Market Measure or Basket Component, as applicable, or Underlying Index, and we, the Guarantor or our other affiliates, including the selling agents, may from time to time own securities of an
Underlying Fund or of companies included in a Market Measure or Basket Component or Underlying Index. However, none of us, the Guarantor or any of our other affiliates, including the selling agents, have the ability to control the actions of any
Market Measure Publisher or any of these companies or have undertaken any independent review of, or made any due diligence inquiry with respect to, any Market Measure Publisher or any of these companies, unless (and only to the extent that) our
securities or the securities of the Guarantor or our other affiliates are included in that Market Measure or Basket Component or Underlying Index. In addition, unless otherwise set forth in the applicable term sheet, none of us, the Guarantor
or any of our other affiliates, including the selling agents, are responsible for the calculation of any Index or Underlying Fund or Underlying Index. You should make your own investigation into the Market Measure or Basket Component or Underlying
Index.
The business activities of us, the Guarantor and any of our other affiliates, including the selling agents, relating to the
companies included in a Market Measure or Basket Component, as applicable, may create conflicts of interest with you. We, the Guarantor and/or our other affiliates, including the selling agents, at the time of any offering of the LIRNs or in the
future, may engage in business with the companies included in a Market Measure or Basket Component, including making loans to or equity investments in, or providing investment banking, asset management, or other services to, those companies, their
affiliates and their competitors.
In connection with these activities, we, the Guarantor or our other affiliates, including the selling
agents, may receive information about those companies that we or they will not divulge to you or other third parties. One or more of our affiliates may have published, and in the future may publish, research reports on one or more of these
companies. This research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding your LIRNs. Any of these activities may adversely affect the value of the
Market Measure or Basket Component and, consequently, the market value of your LIRNs. We, the Guarantor and our other affiliates, including the selling agents, do not make any representation to any purchasers of the LIRNs regarding any matters
whatsoever relating to the issuers of the securities included in a Market Measure or Basket Component. Any prospective purchaser of the LIRNs should undertake an independent investigation of the companies included in the Market Measure or Basket
Component to a level that, in its judgment, is appropriate to make an informed decision regarding an investment in the LIRNs. The composition of the Market Measure or Basket Component does not reflect any investment recommendations from us, the
Guarantor or our other affiliates, including the selling agents.
Exchange rate movements may adversely impact the value of the LIRNs.
If any security or commodity represented by a Market Measure or a Basket Component, as applicable, is traded in a currency other than U.S. dollars, and, for purposes of calculating the value of the Market Measure, is converted into U.S. dollars,
then the value of the Market Measure may depend in part on the relevant exchange rates. If the value of the U.S. dollar strengthens against the currencies of those underlying assets, the value of the applicable Market Measure may be adversely
affected and the Redemption Amount may be reduced.
Exchange rate movements may be impacted particularly by existing and expected rates of
inflation and interest rate levels; political, civil or military unrest; the balance of payments between countries; and the extent of governmental surpluses or deficits in the relevant countries and the United States. All of these factors are in
turn sensitive to the monetary, fiscal and trade policies pursued by the governments of those countries and the United States and other countries important to international trade and finance.
If the Market Measure or a Basket Component, as applicable, to which your LIRNs are linked includes equity securities traded on foreign
exchanges, your return may be affected by factors affecting international securities markets. The value of securities traded outside of the U.S. may be adversely affected
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