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 on13 November 2008 to review the accounts for the nine months to 30 September2008. Over the first nine months, net income, Group share, was EUR 1,333million, including EUR 365 million in the third quarter.

The financial crisis that characterised the business climate during thefirst half intensified during the third quarter, creating unprecedentedconditions in the financial sector: the interbank market collapsed, issuesof fixed-income securities ground to a virtual halt, several majoroperators ceased to exist, and others were rescued through forced mergers,buyouts or State bailouts. This extraordinary turmoil led the governmentsof most industrialised countries to take far-reaching measures to restoreconfidence and to implement plans to provide financing to the economy, aswas the case in France.

As the leading financial partner to the French economy, with EUR 420billion 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 residentialmortgages over the 12 months from September 2007 to September 2008.

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

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

Resilience, when measured by revenues and net income, Group share. Despitetougher economic conditions, net banking income edged down only 1.9% year-on-year in the third quarter of 2008; taking into account the scope ofconsolidation excluding Calyon's discontinuing operations, revenues weredown 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 internationalretail banking and by the highly resilient consumer finance and assetmanagement 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'sdiscontinuing operations.

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

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

*

* *

After the Board meeting, René Carron, Chairman of Crédit Agricole S.A.'sBoard of Directors, noted: "These results are the fruit of the Group'scollective efforts and the dedication of our staff. They substantiate therelevance of our business model, which is based on achieving a combinationof 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. confirmedits 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 internationalretail banking and the resilience demonstrated by the consumer finance andasset management businesses are quite noteworthy. In France, CréditAgricole consolidated its position as the leading partner to the domesticeconomy. At 30 September 2008, loans to small and midsize businesses wereup 19.2%, lifting our total loans outstanding to EUR 73.4 billion. We willcontinue 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 overthe first nine months of 2008 and EUR 365 million in the third quarter.This performance confirms the viability of the Group's business modelduring a period when profitability was severely impacted by a deterioratingworld economy.

During the quarter, Calyon presented its plan to refocus the Group'sCorporate and investment banking operations on its traditional strengths:structured finance and commercial banking, brokerage and fixed income. Theplan also identified businesses to be discontinued, mainly creditderivatives 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 competitivenessplan:

+-------------------------+---------+---------+---------+---------+|(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 11,358million, down 20.9%, heavily impacted by the write downs on marketinstruments.

Excluding the CIB's discontinuing operations (credit derivatives and exoticequity derivatives), the Group generated a net banking income of EUR 15,393million, a rise of 0.3% on the same year-ago period. This shows theresilience and responsiveness of all the Group's business lines in anextremely difficult economic climate and reflects the contribution of thegrowth 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 2007competitiveness plan, operating expenses were stable, reflecting theproductivity 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 riskcoverage policy in a climate of severe economic deterioration. Theyamounted 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 andEUR 4,582 million excluding discontinuing operations.

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

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

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

In the risk-related costs (EUR 740 million), additional charges to thethird quarter 2007 amounts were booked for all business lines: EUR 23million for LCL, EUR 74 million for International retail banking, EUR 56million for Consumer finance, EUR 45 million for the Asset managementbusiness line and EUR 300 million for Corporate and investment banking.These risk-related costs include an increase in collective reserves as aresult of deterioration in various business sectors. It also includes a EUR119 million charge following the bankruptcy of Lehman Brothers which bringsthe 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 down61.7 % compared to the third quarter 2007. Excluding discontinuingoperations, it reached EUR 1,128 million, down 35%.

FINANCIAL POSITION

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

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

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

The Group's CRD ratio is 9.1% and its Tier 1 ratio is 8.5%. Excluding theapplication 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 solidbusiness 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 64,000net new demand deposit accounts opened, bringing the total for the firstnine 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 stronginflows 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 newloans, bringing the total to more than EUR 49 billion since the beginningof 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 of11.3% in loans to SMEs and small business customers. Residential mortgagelending advanced by 8.9% despite a slowdown in demand.

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

+-----------------------+---------+---------+---------+---------+---------+|(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 38equity-accounted Regional Banks was EUR 2.7 billion, down 5.4% on the sameyear-ago period due to the lower yield on portfolio securities. Over thefirst nine months, NBI dipped 2.1% to EUR 8.6 billion.

Thanks to well-controlled operating costs, which decreased by 0.4% comparedwith the third quarter of 2007, the Regional Banks' cost/income ratio oncustomer 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 ninemonths of 2008 reflects the persistently conservative loan loss coverpolicy applied in a poor business climate.

In all, the share of net income from the 38 equity-accounted Regional Bankscame 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 Banksbusiness line contributed EUR 478 million to Crédit Agricole S.A.'sconsolidated net income.

1.2. - LCL

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

It generated net banking income of EUR 914 million over the third quarterand EUR 2.8 billion over the first nine months of 2008, a year-on year riseof 4.3% (excluding home purchase savings provisions). This steady growthwas 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, LCLattracted 91,000 net new accounts since the beginning of the year. TheRentrée étudiante campaign met with success and the number of Gullivercontracts for customers under the age of 16 nearly doubled. These twoproducts are an important component of LCL's strategy focused on buildingup its base of young customers. LCL rolled out innovative offerings, suchas the Jeux Olympiques and Inventive cards. It also introduced a new non-life insurance range (Pacifica), which is meeting with success with over157,000 policies written, boosting gross production in non-life 66% overits September 2007 level.

