ourexpertise - Crédit Agricole CIB

CONTENTSPRESENTATION OF CRÉDIT AGRICOLE CIB ................................. 7MESSAGES FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER ............................... 92010 KEY FIGURES .............................................................................................................. 102010 HIGHLIGHTS ................................................................................................................ 11HISTORY .............................................................................................................................. 12SIMPLIFIED ORGANISATIONAL CHART OF THE CRÉDIT AGRICOLE CIBGROUP’S MAIN SUBSIDIARIES AND INVESTMENTS ............................................................... 13BUSINESS LINES .................................................................................................................. 14EMPLOYEE, SOCIAL AND ENVIRONMENTAL INFORMATION .................................................... 19CORPORATE GOVERNANCE ......................................................... 35CHAIRMAN OF THE BOARD OF DIRECTORS’ REPORT ............................................................ 36AUDITORS’ REPORT YEAR ENDED 31 DECEMBER 2010 ........................................................ 56CORPORATE OFFICERS’ COMPENSATION ............................................................................. 57OFFICES HELD BY CORPORATE OFFICERS ............................................................................ 64EXECUTIVE COMMITTEE ....................................................................................................... 762010 MANAGEMENT REPORT ...................................................... 77CRÉDIT AGRICOLE CIB GROUP BUSINESS REVIEW AND FINANCIAL INFORMATION ................. 78INFORMATION ON CRÉDIT AGRICOLE CIB (SA) FINANCIAL STATEMENTS ............................... 88RISK MANAGEMENT ............................................................................................................. 94PILLAR 3 OF THE BASEL II REFORM ..................................................................................... 1224SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

6SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PRESENTATION OF CRÉDIT AGRICOLE CIB 1PRESENTATION OFCRÉDIT AGRICOLE CIBMESSAGES FROM THE CHAIRMAN AND THE CHIEF EXECUTIVEOFFICER ........................................................................................... 92010 KEY FIGURES ........................................................................... 102010 HIGHLIGHTS ............................................................................. 11HISTORY ........................................................................................... 12SIMPLIFIED ORGANISATIONAL CHART OF THE CRÉDIT AGRICOLE CIBGROUP’S MAIN SUBSIDIARIES AND INVESTMENTS ............................ 13BUSINESS LINES ............................................................................... 14EMPLOYEE, SOCIAL AND ENVIRONMENTAL INFORMATION ................. 19 WORFORCE INDICATORS ............................................................................................. 19 ENVIRONMENTAL INFORMATION ................................................................................. 31SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 7


1PRESENTATION OF CRÉDIT AGRICOLE CIB 2010 KEY FIGURESIncome statement highlights31.12.2010 31.12.2009€ millionCrédit Agricole CIB Ongoing activities Crédit Agricole CIB Ongoing activitiesNet banking income 5,698 6,072 4,428 5,775Gross operating income 1,863 2,345 957 2,428Net income - Group share 1,005 1,562 (331) 1 158Balance sheet€ billion 31.12.2010 31.12.2009Total assets 716.2 712.4Gross loans 161.5 152.7Assets under management (private banking) 71.0 61.4Headcount end of December 2010Full-time equivalent 2010 2009France 4,876 4 687International 9,827 9,646Total (1) 14,703 14,333(1)Private banking contributes to 2,258 in 2010 and to 2,196 in 2009.Financial structure€ billion or % 31.12.2010 31.12.2009Shareholders’ equity (including income) 15.3 14.4Tier I capital 15.3 13.9Basel II risk-weighted assets 142.6 134.9Tier I solvency ratio 10.7% 10.3%Overall solvency ratio 11.6% 11.7%RatingsShort-term Long-term Last rating actionMoody's Prime-1 Aa3 [stable outlook] 20 December 2010Standard & Poor's A-1 + AA- [negative outlook] 25 June 2009Fitch Ratings F1+ AA- [stable outlook] 23 July 201010SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PRESENTATION OF CRÉDIT AGRICOLE CIB 1 2010 HIGHLIGHTSIn 2010, the recovery process continued in a world divided into twoparts: on the one side emerging countries with their renewed dynamicof accelerated catch-up and on the other developed countriescarrying on at their slow pace due to debt problems in the euro zoneand the risk of slipping back into recession in the United States.At the same time, 2010 was a year for the implementation of andtransition to new regulations in particular concerning liquidity andcapital, which left for the future the answers to a number of questionsregarding the constraints that would be applied to banks.In this uncertain context, Crédit Agricole Corporate and InvestmentBank successfully concluded the refocusing and development planput into place in 2008 and succeeded in demonstrating its ability toproduce recurrent earnings with a balanced risk profi le.In terms of its earnings, Crédit Agricole Corporate and InvestmentBank fulfi lled its commitments both with regard to the discontinuingactivities, thanks to rigorous management and a signifi cant reductionin its risk profi le, and with regard to its ongoing activities thanksto the confi rmation of a base of recurrent earnings of more thanEUR 1 billion.Crédit Agricole Corporate and Investment Bank now appears tobe fully refocused on its recognised strengths, solidly based with areduced risk profi le and confi rmed as a business key to serving theclients of the Crédit Agricole Group.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 11

1PRESENTATION OF CRÉDIT AGRICOLE CIB HISTORY1863 ................................ Creation of Crédit Lyonnais1875 ................................ Creation of Banque d’Indochine1894 ................................ Creation of the fi rst « Sociétés de Crédit Agricole «, later termed« Caisses Locales « (« Local Banks «)1920 ................................ Creation of Office National de Crédit Agricole, which becameCaisse Nationale de Crédit Agricole (CNCA) in 19261945 ................................ Nationalisation of Crédit Lyonnais1959 ................................ Creation of Banque de Suez1975 ................................ Merger of Banque de Suez and Union des Mines with Banqued’Indochine to form Banque Indosuez1988 ................................ CNCA becomes a public limited company owned by RegionalBanks and employees (« mutualisation «)1996 ................................ Acquisition of Banque Indosuez by Crédit Agricole one ofthe world’s top 5 banking groups, to create an internationalinvestment banking arm1997 ................................ Caisse Nationale de Crédit Agricole consolidates within CréditAgricole Indosuez its existing international, capital marketsand corporate banking activities1999 ................................ Privatisation of Crédit Lyonnais2001 ................................ CNCA changes its name to Crédit Agricole S.A. and goespublic on 14 December 20012003 ................................ Successful takeover bid for Crédit Lyonnais by Crédit Agricole2004 ................................ Creation of Calyon, the new brand and corporate name of theCrédit Agricole Group’s fi nancing and investment banking business,through a partial transfer of assets from Crédit Lyonnaisto Crédit Agricole Indosuez6 th February 2010 ............. Calyon changes its name and becomes Crédit AgricoleCorporate and Investment Bank12SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PRESENTATION OF CRÉDIT AGRICOLE CIB 1 SIMPLIFIED ORGANISATIONAL CHARTOF THE CRÉDIT AGRICOLE CIB GROUP’SMAIN SUBSIDIARIES AND INVESTMENTSAt 31 December 2010This diagram groups units according to their main business area, and shows Crédit Agricole CIB Group’s ownership in each company.CORPORATE AND INVESTMENT BANKINGINTERNATIONALPRIVATE BANKING(SUBSIDIARIES)SUBSIDIARIES BRANCHESEUROPE:Germany, Belgium,Spain, Finland, Hungary,Italy, Luxembourg,Poland, United-Kingdom, Slovakia,Sweden, TchekiaCORPORATEBANKINGCrédit Agricole CIB AirFinance (100%)Crédit Agricole AsiaShipfi nance Ltd (100%)Financière ImmobilièreCrédit Agricole CIB(100%)UBAF - Union deBanques Arabes etFrançaises (47%)B.S.F. - Banque SaudiFransi (31%)ASIA:China, South Korea,Hong-Kong, India,Japan, Malaysia,Philippines, Singapore,Taïwan, Thaïland,VietnamBROKERAGECrédit AgricoleCheuvreux (100%)CLSA (groupe) (99%)Newedge (50%)AMERICA:United-StatesAFRICA, MIDDLEEAST:South Africa and the GulfcountriesOTHER SUBSIDIARIESCORPORATE ANDINVESTMENT BANKINGCrédit Agricole Securities(USA) Inc. (100%)Crédit Agricole SecuritiesAsia BV (100%)Calyon Algérie (100%)Crédit Agricole CIBAustralia Ltd (100%)Crédit Agricole CIBChina Ltd (100%)Crédit Agricole YatirimBankasi Turk AS (100%)PJSC CIB CréditAgricole Bank Ukraine(100%)Crédit Agricole Suisse andSubsidiaries (100%)Crédit Agricole Luxembourg andSubsidiaries (100%)Crédit Foncier Monaco«C.F.M.«(69%)Aguadana (Spain) (100%)Crédit Agricole Brasil DTVM(100%)Crédit Agricole CIB ZAORussia (100%)Banco Crédit AgricoleBrasil (100%)SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 13

1PRESENTATION OF CRÉDIT AGRICOLE CIB BUSINESS LINESBusiness lines of Crédit Agricole CIB are mainly Financing, Capital Markets and Investment Banking, International Private Banking anddiscontinuing operations.• FINANCINGThe fi nancing business combines structured fi nancing and commercial banking in France and abroad. Banking syndication is involved inboth of these activities.Global loan syndicationThis business line originates, structures, distributes and tradesCrédit Agricole CIB’s transactions on main global fi nancial markets.Syndicated loans are an integral part of capital raising processesfor large corporates and fi nancial institutions. Crédit Agricole CIBoffers to its clients a full range of syndicated products such asproject fi nancing and leveraged fi nancing.Structured FinancingThe structured fi nancing business consists of originating, structuringand fi nancing major export and investment operations inFrance and abroad, often backed with assets as collateral (aircraft,boats, business property, commodities etc.), along withcomplex and structured loans.Transaction commodity financeCommodity trade fi nancing activities provide fi nancing and secureshort-term payment services for goods fl ows in commodities andsemi-fi nished products.Our clients are major international producers and traders operatingin the commodity markets, particularly energy (oil, derivatives,coal and biofuel), metals, soft and certain agricultural commodities.Export and Trade FinanceCrédit Agricole provides fi nancing and secure tailored solutions forthe international trade transactions for import/export customers.This business is supported by a commercial dedicated networkspanning almost 40 countries and by expert teams covering afull range of products: letters of credit, international guarantees,buybacks/discount of trade notes, credit for buyers or supplierswith hedges granted by public-sector credit insurance companiesof exporting countries ( Europe, Asia, North America, SouthAfrica), co-fi nancing alongside multilateral fi nancial institutions.Acquisition FinancingThe acquisition fi nancing team is the result of collaborationbetween Crédit Agricole CIB’s commercial banking and investmentbanking businesses. It offers private equity funds varioustailored services covering all steps of their development (fund-raising,acquisition of target companies, buying and selling advice,IPOs, interest-rate and foreign-exchange products).The team operates in Europe (Paris, London, Frankfurt, Milan andMadrid) and in Asia (Tokyo, Hong Kong and Sydney).Natural resources, infrastructureand powerCrédit Agricole CIB provides fi nancial advice and arranges nonrecoursecredit for new projects or privatisations. The bank andbond fi nancing that Crédit Agricole CIB arranges involves commercialbanks as well as export credit agencies and/or multilateralorganisations.The project fi nance business operates in natural resources (oil,gas, petrochemicals, mines and metalbashing), electricity generationand distribution, environmental services (water, waste processing)and infrastructure (transport, hospitals, prisons, schoolsand public services).The business operates worldwide, with regional excellencecentres in Paris, London, Madrid, Milan, New York, Houston,Singapore, Hong Kong, Tokyo, Sydney, Moscow, Sao Paulo andMumbai.14SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PRESENTATION OF CRÉDIT AGRICOLE CIB 1Real Estate and HotelsCrédit Agricole CIB’s real estate and hotels department operatesin 11 countries.Crédit Agricole CIB provides advice to real estate professionalsand to companies and institutional investors that want to optimizethe value of their properties.Shipping FinancingCrédit Agricole CIB has been fi nancing ships for 30 years forFrench and foreign ship-owners and has built up a strong world–renowned expertise in this fi eld.This business fi nances a recent and diversifi ed fl eet of more than1,100 ships for an international ship-owner client base.Aircraft and rail financingCrédit Agricole CIB has been operating in the aircraft fi nancingsector for more than 35 years, and has an excellent reputation inthe market. We have always taken a long-term view, seeking toestablish sustained relationships with major airlines, airports andcompanies providing air transport services (maintenance, groundservices etc.) in order to understand their business priorities andfi nancing requirements.Crédit Agricole CIB has been operating for several years in theNew York and Paris rail sectors, and is continuing to extend itsservices in Europe.Commercial Banking in France and abroadCommercial Banking in FranceIn France, Crédit Agricole CIB’s commercial banking products andservices are supported by the expertise of Crédit Agricole CIB’sspecialist business lines, the Crédit Agricole Group’s networks(regional banks and LCL) and specialised fi nancial subsidiaries.The commercial banking activity provides services including domesticand international cash management, short-and mediumtermcommercial loans, syndicated loans, leasing, factoring, internationaltrade services (letters of credit, cash collection, exportprefi nancing, buyer credit, forfaiting etc.), domestic and internationalguarantees, market guarantees, and currency risk and interest-raterisk management.Banque Saudi Fransi (BSF)69.9% of Banque Saudi Fransi is owned by Saudi shareholdersand 31.1% by Crédit Agricole CIB. This universal banking mainlyoperates in Arabia and has a network of 81 agencies distributedthroughout the territory with a staff of 2,473 at 31 December2010. Historically, this bank is very well positionned in the Corporatecustomer segment. It is one of the most active local bankin trade fi nance, structured fi nance and capital markets. Retailbanking and asset management activities have experienced asubstantial development. BSF holds a market share of more than11% in distributed loans and of almost 10% in equity brokerage.International Commercial BankingOutside France, Crédit Agricole CIB’s network covers more thanabout fi fty countries worldwide. It provides Crédit Agricole’s corporatecustomers with a better knowledge of the local environmentand easier access to the banking services they need outsideFrance.As regards Islamic fi nance, Crédit Agricole CIB offers Sharia-compliantsolutions in various areas.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 15

