Media Relations: Michele Davis 212-761-9621

Investor Relations: Kathleen McCabe 212-761-4469

Morgan Stanley Reports First Quarter 2016:


Net Revenues of $7.8 Billion and Earnings per Diluted Share of $0.55

Ranked #1 in Global Completed M&A and Global IPOs1



Leadership in Equity Sales and Trading

Wealth Management Pre-Tax Margin of 21%2,3

Pro forma Fully Phased-In Ratios: Common Equity Tier 1 of 14.5% and SLR of 6.0%4,5,6

NEW YORK, April 18, 2016 – Morgan Stanley (NYSE: MS) today reported net revenues of $7.8 billion for the
first quarter ended March 31, 2016 compared with $9.9 billion a year ago.7 For the current quarter, net income
applicable to Morgan Stanley was $1.1 billion, or $0.55 per diluted share,8 compared with income of $2.4 billion,
or $1.18 per diluted share,8 for the same period a year ago.7
The prior year quarter included a net discrete tax benefit of $564 million or $0.29 per diluted share primarily
associated with the repatriation of non-U.S. earnings at a lower cost than originally estimated and a Debt Valuation
Adjustment (DVA) of $125 million or $0.04 per diluted share.7,9 Excluding the tax benefit and DVA, net income
applicable to Morgan Stanley was $1.8 billion, or $0.85 per diluted share in the prior year period.10
Compensation expense of $3.7 billion decreased from $4.5 billion a year ago driven by lower revenues. Noncompensation expenses of $2.4 billion compared with $2.5 billion a year ago.
The annualized return on average common equity was 6.2 percent in the current quarter.11

Business Overview
Institutional Securities net revenues were $3.7 billion reflecting challenging market conditions in Fixed
Income & Commodities sales and trading and underwriting, with strength in Equity sales and trading and
M&A advisory.



Wealth Management net revenues were $3.7 billion and pre-tax margin was 21%. Results reflect strong
growth in net interest income offset by weakness in transactional revenues. Fee based asset flows for thequarter were $5.9 billion.



Investment Management reported net revenues of $477 million reflecting losses in private equity and realestate and stable asset management fees. Assets under management or supervision were $405 billion at theend of the quarter.

3

James P. Gorman, Chairman and Chief Executive Officer, said, “The first quarter was characterized by challenging
market conditions and muted client activity. Against that backdrop, our businesses delivered stable results. While
we see some signs of market recovery, global uncertainties continue to weigh on investor activity. We remain
focused on executing against our priorities, helping clients navigate difficult markets while controlling our expenses
and managing risk prudently.”1

Summary of Institutional Securities Results(dollars in millions)

Net

a)

Excluding DVA 12Net
Pre-Tax

As Reported
Pre-Tax

Revenue (a)Income (a)Revenue (a)Income (a)1Q 2016$3,714$908$3,714$908

4Q 2015$3,419$548$3,543$672

1Q 2015$5,458$1,813$5,333$1,688

Effective January 1, 2016, the Firm early adopted the provision of new accounting guidance that requires changes
in DVA to be presented in Other comprehensive income as opposed to net revenues. Results for 2015 were notrestated pursuant to this guidance. Given this change, amounts for 1Q 2016 are the same ‘As Reported’ and7‘Excluding DVA’ in the above table.

INSTITUTIONAL SECURITIESInstitutional Securities reported pre-tax income from continuing operations of $908 million compared with pre-tax
income of $1.8 billion in the first quarter of last year, which included DVA.7 Net revenues for the current quarter
were $3.7 billion compared with $5.5 billion a year ago including DVA, or $5.3 billion excluding DVA.7,12 The
following discussion for sales and trading excludes DVA from the prior year period.
Advisory revenues of $591 million increased from $471 million a year ago on higher completed M&A activity.
Equity underwriting revenues of $160 million decreased from $307 million from the prior year quarter reflecting
significantly lower market volumes. Fixed income underwriting revenues of $239 million decreased from $395
million in the prior year quarter primarily reflecting lower bond fees.

Equity sales and trading net revenues of $2.1 billion decreased from $2.3 billion from a year ago primarilyreflecting declines in cash equities in volatile global equity markets, partly offset by continued strength in prime
brokerage.7,13

Fixed Income & Commodities sales and trading net revenues of $873 million decreased from $1.9 billion a year
ago.7,13 Results reflect lower commodities revenues given the depressed energy price environment and thedisposition of the Oil Merchanting business in the fourth quarter of 2015. Results for the current quarter also
reflect lower levels of client activity in rates and foreign exchange and a challenging credit environment.



