Euro 6,000,000,000 Euro Medium Term Note Programme Due from ...

"Similar Security" means a reference bond or reference bonds issued by the same issuer as the
Reference Security having an actual or interpolated maturity comparable with the remaining term of
the Notes that would be utilised, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining
term of the Notes.
The Make-whole Redemption Rate will be published by the Issuer in accordance with
Condition 14.
The determination of any rate or amount, the obtaining of each quotation and the making of each
determination or calculation by the Calculation Agent shall (in the absence of manifest error) be
final and binding upon all parties.
(iii) Partial Redemption
In the case of a partial redemption in respect of Materialised Notes, the notice to holders of such
Materialised Notes shall also contain the number of the Definitive Materialised Bearer Notes to be
redeemed, which shall have been drawn in such place and in such manner as may be fair and
reasonable in the circumstances, taking account of prevailing market practices, subject to
compliance with any applicable laws and Regulated Market requirements.
In the case of a partial redemption in respect of Dematerialised Notes, the redemption may be
effected, at the option of the Issuer, either (i) by reducing the nominal amount of all such
Dematerialised Notes in a Series in proportion to the aggregate nominal amount redeemed or (ii) by
redeeming in full some only of such Dematerialised Notes and, in such latter case, the choice
between those Dematerialised Notes that will be fully redeemed and those Dematerialised Notes of
any Series that will not be redeemed shall be made in accordance with Article R.213-16 of the
French Code monétaire et financier and the provisions of the relevant Final Terms, subject to
compliance with any other applicable laws and Regulated Market requirements.
So long as the Notes are admitted to trading on a Regulated Market and the rules of, or applicable
to, such Regulated Market require, the Issuer shall, once in each year in which there has been a
partial redemption of the Notes, cause to be published in a leading newspaper with general
circulation in the city where the Regulated Market on which such Notes are admitted to trading is
located, which in the case of Euronext Paris is expected to be Les Echos, a notice specifying the
aggregate nominal amount of Notes outstanding and, in the case of Materialised Notes, a list of any
Definitive Materialised Bearer Notes drawn for redemption but not surrendered.
(e) Redemption at the Option of Noteholders and Exercise of Noteholders’ Options: If an Investor
Put is specified in the relevant Final Terms the Issuer shall, at the option of the Noteholder, upon
the Noteholder giving not less than 15 nor more than 30 days’ notice to the Issuer redeem such Note
on the Optional Redemption Date(s) at its Optional Redemption Amount (as set out in Condition
6(f)) together with interest accrued to the date fixed for redemption including, where applicable,
any Arrears of Interest.
To exercise such option the Noteholder must deposit with any Paying Agent at its specified office
during usual business hours a duly completed option exercise notice (the "Exercise Notice") in the
form obtained during usual business hours from any Paying Agent or the Registration Agent, as the
case may be, within the notice period. Such notice shall, in the case of Materialised Bearer Notes,
have attached to it such Note (together with all unmatured Receipts and Coupons and unexchanged
Talons). In the case of Dematerialised Notes, the Noteholder shall transfer, or cause to be
transferred, the Dematerialised Notes to be redeemed to the account of the Paying Agent specified
in the Exercise Notice. No option so exercised and, where applicable, no Note so deposited or
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