1PRESENTATION OF CRÉDIT AGRICOLE CIB• CAPITAL MARKETS AND INVESTMENTBANKINGThis business include capital markets, brokerage and equity derivatives activities, as well as investment banking.Fixed Income MarketsWith its network of 32 trading rooms, Crédit Agricole CIB hasstrong positions in Europe and Asia, a targeted presence in theUSA and the Middle East, and additional entry points into localmarkets.TreasuryThe Treasury business line provides liquidity in convertible currenciesup to two years.It acts through fi ve main liquidity centres located in Paris, London,New York, Tokyo and Hong Kong, and is active in 20 othercountries.Liquidity centres control and help to manage the liquidity ofbranches and subsidiaries in each region. This structure givesCrédit Agricole CIB consolidated control and oversight over itscash position by providing constant access to the world’s moneymarkets.Crédit Agricole CIB manages local, multi-currency issuance programs,which broaden its investor base. Sharia-compliant productshave also been developed.Foreign exchangeCrédit Agricole CIB has a strong presence in the currencies ofEastern Europe, Asia, Latin America, North Africa and the MiddleEast, as well as the main international currencies (euro, sterling,yen, Swiss franc, US dollar, Australian dollar and the Nordic currencies).It offers a wide product range from spot foreign exchange to morecomplex products such as investment structured forex products,forex risk hedging products and cash liability optimisation tools.Each product can be designed to specifi c requirements.Interest - rate derivativesThis business line deals with all interest-rate derivatives includingstandard products like interest-rate and currency swaps and liquidbonds. It also provides with property derivatives, includingInvestment Property Databank (IPD).Debt and Credit MarketsThis business focuses on credit and debt instruments for issuers(governments, statutory bodies, fi nancial institutions and corporates)and investors worldwide.It covers all the process from credit origination, sales and trading,securitisation, risks and transactions, to managing securitisationsfor third parties.It is located in all major fi nancial centers and has dedicated tradinghubs in London, New York, Hong Kong and Tokyo.CommoditiesCrédit Agricole CIB’s commodities business has a presence in sixmajor fi nancial centres: Paris, London, Geneva, New York, Houstonand Hong Kong. Crédit Agricole CIB operates in energy (oiland refi ned products), core and precious metals, and also in softand agricultural assets.In 2009, the activity of the business line has been widened on theenergy with the partnership with EDF Trading. This partnershipallows Crédit Agricole CIB to act in Europe on the physical marketsof electricity, gas and coal.Brokerage and Equity DerivativesEquity brokerage• CLSACLSA is a market-leader in Asian markets, providing equity brokerage,capital markets, M&A and asset management services tolarge corporations and institutional investors worldwide. It operatesfrom about 15 locations in Asia, but also Dubai, Londonand New York.• CA CheuvreuxCA Cheuvreux, Crédit Agricole Group’s equity broker, offers toits institutional investors research, sale and execution services.CA Chevreux is made up of 90 analysts and economists and itcovers 700 stocks in Western Europe and in emerging markets(Central and Eastern Europe, Middle East, Turkey and Russia). CAChevreux, which is a major reference in execution services, offersan access to 100 markets.It provides institutional brokerage services in the main Europeanstock exchanges, along with execution of program trades, electronicbrokerage in international markets and intermediation. Itsclient base includes companies, European private equity fundsand Crédit Agricole Group retail customers.16SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PRESENTATION OF CRÉDIT AGRICOLE CIB 1• NewedgeNewedge was created on 2 January 2008 through the merger ofCalyon Financial and Fimat (Société Générale group). Its core businessconsists of brokerage services for listed derivatives. Newedgeoffers institutional clients a full range of clearing and executionservices covering futures and options on fi nancial products andcommodities, as well as money market instruments, bonds, foreignexchange, equities, and commodities on OTC markets.Newedge also provides interbank brokerage, along with a range ofmore specialized services, including prime brokerage, asset fi nancing,an electronic platform for trading and order routing, crossmargining, and the processing and centralized reporting of clientportfolios.Newedge operates across 85 equity and derivatives markets worldwide,with 25 locations in 17 countries.Equity derivativesCrédit Agricole CIB’s equity derivatives and funds business combinestrading, sales and arbitrage of equity derivatives, indexes andfunds from standard products like certifi cates and convertible bondsto more investment solutions like structured products.Crédit Agricole CIB has 12 sites in Europe, Americas and Asia, andcovers around 40 countries.Investment BankingCrédit Agricole CIB’s investment banking business involves all equityand long-term fi nancing activities for corporate clients, and hasthree main segments:• Primary equity capital marketsThe Equity Capital Markets business line is responsible for the activitiesrelated to the issuance of stock and securities giving accessto equity such as primary issues, initial public offerings and privatisations(or opening of capital to private investors), increases, secondaryofferings as well as convertible bonds, exchangeable bondsand other hybrid products issues for the large and mid-cap primarymarkets.• Corporate Equity DerivatesThe Corporate Equity Derivatives business is in charge of structuringand selling transactions involving equity derivatives, in order to helpcorporate clients to manage their equity and long term fi nancing.Along with the Brokerage and Equity Derivatives business line, thisactivity covers leveraged employee savings, stock repurchase programs,equity fi nancing and hedging of stock options or investmentsecurities.• Global Corporate FinanceThis business line gathers all the activities dedicated to mergers andacquisitions, from strategic advisory services to transaction execution.It assists clients in their development with, advisory mandates forboth purchases and disposals, opening up capital to new investorsand restructuring, strategic fi nancial advisory services and advisoryservices for privatisations.• INTERNATIONAL PRIVATE BANKINGThe international private banking business provides individualinvestors with a worlwide comprehensive wealth managementservice range.This business requires the implementation and rigorous co-ordinationof numerous skills, specially adapted to the level of requirementsof this customer segment, particularly as regards assetsengineering, asset management, and order execution in all globalfi nancial markets.International Private Banking has a strong global presencethrough its Crédit Agricole Suisse, Crédit Agricole Luxembourg,Crédit Foncier de Monaco and Crédit Agricole Brasil DTVM subsidiaries,along with its two branches in Spain and Miami.• DISCONTINUING OPERATIONSThe «discontinuing operations« perimeter has been set up duringCrédit Agricole CIB’s refocusing and development plan it adoptedin the autumn of 2008. It encompasses the operations whichwere the most impacted by the crisis. The aim is to stricly managethe losses and to reduce the risk profi le of the following portfolios:• Portfolios of the CDO (Collateralized Debt Obligations) and ABS(Asset-Backed Securities) mainly collateralized by Americansubprime mortgages, commercial real estate mortgages orleveraged loans exposure.• Structured Credit and «Correlation« products, underlying riskbeing a corporate credit portfolio represented by a CDS (CreditDefault Swaps).• Exotic equity derivatives products.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 17

1PRESENTATION OF CRÉDIT AGRICOLE CIB• INCOME STATEMENT HIGHLIGHTS FOR CRÉDITAGRICOLE CIB GROUP’S MAIN SUBSIDIARIESAS OF 31 DECEMBER 2010in contribution to Group consolidated net income€ million Newedge (1) Crédit LyonnaisSecurities AsiaCASuisseCACheuvreuxCALuxembourgBanqueSaudi FransiNet banking income 482 467 434 190 143Gross operatingincome63 78 175 -27 74Net income 42 50 110 -18 52 138 (2)(1)50% share.(2)Group share accounting under the equity method.18SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PRESENTATION OF CRÉDIT AGRICOLE CIB 1 EMPLOYEE, SOCIAL ANDENVIRONMENTAL INFORMATION• WORKFORCE INDICATORSMethodologyEach company of the Crédit Agricole S.A. Group has its own employeerelations policy, under the responsibility of a Human ResourcesDirector. Overall consistency is managed by the humanresources Department of Crédit Agricole S.A. Group.Entities concerned are those with employees that are consolidatedeither fully or proportionally (fi gures are reported according tothe percentage of the Group’s interest in their capital). In manycases,• data are stated from the employer’s side and not from thebenefi ciary one. The difference relates to employees secondedto one entity by another (with no changes in the employmentcontract), who report to their host entity from a benefi ciary’spoint of view and to their legal belonging entity from the employer’spoint of view.• the population in question is that of «active« employees. «Beingactive« implies:- a legal link in the form of a « standard « permanent or temporarycontract of employment (or similar for foreign entities),- to be on the payroll and at work the last day of the periodconcerned,- working time of at least 50%The scope of employees covered (as a percentage of full-timeequivalent employees at the end of the year) is presented belowfor each item or table of this section.Key fi gures• Headcount by business line (FTE: Full-Time Equivalent)14,70314,33312,44512,137Corporate andInvestment BankingPrivate Banking2,258 2,1962010 2009SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 19

1PRESENTATION OF CRÉDIT AGRICOLE CIB• Headcount by regionEasternEurope3%America12%Asia 21%Africa &Middle East3%WesternEurope28%France33%Almost 2/3 of the Crédit Agricole CIB Group’s employees are based in Europe.Outside France (33% of employees), the main contributors are:- Switzerland (9% of employees)- United Kingdom (7% of employees)- USA (7% of employees)- Hong Kong (6% of employees)• Breakdown by type of contract (FTE: Full-Time Equivalent)2010 2009France International Total France International TotalActive permanent staff 4,812 9,592 14,404 4,639 9,383 14,022Contract staff 64 235 299 48 263 311Total active staff 4,876 9,827 14,703 4,687 9,646 14,333Permanent staff on extended leave ofabsence79 NA 79 109 NA 109Total Staff 4,955 9,827 14,782 4,796 9,646 14,442NA: Not available20SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PRESENTATION OF CRÉDIT AGRICOLE CIB 1Recruitment policiesRecruiting talents is one of the main challenges facing Crédit Agricole CIB in relation with its development plan and the growth of itsbusinesses.• Becoming a more attractive employer and pre-recruiting new staffCrédit Agricole CIB has pursued a pre-recruitment policy as partof its commitment to integrate young people since 2006. Expandingwork-study programmes in France and a procedure foridentifying talents among trainees, work-study and internationalvoluntary work placements are also part of the policy to form agroup of talents.In 2010, Crédit Agricole CIB recruited almost 1,300 trainees,including more than 700 in France, along with 380 people onwork-study programmes and around 100 on voluntary work placementsin its foreign subsidiaries.Pre-recruitmentInternships and work-based training in France (average monthly Full-2010 2009Time Equivalent)Work-based training 232 198Interns 318 353% of business scope in France 93% 96%Relations with schools and universitiesCrédit Agricole CIB maintains a strong presence in schools, in particularthrough the «School Captains« programme supported by CréditAgricole Group entities.Many managers and employees are mobilised to support the HRteams at School Forums in France and abroad in order to share theirexperiences with students.Other actions in the form of educational partnerships (case studies,courses, trading games) and participation in admissions panels alsotake place. Conferences and visits of the company are organised forstudents as well.In 2010, the school relations team continued its activities with thefi nance associations of engineering and business schools in France(for example the Club Finance Paris), and in Asia through its partnershipwith the ShARE organisation.• RecruitmentSupport for managersA Manager-Recruiter Guide has been designed with the goalof helping managers keep an eye out for the behavioural andmanagerial skills needed for Crédit Agricole CIB’s performance,and of harmonising the recruitment process. The guide hasbeen distributed to managers in March 2010 both in France andabroad.In 2010, recruitment training sessions were also held in FranceCrédit Agricole CIB was awarded the 2010 Company Trophy givenby the Sorbonne University for the workplace integration of its classof 2009.Work-study programmeCrédit Agricole CIB has a signifi cant work-study programme andreceived two awards at the AMEF Victoires ceremony in June 2010:the Jury’s Grand Prix and the Master 2 prize.Specifi c training rounds out a practical guide to assist apprenticeshipmasters in supporting and developing their work-study programmeparticipants. A welcome pack is given to each new member.In July 2010, Crédit Agricole CIB’s annual work-study event broughttogether apprenticeship masters, the programme’s members, HRstaff and the managers of the Apprentice Training Centre to reviewthe programme and discuss its future role within the company.and in London. Their content will be used to develop an e-learningprogram that will be deployed around the world in 2011.Information systems recruitment planThe development of information systems has resulted in theimplementation of a vast recruitment programme for strategicinformation system functions. Launched in early March 2010, theprogramme has made it possible to recruit 130 new employees,mainly in Paris but also in Singapore, New York and London.Number of staff recruitedNumber2010CIB Private Banking Total2009 (*)France 439 439 265Western Europe 362 155 517 342Central and Eastern Europe 40 40 26Africa 11 11 9Middle-East 23 23 11Asia-Pacifi c 583 45 628 262Americas 111 18 129 187Total 1,569 218 1,787 1,102% of business scope 91% 93%(*)In 2009 the number of staff recruited was 948 in CIB and 154 in Private Banking.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 21

PRESENTATION OF CRÉDIT AGRICOLE CIB 1The main objectives for training in 2010 were:• Continued implementation of the measures for the developmentof a managerial culture;• Strengthening of business line technical skills by creating trainingprogrammes in particular with «risks« as a priority;• Preventing psycho-social risks through the implementation ofawareness-raising actions and paying heed to managers andemployees’ stress;• Supporting senior employees in the second part of their careers;• Rolling out e-learning-based training in regulations.In 2010, the percentage of personnel costs at Crédit Agricole CIBdevoted to training was once again higher than the legal requirementand bears witness to the company’s efforts to develop andstrengthen its staff’s skills.In France, training expenditure in 2010 amounted to €7.2 million.Nearly 79% of employees with permanent contracts present atthe end of the year received training. On average, employees trainedin 2010 received 25 hours of training, roughly the same asthey had in 2009 (in France).Number ofemployeestrained2010 (11 months)* 2009 (11 months)*Number ofhours trainingNumber ofemployeestrainedNumber ofhours trainingFrance 3,522 89,183 3,775 73,519International 7,162 108,008 4,713 117,437Total 10,684 197,191 8,488 190,956% of business scope 84% 78% 75% 75%* Note that December fi gures are not representative.The main areas of training in France were as follows:• Banking and fi nance were in fi rst place, accounting for 26% oftotal training hours;• Languages remained in second place, with 26%;• Behavioural training was in third place, accounting for 14% oftotal training hours.Knowledge areaNumber of hours2010 (11 months)* 2009 (11 months)*ThemesTotal % France International Total %Knowledge of the Crédit Agricole S.A. Group 6,677 3.4% 2,371 4,306 4,818 2.5%Personnel and business management 13,049 6.6% 6,917 6,132 10,055 5.3%Banking, law, economics 27,108 13.7% 9,700 17,408 33,346 17.5%Insurance 311 0.2% 0 311Financial management (Accounting, Fiscal policy, …) 15,960 8.1% 7,788 8,172 14,069 7.4%Risks 10,466 5.3% 7,885 2,581 5,679 3.0%Compliance 8,229 4.2% 1,383 6,846 18,203 9.5%Method, organisation, quality 10,492 5.3% 6,074 4,418 7,398 3.9%Purchasing, Marketing, Distribution 3,674 1.9% 3,002 672 3,625 1.9%IT, Networks, Telecommunications 7,445 3.8% 2,865 4,580 9,933 5.2%Foreign languages 55,431 28.1% 23,286 32,146 54,254 28.4%Offi ce systems, business-specifi c software, new technology14,012 7.1% 4,670 9,342 8,993 4.7%Personal development and communication 17,414 8.8% 10,872 6,543 13,575 7.1%Health and safety 3,966 2.0% 1,531 2,435 3,531 1.8%Human rights and Environment 646 0.3% 208 438 522 0.3%Human resources 2,310 1.2% 632 1,678 2,955 1.5%Total 197,191 100% 89,183 108,008 190,956 100%% of business scope 78% 93% 71% 75%* Note that December fi gures are not representative.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 23