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

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

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

The 2.2% year-on-year rise in on-balance sheet deposits was fuelled by the37% jump in term accounts. In addition, LCL's new life insurance businessexpanded by 9% in a market that declined appreciably. This advance was duepartly to the strategy of selling products to existing middle-incomecustomers and to the development of Private Banking.

LCL's results reflect tightly controlled operating expenses over the firstnine months of 2008, with a year-on-year rise confined to 0.6% excludingthe impact of the 2007 competitiveness plan. This performance wasunderpinned by the implementation of the LCL competitiveness plan launchedin 2007.

Gross operating income expanded by 8.8% (excluding home purchase savingsprovisions and the impact of the 2007 competitiveness plan) and thecost/income ratio showed further improvement, with a 1.7 point year-on-yearcontraction in the first nine months of 2008.

Risks were well controlled. The ratio of NPLs to total loans outstandingwas 2.8% and risk-related costs amounted to 34 basis points of risk-weighted assets (Basle 1).

LCL's net income, Group share, was EUR 159 million in the third quarter andEUR 523 million in the first nine months of 2008, up 36.8% on the same year-ago period. Excluding the impact of the 2007 competitiveness plan andmovements in home purchase savings provisions, the increase was 3.7%.

2. INTERNATIONAL RETAIL BANKING

The international retail banking business line overall delivered robustgrowth year-on-year. Excluding Emporiki[1], net banking income rose by 35%year-on-year over the first nine months of 2008. Despite higher risk-related costs, which increased by 70% due to deteriorating economicconditions, operating income was up 25%.

+-------------------------+---------+---------+---------+---------+-------+| (in millions of euros) | Q3 2008| Change | Change | 9M 2008|Change |+-------------------------+---------+---------+---------+---------+-------+| | | Q3/Q3| Q3/Q2| | 9M/9M|+-------------------------+---------+---------+---------+---------+-------+| Net banking income | 801| +8.0%| (1.7%)| 2,398| +25.4%|+-------------------------+---------+---------+---------+---------+-------+| Operating expenses | (531)| +16.0%| +1.5%| (1,575)| +28.5%|+-------------------------+---------+---------+---------+---------+-------+| Gross operating income | 270| (4.9%)| (7.5%)| 823| +19.9%|+-------------------------+---------+---------+---------+---------+-------+| Risk-related costs | (160)| +85.8%| +73.0%| (351)| +56.9%|+-------------------------+---------+---------+---------+---------+-------+| Operating income | 110| (44.4%)| (44.8%)| 472| +2.0%|+-------------------------+---------+---------+---------+---------+-------+| Equity affiliates | 19| (41.2%)| x13.8| 59|(62.2%)|+-------------------------+---------+---------+---------+---------+-------+| Pre-tax income | 129| (44.0%)| (35.6%)| 531|(14.2%)|+-------------------------+---------+---------+---------+---------+-------+| Net income, Group share| 47| (64.7%)| (51.6%)| 252|(28.7%)|+-------------------------+---------+---------+---------+---------+-------+| Cost/income ratio | 66.3%| +4.6pts| +2.1pts| 65.7%|+1.6 pt|+-------------------------+---------+---------+---------+---------+-------++-------------------------+---------+---------+---------+---------+-------+

The business line's results were underpinned primarily by the performanceof Cariparma FriulAdria, which stood up well over the quarter. Its netbanking income was nearly the same as in the previous quarter, at EUR 378million (EUR 1,145 million over the first nine months), as the interestmargin was preserved, thereby counteracting the decline in fee incomelinked to the crisis. Operating expenses were controlled (down 0.5% on theprevious quarter), despite investments in resources and technologies overthe period. Gross operating income was EUR 171 million in the third quarterand EUR 525 million in the first nine months. While risk-related costsmoved up, they were offset by a favourable tax effect. As a result, netincome, Group share was EUR 77 million (EUR 215 million in the first ninemonths of 2008), up 14% on the second quarter of 2008.

Cariparma FriulAdria registered strong organic growth year-on-year, with 49branches[2] opened and 48,000 new customers. The Group also met with manysuccesses and made solid inroads in provinces where it recently set up newbases. Its market share in deposits is now 8% in Imperia, 7% in Caserta andnearly 7% in Naples. At the same time, Cariparma FriulAdria maintained andreinforced its excellent risk and liquidity profile. Deposits rose at astrong, steady rate of 15% year-on-year to EUR 24.2 billion, lifting thedeposit- to-loan ratio to a very high 97%. The loan portfolio is also ofgood quality, with a ratio of non-performing loans to total loans of 0.4%.Cariparma FriulAdria ranks second in Italy in terms of credit quality.