Investment revenues of $32 million decreased from $112 million a year ago primarily reflecting losses oninvestments associated with the Firm’s compensation plans and lower gains on principal investments in realestate.



Other revenues of $4 million decreased from $90 million a year ago reflecting an increase in the allowance for
credit losses, mark-to-market losses on held for sale loans and commitments and lower results in our Japanese
joint venture Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.



Compensation expenses of $1.4 billion decreased from $2.0 billion a year ago on lower revenues. Noncompensation expenses of $1.4 billion for the current quarter decreased from $1.6 billion a year ago primarilyreflecting lower litigation costs.

Morgan Stanley’s average trading Value-at-Risk (VaR) measured at the 95% confidence level was $46 million forthe current quarter, unchanged from the fourth quarter of 2015 and compared with $47 million in the first quarter ofthe prior year.14

2

Summary of Wealth Management Results(dollars in millions)
Net
Revenues

Pre-Tax
Income1Q 2016$3,668$786

4Q 2015$3,751$768

1Q 2015$3,834$855

WEALTH MANAGEMENT
Wealth Management reported pre-tax income from continuing operations of $786 million compared with $855
3
million in the first quarter of last year. The quarter’s pre-tax margin was 21%. Net revenues for the current quarter
were $3.7 billion compared with $3.8 billion a year ago.


Asset management fee revenues of $2.1 billion were down slightly from a year ago reflecting the impact of lower
market levels, partially offset by positive flows.

Transactional revenues15 of $727 million decreased from $950 million a year ago primarily driven by lower
commissions and fees and investment banking revenues on reduced levels of underwriting activity.



Net interest income of $831 million increased from $689 million a year ago on higher deposit and loan balances.
Wealth Management client liabilities were $66 billion at quarter end, an increase of $12 billion compared withthe prior year quarter.16

Compensation expense for the current quarter of $2.1 billion decreased from $2.2 billion a year ago on lower
revenues and a decrease in the fair value of deferred compensation plan referenced investments. Noncompensation expenses of $794 million increased from $754 million a year ago on higher litigation costs andprofessional services fees.

Total client assets were $2.0 trillion and client assets in fee based accounts were $798 billion at quarter end. Fee
based asset flows for the quarter were $5.9 billion.



Wealth Management representatives of 15,888 produced average annualized revenue per representative of$923,000 in the current quarter.

3

Summary of Investment Management Results(dollars in millions)
Net
Revenues

Pre-Tax
Income1Q 2016$477$44

4Q 2015

$621

$123

1Q 2015

$669

$187

INVESTMENT MANAGEMENT
Investment Management reported pre-tax income from continuing operations of $44 million compared with pre-tax
income of $187 million in the first quarter of last year.
Net revenues of $477 million decreased from $669 million in the prior year. Results for the current quarterreflect markdowns on investments and the reversal of previously accrued carried interest in certain private equity
and real estate funds compared with gains in the prior year. Asset management fees were relatively unchanged
year over year.

Compensation expense for the current quarter of $213 million decreased from $273 million a year ago,
principally due to a decrease in deferred compensation associated with carried interest. Non-compensation
expenses of $220 million increased from $209 million a year ago.



Assets under management or supervision at March 31, 2016 were $405 billion. The business recorded net
outflows of $3.6 billion in the current quarter.

CAPITAL
As of March 31, 2016, the Firm’s Common Equity Tier 1 and Tier 1 risk-based capital ratios under U.S. Basel III
5
Advanced Approach transitional provisions were approximately 15.7% and 17.4%, respectively.
As of March 31, 2016, the Firm estimates its pro forma fully phased-in Common Equity Tier 1 risk-based capitalratio (under U.S. Basel III Advanced Approach) and pro forma fully phased-in Supplementary Leverage Ratio to be456
approximately 14.5% and 6.0%, respectively. , ,At March 31, 2016, book value and tangible book value per common share were $35.34 and $30.44,17 respectively,
based on approximately 1.9 billion shares outstanding.

