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SN74TVC16222A logic level converter problem

Other Parts Discussed in Thread: SN74TVC16222A

Hi,

We are using the SN74TVC16222A between a 5V microcontroller and a 3V3 Flash  ( the 5V version Flash is obsolete), to convert the Address & data buses between 5V and 3V3 logic level.   According to the datasheet & application note, the SN74TVC16222A should be able to clamp the lower side to 3V3, if a 3V3 Vref in used in A1 (pin2). 

However, we got problem with the voltage clamp - as shown in the attached scope picture - the voltage on the 3V3 bus lines sometimes overshoot, even to 4.2V on some address lines.  This is 300mV higher than maximum voltage rating of the Flash, and has already damaged a few flash chips.

Any suggestion on this issue?