Be blunt

Before

This report contains forward-looking statements which are subject to numerous assumptions, risks and uncertainties. Statements pertaining to future periods are subject to uncertainty because of the possibility of changes in underlying factors and assumptions. Actual results could differ materially from those contained in or implied by such forward-looking statements for a variety of factors including: sharp and/or rapid changes in interest rates; significant changes in the economy which could materially change anticipated credit quality trends and the ability to generate loans; failure of the capital markets to function consistent with customary levels; significant delay in or inability to execute strategic initiatives designed to grow revenues and/or manage expenses; consummation of significant business combinations or divestitures; and significant changes in accounting, tax, or regulatory practices or requirements.

Before, with commentary

This report contains forward-looking statements which are subject to numerous assumptions, risks and uncertainties. Statements pertaining to future periods are subject to uncertainty because of the possibility of changes in underlying factors and assumptions. [This sentence doesn’t add anything.] Actual results could differ materially from those contained in or implied by such forward-looking statements for a variety of factors including: sharp and/or rapid changes in interest rates; significant changes in the economy which could materially change anticipated credit quality trends and the ability to generate loans; failure of the capital markets to function consistent with customary levels; significant delay in or inability to execute strategic initiatives designed to grow revenues and/or manage expenses; consummation of significant business combinations or divestitures; and significant changes in accounting, tax, or regulatory practices or requirements. [This language doesn’t explain how these events could affect this particular company (a bank holding company).]

After

This Annual Report contains forward-looking statements, which by their nature are subject to assumptions, risks, and uncertainties. For a variety of reasons, actual results could differ materially from those contained in or implied by our projections. For example:
• Interest rates could change more quickly or more significantly than we expect.
• If the economy changes significantly in an unexpected way, the demand for new loans and the ability of borrowers to repay outstanding loans likely will change in ways that our models do not anticipate.
• The stock and bond markets could suffer a significant downturn, which would likely have a negative effect on our financial condition and that of our borrowers.
• It could take us longer than we anticipate to implement strategic initiatives designed to increase revenues or manage expenses, or we may be unable to implement those initiatives at all.
• Acquisitions and dispositions of assets, business units, or affiliates could affect us in ways that management has not anticipated.
• We may become subject to new and unanticipated accounting, tax, or regulatory practices or requirements.