Press release

Crédit Agricole S.A. has confirmed that it is in exclusive discussions with AXA - Private Equity with a view to selling part of its Private Equity portfolio. This forms part of the Crédit Agricole Group's strategy of reorganising this business area as it brings together Crédit Lyonnais Private Equity and UI/IDIA.

These discussions in no way affect Calyon's strategy with regard to investment funds, which remain amongst its priority clients on a global basis.

Calyon currently occupies a leading position in the LBO segment in France, Europe and the USA, and the Crédit Agricole Group plans actively to continue in this business area, which has a central role to play in the development of its corporate and investment banking project.