DISCLAIMER

This document does not constitute or form part of any solicitation, offer or invitation to purchase or subscribe for any Notes referred to in this document and neither it nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Accordingly, it is not directed to the specific investment objectives, financial situation or particular needs of any recipient. You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of an investment in the Issuer’s notes) based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this document. Any decision to purchase Notes in the proposed offering should be made solely on the basis of information to be contained in the final Prospectus published by Caisse des Dépôts et Consignations in due course in relation to such offering.

No representation or warranty, express or implied, is made as to, and no reliance may be placed for any purposes whatsoever on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.  None of the Issuer, or any of its affiliates, advisers (including the joint global coordinators and joint bookrunners) or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

Certain statements in this document are forward-looking, including statements concerning the Issuer's plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, business strategy and the trends the Issuer anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. By their nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved. The Issuer does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Such forward-looking statements speak only as of the date on which they are made. Any opinions expressed in this document are subject to change without notice and the Issuer does not undertake any obligation to update or revise any forward looking statement, whether as a result of new information, future events or otherwise.

In the United Kingdom, this document is being distributed only to, and is directed at (a) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services And Markets Act 2000 “FSMA” (Financial Promotion) Order 2005 (the "Order") or (b) high net worth entities falling within article 49 of the Order, and other persons to whom it may be lawfully be communicated or (c) qualified investors as defined in s86(7) of the FSMA (all such persons together being referred to as "Relevant Persons").  Any person who is not a Relevant Person should not act or rely on this document or any of its contents. This document is an advertisement and not a prospectus for the purposes of applicable measures implementing Directive 2003/71/EC ("Prospectus Directive").

Neither this document nor any copy thereof may be taken or transmitted or distributed, directly or indirectly, into the United States or to a U.S. Person (as defined in Rule 902 of Regulation S under the Securities Act of 1933, as amended (the “Securities Act”) ).  The distribution of this document in other jurisdictions may be restricted by law and persons into to whose possession this document comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction.  The Notes which are proposed to be offered by the Issuer are not being registered under the Securities Act and may not be offered or sold in the United States unless they are registered or exempt from registration.  No public offering of the Notes is being made in the United States. Outside the United States, the offering is being made in accordance with Regulation S under the Securities Act.

No prospectus approved by the Autorité des Marchés Financiers has been or will be prepared in connection with the offering.  The offering may be made in France exclusively to persons or entities that are licensed to provide the investment service of portfolio management or that are qualified investors (investisseurs qualifiés), both within the meaning of Article L. 411-2 II.-2 of the Code monétaire et financier. You may participate in the offering only to the extent you are investing for your own account and comply with the provisions of Articles D. 411-1, D. 411-2, D. 734-1, D. 744-1, D. 754-1 and D. 764-1 of the Code monétaire et financier.  The notes acquired by you in the context of the offering may not be distributed to the public in France directly or indirectly other than in accordance with the provisions of Article L. 411-1, L. 411-2, L. 412-1 and L. 621-8 to L. 621-8-3 of the Code monétaire et financier.