HSBC J.P. Morgan Standard Chartered Bank - bicbanco

FORWARD-LOOKING STATEMENTS
This offering memorandum contains forward-looking statements. The words “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “target,” “project,” “forecast,” “guideline,”
“should,” and similar words are intended to identify forward-looking statements but are not the exclusive means of
identifying such statements. These statements appear in a number of places in this offering memorandum,
principally in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and “Business” and include statements regarding the intent, belief or current expectations of the Bank
or those of its officers with respect to, among other things, the use of proceeds of the offering, the Bank’s financing
plans, trends affecting the Bank’s financial condition or results of operations, the impact of competition and future
plans and strategies. These statements reflect the Bank’s views with respect to such matters and are subject to risks,
uncertainties and assumptions, including, among other things:
• increases in defaults by customers and in impairment losses;
• general economic, political and business conditions, both in Brazil and abroad;
• management’s expectations and estimates concerning the Bank’s future financial performance,
financing plans and programs, and the effects of competition;
• anticipated trends and competition in the Brazilian banking and financial services industries;
• the market value of securities issued by the government of the Federative Republic of Brazil, or the
Brazilian government;
• interest rate fluctuations, inflation and fluctuations in the value of the real in relation to the U.S.
dollar;
• existing and future laws, regulations and policies governing or affecting the Bank’s business;
• increases in defaults by borrowers and other loan delinquencies and increases in the allowance for
loan losses;
• customer loss, revenue loss and deposit attrition;
• the Bank’s ability to sustain or improve performance;
• the impact of competition;
• adverse judgments in legal or regulatory disputes or proceedings;
• credit, market and other risks of lending and investment activities; and
• other risks as set forth under “Risk Factors.”
Forward-looking statements reflect only the Bank’s current expectations and are based on the Bank’s
management’s beliefs and assumptions and on information currently available to the Bank’s management. Such
statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or
implied in the forward-looking statements as a result of various factors, including, but not limited to, those identified
under “Risk Factors” in this offering memorandum. Forward-looking statements speak only as of the date they are
made, and the Bank does not undertake any obligation to update publicly or revise any forward-looking statements
because of new information, future events or other factors. In light of these risks and uncertainties, the forwardlooking
events and circumstances discussed in this offering memorandum might not occur.
AMR-248898-v2
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95-40469277