Obbligazione La Poste 4.75% ( FR0010096941 ) in EUR

Emittente La Poste
Prezzo di mercato 100 EUR  ⇌ 
Paese  Francia
Codice isin  FR0010096941 ( in EUR )
Tasso d'interesse 4.75% per anno ( pagato 1 volta l'anno)
Scadenza 08/07/2019 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione La Poste FR0010096941 in EUR 4.75%, scaduta


Importo minimo 1 000 EUR
Importo totale 800 000 000 EUR
Descrizione dettagliata La Poste è un'azienda pubblica francese che gestisce servizi postali, finanziari e di logistica.

The Obbligazione issued by La Poste ( France ) , in EUR, with the ISIN code FR0010096941, pays a coupon of 4.75% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 08/07/2019







BASE PROSPECTUS
LA POSTE
Euro 7,000,000,000
Euro Medium Term Note Programme
Due from one month to 30 years from the date of original issue
Under the Euro Medium Term Note Programme described in this Base Prospectus (the "Programme"), La Poste (the "Issuer" or "La Poste"), subject to
compliance with all relevant laws, regulations and directives, may from time to time issue Euro Medium Term Notes (the "Notes"). The aggregate
nominal amount of Notes outstanding will not at any time exceed Euro 7,000,000,000 (or the equivalent in other currencies).
This Base Prospectus shall be in force for a period of one year as of the date set out hereunder.
Application has been made to the Autorité des marchés financiers (the "AMF") in France for approval of this Base Prospectus in its capacity as competent
authority pursuant to Article 212-2 of its Règlement Général which implements the Directive 2003/71/EC of 4 November 2003 on the prospectus to be
published when securities are offered to the public or admitted to trading (the "Prospectus Directive").
Application may be made to Euronext Paris for the period of 12 months from the date of this Base Prospectus for Notes issued under the Programme to be
listed and admitted to trading on Euronext Paris and/or to the competent authority of any other Member State of the European Economic Area ("EEA")
for Notes issued under the Programme to be listed and admitted to trading on a Regulated Market (as defined below) in such Member State. However,
Notes that are not listed and admitted to trading on a Regulated Market (as defined below) may be issued pursuant to the Programme.
Euronext Paris is a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC, appearing on the list of regulated
markets issued by the European Commission (a "Regulated Market").
The relevant final terms (the "Final Terms"), (forms of which are contained herein) in respect of the issue of any Notes will specify whether or not such
Notes will be listed and admitted to trading and, if so, the relevant Regulated Market in the EEA.
Notes may be issued either in dematerialised form ("Dematerialised Notes") or in materialised form ("Materialised Notes") as more fully described
herein.
Notes listed and admitted to trading on a Regulated Market in a member state of the European Economic Area ("EEA") or offered to the public in a EEA
State in circumstances which require the publication of a prospectus under the Prospectus Directive will have a minimum denomination of at least 1,000
(or, if the Notes are denominated in a currency other than euro, the equivalent amount in such currency at the issue date) or such other higher amount as
may be allowed or required from time to time by the relevant central bank (or equivalent body) or any laws or regulations applicable to the relevant
Specified Currency.
Dematerialised Notes will at all times be in book entry form in compliance with Articles L.211-3 and R.211-1 of the French Code monétaire et financier.
No physical documents of title will be issued in respect of the Dematerialised Notes.
Dematerialised Notes may, at the option of the Issuer, be (i) in bearer dematerialised form (au porteur) inscribed as from the issue date in the books of
Euroclear France S.A. ("Euroclear France") (acting as central depositary) which shall credit the accounts of the Account Holders (as defined in "Terms
and Conditions of the Notes - Form, Denomination, Title and Redenomination") including Euroclear Bank S.A./N.V. ("Euroclear") and the depositary
bank for Clearstream Banking, société anonyme ("Clearstream, Luxembourg") or (ii) in registered dematerialised form (au nominatif) and, in such latter
case, at the option of the relevant Noteholder (as defined in Condition 1(c)(iv)), in either fully registered form (nominatif pur), in which case they will be
inscribed either with the Issuer or with the registration agent (designated in the relevant Final Terms) for the Issuer, or in administered registered form
(nominatif administré) in which case they will be inscribed in the accounts of the Account Holders designated by the relevant Noteholders. Materialised
Notes will be in bearer materialised form only and may only be issued outside France. A temporary global certificate in bearer form without interest
coupons attached (a "Temporary Global Certificate") will initially be issued in connection with Materialised Notes. Such Temporary Global Certificate
will be exchanged for definitive Materialised Notes in bearer form with, where applicable, coupons for interest attached on or after a date expected to be
on or about the 40th day after the issue date of the Notes (subject to postponement as described in "Temporary Global Certificates issued in respect of
Materialised Bearer Notes") upon certification as to non-US beneficial ownership as more fully described herein.