In Greece, Emporiki's results were severely impacted by the economicdeterioration, leading to a loss of EUR 73 million in the quarter (EUR 89million in the first nine months of 2008). This was due to the steepdecline in the intermediation margin, the fall in financial markets, therise in risk-related costs and a change in tax legislation that produced aEUR 55 million negative impact. In the third quarter, net banking incomewas EUR 179 million and gross operating income amounted to EUR 22 million.

The orientations of a plan to adjust Emporiki's business model have beendrawn up to restore the bank's profitability, improve its risk managementand boost its financial strength, primarily via a capital increase thatwill be submitted to Emporiki's EGM in early 2009, concurrently with theGreek government's capital funds injections into the other banks. Detailsof the plan will be released at the same time.

The business line's other entities remain on a solid growth trend and againdelivered a good performance, with net income, Group share up 10.1% year-on-year in the third quarter1.

3. SPECIALISED FINANCIAL SERVICES

Specialised financial services held up well despite severe deterioration inthe macroeconomic environment during the period. Underpinned by its solidsales and marketing organisation, the business line's gross operatingincome expanded by 2.4%[3] over the first nine months, driven mainly by thesolid momentum of entities abroad, with 11% growth in gross operatingincome3.

+-------------------------+---------+---------+----------+---------+------+|(in millions of euros) | Q3 2008| Change | Change | 9M 2008 Change |+-------------------------+---------+---------+----------+---------+------+| | | Q3/Q3| Q3/Q2| | 9M/9M|+-------------------------+---------+---------+----------+---------+------+|Net banking income | 737| +0.1%| (1.0%)| 2,207| 0.0%|+-------------------------+---------+---------+----------+---------+------+|Operating expenses | (392)| +0.3%| (2.5%)| (1,191)| +1.5%|+-------------------------+---------+---------+----------+---------+------+|Gross operating income | 345| (0.1%)| +0.9%| 1,016|(1.7%)|+-------------------------+---------+---------+----------+---------+------+|Risk-related costs | (184)| +43.4%| +44.1%| (451)|+20.5%|+-------------------------+---------+---------+----------+---------+------+|Operating income | 161| (25.7%)| (24.8%)| 565 (14.3%)|+-------------------------+---------+---------+----------+---------+------+|Equity affiliates | 2| +10.0%| (8.3%)| 6|+26.9%|+-------------------------+---------+---------+----------+---------+------+|Net gain/(loss) on | (5)| nm| nm| (4)| nm||disposal of other assets | | | | | |+-------------------------+---------+---------+----------+---------+------+|Pre-tax income | 158| (28.3%)| (27.0%)| 567 (17.7%)|+-------------------------+---------+---------+----------+---------+------+|Net income, Group share | 107| (21.1%)| (20.5%)| 361 ( 16.1%)|+-------------------------+---------+---------+----------+---------+------+|Cost/income ratio | 53.2%| +0.1 pt| (0.8 pt)| 53.9% +0.8 pt|+-------------------------+---------+---------+----------+---------+------+

The third quarter was adversely affected by worsening economic conditions,which drove up risk-related costs by 44% on the previous quarter. Even so,these costs remained under control, with an intermediation ratio[4] of 78%.In Consumer finance, the intermediation ratio was among the lowest in themarket, at 75% over the first nine months of 2008. The business linesustained its level of activity during the quarter and gross operatingincome moved up 0.9% over the third quarter.

Consumer finance registered further growth, with credit outstandingsadvancing by 12% year-on-year (8% like-for-like) to nearly EUR 65 billion.These outstandings include the substantial EUR 16 billion contribution fromFGA Capital (formerly FGAFS) and the contribution from Forso Nordic AB, thenew joint venture with the Ford Group in Scandinavia, which brought in EUR1.3 billion.

Hence, the development strategy is paying off, with a 3% year-on-year risein production and a EUR 310 million contribution to net income from thissegment over the first nine months of 2008.

Consumer finance business is growing in a climate of well-controlled risks,thanks to the use of advanced scoring techniques and effective riskmanagement. Consumer credit outstandings are evenly distributed, with mostof the exposure in France and Italy (73%) and, to a lesser extent, to theother Western European countries (Germany, Benelux, Netherlands, Austria,Switzerland and the UK). Exposure to emerging countries and to SouthernEurope (Greece, Portugal, Spain) is limited.

Factoring and lease finance also registered growth, with operating incomerising by 16% to EUR 61 million in factoring and by 27% to EUR 57 millionin lease finance over the first nine months of the year. Over the period,these two businesses actively fulfilled their role of providing responsiblefinancing to the economy.

In factoring, financing was provided to all categories of businesscustomers: Eurofactor granted 57% of its total financing to companies withless than EUR 50 million in sales. In all, Eurofactor, the French leader,purchased EUR 33 billion of receivables over the first nine months of 2008,a rise of 9% year-on-year.

In lease finance, the Group also provided active, responsible support forcapital spending, with EUR 3.3 billion in new lease finance loans in Francesince the beginning of the year on total production of EUR 4.2 billion, a27.3% year-on-year increase. The Group also holds strong positions insustainable development and public sector finance, which account for 16.5%of outstandings in France.

