PRESS RELEASE

CADES (French Caisse d’Amortissement de la Dette Sociale), rated AAA/Aaa/AAA, is pleased to announce the successful reception of its inaugural 4.45% - C$400 million - 26th October 2018 Maple Bond.
Re-offer Price is 99.54% giving a semi annual yield of 4.5% and a spread of 37 basis points over Canada 4.00% 1st June 2016. Settlement date is 26th October 2006.

Lead Managers and bookrunners on the transaction are HSBC Securities (Canada) Inc. and TD
Securities. A group of Co-Managers was formed with National Bank Financial Inc. and Scotia
Capital Inc.

This benchmark has been launched following a highly successful roadshow throughout Canada. Investors warmly welcomed CADES as a new issuer on the growing Maple market. For CADES this transaction is a real source of diversification of its investor base (95% of the placement in Canada), whilst allowing an efficient funding cost in comparison with the Euro market. This landmark transaction is the first ever Canadian Maple bond issued by a AAA French issuer under a French law debt programme.
The 12 year maturity has been chosen to best match investor preference, mainly Canadian pension funds (29%) and Asset managers (41%). Looking forward CADES is considering this market as strategic and should come back in the future, subject to market conditions.

CADES - a benchmark issuer in the financial markets - was created in 1996 to amortize the debt generated by the French social security programme. CADES is an administrative public agency under the authority of the French government. CADES enjoys the highest ratings by the principal international rating agencies (AAA/A1+, Aaa/P1, AAA/F1+). CADES is 0% risk weighted for solvency ratio by banking regulators, including the Canadian Office of the Superintendent of Financial Institutions (OFSI).

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CADES
LIGHTEN THE DEBT – BRIGHTEN THE FUTURE