Paris - 18 September 2008

CA Cheuvreux, the European equity broker, has become the first signatory to the UN-backed Principles for Responsible Investment, an investor initiative in partnership with UNEP Finance Initiative and the UN Global Compact.

The PRI provide a framework for incorporating environmental, social and governance (ESG) issues in investment decisions. CA Cheuvreux is the first broker broker to have signed this set of global best practices for investment principles, developed in 2005 by a United Nations convened working group. As of September 2008, there were more than 420 signatories to the PRI representing over US$15 trillion in assets under management.

This involvement represents a major step in CA Cheuvreux's strong commitment to place ESG issues at the heart of its developments, as a research broker but also as a responsible company.

François Simon, Chief Executive Officer of CA Cheuvreux, commented: "CA Cheuvreux has been a pioneer in integrating extra-financial research into its “traditional” financial analysis. While committed to extending investor interest and knowledge in this approach well beyond the realm of specialized asset management firms, we believe it is also our responsibility to work alongside the initiatives with the greatest legitimacy on environmental, social and corporate governance issues such as the IIGCC, the Institutional Investors Group on Climate Change, or, at present and going forward, the PRI."

James Gifford, Executive Director of the PRI said: "CA Cheuvreux is the first equity broker to sign the Principles. It joins a growing force within the investment community that acknowledges the material impact of considering ESG issues within investment decision-making. We look forward to their participation in the PRI network and hope they can both learn from the good practice of other signatories and share their ideas on how best to implement the Principles. We hope their signature acts as a catalyst for further commitment from the brokerage community which has a vital role to play in the mainstreaming of these issues."

Since 2005, all CA Cheuvreux analysts are responsible for identifying the ESG related issues and challenges for each sector that they cover. The objectives are threefold: making investors aware of the risks and opportunities related to these issues; measuring their impact on European sectors and companies; and helping investors to engage with companies in this respect, via the organization of dedicated conferences, debates and one-on-one meetings.

This innovative approach has earned CA Cheuvreux several awards for its efforts. In 2007, CA Cheuvreux was chosen as a research partner by the IIGCC on Carbon Impact issues. In addition, it was ranked No. 1 for SRI Research in the Thomson Extel Focus France survey for that year. Moreover, Thomson Extel's 2008 survey ranked CA Cheuvreux among the Top 3 pan-European brokerage firms for SRI research and, in January 2008, CA Cheuvreux also won the Farsight Award, presented by Gresham College in London for the best long-term financial and economic research.

A press conference will take place on 24 September in Paris to present this new commitment.

About Crédit Agricole Cheuvreux
CA Cheuvreux is Crédit Agricole Group's European equity broker, and a subsidiary of the group's corporate and investment bank CALYON. Its research team of 115 analysts and economists covers nearly 800 stocks, in Europe and the Middle East, and was ranked No. 1 for Western European Country Research by US financial news magazine Institutional Investor in 2008. Its range of execution and sales trading services covers 60 markets in Europe, North America, South Africa and the Middle East. CA Cheuvreux has 15* offices worldwide.

About the Principles for Responsible Investment (PRI)
The Principles for Responsible Investment, convened by UNEP Finance Initiative and the UN Global Compact, were established as a framework to help investors achieve better long-term investment returns and sustainable markets through better analysis of environmental, social and governance issues in investment process and the exercise of responsible ownership practices. The Principles themselves can be found at www.unpri.org/principles/

* Amsterdam, Athens, Frankfurt, Istanbul, London, Madrid, Milan, Paris, Stockholm, Vienna, Zurich, Dubai, New York, San Francisco, Tokyo