Investor Presentaiton
Morgan Stanley EXTRADE
End Notes
These notes refer to the financial metrics and/or defined term presented on Slide 8
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Position in Financial Advisory represents estimated client assets based on internal analysis aggregated for Morgan Stanley and the following peers, per company filings:
Bank of America, Wells Fargo and UBS. Peer data reflects client assets or client balances as of December 31, 2019. Client balances for Bank of America Global Wealth
Management excludes balances within U.S. Trust.
Financial Advisory Client Relationships are based on Morgan Stanley internal data as of December 31, 2019. Morgan Stanley client relationships may include more than one
retail client account.
Morgan Stanley's Client Assets are as of December 31, 2019.
Fee-Based Assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets. Fee based assets are as of
December 31, 2019.
Pro forma Workplace Rank Position derived from Morgan Stanley internal analysis informed by latest available data for Bank of America, Carta, Certent, Charles Schwab,
Computershare, Fidelity, and UBS.
Pro forma Stock Plan Participants are defined as accounts of the corporate plans serviced with vested and unvested awards. Shareworks by Morgan Stanley stock plan
participants of ~2.7 million are as of December 31, 2019. E*TRADE's ~1.9 million accounts represent those holding any type of vested or unvested securities from E*TRADE'S
corporate services client company or with a trade in the prior six months as of December 31, 2019 based on E*TRADE's 2019 Form 10-K.
Pro forma Stock Plan Balances consist of vested and unvested awards. Shareworks by Morgan Stanley balances of -$280 billion are as of December 31, 2019. E*TRADE'S
corporate services assets are inclusive of vested equity holdings, vested options holdings, and unvested holdings totaling $296 billion are as of December 31, 2019 based on
E*TRADE's 2019 Form 10-K.
Proceeds Retained for E*TRADE refers to sales proceeds converted into E*TRADE brokerage accounts 12 months post exercise as reported in the January 2020 Investor
presentation posted on the E*TRADE Investor Relations website ('January 2020 Investor Presentation') at us.etrade.com
Position in Self-Directed derived from Aite Group "New Realities in Wealth Management: U.S. Client Asset Growth Stalls in Down Market" report (May 2019). Peers include
Fidelity, Charles Schwab / TD Ameritrade, Merrill Edge and others.
Client Accounts represent retail services accounts, defined as those with a minimum balance of $25 or a trade within the prior six months. End of period (December 31, 2019)
retail accounts of 5.2 million based on E*TRADE's 2019 Form 10-K.
Retail Client Assets of $362 billion at December 31, 2019 represent the market value of retail customer assets held by E*TRADE including security holdings and customer cash
and deposits, exclusive of advisor services accounts based on E*TRADE's January 2020 Form 8-K.
Daily Average Revenue Trades ('DARTS') defined as total commissionable trades in a period divided by the number of trading days during that period. Beginning in November
2019, the definition of DARTS was updated to reflect all customer-directed trades. This includes trades associated with no-transaction-fee mutual funds, options trades through
the Dime Buyback Program, and all exchange-traded funds transactions (including those formerly classified as commission-free). DARTS is calculated by dividing these
customer-directed trades by the number of trading days during the period. DARTS metric included in E*TRADE's 2019 Form 10-K.
These notes refer to the financial metrics and/or defined term presented on Slide 9
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Total Stock Plan balances consist of vested and unvested securities held by the company. Shareworks by Morgan Stanley balances of -$280 billion are as of December 31,
2019. E*TRADE's corporate services assets are inclusive of vested equity holdings, vested options holdings, and unvested holdings totaling $296 billion are as of December 31,
2019 based on E*TRADE's 2019 Form 10-K.
Total Participants are defined as accounts of the corporate plans serviced with vested and unvested securities held by company. Shareworks by Morgan Stanley stock plan
participants of ~2.7 million are as of December 31, 2019. E*TRADE's ~1.9 million accounts represent those holding any type of vested or unvested securities from E*TRADE's
corporate services client company or with a trade in the prior six months are as of December 31, 2019 based on E*TRADE's 2019 Form 10-K.
Corporate Plans reflects aggregate public and private companies serviced by the respective parties as of December 31, 2019. E*TRADE provides plan administration services
for public and private companies globally through corporate services channel. E*TRADE's 831 total US publicly traded companies is as reported in the January 2020 Investor
presentation at us.etrade.com
Stock Plan Proceeds: ~$27 billion distributions of Shareworks by Morgan Stanley refer to legacy Morgan Stanley (excluding Solium) stock plan annual domestic and
international proceeds as of December 31, 2019. E*TRADE annual stock distributions of -$48 billion refer to annual domestic and international participant proceeds as of
December 31, 2019 and are based on reported amounts in the January 2020 Investor Presentation at us.etrade.com
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