Morgan Stanley 2009 Annual Report Download - page 36

Stock performance graph. The following graph compares the cumulative total shareholder return (rounded to
the nearest whole dollar) of the Company’s common stock, the S&P 500 Stock Index (“S&P 500”), the S&P 500
Diversified Financials Index (“S5DIVF”) and the S&P 500 Financials Index (“S5FINL”) for the last five years.
The Company included the S5FINL due to the broader range of financial services companies and related
businesses reflected in such index, which is also used by many of the Company’s peers. The graph assumes a
$100 investment at the closing price on December 31, 2004 and reinvestment of dividends on the respective
dividend payment dates without commissions. Historical prices are adjusted to reflect the spin-off of Discover
Financial Services completed on June 30, 2007. This graph does not forecast future performance of the
Company’s common stock.
$60.03
$54.35
$71.22
$102.11
CUMULATIVE TOTAL RETURN
December 31, 2004 - December 31, 2009
20
40
60
80
100
120
140
160
Dollars
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09
MS S&P 500 S5DIVF S5FINL
MS S&P 500 S5DIVF S5FINL
12/31/2004 ........ $100.00 $100.00 $100.00 $100.00
12/30/2005 ........ $104.26 $104.91 $109.83 $106.50
12/29/2006 ........ $152.06 $121.46 $136.06 $126.96
12/31/2007 ........ $121.24 $128.13 $110.87 $103.47
12/31/2008 ........ $ 37.85 $ 80.74 $ 45.98 $ 46.32
12/31/2009 ........ $ 71.22 $102.11 $ 60.03 $ 54.35
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