HSBC 2003 Annual Report Download - page 7

HSBC HOLDINGS PLC
Cautionary Statement Regarding Forward-Looking Statements
5
This Annual Report contains certain forward-looking
statements with respect to the financial condition,
results of operations and business of HSBC.
Statements that are not historical facts, including
statements about HSBC’s beliefs and expectations,
are forward-looking statements. Words such as
‘expects’ , ‘anticipates’, ‘intends’, ‘plans’ , ‘believes’ ,
‘seeks’ , ‘estimates’ , ‘potential’ , ‘reasonably possible’
and variations of these words and similar expressions
are intended to identify forward-looking statements.
These statements are based on current plans,
estimates and projections, and therefore undue
reliance should not be placed on them. Forward-
looking statements speak only as of the date they are
made, and it should not be assumed that they have
been revised or updated in the light of new
information or future events.
Written and/or oral forward-looking statements
may also be made in the periodic reports to the US
Securities and Exchange Commission, summary
financial statements to shareholders, proxy
statements, offering circulars and prospectuses, press
releases and other written materials, and in oral
statements made by HSBC’s Directors, officers or
employees to third parties, including financial
analysts.
Forward-looking statements involve inherent
risks and uncertainties. Readers are cautioned that a
number of factors could cause actual results to differ,
in some instances materially, from those anticipated
or implied in any forward-looking statement. These
factors include, among others:
• changes in general economic conditions in the
markets in which HSBC operates, such as:
− changes in foreign exchange rates, in both
market exchange rates (for example,
between the US dollar and the pound
sterling) and government-established
exchange rates (for example, between the
Hong Kong dollar and the US dollar);
− volatility in interest rates;
− volatility in equity markets, including in the
smaller and less liquid trading markets in
Asia and South America;
− lack of liquidity in wholesale funding
markets in periods of economic or political
crisis;
− volatility in national real estate markets,
particularly consumer-owned real estate
markets;
− continuing or deepening recessions and
employment fluctuations; and
− consumer perception as to the continuing
availability of credit, and price competition
in the market segments served by HSBC.
• changes in governmental policy and regulation,
including:
− the monetary, interest rate and other policies
of central banks and bank and other
regulatory authorities, including the UK
Financial Services Authority, the Bank of
England, the Hong Kong Monetary
Authority, the US Federal Reserve, the
European Central Bank, the People’ s Bank
of China and the central banks of other
leading economies and markets where
HSBC operates;
− expropriation, nationalisation, confiscation
of assets and changes in legislation relating
to foreign ownership;
− initiatives by local, state and national
regulatory agencies or legislative bodies to
revise the practices, pricing or
responsibilities of financial institutions
serving their consumer markets;
− changes in personal bankruptcy legislation
in the principal markets in which HSBC
operates and the consequences thereof;
− general changes in governmental policy that
may significantly influence investor
decisions in particular markets in which
HSBC operates;
− other unfavourable political or diplomatic
developments producing social instability or
legal uncertainty which in turn may affect
demand for HSBC’ s products and services;
− the costs, effects and outcomes of regulatory
reviews, actions or litigation, including any
additional compliance requirements;