€40 BN of debt amortized as at june 2009

PRESS RELEASE

2009 INTERIM RESULTS
The Caisse d’Amortissement de la Dette Sociale (CADES) board of directors met on 29 September 2009 under the chairmanship of Mr. Patrice Ract Madoux to approve the financial statements for the first half of 2009. Key figures from the financial statements are as follows:

As at 30/06 in millions of euros	H1 2009	H1 2008
Net revenue ( CRDS(1) + CSG(2) )	3,800	2,796
Interest expense	-1,356	-1,639
Net result	2,443	1,156

(1) CRDS : Contribution au Remboursement de la Dette Sociale
(2) CSG : Contribution Sociale Généralisée

Revenues in the period rose by 35.9% compared to the first half of 2008 and reached €3.8bn. The strong increase in revenues is due to the allocation, in accordance with organic law of August 2nd 2005, of a new resource corresponding to 0.2% of CSG (2) in exchange for a new debt of €27bn assumed in 2009. Net interest expense was €1.4 bn, after the fall of interest rates.
The net result of €2.4bn, mechanically allocated to debt amortization, allows CADES to pursue its mission, defined by the French Parliament, to amortize social debt.
Since it was created by a government order dated January 24, 1996, and after the €2.4bn first half 2009 debt redemption, CADES has amortized €40bn of the €134.5 social debt assumed in accordance with French legislation. As of today, there remains €94.5bn of debt still to amortize.

Q3 ACTIVITY UPDATE
€3.35bn of mid and long-dated bonds issued (€20.4bn since 1 january 2009)
Ranked as one of the major bond issuers by international investors, CADES has been active
in Q3 2009, building on the success enjoyed since the start of the year in its long term
funding programme.
In Q3 2009, €3.35bn bonds were successfully placed under taps of existing bonds with maturities
from 7 to 10 years:

- €1.5bn of the Cades 3.625% 25 April 2016
- €1.25bn of the Cades 4.50% 25 April 2020
- €0.6bn of the Cades 4.125% 25 April 2017

Since 1 January 2009, a total of €20.4bn mid- and long-dated bonds were therefore issued by CADES on the international markets.

€10.9bn of Treasury bills and commercial paper issued and €14.2bn of maturing short-dated bonds redeemed
In Q3 2009, CADES has operated successfully in the short term Treasury bill and commercial paper market, issuing €10.9bn with maturities from 1 to 12 months (€56.7bn since 1 January 2009) and repaying €16.6bn of maturing short-term bonds (€54bn since 1 January 2009). As at September 30, 2009, Treasury bill and commercial paper outstanding is €17bn.

CADES: A BENCHMARK ISSUER IN THE FINANCIAL MARKETS

Created in 1996, CADES is the administrative public agency, placed directly under the French authority of the French State, in charge of managing and amortizing the French social debt.

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

CADES
LIGHTEN THE DEBT – BRIGHTEN THE FUTURE

CADES
15, rue Marsollier - 75002 PARIS
Tel : 01 55 78 58 00

ACTIFIN
76-78 rue Saint Lazare – 75009 PARIS
Tel : 01 56 88 11 28

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