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 labour and environmental data, and on a selection of corporate responsibility information and statements, marked with an asterisk, relating to 2007 and published on Crédit Agricole S.A. Group's corporate responsibility website.

Crédit Agricole S.A. Group’s corporate responsibility team was responsible for the procedures enabling the compilation of the labour 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 labour and environmental data and to the corporate responsibility information and statements.

1. Regarding the procedures for preparing the labour and environmental data, we reviewed the system of organisation, and the relevance, reliability, objectivity and comprehensibility of the existing procedures
   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 corporate responsibility 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
          • with the person responsible for environmental reporting at the “Paris Opéra Real Estate Branch”.
   2. For the labour information:
      • at head office, for the consolidation:
        • with the Group Human Resources Department – Impulsion et Pilotage - Reporting et Contrôle de Gestion Social - RHG/IPG
        • with Crédit Agricole S.A.’s corporate responsibility team, responsible for compiling the published information
      • in Group entities, with the employees responsible for labour reporting at:
        • Calyon France,
        • LCL,
        • Sofinco,
        • CASA UES,
        • Cariparma,
        • Crédit du Maroc,
        • Calyon UK,
        • Calyon US.
   3. 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 corporate responsibility information and statements, we reviewed the consistency and veracity of the information published on the corporate responsibility website with respect to the system of organisation, existing procedures, available documents and dedicated reporting tools, as follows:
   1. a. for the following statement: “To ensure high levels of financial security, the Group acquired a software tool (Fircosoft) for monitoring international monetary flows in real time. This tool, the aim of which is to block suspicious transactions within the context of the fight against terrorism and compliance with embargoes, is operated from platforms in Paris and London”, we conducted interviews with:
      • the Ethics & Compliance Department for Crédit Agricole S.A
      • the Compliance Department at Calyon UK
      • the Compliance/Operating Controls Departmental Division at Crédit Agricole S.A.
      in particular, we verified the existence of the Fircosoft tool on the Paris and London stock markets, as well as verifying, on a test basis, the application of existing procedures and documentation.
   2. for the following statement: “the Crédit Agricole Group has implemented the measures necessary to comply with the MiFID, as have the asset management (CAAM), international retail banking (Cariparma), and French investment banking (Calyon) divisions”, we conducted interviews with:
      • the Ethics & Compliance Department for Crédit Agricole S.A
      • the Compliance Department at Cariparma
      • the Compliance Deployment unit at Crédit Agricole Asset Management;
      • the Compliance Department at Cariparma.
      We also verified the existence of these measures and substantiating documents
   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 Project Finance UK.
      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

We identified problems with the procedure for compiling the environmental data that led to discrepancies in the figures reported for water and energy consumption and CO2 emissions. These discrepancies were corrected in the published environmental data.

Based on our review and subject to the exception mentioned above, 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 corporate responsibility statements

Neuilly-sur-Seine, 3 April 2008

Gérard Hautefeuille
Partner
Statutory Auditor

Sylvain Lambert
Partner
Corporate Responsibility Department

Caveats in relation to information published on websites

The maintenance of this corporate responsibility 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 corporate responsibility information and statements for 2007, as published online on April 3. We did not perform any review in relation to information updated after the initial date of publication.