CREDIT AGRICOLE SA : Valuation of SAS la Boétie shares in the consolidated financial statements of the Crédit Agricole

  CREDIT AGRICOLE SA : Valuation of SAS la Boétie shares in the consolidated
          financial statements of the Crédit Agricole Regional Banks

                                                    Montrouge, 25 January 2013

                                Press release

Valuation of SAS Rue la Boétie shares in the consolidated financial statements
                    of the Crédit Agricole Regional Banks

Crédit Agricole S.A. announces  that the Crédit  Agricole Regional Banks  have 
just changed the method they  use to value their shares  in SAS Rue La  Boétie 
(SAS RLB) - the majority shareholder in Crédit Agricole S.A. - when  preparing 
their consolidated financial statements under IFRS.

Based on  a  multi-criteria  method,  this valuation  results  in  an  overall 
impairment charge of  651 million  euros in relation  to these  shares in  the 
consolidated financial statements of the Regional Banks in the fourth  quarter 
of 2012. On  average, this charge  represents less than  4% of the  historical 
cost price of the SAS RLB shares on the Regional Banks' balance sheets.

The Regional Banks' contribution to Crédit Agricole S.A.'s consolidated income
in the fourth  quarter of 2012  will be  adversely affected for  an amount  of 
around 160 million euros, equal to 25% of the total charge.

Crédit Agricole Group's consolidated results  and solvency ratios will not  be 
affected by this impairment charge. Since the Local Banks, the Regional Banks,
SAS RLB  and  Crédit  Agricole  S.A. together  form  Crédit  Agricole  Group's 
reporting entity, the capital links between these structures are neutralised.

This methodological  change does  not affect  the Regional  Banks'  individual 
financial accounts, which are established under French GAAP. It therefore  has 
no impact on their  distributable income nor on  the valuation of  cooperative 
associate certificates (CCAs) issued  by some Regional  Banks to their  mutual 
shareholders.

Furthermore, it has no impact on the Regional Banks' solvency ratios.

The Regional Banks' aggregate consolidated income was  4,111 million euros  in 
2011, and  2,444 million euros in the first nine months of 2012.

                                SAS La Boétie

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