1PRESENTATION OF CRÉDIT AGRICOLE CIBCompensation PolicyThe Group strives to offer competitive compensation packagesand incentives to motivate its staff, while taking into account thespecifi c characteristics of its business lines, legal entities and locallaws.The compensation policy is designed to reward both individualand team performance, in keeping with the values of fairness,humanism and merit on which the Group has built its success.Skills and responsibility level are rewarded by basic salary in linewith each business’s specifi c conditions and local market, with aview to offering competitive and attractive compensation in eachof the markets in which the Group operates.Within Crédit Agricole CIB, variable compensation plans tied toindividual and collective performance are applied on the basis ofperformance targets and the entity’s results.Bases for variable compensation are set taking into account activities’risk profi le and all costs including the costs of risk, liquidityand cost of capital. Variable compensation is thus based on thedetermination of budgets by activity and its individual distributionto employees is decided by the managerial line depending on anoverall assessment of individual and collective performances thatis consistent with the fi nancial and non-fi nancial objectives thathave been defi ned individually and collectively.• Incorporation of the European CapitalRequirements Directive III (CRD III)The mechanisms for the attribution and acquisition of variablecompensation by risk-taking employees, control functions andmembers of executive bodies comply with the provisions ofCRBF regulation 97-02 as amended by the decree of 13 December2010 which transposes into French law the European CapitalRequirements Directive III (CRD III).This directive refl ects the recommendations of the Financial StabilityCouncil adopted by the G20 member governments at thePittsburgh summit meeting in September 2009 and the commitmentsmade by the banking profession during the 25 August2009 meeting with the French president, which included the activeparticipation of Crédit Agricole S.A. representatives.The variable compensation of these employees is partly deferredfor several years and is not fully vested until performance conditionshave been met. At least 50% of this variable compensationis paid in Crédit Agricole S.A. shares or equivalent instruments.Crédit Agricole CIB has extended this deferral mechanism to employeesnot covered by the above-mentioned provisions of CRBFregulation 97-02 in order to ensure cohesiveness and alignmentwith the company’s overall performance.Note that the terms of the conditional deferred variable compensationprogramme put into place in 2010 in compliance with theprofessional standards of 5 November 2009 remain unchanged.Crédit Agricole Corporate and Investment Bank’s Loyalty programmehas not been renewed since 2010. The balance of thebonuses granted in 2008 and 2009 and whose initial paymentwas planned for 2011 and 2012 will be paid in full to benefi ciariesin 2011.The quantitative and qualitative information for the staff referred toby regulation 97-02 will be detailed in a dedicated report in accordancewith article 43.2 of this regulation, and published before the2011 Shareholders’ Meeting called to approve the 2010 fi nancialstatements.• Compensation policy governanceCrédit Agricole CIB’s Compensation Committee ensures theapplication within its activities of the principles defi ned by CréditAgricole S.A.’s Compensation Committee:Like the compensation policy governance structure establishedat the level of Crédit Agricole S.A., Crédit Agricole CIB’s CompensationCommittee is therefore responsible for the following tasks:• It establishes the proposals submitted to the decision of theBoard of Directors relative to compensation policy within theframework of the principles laid down by Crédit Agricole S.A.More specifi cally in determining variable compensation packages(amounts, allocation) it makes certain that the impact ofrisks and capital requirements inherent in the activities concernedis taken into account.• It ensures compliance with regulatory rules and professionalstandards and in particular those concerning employees subjectto regulation 97.02.• In addition to the compensation of corporate offi cers, it examinesindividual situations with respect to employees’ variablecompensation for the highest amounts (€1 million or more).• Compensation of senior executivesFollowing a review in 2009, at its meeting of 9 December 2009,the Board of Directors of CA S.A. adopted a new compensationpolicy for the Group’s senior executives.The policy aims to reconcile the demands of an increasingly competitivemarket with the expectations of shareholders, employeesand customers, and to be consistent with the Group’s statureas a leading operator in the banking sector both nationally andinternationally.Direct compensation of Group executives consists of a fi xed salaryand variable compensation in the form of an annual bonus,half of which is based on fi nancial targets, and the other half onnon-fi nancial criteria (managerial, customer satisfaction and socialvalue creation targets).24SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PRESENTATION OF CRÉDIT AGRICOLE CIB 1• Individual salaries in FranceAverage base monthly salaries for active permanent employees at end of December in Francein €2010 2009Men Women Total Men Women TotalManagerial 6,274 4,660 5,618 6,071 4,509 5,429Non-managerial 2,729 2,708 2,714 2,662 2,610 2,625Total 5,923 4,115 5,088 5,706 3,936 4,872% of business scope in France 93% 96%Annual fixed remuneration at end-December 2010 for employees in FranceoverMen, managerialMen, non-managerialWomen, managerialWomen, non-managerialinferior to% of business scope in France: 93%The wages presented here are the result of weighted averages takinginto account staff structures in 2009 and 2010. They includeboth joiners and leavers and annual salary reviews.32% of employees in France received a collective pay rise.Note that in France in 2010 1,916 employees benefi ted from individualpay rises.• Collective variable compensation policies: incentive plan and profi t-sharing• Amendments to the Crédit Agricole CIB profi t-sharing agreementupdating the provisions of the profi t-sharing agreementof 30 June 2004 pursuant to the entry into effect of law no.2008-1258 of 3 December 2008 in favour of work income andof decree no. 2009-350 of 30 March 2009 relative to methodsof informing benefi ciaries• Incentive plan agreement for 2010, 2011 and 2012.Collective variable compensation paid in France in respect of the previous year’s resultsGrossamount paid(in ‘000 €)2010 2009NumberofbeneficiariesAverageamount(in €)Grossamount paid(in ‘000 €)NumberofbeneficiariesAverageamount(in €)Profi t-sharingIncentive plan 2,443 4,720 518Employee savings plan top-up 4,151 2,867 1,448 4,822 3,897 1,237Total 4,151 7,265% of business scope in France 93% 96%SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 25

1PRESENTATION OF CRÉDIT AGRICOLE CIB• PromotionsNumberPromotion within non-managerialcategoryPromotion from non-managerial tomanagerialPromotion within managerialcategory2010 2009Women Men Total Women Men Total38 66 104 36 84 12012 35 47 10 36 46266 148 414 183 168 351Total 316 249 565 229 288 517% 56% 44% 100% 44% 56% 100%% of business scope in France: 93% 96%Development of company-wide agreementsThe Crédit Agricole S.A. Group’s social policy aims to encourageconstructive dialogue and relations with employees within the frameworkof:• The development and performance of the Group and its employees;• A CSR approach (Company Social Responsibility).Company-wide agreements at Crédit Agricole Group levelThese agreements are governed by three bodies: the EuropeanWorks Council, the Group Works Council and the ConsultationCommittee.The Crédit Agricole Group’s European Works Council, formedon the basis of an agreement signed in January 2008 does notreplace national bodies for dialogue with employees. It is a forumfor information and discussion about economic, fi nancial andsocial issues, which in view of their strategic importance deserveto be tackled on a pan-European level.The Crédit Agricole S.A. Group Works Council, which does notreplace existing works council within Group entities, is made up ofboth employee representatives and representatives of subsidiariesof the Crédit Agricole S.A. Group and the Regional Banks.Lastly, the Consultative Committee, set up at the level of the CréditAgricole S.A. Group, aims to develop discussions with employeerepresentatives, particularly about strategic plans shared by anumber of Group entities, cross-functional aspects of the Group’soperation and the development strategies of each business line.These three Crédit Agricole S.A. Group bodies may havejurisdiction for matters concerning the Crédit Agricole CIB Group,but do not replace Crédit Agricole CIB’s own bodies.Dialogue between management and labour within Crédit Agricole CIBentities in FranceWithin Crédit Agricole CIB, dialogue between management andlabour takes place in several ways, involving the Works Council,the Health, Safety and Working Conditions Committee (CHSCT)and staff representatives.Crédit Agricole CIB’s Works Council consists of 12 primary membersand 12 alternate members.The Works Council is informed about and consulted on generalissues affecting working conditions, resulting from the organisationof work, technology, working conditions, working time organisation,qualifi cations and compensation methods. It receivesinput from the Health, Safety and Working Conditions Committee(CHSCT).The CHSCT consists of 12 members, and its brief is to help protectthe health and safety of workers, and to improve workingconditions.Crédit Agricole CIB has two staff delegations, one in Courbevoieand another in Saint Quentin en Yvelines. The Courbevoie delegationhas 25 primary members and 25 alternate members, whilethe Saint Quentin en Yvelines delegation has 8 primary membersand 8 alternate members. The role of staff representatives is topresent to management any individual or collective complaintsrelating to pay, the application of employment legislation or statutoryprovisions relating to social protection, health and safety, andagreements applicable to the company.Dialogue between management and labour also takes placethrough talks between unions and the Crédit Agricole CIB Group’smanagement.In 2010, these talks yielded seven agreements.26SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PRESENTATION OF CRÉDIT AGRICOLE CIB 1Number of company-wide agreements signed in France by theme2010 2009Salary and related 6 4TrainingStaff representation bodies 2EmploymentWorking time 1Diversity and professional equalityOther 1 2Total 7 9% of business scope in France 93% 96%Exercising social and societal responsibilityFor several years, in keeping with its historical values, Crédit AgricoleS.A. has paid particular attention to its social and societalresponsibility.In line with actions launched in 2009, Crédit Agricole CIB focusedin 2010 principally on the problems linked to psycho-social risks.The analysis of a diagnostic on this subject made it possible toembark upon two areas of refl ection: the fi rst oriented towardsthe collective actions of all employees in France and the secondaimed at specifi c actions for certain targeted business lines.These efforts are conducted by Crédit Agricole CIB through itsConsultative Committee bringing together representatives of staffland management.Non-discrimination policies and integration of minoritiesA Manager-Recruiter Guide, published in March 2010, sent tomanagers and available to all Group employees online on theintranet, has a chapter on avoiding discrimination in the managementof the recruitment process.• Equality between men and women inthe workplaceThe Group is also continuing with its efforts to develop equalitybetween men and women in the workplace. These efforts include:• Gender breakdown of governing bodies:- Crédit Agricole CIB’s Executive Committee contains one woman.- 5 women sit on the Management Committee.• Efforts to ensure equality between men and women in the workplace:- Creation of a Consultative Committee on the equality ofmen and women in the workplace bringing together electedmembers of the Works Council and Human Resourcesdepartment representatives. Work began on the subject ofsalaries. It will continue in 2011 on other subjects: professionaldevelopment, training, etc.- Within the framework of 2010 annual negotiations, the HumanResources department will devote a specifi c overall budgetto the reduction of pay differences between men and womenwith regard to conventional professional categories. The grossamount has been doubled relative to 2010, and will come to€600,000 for 2011.Moreover, the Crédit Agricole CIB women’s network,«PotentiELLES«, was created in October 2010 on the initiativeof women employees of Crédit Agricole CIB, sponsored byExecutive Management and the HR department. At the end of2010, 230 women executives were members of PotentiELLESand regularly participated in the network’s events (conferences,Mix’n Match lunches).Breakdown of employees in France by gender and category49%48%5%6%33%2010 Men, managerialMen, non managerialWomen, managerial2009Women, non managerial33%13%14%SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 27