Temporary Global Certificates will (a) in the case of a Tranche intended to be cleared through Euroclear and/or Clearstream, Luxembourg, be deposited
on the issue date with a common depositary on behalf of Euroclear and/or Clearstream, Luxembourg and (b) in the case of a Tranche intended to be
cleared through a clearing system other than or in addition to Euroclear and/or Clearstream, Luxembourg or delivered outside a clearing system, be
deposited as agreed between the Issuer and the relevant Dealer (as defined below).
The Issuer is currently rated AA by Fitch Ratings and A by Standard & Poor's Ratings Services, it is expected that Notes to be issued under the
Programme will be assigned the same ratings by these rating agencies. Structured Senior Notes or other Notes issued pursuant to the Programme may be
unrated or rated differently in certain circumstances. Where an issue of Notes is rated, its rating will not necessarily be the same as the rating assigned to
Notes issued under the Programme. A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction, change
or withdrawal at any time by the assigning rating agency.
The final terms of the relevant Notes will be determined at the time of the offering of each Tranche and will be set out in the relevant Final Terms.
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in this Base Prospectus, before
deciding to invest in the Notes issued under the Programme.
Arranger
Deutsche Bank
Dealers
Barclays Capital
BNP PARIBAS
Commerzbank
Crédit Agricole CIB
Deutsche Bank
J.P. Morgan
NATIXIS
Société Générale Corporate & Investment Banking
The Royal Bank of Scotland
The date of this Base Prospectus is 6 July 2010


This Base Prospectus comprises a base prospectus for the purposes of Article 5.4 of Directive 2003/71/EC
(the "Prospectus Directive") and for the purpose of giving information with regard to the Issuer, the Issuer
and its consolidated subsidiaries and affiliates (filiales consolidées et participations consolidées) taken as a
whole (the "Group") and the Notes which is necessary to enable investors to make an informed assessment
of the assets and liabilities, financial position, profit and losses and prospects of the Issuer.
This Base Prospectus should be read and construed in conjunction with any supplement hereto and with any
other documents incorporated by reference (see "Documents Incorporated by Reference" below) and, each
of which shall be incorporated in, and form part of this Base Prospectus in relation to any Series (as defined
herein) of Notes, should be read and construed together with the relevant Final Terms, the Base Prospectus
and the Final Terms being together, the "Prospectus".
Investors are invited to read carefully the information contained in this Base Prospectus including the "Risk
Factors" section which describes the risk factors that are material to the Issuer and the Notes that may be
issued under the Programme.
No person has been authorised to give any information or to make any representation other than those
contained in this Base Prospectus in connection with the issue or sale of the Notes and, if given or made, such
information or representation must not be relied upon as having been authorised by the Issuer or any of the
Dealers or the Arranger (each as defined in "Summary of the Programme"). Neither the delivery of this
Base Prospectus nor any sale made in connection herewith shall, under any circumstances, create any
implication that there has been no change in the affairs of the Issuer or the Group since the date hereof or
the date upon which this Base Prospectus has been most recently supplemented or that there has been no
adverse change in the financial position of the Issuer or the Group since the date hereof or the date upon
which this Base Prospectus has been most recently supplemented or that any other information supplied in
connection with the Programme is correct as of any time subsequent to the date on which it is supplied or, if
different, the date indicated in the document containing the same.
The distribution of this Base Prospectus and the offering or sale of the Notes in certain jurisdictions may be
restricted by law. Persons into whose possession this Base Prospectus comes are required by the Issuer, the
Dealers and the Arranger to inform themselves about and to observe any such restriction. The Notes have
not been and will not be registered under the United States Securities Act of 1933, as amended (the
"Securities Act") or with any securities regulatory authority of any State or other jurisdiction of the United
States and include Materialised Notes in bearer form that are subject to U.S. tax law requirements. Subject
to certain exceptions, Notes may not be offered, sold or delivered within the United States or to or for the
account or benefit of U.S. persons (as defined in Regulation S under the Securities Act ("Regulation S") or in
the case of Materialised Notes in bearer form, the U.S. Internal Revenue Code of 1986, as amended (the "U.S.
