Morgan Stanley was recognized as a global leader in securities finance and named the best overall borrower for the tenth time in 11 years in the 2011 Securities Lending Survey sponsored by Global Investor/isf magazine. Securities lending is an investment strategy in which investors lend their securities to generate incremental revenues from their portfolios.

The survey results were announced in Global Investor/isf's September 2011 issue and at an awards ceremony in London on Sept. 28, 2011. Morgan Stanley ranked first in 13 of the 27 categories for which lenders ranked borrowers. Regionally, Morgan Stanley demonstrated its strength in the Americas, ranking first based on unweighted scores, as well as in Asia Pacific, where the Firm ranked first based on weighted scores and footprint. Morgan Stanley also rose to second place from fourth place last year in EMEA.

Morgan Stanley took the top spot in five of the nine borrower service categories, including:

·                     Breadth of coverage (emerging markets)

·                     Market capability (developed markets)

·                     Market capability (emerging markets)

·                     Product Knowledge (trade structure/pricing/product complexity)

·                     Overall Operations

In addition, the Firm ranked first in four of the six Operations subcategories, including:

·                     Operations — Automation

·                     Operations — Collateral management

·                     Operations — Corporate actions

·                     Operations — Trade support/Settlement