Crédit Agricole: adapting to the new environment

Changes in the operating environment

Initiatives to boost liquidity already paying off
Short-term debt down from €170bn at 30 June 2011 to €145bn at 14 September 2011
Withdrawal from money-market funds deftly dealt with

Objectives for adapting to the new environment:
€50bn structural reduction in debt between June 2011 and December 2012

Our plan of action
Corporate and Investment Banking: €15-18bn reduction in financing requirements
Specialised Financial Services: €9-11bn reduction in financing requirements

Liquidity reserves
More than €110bn of available liquidity reserves

Limited and manageable exposure to peripheral eurozone countries
Our advantages: a resilient business model and the strength of the Crédit Agricole group