Internal Revenue Code") and the regulations thereunder). For a description of certain restrictions on offers
and sales of Notes and on distribution of this Base Prospectus, see "Subscription and Sale".
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer or the
Dealers or the Arranger to subscribe for, or purchase, any Notes.
The Arranger and the Dealers have not separately verified the information contained in this Base
Prospectus. None of the Dealers or the Arranger makes any representation, express or implied, or accepts
any responsibility, with respect to the accuracy or completeness of any of the information in this Base
Prospectus. Neither this Base Prospectus nor any other financial statements are intended to provide the basis
of any credit or other evaluation and should not be considered as a recommendation by any of the Issuer, the
Arranger or the Dealers that any recipient of this Base Prospectus or any other financial statements should
purchase the Notes. Each potential purchaser of Notes should determine for itself the relevance of the
information contained in this Base Prospectus and its purchase of Notes should be based upon such
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investigation as it deems necessary. None of the Dealers or the Arranger undertakes to review the financial
condition or affairs of the Issuer or the Group during the life of the arrangements contemplated by this Base
Prospectus nor to advise any investor or potential investor in the Notes of any information coming to the
attention of any of the Dealers or the Arranger.
In connection with the issue of any Tranche (as defined in "Summary of the Programme"), the Dealer or
Dealers (if any) named as the stabilising manager(s) (the "Stabilising Manager(s)") (or any person acting on
behalf of any Stabilising Manager(s)) in the relevant Final Terms may over-allot Notes or effect transactions
with a view to supporting the market price of the Notes at a level higher than that which might otherwise
prevail. However, there is no assurance that the Stabilising Manager(s) (or any person acting on behalf of
any Stabilising Manager) will undertake stabilisation action. Any stabilisation action may begin on or after
the date on which adequate public disclosure of the terms of the offer of the relevant Tranche is made and, if
begun, may be ended at any time, but it must end no later than the earlier of 30 days after the issue date of
the relevant Tranche and 60 days after the date of the allotment of the relevant Tranche. Any stabilisation
action or over-allotment shall be conducted by the relevant Stabilising Manager(s) (or any person acting on
behalf of any Stabilising Manager) in accordance with all applicable laws and rules.
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references to "",
"Euro", "EUR" and "euro" are to the single currency of the participating member states of the European
Union which was introduced on 1st January 1999, references to "£", "pounds sterling", "GBP" and
"Sterling" are to the lawful currency of the United Kingdom references to "$", "USD" and "U.S. dollars"
are to the lawful currency of the United States of America, references to "¥", "JPY", "Japanese yen" and
"Yen" are to the lawful currency of Japan and references to "Swiss francs" are to the lawful currency of
Switzerland.
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TABLE OF CONTENTS
SUMMARY OF THE PROGRAMME...................................................................................................................- 5 -
RÉSUMÉ EN FRANÇAIS DU PROGRAMME (FRENCH SUMMARY OF THE PROGRAMME) ...................- 12 -
RISK FACTORS...................................................................................................................................................- 19 -
DOCUMENTS INCORPORATED BY REFERENCE ........................................................................................- 31 -
SUPPLEMENT TO THE PROSPECTUS ............................................................................................................- 34 -
GENERAL DESCRIPTION OF THE PROGRAMME........................................................................................- 35 -
TERMS AND CONDITIONS OF THE NOTES..................................................................................................- 43 -
TEMPORARY GLOBAL CERTIFICATES ISSUED IN RESPECT OF MATERIALISED BEARER NOTES.- 69 -
USE OF PROCEEDS ...........................................................................................................................................- 70 -
DESCRIPTION OF LA POSTE ...........................................................................................................................- 71 -
RECENT DEVELOPMENTS ..............................................................................................................................- 88 -
INVESTMENTS...................................................................................................................................................- 91 -
SUBSCRIPTION AND SALE..............................................................................................................................- 94 -
EU DIRECTIVE ON THE TAXATION OF SAVINGS INCOME ......................................................................- 98 -
TAXATION IN LUXEMBOURG ........................................................................................................................- 99 -
TAXATION IN FRANCE...................................................................................................................................- 100 -
FORM OF FINAL TERMS 1 .............................................................................................................................- 102 -
FORM OF FINAL TERMS 2 .............................................................................................................................- 120 -
PERSON RESPONSIBLE FOR THE INFORMATION GIVEN IN THE BASE PROSPECTUS....................- 136 -
GENERAL INFORMATION .............................................................................................................................- 137 -
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SUMMARY OF THE PROGRAMME
This summary must be read as an introduction to this Base Prospectus. Any decision to invest in any Notes should
be based on a comprehensive study of this Base Prospectus as a whole, including the documents incorporated by
reference. Where a claim relating to information contained in this Base Prospectus is brought before a court, the
plaintiff might, under the national legislation of the Member States of the European Community or states parties to
the European Economic Area, have to bear the costs of translating this Base Prospectus before the legal
proceedings are initiated. Civil liability attaches to the persons who presented the summary and any translation
thereof, and requested its notification within the meaning of Article 212-41 of the Réglement Général of the
Autorité des marchés financiers, only if the content of the summary is misleading, inaccurate or inconsistent when
read together with the other parts of this Base Prospectus, including the documents incorporated by reference.
