Common use of Exchange rate risks and exchange controls Clause in Contracts

Exchange rate risks and exchange controls. The Issuer will pay principal and any Interest Amounts on the Notes in the Specified Currency. This presents certain risks relating to currency conversions if an investor's financial activities are denominated principally in a currency or currency unit (the "Investor's Currency") other than the Specified Currency. These include the risk that exchange rates may significantly change (including changes due to devaluation of the Specified Currency or revaluation of the Investor's Currency) and the risk that authorities with jurisdiction over the Investor's Currency may impose or modify exchange controls. An appreciation in the value of the Investor's Currency relative to the Specified Currency would decrease (i) the Investor's Currency-equivalent yield on the Notes, (ii) the Investor's Currency equivalent value of the principal payable on the Notes and (iii) the Investor's Currency equivalent market value of the Notes. Government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable exchange rate or the ability of the Issuer or the Guarantor to make payment in respect of the Notes. As a result, investors may receive less interest or principal than expected, or no interest or principal. Where the Notes are denominated in a Specified Currency from an emerging or volatile market, investors should note that the risk of the occurrence and the severity of the consequences of the matters described herein may be greater than they would otherwise be in relation to more developed countries. Such Notes should be considered speculative. Economies in emerging or volatile markets generally are heavily dependent upon international trade and, accordingly, may be affected adversely by trade barriers, foreign exchange controls (including taxes), managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies may also be adversely affected by their economic, financial, military and political conditions and the supply and demand for such currency in the global markets. These factors will also impact the market value of the Notes (see risk factor 6.3).

Exchange rate risks and exchange controls. The relevant Issuer will pay principal and any Interest Amounts interest on the Notes and the Guarantors will make any payments under their respective guarantees in the Specified Currency. This presents certain risks relating to currency conversions if an investor's ’s financial activities are denominated principally in a currency or currency unit (the "‘‘Investor's ’s Currency"’’) other than the Specified Currency. These include the risk that exchange rates may significantly change (including changes due to devaluation of the Specified Currency or revaluation of the Investor's ’s Currency) and the risk that authorities with jurisdiction over the Investor's ’s Currency may impose or modify exchange controls. An appreciation in the value of the Investor's ’s Currency relative to the Specified Currency would decrease (i1) the Investor's ’s Currency-equivalent yield on the Notes, (ii2) the Investor's Currency ’s Currency-equivalent value of the principal payable on the Notes and (iii3) the Investor's Currency ’s Currency-equivalent market value of the Notes. Government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable exchange rate or the ability of the Issuer or the Guarantor to make payment in respect of the Notesrate. As a result, investors may receive less interest or principal than expected, or no interest or principal. Where the Investment in Fixed Rate Notes are denominated in a Specified Currency from an emerging or volatile market, investors should note that involves the risk of that subsequent changes in market interest rates may adversely affect the occurrence and the severity of the consequences of the matters described herein may be greater than they would otherwise be in relation to more developed countries. Such Notes should be considered speculative. Economies in emerging or volatile markets generally are heavily dependent upon international trade and, accordingly, may be affected adversely by trade barriers, foreign exchange controls (including taxes), managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies may also be adversely affected by their economic, financial, military and political conditions and the supply and demand for such currency in the global markets. These factors will also impact the market value of the Notes Fixed Rate Notes. One or more independent credit rating agencies may assign credit ratings to the Notes. The ratings may not reflect the potential impact of all risks related to structure, market, additional factors discussed above, and other factors that may affect the value of the Notes. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. In general, European regulated investors are restricted under Regulation (see risk factor 6.3EC) No. 1060/2009 (as amended) (the ‘‘CRA Regulation’’) from using credit ratings for regulatory purposes, unless such ratings are issued by a credit rating agency established in the EU and registered under the CRA Regulation (and such registration has not been withdrawn or suspended), subject to transitional provisions that apply in certain circumstances whilst the registration application is pending. Such general restriction will also apply in the case of credit ratings issued by non-EU credit rating agencies, unless the relevant non-EU rating agency is certified in accordance with the CRA Regulation (and such endorsement action or certification, as the case may be, has not been withdrawn or suspended). Certain information with respect to credit rating agencies and ratings will be disclosed in the Final Terms.

