Dear Madam, dear Sir,

Welcome to the Caisse d’Amortissement de la Dette Sociale (CADES) website. The site contains all the information you need to better understand our mission, our financial and regulatory environment, our financing and amortisation mechanisms.

At the end of this year, we will have amortized more than 155 billion euros, representing more than 60% of the French social debt assumed since our creation in 1996. This performance confirms the effectiveness of our financing and amortization mechanisms, which allow us to contribute to the control of the French public debt.

In order to clear the nation’s social security debt, the government decided, in accordance with the Parliament, to transfer between 2020 and 2022 the balance of social debt still held by ACOSS. This will result in 15 billion euros of debt being transferred to CADES over three years, which will be financed without tax increases or going beyond 2024, the current expected date of extinction.

This transfer will be financed by the allocation to CADES of an increased share of CSG, which will be made possible by the return to balance of social security planned by the government in the SSFA for 2019.

In the future, we plan to remain very active in the short, medium and long-term issuance markets as we continue to offer our international investors a wide range of financial instruments, both by maturity and in several currencies.

Based on these decisions, we confirm the objective of our mission, entrusted to us by the Parliament, to repay all of the remaining social debt by 2024.

Jean-Louis Rey

Chairman of the Board