1PRESENTATION OF CRÉDIT AGRICOLE CIBBreakdown of international employees by gender and category26%21%33%37%10%2010 Men, managerialMen, non managerialWomen, managerial2009Women, non managerial9%31%33%Proportion of women%%2010 2009Of workforcecovered%Of workforcecoveredTotal employees 46.3% 91% 42.8% 93%Permanent employees 35.8% 91% 38.3% 93%Group Executive Committee 1 out of 12 100% 1 out of 12 100%Management circles 1 and 2 (*) 12% 100% 14.9% 93%Top 10% of highest earning employees in each subsidiary 15.7% 80% 18.0% 76%(*) Management circles comprise members of executive committees and members of management committees of each entity.• Employment of disabled workersSeveral initiatives were undertaken in 2010 to promote the integrationof disabled persons in France.• Implementation of individual support measures:- Funding for workstation adjustments (hearing aids, largerscreens, implementation of the Tadéo telephony tool andof the Themis fi re alarm system for all hearing-impaired employees).- Additional facilities to improve accessibility of work premisesto disabled persons.- Travel assistance between the home and workplace, implementationof distance-working tools.- Funding for training and personalised coaching.- Online accessibility of the activity report for the seeing-impaired.- Increased use of sign language (conferences, training).• Awareness-raising:- Events during the Disabled Employees Week: exhibition ofpaintings and sculpture, photography exhibitions featuringdisability-friendly organisations that are partners of CréditAgricole CIB, sales of children’s books on the subject of differences,blind modelling, quizzes, etc.- Awareness-raising meetings by the business line ExecutiveCommittees led by the HR department.- Communication via the company’s various media (intranet,welcoming leafl ets for interns and work-study programmeparticipants).These initiatives resulted in the recruitment of several disabledvacation replacements and work-study programme participants.In addition, in 2010, Crédit Agricole CIB signed a contract withan adapted company for the recycling of IT waste. With regardto purchases, 50% of printing work was given to shelteredworkshops. The Purchasing Directive was modifi ed to include anadapted company (EA) or a non-profi t organisation that assistsdisabled people through work (ESAT) in its calls for proposalswhenever possible.• Age management and developing theemployability of older staffA plan of action was implemented about fair conditions for olderemployees in terms of compensation, promotion, training andmobility. Main initiatives are:• Advanced career meetings were initiated in 2010 with the goalof covering in three years all employees aged over 45. HRmanagers followed a specifi c training module to prepare thesemeetings. In 2010, meetings were proposed to 38% of thepeople concerned.• Commitment to supporting older employees’ professional developmentin terms of pay and training• The implementation of skills reviews for all staff aged over 45. In2010, skill reviews were offered to 23 employees.• Funding of a pension review for employees over 58. An agreementfor this service was signed with Mondial Assistance.28SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PRESENTATION OF CRÉDIT AGRICOLE CIB 1Age structure (at 31.12.10)60 years and +55-59 years50-54 years45-49 years40-44 years35-39 years30-34 years25-29 years< 25 yearsMen/FranceMen/InternationalWomen/FranceWomen/International1,5001,00050005001,0001,500Breakdown of permanent staff by age bracketTotalof which Franceof which Western Europe (excl. France)of which Central and Eastern Europeof which Africaof which Americasof which of which Middle EastAverage age40.4 years41.6 years40.6 years36.8 years41.7 years40.6 years38.4 years41.2 years0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%under 30 years 30-50 years over 50 ansBreakdown of permanent staff by length of service bracket and region in the Crédit Agricole CIBAverage length of serviceTotalof which Franceof which Western Europe (excl. France)of which Central and Eastern Europeof which Africaof which Americasof which Asia-Pacificof which Middle East9.8 years14.2 years8.5 years6.6 years8.2 years5.8 years6,2 years12.0 years0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%Less than 1 year 1-4 ans 5-14 ans 15 years and moreHealth and safety in the workplace• Prevention and management of psychosocialrisksIn 2010, together with the University of Liège, Crédit Agricole CIBconducted a survey of 4,300 employees in France. 46% of theseemployees responded to the questionnaire, highlighting severalareas of stress and mapping sensitive populations. Based on thisdiagnosis two types of initiatives will be undertaken in 2011:• The joint committee for stress prevention at Crédit Agricole CIB,made up of CHSCT representatives, occupational health, thesocial assistance team and the Human Resources departmentmeets regularly to defi ne general measures.• Human Resources managers are working with a consulting fi rmto defi ne specifi c steps to be taken with regard to populationsidentifi ed as the most sensitive.The programme of active listening and providing advice to peoplein need for help (freephone) was maintained and new efforts topublicise this unit’s existence were undertaken.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 29

1PRESENTATION OF CRÉDIT AGRICOLE CIB• Work-life balance and part-time workManagerial2010 2009TotalManagerialNonmanagerialNonmanagerialPart-time staff 259 173 432 255 189 444Part-time staff as % of total 6.9% 21.0% 9.4% 7.0% 21.0% 9.8%% of business scope in France 93% 96%TotalOther indicators• Permanent staff departuresPermanent staff departures by2010 2009reasonFrance International Total % France International Total %Resignation 119 919 1 038 74% 56 518 574 42%Retirement and early retirement 59 25 84 6% 34 59 93 7%Redundancy (*) 38 173 211 15% 213 380 593 44%Death 5 2 7 1% 5 5 10 1%Other reasons 7 50 57 4% 24 60 84 6%Total 228 1 169 1 397 100% 332 1 022 1 354 100%% of business scope 93% 90% 91% 100% 90% 93%(*) High rate at end 2009 due to redundancy plan completion.• Retirements2010 2009France International Total France International TotalRetirements 59 25 84 34 59 93Managerial 39 26Non-managerial 20 8% of business scope 93% 90% 91% 93%• Absenteeism2010 2009Managerial Non-managerial Total Averagenumber ofWomen Men Women MenNumberof days%absencedays peremployeeNumberof daysTotal%Averagenumber ofabsence daysper employeeIllness 13,532 5,995 9,994 2,440 31,961 44% 7 32,857 32% 7.2Accident in the workplace and duringtravel595 205 688 250 1,738 2% 0.4 1,329 1% 0.3Maternity/paternity 21,728 1,672 3,659 155 27,214 37% 6 30,483 30% 6.7Authorised leave 5,344 1,660 1,126 216 8,346 12% 1.8 7,624 8% 1.7Other reasons 988 1,815 717 106 3,626 5% 0.8 30,227 29% 6.6Total 42,187 11,347 16,184 3,167 72,885 100% 16 102,520 100% 22.4% of business scope in France 93% 96%30SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PRESENTATION OF CRÉDIT AGRICOLE CIB 1• ENVIRONMENTAL INFORMATIONEnvironmental performanceCrédit Agricole CIB continued its efforts to minimise the ecologicalfootprint of its activities. As in 2009, this resulted in a reduction inits contribution to greenhouse gas emissions and in the developmentof recycling facilities.EnergyIn Paris, energy consumption in 2010 was unchanged from 2009for the buildings managed by Crédit Agricole CIB following reductionsof 2.4% and 2.6% respectively in 2008 and 2009. This levelwas the result of several negative factors: the increase in the numberof occupants and technical damage requiring an additionalback-up system for fi ve months. Like for like, energy consumptionwould have been down by 1.5% in 2010. Presence detectors forthe lighting system were installed in lavatories.25% of the head offi ce’s electricity (and 17% for the Paris region)was provided from renewable sources.Although more diffi cult to achieve, efforts to minimise energyconsumption also concerned premises which Crédit Agricole CIBrents. Thus, in London a 5% reduction in energy consumptionwas achieved over the last two years in the premises occupiedby Crédit Agricole CIB despite an increase in the number of employees.PaperVirtually all of the printing paper used by Crédit Agricole CIB in Paris,London and New York is certifi ed by the Forest StewardshipCouncil (FSC) or the Sustainable Forest Initiative attesting to thefact that it comes from sustainably managed forests. A similarprocess has been under development in Hong Kong since 2009.Paper consumption at the Paris head offi ce was reduced by 3%in 2010 following reductions of 17% and 9% respectively in 2009and 2008, for a total reduction of 29% over three years. The useof recycled paper is gradually spreading in Paris, New York andTokyo.WasteAt the Paris and London offi ces, spent electronic equipment, batteries,light bulbs and print cartridges are collected and sorted forrecycling. Most of Crédit Agricole CIB Paris’ PCs are dismantled,then either recycled or sold cheaply to charities by Ateliers duBocage (a subsidiary of Emmaüs).After Paris, a selective paper collection process was generalizedin 2010 for London building.TransportationA Corporate Transport Plan was developed in 2009 for the GreaterParis Area. The goal is to reduce transport emissions by 15%over three years from the average over the period 2005-2007.The attendant measures defi ned to reach this goal began to beimplemented in 2010, including the extension of the travel policy(for example taking the train for business journeys lasting lessthan three hours and curtailing the use of taxis) and promotingthe car-pool exchange (with 617 members).In London, Crédit Agricole CIB launched a «Cycle to Work« programme,which mirrors the UK government’s plan to encouragepeople to use their bicycles to commute to work.Direct impact associated withname changeThe reduction of direct impacts related to the name change in2009 was pursued in 2010 with the recycling of communicationtools. For instance, an advertising banner was transformed intobags and fashion accessories by a fashion designer. Then, theresidual emissions were gradually offset by buying carbon creditsrelated to a hydroelectric power plant in Melina in India. These coherentactions to raised awareness among managers, to reduceemissions and to offset remaining emissions were carried out witha consultant.Managing environmental and social impactsConsideration of sustainable development issuesEnvironmental and social sensitivity has been measured since2009. As a result, an Ethics Committee for transactions presentingan environmental or social risk (or CERES committee, chairedby the Head of Compliance) issues recommendations prior toCredit Committee meetings for all projects where it is deemed necessaryto closely monitor their environmental or social aspects.Wider consideration was given to the challenges of sustainabledevelopment in 2010 with the launch of refl ections on the specifi cchallenges of climate change and work preparatory to a moreextensive implementation of the Equator Principles.At the same time, employee awareness-raising on these issuescontinued with training sessions on the fundamentals of sustainabledevelopment, the Equator Principles and the Climate Principles.This training is accessible to all head offi ce-based staff.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 31

1PRESENTATION OF CRÉDIT AGRICOLE CIBThe Equator PrinciplesThese principles constitute a methodological support for factoringsocial and environmental impacts into the project fi nanceprocess. They allow for the assessment of the risks relating to theenvironmental and social impacts of projects of more than $10million. Crédit Agricole CIB is one of the banks that launched theEquator Principles in June 2003 and has worked actively to makea success of these principles which, in just a few years, havebecome a standard in the project fi nance market.• Project assessmentProject classifi cation is based on International Finance Corporation(IFC) classifi cation, which comprises three levels: A, B and C.• A corresponds to a project presenting potentially signifi cantnegative social or environmental impacts that are uniform, irreversibleor unprecedented;• B corresponds to a project presenting limited negative social orenvironmental impacts, generally relating to one site, that arelargely reversible and easy to resolve;• lastly, C corresponds to projects presenting minimal or no negativesocial or environmental impacts.Crédit Agricole CIB classifi es projects by using a tool to assesstheir social and environmental impact according to the IFC ratingsystem developed by the bank in 2008. The relevance of this toolis constantly revised on the basis of the past experience. It wasdecided in 2010 to improve some aspects of the tool.• Implementation of the EquatorPrinciplesThe implementation of the EP was developed on the initiative ofCrédit Agricole CIB’s Project Finance business line. The assessmentand management of environmental and social risks is carriedout initially by business managers, assisted by a network oflocal EP correspondents within each Project Finance regionalstructuring centre in permanent collaboration with a CoordinationUnit.In addition, Crédit Agricole S.A.’s Industry and Sector Researchunit provides help and additional insight, adding its skills in environmentaland technical issues and helping to refi ne the analysisand identifi cation of risks depending on the business sector. Theco-ordination unit, consisting of operational staff from the projectfi nancing business, co-ordinates the practical aspects of implementingthe Equator Principles. It manages the network of localcorrespondents and provides special training for staff concerned.The CERES Committee, which has replaced the Equator PrinciplesCommittee, meets in offi cial sessions at least four timesper year and validates the classifi cation of projects into categoriesA, B or C.• StatisticsGlobally, 366 projects have been rated at 31 December 2010 ofwhich 70 during 2010:• 25 projects were placed in category A of which 5 during 2010,• 288 were placed in category B of which 53 during 2010,• and 53 were placed in category C of which 12 during 2010.These projects have been analysed based on their rating withparticular attention paid to A-rated projects which are monitoredspecifi cally by the CERES Committee.The breakdown of ranked project by sector and region is shownbelow: Ranked projects at at 31 December 2010Breakdown by region20%12%2%9%26%18% Ranked projects at at 31 December 2010Breakdown by sector2%3%18%32%13%7%32% Ranked projects at at 31 December 2010Breakdown by sector3%3%23%37%17%6%17%North AmericaCentral and South AmericaFranceWestern EuropeEastern EuropeAfrica and Middle EastAsiaAustraliaElectric power plantsRenewable energy *InfrastructureIndustryMiningOil and gas* Renewable energy: Wind, solar, biomass and hydraulic.Electric power plantsRenewable energy *InfrastructureIndustryMiningOil and gas32SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PRESENTATION OF CRÉDIT AGRICOLE CIB 1Efforts to extend the EquatorPrinciplesCrédit Agricole CIB has been an active participant since thebeginning in several task forces set up by the group of banksthat have adopted the Equator Principles. In particular, CréditAgricole CIB has contributed to the development of the codesof best practices that are intended to promote the use of theseprinciples for types of fi nancing other than Project Finance withinthe meaning of the Basel Committee on banking control.Based on these efforts, in 2010 Crédit Agricole CIB evaluated thepossibility of deploying an Equator Principles-type approach aslong as a direct link could be established between the fi nancingand construction of an industrial asset. This approach is intendedto allow the gradual extension of the assessment and managementof environmental and social risks to all fi nancing for whichsignifi cant environmental challenges have been identifi ed.Sustainable Banking unitSet up at the end of 2009 to help clients with their transactionslinked to social or environmental challenges, the SustainableBanking unit is organised each year with Crédit Agricole CIB’sbusiness lines and various Group entities. In 2010, there was sustainedactivity thanks to the 40% growth of transactions linkedto Green Technologies, carbon markets and responsible investments.Several emblematic contracts were signed in areas as variedas the fi nancing of renewable energy infrastructure, the saleof carbon credits for several sovereign and supranational entitiesand the creation of socially or environmentally oriented funds. Theunit was also involved in initiatives aimed at making less developedcountries benefi t from the potential provided by the fi nancialmarkets for commodities.Climate issues and human rightsEfforts to combat global warningThe Climate Principles launched on 2 December 2008 by theCrédit Agricole Group and four other leading fi nancial institutionsrecognise the role that the fi nancial sector can play in combatingglobal warming.Crédit Agricole CIB has made a commitment to a progressiveapproach to better understand the climate challenges linked to itsloan portfolio. Work began in 2010 with the help of the QuantitativeFinance and Sustainable Development chair on the principleof quantifying the resulting emissions. Not all of the many methodologicaldiffi culties encountered have been resolved at this stageand the goal appears to be especially ambitious for a corporateand investment bank. Nonetheless efforts will continue in 2011.• Crédit Agricole CIB, partner ofUniversité Paris Dauphine and EcolePolytechnique Chair of QuantitativeFinance and Sustainable DevelopmentThe specifi c feature of this project, which has been supportedfrom the outset by Crédit Agricole CIB, is that it brings togetherquantitative fi nance specialists, mathematicians and sustainabledevelopment specialists. The work is carried out by a team ofsome 20 experienced researchers in France and North Americaand is supervised by a high-quality Scientifi c Committee made upof two professors from the Collège de France, Pierre-Louis Lionsand Roger Guesnerie.The goal of the chair is to promote the development ofmethodologies by fi nancial players for taking into account thenew challenges linked to sustainable development in accordancewith four lines of research:• the long term (introduction of an intergenerational perspectiveinto the traditional problems of fi nance and economics)• external factors (mechanisms for measuring and valuing externalfactors such as CO2 and biodiversity)• energy (measurement and market hedging of energy risks – inparticular electricity – and interaction with the problems of nonrenewableresources)• climate (economic instruments linked to efforts to combat globalwarming).• CA Cheuvreux: pioneering the integrationof climate issues into fi nancialresearchFurther to the 2008 signing of the Responsible Investment Principlesestablished under the aegis of the United Nations, CréditAgricole Cheuvreux has incorporated Environmental, Social andGovernance (ESG) considerations into its fi nancial research. Itsstock market research publications systematically include ESGanalyses.Thanks to its special expertise in the climate area and its researchinto the carbon market, in 2010 Crédit Agricole Cheuvreux waschosen as it had been in 2009 for the analysis of the Carbon DisclosureProject on the top 300 European stocks.• Financing of renewable energiesCrédit Agricole CIB is one of the leaders in the fi nancing of renewableenergies. The bank been involved in this fi eld for abouta decade. It fi nanced its fi rst wind farms in 1997, and fi nanceda solar energy project in Spain in 2008. Financing of renewableenergy forms an integral part of the strategy in Project Finance,220 wind farms for a total of 9,200 MW and 16 solar power plantsfor a total active capacity of 700 MW were fi nanced.24% of project fi nancing provided for power generation projectsnow relates to renewable energies, and the fi gure is 32% in termsof the number of transactions, due to their lower average value.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 33

