Scotiabank First Quarter Press Release 2023
Forward-looking statements
From time to time, our public communications include oral or written forward-looking statements. Statements of this type are included in this
document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission ("SEC"), or
in other communications. In addition, representatives of the Bank may include forward-looking statements orally to analysts, investors, the
media and others. All such statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of
1995 and any applicable Canadian securities legislation. Forward-looking statements may include, but are not limited to, statements made in
this document, the Management's Discussion and Analysis in the Bank's 2022 Annual Report under the headings "Outlook" and in other
statements regarding the Bank's objectives, strategies to achieve those objectives, the regulatory environment in which the Bank operates,
anticipated financial results, and the outlook for the Bank's businesses and for the Canadian, U.S. and global economies. Such statements are
typically identified by words or phrases such as "believe," "expect," "foresee," "forecast," "anticipate,” “intend," "estimate," "plan," "goal,"
"target," "project," "commit," "objective," and similar expressions of future or conditional verbs, such as "will," "may," "should," "would,"
"might," "
," "can" and "could" and positive and negative variations thereof.
By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which
give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our
assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved.
We caution readers not to place undue reliance on these statements as a number of risk factors, many of which are beyond our control and
effects of which can be difficult to predict, could cause our actual results to differ materially from the expectations, targets, estimates or
intentions expressed in such forward-looking statements.
The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general
economic and market conditions in the countries in which we operate; changes in currency and interest rates; increased funding costs and
market volatility due to market illiquidity and competition for funding; the failure of third parties to comply with their obligations to the Bank
and its affiliates; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; changes in laws and regulations or in
supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such
changes on funding costs; changes to our credit ratings; the possible effects on our business of war or terrorist actions and unforeseen
consequences arising from such actions; operational and infrastructure risks; reputational risks; the accuracy and completeness of information
the Bank receives on customers and counterparties; the timely development and introduction of new products and services, and the extent to
which products or services previously sold by the Bank require the Bank to incur liabilities or absorb losses not contemplated at their
origination; our ability to execute our strategic plans, including the successful completion of acquisitions and dispositions, including obtaining
regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these
estimates; global capital markets activity; the Bank's ability to attract, develop and retain key executives; the evolution of various types of
fraud or other criminal behaviour to which the Bank is exposed; disruptions in or attacks (including cyber-attacks) on the Bank's information
technology, internet, network access, or other voice or data communications systems or services; increased competition in the geographic and
business areas in which we operate, including through internet and mobile banking and non-traditional competitors; exposure related to
significant litigation and regulatory matters; climate change and other environmental and social risks, including sustainability that may arise,
including from the Bank's business activities; the occurrence of natural and unnatural catastrophic events and claims resulting from such
events; inflationary pressures; Canadian housing and household indebtedness; the emergence of widespread health emergencies or
pandemics, including the magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial market
conditions and the Bank's business, results of operations, financial condition and prospects; and the Bank's anticipation of and success in
managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing
resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a
material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the
Bank's actual performance to differ materially from that contemplated by forward-looking statements. The Bank cautions that the preceding
list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results, for more information, please see
the "Risk Management" section of the Bank's 2022 Annual Report, as may be updated by quarterly reports.
Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2022 Annual Report
under the headings "Outlook", as updated by quarterly reports. The "Outlook" and "2023 Priorities" sections are based on the Bank's views
and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on
forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the
preceding factors, other uncertainties and potential events.
Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented
for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and
anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes.
Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made
from time to time by or on its behalf.
Additional information relating to the Bank can be located on the SEDAR website at www.sedar.com and on the EDGAR section of the SEC's
website at www.sec.gov.
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