Implementation of a liquidity agreement

Crédit Agricole S.A. has commissioned Crédit Agricole Cheuvreux to implement a liquidity agreement, pursuant to the code of conduct of the French Association of Investment Firms (AFEI), approved by the national securities regulator, Autorité des Marchés Financiers, on 22 March 2005. The agreement takes effect on 26 October 2006 for one year and can be renewed tacitly.

The sum of €50,000,000 has been allocated to the liquidity account for the purpose of implementing the agreement.