1PRESENTATION OF CRÉDIT AGRICOLE CIBPromoting human rightsCrédit Agricole CIB works within the Crédit Agricole Group’s frameworkof values and particularly of the Human Right Charteradopted by the Group on December 2009.• Policy on fi nancing military and defenceequipmentIn 2010 Crédit Agricole CIB defi ned a sector policy covering thearms industry. This policy in particular provides for gradually phasingout loans to companies manufacturing or marketing anti-personnelmines and cluster bombs. With regard to the fi nancingof military and defence equipment, numerous conditions are imposedconcerning the type of transaction, the identity of stakeholdersand approval by offi cial organisations.34SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATEGOVERNANCECHAIRMAN OF THE BOARD OF DIRECTORS’ REPORT ............................. 36 BOARD OF DIRECTORS - EXECUTIVE MANAGEMENT - ......................................................ATTENDANCE TO THE SHAREHOLDERS’ MEETINGS ........................................................... 36 INTERNAL CONTROL AND RISK MANAGEMENT PROCEDURES ........................................... 46AUDITORS’ REPORT YEAR ENDED 31 DECEMBER 2010 ......................... 56CORPORATE OFFICERS’ COMPENSATION .............................................. 57OFFICES HELD BY CORPORATE OFFICERS ............................................. 64EXECUTIVE COMMITTEE ........................................................................ 76SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 35

2CORPORATE GOVERNANCE CHAIRMAN OF THE BOARD OFDIRECTORS’ REPORTTo the Shareholders:In accordance with article L. 225-37 of the Code de Commerceand the principles and standards in force within Credit AgricoleS.A. Group and the Credit Agricole Group as a whole as regardscorporate governance, internal control and risk management, thisreport is presented alongside the management report drawn upby the Board of Directors, in order to provide you with informationon the way in which the work done by the Board of Directorsis prepared and organised, and on the internal control and riskmanagement procedures implemented by Crédit Agricole Corporateand Investment Bank.This report has been prepared on the basis:• of work done by the various staff responsible for periodiccontrols, permanent controls and compliance, their discussionswith the Executive Management and within the Audit Committeeand the Board of Directors, particularly through the presentationof the internal control report;• of internal control documentation prepared within the Company;• and of work done by the Corporate Secretary and the FinanceDepartment.This report was presented to the Audit Committee on 21 February2011 and was approved by the Board of Directors at its meetingof 9 March 2011.Use of a corporate governancecodeThe Company uses the AFEP/MEDEF corporate governancecode. It is displayed on http://www.code-afep-medef.com.• BOARD OF DIRECTORS -EXECUTIVE MANAGEMENT - ATTENDANCE TOTHE SHAREHOLDERS’ MEETINGSAdditional information concerning the composition of the corporatebodies, the terms of offi ce and compensation of corporateoffi cers is provided in pages 57 to 76 and is incorporated into thissection by reference.The preparation and organisation of work done by the Board ofDirectors comply with laws and regulations currently in force, theCompany’s Articles of Association, the Rules of Procedure applyingto the Board of Directors and internal directives.Separation of the functions of Chairman of the Board of Directorsand Chief Executive Offi cerThe function of the Chairman of the Board of Directors is separatedfrom the function of Chief Executive Offi cer.Mr. Jean-Paul Chifflet, Chairman of the Board of Directors, andMr. Jean-Yves Hocher, Chief Executive Offi cer, have been designatedthe Responsible Executives within the meaning of bankingregulations.Mr. Chifflet was appointed to his function on 23 February 2010 toreplace Mr. Georges Pauget.As a Responsible Executive, Mr. Chifflet, in compliance with theorientations, decisions and powers attributed to the Company’scorporate bodies and in cooperation with the Chief Executive Offi -cer, disposes of the powers needed to:• participate in the effective determination of the orientation of theCompany’s activity;• ensure compliance with articles L.571-4 to L.571-9 of the Monetaryand Financial Code relative to fi nancial and accountinginformation;• monitor the correct functioning of internal control;• participate in the determination of shareholders’ equity.The Board of Directors decided to split the functions of Chairmanof the Board and Chief Executive Offi cer in May 2002, in accor-36SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2dance with article 13 -paragraph 5- of the Company’s articlesof association and France’s New Economic Regulations Act no.2001-420 of 15 May 2001. The decision followed the shareholders’decision in the May 2002 Shareholders’ meeting to changethe Company from a société anonyme (public limited company)governed by a Supervisory Board and Management Board to asociété anonyme governed by a Board of Directors.The separation of the two functions fully distinguishes betweenthe roles of the CEO and the Chairman of the Board of Directors.The Chairman’s role includes organizing and directing the workdone by the Board of Directors, and ensuring that the Company’sgoverning bodies are operating properly. The separation offunctions also clarifi es the roles of the supervisory body and theexecutive body, and makes them easier to fulfi l. These roles aredefi ned by laws and regulations applicable to the Company, particularlyas regards internal control, including CRBF (Comité de laRéglementation Bancaire et Financière) regulation 97-02.The decision to separate the functions of Chairman and ChiefExecutive Offi cer proved entirely justifi ed in the last three years offi nancial and economic crisis. In 2008, the Chairman and membersof the Board of Directors redefi ned the Company’s strategyin the light of the new challenges, and the Executive Managementset up a new arrangement based on the following principles:• business lines and support functions had to be organised moresimply, to provide better service to customers;• new corporate governance methods were needed to increasecollaboration between business lines and support functions.During 2010, the Executive Management periodically reported tothe Board of Directors on matters relating to the progress of theCompany’s refocusing and development plan, and accordingly onmatters relating to activities and business lines and developmentprojects.General presentation and composition of the Board of DirectorsNumber of directorsThe Company’s Articles of Association state that the Board ofDirectors shall be made up of between six and twenty Directors.At least six of these directors shall be appointed by shareholdersin the General Shareholders’ meeting, and two elected by employees.Number of Directors at 31 December 2010: the Board of Directorsis made up of sixteen Directors (fourteen Directors are appointedby shareholders in the Shareholders’ meeting, and twoDirectors are elected by employees).Terms of office of DirectorsIn accordance with article 9 of the Articles of Association, a Director’sterm of offi ce is three years. The age limit for directors issixty-fi ve, although as an exceptional measure the term of offi ceof a Director who has reached the age limit may be renewed for amaximum of fi ve subsequent one-year periods, provided the totalnumber of Directors aged sixty fi ve or over does not exceed onethirdof the number of directors in offi ce (article 10 of the Articlesof Association).• At 31 December 2010, the expiry dates of Directors’ terms ofoffi ce are staggered as follows:Shareholders’ meeting in: 2011 2012 2013Number of Directors- Directors appointed by shareholdersin the Shareholders’meeting- Directors elected by employees(1) One term of offi ce could be renewed for a period of one year in accordance witharticle 10 of the Articles of Association, as mentioned above.(2) Two terms of offi ce could be renewed for a period of one year in accordance witharticle 10 of the Articles of Association, as mentioned above.8 (1)Composition of the Board of Directors Changes in the composition of the Board during 2010:Jean-Paul Chiffl et was appointed Chairman of the Board on 23February 2010 to replace Georges Pauget.23 (2)-7 (2)-The appointments and resignations which occurred during 2010are as follows:• Resignation of Pierre Bru, Jean-Dominique Comolli, Jean-Frédéricde Leusse, Bernard Lolliot and Georges Pauget as directorsand Mr. Moulard as non-voting Director;• End of Jean-Marie Sander’s term of offi ce as director, with norenewal;• appointment of:DirectorssincePhilippe Brassac 23 February 2010Jean-Yves Hocher 23 February 2010François Thibault 11 May 2010Jean-Louis Roveyaz 11 May 2010Marc Deschamps 9 November 2010Jean-Yves Hocher, who was appointed as Chief Executive Offi cerby the Board of Directors in its meeting of 1 December 2010,resigned in his function of Director at the same date. Composition of the Board at 31 December 2010:MM. Jean-Paul Chiffl et (Chairman)Edmond AlphandéryPhilippe BrassacFrank DangeardMarcDeschampsJean-Frédéric Dreyfus (*)Philippe GeslinFrançois ImbaultMarc Kyriacou (*)Jean Le VourchFrançois MacéDidier MartinJean PhilippeJean-Louis RoveyazFrançois ThibaultFrançois Veverka(*)Director representing employeesIn 2010, the average age of directors was 58.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 37

2CORPORATE GOVERNANCE Independent Directors within the Board with respect toAFEP/MEDEF recommendationsAt the beginning of 2010, based on the criteria set out in theAFEP/MEDEF report, the Board of Directors determined fi ve independentDirectors. Because of the resignation of Jean-DominiqueComolli on 24 August 2010, there were four independent Directorsat 31 December 2010: Mr. Alphandéry, Mr. Dangeard, Mr.Martin and Mr. Veverka.The recommended proportion of independent Directors on theBoard of Directors is one-third for companies majority-ownedby one shareholder. The Company is more than 97%-owned byCrédit Agricole S.A. and slightly under one-third of its directorsare independent directors during 2010. This divergence fromthe AFEP/MEDEF recommendations refl ects the Crédit AgricoleGroup’s desire that the Chairmen or CEOs of Crédit Agricole’sRegional Banks be represented on the Board of Directors of someCrédit Agricole S.A. subsidiaries.31 December 2010 Criterion (1) Criterion (2) Criterion (3) Criterion (4) Criterion (5) (6)Criterion(7) (a) b)Mr. Alphandéry X X X X X X Not applicableMr. Dangeard X X X X X X Not applicableMr. Martin X X X X X X Not applicable(a)– Mr. Veverka is alsoMr. Veverka - (a) an Independent DirectorX X X X Xon the Board of CréditAgricole S.A.(1) Is not, and has not been in the last fi ve years, an employee or corporate offi cer of the company, an employee or corporate offi cer of the parent company orof a company that consolidates the company.(2) Is not a corporate offi cer of a company in which the company, directly or indirectly, acts as a director or in which an employee designated as such or acorporate offi cer of the company (currently or in the last fi ve years) is a director.(3) Is not a signifi cant client, supplier, corporate banker or investment banker:- for the company or its group,- or whose activities consist signifi cantly of business with the company or its group.(4) Has no close family relationship with a corporate offi cer.(5) Has not been an auditor of the company in the last fi ve years.(6) Has not been a director of the company for more than 12 years.(7) a/ Directors representing major shareholders of the company or of the parent company may be considered independent if they do not take part in the controlof the company. If the shareholder owns more than 10% of the capital or voting rights, the Board of Directors, based on a report by the appointmentscommittee, shall systematically investigate the director’s independence taking into account the company’s ownership structure and the existence of apotential confl ict of interest.b/ The Board of Directors may take the view that a director who fulfi ls the criteria below should not be deemed independent because of his/her particularsituation or that of the company, given the company’s ownership structure or for any other reason. Conversely, the Board may take the view that a directorwho does not fulfi l the criteria below is nevertheless independent.Recent change in the composition of the BoardDuring 2011, the Board of Directors will review its composition onthe basis of the changes of recommendations and regulations.Shares held by directorsDirectors must own at least one share each in the company, inaccordance with the provisions of the articles of association.Operation of the Board of DirectorsCalling Board meetings and frequency of BoardmeetingsThe Articles of Association state that the Board shall meet wheneverthe interests of the Company so require and that meetingsshall be called by the Chairman or by any person authorised to doso by the Board of Directors. If the Board has not met for morethan two months, the Chairman may be asked by at least onethird of the Board members to call a meeting in order to considera predetermined agenda. In 2010, the Board of Directors metsix times, including fi ve times in accordance with the scheduledagenda and once on 1 December 2010.Powers of the Board of DirectorsThe powers of the Board, as defi ned in article L.225-35 of theFrench Commercial Code, are set out in the Board’s Rules ofProcedure. Under the duties given to it by law and taking intoaccount the powers granted to the Executive Management, theBoard of Directors defi nes the Company’s strategies and generalpolicies, and approves – on the basis of proposals by the ChiefExecutive Offi cer and/or the Deputy Chief Executive Offi cers, asapplicable - the means, structures and plans designed to implementthe strategies and general policies it has defi ned. The Boardmakes decisions on all matters concerning the governance of theCompany referred to it by the Chairman and the Chief ExecutiveOffi cer as well as on issues concerning fi xed and variable compensationsubmitted by the Compensation Committee.In addition to the aforementioned powers and those conferredupon it by law, the Board of Directors takes decisions, on thebasis of proposals by the Chief Executive Offi cer and/or any of theDeputy Chief Executive Offi cers:• on any transaction involving:- the creation, acquisition or sale of any subsidiaries or holdings;- the opening or closure of any branches abroad;38SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2- the acquisition, disposal, exchange or transfer of businessassetsliable to result in an investment or divestment in excess of €50million;• or the provision of security to guarantee the Company’scommitments (including those not relating to transactions onthe fi nancial markets), when the security concerns Companyassets with a value of more than €50 million.The Board also approves proposals by the Chief Executive Offi ceror Deputy Chief Executive Offi cers relating to the purchase or saleof real estate made in the name or on behalf of the Company,when the amount involved exceeds €30 million.Board referral, information and interventionproceduresIn order to enable the Board Secretary to prepare the Board ofDirectors meetings, a Company internal directive describes theBoard’s conditions and methods of intervention. This directive thusprovides for the conditions under which head offi ce departmentsand branches must communicate with the Secretary within theframework of the calendar of Board meetings, the points thatmay be added to the draft agendas of the meetings and theinformation documents required. This directive also specifi es,depending on the type of information or decision, the process forimplementing the decisions of a predominantly legal nature andthe elements of their content (in particular summary descriptionsof transactions; the amounts at stake for the Company andthe Group; advantages and prospects within the framework ofthe Company’s and the Group’s strategy, and the text of theproposed resolution). The draft agenda is then sent for approvalto the Chairman of the Board of Directors.The Board of Directors’ rules of procedure were updated in 2010with respect to the role of the Compensation Committee pursuantto the amendments to CRBF regulation no. 97-07 having to dowith referrals to the Board of Directors and the CompensationCommittee (presentation of these amendments on page 33).The Rules of Procedure were completed on this occasion bya reminder of the corporate governance principles and bestpractices that enhance the quality of the work of the Board ofDirectors, and in particular in obtaining the information neededfor a useful intervention of the Directors on the subjects includedon the agenda, the confi dentiality obligation and obligations andrecommendations relative to privileged information.« Regulated« related-party agreements: In accordance witharticles L. 225-38 and seq. of the Code de Commerce, the Boardof Directors:• authorises « regulated« related-party agreements prior to theirsignature; the Directors and Managers concerned by the agreementdo not take part in the voting; these agreements are thesubject of a special report drawn up by the independent Auditorsand provided to shareholders in the annual Shareholders’meeting;• takes note of the nature and purpose of other « unregulated« agreements – material agreements concerning « day to daybusiness operations entered into under normal conditions « –which are also sent to the statutory auditors and made availableto shareholders in the Shareholders’ meeting.Information relating to these agreements and to those enteredinto before 2010 that continued to have an effect in 2010, wassent to the Statutory Auditors, who will present their special reportto the shareholders at the Shareholders’ meeting. This report isprovided in page 258.Activities of the Board of Directors during 2010The Board of Directors met fi ve times during 2010: on 14 January,23 February, 11 May, 24 August and 9 November 2010, inaccordance with the agreed timetable, as well as on 1 December2010.Prior to each meeting, documentation was sent to Directors asearly as possible to ensure that they were properly informed. Foralmost all items on the agenda of Board Meetings, supportingdocumentation is distributed, if possible, several days before themeeting.Meetings dealt mainly with the following subjects:• annual, half-yearly and quarterly fi nancial statements;• the annual budget – the half-year fi nancial report – the parentcompanybalance sheet - fi nancial report/management reportincluded in the shelf-registration document – the Chairman’sreport to the Shareholders’ meeting;• reports on work done by the Audit Committee;• opinions from the Statutory Auditors;• main risk and exposure limits - risk situation at 30 June and 31December - 2009 annual report on internal control and 2009report by the person in charge of compliance for investmentservices - status reports on compliance and internal compliancecontrol - information on the appointment of the Head of RiskDivision according to CRBF regulation ; recommendations onperiodic Control;• regular status reports on the refocusing and development planand, in this respect, follow-up on activities and business linesas well as on development projects and discontinuing activities;• presentation of the correspondence with the regulatory authorities;• composition of the Board of Directors and of its committees– composition of Executive Management (departures and appointmentsin 2010);• minutes of the meetings of the Compensation Committee;• variable compensation principles and budgets for the Company’semployees; the report required by the French PrudentialSupervisory Authority presenting the information relative tocompensation policy and practices within the Company;• compensation of members of Executive Management;• delegations of powers, particularly as regards bond issues;• approval of regulated agreements - the list of « unregulated«material agreements;• amendments to the Board Rules of Procedure in the light of thenew provisions of CRBF regulation 97-02 (specifying the role ofthe Compensation Committee).Assessment of the Board of Directors’ performanceWithin the framework of the assessment of the Board’s performance,the meetings of the Board in November 2009 and November2010 were provided with a document summarising themain subjects dealt with at the Board meetings held respectivelyin 2009 and 2010, as well as certain aspects of the Board’s organisation.In 2010, the principles and recommendations relative tothe proper functioning of the Board were incorporated into theprovisions of its Rules of Procedure.Since the company’s share capital is more than 97%-owned by amajority shareholder, there was no additional formal assessmentsuch as that recommended by the AFEP/MEDEF code which recommendsperforming an assessment at least every three years.The Board of Directors follows the corporate governance recommendationsadopted within the Crédit Agricole Group.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 39