4. ASSET MANAGEMENT, INSURANCE AND PRIVATE BANKING

In a highly unfavourable climate for savings, asset management, issuerservices, insurance and private banking continued to generate substantialincome. Its business was resilient and it consolidated its market shares inFrance and in Europe.

+-------------------------+---------+---------+---------+---------+-------+|(in millions of euros) | Q3 2008| Change | Change | 9M 2008|Change |+-------------------------+---------+---------+---------+---------+-------+| | | Q3/Q3| Q3/Q2| | 9M/9M|+-------------------------+---------+---------+---------+---------+-------+|Net banking income | 913| (7.3%)| (13.7%)| 3,069| (3.8%)|+-------------------------+---------+---------+---------+---------+-------+|Operating expenses | (442)| +6.7%| (5.9%)| (1,397)| +6.8%|+-------------------------+---------+---------+---------+---------+-------+|Gross operating income | 471| (17.4%)| (20.0%)| 1,672|(11.2%)|+-------------------------+---------+---------+---------+---------+-------+|Risk-related costs | (47)| nm| nm| (43)| nm|+-------------------------+---------+---------+---------+---------+-------+|Operating income | 424| (25.3%)| (29.0%)| 1,629|(13.6%)|+-------------------------+---------+---------+---------+---------+-------+|Equity affiliates | (1)| (65.0%)| nm| 1|(85.0%)|+-------------------------+---------+---------+---------+---------+-------+|Net gain/(loss) on | (1)| (81.1%)| nm| (1)|(85.7%)||disposal of other assets | | | | | |+-------------------------+---------+---------+---------+---------+-------+|Pre-tax income | 422| (24.7%)| (29.4%)| 1,629|(13.5%)|+-------------------------+---------+---------+---------+---------+-------+|Net income, Group share | 291| (26.9%)| (29.8%)| 1,122|(13.3%)|+-------------------------+---------+---------+---------+---------+-------+|Cost/income ratio | 48.5%| +6.4pts| +4.1pts| 45.5%|+4.5pts|+-------------------------+---------+---------+---------+---------+-------+

Over the first nine months, the business line overall registered net newinflows of EUR 3.5 billion in asset management, private banking and lifeinsurance. Most asset classes, including money market products, guaranteedproducts and life insurance contracts, attracted an impressive EUR 16.1billion in new money. Conversely, risk aversion induced investors to makemassive withdrawals from absolute performance funds and equities.

In asset management, money market and guaranteed-return products attractednet new inflows of EUR 3 billion during the third quarter. This solidbusiness performance is mainly attributable to the Regional Banks networkin France and, to a lesser extent, to the partner networks abroad (Resonain Japan). The business line also won new contracts for employee savingsplans.

Assets under management amounted to EUR 477 billion at 30 September. Whilefunds under management were slashed by the market decline (the CAC 40 lost28.2% over the period), the decline was confined to 9.1% over the firstnine months. The Group strengthened its position in mutual funds in France,lifting its market share by 0.5 percentage point to 19.3% over the period,and confirmed its position as the European leader with 4.1% of the market.

Costs were tightly controlled and expenses were further reduced in thethird quarter (by 7.9% year-on-year, 12.5% quarter-on-quarter, and 2.8%over the first nine months), as productivity gains exceeded the cost ofincreasing sales forces abroad. As a result, the cost/income ratio remainedquite low, at 48.1%.

In issuer services, business and results were driven up sharply by organicgrowth as well as by the expansion of CACEIS' scope of consolidation.

Despite the market decline, assets under custody were fairly stable bycomparison with the end of 2007, at EUR 2,215 billion. Assets underadministration advanced by 6.6% to EUR 1,006 billion. Operating costsremained under control, in line with business growth. The integration ofHVB's custody operations is moving ahead on track with the operating plan.

In all, the Asset management, securities and issuer services business linegenerated very high results, with net income of EUR 366 million over thefirst nine months (down 18.5%), even after the EUR 49 million charge bookedin the third quarter for risk-related costs following the bankruptcy ofLehman Brothers.

The Private banking business proved to be extremely resilient to thedownturn. During the third quarter, net new inflows came to EUR 0.3 billion(up EUR 1.6 billion over the first nine months) and the currency impact,which shifted back into favourable territory, partially offset the highlynegative financial market impact.

Assets under management receded by 6% year-on-year (down 6.5% on anunchanged consolidation basis) to EUR 91.2 billion as a result of a EUR 7.3billion net negative market and currency impact. Over 30% of assets wereinvested in currencies other than the euro.

Including the Private banking operations within International retailbanking (Cariparma FriulAdria in Italy, Bank Saudi Al Fransi in the MiddleEast) and the new scope of consolidation of LCL Private banking, AUMtotalled EUR 120 billion.

In life insurance, business performance was satisfactory. In a market thatwas down sharply, premium income for the first nine months of 2008 edgeddown 2.8% year-on-year to EUR 15.5 billion. This performance wasunderpinned by the international subsidiaries, which now generate 18% ofnew business for the Group, compared with 6.4% a year earlier. It was alsodriven by solid inflows in provident/death insurance, with a 13.4% jumpover the first nine months of 2008, outpacing the growth registered by thebancassurance companies.

