MORGAN STANLEY

Ticker: MS CUSIP: 617446448 Class: COM

Phocas Financial Corp.'s Holding History (CIK: 0001356783)

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

Q1 2016

Shares 8,904 Value ($000) $223 Avg Close $19.31 Range $16.04 - $23.88

Q4 2015

Shares 8,904 Value ($000) $283 Avg Close $25.00 Range $22.61 - $26.92

Q2 2015

Shares 8,904 Value ($000) $345 Avg Close $28.39 Range $26.31 - $30.07

Q1 2015

Shares 8,904 Value ($000) $318 Avg Close $26.67 Range $25.09 - $29.04

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	8,904	$223	$19.31	$16.04 - $23.88
Q4 2015	8,904	$283	$25.00	$22.61 - $26.92
Q2 2015	8,904	$345	$28.39	$26.31 - $30.07
Q1 2015	8,904	$318	$26.67	$25.09 - $29.04