 323	(15%)
Net interest	410	391	373	5%	10%	1,211	1,060	14%
Net revenues	3,336	3,305	3,226	1%	3%	10,055	10,070	−−

Compensation and benefits	2050	1994	1986	3%	3%	6149	6227	(1%)
Non−compensation expenses	, 1,047	, 918	, 884	14%	18%	, 2,887	, 2,826	2%
Total non−interest expenses	3,097	2,912	2,870	6%	8%	9,036	9,053	−−

Income (loss) from continuing operations before taxes	239	393	356	(39%)	(33%)	1019	1017	−−
Income tax provision / (benefit) from continuing operations	93	148	139	(37%)	(33%)	, 362	, 365	(1%)
Income (loss) from continuing operations	146	245	217	(40%)	(33%)	657	652	1%
Gain (loss) from discontinued operations after tax	5	61	4	(92%)	25%	67	10	*
Net income (loss)	151	306	221	(51%)	(32%)	724	662	9%
Net income applicable to redeemable noncontrolling interests	8	0	0	*	*	8	0	*
Net income applicable to nonredeemable noncontrolling interests	(3)	81	52	*	*	152	130	17%
Net income (loss) applicable to Morgan Stanley	~~$~~ ~~146~~	~~$~~ ~~225~~	~~$~~ ~~169~~	(35%)	(14%)	~~$~~ ~~564~~	~~$~~ ~~532~~	6%

Amounts applicable to Morgan Stanley:
Income (loss) from continuing operations	157	172	167	(9%)	(6%)	522	527	(1%)
Gain (loss) from discontinued operations after tax	(11)	53	2	*	*	42	5	*
Net income (loss) applicable to Morgan Stanley	~~$~~ ~~146~~	~~$~~ ~~225~~	~~$~~ ~~169~~	(35%)	(14%)	~~$~~ ~~564~~	~~$~~ ~~532~~	6%

Return on average common equity
from continuing operations	5%	5%	5%			5%	3%
Pre−tax profit margin	7%	12%	11%			10%	10%
Compensation and benefits as a % of net revenues	61%	60%	62%			61%	62%

The portion of net income attributable to noncontrolling interests for consolidated entities is presented as either net income (loss) applicable to redeemable noncontrolling interests or net income (loss) applicable to nonredeemable noncontrolling interests.
The quarter and nine months ended September 30, 2012, include non−recurring costs of $193 million related to the MSWM integration and the purchase of an additional 14% stake in the Joint Venture.
During the quarter ended September 30, 2012, Morgan Stanley completed the purchase of an additional 14% stake in the Joint Venture from Citi, increasing the Firm’s interest from 51% to 65%. Prior to September 17, 2012, Citi’s results related to its 49% interest were reported in net income (loss) applicable to nonredeemable noncontrolling interests. Due to the terms of the revised agreement with Citi, subsequent to the purchase of the additional 14% stake, Citi’s results related to the 35% interest are reported in net income (loss) applicable to redeemable noncontrolling interests.
The negative adjustment related to the MUFG conversion was included in the numerator in the calculation of the return on average common equity. Excluding this negative adjustment,

the return on average common equity for Global Wealth Management would have been 5% for the nine months ended September 30, 2011.

For the quarter ended June 30, 2012, discontinued operations included a pre−tax gain of $108 million ($73 million after−tax) and other operating income related to the sale of Quilter.
Refer to Legal Notice on page 18.

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

		Quarter Ended		Percentage Change From:	Percentage Change From:
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011

Global representatives	16829	16934	17661	(1%)	(5%)
	,	,	,
Annualized revenue per global
representative (000's)	$ 790	$ 775	$ 724	2%	9%

Assets by client segment (billions)
$10m or more	572	560	480	2%	19%
$1m − $10m	723	704	661	3%	9%
Subtotal − > $1m	1295	1264	1141	2%	13%
$100k − $1m	, 426	, 399	, 374	7%	14%
< $100k	47	44	38	7%	24%
Total client assets (billions)	$ 1768	$ 1707	$ 1553	4%	14%
	,	,	,
% of assets by client segment > $1m	73%	74%	73%

Fee−based client account assets (billions)	$ 556	$ 526	$ 455	6%	22%
Fee−based assets as a % of client assets	31%	31%	29%


Bank deposit program (millions)	$ 117552	$ 112418	$ 109049	5%	8%
	,	,	,
Client assets per global
representative (millions)	$ 105	$ 101	$ 88	4%	19%

Global fee based asset flows (billions)	$ 7.5	$ 4.1	$ 9.8	83%	(23%)

Global retail locations	727	740	760	(2%)	(4%)

Notes: − Annualized revenue per global representative is defined as annualized revenue divided by average global representative headcount.

