Meeting of CADES supervisory board.

PRESS RELEASE

The CADES Supervisory Board met on July 3, 2008. The meeting was chaired by Jean Jacques JEGOU, a Senator from the Val de Marne.

The Board issued an opinion in favor of the CADES annual report for 2007, which was presented by the chairman of the CADES board of directors, Patrice Ract Madoux.

It also examined the issue activity of CADES, which has enabled to amortize 34.7 billion euros of the 107.6 billion debt assumed since 1996.

During this meeting, discussions also included a progress report of the social security financing act for 2009, that should determinate amounts and details of assumed additional debt by CADES in 2009.

The role of the CADES supervisory board is to issue an opinion on the annual report published by CADES. The board of directors may ask the supervisory board to consider and issue an opinion on any issue. It is made up of four members of Parliament: two deputies (currently Gérard BAPT and Philippe VITEL) and two senators (currently Jean Jacques JEGOU and Alain VASSELLE), the chairmen of national social security funds (Caisses Nationales de Sécurité Sociale), the general secretary of the social security accounting commission, and representatives of ministries and supervisory bodies.

CADES: A BENCHMARK ISSUER IN THE FINANCIAL MARKETS

Created in 1996, CADES is an administrative public agency placed directly under the joint authority of the French Economic and Finance and Social Security Ministries

Its mission is to pay down the debt accumulated by the general Social Security system between 1994 and 2006, a total of 107.7 billion euros, via a balanced financial structure and drawing primarily on a dedicated and exclusive resource (the CRDS tax).

A quasi-sovereign issuer, CADES enjoys benchmark status in the international capital markets. It has been awarded the highest ratings by the principal international rating agencies (AAA/A1+, Aaa/P1, AAA/F1+), and a 0% Basel ratio weighting, which makes CADES one of the five largest non-government issuers in Europe .

CADES
LIGHTEN THE DEBT – BRIGHTEN THE FUTURE