Statutory auditor's

Further to the request made to us in our capacity as Statutory Auditor of Crédit Agricole S.A., we have performed the procedures described below for the purposes of enabling us to express moderate assurance on the Group’s procedures for compiling its quantitative HR and environmental data, and on a selection of sustainable development information and statements, marked with an asterisk, relating to 2008 and published on Crédit Agricole S.A. Group's sustainable development website.

Crédit Agricole S.A. Group’s sustainable development team was responsible for the procedures enabling the compilation of the HR and environmental data, and the corresponding information on the website, in accordance
with the Group’s internal reporting procedures. Our responsibility is to form a conclusion on the procedures for
compiling such information, based on our work.

Nature and scope of the work

We performed the procedures described below, which enabled us to obtain moderate assurance that no material anomalies exist with respect to the Group's procedures for preparing HR and environmental data and to the
sustainable development information and statements.

1. Regarding the procedures for preparing the HR and environmental data, we reviewed the system of organisation, and the relevance, reliability, objectivity and comprehensibility of the existing procedures.

1. 1. We conducted interviews with the employees involved in the reporting process, both at head office and in certain Group entities, in order to verify that the procedures had been properly understood and implemented.

• For the environmental information:
  > at head office: with Crédit Agricole S.A.’s sustainable development team, responsible for compiling the published information;
  > in Group entities: with Crédit Agricole Immobilier’s Corporate Real Estate division, responsible for collecting and consolidating the data.
• For the HR information:
  > at head office, for the consolidation: with the Group Human Resources Department – Impetus and Management – Corporate Reporting and Management Control – GHR/IMG
  > with Crédit Agricole S.A.’s sustainable development team, responsible for compiling the published information in Group entities, with the employees responsible for HR reporting at:
  - LCL,
  - CACEIS France,
  - CAAM,
  - Predica,
  - Cheuvreux,
  - Lukas,
  - EFL,
  - CACEIS Luxembourg,
  - CA Luxembourg,
  - Credibom,
  - Calyon Hong Kong,
  - Crédit Agricole Egypt.

1. 2. We also performed consistency checks, on a test basis, in order to verify that the data had been correctly centralised and consolidated.

2. Regarding the selection of sustainable development information and statements, we reviewed the consistency and veracity of the information published on the sustainable development website with respect to the system of organisation, existing procedures, available documents and dedicated reporting tools, as follows:

2. 1. for the following statement: “Crédit Agricole S.A. set up different means of dialogue with its shareholders: a website dedicated to the relation with shareholder, an email address and a toll-free number to answer the questions of the shareholders, meetings of information and raising awareness of the whole French territory”, we conducted interviews with:

• the department in charge of Relations with individual shareholders of Crédit Agricole S.A.

  we verified the existence of the tools made available to the shareholders, and we also verified, on a test basis, the reality and the content of the information and awareness raising meetings held in 2008.

2. 2. for the following statement: “It was therefore able to offset carbon dioxide emissions of 15,000 tonnes by buying these certificates. The certificates were bought from a carbon offsetter and deposited into an account initially opened on the French national registry (SERINGAS). In order to avoid reselling, the certificates were cancelled directly in this”, we conducted interviews with:

• Crédit Agricole S.A.’s sustainable development team
  We also verified the existence of the carbon compensation measures and substantiating documents.
  
  

2. 3. for the selected information on the application of the Equator Principles, we conducted interviews with:

• the Equator Principles coordination unit attached to Calyon’s project financing business;
• two Calyon entities: Calyon France and Calyon Hong Kong.

  we also verified, on a test basis, that the information had been correctly centralised and consolidated, and, for certain projects, that the rating process had been properly applied.

Conclusion

Based on our review, no material irregularities came to light causing us to call into question:

• the procedures used to compile the labour and environmental information examined as regards the reporting
  procedures defined by the Group;
• the selected information on the application of the Equator Principles as regards the procedures defined by
  the Group;
• the consistency and veracity of the selected sustainable development statements.

Caveats in relation to information published on websites

The maintenance of this sustainable development website and the integrity of the information it provides is the responsibility of Credit Agricole S.A. Group; the procedures performed by PricewaterhouseCoopers did not involve a review of these matters. Our review report only concerns Crédit Agricole S.A. Group’s procedures for compiling the labour and environmental data and a selection of sustainable development information and statements for 2008, as published online on July 22, 2009. We did not perform any review in relation to information updated after the initial date of publication.