911583--3/10/2010--STEINWAY_MUSICAL_INSTRUMENTS

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{product, market, service}

{regulation, change, law}

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{operation, international, foreign}

{condition, economic, financial}

{investment, property, distribution}

{provision, law, control}

{cost, regulation, environmental}

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We operate in competitive markets Economic downturns and changes in consumer preferences could adversely affect our business We generate most of our sales through independent dealers and distributors We could be subject to work stoppages or other business interruptions as a result of our unionized work force Any significant disruption in our supply from key suppliers could delay production and adversely affect our sales We experience inherent concentration of credit risk in our accounts receivable We may be unable to successfully integrate acquisitions of related companies into our business Shifts in our product mix may result in declines in our gross margins and profit levels Failure of our new products to gain market acceptance may adversely affect our operating results Since we have a limited number of facilities, any loss of use of any of our facilities could adversely affect our operations We may face difficulties or delays renewing leases or re-leasing space in our office building Our operations may subject us to liabilities for environmental matters, the costs of which could be material We may not be able to protect our proprietary information Changes in our effective tax rates could affect future results Our foreign operations are exposed to risks associated with foreign regulations, exchange rate fluctuations, trade restrictions and political, economic and social instability The requirements of complying with various federal regulations may strain our resources Further issuances of equity securities may be dilutive to current shareholders Messrs. Kirkland and Messina exercise significant control over us, which could adversely affect investors

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911583--3/10/2010--STEINWAY_MUSICAL_INSTRUMENTS_INC