Final Terms dated 15 May 2007 CAISSE

Final Terms dated 15 May 2007
CAISSE NATIONALE DES CAISSES D’EPARGNE ET DE PREVOYANCE
Euro 25,000,000,000
Euro Medium Term Note Programme
for the issue of Notes
Due from one month from the date of original issue
SERIES NO: 457
TRANCHE NO: 1
EUR 10,000,000 Switchable 4.80 per cent. to Floating Rate Notes due May 2019
IXIS Corporate & Investment Bank
PART A – CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the
Base Prospectus dated 15 September 2006 and the Base Prospectus Supplements dated 12 October 2006, 22
November 2006, 15 February 2007 and 29 March 2007 which together constitute a base prospectus for the
purposes of the Prospectus Directive (Directive 2003/71/EC) (the “Prospectus Directive”). This document
constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus
Directive and must be read in conjunction with such Base Prospectus as so supplemented. Full information
on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final
Terms and the Base Prospectus. The Base Prospectus and the Base Prospectus Supplements are available for
viewing at the office of the Fiscal Agent or each of the Paying Agents and on the website of the regulated
market where the admission to trading is sought and copies may be obtained from Caisse Nationale des
Caisses d’Epargne et de Prévoyance, 50, avenue Pierre Mendès-France- 75201 Paris Cedex 13, France.
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1.
Issuer:
(i)
Caisse Nationale des Caisses d’Epargne et de Prévoyance
Series Number:
(ii) Tranche Number:
2.
Specified Currency or Currencies:
3.
Aggregate Nominal Amount of Notes
admitted to trading:
457
1
EURO (“EUR”)
(i)
Series:
EUR 10,000,000
(ii)
Tranche:
EUR 10,000,000
4.
Issue Price:
100 per cent of the Aggregate Nominal Amount
5.
Specified Denomination(s):
EUR 100,000
6.
(i) Issue Date:
18 May 2007
(ii) Interest Commencement Date
18 May 2007
7.
Maturity Date:
18 May 2019
8.
Interest Basis:
4.80% Fixed Rate
CMS 10 year Floating Rate
(further particulars specified below)
9.
Redemption/Payment Basis:
Redemption at par
10. Change of Interest or Redemption/Payment
Basis:
Fixed Interest Rate switchable to Floating Rate in
accordance with the provisions set out in item 31 below
11. Put/Call Options:
Not Applicable
12. (i) Status of the Notes:
Unsubordinated Notes
(ii) Dates of the corporate authorisations
for issuance of the Notes:
13. Method of distribution:
Decision of the Directoire of the Issuer dated 12 March,
2007 and of Mr Nicolas MERINDOL, Directeur general,
dated 2 May, 2007
Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
14. Fixed Rate Note Provisions
Applicable from (and including) the Issue Date to (but
excluding) the Maturity Date, unless the Issuer has
elected to change the Interest Rate from Fixed to Floating
Rate in accordance to the provisions set out in item 31
below, in which case that Fixed Rate Notes Provisions
shall apply from (and including) the Issue Date to (but
excluding) the Interest Payment Date on which the
Interest is changed to Floating Rate (the “Change of
Interest Date”)
(i) Rate of Interest:
4.80 per cent. per annum payable annually in arrear
(ii) Interest Payment Date(s):
18 May in each year from (and including) 18 May 2008
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to (and including) the Maturity Date or, if applicable, the
Change of Interest Date, adjusted in accordance with the
Modified Following Business Day Convention, and
subject to the provisions set out in item 31 below
