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2018 Strategy Deck vFinal2 - Morgan Stanley

strategic Update James P. Gorman, Chairman and Chief Executive Officer January 18, 20182 NoticeThe information provided herein may include certain non-GAAP financial measures. The reconciliation of such measures to the comparable GAAP figures are included in this presentation, or in the Company s Annual Report on Form 10-K, Definitive Proxy Statement, Quarterly Reports on Form 10-Q and the Company s Current Reports on Form 8-K, as applicable, including any amendments thereto, which are available on presentation may contain forward-looking statements including the attainment of certain financial and other targets, objectives and goals, as well as future effective tax rates. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management s current estimates, projections, expectations, assumptions, interpretation or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially.

5 Mark to Market: 2016-2017 Strategic Objectives(1) 1 Streamline: $1Bn Expense Reduction, <74% Efficiency Ratio 2 Complete Fixed Income Restructuring

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