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

Risk Factors
Notes issued at a substantial discount or premium
The market values of securities issued at a substantial discount or premium from their
principal amount tend to fluctuate more in relation to general changes in interest rates than
do prices for conventional interest-bearing securities. Generally, the longer the remaining
term of the securities, the greater the price volatility as compared to conventional interestbearing
securities with comparable maturities.
Index-linked Notes
Index-linked Notes are debt securities which do not provide for predetermined redemption
amounts and/or interest payments but amounts due in respect of principal and/or interest will
be dependent upon the performance of an index, which itself may contain substantial credit,
interest rate or other risks. The amount of principal and/or interest, if any, payable by the
Issuer might be substantially less than the issue price or, as the case may be, the purchase
price invested by the holder of the Notes and may even be zero in which case the Holder of
the Notes may lose its entire investment.
Index-linked Notes are not in any way sponsored, endorsed, sold or promoted by the index
sponsor or the respective licensor of the index and such index sponsor or licensor makes no
warranty or representation whatsoever, express or implied, either as to the results to be
obtained from the use of the index and/or the figure at which the index stands at any
particular time. Each index is determined, composed and calculated by its respective index
sponsor or licensor, without regard to the relevant Issuer or the Notes. None of the index
sponsors or licensors is responsible for or has participated in the determination of the timing
of, prices of, or quantities of the Notes to be issued or in the determination or calculation of
the equation by which the Notes settle into cash. None of the index sponsors or licensors
has any obligation or liability in connection with the administration, marketing or trading of the
Notes. The index sponsor or licensor of an index has no responsibility for any calculation
agency adjustment made for the index.
Partly Paid Notes
The Issuer may issue Notes where the issue price is payable in more than one instalment.
Failure to pay any subsequent instalment could result in an investor losing all of his
investment.
Variable rate Notes with a multiplier or other leverage factor
Notes with variable interest rates can be volatile investments. If they are structured to include
multipliers or other leverage factors, or caps or floors, or any combination of those features,
their market values may be even more volatile than those for securities that do not include
those features.
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