EXHIBIT 12

Morgan Stanley

Ratio of Earnings to Fixed Charges

and Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(Unaudited)

$ in millions	2017		2016		2015		2014		2013
Ratio of Earnings to Fixed Charges
Earnings1	$	10,295	$	8,805	$	8,229	$	3,235	$	3,502
Fixed charges2		6,010		3,575		2,987		3,935		4,695
Total earnings and fixed charges	$	16,305	$	12,380	$	11,216	$	7,170	$	8,197
Fixed charges2
Total interest expense3	$	5,767	$	3,336	$	2,742	$	3,679	$	4,414
Interest factor in rents		243		239		245		256		281
Total fixed charges	$	6,010	$	3,575	$	2,987	$	3,935	$	4,695
Ratio of earnings to fixed charges		2.7		3.5		3.8		1.8		1.7
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Earnings1	$	10,295	$	8,805	$	8,229	$	3,235	$	3,502
Fixed charges2		6,010		3,575		2,987		3,935		4,695
Total earnings and fixed charges	$	16,305	$	12,380	$	11,216	$	7,170	$	8,197
Fixed charges2
Total interest expense3	$	5,767	$	3,336	$	2,742	$	3,679	$	4,414
Interest factor in rents		243		239		245		256		281
Preferred stock dividends4		873		676		610		311		150
Total fixed charges and preferred stock dividends	$	6,883	$	4,251	$	3,597	$	4,246	$	4,845
Ratio of earnings to fixed charges and preferred stock dividends		2.4		2.9		3.1		1.7		1.7

1. Amounts represent earnings before income taxes and do not include dividends on preferred securities, income (loss) from discontinued operations, noncontrolling interests and income or loss from equity investees.

2. Fixed charges do not include interest expense on uncertain tax liabilities as the Firm records these amounts within Provision for income taxes.

3. Amounts consist of interest cost, including interest on deposits and capitalized interest.

4. The preferred stock dividends amount represents pre-tax earnings required to cover dividends on preferred stock.