GENERAL FEATURES OF THE CADESi

Nominal

EUR 1.5 billion

Maturity

25 july 2013

Coupon accrual date

25 july 1998

Launch date

17 march 1999

Payment date

1st april 1999

Base reference

daily inflation reference on coupon accrual date

Real coupon

3.15% fixed coupon

Coupon paid

annual post-determined coupon, calculated according to the following formula :

C real x Nominal x indexation coefficient

First coupon

accrued

Reference index

consumer price index (CPI), excluding tobacco, published monthly by INSEE

Daily inflation reference

identical method to that used for OATi:

Where:
NJ_m = number of days in month m
Nj = day in month
IPC_m-i = price index for month m-i
For example, on the first day of the month: Reference 1 = IPC m-3

Indexation coefficient

IC = Indexation Coefficient SD =	Inflation Reference SD

	Base Reference

(SD = settlement date)

Indexation method

all flows (accrued interest, full coupon, principal) are determined using the indexation coefficient.

Accrued interest

Guaranteed redemption

Nominal

Redemption at maturity

R = max (Nominal x CI ; Nominal)