Information on the Underlying Reference can be obta ined from the
following website:  https://www.engie.com/en/investors-area/


Section D – Risks

Element  Title
D.2  Key risks
regarding the
Issuer and the
Guarantor Prospective purchasers of the Securities should be experienced with respect to
options and options transactions and should underst and the risks of
transactions involving the Securities. An investmen t in the Securities presents
certain risks that should be taken into account bef ore any investment decision
is made. Certain risks may affect the Issuer's abil ity to fulfil its obligations
under the Securities or the Guarantor's ability to perform its obligations under
the Guarantee, some of which are beyond its control . In particular, the Issuer
and the Guarantor, together with the BNPP Group, ar e exposed to the risks
associated with its activities, as described below:
Guarantor
Seven main categories of risk are inherent in BNPP' s activities:

(1) Credit Risk  - Credit risk is defined as the probability of a b orrower
or counterparty defaulting on its obligations to BN PP. Probability
of default along with the recovery rate of the loan  or debt in the
event of default are essential elements in assessin g credit quality.

### Language ###
English

### Assessment ###
The text mentions basic information about credit risk definition, which could be of interest to someone wanting to understand financial terminology.

### Query ###
What is credit risk in banking?
What is credit risk in banking?