2月2日通知，此處提供的信息包括某些非GAAP財務措施 。該等措施的定義及/或該等措施與美國公認會計原則可比數字的協調情況，包括在本報告中，或摩根士丹利(“本公司”)的Form 10-K年度報告、最終委託書、Form 10-Q季度報告及本公司目前的Form 8-K報告(視情況而定)中，包括對其作出的任何修訂，可於www.mganstanley網站查閲。*本演示文稿可能包含前瞻性陳述，包括某些財務和其他目標以及目的和目標的實現情況。告誡您不要過度依賴前瞻性陳述，這些陳述僅在作出陳述之日發表，反映了管理層當前的估計、預測、預期、假設、解釋或信念，受風險和不確定性的影響，這些風險和不確定性可能會導致實際結果大不相同。公司不承諾更新 前瞻性表述，以反映前瞻性表述發佈之日之後可能發生的情況或事件的影響。有關可能影響公司未來業績的風險和不確定因素的討論，請參閲公司最新的Form 10-K年度報告、Form 10-Q季度報告和Form 8-K當前報告(視情況而定)，這些報告可在www.mganstanley網站上查閲。本演示文稿不是購買或出售任何證券的要約。《結束語》是本演示文稿不可分割的一部分。有關本演示文稿中的財務指標和定義術語的信息，請參閲本演示文稿後面的幻燈片10-12。有關公司收購的信息和影響，請參閲公司年度報告Form 10-K和Form 10-Q季度報告的前期文件。請注意，本演示文稿可在www.mganstanley.com上查閲。他説：

3.結束語是本演示文稿的組成部分。有關本演示文稿中的財務指標和定義術語的相關信息，請參閲本演示文稿後面的幻燈片10-12。摩根士丹利：2009-2014年的15年轉型(1)(2)：2020-2022年(1)：2023年：2015-2019年(1)(2)：收入組合：ROTCE(5)：4%：11%：17%：13%：盈利組合(3)：收購。Solium E*Trade Eaton Vance、Smith Barney和機構證券、財富和投資管理公司的客户資產分別為60億美元、100億美元、160億美元和120億美元 (4)、2.0萬億美元、2.8萬億美元、5.6萬億美元、6.6萬億美元、310億美元、380億美元、540億美元和540億美元。

財富和投資管理提供耐用性和增長，是4個第一的行業領導者(1)。結束語是本演示文稿不可分割的一部分。請參閲本演示文稿後面的幻燈片10-12，瞭解與本演示文稿中的財務指標和定義的術語有關的信息，包括淨收入(Bn美元) (2)>6萬億美元的客户總資產和客户資產(TN)。

*機構證券提供5%的耐用性和增長， 綜合投資銀行領先錢包股票頭寸的戰略(2)全球業務的收入增長(1)-結束語是本演示文稿不可分割的一部分。有關本演示文稿中與財務指標和定義的術語相關的信息，請參閲本演示文稿後面的幻燈片10-12，其中投資銀行業務佔比約15%，股票佔比約20%，固定收益佔淨收入(Bn)的比例約為10%，美洲、歐洲、中東和非洲地區佔比約為10%。

摩根士丹利：綜合公司和綜合覆蓋模式以及 重點關注的領域、企業、資產所有者、資產管理人和個人以及結束語是本演示文稿不可分割的一部分。有關本演示文稿中與財務指標和定義術語相關的信息，請參閲本演示文稿後面的幻燈片10-12。本演示文稿旨在通過機構能力實現自我導向的超高淨值，提供跨公共和私人市場生態系統的集成客户價值，以及為卓越的企業足跡提供建議：從戰略到工作場所 解決方案。

人力資本：摩根士丹利合夥人和結束語是本演示文稿不可分割的組成部分 。請參閲本演示文稿後面的幻燈片10-12，以瞭解與本演示文稿中的財務指標和定義的術語相關的信息，該演示文稿由公司運營委員會和12億名領導人組成，他們在Avg工作了21年。服務年限：詹姆斯·戈爾曼，執行主席安迪·薩珀斯坦，聯席總裁，丹·西姆科維茨，聯席總裁，公司管理委員會首席執行官泰德·皮克，公司管理委員會36位領導人，平均21年。世界一流技術和基礎設施的服務年限為99位領導者，平均為16年。董事總經理的服務年限為2,320名，平均為14年。服務年限：

《金融資本：摩根士丹利的深思熟慮的資本戰略》在第八章結束時 筆記是本演示文稿不可分割的一部分。請參閲本演示文稿後面的幻燈片10-12，瞭解與本演示文稿中的財務指標和定義的術語相關的信息，即強勁的股息增長和渣打銀行從高峯到低谷的穩步下降和每股第四季度股息(美元)(2)和渣打銀行，除股息附加(%)(1)。

9全公司目標（1）結束註釋是本演示文稿的組成部分。 有關本演示文稿中財務指標和定義術語的信息，請參見本演示文稿後面的幻燈片10-12摩根士丹利：長期價值主張效率比70% ROTCE 20%客户資產10美元 Triangle + WM税前利潤30%

結束註釋10公司的財務報告、收益發布、收益 電話會議和其他通信可能包括某些指標，包括非GAAP財務指標，我們認為這些指標對我們、投資者、分析師和其他利益相關者有用，可以提供有關 評估我們的財務狀況和經營業績的其他手段。結束註釋是我們的演示文稿和其他通信的一個組成部分。 有關其他信息，請參閲美國公認會計原則與非公認會計原則的定義 包括摩根士丹利2023年第四季度財務補充報告中的衡量標準、績效指標和條款的定義、補充定量詳細信息和計算（包括GAAP與非GAAP的對賬）以及法律聲明 在2024年1月16日的8-K表格當前報告（“摩根士丹利2023年第四季度財務補充”）中。 有關公司收購的信息和影響，請參閲公司年度 表格10-K報告和表格10-Q季度報告。

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：推動整合型公司的發展Ted Pick，首席執行官 2024年1月16日