25.04.2015 Views

Under the Euro Medium Term Note Programme ... - Finance - EDF

Under the Euro Medium Term Note Programme ... - Finance - EDF

Under the Euro Medium Term Note Programme ... - Finance - EDF

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

Summary<br />

contingencies which may or may not occur, potential investors<br />

should be aware that <strong>the</strong> risks involved with investing in <strong>the</strong> <strong>Note</strong>s<br />

may lead to a volatility and/or decrease in <strong>the</strong> market value of <strong>the</strong><br />

relevant Tranche whereby <strong>the</strong> market value falls short of <strong>the</strong><br />

expectations (financial or o<strong>the</strong>rwise) of an investor upon making an<br />

investment in such <strong>Note</strong>s.<br />

However, each prospective investor of <strong>Note</strong>s must determine, based<br />

on its own independent review and such professional advice as it<br />

deems appropriate under <strong>the</strong> circumstances, that its acquisition of<br />

<strong>the</strong> <strong>Note</strong>s is fully consistent with its financial needs, objectives and<br />

condition, complies and is fully consistent with all investment<br />

policies, guidelines and restrictions applicable to it and is a fit,<br />

proper and suitable investment for it, notwithstanding <strong>the</strong> clear and<br />

substantial risks inherent in investing in or holding <strong>the</strong> <strong>Note</strong>s.<br />

These risks include:<br />

<br />

<br />

risk relating to potential conflicts of interest between <strong>the</strong><br />

Issuer, <strong>the</strong> Dealers, <strong>the</strong>ir respective affiliates and <strong>the</strong><br />

Holders of <strong>the</strong> <strong>Note</strong>s<br />

risks related to legality of purchase<br />

The acquisition of <strong>the</strong> <strong>Note</strong>s may be restricted by <strong>the</strong> laws of<br />

<strong>the</strong> jurisdiction of <strong>the</strong> Holder of <strong>the</strong> <strong>Note</strong>s, and may be subject<br />

to regulation by local authorities.<br />

risk of modification, waivers or substitutions, of <strong>the</strong><br />

conditions of <strong>the</strong> <strong>Note</strong>s by a General Meeting of Holders of<br />

<strong>the</strong> <strong>Note</strong>s binding all Holders of <strong>the</strong> <strong>Note</strong>s including those<br />

who did not attend or who voted in a manner contrary to <strong>the</strong><br />

majority<br />

<br />

risks related to taxation<br />

Potential purchasers and sellers of <strong>the</strong> <strong>Note</strong>s should be aware<br />

that <strong>the</strong>y may be required to pay taxes or o<strong>the</strong>r charges or<br />

duties in accordance with <strong>the</strong> law and practices of <strong>the</strong> country<br />

where <strong>the</strong> <strong>Note</strong>s are transferred or where any o<strong>the</strong>r action is<br />

taken in relation to <strong>the</strong> <strong>Note</strong>s.<br />

<br />

risks related to <strong>the</strong> EU Savings Directive<br />

Directive 2003/48/EC relating to <strong>the</strong> taxation of savings income<br />

provides that during a transitional period, certain Member<br />

States will withhold an amount on interest payments in respect<br />

of <strong>the</strong> taxation of that income.<br />

-14 -

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!