PARIS -- (Marketwire) -- 11/13/08 -- Crédit Agricole GROUP*

Leading partner to the French economy over the first nine months of 2008

Significant growth in outstanding loans (9M 2008/9M 2007):

+19.2% in loans to SMEs

+8.5% in residential mortgage loans

Shareholders' equity (Group share): EUR 64.2 billion

Net income (Group share):

Third quarter: EUR 920 million

First nine months of 2008: EUR 2,516 million

Crédit Agricole S.A.

A solid, resilient, responsive model

Shareholders' equity (Group share): EUR 42.2 billion

Net income (Group share):

Third quarter of 2008: EUR 365 million

First nine months of 2008: EUR 1,333 million

(*) Crédit Agricole S.A. and 100% of the Regional Banks

Crédit Agricole S.A.'s board of directors, chaired by René Carron, met on 13 November 2008 to review the accounts for the nine months to 30 September 2008. Over the first nine months, net income, Group share, was EUR 1,333 million, including EUR 365 million in the third quarter.

The financial crisis that characterised the business climate during the first half intensified during the third quarter, creating unprecedented conditions in the financial sector: the interbank market collapsed, issues of fixed-income securities ground to a virtual halt, several major operators ceased to exist, and others were rescued through forced mergers, buyouts or State bailouts. This extraordinary turmoil led the governments of most industrialised countries to take far-reaching measures to restore confidence and to implement plans to provide financing to the economy, as was the case in France.

As the leading financial partner to the French economy, with EUR 420 billion in total loans outstanding held by the Regional Banks and LCL, lending by the Crédit Agricole Group increased significantly, with a 19.2% jump in loans to SMEs and a solid 8.5% rise advance in residential mortgages over the 12 months from September 2007 to September 2008.

The Crédit Agricole Group will of course continue to play its full role supporting the government measures and has committed to further increase lending by 3% to 4% in 2009.

Crédit Agricole S.A.'s accomplishments in this extremely difficult climate show the resilience, responsiveness and solidity of the model developed by the Group.

Resilience, when measured by revenues and net income, Group share. Despite tougher economic conditions, net banking income edged down only 1.9% year- on-year in the third quarter of 2008; taking into account the scope of consolidation excluding Calyon's discontinuing operations, revenues were down by 1.3% over the quarter and up by 0.3% over the first nine months. This performance was driven mainly by growth in French and international retail banking and by the highly resilient consumer finance and asset management businesses.

Net income, Group share, declined by 35.0% over the quarter and by 30.8% over the first nine months, scope of consolidation excluding Calyon's discontinuing operations.

Responsiveness, as evidenced by the extensive operational and financial measures that were rapidly put in place during the year: capital increase, which was launched at the right time and successfully completed, ensuring as of June a Tier 1 ratio of at least 8.5%; refocusing the corporate and investment banking on its strengths (structured finance and commercial banking, brokerage, fixed income) while reducing the model's volatility and cutting costs; active balance sheet management by initiating a EUR 5 billion asset disposal programme; the introduction of a new Group organisation by strengthening the executive management team so as to focus operational oversight.

Solidity, underpinned by a level of Shareholders equity (Group share) of EUR 42.2 billion at end-September 2008) and capital ratios that are among the highest in Europe (Tier 1: 8.5%); solidity, which is reinforced by the Group's structure: the Regional Banks, which form the Group's base, have committed to back Crédit Agricole S.A. up to 100% of their capital funds and reserves, which amounted to EUR 41 billion at end-September 2008.

*

* *

After the Board meeting, René Carron, Chairman of Crédit Agricole S.A.'s Board of Directors, noted: "These results are the fruit of the Group's collective efforts and the dedication of our staff. They substantiate the relevance of our business model, which is based on achieving a combination of resilience and responsiveness in all of our business lines. Moreover, with a Tier 1 ratio of 8.5% at 30 September, Crédit Agricole S.A. confirmed its position as one of Europe's soundest financial institutions."

Georges Pauget, Chief Executive Officer of Crédit Agricole S.A., commented: "In the prevailing climate, the growth achieved in French and international retail banking and the resilience demonstrated by the consumer finance and asset management businesses are quite noteworthy. In France, Crédit Agricole consolidated its position as the leading partner to the domestic economy. At 30 September 2008, loans to small and midsize businesses were up 19.2%, lifting our total loans outstanding to EUR 73.4 billion. We will continue to fulfil our mission to serve all segments of our customer base - individuals, companies and local authorities."

