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

1.11 Currency Risk
Prospective investors of the Notes should be aware that an investment in the Notes may involve exchange
rate risks. The reference assets or the Notes may be denominated in a currency other than the currency of the
purchaser’s home jurisdiction; and/or the reference assets or the Notes may be denominated in a currency
other than the currency in which a purchaser wishes to receive funds. Exchange rates between currencies are
determined by factors of supply and demand in the international currency markets which are influenced by
macro economic factors, speculation and central bank and government intervention (including the
imposition of currency controls and restrictions). Fluctuations in exchange rates may affect the value of the
Notes or the reference assets.
1.12 Any decline in the credit ratings of the Issuer or changes in rating methodologies may affect
the market value of the Notes
One or more independent credit rating agencies may assign credit ratings to the Notes. The credit ratings of
the Issuer are an assessment of its ability to pay its obligations, including those on Notes. Consequently,
actual or anticipated declines in the credit ratings of the Issuer may affect the market value of 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recommendation to buy, sell or hold securities and may be revised or withdrawn by the rating agency at any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 addition, the credit rating agencies may change their methodologies for rating securities with
features similar to the Notes in the future. This may include the relationship between ratings assigned to an
issuer’s senior securities and ratings assigned to securities with features similar to the Notes, sometimes
called "notching". If the rating agencies were to change their practices for rating such securities in the future
and/or the ratings of the Notes were to be subsequently lowered, revised, suspended or withdrawn, this may
have a negative impact on the trading price of the Notes.
1.13 Market Value of the Notes
The market value of the Notes will be affected by the creditworthiness of the Issuer and a number of
additional factors, including the value of the reference assets or an index, including, but not limited to, the
volatility of the reference assets or an index, or the dividend on the securities taken up in the index, market
interest and yield rates and the time remaining to the maturity date.
The value of the Notes, the reference assets or the index depends on a number of interrelated factors,
including economic, financial and political events in France or elsewhere, including factors affecting capital
markets generally and the stock exchanges on which the Notes, the reference assets, the securities taken up
in the index, or the index are traded. The price at which a Noteholder will be able to sell the Notes prior to
maturity may be at a discount, which could be substantial, from the issue price or the purchase price paid by
such purchaser. The historical market prices of the reference assets or an index should not be taken as an
indication of the reference assets’ or an index’s future performance during the term of any Note.
1.14 French Insolvency Law
Under French insolvency law, holders of debt securities are automatically grouped into a single assembly of
holders (the "Assembly") in case of the opening in France of a preservation (procédure de sauvegarde), an
accelerated financial safeguard procedure (procédure de sauvegarde financière accélérée) or a judicial
reorganisation procedure (procédure de redressement judiciaire) of the Issuer, in order to defend their
common interests.
The Assembly comprises holders of all debt securities issued by the Issuer (including the Notes), whether or
not under a debt issuance programme (such as the Programme) and regardless of their governing law.
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