Morgan Stanley Investor Presentation Deck
Morgan Stanley
End Notes
These notes refer to the financial metrics and/or defined term presented on Slide 7
5. Long-Term Net Flows represents cumulative long-term net flows over 15 quarters from calendar 1Q 2017 to 3Q 2020 as a percentage of beginning Assets Under
Management for 2017 (as of calendar 4Q 2016) for Morgan Stanley and Peers, to reflect most recently available data for Peers over a consistent timeframe. For Eaton
Vance, this represents cumulative long-term net flows over 15 fiscal quarters from fiscal 2Q 2017 to 4Q 2020 as a percentage of beginning Assets Under Management as of
fiscal 1Q 2017. Cumulative long-term net flows as a percentage of beginning Assets Under Management for Morgan Stanley over 16 quarters through 4Q 2020 is 29%.
Peer Average includes Alliance Bernstein, BlackRock (Active Only), DWS (Active Only), Franklin Templeton, Goldman Sachs Asset Management, Invesco (Active Only),
Janus Henderson Group, JP Morgan Asset Management and T. Rowe Price. These represent Morgan Stanley Investment Management and Eaton Vance's peers based on
similarity of business models and Assets Under Management. In addition, all notable acquisitions have been removed from net flows.
6.
These notes refer to the financial metrics and/or defined term presented on Slide 8
1.
VaR estimates a portfolio's aggregate market risk exposure, representing the unrealized loss in portfolio value that one would not expect to exceed, on average, more than
five times every one hundred trading days if the portfolio was held constant for a one-day period. Since reported VaR statistics are estimates based on historical data, VaR
should not be viewed as predictive of our future revenues or financial performance or our ability to monitor and manage risk. There can be no assurance that our actual
losses on a particular day will not exceed the VaR amounts indicated. VaR statistics are not readily comparable across firms because of differences in the firm's portfolios,
modeling assumptions and methodologies. These differences can result in materially different estimates across firms for similar products. For a discussion of our primary risk
exposures and market risk management, VaR methodology, assumptions and limitations, see "Quantitative and Qualitative Disclosure about Risk - Market Risk - Trading
Risks in Firm's 2019 Annual Report on Form 10-K for the year ended December 31, 2019.
ISG Net Revenues for 2014 exclude the positive impact of approximately $651 million from DVA. (refer to note (1) for Slide 3). The adjusted Net Revenues is a non-GAAP
financial measure.
2.
3.
Pre-Tax Margin for 2014 exclude the aggregation of the positive DVA adjustment and the negative Credit Crisis Litigation and Discretionary Incentive Compensation Actions
adjustments, ($3.3 billion) (refer to note (1) for Slide 3). The adjusted Pre-Tax Margin is a non-GAAP financial measure.
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