2月2日通知，此处提供的信息包括某些非GAAP财务措施 。该等措施的定义及/或该等措施与美国公认会计原则可比数字的协调情况，包括在本报告中，或摩根士丹利(“本公司”)的Form 10-K年度报告、最终委托书、Form 10-Q季度报告及本公司目前的Form 8-K报告(视情况而定)中，包括对其作出的任何修订，可于www.mganstanley网站查阅。*本演示文稿可能包含前瞻性陈述，包括某些财务和其他目标以及目的和目标的实现情况。告诫您不要过度依赖前瞻性陈述，这些陈述仅在作出陈述之日发表，反映了管理层当前的估计、预测、预期、假设、解释或信念，受风险和不确定性的影响，这些风险和不确定性可能会导致实际结果大不相同。公司不承诺更新 前瞻性表述，以反映前瞻性表述发布之日之后可能发生的情况或事件的影响。有关可能影响公司未来业绩的风险和不确定因素的讨论，请参阅公司最新的Form 10-K年度报告、Form 10-Q季度报告和Form 8-K当前报告(视情况而定)，这些报告可在www.mganstanley网站上查阅。本演示文稿不是购买或出售任何证券的要约。《结束语》是本演示文稿不可分割的一部分。有关本演示文稿中的财务指标和定义术语的信息，请参阅本演示文稿后面的幻灯片10-12。有关公司收购的信息和影响，请参阅公司年度报告Form 10-K和Form 10-Q季度报告的前期文件。请注意，本演示文稿可在www.mganstanley.com上查阅。他说：

3.结束语是本演示文稿的组成部分。有关本演示文稿中的财务指标和定义术语的相关信息，请参阅本演示文稿后面的幻灯片10-12。摩根士丹利：2009-2014年的15年转型(1)(2)：2020-2022年(1)：2023年：2015-2019年(1)(2)：收入组合：ROTCE(5)：4%：11%：17%：13%：盈利组合(3)：收购。Solium E*Trade Eaton Vance、Smith Barney和机构证券、财富和投资管理公司的客户资产分别为60亿美元、100亿美元、160亿美元和120亿美元 (4)、2.0万亿美元、2.8万亿美元、5.6万亿美元、6.6万亿美元、310亿美元、380亿美元、540亿美元和540亿美元。

财富和投资管理提供耐用性和增长，是4个第一的行业领导者(1)。结束语是本演示文稿不可分割的一部分。请参阅本演示文稿后面的幻灯片10-12，了解与本演示文稿中的财务指标和定义的术语有关的信息，包括净收入(Bn美元) (2)>6万亿美元的客户总资产和客户资产(TN)。

*机构证券提供5%的耐用性和增长， 综合投资银行领先钱包股票头寸的战略(2)全球业务的收入增长(1)-结束语是本演示文稿不可分割的一部分。有关本演示文稿中与财务指标和定义的术语相关的信息，请参阅本演示文稿后面的幻灯片10-12，其中投资银行业务占比约15%，股票占比约20%，固定收益占净收入(Bn)的比例约为10%，美洲、欧洲、中东和非洲地区占比约为10%。

摩根士丹利：综合公司和综合覆盖模式以及 重点关注的领域、企业、资产所有者、资产管理人和个人以及结束语是本演示文稿不可分割的一部分。有关本演示文稿中与财务指标和定义术语相关的信息，请参阅本演示文稿后面的幻灯片10-12。本演示文稿旨在通过机构能力实现自我导向的超高净值，提供跨公共和私人市场生态系统的集成客户价值，以及为卓越的企业足迹提供建议：从战略到工作场所 解决方案。

人力资本：摩根士丹利合伙人和结束语是本演示文稿不可分割的组成部分 。请参阅本演示文稿后面的幻灯片10-12，以了解与本演示文稿中的财务指标和定义的术语相关的信息，该演示文稿由公司运营委员会和12亿名领导人组成，他们在Avg工作了21年。服务年限：詹姆斯·戈尔曼，执行主席安迪·萨珀斯坦，联席总裁，丹·西姆科维茨，联席总裁，公司管理委员会首席执行官泰德·皮克，公司管理委员会36位领导人，平均21年。世界一流技术和基础设施的服务年限为99位领导者，平均为16年。董事总经理的服务年限为2,320名，平均为14年。服务年限：

《金融资本：摩根士丹利的深思熟虑的资本战略》在第八章结束时 笔记是本演示文稿不可分割的一部分。请参阅本演示文稿后面的幻灯片10-12，了解与本演示文稿中的财务指标和定义的术语相关的信息，即强劲的股息增长和渣打银行从高峰到低谷的稳步下降和每股第四季度股息(美元)(2)和渣打银行，除股息附加(%)(1)。

9全公司目标（1）结束注释是本演示文稿的组成部分。 有关本演示文稿中财务指标和定义术语的信息，请参见本演示文稿后面的幻灯片10-12摩根士丹利：长期价值主张效率比70% ROTCE 20%客户资产10美元 Triangle + WM税前利润30%

结束注释10公司的财务报告、收益发布、收益 电话会议和其他通信可能包括某些指标，包括非GAAP财务指标，我们认为这些指标对我们、投资者、分析师和其他利益相关者有用，可以提供有关 评估我们的财务状况和经营业绩的其他手段。结束注释是我们的演示文稿和其他通信的一个组成部分。 有关其他信息，请参阅美国公认会计原则与非公认会计原则的定义 包括摩根士丹利2023年第四季度财务补充报告中的衡量标准、绩效指标和条款的定义、补充定量详细信息和计算（包括GAAP与非GAAP的对账）以及法律声明 在2024年1月16日的8-K表格当前报告（“摩根士丹利2023年第四季度财务补充”）中。 有关公司收购的信息和影响，请参阅公司年度 表格10-K报告和表格10-Q季度报告。

