Bond CADESIA 1.25% ( US12802NAB01 ) in USD

Issuer CADESIA
Market price 100 %  ▼ 
Country  France
ISIN code  US12802NAB01 ( in USD )
Interest rate 1.25% per year ( payment 2 times a year)
Maturity 11/07/2014 - Bond has expired



Prospectus brochure of the bond Cades US12802NAB01 in USD 1.25%, expired


Minimal amount 100 000 USD
Total amount 2 500 000 000 USD
Cusip 12802NAB0
Standard & Poor's ( S&P ) rating AA+ ( High grade - Investment-grade )
Moody's rating Aaa ( Prime - Investment-grade )
Detailed description CADES (CMS Advanced Electronic Signatures) is a standard for digitally signing electronic documents, offering various signature levels with varying degrees of security and trust.

Cades' USD 1.25% bond (CUSIP 12802NAB0, ISIN US12802NAB01), a ?2,500,000,000 issuance maturing on 11/07/2014, with a minimum trading size of ?100,000 and paying semi-annual coupons, has reached maturity and been repaid, previously rated AA+ by S&P and Aaa by Moody's.







Base Prospectus
Dated 7 June 2011

CAISSE D'AMORTISSEMENT DE LA DETTE SOCIALE
an administrative public agency (établissement public national à caractère administratif) established in France
EURO 65,000,000,000
Global Medium Term Note Programme

Under the Global Medium Term Note Programme described in this Base Prospectus (the "Programme"), Caisse d'Amortissement de la Dette Sociale
("CADES" or the "Issuer"), subject to compliance with all relevant laws, regulations and directives, may from time to time issue Medium Term Notes (the
"Notes"). The aggregate nominal amount of Notes outstanding will not at any time exceed Euro 65,000,000,000 (or the equivalent in other currencies).
Application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent authority under the Luxembourg
Act dated 10 July 2005 relating to prospectuses for securities, for the approval of this Base Prospectus as a base prospectus for the purposes of Article 5.4 of
Directive 2003/71/EC (the "Prospectus Directive"). Application has also been made to the Luxembourg Stock Exchange for the Notes issued under the
Programme to be admitted to the official list of the Luxembourg Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock
Exchange's regulated market. References in this Base Prospectus to Notes being "listed" (and all related references) shall mean that such Notes have been
admitted to the Official List and admitted to trading on the Luxembourg Stock Exchange's regulated market. The Luxembourg Stock Exchange's regulated
market is a regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments.
However, unlisted Notes may be issued pursuant to the Programme. The relevant Final Terms in respect of the issue of any Notes will specify whether or not
such Notes will be listed on the Official List and admitted to trading on the Luxembourg Stock Exchange's regulated market (or any other stock exchange), or
unlisted.
Each Series (as defined in "Summary of the Programme ­ Method of Issue") of Notes in bearer form will, if so specified in the relevant Final Terms, be
represented on issue by a temporary global note (each a "temporary Global Note"), and will be sold in an "offshore transaction" within the meaning of
Regulation S ("Regulation S") under the United States Securities Act of 1933 (the "Securities Act"). Interests in temporary Global Notes generally will be
exchangeable for interests in permanent global notes (each a "permanent Global Note" and, together with the temporary Global Notes, the "Global Notes"), or
if so stated in the relevant Final Terms, definitive Notes ("Definitive Notes"), after the date falling 40 days after the later of the commencement of the offering
and the relevant issue date of the relevant Tranche (as defined in "Summary of the Programme - Method of Issue") of Notes upon certification as to non-U.S.
beneficial ownership. Interests in permanent Global Notes will be exchangeable for Definitive Notes in whole but not in part as described under "Summary of
Provisions Relating to the Notes while in Global Form". If the Global Notes are stated in the applicable Final Terms to be issued in new global note ("NGN")
form, the Global Notes will be delivered on or prior to the original issue date of the relevant Tranche to a common safekeeper (the "Common Safekeeper") for
Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream, Luxembourg"). Global Notes which are not issued in
NGN form ("Classic Global Notes" or "CGNs") will be deposited on the issue date of the relevant Tranche with a common depositary on behalf of Euroclear
and Clearstream, Luxembourg (the "Common Depositary").
The Notes of each Series to be issued in registered form ("Registered Notes") will be represented by registered certificates (each, a "Certificate"), one
Certificate being issued in respect of each Noteholder's entire holding of Registered Notes of one Series. Registered Notes issued in global form and sold in an
"offshore transaction" within the meaning of Regulation S ("Unrestricted Notes") will initially be represented by a permanent registered global certificate (each
an "Unrestricted Global Certificate") without interest coupons, which may be deposited on the relevant issue date (a) in the case of a Series intended to be
cleared through Euroclear and/or Clearstream, Luxembourg, with a common depositary on behalf of Euroclear and Clearstream, Luxembourg, (b) if such
Unrestricted Global Certificate is to held under the New Safekeeping Structure (the "NSS") with a Common Safekeeper for Euroclear and Clearstream,
Luxembourg or (c) with a custodian (the "Custodian") for, and registered in the name of Cede & Co. as nominee for, The Depository Trust Company ("DTC")
or (d) in the case of a Series intended to be cleared through a clearing system other than, or in addition to, DTC, Euroclear and/or Clearstream, Luxembourg, or
delivered outside a clearing system, as agreed between the Issuer and the Dealer. Registered Notes sold in the United States to "qualified institutional buyers"
("QIBs") within the meaning of Rule 144A ("Rule 144A") under the Securities Act that are also "qualified purchasers" ("QPs") as defined in Section 2(a)(51)
of the United States Investment Company Act of 1940 (the "Investment Company Act") ("Restricted Notes") will initially be represented by a permanent
registered global certificate (each a "Restricted Global Certificate" and, together with the Unrestricted Global Certificate, the "Global Certificates") without
interest coupons, which may be deposited on the relevant issue date with a Custodian for, and registered in the name of Cede & Co. as nominee for DTC. The
provisions governing the exchange of interests in Global Notes for other Global Notes and definitive Notes and the exchange of interests in each Global
Certificate for definitive Registered Notes are described in "Summary of Provisions Relating to the Notes while in Global Form".
The Issuer has been assigned a long-term debt rating of AAA by Standard & Poor's Ratings Services, a Division of the McGraw-Hill Companies, Inc., Aaa by
Moody's Investors Service, Inc. and AAA by Fitch Ratings. Tranches of Notes to be issued under the Programme will be rated or unrated. Where a Tranche of
Notes is to be rated, such rating will be disclosed in the relevant Final Terms. Credit ratings included or referred to in this Base Prospectus have been issued by
Standard & Poor's Ratings Services, a Division of the McGraw-Hill Companies, Inc., Moody's Investors Service, Inc. and Fitch Ratings, each of which is
established in the European Union and has applied to be registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16
September 2009 on credit rating agencies. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension,
reduction or withdrawal at any time by the assigning rating agency.
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in this Base Prospectus.