The Group's mathematical reserves rose by 5.4% year-on-year (by 3% on alike-for-like basis) to EUR 189.3 billion.

The Group continued to develop its international insurance operations within particular a good business momentum in Portugal.

In non-life insurance, business momentum remained solid, with growthoutpacing the market. Revenues for the first nine months of 2008 were EUR1.7 billion, up 26.7% on the same year-ago period and up 17.7% on anunchanged consolidation basis. Business momentum was particularly robust inmotor and comprehensive household's insurance, with respective rises of9.1% and 11.6% year-on-year in the first nine months. "Borrower'sinsurance" is also expanding rapidly, via Finaref Assurances, primarily inpartnership with the Group's branch networks in Italy and Poland.

In all, strong growth across all segments of the business line confined thedecline in net banking income, which receded by 3.8% year-on-year to EUR3,069 million over the first nine months (EUR 913 million in the thirdquarter). Administration fees were tightly controlled, edging up by only1.6% on an unchanged consolidation basis. Gross operating income was EUR1,672 million over the first nine months (EUR 471 million over the thirdquarter), down 11.2% over nine months, and the cost/income ratio remainedat 45.5%.

Net income, Group share for the business line was EUR 1,122 million for thefirst nine months and EUR 291 million for the third quarter.

5. CORPORATE AND INVESTMENT BANKING

The Corporate and investment banking business line is on track with therefocusing plan announced on 10 September 2008.

This plan is designed to refocus Crédit Agricole S.A.'s Corporate andinvestment banking segment on its traditional strengths by capitalising onits leading positions in its three core businesses: structured finance andcommercial banking, brokerage and fixed income. Credit and exoticderivatives activities are being discontinued. The targets assigned toCorporate and investment banking have three components: to cut costs by EUR200 million in 2008 from their 2007 level5 and by an additional EUR 100million in 2009, to reduce the share of capital allocated to the Corporateand investment banking business line from 30%-35% to 25%-30% by 2010, andto restore profitability, with a target of generating a base of recurringnet income of EUR 1 billion per year.

For the third quarter of 2008, the amendment to IAS 39 allowing for certainassets that have become illiquid to be reclassified from the "held-for-trading" to other portfolios has not been used. This option will be appliedas from 1 October 2008.

+-------------------------+---------+----------+----------------+---------+|(in millions of euros) | Q3 2008| Q3 2008*| Change | 9M 2008|+-------------------------+---------+----------+----------------+---------+| | | | Q3*/Q3*| |+-------------------------+---------+----------+----------------+---------+| | | Pro forma Newedge| |+-------------------------+---------+----------+----------------+---------+|Net banking income | 815| 1,811| +1.9%| 458|+-------------------------+---------+----------+----------------+---------+|Operating expenses | (918)| (790)| (2.4%)| (2,756)|+-------------------------+---------+----------+----------------+---------+|Gross operating income | (103)| 1,021| +5.5%| (2,298)|+-------------------------+---------+----------+----------------+---------+|Risk-related costs | (322)| (322)| | (612)|+-------------------------+---------+----------+----------------+---------+|Operating income | (425)| 699| | (2,910)|+-------------------------+---------+----------+----------------+---------+|Equity affiliates | 33| 33| | 98|+-------------------------+---------+----------+----------------+---------+|Net gain/(loss) on | (1)| (1)| | (1)||disposal of other assets | | | | |+-------------------------+---------+----------+----------------+---------+|Pre-tax income | (393)| 731| | (2,813)|+-------------------------+---------+----------+----------------+---------+|Net income, Group share | (226)| 537| | (1,877)|+-------------------------+---------+----------+----------------+---------++-------------------------+----------+-------------------+|(in millions of euros) | 9M 2008*| Change |+-------------------------+----------+-------------------+| | | 9M*/9M*|+-------------------------+----------+-------------------+| | | Pro forma Newedge|+-------------------------+----------+-------------------+|Net banking income | 4,493| (11.4%)|+-------------------------+----------+-------------------+|Operating expenses | (2,527)| (6.0%)|+-------------------------+----------+-------------------+|Gross operating income | 1,966| (17.7%)|+-------------------------+----------+-------------------+|Risk-related costs | (612)| |+-------------------------+----------+-------------------+|Operating income | 1,354| |+-------------------------+----------+-------------------+|Equity affiliates | 98| |+-------------------------+----------+-------------------+|Net gain/(loss) on | (1)| ||disposal of other assets | | |+-------------------------+----------+-------------------+|Pre-tax income | 1,451| |+-------------------------+----------+-------------------+|Net income, Group share | 997| |+-------------------------+----------+-------------------+

* Excluding the impact of discontinuing operations.

As of 30 September 2008, the refocusing plan was well underway: the creditderivatives and exotic equity derivatives businesses are being discontinuedand the cost base is being lowered. Excluding EUR 90 million inrestructuring charges for discontinuing operations, mainly for redundancypayments for the 500 anticipated job cuts, operating expenses for thebusiness line were down 6% in the first nine months of 2008[5], i.e. adecline of EUR 167 million.