(iii) Fixed Coupon Amount:
EUR 4,800 per EUR 100,000 in Nominal Amount
(iv) Broken Amount(s):
Not Applicable
(v) Day Count Fraction (Condition 5(a)):
30/360 (unadjusted)
(vi) Determination Dates:
Not Applicable
(vii) Other terms relating to the method of
calculating interest for Fixed Rate
Notes:
Not Applicable
15. Floating Rate Note Provisions
Applicable, if the Change of Interest in accordance with
item 31 below applies, from (and including) the Change
of Interest Date to (but excluding) the Maturity Date
(i) Interest Period(s)
The Interest Period means the period from (and
including) the Change of Interest Date (as defined in item
14 above) to (but excluding) the first Specified Interest
Payment Date thereafter and each successive period from
(and including) a Specified Interest Payment Date to (but
excluding) the next succeeding Specified Interest
Payment Date subject to the provisions set out in item 31
below
(ii) Specified Interest Payment Dates:
18 May in each year subject to the provisions set out in
item 31 below and for the first time at the earliest 18 May
2010
(iii) Business Day Convention:
Modified Following Business Day Convention
(iv) Business Centre(s):
TARGET
(v) Manner in which the Rate(s) of
Interest is/are to be determined:
Screen Rate Determination
(vi) Party responsible for calculating the
Rate(s) of Interest and Interest
Amount(s) (if not the Calculation
Agent):
IXIS Corporate & Investment Bank
(vii) Screen Rate Determination
(Condition 5(c)(iii)(B):
Applicable
– Relevant Time:
11 am Frankfurt time
– Interest Determination Date
Two TARGET Business Days prior to the first day in
each Interest Accrual Period
– Primary Source for Floating Rate:
Reuters Page “ISDAFIX2” (or any successor page to that
page) under the heading "EURIBOR BASIS-EUR"
– Reference Banks (if Primary
Source is “Reference Banks”):
Not Applicable
– Relevant Financial Centre:
TARGET
– Benchmark:
10 year € Annual Bond Basis swap rate
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– Representative Amount:
Not Applicable
– Effective Date:
Not Applicable
– Specified Duration:
Not Applicable
(viii) ISDA Determination (Condition
5(c)(iii)(A)):
Not Applicable
(ix) Margin(s):
Not Applicable
(x) Minimum Rate of Interest:
0.00 per cent per annum
(xi) Maximum Rate of Interest:
Not Applicable
(xii) Day Count Fraction (Condition 5(a):
30/360 (unadjusted)
(xiii) Rate Multiplier:
Not Applicable
(xiv) Fall back provisions, rounding
provisions, denominator and any
other terms relating to the method of
calculating interest on Floating Rate
Notes, if different from those set out
in the Conditions:
The Calculation Agent will determine the10 year Annual
Bond Basis swap rate in Euro versus 6-month Euribor
(the “CMS 10 year”), expressed as a percentage, which
appears on Reuters Page “ISDAFIX2” under the heading
“EURIBOR BASIS – EUR” and above the caption
“11:00 AM FRANKFURT” as of 11am Frankfurt time, on
the date that is two TARGET Business Days before the
first day of each Interest Accrual Period.
(ii) If the Calculation Agent determines in its sole and
absolute discretion that, on any Interest Determination
Date, the CMS 10 year:
does not appear on the Reuters Page ISDAFIX2 (or any
successor or the other relevant page); or
for any other reason, is unavailable or cannot reasonably
be calculated,
the CMS 10 year will be the rate determined by the
Calculation Agent as the EUR-Annual Swap Rate
Reference Banks as defined in the 2006 ISDA
Definitions.”