Arranger and Dealer
CREDIT SUISSE




This Base Prospectus comprises a base prospectus for the purposes of Article 5.4 of the Prospectus Directive
and for the purpose of giving information with regard to the Issuer and the Notes which, according to the
particular nature of the Issuer and the Notes, 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.
The Issuer (the "Responsible Person") accepts responsibility for the information contained in this Base
Prospectus (including, for the avoidance of doubt, any free translations included in this Base Prospectus). To
the best of the knowledge of the Issuer (having taken all reasonable care to ensure that such is the case), the
information contained in this Base Prospectus is in accordance with the facts and does not omit anything
likely to affect the import of such information.
This Base Prospectus has been prepared on the basis that, except to the extent sub-paragraph (ii) below may
apply, any offer of Notes in any Member State of the European Economic Area that has implemented the
Prospectus Directive (each, a "Relevant Member State") will be made pursuant to an exemption under the
Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a
prospectus for offers of Notes. Accordingly, any person making or intending to make an offer in that Relevant
Member State of Notes which are the subject of an offering contemplated in this Base Prospectus as
completed by final terms in relation to the offer of those Notes may only do so (i) in circumstances in which
no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus
Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in
relation to such offer, or (ii) if a prospectus for such offer has been approved by the competent authority in
that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified
to the competent authority in that Relevant Member State and (in either case) published, all in accordance
with the Prospectus Directive, provided that any such prospectus has subsequently been completed by final
terms which specify that offers may be made other than pursuant to Article 3(2) of the Prospectus Directive in
that Relevant Member State and such offer is made in the period beginning and ending on the dates specified
for such purpose in such prospectus or final terms, as applicable. Except to the extent sub-paragraph (ii)
above may apply, neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any
offer of Notes in circumstances in which an obligation arises for the Issuer or any Dealer to publish or
supplement a prospectus for such offer.
No person has been authorised to give any information or to make any representation other than those
contained in this Base 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 Dealer or the Arranger (as defined in "Summary of the Programme"). Neither the delivery of this
Base 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 since the date hereof or the date
upon which this Base Prospectus has been most recently amended or supplemented or that there has
been no adverse change in the financial position of the Issuer since the date hereof or the date upon
which this Base Prospectus has been most recently amended or supplemented or that any other
information supplied in connection with the Programme 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 Base Prospectus and the offering or sale of the Notes in certain jurisdictions
may be restricted by law. Persons into whose possession this Base Prospectus comes are required by the
Issuer, any Dealer and the Arranger to inform themselves about and to observe any such restrictions.
This Base Prospectus may not be used for the purpose of an offer to, or a solicitation by, anyone in any
jurisdiction or in any circumstances. For a description of certain restrictions on offers, sales and
deliveries of Notes and on distribution of this Base Prospectus and other offering material relating to
the Notes, see "Subscription and Sale" and "Transfer Restrictions". No action has been or will be taken