2009 financial calendar

4 March 2009 Q4 and full-year 2008 results

14 May 2009 Q1 2009 results

19 May 2009 Annual General Meeting

27 August 2009 Q2 2009 results

10 November 2009 Q3 2009 results

CRÉDIT AGRICOLE S.A. CONSOLIDATED RESULTS

Crédit Agricole S.A.'s net income, Group share was EUR 1,333 million over the first nine months of 2008 and EUR 365 million in the third quarter. This performance confirms the viability of the Group's business model during a period when profitability was severely impacted by a deteriorating world economy.

During the quarter, Calyon presented its plan to refocus the Group's Corporate and investment banking operations on its traditional strengths: structured finance and commercial banking, brokerage and fixed income. The plan also identified businesses to be discontinued, mainly credit derivatives and exotic equity derivatives.

+-------------------------+---------+---------+---------+----------+
|(in millions of euros)   |  Q3 2008|  Change |  9M 2008|   Change |
+-------------------------+---------+---------+---------+----------+
|                         |         |    Q3/Q3|         |     9M/9M|
+-------------------------+---------+---------+---------+----------+
|Net banking income       |    3,999|   (1.9%)|   11,358|   (20.9%)|
+-------------------------+---------+---------+---------+----------+
|Operating expenses       |  (3,124)|    +8.3%|  (9,489)|     +1.1%|
+-------------------------+---------+---------+---------+----------+
|Gross operating income   |      875|  (26.5%)|    1,869|   (62.5%)|
+-------------------------+---------+---------+---------+----------+
|Risk-related costs       |    (740)|     x2.7|  (1,551)|      x2.2|
+-------------------------+---------+---------+---------+----------+
|Operating income         |      135|  (85.3%)|      318|   (92.6%)|
+-------------------------+---------+---------+---------+----------+
|Equity affiliates        |      347|   (4.7%)|      895|   (11.5%)|
+-------------------------+---------+---------+---------+----------+
|Net gain/(loss) on       |      (8)|  (80.0%)|      428|   (60.0%)|
|disposal on other assets |         |         |         |          |
+-------------------------+---------+---------+---------+----------+
|Pre-tax income           |      474|  (63.0%)|    1,641|   (74.2%)|
+-------------------------+---------+---------+---------+----------+
|Net income, Group share  |      365|  (61.7%)|    1,333|   (72.8%)|
+-------------------------+---------+---------+---------+----------+
|Cost/income ratio        |    78.1%|  +7.3pts|    83.5%|  +18.2pts|
+-------------------------+---------+---------+---------+----------+

Excluding Calyon's discontinuing operations and LCL's 2007 competitiveness plan:

+-------------------------+---------+---------+---------+---------+
|(in millions of euros)   |  Q3 2008|  Change |  9M 2008|  Change |
+-------------------------+---------+---------+---------+---------+
|                         |         |    Q3/Q3|         |    9M/9M|
+-------------------------+---------+---------+---------+---------+
|Net banking income       |    4,995|   (1.3%)|   15,393|    +0.3%|
+-------------------------+---------+---------+---------+---------+
|Operating expenses       |  (2,996)|    +5.2%|  (9,260)|    +5.8%|
+-------------------------+---------+---------+---------+---------+
|Gross operating income   |    1,999|   (9.6%)|    6,133|   (7.0%)|
+-------------------------+---------+---------+---------+---------+
|Risk-related costs       |    (740)|     x2.9|  (1,551)|     x2.2|
+-------------------------+---------+---------+---------+---------+
|Operating income         |    1,259|  (35.5%)|    4,582|  (22.4%)|
+-------------------------+---------+---------+---------+---------+
|Equity affiliates        |      347|   (4.7%)|      895|  (11.5%)|
+-------------------------+---------+---------+---------+---------+
|Net gain/(loss) on       |      (8)|  (80.0%)|      428|  (60.0%)|
|disposal on other assets |         |         |         |         |
+-------------------------+---------+---------+---------+---------+
|Pre-tax income           |    1,598|  (31.1%)|    5,905|  (26.1%)|
+-------------------------+---------+---------+---------+---------+
|Net income, Group share  |    1,128|  (35.0%)|    4,207|  (30.8%)|
+-------------------------+---------+---------+---------+---------+
|Cost/income ratio        |    60.0%|  +3.7pts|    60.2%|  +3.1pts|
+-------------------------+---------+---------+---------+---------+

Over the first nine months of 2008, the net banking income was EUR 11,358 million, down 20.9%, heavily impacted by the write downs on market instruments.

Excluding the CIB's discontinuing operations (credit derivatives and exotic equity derivatives), the Group generated a net banking income of EUR 15,393 million, a rise of 0.3% on the same year-ago period. This shows the resilience and responsiveness of all the Group's business lines in an extremely difficult economic climate and reflects the contribution of the growth engines that have become fully operational in the recent past.

