Morgan Stanley Investor Presentation — December 2020

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FORWARD LOOKING STATEMENTS

Certain statements in this release or presentation, other than purely historical information, including estimates, projection s, statements relating to our business plans, objectives, and expected

operating results, and the assumptions upon which those statements are based, are “forward -looking statements” within the meanin g of the Private Securities Litigation Reform Act of 1995,

Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward -looking statemen ts generally are identified by the words “believe,” “project,”

“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward -

looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may c ause results to differ materially from those expressed or implied in

the forward -looking statements. We undertake no obligation to update or revise publicly any forward -looking statements, whether because of new information, future events or otherwise, except to

the extent required by law

Risks and uncertainties to which our forward -looking statements are subject include, without limitation: (1) the ability to succ essfully manage global financial risks, including foreign currency

fluctuations, currency exchange or pricing controls and localized volatility; (2) the ability to successfully manage local, r egional or global economic volatility, including reduced market growth rates,

and to generate sufficient income and cash flow to allow the Company to effect the expected share repurchases and dividend pa yments; (3) the ability to manage disruptions in credit markets or