2CORPORATE GOVERNANCEThe meeting attendance rate of the members of the Board ofDirectors was around 94% in 2010.Presentations of the Company’s business lines andsectors to DirectorsStarting in the second half of 2009, the Executive Managementproposed that members of the Board of Directors be invited toattend special presentations of the Company’s business lines(« Business Line monographs«) so that they can learn more aboutthese activities and how they are organised and meet key peoplein the business lines. The fi rst such meetings involved presentationsby the business line management teams of fi nancing activitiesand capital markets and investment banking activities. It wascompleted by presentations of support functions.These presentations offer a way for the Directors to learn moreabout the Company, its special attributes, its business lines andbusiness sectors.Specifi c Committees and compensation principles and rulesThe Board of Directors, when preparing its Rules of Procedurein 2002, set up an Audit Committee and a Compensation Committee,and outlined their composition, operating procedures andduties in those Rules of Procedure.The members of these committees are appointed by the Boardof Directors in accordance with its Rules of Procedure. Appointmentproposals are examined directly by the Board of Directorsas part of corporate governance discussions within Crédit AgricoleGroup entities.Compensation Committee• General presentation and compositionof the Compensation CommitteeThe Compensation Committee meets as and when required, andat the request of the Chairman of the Board of Directors.The Committee met four times in 2010.Responsibilities of the Compensation CommitteeThe Compensation Committee is principally responsible forissuing recommendations prior to decisions submitted for theapproval of the Board of Directors.Its recommendations concern the ordinary and special compensationas provided for in the Articles of Association that is paidto the members of the Board of Directors and its Chairman, aswell as the compensation, benefi ts in kind and pecuniary rightsgranted to the Chief Executive Offi cer and the Deputy Chief ExecutiveOffi cers. Elements relative to the compensation of the corporateoffi cers mentioned in the management report are part ofits responsibility.The Committee’s responsibilities were extended in 2009 and2010 further to the amendments to CRBF regulation no. 97-02;these amendments were taken into account in the Rules of Procedureof the Board of Directors which decided that:• the Committee’s recommendations also bear on the principlesgoverning the variable compensation of Company employees(composition, base, form and date of payment) as well as onthe amount of the budget attributed within the framework ofthis compensation,• the Committee:- proceed with the examination of the application of the budgetat individual level for the signifi cant amounts;- report to the Board of Directors its annual review of compensationpolicy, as well as the verifi cation of its compliance withthe CRBF regulation no. 97-02 and its consistency with theapplicable professional standards.Composition of the Compensation CommitteeThe Rules of Procedure state in particular that at least half ofthe Compensation Committee shall be made up of independentmembers, competent to analyse policies and practices in termsof compensation.The Chairman of the Committee is appointed by the Board ofDirectors. Changes in the composition during 2010Georges Pauget, Chairman of the Compensation Committee until23 February 2010, was replaced by Jean-Paul Chiffl et, Chairmanof the Board of Directors, in his functions as CEO of the majorityshareholder. During 2010, Pierre Bru resigned from his offi cewithin the Board of Directors, Frank Dangeard and Jean-LouisRoveyaz were appointed members of the Committee on 14January 2010 and 11 May 2010 respectively. Composition of the Compensation Committee at31 December 2010At 31 December 2010, the Compensation Committee is made upof four Directors from the Board of Directors:- Jean-Paul Chiffl et, Chairman, appointed on 23 February 2010;- Frank Dangeard, independent Director, appointed on 14 January2010.- Didier Martin, independent Director, appointed on 4 September2002,- Jean-Louis Roveyaz, appointed on 24 August 2010.This committee is chaired by the Chairman of the Board ofDirectors and comprises four members, two have the status ofindependent Directors.Within the framework of the harmonisation of the compensationpolicies of the Crédit Agricole S.A. Group, the head of GroupHuman Resources is invited to attend the CompensationCommittee meetings. In fact, the overall monitoring of thecompensation policy applicable to all Crédit Agricole S.A. Groupentities has been carried out since 2010 within Crédit Agricole S.A.40SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2This monitoring notably includes proposals for the determinationof variable compensation budgets, the examination of the impactof the risks and capital requirements on the activities concerned,and an annual review of compliance with rules and professionalstandards for compensation.• Compensation Committee actions in2010The Compensation Committee met on 12 January, 19 February, 8April and 20 August 2010.These meetings were primarily devoted to the following points:• principles for setting the variable compensation with respect to2009 of the Company’s employees and members of ExecutiveManagement, including the overall amount of the budget andthe systems for deferred payment;• compensation of corporate offi cers including the setting of2010 objectives – updates on compensation packages subsequentto the change of Deputy Chief Executive Offi cer; examinationof regulated agreements in this respect;• part of the management report relative to the compensation ofcorporate offi cers for 2009;• review of the compensation of market operators and of thereport required by the French Prudential Supervisory Authoritypresenting information relative to compensation policyand practices within the company; examination of the budgetapplied at the individual level for the largest amounts;• presentation of the proposal for the appointment of a newmember of the Compensation Committee, Mr. Jean-Louis Roveyaz,and of the draft amendments to the Rules of Procedure;• principles for setting the variable compensation with respect to2010 of the Company’s employees and members of ExecutiveManagement, including the overall amount of the budget andthe systems for deferred payment;• compensation of corporate offi cers – updates on compensationpackages subsequent to change of Chief Executive Offi cerand Deputy Chief Executive Offi cer; examination of regulatedagreements in this respect.• Presentation of compensation principlesand rulesEmployees’ variable compensationWithin Crédit Agricole CIB, variable compensation plans tied to individualand collective performance are put in place depending onthe achievement of predefi ned objectives and the entity’s results.The bases for variable compensation are set taking into accountthe risk profi le of activities and all costs including the costs of risk,liquidity and cost of capital. Variable compensation is thus basedon the determination of budgets by activity and whose individualallocation to employees is decided by the managerial line as afunction of an overall assessment of individual and collective performance,consistent with the fi nancial and non-fi nancial objectivesdefi ned individually and collectively.Crédit Agricole Corporate and Investment Bank’s Loyalty programmewas not renewed in 2010. The balance of the bonusesgranted in 2009 and whose initial payment was planned for 2011and 2012 will be paid in full to benefi ciaries in 2011.Implementation of the European Capital RequirementsDirective III (CDR III)The mechanisms for allocating and vesting compensation forrisk-taking employees and control functions and members ofexecutive bodies comply with the provisions of CRBF regulation97-02 as amended by the decree of 13 December 2010 whichtransposes into French law the European Capital RequirementsDirective III (CRD III).This directive refl ects the recommendations of the Financial StabilityCouncil adopted by the G20 member governments at thePittsburgh summit meeting in September 2009 and the commitmentsmade by the banking profession during the 25 August2009 meeting with the French president, which included the activeparticipation of Crédit Agricole S.A. representatives.Transparency principleIn compliance with the ministerial decree of 13 December 2010,Crédit Agricole CIB has committed to:• supply on an annual basis to the French Prudential SupervisoryAuthority a report on the compensation policy for staff as specified in article 43.1 of CRBF regulation 97-02 relative to the compensationof staff whose activities have a signifi cant impact onthe risk profi les of credit institutions and investment companies;• publish on an annual basis the qualitative and quantitativeinformation requested on the compensation of this staff incompliance with article 43.2 of this regulation. The requestedinformation is detailed in a dedicated report, published beforethe 2011 Shareholders’ meeting called to approve the 2010fi nancial statements.Deferred variable compensation for regulated employeesAs from the 2009 compensation year, in accordance with the 5November 2009 professional standards, Crédit Agricole CIB implementeda programme for the deferment of conditional variablecompensation.The application of this principle was renewed and adapted forthe 2010 compensation year in compliance with the decree of 13December 2010 transposing the CRD III directive into French law.Employees’ variable compensation is partially deferred over severalyears and is not defi nitively vested except under certain performanceconditions. At least 50% of this variable compensationis paid in Crédit Agricole S.A. shares or equivalent instruments.Crédit Agricole CIB has extended the mechanism of employees’deferred variable compensation that is not subject to the abovementionedprovisions of CRBF regulation 97-02 in order to beconsistent and in line with the company’s overall performance.Compensation of members of ExecutiveManagementSince 2009 the Board of Directors of Crédit Agricole S.A. hasrefl ected on a new policy for the compensation of the Group’sExecutive Managers which has been proposed to all Groupcompanies.Its objective is to reconcile the demands of an increasinglycompetitive market with the expectations of shareholders,employees and customers so that the Group is able to achieveits ambition to be a leader in the banking market both nationallyand internationally. This policy complies with the corporategovernance recommendations of the AFEP MEDEF (see page 63)and with the decree of 13 December 2010 transposing the CRDIII directive into French law.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 41

