Obligation Groupe BPCE 6.117% ( FR0010535971 ) en EUR

Groupe BPCE

100 % ▼

France

FR0010535971 ( en EUR )

6.117% par an ( paiement trimestriel )

Perpétuelle - Obligation échue

Prospectus brochure de l'obligation BPCE FR0010535971 en EUR 6.117%, échue

50 000 EUR

850 000 000 EUR

Deuxième groupe bancaire en France, regroupant les réseaux Banque Populaire et Caisse d'Épargne.

L'Obligation émise par Groupe BPCE ( France ) , en EUR, avec le code ISIN FR0010535971, paye un coupon de 6.117% par an.
Le paiement des coupons est trimestriel et la maturité de l'Obligation est le Perpétuelle

CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE
Issue of EUR 850,000,000 Deeply Subordinated Fixed to Floating Rate Notes
The Euro ("EUR") 850,000,000 Deeply Subordinated Fixed to Floating Rate Notes (the "Notes") of Caisse
Nationale des Caisses d'Epargne et de Prévoyance (the "Issuer" or "CNCEP") will bear interest at 6.117 per
cent. per annum payable annually in arrear on or about 30 October in each year commencing on or about 30
October 2008 until on or about 30 October 2017 (included) and thereafter at Euribor 3 months + 2.37 per
cent. per annum payable quarterly in arrear on or about 30 January, 30 April, 30 July and 30 October in each
year commencing on or about 30 January 2018, as more fully described herein.
For so long as the compulsory interest provisions do not apply, the Issuer may elect not to pay interest on the
Notes, in particular with a view to allowing the Issuer to ensure the continuity of its activities without
weakening its financial structure.
A Interest and the Principal Amount of the Notes may be reduced following a Supervisory Event, on a semi-
annual basis (see Condition 5.1 (Loss Absorption)).
The Notes may be redeemed (in whole but not in part) on 30 October 2017 and on any Interest Payment Date
(as defined in Condition 4 (Interest and Interest Suspension)) thereafter, at the option of the Issuer. The Issuer
will also have the right to redeem the Notes (in whole but not in part) for certain tax and regulatory reasons.
Application has been made to the Luxembourg Commission de Surveillance du Secteur Financier (the
"CSSF"), which is the Luxembourg competent authority for the purpose of Directive 2003/71/EC (the
"Prospectus Directive"), for its approval of this Prospectus. Application has been made to the Luxembourg
Stock Exchange for the Notes to be admitted to trading on the Luxembourg Stock Exchange's regulated
market (the "EU-regulated market of the Luxembourg Stock Exchange") and to be listed on the official
list of the Luxembourg Stock Exchange.
The Notes are expected to be assigned a rating of AA- by Fitch Ratings, A1 by Moody's Investors Services,
Inc. and A+ by Standard & Poor's Ratings Services. A rating is not a recommendation to buy, sell or hold
securities and may be subject to revision, suspension, reduction or withdrawal at any time by the relevant
rating agency.
See "Risk Factors" beginning on page 18 for certain information relevant to an investment in the Notes.
The Notes will, upon issue on or about 30 October 2007, be entered in the books of Euroclear France which
shall credit the accounts of the Account Holders (as defined in Condition 2 (Form, Denominations and Title)),
Clearstream Banking, société anonyme ("Clearstream, Luxembourg") and Euroclear Bank S.A./N.V.
("Euroclear").
The Notes will be issued in denominations of EUR 50,000 and will at all times be represented in book entry
form (dématérialisés) in compliance with article L.211-4 of the French Code monétaire et financier in the
books of the Account Holders.
Joint Lead Managers
MERRILL LYNCH INTERNATIONAL
NATIXIS
Co-Lead Managers
BARCLAYS CAPITAL
CITI
HSBC
The date of this Prospectus is 26 October 2007.

