Fiscal Year(1) (Dollars in Millions, Except Share Data)      1997      1996      1995      1994      1993 INCOME STATEMENT DATA: Revenues    Investment banking      $ 2,694      $ 2,190      $ 1,556      $ 1,102      $ 1,642    Principal transactions:       Trading      3,191      2,659      1,685      1,614      1,778       Investments      463      86      121      154      157    Commissions      2,086      1,776      1,533      1,323      1,284    Fees:       Asset management, distribution         and administration      2,505      1,732      1,377      1,317      1,074       Merchant and cardmember      1,704      1,505      1,135      940      771       Servicing      762      809      680      565      506    Interest and dividends      13,583      11,288      10,530      8,715      7,336    Other      144      126      115      127      104       Total revenues      27,132      22,171      18,732      15,857      14,652    Interest expense      10,806      8,934      8,190      6,697      5,620    Provision for consumer loan losses      1,493      1,214      722      530      433       Net revenues      14,833      12,023      9,820      8,630      8,599 Non-interest expenses    Compensation and benefits      6,019      5,071      4,005      3,535      3,687    Other      4,466      3,835      3,464      3,133      2,737    Merger-related expenses      74      -      -      -      -    Relocation charge      -      -      59      -      -       Total non-interest expenses      10,559      8,906      7,528      6,668      6,424 Income before income taxes      4,274      3,117      2,292      1,962      2,175 Provision for income taxes      1,688      1,137      827      705      803 Net income      $ 2,586      $ 1,980      $ 1,465      $ 1,257      $ 1,372 Earnings applicable to    common shares(2)      $ 2,520      $ 1,914      $ 1,400      $ 1,192      $ 1,317 PER SHARE DATA:(3) Earnings per common share    Primary      $ 4.25      $ 3.22      $ 2.30      $ 1.96      $ 2.24    Fully diluted      4.15      3.14      2.25      1.93      2.20 Book value per common share      22.11      18.43      15.63      13.38      11.43 Dividends per common share      0.56      0.44      0.32      0.25      0.15   BALANCE SHEET AND OTHER OPERATING DATA: Total assets      $302,287      $238,860      $181,961      $159,477      $161,519 Consumer loans      20,033      21,262      19,733      14,731      11,091 Total capital(4)      33,577      31,152      24,644      20,933      15,112 Long-term borrowings(4)      19,621      19,450      14,636      12,352      7,702 Shareholders' equity      13,956      11,702      10,008      8,581      7,410 Return on average common    shareholders' equity      22.0%      20.0%      16.4%      15.8%      21.7% Average common and    equivalent shares(2)(3)      594,182,885      594,478,535      608,246,433      606,721,462      586,639,815 Fiscal 1993 through fiscal 1996 represents the combination of Morgan Stanley's financial statements for the fiscal years ended November 30 with Dean Witter Discover's financial statements for the years ended December 31. Amounts shown are used to calculate primary earnings per common share. Per share data have been restated to reflect the Company's two-for-one stock split. Excludes the current portion of long-term borrowings and includes Capital Units.