Morgan StanleyMS

01Wealth Management delivered net revenues of $8.9 billion in Q2 2026, increasing 14% compared with the prior year quarter The business added net new assets of $148 billion and fee-based assets of $39 billion in Q2 2026 Asset management revenues of $5,261 million in Q2 2026 increased 19% compared with the prior year quarter, primarily reflecting higher fee-based assets due to higher market levels and the cumulative impact of positive fee-based flows Wealth Management pre-tax margin was 30.5% in Q2 2026 Client assets represents the sum of Wealth Management client assets and Investment Management AUM totaling $382 billion and $350 billion as of June 30, 2026 and December 31, 2025, respectively, invested in Investment Management products

02Institutional Securities net revenues increased 44% in Q2 2026 compared with the prior year quarter, primarily reflecting higher results in Equity on increased client activity and higher Investment Banking results Equity net revenues of $6,300 million in Q2 2026 increased 69% compared with the prior year quarter, reflecting an increase in Financing and Execution services, particularly in Asia Asia net revenues increased 71% in Q2 2026 compared with the prior year quarter, primarily driven by strong results in Equity within the Institutional Securities business segment Investment Banking net revenues of $2,437 million in Q2 2026 increased 58% compared with the prior year quarter, reflecting increases across businesses, particularly in the Americas

03Net interest revenues of $2,254 million in Q2 2026 increased 18% compared with the prior year quarter, primarily due to the cumulative impact of lending growth and higher average sweep deposits Deposits are primarily sourced from our Wealth Management clients and are considered to have stable, low-cost funding characteristics relative to other sources of funding Total loans and lending commitments increased by approximately $44 billion since December 31, 2025, primarily due to growth in corporate relationship lending and secured lending facilities within the Institutional Securities business segment and an increase in securities-based loans within the Wealth Management business segment More than 75% of Wealth Management residential real estate loans were to borrowers with Exceptional or Very Good FICO scores exceeding 740 as of June 30, 2026 Wealth Management's securities-based lending portfolio remains well-collateralized and subject to daily client margining

04The Firm increased its quarterly common stock dividend to $1.15 per share from $1.00, beginning with the common stock dividend announced on July 15, 2026 On June 24, 2026, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock without a set expiration date