For more information on the Board structure and independence, oversight and annual evaluation of the Board committees and Independent Lead Director, see our pages 23–26. https://www.morganstanley.com/about-us-ir/pdf/MS_10K_December_31_2016.pdf http://www.morganstanley.com/about-us-governance/code-of-conduct https://www.morganstanley.com/about-us-governance/pdf/Code_of_Ethics_and_Business_Conduct.pdf?v=20170928 https://www.morganstanley.com/about-us-governance/pdf/Code_of_Ethics_and_Business_Conduct.pdf?v=20170928 https://www.morganstanley.com/about-us-2017ams/pdf/2017_Proxy_Statement.pdf 2016 SUSTAINABILITY UPDATE 4 MORGAN STANLEY The Board is committed to diversity of perspectives, backgrounds and other demographics.