Main features

ISSUE  
Format Domestic "qualified investors"
Lead manager NATEXIS BANQUES POPULAIRES
Maturity 25 July 2006
Maturity when issued 5 years and 107 days
Nominal amount EUR 150 000 000
Nominal rate 3.80%
Amortisation Index linked; Identical method to that used for OATi
Issue date 9 April 2001
Payment date 30 April 2001
Investor issue price 101.772%
Investor real rate 3.422%
Issuer real rate including charges 3.469%
Inflation break even 1.15%
Spread in relation to State benchmark +1 bp over OATi 2009

CADES   -   139 rue de Bercy   -   75012 PARIS