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Update A.01 Financial Review Crédit Agricole Group 2006 Crédit Agricole: Update A.01 of the 2006 Shelf-Registration Document (D.07-0214) Crédit Agricole S.A

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Update A.01 Financial Review Crédit Agricole Group 2006 Crédit Agricole: Update A.01 of the 2006 Shelf-Registration Document (D.07-0214) Crédit Agricole S.A Update A.01 Financial review Crédit Agricole Group 2006 Crédit Agricole: Update A.01 of the 2006 Shelf-registration document (D.07-0214) Crédit Agricole S.A. A French limited company with a share capital of €4,941,163,593 Paris Trade and Company Registry N° 784 608 416 91-93, boulevard Pasteur – 75015 Paris Tel. (33) 1 43 23 52 02 www.credit-agricole-sa.fr UPDATE A.01: k2006 FINANCIAL REVIEW CRÉDIT AGRICOLE GROUP This update supplements the information published in the shelf-registration document of Crédit Agricole S.A. in compliance with Annex 1 of Commission Regulation (EC) No. 809/2004, section 7, “Organisational Structure”, sub-section 7.1, “Description of the Group”. It presents the 2006 financial data of the Crédit Agricole Group. CRÉDIT AGRICOLE, A UNIFIED AND STATUTORY AUDITORS DECENTRALISED GROUP p. 2 REPORT p. 137 PERSON RESPONSIBLE 1 MANAGEMENT REPORT p. 3 FOR THE SHELF-REGISTRATION DOCUMENT AND FOR UPDATE AND PERSON RESPONSIBLE FOR LEGAL AUDIT 2 FINANCIAL statements p. 44 OF THE ACCOUNTS p. 139 The original French version of this document was registered with the Autorité des Marchés Financiers (AMF) on 3 May 2007, in accordance with Article 212-13 of the AMF’s Internal Regulations. It supplements the shelf-registration document filed with the AMF on 22 March 2007 under registration number D.07-0214. It may be used in support of a financial transaction if accompanied by a transaction circular approved by the AMF. CRÉDIT AGRICOLE S.A. - UPDATE A.01 • PAGE 1 CRÉDIT AGRICOLE, kA UNIFIED AND DECENTRALISED GROUP Crédit Agricole is the largest banking organisation in France with a Crédit Agricole S.A. is responsible for ensuring a consistent presence across the entire spectrum of banking and finance activities. development strategy and financial unity throughout the Crédit It is also No. 1 in Europe in terms of the number of customers holding Agricole group. current accounts and retail banking revenues and No. 2 in Europe Crédit Agricole S.A. pursues a strategy of sustainable, profitable and No. 6 worldwide in terms of shareholders’ equity. growth through a unified approach between the Regional Banks and the Group’s specialist business line subsidiaries. At 31/12/2006 The Crédit Agricole Group comprises Crédit Agricole S.A., all the Regional and Local Banks and their subsidiaries. 5.7 million members Fédération Nationale du Crédit Agricole 2,573 Local Banks 41 Regional Banks Float holding together, via SAS Rue de la Boëtie, Including treasury shares a majority stake in Crédit Agricole S.A. 25 %* 54.7 % 45.3% Crédit Agricole S.A. Retail Banks Specialised Corporate • Crédit Agricole businesses and investment Regional Banks Specialised financial services: banking (25% of each Sofinco, Finaref, Crédit Agricole Calyon Regional Bank*) Leasing, Eurofactor • LCL Asset management, insurance • International retail banking and private banking: CAAM, BFT, Predica, Pacifica, BGPI, Crédit Agricole (Suisse) S.A. Specialised activities and subsidiaries: Private equity, Cedicam, Crédit Agricole Immobilier, Uni-Éditions * Excluding Caisse régionale de la Corse. PAGE 2 • CRÉDIT AGRICOLE S.A. - UPDATE A.01 MANAGEMENT REPORT k FOR FISCAL YEAR 2006 1 OF CRÉDIT AGRICOLE GROUP PrEsEntAtiON OF crÉdit AGricOLE GROUP’S FINANCIAL STATEMENTS P. 4 GENERAL FRAMEWORK p. 4 CHANGES TO ACCOUNTING PRINCIPLES AND METHODS: application OF IAS/IFRS ACCOUNTING STANDARDS p. 4 CHANGES IN THE SCOPE OF CONSOLIDATION p. 5 THE CRÉdit AGricOLE GROUP’S ACTIVITY AND RESULTS P. 6 ECONOMIC AND FINANCIAL ENVIRONMENT p. 6 CONSOLIDATED RESULTS p. 7 RESULTS BY BUSINESS LINE p. 8 CRÉDIT AGRICOLE GROUP CONSOLIDATED BALANCE SHEET p. 21 PRUDENTIAL RATIOS p. 23 INTERNAL CONTROL p. 25 RISK FACTORS p. 30 RECENT TRENDS AND OUTLOOK P. 40 2007 OUTLOOK p. 40 RECENTS EVENTS p. 41 CRÉDIT AGRICOLE S.A. - ACTUALISATION A.01 • PAGE 3 MANAGEMENT report 1 Presentation of the Crédit Agricole Group’s financial statements PRESENTATION OF THE CRÉDIT AGRICOLE kGROUP’S FINANCIAL STATEMENTS k General frameWorK The Crédit Agricole Group is made up of 2,573 Local Banks, 41 Regional cohesion, and serves as the central body of Crédit Agricole Mutuel Banks, central body “Crédit Agricole S.A.” and their subsidiaries. in accordance with the French Monetary and Financial Code (code monétaire et financier). It has a three-tier organisational structure, with the Local Banks grouped into the Regional Banks which, via SAS Rue La Boétie, own The Crédit Agricole Group is a banking group with a central body around 55% of the share capital of Crédit Agricole S.A., which is as defined by the first banking directive of the European Union publicly traded on Eurolist by Euronext Paris. (EC/77/780). As such, the Group draws up its consolidated financial The role of Crédit Agricole