PRESS RELEASE

Market conditions permitting, CADES intends to launch shortly a multi-currency pan-European bond issue to be redenominated into Euro and consolidated into a single line on January 4, 1999.

This issue is expected to include French Franc and Deutschemark tranches, which could be either launched simultaneously or not, each for a Euro equivalent amount of at least one billion. These tranches will be syndicated in order to ensure a diversified international placement and may be increased later through an auction process. For each tranche, a market making commitment will be requested from selected members of the placement syndicate. This commitment, which will remain in force after the conversion of the bond into Euro, will ensure investors can enjoy the high degree of liquidity CADES has used them to.

This new eurobond should confirm CADES' status as one of the major issuers of the coming Euro denominated debt market. In this context CADES has already announced its intention to redenominate into Euro all of its existing domestic debt as soon as the single currency is created.

CADES has appointed CDC MARCHES as Global Co-ordinator for the transaction.