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.
For the quarters ended September 30, 2012, June 30, 2012 and September 30, 2011, approximately $60 billion, $58 billion and $56 billion, respectively, of the assets in the bank deposit program are attributable to Morgan Stanley.
Global fee based asset flows represent the net asset flows, excluding interest and dividends, in client accounts where the basis of payment for services is a fee calculated on those assets.
Client assets per global representative represents total client assets divided by period end global representative headcount.
Refer to Legal Notice on page 18.

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MORGAN STANLEY

Quarterly Asset Management Income Statement Information (unaudited, dollars in millions)

Revenues:		Quarter Ended		Percentage Change From:	Percentage Change From:	Nine Mon	ths Ended	Percentage Change
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011

Investment banking	$ 4	$ 1	$ 5	*	(20%)	$ 12	$ 10	20%
Principal transactions:
Trading	(17)	(3)	(3)	*	*	(26)	(15)	(73%)
Investments(1)	212	16	(176)	*	*	360	253	42%
Commissions and fees	0	0	0	−−	−−	0	0	−−
Asset management distribution and admin. fees	437	408	392	7%	11%	1256	1203	4%
, Other	(1)	43	(4)	*	75%	, 39	, 39	−−
Total non−interest revenues	635	465	214	37%	197%	1641	1490	10%
						,	,
Interest income	2	2	3	−−	(33%)	7	10	(30%)
Interest expense	6	11	12	(45%)	(50%)	28	37	(24%)
Net interest	(4)	(9)	(9)	56%	56%	(21)	(27)	22%
Net revenues	631	456	205	38%	*	1,620	1,463	11%

Compensation and benefits	241	214	132	13%	83%	673	665	1%
Non−compensation expenses	192	199	191	(4%)	1%	578	623	(7%)
Total non−interest expenses	433	413	323	5%	34%	1,251	1,288	(3%)

Income (loss) from continuing operations before taxes	198	43	(118)	*	*	369	175	111%
Income tax provision / (benefit) from continuing operations	44	6	(39)	*	*	88	45	96%
Income (loss) from continuing operations	154	37	(79)	*	*	281	130	116%
Gain (loss) from discontinued operations after tax	12	0	30	*	(60%)	13	36	(64%)
Net income (loss)	166	37	(49)	*	*	294	166	77%
Net income applicable to redeemable noncontrolling interests	0	0	0	−−	−−	−	−	−−
Net income applicable to nonredeemable noncontrolling interests	50	23	(18)	117%	*	138	101	37%
Net income (loss) applicable to Morgan Stanley	~~$~~ ~~116~~	~~$~~ ~~14~~	~~$~~ ~~(31)~~	*	*	~~$~~ ~~156~~	~~$~~ ~~65~~	140%

Amounts applicable to Morgan Stanley:
Income (loss) from continuing operations	104	14	(61)	*	*	143	29	*
Gain (loss) from discontinued operations after tax	12	0	30	*	(60%)	13	36	(64%)
Net income (loss) applicable to Morgan Stanley	~~$~~ ~~116~~	~~$~~ ~~14~~	~~$~~ ~~(31)~~	*	*	~~$~~ ~~156~~	~~$~~ ~~65~~	140%

Return on average common equity
from continuing operations	17%	2%	*			8%	*
Pre−tax profit margin	31%	9%	*			23%	12%
Compensation and benefits as a % of net revenues	38%	47%	64%			42%	46%

− The negative adjustment related to the MUFG conversion was included in the numerator in the calculation of the return on average common equity. Excluding this negative adjustment, the return on average common equity for Asset Management would have been 1% for the nine months ended September 30, 2011.

− Percentages represent income from continuing operations before income taxes as a percentage of net revenues.

Refer to End Notes on pages 16−17 and Legal Notice on page 18.