OTHER MATTERS
The effective tax rate from continuing operations for the current quarter was 33.3%.
During the quarter ended March 31, 2016, the Firm repurchased approximately $625 million of its common stock orapproximately 25 million shares.
The Board of Directors declared a $0.15 quarterly dividend per share payable on May 13, 2016 to common

4shareholders of record on April 29, 2016.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities,
wealth management and investment management services. With offices in more than 43 countries, the Firm’s
employees serve clients worldwide including corporations, governments, institutions and individuals. For further
information about Morgan Stanley, please visit www.morganstanley.com.
A financial summary follows. Financial, statistical and business-related information, as well as information
regarding business and segment trends, is included in the Financial Supplement. Both the earnings release and the
Financial Supplement are available online in the Investor Relations section at www.morganstanley.com.

###(See Attached Schedules)

NOTICE:The information provided herein may include certain non-GAAP financial measures. The reconciliation of suchmeasure to the comparable GAAP figures are included in this earnings release and the Financial Supplement,
both of which are available on www.morganstanley.com.

This earnings release contains forward-looking statements. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date on which they are made and which reflect
management's current estimates, projections, expectations or beliefs and which are subject to risks anduncertainties that may cause actual results to differ materially. For a discussion of additional risks anduncertainties that may affect the future results of the Company, please see “Forward-Looking Statements”
immediately preceding Part I, Item 1, “Competition” and “Supervision and Regulation” in Part I, Item 1, “Risk
Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis ofFinancial Condition and Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosuresabout Market Risk” in Part II, Item 7A in the Company's Annual Report on Form 10-K for the year ended
December 31, 2015 and other items throughout the Form 10-K and the Company’s Current Reports on Form 8K, including any amendments thereto.

5

1

Source: Thomson Reuters – for the period of January 1, 2016 to March 31, 2016 as of April 1, 2016.

2

From time to time, Morgan Stanley may disclose certain “non-GAAP financial measures” in the course of its earnings releases,
earnings conference calls, financial presentations and otherwise. For these purposes, “GAAP” refers to generally accepted
accounting principles in the United States. The Securities and Exchange Commission (SEC) defines a “non-GAAP financial
measure” as a numerical measure of historical or future financial performance, financial positions, or cash flows that is subject toadjustments that effectively exclude, or include amounts from the most directly comparable measure calculated and presented inaccordance with GAAP. Non-GAAP financial measures disclosed by Morgan Stanley are provided as additional information toinvestors in order to provide them with greater transparency about, or an alternative method for assessing, our financial
condition, operating results, or prospective regulatory capital requirements. These measures are not in accordance with, or asubstitute for GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies.
Whenever we refer to a non-GAAP financial measure, we will also generally define it or present the most directly comparable
financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the
non-GAAP financial measure we reference and such comparable GAAP financial measure.
3

Pre-tax margin is a non-GAAP financial measure that the Firm considers useful for investors to assess operating performance.
Pre-tax margin represents income (loss) from continuing operations before taxes divided by net revenues.
4

The pro forma fully phased-in Common Equity Tier 1 risk-based capital ratio (Common Equity Tier 1) and pro forma fully
phased-in Supplementary Leverage Ratio (SLR) are non-GAAP financial measures that the Company considers to be usefulmeasures for evaluating compliance with new regulatory capital requirements that have not yet become effective.

5

The Firm’s binding risk-based capital ratios for regulatory purposes under U.S. Basel III are the lower of the capital ratios
computed under the (i) standardized approaches for calculating credit risk risk-weighted assets (RWAs) and market risk RWAs
(the “Standardized Approach”); and (ii) applicable advanced approaches for calculating credit risk, market risk and operationalrisk RWAs (the “Advanced Approach”). At March 31, 2016, the binding ratio is based on the Advanced Approach transitionalrules. For information on the calculation of regulatory capital and ratios for prior periods, please refer to Part II, Item 7"Liquidity and Capital Resources - Regulatory Requirements" in the Annual Report on Form 10-K for the year ended December
31, 2015 (“2015 Form 10-K”).
6

