PRESS RELEASE

CADES issued today a fixed-rate benchmark bond for €3 bn. Despite difficult market conditions, this third issue in 2009 for CADES, a benchmark bond denominated in Euros, was over-subscribed by investors by 10%.

Bond issue characteristics
CADES priced, on December 1st 2009, a € 3 billion issue, maturing January 15h 2015, at a re-offer price of 99.497%. Facial rate is 2.625 % and re-offer yield at launch was 2.731 % to give a spread of 7 bps over mid-swaps.
The very strong momentum in the order book enabled the transaction to be priced after only a day of bookbuilding and at the tight end of the guidance.
CADES mandated Barclays Capital, BNP Paribas, HSBC, and RBS to joint-lead manage this new issue.

A well diversified break-down of subscribers
There were 108 orders in total, garnered from 23 different countries representing a very diverse range of investor types. In line with the CADES’ strategy of diversification, 27 % of the bonds were placed in France, 23% in UK, 18 % in the rest of Europe, 17% in Asia, 11% in Switzerland and 4% in Middle East.
Central banks distribution accounted for 37 % of the book, banks took 35%, Asset managers 19 % and others (insurance, retail and pensions) 9%.
The order book was much diversified with a large number of high quality orders and showed a very good balance between banks, fund managers and central banks.
2009 was thus a successful year of market and investor diversification and positions CADES well for its activities in 2010.

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