Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations We are an international energy company with operations in the U. S. , Canada, Africa, the Middle East and Europe.
Our operations are organized into three reportable segments: ?
E&P which explores for, produces and markets liquid hydrocarbons and natural gas on a worldwide basis.  ?
OSM which mines, extracts and transports bitumen from oil sands deposits in Alberta, Canada, and upgrades the bitumen to produce and market synthetic crude oil and vacuum gas oil.  ?
IG which produces and markets products manufactured from natural gas, such as LNG and methanol, in E. G.  Certain sections of Management’s Discussion and Analysis of Financial Condition and Results of Operations include forwardlooking statements concerning trends or events potentially affecting our business.
These statements typically contain words such as "anticipates," "believes," "estimates," "expects," "targets," "plans," "projects," "could," "may," "should," "would" or similar words indicating that future outcomes are uncertain.
In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, these statements are accompanied by cautionary language identifying important factors, though not necessarily all such factors, which could cause future outcomes to differ materially from those set forth in forward-looking statements.
For additional risk factors affecting our business, see Item 1A.
Risk Factors in this Annual Report on Form 10-K.  Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the information under Item 1.  Business, Item 1A.
Risk Factors and Item 8.
Financial Statements and Supplementary Data found in this Annual Report on Form 10-K.  Spin-off Downstream Business On June 30, 2011, the spin-off of Marathon’s downstream business was completed, creating two independent energy companies: Marathon Oil and MPC.
Marathon stockholders at the close of business on the record date of June 27, 2011 received one share of MPC common stock for every two shares of Marathon common stock held.
A private letter tax ruling received in June 2011 from the IRS affirmed the tax-free nature of the spin-off.
Activities related to the downstream business have been treated as discontinued operations in 2011 and 2010 (see Item 8.
Financial Statements and Supplementary Data – Note 3 to the consolidated financial statements for additional information).
Overview – Market Conditions Exploration and Production Prevailing prices for the various grades of crude oil and natural gas that we produce significantly impact our revenues and cash flows.
The following table lists benchmark crude oil and natural gas price annual averages for the past three years.
## Table 0 ##
(a) Settlement date average.
Liquid hydrocarbon – Prices of crude oil have been volatile in recent years, but less so when comparing annual averages for 2012 and 2011.
In 2011, crude prices increased over 2010 levels, with increases in Brent averages outstripping those in WTI.
The quality, location and composition of our liquid hydrocarbon production mix will cause our U. S.  liquid hydrocarbon realizations to differ from the WTI benchmark.
In 2012, 2011 and 2010, the percentage of our U. S.  crude oil and condensate production that was sour averaged 37 percent, 58 percent and 68 percent.
Sour crude contains more sulfur and tends to be heavier than light sweet crude oil so that refining it is more costly and produces lower value products; therefore, sour crude is considered of lower quality and typically sells at a discount to WTI.
The percentage of our U. S.  crude and condensate production that is sour has been decreasing as onshore production from the Eagle Ford and Bakken shale plays increases and production from the Gulf of Mexico declines.
In recent years, crude oil sold along the U. S.  Gulf Coast has been priced at a premium to WTI because the Louisiana Light Sweet benchmark has been tracking Brent, while production from inland areas farther from large refineries has been at a discount to WTI.
NGLs were 10 percent, 7 percent and 6 percent of our U. S.  liquid hydrocarbon sales in 2012, 2011 and 2010.
In 2012, our sales of NGLs increased due to our development of U. S.  unconventional liquids-rich plays.
MORGAN STANLEY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) Both the equity and fixed income portions of the asset allocation use a combination of active and passive investment strategies and different investment styles.
The fixed income asset allocation consists of longer duration fixed income securities in order to help reduce plan exposure to interest rate variation and to better correlate assets with obligations.
The longer duration fixed income allocation is expected to help maintain the stability of plan contributions over the long run.
