
Three Months Ended June 30, 2011	Institutional Securities			Global Wealth Management Group		Asset Management			Intersegment Eliminations			Total
	(dollars in millions)
Total non-interest revenues	$	5,599		$	3,128	$	655		$	(28	)	$	9,354
Net interest		(410	)		348		(10	)		—			(72	)

Net revenues(1)	$	5,189		$	3,476	$	645		$	(28	)	$	9,282

Income from continuing operations before income taxes	$	1,457		$	322	$	165		$	—		$	1,944
Provision for income taxes		350			138		54			—			542

Income from continuing operations		1,107			184		111			—			1,402

Discontinued operations(2):
Gain from discontinued operations		1			—		4			—			5
Provision from income taxes		—			—		1			—			1

Net gain on discontinued operations		1			—		3			—			4

Net income		1,108			184		114			—			1,406
Net income applicable to noncontrolling interests		117			4		92			—			213

Net income applicable to Morgan Stanley	$	991		$	180	$	22		$	—		$	1,193


Three Months Ended June 30, 2010	Institutional Securities			Global Wealth Management Group		Asset Management			Intersegment Eliminations			Total
	(dollars in millions)
Total non-interest revenues	$	4,640		$	2,786	$	432		$	(36	)	$	7,822
Net interest		(125	)		288		(22	)		—			141

Net revenues(1)	$	4,515		$	3,074	$	410		$	(36	)	$	7,963

Income (loss) from continuing operations before income taxes	$	1,595		$	207	$	(86	)	$	(13	)	$	1,703
Provision for (benefit from) income taxes		220			61		(39	)		(2	)		240

Income (loss) from continuing operations		1,375			146		(47	)		(11	)		1,463

Discontinued operations(2):
Gain (loss) from discontinued operations		(50	)		—		901			15			866
Provision for (benefit from) income taxes		(23	)		—		360			8			345

Net gain (loss) on discontinued operations		(27	)		—		541			7			521

Net income (loss)		1,348			146		494			(4	)		1,984
Net income (loss) applicable to noncontrolling interests		(9	)		36		(3	)		—			24

Net income (loss) applicable to Morgan Stanley	$	1,357		$	110	$	497		$	(4	)	$	1,960


Six Months Ended June 30, 2011	Institutional Securities			Global Wealth Management Group		Asset Management			Intersegment Eliminations			Total
	(dollars in millions)
Total non-interest revenues	$	9,524		$	6,223	$	1,289		$	(48	)	$	16,988
Net interest		(743	)		690		(18	)		—			(71	)

Net revenues(1)	$	8,781		$	6,913	$	1,271		$	(48	)	$	16,917

Income from continuing operations before income taxes	$	1,854		$	670	$	292		$	—		$	2,816
Provision for (benefit from) income taxes		(28	)		229		85			—			286

Income from continuing operations		1,882			441		207			—			2,530

Discontinued operations(2):
Gain (loss) from discontinued operations		(4	)		—		9			1			6
Provision for (benefit from) income taxes		(2	)		—		1			1			—

Net gain (loss) on discontinued operations		(2	)		—		8			—			6

Net income		1,880			441		215			—			2,536
Net income applicable to noncontrolling interests		178			78		119			—			375

Net income applicable to Morgan Stanley	$	1,702		$	363	$	96		$	—		$	2,161


Six Months Ended June 30, 2010	Institutional Securities			Global Wealth Management Group		Asset Management			Discover		Intersegment Eliminations			Total
	(dollars in millions)
Total non-interest revenues	$	9,867		$	5,700	$	1,104		$	—	$	(145	)	$	16,526
Net interest		(14	)		479		(41	)		—		85			509

Net revenues(1)	$	9,853		$	6,179	$	1,063		$	—	$	(60	)	$	17,035

Income (loss) from continuing operations before income taxes	$	3,660		$	485	$	88		$	—	$	(15	)	$	4,218
Provision for (benefit from) income taxes		550			125		4			—		(3	)		676

Income (loss) from continuing operations		3,110			360		84			—		(12	)		3,542

Discontinued operations(2):
Gain (loss) from discontinued operations		(985	)		—		965			775		12			767
Provision for (benefit from) income taxes		(22	)		—		330			—		6			314

Net gain (loss) from discontinued operations(3)		(963	)		—		635			775		6			453

Net income (loss)		2,147			360		719			775		(6	)		3,995
Net income (loss) applicable to noncontrolling interests		(5	)		151		113			—		—			259

Net income (loss) applicable to Morgan Stanley	$	2,152		$	209	$	606		$	775	$	(6	)	$	3,736

(1)

In certain management fee arrangements, the Company is entitled to receive performance-based fees (also referred to as incentive fees) when the return on assets under management exceeds certain benchmark returns or other performance targets. In such arrangements, performance fee revenue is accrued (or reversed) quarterly based on measuring account fund performance to date versus the performance benchmark stated in the investment management agreement. The amount of performance-based fee revenue at risk of reversing if fund performance falls below stated investment management agreement benchmarks was approximately $262 million at June 30, 2011 and approximately $208 million at December 31, 2010 (see Note 2 to the consolidated financial statements for the year ended December 31, 2010 included in the Form 10-K).

(2)	See Note 1 for discussion of discontinued operations.

(3)

Amounts for the three months ended June 30, 2010 included a gain of $514 million related to the Company's sale of Retail Asset Management within the Asset Management business segment. Amounts for the six months ended June 30, 2010 included a loss of $951 million related to the planned disposition of Revel included within the Institutional Securities business segment and a gain of $775 million related to the legal settlement with DFS.