Over the third quarter, net income, Group share, from Corporate andinvestment banking, excluding discontinuing operations, was EUR 537million. This reflects a solid performance in Financing activities and therecovery in Capital market activities, which amply offset the EUR 300m year-on-year rise in risk-related costs over the quarter. This reflects theincrease in collective reserves and strengthening of specific reserves andprimarily includes EUR 70 million relating to the bankruptcy of LehmanBrothers, which also produced a negative EUR 100 million impact on netbanking income.

Over the first nine months of 2008, net income, Group share in Corporateand investment banking, excluding discontinuing operations, amounted to EUR997 million.

Including discontinuing operations, net income, Group share for thebusiness line was a loss of EUR 226 million in the third quarter of 2008(including EUR 476 million in impairment charges related to the USresidential mortgage market) and a loss of EUR 1,877 million over the firstnine months.

During the month of October, Corporate and investment banking bookedpositive revenues despite extremely difficult market conditions.

Financing activities

Revenues from Financing activities advanced from EUR 462 million in thesecond quarter of 2008 to EUR 619 million in the third (excluding EUR 13million in syndication discounts). Over the first nine months, revenueswere resilient, down 6% to EUR 1,683 million excluding EUR 155 million insyndication discounts.

+-------------------------+---------+---------------+-----------+---------+|(in millions of euros) | Q3 2008| Change | Change | 9M 2008|+-------------------------+---------+---------------+-----------+---------+| | | Q3 08 / Q3 07|Q3 08/Q2 08| |+-------------------------+---------+---------------+-----------+---------+| | | | | || | | | | |+-------------------------+---------+---------------+-----------+---------+|Net banking income | 606| +5.1%| +71.7%| 1,528|+-------------------------+---------+---------------+-----------+---------+|Operating expenses | (223)| +3.8%| +3.4%| (669)|+-------------------------+---------+---------------+-----------+---------+|Gross operating income | 383| +6.0%| x2.8| 859|+-------------------------+---------+---------------+-----------+---------+|Risk-related costs | (164)| nm| x2.0| (346)|+-------------------------+---------+---------------+-----------+---------+|Operating income | 219| (46.7%)| x3.9| 513|+-------------------------+---------+---------------+-----------+---------+|Equity affiliates | 32| +2.9%| (3.0%)| 97|+-------------------------+---------+---------------+-----------+---------+|Net gain/(loss) on | (1)| nm| nm| (1)||disposal of other assets | | | | |+-------------------------+---------+---------------+-----------+---------+|Pre-tax income | 250| (43.4%)| x2.8| 609|+-------------------------+---------+---------------+-----------+---------+|Net income, Group share | 201| (42.3%)| x3.4| 429|+-------------------------+---------+---------------+-----------+---------++-------------------------+---------------+--------------------+|(in millions of euros) | Change |Change |+-------------------------+---------------+--------------------+| | 9M 08 / 9M 07| 9M 08 / 9M 07|+-------------------------+---------------+--------------------+| | |at constant exchange|| | |rates |+-------------------------+---------------+--------------------+|Net banking income | (14.5%)| (10.6%)|+-------------------------+---------------+--------------------+|Operating expenses | (4.6%)| (1.5%)|+-------------------------+---------------+--------------------+|Gross operating income | (20.9%)| (1.3%)|+-------------------------+---------------+--------------------+|Risk-related costs | nm| |+-------------------------+---------------+--------------------+|Operating income | (55.2%)| |+-------------------------+---------------+--------------------+|Equity affiliates | (4.2%)| |+-------------------------+---------------+--------------------+|Net gain/(loss) on | nm| ||disposal of other assets | | |+-------------------------+---------------+--------------------+|Pre-tax income | (51.1%)| |+-------------------------+---------------+--------------------+|Net income, Group share | (53.8%)| |+-------------------------+---------------+--------------------+

In the third quarter, structured finance revenues stabilised at EUR 305million, excluding syndication discounts. Robust international tradefinance business offset the downturn in acquisition, project and propertyfinance. Revenues from aircraft and shipping finance were stable.

In commercial banking, revenues remained nearly stable, in France andabroad.

Expenses were contained, with a cost/income ratio of 40% (excludingsyndication discounts) over the first nine months of 2008.

Risk-related costs were higher, reflecting worsening economic conditions,with EUR 164 million of charges booked over the quarter, consisting mainlyof collective reserves.

In all, net income, Group share was EUR 201 million in the third quarter.Over the first nine months of 2008, it was EUR 429 million.

Capital markets and investment banking

Capital markets and investment banking staged a recovery in the thirdquarter of 2008.