The asset mix of the Company’s U. S.  Qualified Plan is reviewed by the Morgan Stanley Retirement Plan Investment Committee on a regular basis.
When asset class exposure reaches a minimum or maximum level, an asset allocation review process is initiated, and the portfolio is automatically rebalanced back to target allocation levels unless the Investment Committee determines otherwise.
Under the current Investment Committee policy, no more than 10% of the U. S.  Qualified Plan assets can be allocated to non-traditional “alternative” asset classes and only to the extent that those alternatives provide attractive diversification benefits, absolute return enhancement and/or other potential benefit to the plan.
Allocations to alternative asset classes will be made based upon an evaluation of particular attributes and relevant considerations of each asset class.
Derivative instruments are permitted in the U. S.  Qualified Plan’s portfolio only to the extent that they comply with all of the plan’s policy guidelines and are consistent with the plan’s risk and return objectives.
In addition, any investment in derivatives must meet the following conditions: ?
Derivatives may be used only if the vehicle is deemed by the investment manager to be more attractive than a similar direct investment in the underlying cash market or if the vehicle is being used to manage risk of the portfolio.  ?
Derivatives may not be used in a speculative manner or to leverage the portfolio under any circumstances.  ?
Derivatives may not be used as short-term trading vehicles.
The investment philosophy of the U. S.  Qualified Plan is that investment activity is undertaken for long-term investment rather than short-term trading.  ?
Derivatives may only be used in the management of the U. S.  Qualified Plan’s portfolio when their possible effects can be quantified, shown to enhance the risk-return profile of the portfolio, and reported in a meaningful and understandable manner.
As a fundamental operating principle, any restrictions on the underlying assets apply to a respective derivative product.
This includes percentage allocations and credit quality.
Derivatives will be used solely for the purpose of enhancing investment in the underlying assets and not to circumvent portfolio restrictions.
Cash Flows.
The Company expects to contribute approximately $115 million to its pension and postretirement benefit plans (U. S.  and non-U.
S. ) in fiscal 2008 based upon their current funded status and expected asset return assumptions for fiscal 2008, as applicable.
Expected benefit payments associated with the Company’s pension and postretirement benefit plans for the next five fiscal years and in aggregate for the five fiscal years thereafter are as follows:
## Table 1 ##
Risk Disclosures We also participate in securitization activities, whereby we extend short-term or long-term funding to clients through loans and lending commitments that are secured by the assets of the borrower and generally provide for overcollateralization, including commercial real estate loans, loans secured by loan pools, corporate loans and secured lines of revolving credit.
Credit risk with respect to these loans and lending commitments arises from the failure of a borrower to perform according to the terms of the loan agreement or a decline in the underlying collateral value.
See Note 13 to the financial statements for information about our securitization activities.
In addition, a collateral management group monitors collateral levels against requirements and oversees the administration of the collateral function.
See Note 6 to the financial statements for additional information about our collateralized transactions.
Institutional Securities Loans and Lending Commitments by Credit Rating1
## Table 2 ##
## Table 3 ##
NIG—Non-investment grade 1.
Obligor credit ratings are determined by CRM.2.
Unrated loans and lending commitments are primarily trading positions that are measured at fair value and risk managed as a component of Market Risk.
For a further discussion of our Market Risk, see “Quantitative and Qualitative Disclosures about Market Risk—Risk Management—Market Risk” herein.
Institutional Securities Loans and Lending Commitments by Industry
## Table 4 ##
1.
Prior period amounts have been revised to conform to the current presentation.
Institutional Securities business segment loans and lending commitments are mainly related to relationship-based and event-driven lending to select corporate clients.