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

			(unaudited)
Net Revenues (millions)		Quarter Ended		Percentage Change From:		Nine Mon	ths Ended	Percentage Change
	Sept 30, 2012	June 30, 2012	Sept 30, 2011	June 30, 2012	Sept 30, 2011	Sept 30, 2012	Sept 30, 2011

Traditional Asset Management	$ 372	$ 337	$ 291	10%	28%	$ 1051	$ 983	7%
Real Estate Investing(1)	125	122	52	2%	140%	, 393	331	19%
Merchant Banking	134	(3)	(138)	*	*	176	149	18%
Total Asset Management	~~$~~ ~~631~~	~~$~~ ~~456~~	~~$~~ ~~205~~	38%	*	~~$~~ ~~1,620~~	~~$~~ ~~1,463~~	11%

Assets under management or supervision (billions)

Net flows by asset class(2)
Traditional Asset Management
Equity	$ (1.8)	$ 1.2	$ (0.7)	*	(157%)	$ (1.5)	$ 2.7	*
Fixed Income	(3.4)	(0.4)	(1.0)	*	*	(4.5)	(4.0)	(13%)
Liquidity	15.9	11.5	(4.7)	38%	*	28.6	13.4	113%
Alternatives	0.3	0.8	0.0	(63%)	*	1.0	0.1	*
Total Traditional Asset Management	11.0	13.1	(6.4)	(16%)	*	23.6	12.2	93%

Real Estate Investing	(0.2)	0.0	0.6	*	*	0.5	0.7	(29%)
Merchant Banking	0.0	0.0	0.0	−−	−−	0.0	(1.6)	*
Total net flows	~~$~~ ~~10.8~~	~~$~~ ~~13.1~~	~~$~~ ~~(5.8)~~	(18%)	*	~~$~~ ~~24.1~~	~~$~~ ~~11.3~~	113%

Assets under management or supervision by asset class(3)
Traditional Asset Management
Equity	$ 117	$ 113	$ 98	4%	19%
Fixed Income	57	58	58	(2%)	(2%)
Liquidity	102	86	67	19%	52%
Alternatives	27	26	18	4%	50%
Total Traditional Asset Management	303	283	241	7%	26%

Real Estate Investing	19	19	18	−−	6%
Merchant Banking	9	9	9	−−	−−
Total Assets Under Management or Supervision	~~$~~ ~~331~~	~~$~~ ~~311~~	~~$~~ ~~268~~	6%	24%
Share of minority stake assets	5	5	6	−−	(17%)

Notes: − The alternatives asset class includes a range of investment products such as funds of hedge funds, funds of private equity funds and funds of real estate funds. − The share of minority stake assets represents Asset Management's proportional share of assets managed by entities in which it owns a minority stake. − Refer to End Notes on pages 16−17 and Legal Notice on page 18.

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This page represents an addendum to the 3Q 2012 Financial Supplement, Appendix I

MORGAN STANLEY Country Risk Exposure (1) − European Peripherals and France As of September 30, 2012 (unaudited, dollars in millions)

Greece	Net Inventory(2)	Net Counterparty Exposure(3)	Funded Lending	Unfunded Commitments	CDS Adjustment(4)	Exposure Before Hedges	Hedges(5)	Net Exposure

Sovereigns	$ 11	$ 6	$ −	$ −	$ −	$ 17	$ −	$ 17
Non−sovereigns	76	4	34	−	−	114	(41)	73
Sub−total	87	10	34	−	−	131	(41)	90
Ireland
Sovereigns	24	4	−	−	5	33	7	40
Non−sovereigns	74	75	72	−	17	238	(20)	218
Sub−total	98	79	72	−	22	271	(13)	258
Italy
Sovereigns	809	195	−	−	383	1387	(207)	1180
Non−sovereigns	213	541	570	705	210	, 2,239	(518)	, 1,721
Sub−total	1022	736	570	705	593	3626	(725)	2901
Spain	,					,		,
Sovereigns	(23)	8	−	−	467	452	(7)	445
Non−sovereigns	246	311	84	820	189	1,650	(336)	1,314
Sub−total	223	319	84	820	656	2102	(343)	1759
Portugal						,		,
Sovereigns	(147)	29	−	−	30	(88)	(86)	(174)
Non−sovereigns	(41)	17	96	−	58	130	(77)	53
Sub−total	(188)	46	96	−	88	42	(163)	(121)
Total Euro Peripherals(6) (7)
Sovereigns	674	242	−	−	885	1801	(293)	1508
Non−sovereigns	568	948	856	1,525	474	, 4,371	(992)	, 3,379
Sub−total	~~$~~ ~~1,242~~	~~$~~ ~~1,190~~	~~$~~ ~~856~~	~~$~~ ~~1,525~~	~~$~~ ~~1,359~~	~~$~~ ~~6,172~~	~~$~~ ~~(1,285)~~	~~$~~ ~~4,887~~

