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EMTN base prospectus dated 16 July 2013 - Veolia Finance - Veolia ...

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payments of interest and principal with respect to RMB Notes will be made in Renminbi. As a result, the valueof these Renminbi payments in Euro or U.S. dollar terms may vary with the prevailing exchange rates in themarketplace. If the value of Renminbi depreciates against the Euro, the U.S. dollar or other foreign currencies,the value of investment in Euro, U.S. dollar or other applicable foreign currency terms will decline.Investment in RMB Notes is also subject to interest rate risksThe PRC government has gradually liberalised the regulation of interest rates in recent years. Furtherliberalisation may increase interest rate volatility. Notes denominated in RMB will generally carry a fixedinterest rate. Consequently, the trading price of such Notes will vary with fluctuations in Renminbi interest rates.If a Noteholder tries to sell such Notes before their maturity, he may receive an offer that is less than his originalinvestment.Developments in other markets may adversely affect the market price of any RMB NotesThe market price of RMB Notes may be adversely affected by declines in the international financial markets andworld economic conditions. The market for Chinese securities is, to varying degrees, influenced by economicand market conditions in other markets, especially those in Asia. Although economic conditions are different ineach country, investors’ reactions to developments in one country can affect the securities markets and thesecurities of issuers in other countries, including the PRC. Since the sub-prime mortgage crisis in 2008, theinternational financial markets have experienced significant volatility. Should similar developments occur in theinternational financial markets in the future, the market price of RMB Notes could be adversely affected.126395-3-12-v5.3 - 34 - 36-40542870

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