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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.

4 Evolution of Our Key Strategic Objectives Acquire 100% of WM JV and Improve WM Pre-Tax Margin(1) from 17% Post Integration(2) Significantly Reduce RWAs in

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