1-FRF 6,5 billion 5.25% Multi-Currency Euro-fungible Bonds due 25 October 2012

Notice is hereby given to the holders of the FRF 6,5 billion 5.25% Multi-Currency Euro-fungible Bonds due 2012 (ISIN FR0000490880) that CADES has decided to redenominate the Bonds in euro on 4 January 1999 in accordance with Condition 5 and, upon such redenomination, to consolidate the Bonds with the DEM and NLG 5.25% Multi-Currency Euro-fungible issues due 2012, to be redenominated in euro on 4 January 1999, in accordance with Condition 10 of the Terms and Conditions of the Bonds.

The Bonds shall be redenominated in accordance with Condition 5(b)(i) of the Terms and Conditions of the Bonds, in such manner as provided by articles 18-II and 18-III of French law n° 98-546 of 2 July 1998.

2-DEM 1,5 billion 5.25% Multi-Currency Euro-fungible Bonds due 25 October 2012

Notice is hereby given to the holders of the DEM 1,5 billion 5.25% Multi-Currency Euro-fungible Bonds due 2012 (ISIN FR0000490906) that CADES has decided to redenominate the Bonds in euro on 4 January 1999 in accordance with Condition 5 and, upon such redenomination, to consolidate the Bonds with the FRF and NLG 5.25% Multi-Currency Euro-fungible issues due 2012, to be redenominated in euro on 4 January 1999, in accordance with Condition 10 of the Terms and Conditions of the Bonds.

The Bonds shall be redenominated in accordance with Condition 5(b)(i) of the Terms and Conditions of the Bonds, in such manner as provided by articles 18-II and 18-III of French law n° 98-546 of 2 July 1998.

3-NLG 1,5 billion 5.25% Multi-Currency Euro-fungible Bonds due 25 October 2012

Notice is hereby given to the holders of the NLG 1,5 billion 5.25% Multi-Currency Euro-fungible Bonds due 2012 (ISIN FR0000490948) that CADES has decided to redenominate the Bonds in euro on 4 January 1999 in accordance with Condition 5 and, upon such redenomination, to consolidate the Bonds with the FRF and DEM 5.25% Multi-Currency Euro-fungible issues due 2012, to be redenominated in euro on 4 January 1999, in accordance with Condition 10 of the Terms and Conditions of the Bonds.

The Bonds shall be redenominated in accordance with Condition 5(b)(i) of the Terms and Conditions of the Bonds, in such manner as provided by articles 18-II and 18-III of French law n° 98-546 of 2 July 1998.

The President of the CADES, on behalf of the Conseil d'Administration.

DETAILS OF THE FISCAL AGENT

Citibank, N.A.
11 old Jewry
Londres EC2R 8DU United Kingdom
Tel : 44 171 500 5765
Fax : 44 171 500 0253

DETAILS OF THE PAYING AGENTS

Common to all issues

Banque Générale du Luxembourg
50 avenue JF Kennedy
2951 Luxembourg
Tel : 352 4242 31 75
Fax : 352 4242 29 84