INVESTORS

These Bonds constitute unsecured and unguaranteed debt instruments. An investment in the Bonds involves risks. By subscribing to the Bonds, investors lend money to the Issuer who undertakes to pay interest on an annual basis and to reimburse the principal on the Maturity Date. In case of bankruptcy or default by the Issuer, the investors may not recover the amounts they are entitled to and risk losing all or part of their investment. The Bonds are intended for investors who are capable of evaluating the interest rates in light of their knowledge and financial experience. An investment decision must solely be based on the information contained in the present Prospectus. Before making any investment decision, the investors must read the Prospectus in its entirety (and, in particular, Part 2: Risk factors on pages 10 to 24 of the Prospectus), including the risk factor entitled “The allocation of the proceeds to Eligible Assets by the Issuer may not meet investor expectations (including any green or sustainable performance objective) and may not be aligned with future guidelines and/or regulatory or legislative criteria, which could adversely affect the value of the Bonds”. Investors should in particular be aware that the failure of the Issuer to apply the proceeds of the Bonds to Eligible Assets (each as defined below) or to provide any allocation or impact reporting shall not constitute an Event of Default. Each potential investor must investigate carefully whether it is appropriate for this type of investor to invest in the Bonds, taking into account his or her knowledge and experience and must, if needed, obtain professional advice.