Relationshipbased loans and lending commitments are used for general corporate purposes, working capital and liquidity purposes by our investment banking clients and typically consist of revolving lines of credit, letter of credit facilities and term

<table><tr><td>Benchmark</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>WTI crude oil(Dollars per bbl)</td><td>$94.15</td><td>$95.11</td><td>$79.61</td></tr><tr><td>Brent (Europe) crude oil(Dollars per bbl)</td><td>$111.65</td><td>$111.26</td><td>$79.51</td></tr><tr><td>Henry Hub natural gas(Dollars per mmbtu)<sup>(a)</sup></td><td>$2.79</td><td>$4.04</td><td>$4.39</td></tr></table>
<table><tr><td></td><td> Pension</td><td> Postretirement</td></tr><tr><td></td><td colspan="2"> (dollars in millions)</td></tr><tr><td>Fiscal 2008</td><td>$109</td><td>$8</td></tr><tr><td>Fiscal 2009</td><td>109</td><td>8</td></tr><tr><td>Fiscal 2010</td><td>108</td><td>8</td></tr><tr><td>Fiscal 2011</td><td>109</td><td>9</td></tr><tr><td>Fiscal 2012</td><td>119</td><td>9</td></tr><tr><td>Fiscal 2013-2017</td><td>654</td><td>47</td></tr></table>
<table><tr><td></td><td colspan="5"> At December 31, 2017</td></tr><tr><td></td><td colspan="4">Years to Maturity</td><td></td></tr><tr><td><i>$ in millions</i></td><td>Less than1</td><td>1-3</td><td>3-5</td><td>Over 5</td><td>Total</td></tr><tr><td> Loans</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>AAA</td><td>$—</td><td>$—</td><td>$—</td><td>$—</td><td>$—</td></tr><tr><td>AA</td><td>14</td><td>503</td><td>30</td><td>5</td><td>552</td></tr><tr><td>A</td><td>1,608</td><td>1,710</td><td>1,235</td><td>693</td><td>5,246</td></tr><tr><td>BBB</td><td>2,791</td><td>6,558</td><td>3,752</td><td>646</td><td>13,747</td></tr><tr><td>NIG</td><td>4,760</td><td>12,311</td><td>4,480</td><td>3,245</td><td>24,796</td></tr><tr><td>Unrated<sup>2</sup></td><td>243</td><td>291</td><td>621</td><td>1,487</td><td>2,642</td></tr><tr><td> Total loans</td><td>9,416</td><td>21,373</td><td>10,118</td><td>6,076</td><td>46,983</td></tr><tr><td colspan="2"> Lending commitments</td><td></td><td></td><td></td><td></td></tr><tr><td>AAA</td><td>—</td><td>165</td><td>—</td><td>—</td><td>165</td></tr><tr><td>AA</td><td>3,745</td><td>1,108</td><td>3,002</td><td>—</td><td>7,855</td></tr><tr><td>A</td><td>3,769</td><td>5,533</td><td>11,774</td><td>197</td><td>21,273</td></tr><tr><td>BBB</td><td>3,987</td><td>12,345</td><td>16,818</td><td>1,095</td><td>34,245</td></tr><tr><td>NIG</td><td>4,159</td><td>9,776</td><td>12,279</td><td>2,698</td><td>28,912</td></tr><tr><td>Unrated<sup>2</sup></td><td>9</td><td>40</td><td>42</td><td>47</td><td>138</td></tr><tr><td> Total lending</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> commitments</td><td>15,669</td><td>28,967</td><td>43,915</td><td>4,037</td><td>92,588</td></tr><tr><td> Total exposure</td><td>$25,085</td><td>$50,340</td><td>$54,033</td><td>$10,113</td><td>$139,571</td></tr></table>