+-------------------------+---------+----------+--------+---------+-------+| (in millions of euros) | Q3 2008| Q3 2008*|Change | Change |9M 2008|+-------------------------+---------+----------+--------+---------+-------+| | | |Q3*/Q3* | Q3*/Q2*| |+-------------------------+---------+----------+--------+---------+-------+| | | pro forma| | |+-------------------------+---------+----------+--------+---------+-------+| | | | Newedge| | || | | | | | |+-------------------------+---------+----------+--------+---------+-------+| Net banking income | 209| 1,205| (0.1%)| x2.7|(1,070)|+-------------------------+---------+----------+--------+---------+---------+| Operating expenses | (695)| (567)| (4.6%)| (10.9%)|(2,087)|+-------------------------+---------+----------+--------+---------+-------+| Gross operating income | (486)| 638| +4.4%| nm|(3,157)|+-------------------------+---------+----------+--------+---------+-------+| Risk-related costs | (158)| (158)| | | (266)|+-------------------------+---------+----------+--------+---------+-------+| Operating income | (644)| 480| | |(3,423)|+-------------------------+---------+----------+--------+---------+-------+| Equity affiliates | 1| 1| | | 1|+-------------------------+---------+----------+--------+---------+-------+| Pre-tax income | (643)| 481| | |(3,422)|+-------------------------+---------+----------+--------+---------+-------+| Net income, Group share| (427)| 336| | |(2,306)|+-------------------------+---------+----------+--------+---------+-------++-------------------------+----------+-------------------+----------------+| (in millions of euros) | 9M 2008*| Change |Change |+-------------------------+----------+-------------------+----------------+| | | 9M*/9M* |9M*/9M* |+-------------------------+----------+-------------------+----------------+| | | pro forma Newedge|pro formaNewedge|+-------------------------+----------+-------------------+----------------+| | | |at constant || | | |exchange rates |+-------------------------+----------+-------------------+----------------+| Net banking income | 2,965| (10.1%)| (4.8%)|+-------------------------+----------+-------------------+----------------+| Operating expenses | (1,858)| (6.5%)| (2.1%)|+-------------------------+----------+-------------------+----------------+| Gross operating income | 1,107| (15.5%)| (8.9%)|+-------------------------+----------+-------------------+----------------+| Risk-related costs | (266)| | |+-------------------------+----------+-------------------+----------------+| Operating income | 841| | |+-------------------------+----------+-------------------+----------------+| Equity affiliates | 1| | |+-------------------------+----------+-------------------+----------------+| Pre-tax income | 842| | |+-------------------------+----------+-------------------+----------------+| Net income, Group share| 568| | |+-------------------------+----------+-------------------+----------------+

* Excluding discontinuing operations.

Revenues from the equity business (equity derivatives, brokerage andadvisory services) were affected by an atypical month in September, with afavourable impact on brokerage, thereby limiting the seasonal slowdown forbrokers CA Cheuvreux and CLSA and leading to solid business for Newedge.Excluding the impact of discontinuing operations, revenues were EUR 377million, a modest 4% contraction (pro forma Newedge) on the previousquarter.

In Fixed-income (interest rate, forex, credit, treasury, commodities),revenues were EUR 496 million in the third quarter of 2008, excludingdiscontinuing operations. This reflects an excellent performance intreasury/foreign exchange operations and the recovery in fixed-incomederivatives after the negative impact from inversion of the yield curve inthe second quarter. Fixed-income commercial performance was persistentlystrong. Overall, revenues for the segment were stable by comparison withthe third quarter of 2007, excluding discontinuing operations and pro formaNewedge.

Overall, revenues in Capital markets and investment banking amounted to EUR1,205 million, excluding discontinuing operations, or about the same as inthe third quarter of 2007 pro forma Newedge despite a EUR 100 millionnegative impact due to the bankruptcy of Lehman Brothers. Revenues alsoinclude a EUR 332 million gain on the value adjustment of structuredproducts.

Expenses were significantly lower, down 5% on the third quarter of 2007 proforma Newedge and down 6% over the first nine months of 2007.

The EUR 158 million charge for risk-related costs includes a EUR 70 millioncharge booked following the bankruptcy of Lehman Brothers.

Overall, net income, Group share was a negative -EUR 427 million in thethird quarter but a positive EUR 336 million excluding discontinuingoperations.

6. PROPRIETARY ASSET MANAGEMENT AND OTHER ACTIVITIES

+-------------------------+---------+--------+---------+---------+--------+|(in millions of euros) | Q3 2008| Change| Change | 9M 2008| Change|+-------------------------+---------+--------+---------+---------+--------+| | | Q3/Q3| Q3/Q2| | 9M/9M|+-------------------------+---------+--------+---------+---------+--------+|Net banking income | (182)| x7.1| x3.2| 422| +10.1%|+-------------------------+---------+--------+---------+---------+--------+|Operating expenses | (217)| 0.0%| (8.2%)| (689)| (29.2%)|+-------------------------+---------+--------+---------+---------+--------+|Gross operating income | (399)| +64.4%| +35.9%| (267)| (54.7%)|+-------------------------+---------+--------+---------+---------+--------+|Risk-related costs | 23| nm| x3.8| 40| nm|+-------------------------+---------+--------+---------+---------+--------+|Operating income | (376)| +49.5%| +30.7%| (227)| (61.8%)|+-------------------------+---------+--------+---------+---------+--------+|Equity affiliates | 157| +31.1%| nm| 157| +63.9%|+-------------------------+---------+--------+---------+---------+--------+|Net gain/(loss) on | (1)| nm| nm| 434| (58.8%)||disposal of other assets | | | | | |+-------------------------+---------+--------+---------+---------+--------+|Pre-tax income | (220)| +72.9%| (19.7%)| 364| (34.3%)|+-------------------------+---------+--------+---------+---------+--------+|Net income, Group share | (149)| x2.5| x2.4| 474| (46.0%)|+-------------------------+---------+--------+---------+---------+--------+

