Index of Risk and Capital Disclosures

The following table presents an index of Morgan Stanley's risk and capital disclosures in the 2024 Annual Report on Form 10-K, the Quarterly Report on Form 10-Q and the Basel III Pillar 3 Disclosure Report for the quarterly period ended March 31, 2025.

Morgan Stanley's Pillar 3 Disclosures are not required to be, and have not been, audited by an independent registered public accounting firm. Morgan Stanley's Pillar 3 Disclosures were based on our current understanding of U.S. Basel III and other factors, which may be subject to change as additional clarification and implementation guidance from regulators relating to U.S. Basel III are received, and as the interpretation of the final rule evolves over time. Some measures of exposures may not be consistent with U.S. GAAP, and may not be comparable with measures reported in Morgan Stanley's Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q.

	Details	2024 Annual Report on Form 10-K	Q1 2025 Quarterly Report on Form 10-Q	Q1 2025 Basel III Pillar 3 Disclosures
Risk Overview	Risk factors	13	75
	Liquidity risk management framework	45	18
	Regulatory requirements	49	21
	Regulatory developments and other matters	54	25
	Risk management	55	26
Liquidity Risk and Funding	Liquidity risk	74	34
	Required liquidity framework	45	17
	Liquidity resources	46	18
	Funding management	47	19
	Off-Balance sheet arrangements	49	21
	Borrowings and other secured financings	119	59
	Commitments, guarantees and contingencies	121	60
Operational Risk	Supervision and regulation	6
	Risk governance structure	55
	Risk management process	58	26
	Operational risk	71	34	23
	Legal, regulatory and compliance risk	74	34
Capital Adequacy and Risk-Weighted Assets	Regulatory capital framework	49, 131	21, 66	1
	Regulatory capital requirements	50, 131	22, 66	1
	Regulatory capital ratios	51, 132	23, 66	3
	Capital conservation buffer, countercyclical capital buffer and global systemically important bank surcharge	49, 50	22	4
	Internal ratings system exposures			9
	Regulatory capital changes	51	23
	Risk-weighted assets rollforward	52	24
	Supplementary leverage ratio	51	22	24
	Attribution of average common equity according to the required capital framework	54	25
Market risk	Market risk	58	26	19
	Risk limits framework	58
	Trading risks	59	26
	Non-trading risks	61	27
	Credit spread risk sensitivity	61	27
	Interest rate risk sensitivity	61	27	19
	Model methodology, assumptions and exposure measures			20
	Model limitations			21
	Model validation			22
	Regulatory VaR backtesting			22
	Covered positions			22
	Stress testing of covered positions			23
Credit Risk	Credit risk	62	28	5
	Credit risk: General disclosures			5
	Monitoring and control	62
	Credit exposures: Derivatives	69, 107	33
	Country risk exposure	70	34
	Derivative instruments and hedging activities	105	48
	Loans, lending commitments and allowance for credit losses	63, 113	28, 55	6
	Credit risk mitigation	63		13
	Equities not subject to the market risk capital rule			14
	Securitization exposures			15

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