U.S. Basel III requires the Firm to disclose information related to its supplementary leverage ratio beginning on January 1,
2015, which through to the end of 2017 will include the effects of transitional provisions. The supplementary leverage ratio will
become effective as a capital standard on January 1, 2018. Specifically, beginning on January 1, 2018, the Firm must maintain a
Tier 1 supplementary leverage capital buffer of at least 2% in addition to the 3% minimum supplementary leverage ratio (for a
total of at least 5%), in order to avoid limitations on capital distributions, including dividends and stock repurchases, anddiscretionary bonus payments to executive officers. The Firm’s pro forma Supplementary Leverage Ratio estimate utilizes a fully
phased-in U.S. Basel III Tier 1 capital numerator and a denominator of approximately $1.10 trillion. The Firm’s estimates are
subject to risks and uncertainties that may cause actual results to differ materially from estimates based on these regulations.
Further, these expectations should not be taken as projections of what the Firm’s supplementary leverage ratios or earnings,
assets or exposures will actually be at future dates. See “Risk Factors” in Part I, Item 1A in the 2015 Form 10-K for a discussionof risks and uncertainties that may affect the future results of the Firm.
7

Effective January 1, 2016, the Firm early adopted the provision of new accounting guidance that requires unrealized gains andlosses from Morgan Stanley’s debt-related credit spreads and other credit factors (Debt Valuation Adjustments, or DVA) to bepresented in Other comprehensive income as opposed to net revenues and net income. Accordingly, cumulative unrealized DVA
losses of $313 million (after tax) as of January 1, 2016, were reclassified from Retained earnings to Accumulated othercomprehensive income. Results for 2015 are not restated pursuant to that guidance.
8

Includes preferred dividends and other adjustments related to the calculation of earnings per share for the first quarter of 2016
and 2015 of approximately $79 million and $80 million, respectively. Refer to page 13 of Morgan Stanley’s Financial
Supplement accompanying this release for the calculation of earnings per share.

6

9

The impact to earnings per diluted share is calculated by dividing each of the net discrete tax benefit and the net after-tax
impact of DVA by the average number of shares outstanding.
10

Excluding DVA and net discrete tax benefit from net income applicable to Morgan Stanley and earnings (loss) per diluted
share amounts are non-GAAP financial measures that the Firm considers useful for investors to allow better comparability of
period-to-period operating performance. The reconciliation of net income applicable to Morgan Stanley, earnings (loss) per
diluted share applicable to Morgan Stanley common shareholders and average diluted shares from a non-GAAP to GAAP basis
is as follows (number of shares, DVA after-tax impact and net discrete tax benefit thereon, are presented in millions):

Net income (loss) applicable to MS - Non-GAAP
DVA impact
Net discrete tax benefit
Net income (loss) applicable to MS - GAAP

1Q 2015$1,750$80$564$2,394

Earnings (loss) per diluted share - Non-GAAP
DVA Impact
Net discrete tax benefit
Earnings (loss) per diluted share - GAAP

$0.85
$0.04
$0.29
$1.18

Average diluted shares - GAAP

1,963

11

Annualized return on average common equity (ROE) is a non-GAAP financial measure that the Firm considers useful forinvestors to allow better comparability of period-to-period operating performance. The calculation of ROE uses net income
applicable to Morgan Stanley less preferred dividends as a percentage of average common equity.
12

Institutional Securities net revenues and pre-tax income (loss), excluding DVA, is a non-GAAP financial measure that the
Firm considers useful for investors to allow for better comparability of period-to-period operating performance. The
reconciliation of net revenues and pre-tax income (loss) from a non-GAAP to GAAP basis is as follows (amounts are presented
in millions - also see footnote 7):

Net revenues - Non-GAAP
DVA impact
Net revenues - GAAP
Pre-tax income (loss) - Non-GAAP
DVA impact
Pre-tax income (loss) - GAAP7

1Q 2016$3,714n/a$3,714

4Q 2015$3,543$(124)$3,4191Q 2015$5,333$125$5,458

$908
n/a
$908

$672
$(124)$548$1,688$125$1,813

13

Sales and trading net revenues, including Fixed Income & Commodities (FIC) and Equity sales and trading net revenues
excluding DVA are non-GAAP financial measures that the Firm considers useful for investors to allow better comparability of
period-to-period operating performance. The reconciliation of sales and trading, including FIC and Equity sales and trading net
revenues from a non-GAAP to GAAP basis is as follows (amounts are presented in millions):
1Q 2016$2,688n/a$2,688

1Q 2015$3,958$125$4,083

FIC Sales & Trading - Non-GAAP
DVA Impact
FIC Sales & Trading - GAAP

$873
n/a
$873

$1,903$100$2,003Equity Sales & Trading - Non-GAAP
DVA Impact
Equity Sales & Trading - GAAP