France(6) (7)
Sovereigns	(1998)	17	−	−	17	(1964)	(249)	(2213)
Non−sovereigns	, (421)	2,096	253	1,872	351	, 4,151	(891)	, 3,260
Sub−total	~~$~~ ~~(2,419)~~	~~$~~ ~~2,113~~	~~$~~ ~~253~~	~~$~~ ~~1,872~~	~~$~~ ~~368~~	~~$~~ ~~2,187~~	~~$~~ ~~(1,140)~~	~~$~~ ~~1,047~~

(1) Country risk exposure is measured in accordance with the Firm’s internal risk management standards and includes obligations from sovereign and non−sovereigns, which includes governments, corporations, clearinghouses and financial institutions.

(2) Net inventory representing exposure to both long and short single name and index positions (i.e., bonds and equities at fair value and CDS based on notional amount assuming zero recovery adjusted for any fair value receivable or payable).

(3) Net counterparty exposure (i.e., repurchase transactions, securities lending and OTC derivatives) taking into consideration legally enforceable master netting agreements and collateral.

(4) CDS adjustment represents credit protection purchased from European peripheral banks on European peripheral sovereign and financial institution risk, or French banks on French sovereign and financial institution risk. Based on the CDS notional amount assuming zero recovery adjusted for any fair value receivable or payable.

(5) Represents CDS hedges on net counterparty exposure and funded lending. Based on the CDS notional amount assuming zero recovery adjusted for any fair value receivable or payable.

(6) In addition, at September 30, 2012, the Firm had European Peripherals and French exposure for overnight deposits with banks of approximately $149 million and $27 million, respectively.

(7) At September 30, 2012, the benefit of collateral received against counterparty credit exposure was $4.7 billion in the European Peripherals with 98% of such collateral consisting of cash and German government obligations, and $7.5 billion in France with nearly all collateral consisting of cash and US government obligations. These amounts do not include collateral received on secured financing transactions.

− Refer to Legal Notice on page 18.

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This page represents an addendum to the 3Q 2012 Financial Supplement, Appendix II

MORGAN STANLEY Earnings Per Share Calculation Under Two−Class Method Three Months Ended September 30, 2012 (unaudited, in millions, except for per share data)

	~~Allocation of net income from continuing operations~~
	(A) (B) (C) (D) (E) (F) (G)
	(D)+(E) (F)/(A)
	Weighted Average # of Shares % Allocation (2) Net income from continuing operations applicable to Morgan Stanley (3) Distributed Earnings(4) Undistributed Earnings(5) Total Earnings Allocated Basic EPS(8)
Basic Common Shares	1889 100% $95 ($1126) ($1031) (6) ($0.55)
Participating Restricted Stock Units(1)	, , , 8 0% $0 $0 $0 (7) N/A
	1897 100% ($1031) $95 ($1126) ($1031)
	, , , ,

	~~Allocation of gain (loss) from discontinued operations~~
	(A) (B) (C) (D) (E) (F) (G)
	(D)+(E) (F)/(A)
	Weighted Average # of Shares % Allocation (2) Gain (loss) from Discontinued Operations Applicable to Common Shareholders, after Tax(3) Distributed Earnings(4) Undistributed Earnings(5) Total Earnings Allocated Basic EPS(8)
Basic Common Shares	1889 100% $0 ($16) ($16) (6) $0.00
Participating Restricted Stock Units(1)	, 8 0% $0 $0 $0 (7) N/A
	1897 100% ($16) $0 ($16) ($16)
	,

	~~Allocation of net income applicable to common shareholders~~
	(A) (B) (C) (D) (E) (F) (G)
	(D)+(E) (F)/(A)
	Weighted Average # of Shares % Allocation (2) Net income applicable to Morgan Stanley (3) Distributed Earnings(4) Undistributed Earnings(5) Total Earnings Allocated Basic EPS(8)
Basic Common Shares	1889 100% $95 ($1142) ($1047) (6) ($0.55)
Participating Restricted Stock Units(1)	, , , 8 0% $0 $0 $0 (7) N/A
	1897 100% ($1047) $95 ($1142) ($1047)
	, , , ,

Note: − Refer to End Notes on pages 16−17 and Legal Notice on page 18.

