Page 7 of II Reference Currency may also result in !NBC USA Inc. or one of its affiliates. as Calculation Agent. being unable to determine the Reference Currency Return using its normal means. The resulting discretion by the Calculation Agent in determining the Reference Currency Return could, in turn, result in potential conflicts of interest. co WE HAVE. NO CONTROL OVER TIIE F.XCHANGE RATE BETWEEN THE REFERENCE CURRENCY AND THE US. DOLLAR — Foreign exchange rates can either float or be fixed by sovereign governments. Exchange rates of the currencies used by most economically developed nations an: permitted to fluctuate in value relative to the I '.S. Dollar and to each other. However, from time to time, governments may use a variety of techniques. such as intervention by a central bank, the imposition of regulatory controls or taxes or changes in interest rates to influence the exchange rates of their currencies. Governments may also issue a new currency to replace an existing currency or alter the exchange rate or relative exchange characteristics by a devaluation or revaluation of a currency. These governmental actions could change or interfere with currency valuations and currency fluctuations that would otherwise occur in response to economic forirs. as well as in response to the movement of currencies across borders. As a consequence, these government actions could adversely affect an investment in the Notes which arc affected by the exchange rate between the Reference Currency and the C.S. Dollar. osTlIF: PAYMENT FORMULA FOR THE NOTES WILL NOT TAKE INTO ACCOUNT ALL DEVELOPMENTS IN THE REFERENCE CURRENCY — Changes in the Reference Currency during the term of the Notes other than on the Final Valuation Date may not be reflected in the calculation of the Payment at Maturity. The Reference Currency Return will be calculated only as of the Final Valuation Date. As a result. the Reference Currency Return may be less than zero even if the Reference C