$2,056n/a$2,056$2,268$25$2,293

Sales & Trading - Non-GAAP
DVA Impact
Sales & Trading - GAAP

14

VaR represents the loss amount that one would not expect to exceed, on average, more than five times every one hundred
trading days in the Firm’s trading positions if the portfolio were held constant for a one-day period. Further discussion of thecalculation of VaR and the limitations of the Firm’s VaR methodology is disclosed in Part II, Item 7A “Quantitative andQualitative Disclosures about Market Risk” included in the 2015 Form 10-K. Refer to page 6 of Morgan Stanley’s Financial
Supplement accompanying this release for the VaR disclosure.
15

Transactional revenues include investment banking, trading, and commissions and fee revenues.

16

Wealth Management client liabilities reflect U.S. Bank lending and broker dealer margin activity.

17

Tangible common equity and tangible book value per common share are non-GAAP financial measures that the Firm
considers to be useful measures of capital adequacy. Tangible common equity equals common equity less goodwill andintangible assets net of allowable mortgage servicing rights deduction. Tangible book value per common share equals tangible
common equity divided by period end common shares outstanding.

8

Consolidated Financial Summary(unaudited, dollars in millions, except for per share data)

Net revenues
Institutional Securities
Wealth Management
Investment Management
Intersegment Eliminations
Net revenues
Income (loss) from continuing operations before tax
Institutional Securities
Wealth Management
Investment Management
Income (loss) from continuing operations before tax
Net Income (loss) applicable to Morgan Stanley
Institutional Securities
Wealth Management
Investment Management
Net Income (loss) applicable to Morgan Stanley
Earnings (loss) applicable to Morgan Stanley common shareholders

Mar 31, 2016

Quarter Ended
Dec 31, 2015

Mar 31, 2015

$

3,714
3,668
477
(67)
7,792

$

3,419
3,751
621
(53)
7,738

$

908
786
44
1,738

$

548
768
123
1,439

$

$

$
$

341
480
87
908
753

$

$
$

591
493
50
1,134
1,055

$
$

0.55
0.55

$
$

0.39
0.43

$

$

$

$

$

$

Percentage Change From:
Dec 31, 2015
Mar 31, 2015

5,458
3,834
669
(54)
9,907

9%
(2%)
(23%)
(26%)
1%

(32%)
(4%)
(29%)
(24%)
(21%)

1,813
855
187
2,855

66%
2%
(64%)
21%

(50%)
(8%)
(76%)
(39%)

$
$

1,750
535
109
2,394
2,314

73%
3%
(43%)
25%
40%

(66%)
(8%)
(54%)
(53%)
(54%)

$
$

1.18
1.14

41%
28%

(53%)
(52%)

$

$

Financial Metrics:
Earnings per diluted share
Earnings per diluted share excluding DVA
Return on average common equity
Return on average common equity excluding DVA

6.2%
6.2%

4.4%
4.9%

14.1%
13.5%

Effective January 1, 2016, the Firm early adopted the provision of new accounting guidance that requires unrealized gains and losses from Morgan Stanley’s
debt-related credit spreads and other credit factors (Debt Valuation Adjustments, or DVA) to be presented in Other comprehensive income as opposed to net
revenues and net income. Accordingly, cumulative unrealized DVA losses of $313 million (after tax) as of January 1, 2016, were reclassified from Retained
earnings to Accumulated other comprehensive income. This change is reflected in the consolidated results and the Institutional Securities segment for 2016.
Results for 2015 were not restated pursuant to this guidance.
Notes: - Refer to End Notes, GAAP to Non-GAAP Measures and Definition of Performance Metrics on pages 14-16 from the Financial Supplement for
additional information related to the calculation of the financial metrics.
9

Consolidated Income Statement Information(unaudited, dollars in millions)
Quarter Ended
Dec 31, 2015

Mar 31, 2016
Revenues:
Investment banking
Trading
Investments
Commissions and fees
Asset management, distribution and admin. fees
Other
Total non-interest revenues

$

1,107
2,065
(34)
1,055
2,620
80
6,893

$

1,310
1,465
133
1,095
2,611
87
6,701

Mar 31, 2015$

Percentage Change From:
Dec 31, 2015
Mar 31, 2015

1,357
3,650
266
1,186
2,681
171
9,311

(15%)
41%
*
(4%)
-(8%)
3%

(18%)
(43%)
*
(11%)
(2%)
(53%)
(26%)

