2011 First Quarter Results - A good performance underpinned by solid momentum across all Group business lines and reduced cost of risk

• High growth in revenues for both the Group and Crédit Agricole S.A.
• Crédit Agricole Group net income Group share up 60.9% YoY in Q1
• Crédit Agricole S.A. net income Group share doubled YoY

CREDIT AGRICOLE GROUP

The Crédit Agricole Group’s net income Group share was 1.5 billion euros in the first quarter of 2011, a rise of 60.9% year-on-year.

This very good performance was underpinned by solid momentum across all business lines and by a substantial reduction in the cost of risk.

Revenue growth was 7.7% and was not affected by any exceptional items. It was driven primarily by robust business in retail banking, which accounted for 60% of the Group's total revenues. The Regional Banks continued to deliver strong growth in residential mortgage lending approvals, with a 6.5% rise in outstandings, coupled with a solid performance in deposit-taking (sight deposits, Livret A passbook accounts, life insurance).

Gross operating income advanced by a significant 13.4%, reflecting enhanced operating efficiency in all segments.

The cost of risk declined by 22.1%, despite an increase in collective reserves, mainly for the Regional Banks and financing activities in Corporate and investment banking. This reflects steady improvement in the financial situation of economic agents.

Operating income, which is representative of the Group's ongoing business activities, moved up 44.4% to 2.5 billion euros.

CREDIT AGRICOLE S.A.

Crédit Agricole S.A.'s Board of Directors, chaired by Jean-Marie Sander, met on 12 May 2011 to review the accounts for the first quarter of 2011. Net income Group share was 1 billion euros, more than twice as high as in the first quarter of 2010, which was adversely affected by losses from discontinuing operations and on the disposal of part of the interest in Intesa Sanpaolo.

Jean-Marie Sander, Chairman of Crédit Agricole S.A., noted that these results reflect excellent business momentum across all Crédit Agricole S.A. Group business lines. He also stressed the continued improvement in overall operating efficiency and the substantial reduction in the cost of risk.

Jean-Paul Chifflet, Chief Executive Officer of Crédit Agricole S.A., noted that operating income more than doubled to over 1.2 billion euros and that most business segments posted their highest operating income since the listing of Crédit Agricole S.A.. He also commented that the Regional Banks’ contribution to Crédit Agricole S.A.'s result was the highest seen in the past several years.

Revenues rose by 9.2% on a like-for-like basis and at constant exchange rates, with improvements in each business line, with increases of 4.2% for LCL in French retail banking (1) , 7% in International retail banking and 2.1% in Specialised financial services. Asset gathering and Corporate and investment banking delivered double-digit growth and were not adversely affected by non-recurring items, as in 2010.

Costs were kept under control (up 2.8% on a like-for-like basis and at constant exchange rate), as a result of efforts initiated several quarters ago to rationalise the business line subsidiaries. The cost/income ratio improved significantly, with a 3.7 percentage point reduction to 61.8%.

The cost of risk was 23.5% lower than in the first three months of 2010, confirming the downward trend of the past several quarters. The decline, which was achieved despite an increase in collective reserves mainly for the Regional Banks and financing activities, related to specific provisions in retail banking, specialised financial services and financing activities.

In the area of social and environmental responsibility, the Group adopted a progressive approach which has been conducted over the past ten years and is reflected by the inclusion of the Crédit Agricole S.A. stock in the three major social responsibility indices: the ASPI Eurozone (since 2004), the FTSE4Good (since 2005) and the Dow Jones Sustainability Index (DJSI) since 2008 (DJSI Stoxx since 2008 and DJSI World since 2009).

Moreover, Crédit Agricole ranks first among French firms (and eighth worldwide) in the 2011 ranking of most socially responsible corporations established by the Canadian magazine Corporate Knights, and second French firm (twelfth European) of the 2011 ranking of Europe’s 300 largest corporations in greenhouse gas emissions established by the British NGO Environmental Investment Organisation.

In the first quarter of 2011, Crédit Agricole S.A. Group's commitment to corporate social responsibility was reinforced through:

• its support to Professor Yunus, Peace Nobel Prize winner, founder of Grameen Bank and co-founder of the Grameen Crédit Agricole Foundation;
• and its contribution to a first tranche of 800,000 euros in aid to Japanese victims of the March 2011 earthquake and tsunami.

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[1] On the basis of the same method; as from Q1-11, reclassification of expenses to revenues applied to payment instruments