Exchange rate risks and exchange controls. The In the case of Cash Settled Certificates or Cash Settled Warrants or the Notes, the Issuer will pay principal and any Interest Amounts on the Notes Cash Settlement Amount in respect of the Certificates or Warrants or the Redemption Amount in respect of the Notes, as the case may be, in the Specified Currencysettlement currency specified in the applicable Final Terms. This presents certain risks relating to currency conversions if an investor's financial activities are denominated principally in a currency or currency unit (the "“Investor's Currency"”) other than the Specified Currencysettlement currency. These include the risk that exchange rates may significantly change (including changes due to devaluation of the Specified Currency settlement currency or revaluation of the Investor's Currency) and the risk that authorities with jurisdiction over the Investor's Currency may impose or modify exchange controls. An appreciation in the value of the Investor's Currency relative to the Specified Currency settlement currency would decrease (i) the Investor's Currency-equivalent yield on the NotesSecurities, (ii) the Investor's Currency Currency-equivalent value of the principal payable on Cash Settlement Amount in respect of the Certificates or Warrants, as the case may be, or the Redemption Amount in respect of Notes and (iii) the Investor's Currency Currency-equivalent market value of the Notesrelevant Securities,. Government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable exchange rate or the ability of the Issuer or the Guarantor to make payment in respect of the Notesrate. As a result, the Cash Settlement Amount or Redemption Amount that investors may receive less interest or principal than expected, or no interest or principal. Where the Notes are denominated in a Specified Currency from an emerging or volatile market, investors should note that the risk of the occurrence and the severity of the consequences of the matters described herein may be greater less than they would otherwise be in relation to more developed countries. Such Notes should be considered speculative. Economies in emerging expected or volatile markets generally are heavily dependent upon international trade and, accordingly, may be affected adversely by trade barriers, foreign exchange controls (including taxes), managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies may also be adversely affected by their economic, financial, military and political conditions and the supply and demand for such currency in the global markets. These factors will also impact the market value of the Notes (see risk factor 6.3)zero.

Exchange rate risks and exchange controls. The relevant Issuer will pay principal and any Interest Amounts interest on the Notes Instruments and (if applicable) the Guarantor will make any payments under the Deed of Guarantee in the Specified CurrencyCurrency of Payment specified in the applicable Final Terms. This presents certain risks relating to currency conversions if an investor's ’s financial activities are denominated principally in a currency or currency unit (the "“Investor's ’s Currency"”) other than the Specified CurrencyCurrency of Payment. These include the risk that exchange rates may significantly change (including changes due to devaluation of the Specified Currency of Payment or revaluation of the Investor's ’s Currency) and the risk that authorities with jurisdiction over the Investor's ’s Currency may impose or modify exchange controls. An appreciation in the value of the Investor's ’s Currency relative to the Specified Currency of Payment would decrease (i) the Investor's ’s Currency-equivalent yield on the NotesInstruments, (ii) the Investor's Currency ’s Currency-equivalent value of the principal payable on the Notes Instruments and (iii) the Investor's Currency ’s Currency-equivalent market value of the NotesInstruments. Government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable exchange rate or the ability of the Issuer or the Guarantor to make payment in respect of the Notesrate. As a result, investors may receive less interest or principal than expected, or no interest or principal. Where Investment in fixed rate Instruments involves the Notes are denominated in a Specified Currency from risk that if market interest rates subsequently increase above the rate paid on the Fixed Rate Instruments, this will adversely affect the value of the Fixed Rate Instruments. One or more independent credit rating agencies may assign credit ratings to an emerging or volatile issue of Instruments. The ratings may not reflect the potential impact of all risks related to structure, market, investors should note additional factors discussed above, and other factors that may affect the value of the Instruments. A credit rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any time. In addition, rating agencies may assign unsolicited ratings to the Instruments. In such circumstances, there can be no assurance that the risk of unsolicited rating(s) will not be lower than the occurrence and comparable solicited ratings assigned to the severity of the consequences of the matters described herein may be greater than they would otherwise be in relation to more developed countries. Such Notes should be considered speculative. Economies in emerging or volatile markets generally are heavily dependent upon international trade andInstruments, accordingly, may be affected which could adversely by trade barriers, foreign exchange controls (including taxes), managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies may also be adversely affected by their economic, financial, military and political conditions and the supply and demand for such currency in the global markets. These factors will also impact affect the market value and liquidity of the Notes Instruments. In general, European regulated investors are restricted under the CRA Regulation from using credit ratings for regulatory purposes, unless such ratings are issued by a credit rating agency established in the EU and registered under the CRA Regulation (see risk factor 6.3and such registration has not been withdrawn or suspended), subject to transitional provisions that apply in certain circumstances whilst the registration application is pending. Such general restriction will also apply in the case of credit ratings issued by non-EU credit rating agencies, unless the relevant credit ratings are endorsed by an EU- registered credit rating agency or the relevant non-EU rating agency is certified in accordance with the CRA Regulation (and such endorsement action or certification, as the case may be, has not been withdrawn or suspended, subject to certain transitional provisions that apply in certain circumstances). If the status of the rating agency rating the Instruments changes, European regulated investors may no longer be able to use the rating for regulatory purposes and the Instruments may have a different regulatory treatment. This may result in European regulated investors selling the Instruments which may impact the value of the Instruments and any secondary market. The list of registered and certified rating agencies published by ESMA on its website in accordance with the CRA Regulation is not conclusive evidence of the status of the relevant rating agency included in such list, as there may be delays between certain supervisory measures being taken against a relevant rating agency and the publication of the updated ESMA list. Certain information with respect to the credit rating agencies and ratings will be disclosed in the applicable Final Terms.