1
KEY INFORMATION ABOUT NOTES TO BE ISSUED UNDER THE PROGRAMME
Issuer:
La Poste.
Description:
Euro Medium Term Note Programme for the continuous offer of Notes (the
"Programme").
Arranger:
Deutsche Bank AG, Paris Branch.
Dealers:
Barclays Bank PLC
BNP PARIBAS
Commerzbank Aktiengesellschaft
Crédit Agricole Corporate and Investment Bank
Deutsche Bank AG, London Branch
J.P. Morgan Securities Ltd.
Natixis
Société Générale
The Royal Bank of Scotland plc
Programme Limit:
Up to Euro 7,000,000,000 aggregate nominal amount of Notes outstanding at
any one time.
Fiscal Agent and Principal
Deutsche Bank AG, London Branch
Paying Agent:
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom
Paris Paying Agent:
Deutsche Bank AG, Paris Branch
3, avenue de Friedland
75008 Paris
France
Method of Issue:
The Notes will be issued on a syndicated or non-syndicated basis.
Maturities:
Subject to compliance with all relevant laws, regulations and directives, any
maturity from one month to 30 years from the date of original issue.
Currencies:
Euro, U.S. dollars, Japanese yen, Swiss francs, Sterling and in any other
currency specified in the Final Terms.
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Denomination(s):
Minimum denomination of each Note: 1,000 (or the equivalent amount in
any other currency at the issue date). Dematerialised Notes will be issued in
one denomination only.
Status of the Notes:
The Notes will constitute direct, unconditional, unsubordinated and (subject to
the provisions of Condition 4) unsecured obligations of the Issuer and will
rank pari passu among themselves and (save for certain obligations required
to be preferred by French law) equally with all other present or future
unsecured and unsubordinated obligations of the Issuer, from time to time
outstanding.
Negative Pledge:
There will be a negative pledge in respect of the Notes as set out in Condition
4 - see "Terms and Conditions of the Notes - Negative Pledge".
Event of Default
There will be events of default and a cross-default in respect of the Notes as
(including cross default):
set out in Condition 9 - see "Terms and Conditions of the Notes - Events of
Default".
Redemption Amount:
The relevant Final Terms will specify the basis for calculating the redemption
amounts payable. Unless permitted by then current laws and regulations,
Notes (including Notes denominated in Sterling) having a maturity of less
than one year from their date of issue and in respect of which the issue
proceeds are to be accepted by the Issuer in the United Kingdom or whose
issue otherwise constitutes a contravention of Section 19 of the Financial
Services and Markets Act 2000 (the "FSMA") must have a minimum
redemption amount of £100,000 (or its equivalent in other currencies).
Optional Redemption:
The Final Terms issued in respect of each issue of Notes will state whether
such Notes may be redeemed prior to their stated maturity at the option of the
Issuer (either in whole or in part) and/or the Noteholders and if so the terms
applicable to such redemption.
Early Redemption:
Except as provided in "Optional Redemption" above, Notes will be
redeemable at the option of the Issuer prior to maturity only for tax reasons (as
provided in Condition 6(f)) or illegality (as provided in Condition 6(j)).