Operating expenses registered a modest rise of 1.1% at EUR 9,489 million. On a like-for-like basis and excluding the impact of LCL's 2007 competitiveness plan, operating expenses were stable, reflecting the productivity enhancement efforts initiated across all business lines. Taking into account external growth (Cariparma's branches, Newedge, HVB, etc.), they increased by 5.8%.

Gross operating income declined by 62.5% at EUR 1,869 million at end- September. Including discontinuing operations, it was at EUR 6,133 million, down 7% on the first nine months of 2007.

Risk-related costs moved up sharply, reflecting a conservative risk coverage policy in a climate of severe economic deterioration. They amounted to EUR 1,551 million, or 55.3 basis points of risk-weighted assets (Basle 1). This is 2.2 times higher than in the first nine months of 2007.

Operating income was EUR 318 million over the first nine months of 2008 and EUR 4,582 million excluding discontinuing operations.

The contribution from equity affiliates dropped by 11.5% to EUR 895 million, primarily due to a lower contribution from the Regional Banks and from BES.

Net income, Group share, is down 72.8 % at EUR 1,333 million. Excluding discontinuing operations, it reached EUR 4,207 million, down 30.8% compared to the third quarter 2007.

During the third quarter 2008, the solid performance in retail banking en France and abroad allowed the bank to contain the decrease in the Group's revenues to 1.9% compared to the third quarter 2007. The increase by 8.3% of operating expenses stemmed mainly from external growth operations; it is also due to the implementation of Calyon's refocusing plan.

In the risk-related costs (EUR 740 million), additional charges to the third quarter 2007 amounts were booked for all business lines: EUR 23 million for LCL, EUR 74 million for International retail banking, EUR 56 million for Consumer finance, EUR 45 million for the Asset management business line and EUR 300 million for Corporate and investment banking. These risk-related costs include an increase in collective reserves as a result of deterioration in various business sectors. It also includes a EUR 119 million charge following the bankruptcy of Lehman Brothers which brings the total impact on the net income before tax to EUR 220 million.

Net income, Group share, of the third quarter at EUR 365 million, is down 61.7 % compared to the third quarter 2007. Excluding discontinuing operations, it reached EUR 1,128 million, down 35%.

FINANCIAL POSITION

At 30 September 2008, Crédit Agricole S.A.'s capital amounted to EUR 76.4 billion.

Shareholders' equity, Group share, stood at EUR 42.2 billion compared with EUR 40.7 billion at 31 December 2007. This increase stems mainly from the successful rights issue finalised in the beginning of July, which was partially offset by lower unrealised gains on the portfolio of securities held for sale.

Since 31 December 2007, risk-weighted assets decreased by 8.4 billion to EUR 336.7 billion due to the application of Basle 2 reform. This fall is limited by the legal floor which is set at 90% of Basle 1 risk-weighted assets in 2008.

The Group's CRD ratio is 9.1% and its Tier 1 ratio is 8.5%. Excluding the application of the legal floor, the Tier 1 ratio would be 8.7%.

RESULTS BY BUSINESS LINE

1. FRENCH RETAIL BANKING

During the third quarter, the French retail banks delivered a solid business and financial performance despite worsening economic conditions.

1.1. - CRÉDIT AGRICOLE REGIONAL BANKS

The Regional Banks actively continued to expand their business franchise. During the third quarter, growth in new accounts accelerated, with 64,000 net new demand deposit accounts opened, bringing the total for the first nine months to 292,000.

Business was underpinned by on-balance sheet deposits, which expanded 3.8% year-on-year. The appeal for liquid, secure savings products led to strong inflows into term accounts (up 54.6%) and passbook accounts, with an 11.4% rise for the Sustainable Development Passbook.

During the quarter, the Regional Banks wrote over EUR 16 billion in new loans, bringing the total to more than EUR 49 billion since the beginning of 2008 and attesting to their strong involvement in financing the economy. Outstanding loans expanded appreciably, with a rise of 9.5% year-on-year, including impressive growth of 15.9% in loans to local authorities and of 11.3% in loans to SMEs and small business customers. Residential mortgage lending advanced by 8.9% despite a slowdown in demand.

This solid business momentum, coupled with a recovery in margins, resulted in a 0.7% year-on-year increase in revenues from customer business for the first nine months of 2008 (1.7% excluding home purchase savings provisions).