2CORPORATE GOVERNANCEGroup’s Executive Managers has an annual fi xed component anda variable component based for half on economic and for theother half on non-economic objectives (managerial, customersatisfaction and corporate value creation objectives). Compensation of Jean-Yves Hocher, Chief ExecutiveOfficerJean-Yves Hocher was appointed Crédit Agricole CIB Chief ExecutiveOffi cer on 1 December 2010, he supervises Fixed IncomeMarkets and Equity Brokerage & Derivatives business lines as wellas the following support functions: Global Internal Audit, GlobalCompliance and Communication.• The fi xed component of Mr. Hocher’s compensation is set withreference to market practice for CEO compensation.• In 2010, the variable component was based on two sets ofcriteria:- quantitative criteria: assigned a weight of 50%- qualitative criteria: assigned a weight of 50%. Compensation of Pierre Cambefort, Deputy CEOHis scope has evolved due to changes within the ExecutiveManagement team. Until 30 November 2010, he supervised theTransaction & Commercial Banking and Distressed Assets departmentsand the following support functions: Risk Managementand Permanent Controls, Finance, Credit Portfolio Management,Corporate Secretary, Legal and Global IT & Operations. Since 1December 2010, he has supervised Structured Finance, Transaction& Commercial Banking, Distressed Assets, Coverage &Investment Bank and the international network.• The fi xed portion of Mr. Cambefort’s compensation is set withreference to market practice for Deputy CEO compensation.• In 2010, the variable component was based on two sets ofcriteria:- quantitative criteria: assigned a weight of 50%- qualitative criteria: assigned a weight of 50%. Compensation of Francis Canterini, Deputy CEOAppointed Crédit Agricole CIB Deputy Chief Executive Offi cer on1 December 2010, he supervises the following support functions:Risk Management and Permanent Controls, Finance, CreditPortfolio Management, Human Resources, Corporate Secretary,Legal and Global IT & Operations.• The fi xed portion of Mr. Canterini’s compensation is set withreference to market practice for Deputy CEO compensation.• In 2010, the variable component was based on two sets ofcriteria:- quantitative criteria: assigned a weight of 50%- qualitative criteria: assigned a weight of 50%.Other informationUnder the terms of the offi ces that they hold at Crédit AgricoleCIB, Mr. Jean Yves Hocher, Mr. Francis Canterini and Mr. PierreCambefort:• do not benefi t from any severance pay that is due or may be duein the event of the cessation or change of functions;• do not benefi t from special pension and provident plans. Mr.Jean-Paul Chifflet, the Chairman of the Board of Directors ofCrédit Agricole CIB, Mr. Jean-Yves Hocher, Chief Executive Offi -cer, and Mr. Pierre Cambefort and Mr. Francis Canterini, DeputyChief Executive Offi cers, nonetheless retain the benefi t of thedefi ned-benefi t pension plan of the executive managers of theCrédit Agricole Group that is complementary to mandatory collectivepension and provident plans.At 31 December 2010 the corporate offi cers were not benefi ciariesof the Crédit Agricole CIB Loyalty programme.Jean-Paul Chiffl et, with respect to his offi ce as Crédit AgricoleS.A. CEO, benefi ts from a commitment to a severance paymentby Crédit Agricole S.A., under the conditions approved by theShareholders’ meeting.If the term of offi ce of Jean-Yves Hocher as Crédit Agricole S.A.Deputy CEO was terminated, his employment contract will bereactivated under the conditions approved by the Shareholders’meeting.Stock options ( grant or exercise) – PerformancesharesDuring 2010, no stock options and no performance shares weregranted to corporate offi cers with respect to their terms of offi cein Crédit Agricole CIB.Distribution of attendance fees paid to directors in2010The Crédit Agricole Corporate and Investment Bank OrdinaryShareholders’ meeting set the attendance fees allocated annuallyto a maximum amount of 600,000 euros.Attendance fees are distributed among Directors on thebasis of their attendance at Board meetings and at Audit andCompensation Committee meetings, and a fi xed sum is paid tothe Chairman of the Board. Attendance fees are set according tothe following rules:• the amount of attendance fees paid by the Company toMembers of the Board of Directors is calculated according totheir attendance at Board meetings (€3,000 per meeting);• members of the Compensation Committee and the AuditCommittee receive an annual fee for their participation in theseCommittees (€4,000 and €15,000 respectively);• members of the Audit Committee receive an additional fee of€3,000 per person per meeting attended, with an annual limit of€15,000 per member;an annual fee of €20,000 is paid to the Chairman of the Board ofDirectors in consideration for holding this offi ce.Retirement bonuses for Crédit Agricole S.A.’s DeputyChief Executive OfficersMr. Jean-Yves Hocher benefi ts from the retirement bonus planprovided for all employees in accordance with the Crédit AgricoleS.A. collective bargaining agreement, whose amount may equalsix months of fi xed salary plus variable compensation limited to4.5% of the fi xed salary.42SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2Additional informationDetails on all components of compensation paid to corporateoffi cers are provided in this « Governance and Internal Control«chapter, on pages 57 to 76.Audit Committee• General presentation and compositionof the Audit CommitteePursuant to the Rules of Procedure, the Committee meetsas often as it is necessary and at least once every six months.Meetings shall be called by the Committee Chairman or by theChairman of the Board of Directors. In 2010 the Committee met5 times.Assignment of the Audit CommitteeThe role of the Audit Committee as defi ned in the Rules of Procedurewas clarifi ed in 2009 in the light of changes in the relevantprovisions of CRBF Regulation 97-02, inter alia.The Audit Committee has the task of examining and monitoringthe internal control and risk management system, to monitor anyevent of fraud, or any other event whether or not detected byinternal control procedures in accordance with the criteria andsignifi cance thresholds defi ned by the Board, to monitor the workdone by the statutory auditors and internal control teams, to monitorthe process for preparing fi nancial information, to assess therelevance of accounting information, to examine drafts of annualand half-year parent-company and consolidated fi nancial statements,to advise on the renewal or appointment of the statutoryauditors and to examine any questions of a fi nancial or accountingnature referred to it by the Chairman or the CEO. It can makerecommendations on these matters and can also instruct theChief Executive Offi cer to organise internal or independent audits,after informing the Chairman of the Board of Directors. The Chairmanof the Audit Committee has the task of presenting summariesof the Committee’s work to the Board of Directors.ChangesDuring the meeting of 22 February 2011, the Rules of Procedurehave been amended by the Board of Directors in accordance withCRBF regulation n°97-02. These details concern in particular theduties of the Committee to monitor the risk management policy,procedures and systems. It also concerns the name change ofthe Audit Committee into Audit and Risks Committee.Composition of the Audit CommitteeThe Board of Directors’ Rules of Procedure state that the AuditCommittee shall consist of at least four people, appointed by theBoard of Directors from among the voting and non-voting directors,for their full term of offi ce, and shall contain at least twomembers who have no other ties to the Credit Agricole Group.All the members of the Audit Committee have accounting, fi nancialand banking knowledge. Changes in the composition of the Committee in 2010Mr. Moulard, non-voting Director and Chairman of the Audit Committeesince 1 April 2004, resigned on 11 May 2010. FrançoisVeverka was appointed by the Board of Directors to replace himas Chairman of the Audit Committee.In 2010:• resignation of Jean-Frédéric de Leusse and Bernard Lolliot,• appointment of Jean-Yves Hocher on 24 August 2010 andFrançois Macé on 9 November 2010,• resignation of Jean-Yves Hocher from his offi ce as Director andmember of the Audit Committee during the Board of Directors’meeting of 1 December 2010. The function of member of theAudit Committee is not compatible with his new offi ce as ChiefExecutive Offi cer. Composition of the Audit Committee at 31 December2010The Committee is made up of 5 members:• François Veverka, appointed independent director on 13 May2009 and Chairman of the Committee on 11 May 2010;• Edmond Alphandéry, independent director, and Philippe Geslinwere appointed on September 2002;• Jean Philippe appointed on 14 May 2008;• François Macé appointed on 9 November 2010.• Activities and functioning of the AuditCommittee in 2010The Audit Committee met on 18 February, 20 April, 10 May, 23August and 8 November 2010. The attendance rate for the AuditCommittee was more than 90% in 2010.The Committee examined the annual, half-yearly and quarterlyconsolidated fi nancial statements before presenting them to theBoard.The following items were also included on the Committee’sagenda:• 2010 budget;• presentation of business activities and discontinuing activitiesunder the refocusing and development plan;• the report of the Chairman of the Board of Directors to theannual general meeting of May 2010;• presentation of the audit plan;• follow-up on periodic control recommendations;• half-yearly information on internal control;• liquidity situation;• and regular updates on internal control and risks relative to:- periodic control assignments and their summaries,- the risk situation (in particular annual and half-yearly),- compliance.The Committee also examined reports relating to 2009: thereport on internal control and the report on risk measurementand supervision presented to the French Prudential SupervisoryAuthority.The Statutory Auditors presented to the Audit Committee theresults of their work when examining the fi nancial statements.They met with Executive Management, the Chief Financial Offi cerand the Deputy CFO, along with various persons in chargeof internal control (periodic control, Risk Management andPermanent Controls and compliance).Between meetings the Chairman of the Audit Committee met withmembers of Executive Management, the main heads of fi nancialmanagement, risks, compliance and internal audit as well as withthe Statutory Auditors. He thus took note of some 30 InternalSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 43

2CORPORATE GOVERNANCEAudit reports and had 12 meetings or other contacts outsideCommittee meetings: three with Executive Management; twowith the Finance function; one with Risks; two with Internal Audit;one with Compliance and three with the Statutory Auditors.A presentation of the Audit Committee’s work was made by theCommittee Chairman to the Board of Directors. At the January2010 Board meeting, a summary of the Committee Chairman’ssupervisory work was presented in the absence of a Committeemeeting early in the year.The Audit Committee may at any time make proposals to theBoard of Directors relative to the Audit Committee’s organisationand composition.Composition of the Executive ManagementLimits placed by the Board of Directors on the powers of the ChiefExecutive OfficerMr. Jean-Yves Hocher was appointed Chief Executive Offi cerat the 1 December 2010 meeting of the Board of Directors, toreplace Mr. Patrick Valroff, the company’s Chief Executive Offi cesince the 14 May 2008 meeting of the Board of Directors. At31 December 2010, the functions of Deputy Chief ExecutiveOffi cers were exercised by Mr. Pierre Cambefort and Mr. FrancisCanterini. Further to the Chief Executive Offi cer’s proposal theywere appointed by the 1 December 2010 Board meeting.Mr. Pierre Cambefort had previously been designated DeputyChief Executive Offi cer effective as of 1 September 2010 toreplace Mr. Jérôme Grivet whose term of offi ce expired on 31August 2010 in order to exercise other functions within the Group.Mr. Francis Canterini was designated Deputy Chief ExecutiveOffi cer effective 1 December 2010 to replace Mr. Alain Massierawhose term of offi ce expired on 1 December 2010 in order toexercise other functions within the Group.The limits placed on the powers of the Chief Executive Offi cer arespecifi ed hereinafter as well as in the presentation of the powersof the Board of Directors on page 38.The Board rules stipulate that in the performance of his dutiesthe Chief Executive Offi cer is required to comply with the internalcontrol rules that apply within the Crédit Agricole Group, thestrategies defi ned and the decisions taken, as well as the powersconferred by law or Board rules to the Board of Directors orthe annual general meeting. They also stipulate that the ChiefExecutive Offi cer is required to refer all signifi cant projectsconcerning the Company’s strategic decisions or that may affector alter its fi nancial structure or scope of activity, to the Board ofDirectors, requesting instructions. In addition, as mentioned in the« Powers of the Board of Directors« section on page 38 as a purelyinternal limitation that is not binding on third parties, the ChiefExecutive Offi cer is required to obtain prior authorisation from theBoard of Directors or its Chairman before entering into certaintypes of transactions.44SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2Attendance at the Shareholders’ meetingThe arrangements for attending Shareholders’ meetings are setout in section V of the Company’s articles of association. Thecomposition, operating procedures and main powers of the Shareholders’meeting, the description of shareholders’ rights andthe arrangements for exercising these rights are set out in « Article19 - Composition and Nature of Meetings«, « Article 20 - Meetings«,« Article 21 - Ordinary Shareholders’ meeting« and « Article22 - Extraordinary Shareholders’ meeting«.SECTION V – Shareholders’ meetingsArticle 19 – Composition and nature of meetingsShareholders’ meetings may be attended by all shareholders,regardless of the number of shares they own.Duly constituted Shareholders’ meetings represent all shareholders.Decisions taken in Shareholders’ meetings in accordance withlaws and regulations in force are binding on all shareholders.A Shareholders’ meeting is deemed extraordinary if any decisionsrelate to a change in the articles of association. All other meetingsare deemed ordinary.Special Shareholders’ meetings convene holders of a particularcategory of shares, if any such category exists, to make decisionsabout any changes in the rights of such shares.These special Shareholders’ meetings are convened and takedecisions according to the same conditions as Extraordinary Shareholders’meetings.Article 20 – MeetingsMeetings are convened in accordance with laws and regulationsin force.Meetings take place at the head offi ce or in any other locationspecifi ed in the notice of meeting.The Shareholders’ meeting is chaired by the Chairman of theBoard of Directors or, in his absence, by a Vice-Chairman of theBoard of Directors or by a Director designated by the Chairmanof the Board of Directors for this purpose. If no such person isavailable, the persons present shall themselves elect a chairmanfor that meeting.The agenda shall be determined by the person convening themeeting. The agenda shall only contain proposals made by theperson convening the meeting or by shareholders.Each member of the ordinary or Extraordinary Shareholders’meeting shall have a number of votes proportional to the portionof the share capital corresponding to the shares that he/sheowns or represents, provided that those shares are not deprivedof voting rights.The Board of Directors may decide to treat as present, for thepurpose of calculating the quorum and majority, shareholderstaking part in the meeting by videoconferencing or a medium thatenables them to be identifi ed, the type and terms of use of whichare compliant with regulations in force.Article 21 – Ordinary Shareholders’ meetingThe Ordinary Shareholders’ meeting takes decisions accordingto the quorum and majority conditions determined by laws andregulations in force.Shareholders are invited to attend an ordinary Shareholders’meeting every year.The ordinary Shareholders’ meeting takes note of the reports bythe Board of Directors and the Statutory Auditors.It discusses, approves or adjusts the parent-company fi nancialstatements and, if applicable, the consolidated fi nancial statements,and determines the appropriation of income for the year.It appoints the Statutory Auditors.It discusses all other proposals on the agenda that do not fallunder the remit of the Extraordinary Shareholders’ meeting.Other ordinary Shareholders’ meetings may be held in addition tothe annual meeting.Article 22 – Extraordinary Shareholders’ meetingThe Extraordinary Shareholders’ meeting takes decisions accordingto the quorum and majority conditions determined by lawsand regulations in force.The Extraordinary Shareholders’ meeting may make any changesto the articles of association.Capital structureAt 31 December 2010, the Company’s share capital consistedof 224,277,957 ordinary shares with a par value of €27 each, givingshare capital of €6,055,504,839. The shares are more than97%-owned by Crédit Agricole S.A. and more than 99%-owned bythe Crédit Agricole Group.The Company’s shares have not been offered to the public and arenot listed for trading on a regulated market.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 45