Taxation:
All payments of principal and interest by or on behalf of the Issuer in respect
of the Notes shall be made free and clear of, and without withholding or
deduction for, any taxes, duties, assessments or governmental charges of
whatever nature imposed, levied, collected, withheld or assessed by or within
France or any authority therein or thereof having power to tax, unless such
withholding or deduction is required by law.
See sections "EU Directive on the taxation of savings income", "Taxation in
Luxembourg" and "Taxation in France".
Interest Periods and Interest
Notes may be interest bearing or non-interest bearing. Interest (if any) may
Rates:
accrue at a fixed rate or a floating rate or other variable rate or be index-linked
and the method of calculating interest may vary between the issue date and the
maturity date of the relevant Series.
Form of Notes:
Dematerialised Notes or Materialised Notes.
Dematerialised Notes may be issued in bearer dematerialised form (au
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porteur) or in registered dematerialised form (au nominatif). Materialised
Notes will be in bearer form only.
Governing Law:
French law.
Clearing Systems:
Euroclear France, Clearstream, Luxembourg and Euroclear.
Financial Terms of the Notes
The financial terms and conditions of the Notes will be set out in the relevant
(price, amount, interest rate,
Final Terms.
etc.):
Listing and Admission to
Notes may be listed and admitted to trading on Euronext Paris or listed or
Trading:
admitted to trading on such or other or additional stock exchanges as may be
specified in the relevant Final Terms, or unlisted.
Offer to the Public:
Notes issued by the Issuer may be offered to the public in France and any
other EEA member State in which the Base Prospectus is passported.
Method of Publication of this
This Base Prospectus, any supplement thereto and the Final Terms related to
Base Prospectus and the Final
the Notes listed and admitted to trading on any Regulated Market in the EEA
Terms:
will be published on the website of the AMF (www.amf-france.org) and
copies may be obtained at the Fiscal Agent's or each of the Paying Agents'
offices, or through any other means in accordance with Article 14 of the
Prospectus Directive. The Final Terms will indicate where the Base Prospectus
may be obtained.
Rating:
The Notes may be rated or unrated.
Selling Restrictions:
The United States of America, France and the United Kingdom (see
"Subscription and Sale"). Further restrictions that may apply to a Series of
Notes will be specified in the relevant Final Terms.
The Issuer is Category 2 for the purposes of Regulation S under the United
States Securities Act of 1933, as amended.
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2
KEY INFORMATION ABOUT THE ISSUER
A.
Key information about La Poste
La Poste is a limited liability company (société anonyme) created pursuant to Law no. 2010-123 of 9 February
2010. Until 1st March 2010, La Poste was a public entity (établissement public) created pursuant to Law 90-568 of
2 July 1990. At the date of this Base Prospectus, the share capital of La Poste is entirely owned by the French State.
La Poste group operates its activities through four divisions:

Mail,

Parcels and Express,

La Banque Postale, and

La Poste Retail Brand.
B.
Key information concerning selected financial data of La Poste as at 31 December 2009
The Group's turnover amounted to 20,527 million down -1.3% on 2008 (-272 million) and -2% on a like-for-
like basis. International turnover represented 15.2% of total turnover. 71% of the Group's activity in 2009 was
conducted in fully competitive markets.
in euro millions
2008
2009
Total turnover
20,799
20,527
in euro millions
2008
2009
Operating profit
886
757
in %
2008
2009
Operating margin
4.3%
3.7%
in euro millions
2008
2009
Investments
1,345
1,280
in euro millions
2008
2009
Net Profit (Group share)
529
531
BREAKDOWN OF TURNOVER BY BUSINESS SECTOR
in euro millions
2008
2009
Mail
12,023
11,665
Parcels/Express
4,703
4,479
La Banque Postale
4,815
5,019
La Poste Retail Brand
4,585
4,486
Other and consolidation adjustments (5,327)
(5,122)
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Extraxts from the Balance sheet
ASSETS ( million)
2008
2009
Non current assets
10,168
10,709
Current assets
114,120
172,961
Total Assets
124,287
183,671
LIABILITIES ( million)
2008
2009
Consolidated equity
3,316
4,103
Non current liabilities
7,383
7,931
Current liabilities
113,588
171,636
Total liabilities
124,287
183,671
Mail
Mail business and its subsidiaries posted revenue of 11,665 million, down 4.7% at constant scope and exchange
rates.