This Prospectus comprises a prospectus for the purposes of Article 5.3 of Directive 2003/71/EC (the
"Prospectus Directive") in respect of, and for the purpose of giving information with regard to
Caisse Nationale des Caisses d'Epargne et de Prévoyance (the "Issuer" or "CNCE" or "CNCEP"),
the Issuer and its subsidiaries (the "CNCE Group") and the Groupe Caisse d'Epargne (the
"Group") which is necessary to enable investors to make an informed assessment of the assets and
liabilities, financial position, profit and losses and prospects of the Issuer.
This Prospectus is to be read in conjunction with any documents and/or information which is
incorporated herein by reference in accordance with Article 28 of the Commission Regulation (EC)
no. 809/2004.
No person has been authorised to give any information or to make any representation other than
those contained in this Prospectus in connection with the issue or sale of the Notes and, if given or
made, such information or representation must not be relied upon as having been authorised by the
Issuer or any of the Managers (as defined in the Summary below). Neither the delivery of this
Prospectus nor any sale made in connection herewith shall, under any circumstances, create any
implication that there has been no change in the affairs of the Issuer or the Group since the date
hereof or that there has been no adverse change in the financial position of the Issuer or the Group
since the date hereof or that any other information supplied in connection with the issue or sale of
the Notes is correct as of any time subsequent to the date on which it is supplied or, if different, the
date indicated in the document containing the same.
The distribution of this Prospectus and the offering or sale of the Notes in certain jurisdictions may
be restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer
and the Managers to inform themselves about and to observe any such restriction. The Notes have
not been and will not be registered under the United States Securities Act of 1933, as amended (the
"Securities Act"). Subject to certain exceptions, Notes may not be offered, sold or delivered within
the United States or to the account or benefit of U.S. persons (as defined in Regulation S under the
Securities Act ("Regulation S"). For a description of certain restrictions on offers and sales of Notes
and on distribution of this Prospectus, see "Subscription and Sale".
This Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer or the
Managers to subscribe for, or purchase, any Notes.
The Managers have not separately verified the information contained in this Prospectus. None of
the Managers makes any representation, express or implied, or accepts any responsibility, with
respect to the accuracy or completeness of any of the information in this Prospectus. Neither this
Prospectus nor any other financial statements are intended to provide the basis of any credit or
other evaluation and should not be considered as a recommendation by any of the Issuer and the
Managers that any recipient of this Prospectus or any other financial statements should purchase
the Notes. Each potential purchaser of Notes should determine for itself the relevance of the
information contained in this Prospectus and its purchase of Notes should be based upon such
investigation as it deems necessary. None of the Managers undertakes to review the financial
condition or affairs of the Issuer or the Group during the life of the arrangements contemplated by
this Prospectus nor to advise any investor or potential investor in the Notes of any information
coming to the attention of any of the Managers.
In this Prospectus, unless otherwise specified, references to a "Member State" are references to a
Member State of the European Economic Area, references to "U.S.$", "U.S. dollars" or "dollars"
are to United States dollars and references to "EUR" or "euro" are to the single currency
introduced at the start of the third stage of European Economic and Monetary Union pursuant to
the Treaty establishing the European Community, as amended.

- 1 -

In connection with the issue of the Notes, Natixis (the "Stabilising Manager") (or persons acting on
behalf of the Stabilising Manager) may over allot Notes or effect transactions with a view to
supporting the market price of the Notes at a level higher than that which might otherwise prevail.
However, there is no assurance that the Stabilising Manager (or persons acting on behalf of the
Stabilising Manager) will undertake stabilisation action. Any stabilisation action may begin on or
after the date on which adequate public disclosure of this Prospectus and, if begun, may be ended at
any time, but it must end no later than the earlier of 30 days after the issue date of the Notes and 60
days after the date of the allotment of the Notes. Any stabilisation action or over-allotment must be
conducted by Natixis (or persons acting on behalf of the Stabilising Manager) in accordance with all
applicable laws and rules.

2

CONTENTS

Page
DOCUMENTS INCORPORATED BY REFERENCE .......................................................................4
PERSONS RESPONSIBLE FOR THE INFORMATION GIVEN IN THE PROSPECTUS ............10
SUMMARY ....................................................................................................................................... 11
RISK FACTORS................................................................................................................................18
TERMS AND CONDITIONS OF THE NOTES ...............................................................................25
INFORMATION RELATING TO SOLVENCY RATIOS AND ISSUES OF SECURITIES
QUALIFYING AS TIER 1 AND TIER 2 CAPITAL ................................................................43
INFORMATION ABOUT THE ISSUER ..........................................................................................50
ORGANISATIONAL STRUCTURE OF THE GROUPE CAISSE D'EPARGNE............................58
RECENT DEVELOPMENTS ...........................................................................................................66
REASONS OF THE OFFER AND USE OF PROCEEDS ................................................................68
TAXATION........................................................................................................................................69
SUBSCRIPTION AND SALE...........................................................................................................71
GENERAL INFORMATION.............................................................................................................74

