PRESS RELEASE

CADES (Caisse d'amortissement de la dette sociale) which has announced an increase of its inflation-linked bond issue - CADESi 3,15% 07/25/2013 - of Euros 200 million.
The total amount of the CADESi 2013 inflation -linked bond issue is 2 billion Euros.

This new launch, with CDC MARCHES and SG INVESTMENT BANKING as lead managers, offers a real coupon of 3,15% and a spread which is 18 bp above the OATi 3% 2009. The " reoffered " price is 95,102%.

Natexis Banques Populaires has been appointed as co-lead manager.

The settlement date is December, 27th 2000

CADESi's issues indexation method is identical to the OATi's one (CPI excluding tobacco, fixed real rate coupon, principal adjusted to the inflation index, principal guaranteed at par at redemption).

CADES is a state-owned establishment , rated AAA by the main financial rating agencies. It has been awarded a Cooke ratio of 0%, and as such its paper is considered to be of the highest standard, comparable to that of a sovereign issuer.

CADES was set up by government ordinance on January, 24th 1996, in order to provide the framework for the financing of the Social Security debt which it has assumed, as well as the management of related fiscal resources.

Information about CADES can be found on the website at www.CADES.fr