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to permit a public offering of the Notes in any jurisdiction where any act would be required for that
purpose.
The Issuer has not been and will not be registered under the Investment Company Act. The Notes have
not been and will not be registered under the Securities Act or with any securities regulatory authority
of any state or other jurisdiction of the United States and the Notes may include Notes in bearer form
that are subject to U.S. tax law requirements. Notes may not be offered, sold or, in the case of bearer
notes, delivered within the United States or to, or for the account or benefit of U.S. persons, except in
transactions exempt from the registration requirements of the Securities Act. For a description of
certain restrictions on offers and sales of Notes and on distribution of this Base Prospectus, see
"Subscription and Sale".
The Notes are being offered and sold outside the United States to non-U.S. persons in reliance on
Regulation S and, in the case of Registered Notes, within the United States to QIBs that are also QPs in
reliance on Rule 144A. Prospective purchasers are hereby notified that sellers of the Notes may be
relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A.
For a description of these and certain further restrictions on offers, sales and transfers of Notes and
distribution of this Base Prospectus see "Subscription and Sale" and "Transfer Restrictions".
THE NOTES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND
EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION IN THE UNITED STATES OR
ANY OTHER U.S. REGULATORY AUTHORITY, NOR HAS ANY OF THE FOREGOING AUTHORITIES
PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OF NOTES OR THE ACCURACY
OR THE ADEQUACY OF THIS BASE PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENCE IN THE UNITED STATES.
EACH PROSPECTIVE INVESTOR IS ADVISED TO CONSULT ITS OWN TAX ADVISER, LEGAL
ADVISER AND BUSINESS ADVISER AS TO TAX, LEGAL, BUSINESS AND RELATED MATTERS
CONCERNING THE PURCHASE OF NOTES.
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer or
any Dealer to subscribe for, or purchase, any Notes. This Base Prospectus is intended only to provide
information to assist potential investors in deciding whether or not to subscribe for or purchase Notes
in accordance with the terms and conditions specified by the Dealers. The Notes may not be offered or
sold, directly or indirectly, and this Base Prospectus may not be circulated, in any jurisdiction except in
accordance with the legal requirements applicable to such jurisdiction.
Neither the Arranger nor any Dealer has separately verified the information contained in this Base
Prospectus. To the fullest extent permitted by law, neither the Arranger nor any Dealer makes any
representation, express or implied, or accepts any responsibility for the contents of this Base Prospectus
or for any other statement, made or purported to be made by the Arranger or any Dealer or on its
behalf in connection with the Issuer or the issue and offering of the Notes. The Arranger and each
Dealer accordingly disclaims all and any liability whether arising in tort or contract or otherwise (save
as referred to above) which it might otherwise have in respect of this Base Prospectus or any such
statement. Neither this Base 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, the Arranger or any Dealer that any recipient of this Base 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 Base Prospectus and its purchase of Notes should be
based upon such investigation as it deems necessary. Neither the Arranger nor any Dealer undertakes
to review the financial condition or affairs of the Issuer during the life of the arrangements

