# EDGAR Filing Document

**Accession Number:** 0000009631
**File Stem:** 0001140361-23-009329
**Filing Date:** 2023-3
**Character Count:** 13165
**Document Hash:** 51057927443f07e0ee5fea3089bae1a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-009329.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001140361-23-009329

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF NOVA SCOTIA
- **CENTRAL INDEX KEY:** 0000009631
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 134941099
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-261476
- **FILM NUMBER:** 23691372

**BUSINESS ADDRESS:**
- **STREET 1:** 40 TEMPERANCE STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 0B4
- **BUSINESS PHONE:** (416) 866-3672

**MAIL ADDRESS:**
- **STREET 1:** 40 TEMPERANCE STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 0B4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANK OF NOVA SCOTIA /
- **DATE OF NAME CHANGE:** 19970702
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BANK OF NOVA SCOTIA
- **CENTRAL INDEX KEY:** 0000009631
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 134941099
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 40 TEMPERANCE STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 0B4
- **BUSINESS PHONE:** (416) 866-3672

**MAIL ADDRESS:**
- **STREET 1:** 40 TEMPERANCE STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 0B4

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANK OF NOVA SCOTIA /
- **DATE OF NAME CHANGE:** 19970702

------

---

| | |
|:---|:---|
| ![](image0.jpg) | ISSUER FREE WRITING PROSPECTUS |
| ![](image0.jpg) | Filed Pursuant to Rule 433 |
| ![](image0.jpg) | Registration Statement No. 333-261476 |
| ![](image0.jpg) | Dated March 1, 2023 |

---

Buffered Securities Based on the Value of the S&P 500<sup>®</sup> Index due on or about April 3, 2025

#### Principal at Risk Securities
***This document provides a summary of the terms of the Buffered Securities. Investors should carefully review the accompanying preliminary pricing supplement for the Buffered Securities, the accompanying product supplement, the underlier supplement, the prospectus supplement and the prospectus, as well as the "Risk Considerations" section below, before making an investment decision.***

**The Buffered Securities do not guarantee any return of principal at maturity and you could lose up to 90% of your investment. The Buffered Securities are senior unsecured debt securities issued by The Bank of Nova Scotia ("BNS"), and all payments on the securities are subject to the credit risk of BNS. As used in this document, "we," "us," or "our" refers to BNS.**

---

| | |
|:---|:---|
| **SUMMARY**<br> **TERMS**<br>| |
| **Issuer:** | The Bank of Nova Scotia |
| **Issue:** | Senior Note Program, Series A |
| **Underlying index:** | S&P 500<sup>®</sup> Index (Bloomberg Ticker: "SPX") |
| **Stated principal**<br> **amount:** | $10.00 per Buffered Security |
| **Issue price:** | $10.00 per Buffered Security |
| **Minimum**<br> **investment:** | $1,000.00 (100 Buffered Securities) |
| **Interest:** |  |
| **Pricing date:** | March 17, 2023 |
| **Original issue**<br> **date:** | March 22, 2023 (3 business days after the pricing date; see preliminary pricing supplement). |
| **Valuation date:** | March 31, 2025, subject to postponement for certain market disruption events and as described in the accompanying product supplement. |
| **Maturity date:** | April 3, 2025, subject to postponement for certain market disruption events and as described in the accompanying product supplement. |
| **Payment at**<br> **maturity per**<br> **Buffered Security:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◾ If the final index value is **greater than** the strike index value:<br> *$10.00 + upside payment*<br>  ***In no event will the payment at maturity exceed the maximum payment at maturity.***<br> ◾ If the final index value is **equal to** the strike index value:<br> *$10.00*<br> ◾ If the final index value is **less than** the strike index value:<br> *$10.00 + ($10.00 × underlying strike return)*<br> ***If the final index value is less than the strike index value, you will lose 1% for every 1% that the final index value falls below the initial index value in excess of the buffer amount and could lose up to 90% of your investment in the Buffered Securities.*** |
| **Buffer amount:** | 10.00% |
| **Underlying strike**<br> **return:** | (final index value – strike index value) / initial index value |
| **Participation rate:** | 150% |
| **Upside payment:** | $10.00 × participation rate × underlying strike return |
| **Maximum gain:** | 21.00% |
| **Maximum payment**<br> **at maturity:** | $12.10 per Buffered Security (121.00% of the stated principal amount) |
| **Initial index value:** | The index closing value of the underlying index on the pricing date |
| **Strike index value:** | 90% of the initial index value, which is a percentage of the initial index value equal to 100% minus the buffer amount. |
| **Final index value:** | The index closing value of the underlying index on the valuation date |
| **CUSIP/ISIN:** | 06418A530 / US06418A5305 |
| **Listing:** | The Buffered Securities will not be listed or displayed on any securities exchange or any electronic communications network. |
| **Commission:** | $0.25 per stated principal amount. |
| **Estimated value on**<br> **the pricing date:** | Expected to be between $9.401 and $9.701 per stated principal amount. See "Risk Factors" in the preliminary pricing supplement. |
| **Preliminary pricing**<br> **supplement** | [http://www.sec.gov/Archives/edgar/data/9631/000114036123009323/brhc10048782_424b2.htm](https://www.sec.gov/Archives/edgar/data/9631/000114036123009323/brhc10048782_424b2.htm) |

---

HYPOTHETICAL PAYOUT<br>

The below figures are based on the participation rate of 150% and maximum gain of 21.00% and are purely hypothetical (the actual terms of your Buffered Securities will be determined on the pricing date and will be specified in the final pricing supplement).

