CADES launches with success a US$ 1.25 billion eurodollar issue with a 2- year maturity.

PRESS RELEASES

CADES, Caisse d'Amortissement de la Dette Sociale, louched on Monday 16, 2009 a tap of tis bond indexed to the French inflation due in 2019.

Joint-bookruners for its tap were NTIXIS and BNP PARIBAS. This first trnasaction on inflation-linked market launched by CADES in 2009, met a strong demand from investors.

This issue of €900 million was executed with a spread of 58 base points over the OATi July 25,2017. the new tranche hasa reoffer price of 96.168% to give a real yield of 2.267% to the investors.

This tap is the largest ever done by CADES for a bond indexed to the French inflation and is bringing the outstanding of the CADESi 1.85%25 July 2019 to €2,4 billion.

The placement is mainly concentrated with banks, asset managersand insurance companies; 83% was placed in France, 16.7% in UK, 0.2% in the Netherlands and 0.1% in Germany.

To date, CADES has issued inflation-indexed debt totaling more than €10 billion.

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 State.

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 .

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