Interest income
Interest expense
Net interest
Net revenues

1,747
848
899
7,792

1,514
477
1,037
7,738

1,484
888
596
9,907

15%
78%
(13%)
1%

18%
(5%)
51%
(21%)

Non-interest expenses:
Compensation and benefits

3,683

3,650

4,524

1%

(19%)

Non-compensation expenses:
Occupancy and equipment
Brokerage, clearing and exchange fees
Information processing and communications
Marketing and business development
Professional services
Other
Total non-compensation expenses

329
465
442
134
514
487
2,371

348
457
467
194
638
545
2,649

342
463
415
150
486
672
2,528

(5%)
2%
(5%)
(31%)
(19%)
(11%)
(10%)

(4%)
-7%
(11%)
6%
(28%)
(6%)

6,054

6,299

7,052

(4%)

(14%)

1,738
578
1,160
(3)
1,157
23
1,134
79
1,055

1,439
496
943
(7)
936
28
908
155
753

2,855
387
2,468
(5)
2,463
69
2,394
80
2,314

21%
17%
23%
57%
24%
(18%)
25%
(49%)
40%

(39%)
49%
(53%)
40%
(53%)
(67%)
(53%)
(1%)
(54%)

Total non-interest expenses
Income (loss) from continuing operations before taxes
Income tax provision / (benefit) from continuing operations
Income (loss) from continuing operations
Gain (loss) from discontinued operations after tax
Net income (loss)
Net income applicable to nonredeemable noncontrolling interests
Net income (loss) applicable to Morgan Stanley
Preferred stock dividend / Other
Earnings (loss) applicable to Morgan Stanley common shareholders
Pre-tax profit margin
Compensation and benefits as a % of net revenues
Non-compensation expenses as a % of net revenues
Effective tax rate from continuing operations

$

$

$

$

$

$

22%
47%
30%

19%
47%
34%

29%
46%
26%

33.3%

34.5%

13.6%

Notes: - Refer to End Notes, GAAP to Non-GAAP Measures and Definition of Performance Metrics on pages 14-16 from the Financial Supplement
for additional information.
10

Earnings Per Share Summary(unaudited, dollars in millions, except for per share data)

Quarter Ended

Income (loss) from continuing operations
Net income applicable to nonredeemable noncontrolling interests
Income (loss) from continuing operations applicable to Morgan Stanley
Less: Preferred Dividends and allocation of earnings to Participating Restricted Stock Units
Income (loss) from continuing operations applicable to Morgan Stanley

Mar 31, 2016

Dec 31, 2015

Mar 31, 2015

$

$

$

Gain (loss) from discontinued operations after tax
Less: Gain (loss) from discontinued operations after tax applicable to noncontrolling interests
Less: Allocation of earnings to Participating Restricted Stock Units
Earnings (loss) from discontinued operations applicable to Morgan Stanley common shareholders
Earnings (loss) applicable to Morgan Stanley common shareholders

1,160
23
1,137
79
1,058
(3)
0
0
(3)

$

Average basic common shares outstanding (millions)

1,055

$
$
$

Average diluted common shares outstanding and common stock equivalents (millions)

0.56
0.56

$

$
$
$

0.55
0.55

753

$

1,889
$
$
$

1,915

Earnings per diluted share:
Income from continuing operations
Discontinued operations
Earnings per diluted share

943
28
915
155
760
(7)
0
0
(7)

1,883

Earnings per basic share:
Income from continuing operations
Discontinued operations
Earnings per basic share

Percentage Change From:

0.40
0.40

$
$
$

1,939
$
$
$

0.39
0.39

$
$
$

Dec 31, 2015

Mar 31, 2015

2,468
69
2,399
80
2,319

23%
(18%)
24%
(49%)
39%

(53%)
(67%)
(53%)
(1%)
(54%)

(5)
0
0
(5)

57%
--57%

40%
--40%

2,314

40%

(54%)

1,924

--

(2%)

1.21
(0.01)
1.20

40%
-40%

(54%)
*
(53%)

1,963

(1%)

(2%)

1.18
1.18

41%
-41%

(53%)
-(53%)

Notes: - Refer to End Notes, GAAP to Non-GAAP Measures and Definition of Performance Metrics on pages 14-16 from the Financial Supplement for additional information.
11