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Notes issued at a substantial discount or premiumThe market values of securities issued at a substantial discount or premium from their principal amount tendto fluctuate more in relation to general changes in interest rates than do prices for conventional interestbearingsecurities. Generally, the longer the remaining term of the securities, the greater the price volatility ascompared to conventional interest-bearing securities with comparable maturities.Risks related to Notes generallySet out below is a brief description of certain risks relating to the Notes generally 4 :No claim against any Reference ItemA Note will not represent a claim against any item (a “Reference Item”) to which the amount of principaland/or interest payable or amount of specified assets deliverable in respect of the Notes is dependent and, inthe event that the amount paid by the Issuer or the value of the specified assets delivered on redemption of theNotes is less than the principal amount of the Notes, a Noteholder will not have recourse under a Note to anyReference Item.An investment in Notes linked to one or more Reference Items may entail significant risks not associatedwith investments in conventional debt securities, including but not limited to the risks set out in thissection 5 . The amount paid or value of the specified assets delivered by the Issuer on redemption of suchNotes may be less than the principal amount of the Notes, together with any accrued interest, and may incertain circumstances be zero.Potential conflicts of interest in relation to hedgingIn the ordinary course of its business, including without limitation in connection with its market-makingactivities, the Issuer and/or any of its Affiliates may effect transactions for its own account or for the accountof its customers and hold long or short positions in the Reference Item(s) or related derivatives. In addition, inconnection with the offering of the Notes, the Issuer and/or any of its Affiliates may enter into one or morehedging transactions with respect to the Reference Item(s) or related derivatives. In connection with suchhedging or market-making activities or with respect to proprietary or other trading activities by the Issuerand/or any of its Affiliates, the Issuer and/or any of its Affiliates may enter into transactions in the ReferenceItem(s) or related derivatives which may affect the market price, liquidity or value of the Notes and whichcould be adverse to the interests of the relevant Noteholders.Other potential conflicts of interestWhere the Issuer acts as Calculation Agent or the Calculation Agent is an Affiliate of the Issuer, potentialconflicts of interest may exist between the Calculation Agent and Noteholders, including with respect tocertain determinations and judgements that the Calculation Agent may make pursuant to the Notes that mayinfluence the amount receivable or specified assets deliverable on redemption of the Notes.The Issuer and any Dealer(s) may, at the date hereof or at any time hereafter, be in possession of informationin relation to a Reference Item that is or may be material in the context of the Notes and may or may not bepublicly available to Noteholders. There is no obligation on the Issuer or any Dealer(s) to disclose toNoteholders any such information.45Other risks may exist that are currently not known or that, based on today’s knowledge, are not deemed to be material enough to be includedin this section.Other risks may exist that are currently not known or that, based on today’s knowledge, are not deemed to be material enough to be includedin this section.23