2



contemplated by this Base Prospectus nor to advise any investor or potential investor in the Notes of
any information coming to the attention of the Arranger or any Dealer.
In connection with the issue of any Tranche, the Dealer or Dealers (if any) named as the stabilising
manager(s) (the "Stabilising Manager(s)") (or any person acting on behalf of any Stabilising
Manager(s)) in the applicable Final Terms 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(s) (or any person acting on behalf of any
Stabilising Manager) will undertake stabilisation action. Any stabilisation action may begin on or after
the date on which adequate public disclosure of the terms of the offer of the relevant Tranche is made
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 relevant Tranche and 60 days after the date of the allotment of the relevant Tranche.
Any stabilisation action or over-allotment must be conducted by the relevant Stabilising Manager(s) (or
any person acting on behalf of any Stabilising Manager(s)) in accordance with all applicable laws and
rules.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENCE
HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES
ANNOTATED, 1955 ("RSA 421-B"), WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT
A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW
HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF NEW HAMPSHIRE
THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING.
NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE
FOR A SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE OF NEW
HAMPSHIRE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR
RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR TRANSACTION. IT IS
UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER,
CUSTOMER OR CLIENT ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF
THIS PARAGRAPH.
FORWARD-LOOKING STATEMENTS
This Base Prospectus includes forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. The words "anticipate", "believe", "expect", "plan",
"intend", "targets", "aims", "estimate", "project", "will", "would", "may", "could", "continue" and similar
expressions are intended to identify forward-looking statements. All statements other than statements of
historical fact included in this Base Prospectus, including, without limitation, those regarding the Issuer's
financial position, business strategy, management plans and objectives for future operations, are forward-
looking statements. These forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the Issuer's actual results, performance or achievements, or industry results, to
be materially different from those expressed or implied by these forward-looking statements. These forward-
looking statements are based on numerous assumptions regarding the Issuer's present and future business
strategies and the environment in which the Issuer expects to operate in the future.
Factors that could cause actual results, performance or achievements to differ materially include, but are not
limited to, those discussed under "Risk Factors". Forward-looking statements speak only as of the date of this
Base Prospectus and the Issuer expressly disclaims any obligation or undertaking to publicly update or revise
any forward-looking statements in this Base Prospectus to reflect any change in the Issuer's expectations or
any change in events, conditions or circumstances on which these forward-looking statements are based.
Given the uncertainties of forward-looking statements, the Issuer cannot give any assurance that projected

3



results or events will be achieved and the Issuer cautions investors not to place undue reliance on these
statements.
ENFORCEABILITY OF JUDGMENTS IN FRANCE AND SEIZURE OF ASSETS
The Issuer is an administrative national public agency (établissement public national à caractère
administratif) established under the laws of France. The directors and executive officers of the Issuer are, and
will continue to be, non-residents of the United States and substantially all of the assets of the Issuer and such
persons are located outside the United States. Although the Issuer has appointed an agent for service of
process in the United States, the Issuer has been advised that there is a doubt that a foreign judgment based
upon U.S. federal or state securities laws would be enforced in France. The Issuer has also been advised that
there is a doubt that a lawsuit based upon U.S. federal or state securities laws could be brought in an original
action in France.
The United States and France are not party to a treaty providing for reciprocal recognition and enforcement of
judgments, other than arbitral awards rendered in civil and commercial matters. Accordingly, a judgment
rendered by any U.S. federal or state court based on civil liability, whether or not predicated solely upon U.S.
federal or state securities laws, enforceable in the United States, would not directly be recognized or
enforceable in France. A party in whose favour such judgment was rendered could initiate enforcement
proceedings (exequatur) in France before the relevant civil court (Tribunal de Grande Instance). Enforcement
in France of such U.S. judgment could be obtained following proper (i.e., non-ex parte) proceedings if the
civil court is satisfied that the following conditions have been met (which conditions, under prevailing French
case law, do not include a review by the French court of the merits of the foreign judgment):
·
the dispute is clearly connected to the country in which the judgment was rendered (the United States)
and the French courts did not have exclusive jurisdiction over the matter;
·
such U.S. judgment does not contravene French international public policy rules, both pertaining to the
merits and to the procedure of the case;
·
such U.S. judgment is not tainted with fraud; and
·
such U.S. judgment does not conflict with a French judgment or a foreign judgment which has become
effective in France and there are no proceedings pending before French courts at the time enforcement
of the judgment is sought and having the same or similar subject matter as such U.S. judgment.
In addition, the discovery process under actions filed in the United States could be adversely affected under
certain circumstances by French criminal law No. 68-678 of 26 July 1968, as modified by French law No. 80-
538 of 16 July 1980 (relating to communication of documents and information of an economic, commercial,
industrial, financial or technical nature to foreign authorities or persons), which could prohibit or restrict
obtaining evidence in France or from French persons in connection with a judicial or administrative U.S.
action. Similarly, French data protection rules (law No. 78-17 of 6 January 1978 on data processing, data files
and individual liberties, as modified by law No. 2004-801 of 6 August 2004) can limit under certain
circumstances the possibility of obtaining information in France or from French persons in connection with a
judicial or administrative U.S. action in a discovery context.
Furthermore, if an original action is brought in France, French courts may refuse to apply the designated law
if its application contravenes French international public policy. Further, in an action brought in France on the
basis of U.S. federal or state securities laws, French courts may not have the requisite power to grant all the
remedies sought.
As with all French public entities, the assets of CADES situated in France may not be seized. Noteholders
will therefore have no recourse to such assets. In addition, to the extent the Issuer has any assets outside

