Paris, 19 March 2008

Crédit Agricole S.A. property subsidiary Crédit Agricole Immobilier has acquired a majority interest in Projénor, a specialist in combined/multimodal transport infrastructure, logistics facilities and urban development.

Projénor's current shareholders, Crédit Agricole Nord de France Regional Bank, Calyon and Transport et Logistique Partenaires (part of SNCF-French Railways), will retain their stakes in the company to support its future development.

With this acquisition, Crédit Agricole Immobilier is rounding out its range of property services for local authorities and businesses.

Commenting on the transaction, Crédit Agricole Immobilier's Chief Executive Officer, Olivier Wigniolle, said: “The Projénor acquisition is in line with Crédit Agricole Immobilier's development plan. It is also consistent with the aim of the Crédit Agricole Group to combine the financing and delivery of property services for local authorities and businesses. Backed by the Group's expertise, Projénor will be able to leverage its own skills - especially in creating combined transport infrastructures - to implement an ambitious development plan in the years ahead. Projenor's achievements in combining rail, road and river or maritime transport are an original way of applying sustainable development criteria to transport and logistics. Such policies were strongly encouraged by the French government's recent roundtable on environmental issues.”

Projénor was established in 1988. Charles Masse, who has headed the company since 1990, will stay on as Chief Executive Officer. In addition to headquarters in Lille and Namur, Projénor recently opened an office in Marseille, which will be managed by Pierre Figueras, a senior engineer. Mr Figueras previously served as Deputy Chief Executive of EPA Euromediterranée and deputy private secretary to Dominique Bussereau, France's State Secretary for Transport. Projénor's chairman will be Olivier Wigniolle.

Projénor set up and now manages the Delta 3 multimodal transport hub at Dourges in northeast France. In December 2007, the company delivered the Clesud combined rail-road terminal at Grans-Miramas in the south of the country, for which it is the promoter and co-investor.

The Cledud terminal won Projénor the Logistics Innovation Prize at SITL, the international transport and logistics fair held in Paris in March 2008. This award recognises a logistical project whose design, construction and operational characteristics are part of a coherent logistical development scheme that is both practical and likely to generate economic initiatives.

About Crédit Agricole Immobilier
A subsidiary of Crédit Agricole S.A., Crédit Agricole Immobilier is present in all areas of the property business except for financing. Its activities encompass property development and investment, property management, investment advice, management of private and public-sector building projects, rental management, business premises and property sales.
Crédit Agricole Immobilier is active in all sectors of the property market including commercial, residential, retail, hotels, industrial premises, logistics and public amenities in France and the rest of Europe.

About Projénor
Projénor has two core businesses: urban development and the creation of multimodal and logistics platforms. In addition to its role as developer, Projénor commits itself to the cost of its projects and invests in the companies that carry them out.