Morgan Stanley 2009 Annual Report Download - page 4

Forward-Looking Statements
We have included or incorporated by reference into this report, and from time to time may make in our public
filings, press releases or other public statements, certain statements, including (without limitation) those under
“Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Market Risk” in
Part II, Item 7A, that may constitute “forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. In addition, our management may make
forward-looking statements to analysts, investors, representatives of the media and others. These forward-looking
statements are not historical facts and represent only Morgan Stanley’s beliefs regarding future events, many of
which, by their nature, are inherently uncertain and beyond our control.
The nature of Morgan Stanley’s business makes predicting the future trends of our revenues, expenses and net
income difficult. The risks and uncertainties involved in our businesses could affect the matters referred to in
such statements and it is possible that our actual results may differ from the anticipated results indicated in these
forward-looking statements. Important factors that could cause actual results to differ from those in the forward-
looking statements include (without limitation):
• the effect of political and economic conditions and geopolitical events;
• the effect of market conditions, particularly in the global equity, fixed income and credit markets,
including corporate and mortgage (commercial and residential) lending and commercial real estate
investments;
• the impact of current, pending and future legislation, regulation, and legal actions in the U.S. and
worldwide;
• the level and volatility of equity, fixed income and commodity prices and interest rates, currency values
and other market indices;
• the availability and cost of both credit and capital as well as the credit ratings assigned to Morgan
Stanley’s unsecured short-term and long-term debt;
• investor sentiment and confidence in the financial markets;
• our reputation;
• the actions and initiatives of current and potential competitors;
• technological changes; and
• other risks and uncertainties detailed under “Competition” and “Supervision and Regulation” in Part I,
Item 1, “Risk Factors” in Part I, Item 1A, and elsewhere throughout this report.
Accordingly, you are cautioned not to place undue reliance on forward-looking statements, which speak only as
of the date on which they are made. Morgan Stanley undertakes no obligation to update publicly or revise any
forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are
made, whether as a result of new information, future events or otherwise except as required by applicable law.
You should, however, consult further disclosures Morgan Stanley may make in future filings of its Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and any amendments
thereto or in future press releases or other public statements.
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