Morgan Stanley 2010 Annual Report Download - page 5

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Forward-Looking Statements
We have included in 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 our beliefs regarding future events, many of which, by their
nature, are inherently uncertain and beyond our control.
The nature of our 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 (including the Dodd-Frank Wall Street Reform and
Consumer Protection Act (the “Dodd-Frank Act”)), regulation (including capital requirements), 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 our unsecured
short-term and long-term debt;
investor sentiment and confidence in the financial markets;
our reputation;
inflation, natural disasters and acts of war or terrorism;
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. We undertake 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 we may make in future filings of our 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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