4



France, such assets may be protected by immunity from execution if allocated to sovereign activities (though
such privilege does not extend to assets allocated to commercial activities). In any case, the right to immunity
(if any) will be governed by the law of the place where the assets (if any) are situated. No guarantee is given
that the Issuer will at any time have any assets outside France or that any such assets will not be subject to
immunity.
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references to
"euro", "EUR" and "" are to the currency introduced at the start of the third stage of the European
economic and monetary union pursuant to the Treaty Establishing the European Community, as
amended and to "U.S.$", "USD", "U.S. dollars" and "$" are to dollars of the United States of America
being the legal currency for the time being of the United States of America.
AVAILABLE INFORMATION
The Issuer has agreed that, for so long as any Notes are "restricted securities" as defined in Rule 144(a)(3)
under the Securities Act, the Issuer will during any period that it is neither subject to section 13 or 15(d) of the
United States Securities and Exchange Act of 1934 (the "Exchange Act"), nor exempt from reporting
pursuant to Rule 12g3-2(b) thereunder furnish, upon request, to any holder or beneficial owner of such
restricted securities or any prospective purchaser designated by any such holder or beneficial owner upon the
request of such holder, beneficial owner or prospective purchaser, the information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act.
FINANCIAL STATEMENTS
The financial statements of the Issuer for the two years ended 31 December 2009 and 31 December 2010,
English language translations of which (together with the audit reports thereon) contained in this Base
Prospectus, English language translations of which also are contained herein, are presented on the basis of
French generally accepted accounting principles ("GAAP") in a format that is specific to French credit
institution and financial institutions. These financial statements comply with the regulations of the French
Accounting Regulation Committee (Comité de la Réglementation Comptable or CRC) and the French
Banking and Financial Regulatory Committee (Comité de la Réglementation Bancaire et Financière or
CRBF) (which recently has been merged into the Autorité de Contrôle Prudentiel). See "Note 1 ­ Basis of
valuation and presentation" of the notes to the 2009 financial statements. Significant differences in GAAP
may exist between different jurisdictions, including between French GAAP and United States GAAP.
Significant differences may also exist between French GAAP and International Financial Reporting Standards
as adopted by the European Union ("IFRS"). The Issuer has not quantified the impact of these differences.
Investors should be aware that these differences may be material in the interpretation of the financial
statements and financial information contained herein and should consult their own professional advisors for
an explanation of the differences between French GAAP, on the one hand, and U.S. GAAP and IFRS, on the
other hand. See "Risk Factors" for a discussion for certain considerations relating to the presentation of
financial information by the Issuer on the basis of French GAAP.
PROSPECTUS SUPPLEMENT
If at any time the Issuer shall be required to prepare a prospectus supplement pursuant to Article 13 of the
Luxembourg Act dated 10 July 2005 relating to prospectuses for securities, the Issuer will prepare and make
available an appropriate supplement to this Base Prospectus that, in respect of any subsequent issue of Notes
to be listed on the Official List and admitted to trading on the Luxembourg Stock Exchange's regulated