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DOCUMENTS INCORPORATED BY REFERENCE
This Prospectus should be read and construed in conjunction with the following documents all of which
are incorporated by reference in the Prospectus and which have been previously published with the
Prospectus and that have been filed with the Commission de surveillance du secteur financier in
Luxembourg and shall be incorporated in, and form part of, this Prospectus:
(1)
The Base Prospectus of the Issuer dated 30 July 2007 in relation to the 30,000,000,000 Euro
Medium Term Note Programme of the Issuer incorporating by reference the Reference
Document1 of the Issuer for the financial year ended 31 December 2006 (the "Reference
Document 2006"), excluding the section entitled "Statement by the Person responsible for the
document de référence" on page 413 and the Reference Document1 of the Issuer for the financial
year ended 31 December 2005 (the "Reference Document 2005"), excluding the section entitled
"Statement by the Person responsible for the "Document de Référence" on page 239;
(2)
The First Supplement dated 18 September 2007 to the Base Prospectus dated 30 July 2007 in
relation to the 30,000,000,000 Euro Medium Term Note Programme of the Issuer incorporating
(1) a press release dated 30 August 2007 relating to the interim results of the Caisses d'Epargne
for the first half of 2007, and a press release relating to the interim results of the Issuer for the
first half of 2007 published on 12 September and (2) an update of the section of the Base
Prospectus dated 30 July 2007 in relation to the 30,000,000,000 Euro Medium Term Note
Programme of the Issuer under the heading "Recent Developments".
(3)
The Second Supplement dated 16 October 2007 to the Base Prospectus dated 30 July 2007 in
relation to the 30,000,000,000 Euro Medium Term Note Programme of the Issuer incorporating
(1) by reference in the Base Prospectus the Actualisation du Document de Référence, in French,
which has been filed with the French Autorité des Marchés Financiers ("AMF") on 28
September 2007 under the number D.07-0371-A01, containing the interim consolidated financial
statements of the Issuer and the interim consolidated financial statements of Groupe Caisse
d'Epargne as at 30 June 2007, with the exception of the statement by the person responsible for
the Document de Référence and the updates ("Attestation du Responsable du Document de
Référence et de ses actualisations") and (2) an update of the section of the Base Prospectus under
the heading "Recent Developments" by the insertion of a press release dated 21 September 2007.
All documents incorporated by reference in this Prospectus may be obtained, upon request and free of
charge, at the offices of each Paying Agent set out at the end of this Prospectus during normal business
hours so long as any of the Notes are outstanding.
Such documents shall be incorporated in and form part of this Prospectus, save that any statement
contained in a document which is incorporated by reference herein shall be modified or superseded for
the purpose of this Prospectus to the extent that a statement contained herein modifies or supersedes such
earlier statement (whether expressly, by implication or otherwise). Any statement so modified or
superseded shall not, except as so modified or superseded, constitute a part of this Prospectus.
Copies of documents incorporated by reference in this Prospectus may be obtained without charge from
the head office of the Issuer, the Issuer's website (www.groupe.caisse-epargne.com) and the website of
the Luxembourg Stock Exchange (www. bourse.lu).
Any information not listed in the following cross-reference lists but included in the documents
incorporated by reference in this Prospectus is given for information purposes only.

1 The Reference Document is a free translation in English from the original, which was prepared in French.

4

(1) Cross-reference list in respect of the financial information for the years ended 31 December 2005
and 2006 in respect of CNCE Group
Regulation Annex XI in respect of CNCE
Base
Reference
Reference
Group
Prospectus
Document
Document
2007
2005
2006
11. Financial
11.1 Historical Financial

information
Information
concerning the
Audited historical page 22
pages 40 to 42
pages 74 to 76
issuer's assets and
financial information
liabilities, financial
Audit reports
page 22
pages 158 to
position and profits
page 78
159
and losses
Balance sheet
page 22
page 40
page 74 to 75
Profit and loss account
page 22
page 42
page 76
Cash flow statements

page 76-77
page 72
Accounting policies
page 22
pages 90 to
pages 47 to 53
103
Explanatory notes
page 22
pages 82 to
pages 43 to 77
157
11.2 Financial