+-----------------------+---------+---------+---------+---------+---------+
|(in millions of euros) |  Q3 2008|  Change |  Change |  9M 2008|  Change |
+-----------------------+---------+---------+---------+---------+---------+
|                       |         |    Q3/Q3|    Q3/Q2|         |    9M/9M|
+-----------------------+---------+---------+---------+---------+---------+
|Net income accounted for      140|  (21.0%)|   +18.8%|      432|  (13.1%)|
|at equity (at 25%)     |         |         |         |         |         |
+-----------------------+---------+---------+---------+---------+---------+
|Change in share of     |      (4)|       nm|       nm|      142|   (1.5%)|
|reserves               |         |         |         |         |         |
+-----------------------+---------+---------+---------+---------+---------+
|Income from equity     |      136|  (23.6%)|  (18.4%)|      574|  (10.5%)|
|affiliates             |         |         |         |         |         |
+-----------------------+---------+---------+---------+---------+---------+
|Tax*                   |        -|       nm|       nm|     (96)|   +10.8%|
+-----------------------+---------+---------+---------+---------+---------+
|Net income             |      136|  (23.6%)|   (2.8%)|      478|  (13.9%)|
+-----------------------+---------+---------+---------+---------+---------+

* Tax impact of dividends received from the Regional Banks.

Over the third quarter, aggregate net banking income (under IAS) of the 38 equity-accounted Regional Banks was EUR 2.7 billion, down 5.4% on the same year-ago period due to the lower yield on portfolio securities. Over the first nine months, NBI dipped 2.1% to EUR 8.6 billion.

Thanks to well-controlled operating costs, which decreased by 0.4% compared with the third quarter of 2007, the Regional Banks' cost/income ratio on customer business improved, with a 0.4 percentage point contraction year-on- year in the third quarter.

The 34.4% year-on-year jump in risk-related costs over the first nine months of 2008 reflects the persistently conservative loan loss cover policy applied in a poor business climate.

In all, the share of net income from the 38 equity-accounted Regional Banks came to EUR 136 million in the third quarter. Over the first nine months, it receded by 10.5% to EUR 574 million. After tax, the Regional Banks business line contributed EUR 478 million to Crédit Agricole S.A.'s consolidated net income.

1.2. - LCL

In the third quarter, LCL confirmed its solid business momentum and continued steadily to improve its financial performance.

It generated net banking income of EUR 914 million over the third quarter and EUR 2.8 billion over the first nine months of 2008, a year-on year rise of 4.3% (excluding home purchase savings provisions). This steady growth was driven by a rise in the intermediation margin.

+-------------------------+--------+----------+---------+--------+-------+
|  (in millions of euros) | Q3 2008|   Change |  9M 2008| Change | Change |
+-------------------------+--------+----------+---------+--------+--------+
|                         |        |     Q3/Q3|         |   9M/9M|  9M/9M*|
+-------------------------+--------+----------+---------+--------+--------+
|  Net banking income     |     914|     +3.3%|    2,804|   +3.2%|   +3.2%|
+-------------------------+--------+----------+---------+--------+--------+
|  Operating expenses     |   (623)|     +0.8%|  (1,881)|  (8.0%)|   +0.6%|
+-------------------------+--------+----------+---------+--------+--------+
|  Gross operating income |     291|     +8.8%|      923|  +37.1%|   +8.8%|
+-------------------------+--------+----------+---------+--------+--------+
|  Risk-related costs     |    (51)|    +82.1%|    (134)|  +32.4%|  +32.4%|
+-------------------------+--------+----------+---------+--------+--------+
|  Operating income       |     240|     +0.3%|      789|  +37.9%|   +5.7%|
+-------------------------+--------+----------+---------+--------+--------+
|  Net income, Group share|     159|     +0.1%|      523|  +36.8%|   +3.7%|
+-------------------------+--------+----------+---------+--------+--------+
|  Cost/income ratio      |   68.2%|  (1.6 pt)|    67.1%|(8.1pts)|(1.7 pt)|
+-------------------------+--------+----------+---------+--------+--------+
+-------------------------+--------+----------+---------+--------+--------+

*Excluding the impact of the competitiveness plan in 2007.

Owing to its continued marketing efforts to capture market share, LCL attracted 91,000 net new accounts since the beginning of the year. The Rentrée étudiante campaign met with success and the number of Gulliver contracts for customers under the age of 16 nearly doubled. These two products are an important component of LCL's strategy focused on building up its base of young customers. LCL rolled out innovative offerings, such as the Jeux Olympiques and Inventive cards. It also introduced a new non- life insurance range (Pacifica), which is meeting with success with over 157,000 policies written, boosting gross production in non-life 66% over its September 2007 level.

The base of business customers also continued to expand, in terms of new business (2,400 new customers, a rise of 28%) and sales of products to existing clients.

Credit production registered brisk growth over the period, without impeding the margin recovery. Since the beginning of the year, this business has been driven by the SME and small business customer segment, with production of EUR 7.4 billion and a 19.6% rise in outstandings.

Residential mortgage loans outstanding advanced by 6.6% despite a fall in production due to economic conditions.

The 2.2% year-on-year rise in on-balance sheet deposits was fuelled by the 37% jump in term accounts. In addition, LCL's new life insurance business expanded by 9% in a market that declined appreciably.