#### Hypothetical Payment at Maturity

---

| | | |
|:---|:---|:---|
| **Change in**<br> **Underlying**<br> **Index** | **Underlying**<br> **Strike Return** | **Payment at**<br> **Maturity** |
| +50.00% | +60.00% | $12.10 |
| +20.00% | +30.00% | $12.10 |
| +10.00% | +20.00% | $12.10 |
| +5.00% | +15.00% | $12.10 |
| **+4.00%** | **+14.00%** | **$12.10** |
| +3.00% | +13.00% | $11.95 |
| +2.00% | +12.00% | $11.80 |
| +1.00% | +11.00% | $11.65 |
| **0.00%** | **+10.00%** | **$11.50** |
| -3.00% | +7.00% | $11.05 |
| -6.00% | +4.00% | $10.60 |
| -9.00% | +1.00% | $10.15 |
| **-10.00%** | **0.00%** | **$10.00** |
| -20.00% | -10.00% | $9.00 |
| -30.00% | -20.00% | $8.00 |
| -40.00% | -30.00% | $7.00 |
| -50.00% | -40.00% | $6.00 |
| -60.00% | -50.00% | $5.00 |
| -70.00% | -60.00% | $4.00 |
| -80.00% | -70.00% | $3.00 |
| -90.00% | -80.00% | $2.00 |
| -100.00% | -90.00% | $1.00 |

---

------

You will find a link to the accompanying preliminary pricing supplement for the Buffered Securities above and links to the accompanying product supplement, underlier supplement, prospectus supplement and prospectus for the Buffered Securities under "Additional Information About BNS and the Buffered Securities" in the preliminary pricing supplement, which you should read and understand prior to investing in the Buffered Securities.

The issuer has filed a registration statement (including a prospectus as supplemented by a prospectus supplement, underlier supplement, product supplement and the preliminary pricing supplement) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read the accompanying prospectus in that registration statement and the other documents the issuer has filed with the SEC, including the accompanying preliminary pricing supplement and the accompanying prospectus supplement, underlier supplement and product supplement, for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (212) 225-5678. Our Central Index Key, or CIK, on the SEC web site is 0000009631.

#### Risk Considerations
The risks set forth below are discussed in more detail in the "Risk Factors" section in the preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.

#### Risks Relating to Return Characteristics
▪ You may lose up to 90% of your investment in the Buffered Securities.

▪ The stated payout from the issuer applies only at maturity.

▪ Your potential return on the Buffered Securities is limited to the maximum gain.

▪ You will not receive any interest payments.

▪ The amount payable on the Buffered Securities is not linked to the value of the underlying index at any time other than the valuation date.

▪ Owning the Buffered Securities is not the same as owning the index constituent stocks.

#### Risks Relating to Characteristics of the Underlying Index
▪ An investment in the Buffered Securities involves market risk associated with the underlying index.

▪ There can be no assurance that the investment view implicit in the Buffered Securities will be successful.

▪ The underlying index reflects price return, not total return.

▪ Changes affecting the underlying index could have an adverse effect on the market value of, and any amount payable on, the Buffered Securities.

▪ There is no affiliation between the index sponsor and BNS, and BNS is not responsible for any disclosure by such index sponsor.

#### Risks Relating to Estimated Value and Liquidity
▪ BNS' initial estimated value of the Buffered Securities at the time of pricing (when the terms of your Buffered Securities are set on the pricing date) will be lower than the issue price of the Buffered Securities.

▪ Neither BNS' nor SCUSA's estimated value of the Buffered Securities at any time is determined by reference to credit spreads or the borrowing rate BNS would pay for its conventional fixed-rate debt securities.

▪ BNS' initial estimated value of the Buffered Securities does not represent future values of the Buffered Securities and may differ from others' (including SCUSA's) estimates.

▪ The Buffered Securities have limited liquidity.

▪ The price at which SCUSA would buy or sell your Buffered Securities (if SCUSA makes a market, which it is not obligated to do) will be based on SCUSA's estimated value of your Buffered Securities. SCUSA's estimated
 value of the Buffered Securities is determined by reference to its pricing models and takes into account BNS' internal funding rate.

▪ The price of the Buffered Securities prior to maturity will depend on a number of factors and may be substantially less than the stated principal amount.

#### Risks Relating to General Credit Characteristics
▪ Payments on the Buffered Securities are subject to the credit risk of BNS.

#### Risks Relating to Hedging Activities and Conflicts of Interest
▪ Hedging activities by BNS and SCUSA may negatively impact investors in the Buffered Securities and cause our respective interests and those of our clients and counterparties to be contrary to those of investors in
 the Buffered Securities.

▪ We, SCUSA and our other affiliates regularly provide services to, or otherwise have business relationships with, a broad client base, which has included and may include us and the index constituent stock issuers and
 the market activities by us, SCUSA or our other affiliates for our or their own respective accounts or for our clients could negatively impact investors in the Buffered Securities.

▪ Activities conducted by BNS and its affiliates may impact the value of the underlying index and the value of the Buffered Securities.

▪ The calculation agent will have significant discretion with respect to the Buffered Securities, which may be exercised in a manner that is adverse to your interests.

▪ BNS and its affiliates may publish research or make opinions or recommendations that are inconsistent with an investment in the Buffered Securities.

#### Risks Relating to Canadian and U.S. Federal Income Taxation
▪ Uncertain tax treatment. Significant aspects of the tax treatment of the Buffered Securities are uncertain. You should consult your tax advisor about your tax situation. See "Additional Information About the
 Buffered Securities — Tax Considerations" and "— Material Canadian Income Tax Consequences" in the preliminary pricing supplement.

#### Underlying Index
For information about the underlying index, including historical performance information, see "Information About the Underlying Index" in the preliminary pricing supplement.

------