5



market, shall constitute a prospectus supplement as required by Article 13 of the Luxembourg Act dated 10
July 2005 relating to prospectuses for securities.
The Issuer has given an undertaking to each Dealer that if at any time during the duration of the Programme
there is a significant new factor, material mistake or inaccuracy relating to information contained in this Base
Prospectus which is capable of affecting the assessment of any Notes and whose inclusion in or removal from
this Base Prospectus is necessary for the purpose of allowing an investor to make an informed assessment of
the assets and liabilities, financial position, profits and losses and prospects of the Issuer, and the rights
attaching to the Notes, the Issuer shall prepare a supplement to this Base Prospectus or publish a replacement
Base Prospectus for use in connection with any subsequent offering of the Notes and shall supply to each
Dealer such number of copies of such supplement hereto as such Dealer may reasonably request.

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TABLE OF CONTENTS
Page
SUMMARY OF THE PROGRAMME .............................................................................................................. 8
RISK FACTORS .............................................................................................................................................. 16
GENERAL DESCRIPTION OF THE PROGRAMME ................................................................................... 24
SELECTED FINANCIAL INFORMATION OF THE ISSUER ...................................................................... 25
TERMS AND CONDITIONS OF THE NOTES ............................................................................................. 26
SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM ...................... 45
USE OF PROCEEDS....................................................................................................................................... 51
DESCRIPTION OF ISSUER ........................................................................................................................... 52
TAXATION ...................................................................................................................................................... 72
CERTAIN ERISA CONSIDERATIONS.......................................................................................................... 87
SUBSCRIPTION AND SALE ......................................................................................................................... 89
CLEARANCE AND SETTLEMENT .............................................................................................................. 93
TRANSFER RESTRICTIONS ........................................................................................................................ 97
FORM OF FINAL TERMS FOR USE IN CONNECTION WITH ISSUES OF NOTES WITH A
DENOMINATION OF LESS THAN [100,000/50,000] TO BE ADMITTED TO TRADING ON AN
EEA REGULATED MARKET AND/OR OFFERED TO THE PUBLIC ON A NON-EXEMPT BASIS
IN THE EEA.......................................................................................................................................... 104
FORM OF FINAL TERMS FOR USE IN CONNECTION WITH ISSUES OF NOTES WITH A
DENOMINATION OF AT LEAST [100,000/50,000] TO BE ADMITTED TO TRADING ON AN EEA
REGULATED MARKET .......................................................................................................................117
GENERAL INFORMATION ......................................................................................................................... 131
FINANCIAL STATEMENTS OF THE ISSUER ........................................................................................... 133