Statements
Consolidated financial
page 23
pages 40 to 42
pages 74 to 76
statements
11.3 Auditing of

historical annual

financial information
11.3.1

Statement indicating that
page 23
the historical financial
pages 158 to
pages 78 to 79
information has been
159
audited
Refusal, qualifications
page 23
or disclaimers of the
audit reports, as the case
may be, and reasons for
Not Applicable
Not Applicable
such refusal,
qualifications or
disclaimers
11.3.2 Other information
page 23
included audited by the
Not Applicable
Not Applicable
auditors

5

Regulation Annex XI in respect of CNCE
Base
Reference
Reference
Group
Prospectus
Document
Document
2007
2005
2006

11.3.3 If financial data
page 23
included is not extracted
from the issuer's audited
financial statements,
Not Applicable
Not Applicable
source of the data and
indication that the date
is unaudited

6

(1) Cross-reference list in respect of the financial information for the years ended 31 December 2005
and 2006 in respect of the Group
Regulation Annex XI in respect of the Groupe
Base
Reference
Reference
Caisse d'Epargne
Prospectus
Document
Document
2007
2005
2006
11. Financial
11.1 Historical Financial

information
Information
concerning the issuer's Audited historical page 23
pages 114 to
pages 206 to
assets and liabilities,
financial information
116
208
financial position and
Audit reports
page 23
pages 292 to
profits and losses
page 156
293
Balance sheet
page 23
pages 206 to
page 114
207
Profit and loss account
page 23
page 116
page 208
Cash flow statements

page 155
page 200
Accounting policies
page 23
pages 122 to
pages 224 to
128
237
Explanatory notes
page 23
pages 117 to
pages 214 to
155
291
11.2 Financial

Statements
Consolidated financial
page 23
pages 114 to
pages 206 to
statements
116
208
11.3 Auditing of

historical annual

financial information
11.3.1

Statement indicating that
page 24
the historical financial
pages 156 to
pages 292 to
information has been
157
293
audited
Refusal, qualifications or
page 24
disclaimers of the audit
reports, as the case may
Not
Not Applicable
be, and reasons for such
Applicable
refusal, qualifications or
disclaimers
11.3.2 Other information
page 24
Not
included audited by the
Not Applicable
Applicable
auditors

7

Regulation Annex XI in respect of the Groupe
Base
Reference
Reference
Caisse d'Epargne
Prospectus
Document
Document
2007
2005
2006

11.3.3 If financial data
page 24
included is not extracted
from the issuer's audited
Not
financial statements,
Not Applicable
Applicable
source of the data and
indication that the date is
unaudited

(2) The First Supplement incorporated by reference in this Prospectus is given for information purposes
only.

8

(3) Cross-reference list for the six-months ended 30 June 2007 in respect of the Groupe CNCE and
the Group

Regulation Annex XI in respect of Groupe
Second Supplement
Actualisation du Document de Référence
CNCE
September 2007
Rapport financier du Groupe Caisse Nationale des Caisses d'Epargne

Au 30 Juin 2007
Rapport de gestion
page 2
page 88
Bilan consolidé
page 2
page 102
Compte de résultat consolidé
page 2
page 101
Tableau de variation des capitaux propres
page 2
page 104
Tableau des flux de trésorerie
page 2
page 105
Composition de la trésorerie et des équivalents de
page 2
page 106
trésorerie
Notes annexes aux comptes semestriels du
page 2
page 107
Groupe Caisse Nationale des Caisses d'Epargne
Rapport des commissaires aux comptes sur les
page 2
page 133
comptes consolidés
Informations sur les comptes individuels de la
page 2
page 134
Caisse Nationale des Caisses d'Epargne
Regulation Annex XI in respect of the Group

Actualisation du Document de Référence
Rapport financier du Groupe Caisse d'Epargne

Au 30 Juin 2007
Rapport de gestion
page 2
page 16
Bilan consolidé
page 2
page 42
Compte de résultat consolidé
page 2
page 41
Tableau de variation des capitaux propres
page 2
page 44
Tableau des flux de trésorerie
page 2
page 45
Composition de la trésorerie et des équivalents de
page 2
page 46
trésorerie
Notes annexes aux comptes semestriels du
page 2
page 47
Groupe Caisse d'Epargne
Rapport des commissaires aux comptes sur les
page 2
page 77
comptes consolidés
Gestion des risques
page 2
page 5

9