16. Zero Coupon Note Provisions
Not Applicable
17. Index-Linked Interest Note/other variablelinked interest Note Provisions
Not Applicable
18. Dual Currency Note Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION
19. Call Option
Not Applicable
20. Put Option
Not Applicable
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21. Final Redemption Amount of each Note
EUR 100,000 per Note of EUR 100,000 specified
denomination
22. Early Redemption Amount
(i) Early Redemption Amount(s) of each
Note payable on redemption for
taxation reasons (Condition 6(f)), for
illegality (Condition 6(j)) or on event
of default (Condition 9) or other
early redemption and/or the method
of calculating the same (if required
or if different from that set out in the
Conditions):
As per Conditions
(ii) Redemption for taxation reasons
permitted on days others than
Interest Payment Dates (Condition
6(f))
Yes
(iii) Unmatured Coupons to become void
upon early redemption (Materialised
Bearer Notes only) (Condition 7(f))
Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE NOTES
23. Form of Notes:
Dematerialised Notes
(i) Form of Dematerialised Notes:
Bearer dematerialised form (au porteur)
(ii) Registration Agent:
Not Applicable
(iii) Temporary Global Certificate:
Not Applicable
(iv) Applicable TEFRA exemption:
Not Applicable
24. Financial Centre(s) or other special
provisions relating to Payment Dates:
TARGET
25. Talons for future Coupons or Receipts to be
attached to Definitive Notes (and dates on
which such Talons mature):
Not Applicable
26. Details relating to Partly Paid Notes:
amount of each payment comprising the
Issue Price and date on which each
payment is to be made and consequences
(if any) of failure to pay:
Not Applicable
27. Details relating to Instalment Notes:
amount of each instalment, date on which
each payment is to be made:
Not Applicable
28. Redenomination, renominalisation and
reconventioning provisions:
Not Applicable
29. Consolidation provisions:
Not Applicable
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30. Masse:
Applicable
The initial Representative will be:
MURACEF
5, rue Masseran
75007 Paris
France
Represented by its Directeur Général
The alternate Representative will be :
Mr. Hervé-Bernard VALLEE
5, rue Masseran
75007 Paris
France
The Representative will not be entitled to any
remuneration.
31. Other final terms:
The Issuer has the right to switch definitely the coupon of
the Notes from Fixed Rate (as defined in item 14 above)
to the Floating Rate (as defined in item 15 above) on
every 18 May starting on 18 May 2009 and ending on 18
May 2018 upon giving at least five TARGET Business
Days notice prior to the Interest Payment Date on which
the change will occur (the Change of Interest Date).
DISTRIBUTION
32. (i) If syndicated, names of Managers:
(ii) Stabilising Manager(s) (if any):
33. If non-syndicated, name and address of
Dealer:
Not Applicable
Not Applicable
IXIS Corporate & Investment Bank
47 quai d’Austerlitz
75648 Paris Cedex 13
34. Additional selling restrictions:
Not Applicable
GENERAL
35. The aggregate principal amount of Notes
issued has been translated into Euro at the
rate of [•] producing a sum of:
Not Applicable
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.
Signed on behalf of Caisse Nationale des Caisses d’Epargne et de Prévoyance:
Duly represented by:
............................................
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PART B – OTHER INFORMATION
1
RISK FACTORS
As set out in the chapter “risk factors” of the Base Prospectus
2
LISTING AND ADMISSION TO TRADING
3.
(i) Listing:
Bourse de Luxembourg (regulated market of the
Luxembourg Stock Exchange)
(ii) Admission to trading:
Application has been made for the Notes to be admitted to
trading on regulated market of the Luxembourg Stock
Exchange with effect from 18 May 2007
(iii) Estimate of total expenses
related to admission to trading:
Admission fee: EUR 400
(iv) Additional publication of Base
Prospectus and Final Terms:
Not Applicable
Maintenance fee: EUR 3,780
RATINGS
Ratings:
4.
Not Applicable
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER
So far as the Issuer is aware, no person involved in the offer of the Notes has an interest
material to the offer.
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES *
5.
(i) Reasons for the offer
The net proceeds of the issue will be used for the Issuer’s
general corporate purposes.
(ii) Estimated net proceeds:
EUR 10,000,000
(iii) Estimated total expenses:
EUR 4,180
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6.
Fixed Rate Notes only – YIELD
Indication of yield:
4.80 per cent.
The yield is calculated at the Issue Date on the basis of the
Issue Price. It is not an indication of future yield and it is
not applicable in the case the Issuer has elected to change
the Interest Rate from Fixed to Floating Rate.
7.
OPERATIONAL INFORMATION
ISIN Code:
FR0010470153
Common Code:
030001800
Depositaries:
(i)
(ii)
Euroclear France to act as
Central Depositary
Common Depositary for
Euroclear and Clearstream
Luxembourg
Yes
No
Any clearing system(s) other than
Euroclear
and
Clearstream,
Luxembourg and the relevant
identification number(s):
Not Applicable
Delivery:
Delivery against payment
Names and addresses of additional
Paying Agent(s) (if any):
Calculation Agent :
IXIS Corporate & Investment Bank
47 quai d’Austerlitz
75648 Paris Cedex
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