The fall-off in traffic already seen in 2008 became more pronounced in 2009. Economic volumes (excluding
subsidiaries of the Sofipost holding company) were down -5.3%, comprised of a -4.5% decline in volumes and a
negative product mix effect of -0.8%. This performance was not offset by the tariff increases that had an average
positive effect of +1.3%.
The structural decline in the mail market was magnified by the economic crisis. All mail categories (business
mail, direct marketing and press) have been hit by this trend. The Mail segment generated a consolidated
operating profit of 179 million in 2009. On the other hand, mail delivery performance continues to improve:
84.4% of first class mail was delivered in D+1, a +0.6 point improvement on 2008, representing the best
performance ever.
Parcels/Express
Parcels/Express recorded revenue of 4,479 million, down 3.5% at constant scope and exchange rates. The
economic crisis affected all of GeoPost's markets, the Group's Express subsidiary. GeoPost posted revenue of
3,093 million, down 4.6% at constant scope and exchange rates. The decline was particularly marked in
Germany, Spain and the United Kingdom. In France, where the recession wasn't as severe, and thanks to a policy
of product innovation, Chronopost recorded a growth in its volumes. ColiPoste's business (B to C and C to C in
France) saw traffic fall on the back of a decline in mail order sales, partly offset by the dynamism of e-commerce,
which was up 16%. Revenue amounted to 1,387 million, down 1.4%.
ColiPoste's D+2 delivery performance was 92.8%, +0.3 points better than in 2008. The business model of Parcels
/ Express based on highly variable operating resources and strengthened by the cost-cutting plans has proven to
be particularly resilient. Consolidated operating profit amounted to 324 million in 2009, up 3% at constant scope
and exchange rates. The operating margin was up 0.5 point at constant scope and exchange rates.
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La Banque Postale
La Banque Postale continues its development: Net Banking Income rose 4% on a like-for-like basis to
5,019 million. Following an exceptional 2008 as a result of a unique combination of interest rate levels and the
financial crisis, net new deposits at La Banque Postale declined as expected but remained positive. The opening
up of the distribution of the Livret A did not significantly erode the customer base in 2009 (-2%). Savings and
sight deposits were up 8.1% year-on-year at 277.3 billion at end-2009. La Banque Postale continues to grow the
number of products per customer and is also seeing a sustained rise in its active customer base, which stood at
over 9.9 million at year-end. FY 2009 was also very positive for home loans, with the market share held by La
Banque Postale exceeding 8%. In the case of La Banque Postale, the banking business made a 612 million
contribution to the Group's operating profit, on the back both of the sharp rise in Net Banking Income and strong
cost control associated with the use of La Poste resources, thereby making it possible to reduce the cost to income
ratio.
La Poste Retail Brand
Through its 17,107 outlets, the La Poste retail brand plays a key role in distributing to the general public the
products offered by the various Group businesses. La Poste retail brand represents the front line as regards
providing advice and selling the products and services of La Banque Postale and generated over 29% of
ColiPoste's revenue, over 18% of Mail's revenue and close to 13% of Chronopost's revenue. In 2009, La Poste
retail brand generated 2,525 million in sales for Mail, Parcels/Express and third-party products, down 2.2%
while counter activity was down 3.7%. As part of a major programme to modernise and improve customer
service, La Poste retail brand managed to significantly cut average waiting times across its 1,000 largest offices.
Accordingly, on Mail and Parcel drop-offs and pick-ups, which represent close to half of transactions, waiting
times went from 6 minutes 50 seconds at the end of 2008 to 4 minutes 30 seconds at the end of 2009.
3
RISK FACTORS
A.
Risk factors relating to the Issuer
At the date of this Base Prospectus, La Poste has identified the following risk factors that may affect its ability to
fulfil its obligations under Notes issued under the Programme :
-Risk related to market trends and a difference between the Group's offering and customers' expectations in terms
of mail services;
- Risk related to the pace at which the Group's organisation adapts to the structural decrease in mail volumes;
- Risks related to consumers' environmental preferences;
- Risks related to growth by acquisition;
- Risks related to legal, administrative and regulatory proceedings;
- Impairment of commercial activity and disruption of public service missions in the event of a major crisis such as
a pandemic;
- Customer dissatisfaction related to counter waiting time;
- Risks of information system failures;
- Social risks;
- Accumulation of unfavourable market conditions;
- Risk related to changes in accounting and prudential regulations in the banking sector;
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