EXHIBIT 12

Morgan Stanley

Ratio of Earnings to Fixed Charges

and Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(unaudited)

$ in millions	Nine Months Ended September 30, 2017		Twelve Months Ended December 31,
			2016		2015		2014		2013		2012
Ratio of Earnings to Fixed Charges
Earnings1	$	7,706	$	8,805	$	8,229	$	3,235	$	3,502	$	(29	)
Fixed charges2		4,443		3,575		2,987		3,935		4,695		6,152
Total earnings and fixed charges	$	12,149	$	12,380	$	11,216	$	7,170	$	8,197	$	6,123
Fixed charges2
Total interest expense3	$	4,263	$	3,336	$	2,742	$	3,679	$	4,414	$	5,858
Interest factor in rents		180		239		245		256		281		294
Total fixed charges	$	4,443	$	3,575	$	2,987	$	3,935	$	4,695	$	6,152
Ratio of earnings to fixed charges		2.7		3.5		3.8		1.8		1.7		1.0
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
Earnings1	$	7,706	$	8,805	$	8,229	$	3,235	$	3,502	$	(29	)
Fixed charges2		4,443		3,575		2,987		3,935		4,695		6,152
Total earnings and fixed charges	$	12,149	$	12,380	$	11,216	$	7,170	$	8,197	$	6,123
Fixed charges2
Total interest expense3	$	4,263	$	3,336	$	2,742	$	3,679	$	4,414	$	5,858
Interest factor in rents		180		239		245		256		281		294
Preferred stock dividends4		502		676		610		311		150		96
Total fixed charges and preferred stock dividends	$	4,945	$	4,251	$	3,597	$	4,246	$	4,845	$	6,248
Ratio of earnings to fixed charges and preferred stock dividends		2.5		2.9		3.1		1.7		1.7		1.0

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.