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SUMMARY OF THE PROGRAMME
This summary must be read as an introduction to this Base Prospectus and any decision to invest in the Notes
should be based on a consideration of this Base Prospectus as a whole. Following the implementation of the
relevant provisions of the Prospectus Directive in each Member State of the European Economic Area (an
"EEA State"), no civil liability will attach to the Responsible Person in any such Member State solely on the
basis of this summary, including any translation thereof, unless it is misleading, inaccurate or inconsistent
when read together with the other parts of this Base Prospectus. Where a claim relating to the information
contained in this Base Prospectus is brought before a court in an EEA State, the plaintiff may, under the
national legislation of the EEA State where the claim is brought, be required to bear the costs of translating the
Base Prospectus before the legal proceedings are initiated.
Words and expressions defined in "Terms and Conditions of the Notes" below shall have the same meaning
where used in this summary.
Overview of the Issuer
The Caisse d'Amortissement de la Dette Sociale is an administrative public agency (établissement public
national à caractère administratif) created by a specific statute and owned and controlled by the French State.
CADES is responsible for financing and repaying a portion of the accumulated debt of France's social security
system. CADES finances this debt by borrowing primarily in the debt capital markets and using the proceeds of
social security taxes imposed on French taxpayers' earnings to service interest payments and repay principal on
the amounts borrowed.
CADES was established in 1996 as part of a series of measures to reform the French social security system with
the aim of repaying the debt it accumulated between 1994 and 1996. The French State has since transferred
additional social security debt to CADES on several occasions, and, pursuant to the 2011 Social Security
Financing Act dated 20 December 2010 (loi de financement de la sécurité sociale pour 2011), will transfer a
total of approximately Euro 130 billion of social security debt to CADES between 2011 and 2018. The French
State has also from time to time increased the revenue base of social security taxes to provide CADES with the
revenue necessary to service such additional indebtedness. Since 2005, the French State has been legally
required to match any increase in the social security debt it transfers to CADES with increased resources for
CADES. See "Historical Evolution of Debt and Resources" below.
As at 31 December 2010, the cumulative amount of social security debt transferred to CADES totalled Euro
134.6 billion, of which, as of that date, CADES had repaid Euro 47.9 billion and Euro 86.7 billion was
outstanding, and had paid interest for an amount equal to Euro 29.9 billion. For the year ended 31 December
2009, CADES received Euro 8.082 billion in revenue from social security taxes (compared with Euro 5.98
billion for the year ended 31 December 2008) and incurred interest expenses of Euro 2.822 billion in
connection with servicing its borrowings, net of interest received on deposits (compared with Euro 3.093
billion for the year ended 31 December 2008).
CADES' principal sources of revenue are allocated to it by law and paid automatically in part on a daily basis
and in part on an annual basis. They are (i) a specifically earmarked social security levy (the contribution au
remboursement de la dette sociale or "CRDS"), and (ii) a portion of another social security tax (the contribution
sociale généralisée or "CSG"), both of which are allocated to CADES on a permanent basis until CADES'
purpose has been fulfilled. Pursuant to the 2011 Social Security Financing Act, CADES will receive an
additional annual cash transfer of Euro 2.1 billion from the French Pension Fund (Fonds de Réserve pour les
Retraites or "FRR") from 2011 through 2024 and additional tax revenue equal from a portion of the taxes
raised by the French capital and investment tax (prélèvements sociaux sur les revenus du patrimoine et des
produits de placement, the "Levy Tax") (CADES receives 1.3 per cent. out of a total of 2.2 per
cent. levied), which is expected to provide approximately Euro 1.5 billion per year. See "Sources of
Revenue" below.

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CADES' registered office is located at 15-17 rue Marsollier 75002 Paris ­ France and its telephone number is
+33 1 55 78 58 00.
Risk Factors
There are certain factors that may affect the ability of the Issuer to fulfil its obligations under the Notes and
certain factors that are material for the purpose of assessing the market risks associated with the Notes. A
detailed discussion of such risks is set forth in the section headed "Risk Factors". The following is a list of these
risk factors:
Risks relating to the Issuer
·
The French State has transferred additional social security debt to the Issuer in the past and may do so in
the future
·
The revenues of CADES from the social security taxes it receives may vary
·
The Issuer faces various market risks
·
Differences in accounting methodology may be material to an understanding of the financial information
contained in this Base Prospectus
·
The Issuer has not registered, and will not register, as an investment company under the Investment
Company Act
Risk Factors relating to the Notes
·
The Notes may not be a suitable investment for all investors
·
None of the Issuer, any Dealer or any of their affiliates has or assumes any responsibility for the
lawfulness of the acquisition of the Notes
·
The trading market for debt securities may be volatile and may be adversely impacted by many events
·
An active trading market for the Notes may not develop
·
Any early redemption at the option of the Issuer, if provided for in any Final Terms for a particular issue
of Notes, could cause the yield received by any Noteholders to be considerably less than anticipated
·
The Notes may be subject to restrictions on transfer which may adversely affect their value
·
The Notes contain limited events of default and covenants
·
A Noteholder's actual yield on the Notes may be reduced from the stated yield due to transaction costs
·
A Noteholder's effective yield on the Notes may be diminished due to the tax impact on that Noteholder
of its investment in the Notes
·
Investors will not be able to calculate in advance their rate of return on Floating Rate Notes
·
The Issuer's ability to convert the interest rate of Fixed to Floating Rate Notes may affect the secondary
market and the market value of the Notes
·
Zero Coupon Notes are subject to higher price fluctuations than non-discounted bonds
·
Foreign currency bonds expose investors to foreign-exchange risk as well as to issuer risk
·
Structured Notes may entail significant risks not associated with similar investments in a conventional
debt security
·
Investments in Index Linked Notes entail significant risks and may not be appropriate for investors
lacking financial expertise

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