<table><tr><td></td><td colspan="5">At December 31, 2016</td></tr><tr><td></td><td colspan="4">Years to Maturity</td><td></td></tr><tr><td><i>$ in millions</i></td><td>Less than1</td><td>1-3</td><td>3-5</td><td>Over 5</td><td>Total</td></tr><tr><td> Loans</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>AAA</td><td>$—</td><td>$—</td><td>$—</td><td>$—</td><td>$—</td></tr><tr><td>AA</td><td>—</td><td>—</td><td>38</td><td>—</td><td>38</td></tr><tr><td>A</td><td>235</td><td>775</td><td>1,391</td><td>552</td><td>2,953</td></tr><tr><td>BBB</td><td>1,709</td><td>6,473</td><td>2,768</td><td>1,362</td><td>12,312</td></tr><tr><td>NIG</td><td>4,667</td><td>12,114</td><td>5,629</td><td>2,304</td><td>24,714</td></tr><tr><td>Unrated<sup>2</sup></td><td>699</td><td>126</td><td>175</td><td>1,483</td><td>2,483</td></tr><tr><td> Total loans</td><td>7,310</td><td>19,488</td><td>10,001</td><td>5,701</td><td>42,500</td></tr><tr><td colspan="2"> Lending commitments</td><td></td><td></td><td></td><td></td></tr><tr><td>AAA</td><td>50</td><td>105</td><td>50</td><td>—</td><td>205</td></tr><tr><td>AA</td><td>3,724</td><td>451</td><td>3,989</td><td>—</td><td>8,164</td></tr><tr><td>A</td><td>1,994</td><td>4,610</td><td>11,135</td><td>392</td><td>18,131</td></tr><tr><td>BBB</td><td>6,261</td><td>9,006</td><td>18,148</td><td>653</td><td>34,068</td></tr><tr><td>NIG</td><td>2,839</td><td>8,934</td><td>14,267</td><td>3,418</td><td>29,458</td></tr><tr><td>Unrated<sup>2</sup></td><td>107</td><td>6</td><td>—</td><td>4</td><td>117</td></tr><tr><td> Total lending</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> commitments</td><td>14,975</td><td>23,112</td><td>47,589</td><td>4,467</td><td>90,143</td></tr><tr><td> Total exposure</td><td>$22,285</td><td>$42,600</td><td>$57,590</td><td>$10,168</td><td>$132,643</td></tr></table>
<table><tr><td><i>$ in millions</i></td><td></td><td> At December 31, 2017</td><td></td><td>At December 31, 2016</td></tr><tr><td> Industry</td><td></td><td></td><td></td><td></td></tr><tr><td>Real estate</td><td> $</td><td> 28,426</td><td>$</td><td>19,807</td></tr><tr><td>Financials<sup>1</sup></td><td></td><td> 22,112</td><td></td><td>20,624</td></tr><tr><td>Information technology</td><td></td><td> 11,862</td><td></td><td>8,602</td></tr><tr><td>Consumer discretionary</td><td></td><td> 11,555</td><td></td><td>12,059</td></tr><tr><td>Industrials</td><td></td><td> 11,090</td><td></td><td>11,465</td></tr><tr><td>Energy</td><td></td><td> 10,233</td><td></td><td>11,757</td></tr><tr><td>Healthcare</td><td></td><td> 9,956</td><td></td><td>11,534</td></tr><tr><td>Utilities</td><td></td><td> 9,592</td><td></td><td>9,216</td></tr><tr><td>Consumer staples</td><td></td><td> 8,315</td><td></td><td>7,329</td></tr><tr><td>Materials</td><td></td><td> 5,069</td><td></td><td>7,630</td></tr><tr><td>Insurance</td><td></td><td> 4,739</td><td></td><td>4,190</td></tr><tr><td>Telecommunications services</td><td></td><td> 4,172</td><td></td><td>6,156</td></tr><tr><td>Other</td><td></td><td> 2,450</td><td></td><td>2,274</td></tr><tr><td> Total</td><td> $</td><td> 139,571</td><td>$</td><td>132,643</td></tr></table>

Question: What is the sum of BBB Loans of At December 31, 2016 Years to Maturity.1, Healthcare of At December 31, 2017, and Total loans Loans of At December 31, 2016 Years to Maturity.3 ?
Answer: 24663