MORGAN STANLEY

Ticker: MS CUSIP: 617446448 Class: COM

Carmignac Gestion's Holding History (CIK: 0001569758)

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

Q2 2015

Shares 9,822,903 Value ($000) $381,030 Avg Close $28.39 Range $26.31 - $30.07

Q1 2015

Shares 9,789,103 Value ($000) $349,373 Avg Close $26.67 Range $25.09 - $29.04

Q4 2014

Shares 9,760,003 Value ($000) $378,688 Avg Close $26.37 Range $23.19 - $29.07

Q1 2013

Shares 11,500,000 Value ($000) $252,770 Avg Close $16.27 Range $14.06 - $17.85

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2015	9,822,903	$381,030	$28.39	$26.31 - $30.07
Q1 2015	9,789,103	$349,373	$26.67	$25.09 - $29.04
Q4 2014	9,760,003	$378,688	$26.37	$23.19 - $29.07
Q1 2013	11,500,000	$252,770	$16.27	$14.06 - $17.85