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

Risk Factors
and the financial condition of the Issuer. Although in relation to Notes to be admitted to
trading on Euronext Paris and/or any other Regulated Market in the European Economic
Area, the Final Terms of the Notes will be filed with the Autorité des marchés financiers
and/or with the competent authority of the Regulated Market of the European Economic Area
where the Notes will be admitted to trading, which, in the case of Notes to be admitted to
trading on Euronext Paris shall be the Autorité des marchés financiers, there is no assurance
that such filings will be accepted, that any particular Tranche will be so admitted or that an
active trading market will develop. Accordingly, there is no assurance as to the development
or liquidity of any trading market for any particular Tranche.
In addition, certain Notes may be designed for specific investment objectives or strategies
and therefore may have a more limited secondary market and experience more price
volatility than conventional debt securities.
Investors may not be able to sell Notes readily or at prices that will enable investors to
realise their anticipated yield. No investor should purchase Notes unless the investor
understands and is able to bear the risk that certain Notes may not be readily sellable, that
the value of Notes may fluctuate over time and that such fluctuations may be significant.
Furthermore, the secondary market for securities is currently experiencing significantly
reduced liquidity, which could limit investors' ability to resell Notes and adversely affect the
price of Notes.
Exchange rate risks and exchange controls
The principal of, or any return on, Notes may be payable in, or determined by reference or
indexed to, one or more specified currencies (including exchange rates and swap indices
between currencies or currency units). For investors whose financial activities are
denominated principally in a currency or currency unit (the "investor's currency") other than
the specified currency in which the related Notes are denominated, or where principal or
return in respect of Notes is payable by reference to the value of one or more specified
currencies other than by reference solely to the investor's currency, an investment in such
Notes entails significant risks that are not associated with a similar investment in a debt
security denominated and payable in such investor's currency. Such risks include, without
limitation, the possibility of significant fluctuations in the rate of exchange between the
applicable specified currency and the investor's currency and the possibility of the imposition
or modification of exchange controls by authorities with jurisdiction over such specified
currency or the investor's currency. Such risks generally depend on a number of factors,
including financial, economic and political events over which the Issuer has no control.
Appreciation in the value of the investor's currency relative to the value of the applicable
specified currency would result in a decrease in the investor's currency-equivalent yield on a
Note denominated, or the principal of or return on which is payable, in such specified
currency, in the investor's currency-equivalent value of the principal of such Note payable at
maturity (if any) and generally in the investor's currency-equivalent market value of such
Note. In addition, depending on the specific terms of a Note denominated in, or the payment
of which is determined by reference to the value of, one or more specified currencies (other
than solely the investor's currency), indices (including exchange rates and swap indices
between currencies or currency units) or formulas, fluctuations in exchange rates relating to
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