Paris, June 19th 2007

Calyon is pleased to announce the appointment of Duncan E. Goldie-Morrison as Chief Executive Officer of Calyon Americas. He will take up his position in late summer and will be based in New York.

Mr. Goldie-Morrison began his career at Kleinwort Benson in 1977, first in London and subsequently in the United States. In 1987, he joined Westpac Banking Corporation as the head of their London capital markets division. From 1991 to 1993 he was in charge of the derivatives and syndication business lines at Natwest Markets.

From 1993 to 2003 Mr. Goldie-Morrison was with Nationsbank/Bank of America. His last position with Bank of America was Head of the Global Markets Group and Head of Asia and Latin America. He was a member of the Bank's Management Committee, ALCO, and Trading Risk Committee.

For the past four years Mr. Goldie-Morrison has worked in the hedge fund and private equity sectors, as well as serving on the boards of several public companies.

Mr. Goldie-Morrison was born and educated in England and has spent the majority of his working life in the United States. _