Paris, 21 October 2008

Crédit Agricole Asset Management Real Estate (CAAM RE) is a leader in property-asset management for third parties and is fast becoming a key player in the market for OPCIs1. With an inflow target of more than 800 million euros for 2008, CAAM RE plans to boost its presence in a range of markets, including “consumer” OPCIs for retail investors, themed-based “club” OPCIs for French and foreign institutions, and dedicated OPCIs for corporates and real estate professionals.

CAAM RE is developing an attractive product range for its private customers and is adapting to the current market situation by planning the launch of an OPCI for the retail market with a flexible, diversified asset allocation. In addition, with its recognised expertise in managing SCPIs2, CAAM RE is pursuing an active investment policy and preparing capital increases for some of these funds, such as Rivoli Avenir Patrimoine. It is also developing a range of products for asset diversification.

CAAM RE is already a significant player in the OPCI “club” market for French and international institutional investors, having launched CAAM OPCI France Régions Dynamic in November 2007 and CAAM OPCI France Résidentiel Optimum in July 2008. Now the company is preparing to launch a new “club” vehicle specialised in commercial property so that investors can diversify into a sector which is holding up well in the present economic context.

Finally, through its dedicated OPCIs, CAAM RE intends to set the standard for financial engineering for real estate corporates and professionals. The company has set up a systematic and flexible investment process that allows it to develop bespoke fund management solutions.

According to Fathi Jerfel, Head of Specialised and Structured Investment at CAAM Group: “Through CAAM RE, real estate as an asset class now plays a significant part in Crédit Agricole Group's investment expertise. Given the originality of its approach, which combines financial with real estate expertise, CAAM RE provides customers not just with investment products, but also with innovative solutions. We are convinced that, thanks to this approach, CAAM RE can consolidate its position as a leading asset manager”.

About Crédit Agricole Asset Management Real Estate (CAAM RE):
A wholly owned subsidiary of Crédit Agricole Asset Management Group, CAAM RE ranks among the leading players in the real estate asset management sector in France. It has more than 30 years' experience and 3.6 billion euros3 under management through 14 funds for a total of 100,000 customers. CAAM RE is one of the first companies to obtain authorisation from the French securities regulator, AMF, in June 2007 to manage OPCIs. CAAM RE is also France's second-largest SCPI management company in terms of market capitalisation (source: IEIF, February 2008). And it was one of the first companies to roll out a club fund: CAAM OPCI France Régions Dynamic was launched in November 2007 and is still being invested.

www.caam-re.com

1) OCPI (Organisme de Placement Collectif en Immobilier): collective real estate investment fund 2) SCPI (Société Civile de Placement Immobilier): real estate investment companies