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MORGAN STANLEY End Notes

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(1) Reflects the regional view of the Firm's consolidated net revenues, on a managed basis, based on the following methodology: Institutional Securities: investment banking − client location, equity capital markets − client location, debt capital markets − revenue recording location, sales & trading − trading desk location. Global Wealth Management: financial advisor location. Asset Management: client location except for the merchant banking business which is based on asset location.
(2) Risk weighted assets (RWA) are calculated in accordance with the regulatory capital requirements of the Federal Reserve. RWAs reflect both on and off−balance sheet risk of the Firm. Market RWAs reflect capital charges attributable to the risk of loss resulting from adverse changes in market prices and other factors. Credit RWAs reflect capital charges attributable to the risk of loss arising from a borrower or counterparty failing to meet its financial obligations.
(3) The Global Liquidity Reserve, which is held within the Parent and 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, FDIC−guaranteed corporate debt and non−U.S. government securities. For a further discussion of the Firm's Global Liquidity Reserve, see the Firm's Quarterly Report on Form 10−Q for the quarter ended March 31, 2012.
(4) Goodwill and intangible balances net of allowable mortgage servicing rights deduction for quarters ended September 30, 2012, June 30, 2012 and September 30, 2011 of $6 million, $7 million and $120 million, respectively.
(5) In accordance with the Federal Reserve Board's formalized definition as of December 30, 2011, Tier 1 common capital is defined as Tier 1 capital less non−common elements in Tier 1 capital, including perpetual preferred stock and related surplus, minority interest in subsidiaries, trust preferred securities and mandatory convertible preferred securities. Prior periods have been recast to conform to this definition. This computation is a preliminary estimate as of October 18, 2012 (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 September 30, 2012.
(6) Tier 1 capital consists predominately of common shareholders' equity as well as qualifying preferred stock and qualifying restricted core capital elements (trust preferred securities and noncontrolling interests) less goodwill, non−servicing intangible assets (excluding allowable mortgage servicing rights), net deferred tax assets (recoverable in excess of one year), an after−tax debt valuation adjustment and certain other deductions, including equity investments. This computation is a preliminary estimate as of October 18, 2012 (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 September 30, 2012.

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(1) The Firm’s capital estimation is based on the Required Capital framework, an internal capital adequacy measure which considers a risk−based going concern capital after absorbing potential losses from extreme stress events at a point in time. Beginning in the quarter ended March 31, 2012, the Firm's Required Capital is met by Tier 1 common capital. Tier 1 common capital and common equity attribution to business segment is based on capital usage calculated by the framework. The difference between the Firm's Tier 1 common capital and aggregate Required Capital is the Firm's Parent capital. The Firm generally holds parent capital for prospective regulatory requirements, including Basel III, organic growth, acquisitions and other capital needs. The Required Capital framework will continue to evolve over time in response to changes in the business and regulatory environment and to incorporate enhancements in modeling techniques.

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(1) The quarters ended September 30, 2012, June 30, 2012 and September 30, 2011 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.

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(1) Real Estate Investing revenues include gains or losses related to principal investments held by certain consolidated real estate funds. These gains or losses are offset in the net income (loss) applicable to noncontrolling interest. The investment gains (losses) for the quarters ended September 30, 2012, June 30, 2012 and September 30, 2011 are $51 million, $24 million and $(13) million, respectively.
(2) Net Flows by region [inflow / (outflow)] for the quarters ended September 30, 2012, June 30, 2012 and September 30, 2011 are: North America: $9.1 billion, $7.0 billion and $(4.2) billion International: $1.7 billion, $6.1 billion and $(1.6) billion
(3) Assets under management or supervision by region for the quarters ended September 30, 2012, June 30, 2012 and September 30, 2011 are: North America: $212 billion, $198 billion and $176 billion International: $119 billion, $113 billion and $92 billion