S.A. is to facilitate and promote the statements in accordance with Directive 86/635/EEC in the capacity development of the Crédit Agricole Group as a whole. It performs of reporting entity, as defined by regulation EC 1606/2002, the Group’s central banking support functions, ensuring its financial comprising a central body and affiliated establishments. Changes to accounting principles and methods: k application of IAS/IFRS accounting standards The regulatory framework for the compiling of the financial • the revision of IAS 19 (employee benefits) regarding actuarial statements, applicable accounting standards and comparability gains and losses and Group plans; with data for the last financial year are discussed in the note • the revision of IAS 39 (financial instruments) regarding cash flow “General framework” of the financial statements on page 46 of this hedges on future intra-group transactions and the conditions for document. using the fair value option; • the revision of IAS 39 (financial instruments) and IFRS 4 (insurance Since 1 January 2005, Crédit Agricole Group’s consolidated financial contracts) relating to financial guarantee contracts; statements have been prepared in accordance with International • IFRIC 4 (determining whether an arrangement contains a lease); Financial Reporting Statements (IFRS) as adopted by the European • the amendment of IAS 21 regarding the net investment in a foreign Union at the balance sheet date. entity. The IFRSs applicable to the annual financial statements and These new arrangements are described in Note 1 to the financial reporting information at 31 December 2006 include new standards statements, “Principles and methods applicable in the Group”, and new interpretations adopted by the International Financial which provides a description of the main accounting principles and Reporting Interpretations Committee (IFRIC) that were mandatory methods used by the Group and their mode of application. at 31 December 2006 and approved by the European Union. The standards consist of those used to prepare the consolidated They did not have a significant impact on the financial statements financial statements at 31 December 2005, plus those that became during the period. mandatory for the first time in 2006. The differences relate to: The Group did not apply optional standards and interpretations in 2006. PAGE 4 • CRÉDIT AGRICOLE S.A. - UPDATE A.01 MANAGEMENT report Presentation of the Crédit Agricole Group’s financial statements 1 k Changes in the scope of consolidation The Group’s scope of consolidation at end-December 2006 • the creation of CACEIS (Crédit Agricole - Caisse d’Epargne comprised 41 Regional Banks, 2,573 Local Banks, 491 subsidiaries Investor Services) on 1 July 2005, combining the securities and participations, compared with 390 at end-December 2005. services business lines of the Crédit Agricole and Caisse d’Epargne Notes 12 and 3.1 to the published financial statements present the groups. CACEIS is owned 50/50 by Crédit Agricole S.A. and Group’s scope of consolidation and changes to the scope during CNCE and has been proportionally consolidated in Crédit Agricole the year. Group’s accounts since the third quarter of 2005. CA-IS (Crédit Agricole Investor Services) and Fastnet were fully consolidated in The main changes in the scope of consolidation between 2005 the financial statements for the first half of 2005. and 2006 were a result of: The operations that the Crédit Agricole Group had spun off into • Crédit Agricole S.A.’s acquisition of a 56% stake in Egyptian CA-IS and Fastnet were gradually transferred to CACEIS. In 2006, American Bank (EAB) on 22 February 2006. From that date, Ixis AF was absorbed by Fastnet France (which became CACEIS EAB has been fully consolidated in the Crédit Agricole Group’s Fastnet), EEF was absorbed by CA-IS Corporate Trust (renamed financial statements. The combination of EAB’s operations with CACEIS Corporate Trust), and Ixis Investor Services merged with those of Calyon Bank (Egypt) gave rise to Crédit Agricole Egypt CACEIS Bank on 1 October 2006; on 1 September 2006; • Crédit Agricole S.A.’s acquisition of Serbian bank Meridian Bank • Crédit Agricole S.A.’s successful takeover bid for Emporiki Bank A.D. A 71% stake was acquired in late June 2005, followed by of Greece S.A. (Emporiki) in mid August 2006. Crédit Agricole the remaining 29% in September 2006 through a tender offer. now has a 72% stake in Emporiki, with Crédit Agricole S.A. owning This unit, renamed Meridian Bank CA Group, has been fully 67% and Sacam International, held by the Regional banks, 5%. consolidated since the fourth quarter of 2005; Emporiki has been fully consolidated in Crédit Agricole Group’s • Crédit Agricole Asset Management’s acquisition of a 65% stake accounts since the takeover (i.e. for four and a half months in of Nextra Investment Management (“Nextra”), a subsidiary of 2006); Banca Intesa. As the agreement was not concluded until the very • the acquisition of 100% of Index Bank (JSC IndexBank HVB) in end of 2005 (22 December), the acquisition of this stake had no Ukraine.
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