End Notes 11 These notes refer to the financial metrics and/or defined terms presented on Slide 3 Financial statement data and metrics presented are based on an average of previously reported numbers across the stated years. Net revenues and income from continuing operations before income taxes (‘Pre-Tax Profit’) have been adjusted to exclude significant items. These adjusted operating performance metrics are non-GAAP financial measures that the Firm considers useful for analysts, investors and other stakeholders to assess year-over-year operating performance. To provide a comparative view of operating performance from 2009 to 2015, our full year reported results are adjusted below to exclude several significant items, which were highlighted in prior period filings of Morgan Stanley's (the ‘Company’) Annual Reports on Form 10-K. Litigation costs of approximately $3.1 billion in 2014 related to residential mortgage-backed securities and other credit crisis-related matters ('Credit Crisis Litigation’) Compensation expense of approximately $1.1 billion in 2014 related to changes in the approach for awards of discretionary incentive compensation (i.e., reducing the average deferral of such awards to an approximate baseline of 50%) and the acceleration of vesting for certain outstanding deferred cash-based incentive compensation awards ('Discretionary Incentive Compensation Actions'); and The impact of Debt Valuation Adjustment ('DVA’) from 2009 to 2015 DVA represents the change in fair value resulting from fluctuations in our debt credit spreads and other credit factors related to borrowings and other liabilities carried under the fair value option. In 2009 and 2010, Wealth Management ('WM’) net revenues included DVA of $(41) million and $14 million, respectively, and Investment Management (‘IM’) net revenues included DVA of $(48) million and $(11) million, respectively. All other amounts of DVA from 2009 to 2015 were recorded in Institutional Securities (‘ISG’). Pre-Tax Profit adjustment is the aggregation of the DVA adjustment and in 2014 also includes the expense adjustments of $4,220 million related to the negative Credit Crisis Litigation and Discretionary Incentive Compensation Actions. The full amount of the Credit Crisis Litigation adjustment was recorded in the ISG segment. The Discretionary Incentive Compensation Actions were recorded in the business segments as follows: ISG $(904) million; WM $(88) million; and IM $(145) million. Profitability Mix refers to Pre-Tax Profit distribution by segment. Client Assets represent reported WM client assets and IM assets under management (‘AUM’). WM client assets represent those assets for which WM is providing services including financial advisor‐led brokerage, custody, administrative and investment advisory services; self‐directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration, and retirement plan services. Certain WM client assets are invested in IM products and are also included in IM’s AUM.

End Notes 12 These notes refer to the financial metrics and/or defined terms presented on Slide 3 Return on average tangible common equity (‘ROTCE’) metrics are based on reported figures. ROTCE utilizes net income applicable to Morgan Stanley less preferred dividends as a percentage of average tangible common equity. Average tangible common equity represents average common equity adjusted to exclude goodwill and intangible assets net of allowable mortgage servicing rights deduction. Reported ROTCE and average tangible common equity are non-GAAP financial measures that the Firm considers useful for analysts, investors and other stakeholders to assess operating performance. These notes refer to the financial metrics and/or defined terms presented on Slide 4 Ranking is based on internal analysis of net revenues for Morgan Stanley and peers. Net revenues represent the combination of Wealth Management and Investment Management for the peer set: Bank of America, BlackRock, Charles Schwab, Fidelity, Goldman Sachs, JP Morgan, UBS, and Wells Fargo. The analysis utilizes data for peers that have reported full-year 2023 results as of January 15, 2024. For peers that have not yet reported, excluding Fidelity, net revenues are based on the last twelve months as of September 30, 2023. For Fidelity, net revenues represent 2022 total company revenues. Net revenues for Morgan Stanley represent the addition of Morgan Stanley’s WM and IM net revenues for full-year 2023, excluding intersegment activity. Net revenues for 2010 have been adjusted to exclude the positive impact of DVA of approximately $3 million. The adjusted net revenues are a non-GAAP financial measure that the Firm considers useful for analysts, investors and other stakeholders to assess operating performance. These notes refer to the financial metrics and/or defined terms presented on Slide 5 Net revenues for 2010 have been adjusted to exclude the negative impact of DVA of approximately $(876) million. The adjusted net revenues are a non-GAAP financial measure that the Firm considers useful for analysts, investors and other stakeholders to assess operating performance. Wallet Share represents the percentage of Morgan Stanley’s ISG segment net revenues to the Wallet. The Wallet represents Investment Banking, Equity Sales & Trading and Fixed Income Sales & Trading net revenues, where applicable, for Morgan Stanley and the following peer set: Bank of America, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan, and UBS. The attainment of these Wallet Share positions assumes a normal market environment and may be impacted by external factors that cannot be predicted at this time, including geopolitical, macroeconomic and market conditions and future legislation and regulations and any changes thereto. Please also refer to the Notice on Slide 2 of this presentation. These notes refer to the financial metrics and/or defined terms presented on Slide 8 SCB, ex Dividend Add-On represents Morgan Stanley’s Stress Capital Buffer (‘SCB’), excluding the dividend add-on. For further information, see “Liquidity and Capital Resources - Regulatory Requirements” in prior period filings of the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. 4Q Dividend Per Share represents the dividend per share in the fourth quarter of each respective year. These notes refer to the financial metrics and/or defined terms presented on Slide 9 The attainment of these objectives assumes a normal market environment and may be impacted by external factors that cannot be predicted at this time, including geopolitical, macroeconomic and market conditions and future legislation and regulations and any changes thereto. Please also refer to the Notice on Slide 2 of this presentation.

摩根士丹利：推动整合型公司的发展Ted Pick，首席执行官 2024年1月16日