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MORGAN STANLEY End Notes

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(1) Unvested share−based payment awards that contain non−forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of EPS pursuant to the two−class method. Restricted Stock Units ("RSUs") that pay dividend equivalents subject to vesting are not deemed participating securities and are included in diluted shares outstanding (if dilutive) under the treasury stock method.
(2) The percentage of weighted basic common shares and participating RSUs to the total weighted average of basic common shares and participating RSUs.
(3) Represents net income from continuing operations, gain (loss) from discontinued operations (after−tax), and net income applicable to Morgan Stanley for the quarter ended September 30, 2012 prior to allocations to participating RSUs.
(4) Distributed earnings represent the dividends declared on common shares and participating RSUs for the quarter ended September 30, 2012. The amount of dividends declared is based upon the number of common shares outstanding as of the dividend record date. During the quarter ended September 30, 2012, a $0.05 dividend was declared on common shares outstanding and participating RSUs.
(5) The two−class method assumes all of the earnings for the reporting period are distributed and allocated to the participating RSUs what they would be entitled to based on their contractual rights and obligations of the participating security.
(6) Total income applicable to common shareholders to be allocated to the common shares in calculating basic and diluted EPS for common shares.
(7) Total income applicable to common shareholders to be allocated to the participating RSUs reflected as a deduction to the numerator in determining basic and diluted EPS for common shares.
(8) Basic and diluted EPS data are required to be presented only for classes of common stock, as described under the accounting guidance for earnings per share.

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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 third quarter earnings press release issued October 18, 2012.

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MORGAN STANLEY Interim / Quarterly Report 2012

29766_10-q_2012-09-30_dd7ed01f-c0f7-441a-ba16-b1d63aa928de.pdf

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

FORM 8−K

Morgan Stanley

Item 2.02. Results of Operations and Financial Condition

Morgan Stanley Reports Third Quarter 2012:

Business Overview

INSTITUTIONAL SECURITIES

GLOBAL WEALTH MANAGEMENT GROUP

ASSET MANAGEMENT

CAPITAL

OTHER MATTERS

# # #

MORGAN STANLEY Quarterly Financial Summary

MORGAN STANLEY

Quarterly Consolidated Income Statement Information

MORGAN STANLEY Quarterly Earnings Per Share

MORGAN STANLEY

MORGAN STANLEY Quarterly Earnings Per Share

MORGAN STANLEY

MORGAN STANLEY

MORGAN STANLEY

MORGAN STANLEY

MORGAN STANLEY

MORGAN STANLEY End Notes

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Page 5:

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MORGAN STANLEY End Notes

		MORGAN STANLEY Financial Supplement − 3Q 2012 Table of Contents
Page #
1	…………….	Quarterly Financial Summary
2	…………….	Quarterly Consolidated Income Statement Information
3	…………….	Quarterly Earnings Per Share Summary
4 − 5	…………….	Quarterly Consolidated Financial Information and Statistical Data
6	…………….	Quarterly Institutional Securities Income Statement Information
7 − 9	…………….	Quarterly Institutional Securities Financial Information and Statistical Data
10	…………….	Quarterly Global Wealth Management Group Income Statement Information
11	…………….	Quarterly Global Wealth Management Group Financial Information and Statistical Data
12	…………….	Quarterly Asset Management Income Statement Information
13	…………….	Quarterly Asset Management Financial Information and Statistical Data
14	…………….	Country Risk Exposure − European Peripherals and France Appendix I
15	…………….	Earnings Per Share Appendix II
16 − 17	…………….	End Notes
18	…………….	Legal Notice

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MORGAN STANLEY — Interim / Quarterly Report 2012

29766_10-q_2012-09-30_dd7ed01f-c0f7-441a-ba16-b1d63aa928de.pdf

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

FORM 8−K

Morgan Stanley

Item 2.02. Results of Operations and Financial Condition

Morgan Stanley Reports Third Quarter 2012:

Business Overview

INSTITUTIONAL SECURITIES

GLOBAL WEALTH MANAGEMENT GROUP

ASSET MANAGEMENT

CAPITAL

OTHER MATTERS

# # #

MORGAN STANLEY Quarterly Financial Summary

MORGAN STANLEY

Quarterly Consolidated Income Statement Information

MORGAN STANLEY Quarterly Earnings Per Share

MORGAN STANLEY

MORGAN STANLEY Quarterly Earnings Per Share

MORGAN STANLEY

MORGAN STANLEY

MORGAN STANLEY

MORGAN STANLEY

MORGAN STANLEY

MORGAN STANLEY End Notes

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Page 5:

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MORGAN STANLEY End Notes

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MORGAN STANLEY Interim / Quarterly Report 2012