CADES Caisse d’Amortissement de la Dette S : continues its 2016 fundin programme with its first eurobond issue of the year

Communiqué de presse

Not for distribution, directly or indirectly in the United States or to US persons

Press release January 28, 2016

CADES CONTINUES ITS 2016 FUNDING PROGRAMME WITH ITS FIRST EUROBOND ISSUE OF THE YEAR

€ 4.5 billion - long 4-year maturity - 0.05% coupon

CADES (Caisse d'Amortissement de la Dette Sociale) successfully priced yesterday a €4.5 million benchmark issue long 4-year maturing 25th November 2020. The issue was completed in less than 24 hours with a group of more than 90 international investors.

Key features of the issue

The price of the 0.05% coupon, long four-year maturity bond was fixed at 99.698%.

The transaction was completed at +17.0 basis points over the OAT benchmark (0.25%, 25 November 2020).

Joint-lead managers for the transaction were Barclays, Crédit Agricole CIB, Natixis and SG CIB and co-lead managers were DZ Bank, LBBW and Nord LB.

Strong support from international investors

Strong demand from investors enabled CADES to construct an order book approaching €5 billion in record time.

The great success of this transaction underlines the confidence that international investors have in CADES issues, with 78% placed outside France: United Kingdom (20%), Germany (17%), other European countries (21%), Asia (14%) and the rest of the world (6%).

Banks subscribed for more than half of the placement (58%), Central Banks and official institutions (28%), fund managers (11%) and insurance companies (3%).

All information regarding CADES and its bond issues are available on www.cades.fr.

CADES LIGHTEN THE DEBT - BRIGHTEN THE FUTURE

Patrice Ract Madoux Président du Conseil d'Administration [phone] [e-mail]

Press relations - Paris Isabelle Dray [phone] [e-mail]

Press relations - London Jeremy Carey/James Verstringhe [phone] jcarey/[e-mail]

These materials are not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia). These materials do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Notes referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons unless the Notes are registered under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.