MORGAN STANLEY

Ticker: MS CUSIP: 617446448 Class: COM

PIPER SANDLER & CO.'s Holding History (CIK: 0000724683)

Note: Option positions (PUT/CALL) are excluded.

Q1 2014
Shares 5,000 Value ($000) $156 Avg Close $22.70 Range $21.15 - $24.60
Q4 2013
Shares 20,000 Value ($000) $627 Avg Close $21.80 Range $19.35 - $23.37