In the third quarter of 2008, Proprietary asset management and otheractivities registered a net banking loss of EUR 182 million due to lowerincome from financial management. Costs were contained at EUR 217 millionin the third quarter of 2008, 8% lower than in the second quarter and aboutthe same as in the third quarter of 2007. Income from equity affiliatesincludes the capital gain on the disposal of the stake in MasterCard, whichwas completed in July.

Over the first nine months of 2008, net banking income was EUR 422 million,including EUR 65 million from Private equity business. It also includes thegain on the sale of Suez shares booked in the first quarter. Expenses weredown 29% on the first nine months of 2007, which included part of thecharges for the LCL competitiveness plan. The EUR 434 million net gain ondisposal of other assets includes the gain arising on the creation ofNewedge realised in the first quarter of 2008.

CRÉDIT AGRICOLE CONSOLIDATED RESULTS

Over the first nine months of 2008, the Crédit Agricole Group generated netincome, Group share of EUR 2,516 million. In the third quarter, the Group'snet income was EUR 920 million, reflecting good resilience for the businesslines in a climate of intensified financial crisis and worsening economicconditions.

Net banking income was EUR 21.1 billion. The decline was confined to 11.3%year-on-year over the first 9 months, owing to diversification of theGroup's business operations. The good performance delivered by the Group'straditional business lines amply offset the impact of the financial crisison revenues in Corporate and investment banking.

Operating expenses were tightly controlled. They edged up 1.8% on the sameperiod in 2007, which included the provision for the LCL competitivenessplan. Adjusted for this provision, operating expenses moved up 5.2% due tonew acquisitions.

+-------------------------+----------+----------+----------------+|(in millions of euros) | 9M-08 | 9M-07 | Change 9M / 9M|+-------------------------+----------+----------+----------------+|Net banking income | 21,095| 23,779| (11.3%)|+-------------------------+----------+----------+----------------+|Operating expenses | (15,244)| (14,970)| + 1.8%|+-------------------------+----------+----------+----------------+|Gross operating income | 5,851| 8,809| (33.6%)|+-------------------------+----------+----------+----------------+|Risk-related costs | (2,502)| (1,386)| + 80.5%|+-------------------------+----------+----------+----------------+|Operating income | 3,349| 7,423| (54.9%)|+-------------------------+----------+----------+----------------+|Equity affiliates | 194| 368| (47.3%)|+-------------------------+----------+----------+----------------+|Net gain/(loss) on | 449| 1,046| (57.1%)||disposal of other assets | | | |+-------------------------+----------+----------+----------------+|Pre-tax income | 3,992| 8,837| (54.8%)|+-------------------------+----------+----------+----------------+|Tax | (962)| (2,169)| (55.6%)|+-------------------------+----------+----------+----------------+|Net income | 3,030| 6,660| (54.5%)|+-------------------------+----------+----------+----------------+|Net income, Group share | 2,516| 6,276| (59.9%)|+-------------------------+----------+----------+----------------+

Risk-related costs rose sharply, to EUR 2,502 million from EUR 1,386million in the same year-ago period. They reflect deterioration in theeconomic climate, which affected all the business lines. In addition to thecharge arising from the bankruptcy of Lehman Brothers, risk-related costsreflect a cautious loan loss cover policy with an increase in collectivereserves.

Including EUR 194 million in income from equity affiliates and a net gainon disposal of other assets EUR 449 million, mainly comprising the gainarising on the creation de Newedge, net income, Group share was EUR 2,516million over the first nine months.

Total shareholders' equity, Group share, amounted to EUR 64.2 billion at 30September 2008. The CRD ratio was 9.8% with a Tier 1 ratio of 8.3%. TheCrédit Agricole Group's core Tier 1 ratio was 6.9%.

* * *

This press release and related slides are available on the websitewww.credit-agricole-sa.fr in the "Financial Reporting" section, inaccordance with the regulation relating to quarterly financial information.

[1] And excluding the impact from the allocation of 100% of Lukas' resultsto IRB as from the first quarter of 2008.

[2] Including private banking branches and corporate and SMEs businesscenters

[3] Excluding changes in scope of consolidation and in business lineallocations (primarily the transfer of Lukas to IRB) and excluding the gainon disposal of Finconsum in 2007.

[4] Intermediation ratio < > = (Operating expenses + Risk-related costs) /Net banking income

[5] Pro forma Newedge calculated on 2007 figures.

This information is provided by HUGIN

Crédit Agricole S.A.Anne-Sophie Gentil+33 (0) 1 43 23 37 51Stéphanie Ozenne+33 (0) 1 43 23 59 44M: CommunicationLouise Tingström+44 (0) 789 906 6995