Main features

ISSUE  
SICOVAM code 020912
Lead manager CCF
Maturity 11 May 2008
Maturity when issued 10 years
Average life when issued 9,02 years
Issue Currency FRF
Nominal amount EUR 304,898,034.47
Nominal rate 4,71 %
Amortisation

yearly, proportional to the level of the TEC 10 index, redemption at par:

TEC10 index
<7,5%
7,5%
8,0%
8,5%
Amortisation rate*
0%
25%
50%
100%

*For intermediate stocks of the TEC 10, the amortisation rates are interpolated.

"Clean up call"** 5%
**The issue is wholly reimbursed if less than 5% of the initial nominal amount remains.
Issue date 22 April 1998
Settlement date 11 May 1998
Investor issue price 100,000%
Investor actuarial rate 4,710%
Spread compared with the State benchmark bond 0.20% below the interpolation of the OAT 5.5% 25/04/2007 and the OAT 5.5% 25/10/2007

CADES   -   139 rue de Bercy   -   75012 PARIS