BFT Press Release

The Board of Directors of Banque de Financement et de Trésorerie (Crédit Agricole S.A. Group) met on 5 July 2004, chaired by François Arsac.

Having been advised of Mr. Arsac's decision to retire, the Board duly noted his resignation as Chairman and appointed Marc Ghinsberg in his place. Mr. Arsac will remain a Director of Banque de Financement et de Trésorerie.

Christian Homolle remains in office as Chief Executive.