2CORPORATE GOVERNANCE• INTERNAL CONTROL AND RISK MANAGEMENTPROCEDURESDefinition of the internal controlsystemWithin the Credit Agricole Group, the internal control system isdefi ned as all procedures aimed at controlling activities and risksof all kinds and enabling transactions to be carried out properly,securely, and effi ciently, in accordance with texts referred to below.Crédit Agricole CIB, which is a wholly owned subsidiary ofthe Credit Agricole Group, complies with the rules laid down inFrench and international regulations and with the rules and regulationsset by its parent company.The internal control system and procedures can therefore be classified by their purpose:• application of instructions and guidance given by the ExecutiveManagement,• a fi nancial performance objective, to ensure effective and properuse of Group assets and resources and protection against therisk of loss,• access to exhaustive, accurate and timely information for decision-makingand risk management purposes,• a compliance objective, in respect of internal and external rules,• prevention and detection of fraud and errors,• an objective to compile accurate and exhaustive accountingrecords and prepare reliable and timely accounts and fi nancialstatements.However, this system and these procedures have limits, relating inparticular to technical problems and staff shortcomings.Under the systems implemented within this standardised framework,certain resources, tools and reporting documents aremade available to the Board, to Executive Management and toother managers so that they can assess the quality of the internalcontrol systems and their adequacy.Reference documents relating to internal controlLaws and regulationsThe internal control procedures implemented by Crédit AgricoleCIB comply with the laws and regulations governing French creditinstitutions and investment companies, and namely with:• the French Monetary and Financial Code,• amended 97-02 regulation, relating to the internal control of creditinstitutions and investment companies,• all texts relating to the conduct of banking and fi nancial activities(collated by the Banque de France and the CRBF),• the Autorité des Marchés Financiers’ General Regulation.The Company’s internal control system also takes into accountthe following international reference documents:• the Basel Committee’s recommendations on banking control,• local applicable laws and regulations in the countries in whichthe Group operates.Main internal referencedocumentsThe main internal reference documents are:• Procedural Memo 2006-11 on « the organisation of internalcontrol within the Crédit Agricole S.A. Group«,• Procedural Memos dealing with the Crédit Agricole S.A. Group’sRisk Management and Permanent Controls,• documents circulated by Crédit Agricole S.A., relating to subjectsincluding accounting (Crédit Agricole chart of accounts),fi nancial management, and risk management and permanentcontrols,• the Crédit Agricole Group’s Code of Conduct,• Directive 3.3.1 on the organisation of internal control in the CréditAgricole CIB Group,• Directive 2.4.3.2 on the organisation of permanent control,• Directive 3.6.2.2 on the organisation of accounting and fi nancialpermanent control in Crédit Agricole CIB,• the Crédit Agricole CIB compliance manuals,• a set of procedures (intranet database of governance texts,maintained by the Company’s offi ce of the Corporate Secretary)relating in particular to compliance and risk management andpermanent controls,• procedures implemented by the various departments of CréditAgricole CIB, its subsidiaries and its branches,• the procedures of the different divisions of Crédit Agricole CIB,of its subsidiaries and branches.46SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2Organisation of the internal control systemBasic principlesThe organisational principles and components of Crédit AgricoleCIB’s internal control systems, which are common to all CréditAgricole Group entities, are as follows:• reporting to the decision-making body (risk strategies, limitsdefi ned and their use, internal control activities and results);• the direct involvement of the executive body in the organisationand operation of the internal control system;• complete coverage of activities and risks;• responsibility of all persons involved;• clear defi nition of tasks;• separation of commitment and control functions;• formal and up-to-date delegations of powers;• formal and up-to-date standards and procedures, especially foraccounting and information processing.These principles are supplemented by:• measurement, supervision and control mechanisms for credit,market, liquidity, fi nancial and operational risks (transactionprocessing, information systems processes), accounting risk(including quality of fi nancial and accounting information), noncompliancerisks and legal risks;• a control system, forming part of a dynamic and corrective process,that includes permanent controls performed by operatingunits or dedicated staff, and periodic controls (Group FinancialControl, Audit).The internal control system is also designed to ensure that thecompensation policy is consistent with risk management andcontrol objectives, particularly with regard to market operators.At the beginning of 2009, the Bank initiated a project to review theconditions of the existing system, concurrently with cross-industrywork. In keeping with the recommendations of the FédérationBancaire Française (FBF) and the Rules of Procedure of the Boardof Directors , the Bank created the Global Compensation ReviewGovernance Committee, which is chaired by the Chief ExecutiveOffi cer. Its members include the Deputy Chief Executive Offi cersand the Heads of the Risk Management and Permanent Controls,Human Resources and Global Compliance Departments. Its roleis to insure that proposals submitted to the Compensation Committeeare consistent with the principles of the compensationpolicy (circular sent out in September).The internal control system is also designed to ensure that thecorrective measures adopted are applied within a reasonabletime.Monitoring of the systemIn order to ensure that the internal control system is consistentand effi cient and that the above-mentioned principles are appliedby all entities within the scope of Crédit Agricole CIB’s internalcontrol system, three separate persons responsible for PeriodicControl (Audit-Inspection), Permanent Risk Control and ComplianceControl have been appointed.The Internal Control Committee, chaired by the Chief ExecutiveOffi cer, is responsible for:• reviewing internal control procedures and the control systemimplemented;• examining the main risks to which Crédit Agricole CIB is exposedand any changes in risk measurement systems;• deciding on remedial measures to be taken to addressweaknesses identifi ed during audits, either in internal controlreports or as a result of problems that have occurred;• monitoring the fulfi lment of commitments made following internaland external audits;• taking any decisions necessary to make up for weaknesses ininternal control.Its members are the Heads of Group Internal Audit, Internal Audit,Corporate Secretary, Finance, Risk Management and PermanentControls, Compliance and Fraud Prevention, Legal and, dependingon the matters under discussion, the heads of other Bankunits.The Committee met four times in 2010.Local internal control committees have also been set up in severalsubsidiaries and branches, both in France and abroad.Role of the supervisory body:Board of DirectorsThe Board of Directors is kept informed of the organisation, activitiesand results of internal control and of the main risks faced bythe Bank. It approves the general organisation of the bank and ofits internal control system.Within the Board of Directors, the Audit Committee has the taskof examining and monitoring the internal control and risk managementsystem and taking note of the work of the heads of internalcontrol (the description of the Audit Committee’s responsibilitiesis detailed on page 43 – Responsibilities of the Audit Committee)and to monitor any event of fraud, or any other event whether ornot detected by internal control procedures in accordance withthe criteria and signifi cance thresholds defi ned by the Board.In addition to regular information given to the Board of Directorsmostly on global risk limits and exposures, the following annualreports are systematically submitted to the Audit Committee:• a report on the conditions under which internal control is carriedout,• a report on risk measurement and monitoring,• a report by the person in charge of compliance for investmentservices on the organisation of this function, its duties and responsibilities,any observations and the measures adopted.These annual reports relative to 2010 will be presented to theAudit Committee meeting in April 2011 and to the Board ofDirectors’ meeting in May 2011. The half-yearly report on internalcontrol at 30 June 2010 was examined by the 8 November 2010Audit Committee meeting.In 2010, quarterly reports on risk management and the mainexposures were presented to the Board meetings of 11 May,24 August and 9 November 2010. The summaries of the risksituation at 31 December 2009 and 30 June 2010, and then at31 December 2010 were examined respectively at the Boardmeetings of 23 February 2010, 24 August 2010 and 22 FebruarySHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 47

2CORPORATE GOVERNANCE2011 (see page 39– Activity of the Board of Directors in 2010and page 43 - Activity and Functioning of the Audit Committeein 2010).In addition the Board is informed of any signifi cant event of fraudor any other event detected by internal control procedures inaccordance with the criteria and thresholds that have been set.The system for reporting this information to corporate bodiesis described in the company’s internal documentation (directive3.1.12.1 and circular memo no. 3.1.12.3).Role of the executive body:Executive ManagementThe executive body is directly involved in the organisation andoperation of the internal control system.It ensures that risk strategies and limits are compatible with theCompany’s fi nancial situation (level of shareholders’ equity, results)and the strategies defi ned by the governing body.The executive body defi nes the Company’s general organisationand ensures that it is implemented in an effi cient way andby competent individuals. It clearly assigns roles and responsibilitiesin the area of internal control and allocates the appropriateresources to the system. It verifi es that risk identifi cation and measurementprocedures appropriate to the Company’s activities andorganisation are adopted.It also verifi es that it regularly receives the key information producedby these systems. It ensures that the internal control systemis continuously monitored, to verify its suitability and effectiveness.The Executive Management is informed of the main problemsidentifi ed by internal control procedures and the remedial measuresproposed by the Internal Control Committee, inter alia.Scope and global organisationof Crédit Agricole CIB’s internalcontrol systemsIn accordance with the principles applied within the Group, CréditAgricole CIB’s internal control system applies to its branchesand subsidiaries in France and other countries, irrespective ofwhether they are under its sole control or joint control. The systemis intended to govern and control activities, and to measure andmonitor risks on a consolidated basis.Each entity within the Crédit Agricole CIB Group applies this principleto its own subsidiaries, thus creating a pyramidal internalcontrol structure and reinforcing consistency between differentGroup entities.In this way, Crédit Agricole CIB ensures that it has an adequatesystem within each of its risk-bearing subsidiaries, and those activities,risks and controls are identifi ed and monitored on a consolidatedbasis within these subsidiaries, particularly as regardsaccounting and fi nancial information.Brief description of internal control and risk management proceduresimplemented within the CompanyDetailed information on credit, market, operational and liquidityrisk management is provided in the Management Report and thedocuments appended to the fi nancial statements.The internal control system is based on three levels of controls,which distinguish permanent control from periodic control.Permanent control is carried out as follows:• fi rst-degree permanent controls are carried out when a transactionis initiated and while the transaction is being validated. Theyare carried out by the operators themselves, by the hierarchywithin the unit or by automated transaction processing systems;• second-degree, fi rst-level permanent controls are carried out bystaff who are separate from those that initiated the transactionsand who may perform operational activities;• second-degree, second-level permanent controls are carriedout by staff working exclusively at the fi nal level of specialistpermanent control with no authorisation to make commitmentsinvolving the taking of risk (credit or market risk control, accountingcontrol, compliance control etc.);• periodic (third-degree) controls cover occasional onsite audits ofaccounting records relating to all of the company’s activities andfunctions by Group Internal Audit.First-degree controlsFirst-degree controls are carried out by each employee on thetransactions he/she handles, by referring to the applicable procedures.They apply to front-offi ce units operating within followingbusiness lines: Coverage & Investment Banking, StructuredFinance, Equity Brokerage and Derivatives, Fixed Income Markets,Transaction & Commercial Banking, Distressed Assets andInternational Private Banking. The controls essentially consist ofoperational checks by operators or account executives on theirpositions and limits.They also apply within support functionsAt the local level, the head of the entity is responsible for fi rst-degreecontrols, while the head of the business line is responsibleat central level.Operating staff are therefore expected to remain vigilant at alltimes with regard to the transactions they handle. This shouldtake the form of compliance with all procedures introduced toensure the procedural compliance, security, validity and completenessof transactions. Each line manager must check, for theactivities for which he/she has responsibility, that his/her staff areaware of and comply with the rules and internal procedures forprocessing transactions.48SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2Second-degree, first-level controlsAs well as having responsibility for the administrative processingof all transactions, back offi ces perform checks on the activitiesof the front offi ces during the recording and execution of transactions,namely by comparing data in front-offi ce databases withback-offi ce data and information provided by the counterparties.These controls are coordinated locally by the entity’s head, via theChief Operating Offi cer or the offi cer responsible for administrationor fi nance.Second-degree, second-levelcontrolsThese controls are carried out centrally by specialised units:• Role and responsibilities relating to therisk managementRole and responsibilities relating to the riskmanagementThe Risk Management and Permanent Controls Division (RPC) isresponsible for supervising risks within Crédit Agricole CIB.The purpose of this division is to control credit risks, country risks,market risks, and operational and accounting risks. However,structural fi nancial risks are managed by the fi nance department.To control these risks, it oversees the Group’s commercial developmentin order to minimise risk-related costs relating to the activitiesof the different business lines, entities or units.The RPC is also in charge of monitoring the risk management andpermanent control system, defi ned above, for the whole of CréditAgricole CIB.The risk management and permanent controls organisation withinCrédit Agricole CIB forms part of the risk management andpermanent controls function set up within the Crédit Agricole S.A.Group.Crédit Agricole CIB holds certain powers in managing its risks.Any cases outside the scope of its powers, as well as certainsignifi cant risk strategies, are validated by the « Group Risk ManagementCommittee«.Crédit Agricole CIB Head of Risk management and permanentcontrolss reports hierarchically to the Crédit Agricole S.A. Headof Group Risk Management and Permanent Controlss and functionallyto Crédit Agricole CIB Executive Management. It is partof the bank’s executive committee (Comex). The Head of RiskManagement and Permanent Controlss is responsible for therisks sector and permanent controls within the meaning of CRBFregulation 97-02 as amended.Within Crédit Agricole CIB, RPC is organised as an independentglobal business line. It combines all head offi ce risk functions andactivities, as well as local and regional offi cers in the internationalnetwork. At 31 December 2010, RPC had a worldwide staff of999 (full-time equivalents).Crédit Agricole CIB has implemented a set of procedures thatdetermines risk monitoring, risk control and permanent controlarrangements. The set of procedures is updated regularly to improverisk measurement and supervision.GovernanceCrédit Agricole CIB governance bodies (Audit Committee andBoard of Directors) receive a report on Risk Management andmain exposures quarterly, a report on Risk situation semi-annuallyand specifi c monographs when needed.Risk management is structured around the two following bodies:• a Strategic Risk Management Committee (CSR), which enhancesrisk supervision and supplements the governance system,• a Strategy and Portfolio Committee (CSP), which oversees eachlocation/country, each signifi cant subsidiary within a specifi cstrategyDecision-making process is based on selected cases by dedicatedcommittees:• Business and geographical Committees are in charge of retailfi nancing within the limit granted to each manager;• the most signifi cant fi les are reviewed by the Counterparty RiskCommittee (CRC)• the Market Risk Committee (CRM) monitors market exposurestwice a month.In addition to the Committees in charge of risks (CSR, CSP, CRC,CRM), risk management is also presented to the following ExecutiveManagement bodies:• Crédit Agricole CIB Executive Committee (Comex)• Internal Control Committee• Faîtier Central Permanent Control Committee which validatesthe work assigned to permanent controls and reviews the permanentcontrol systems of the business lines, subsidiaries orbranches and cross-functional issues.Crédit Agricole CIB is part of the Crédit Agricole S.A. risk mangementprocess which is structured by the following bodies:• The Group Risk Management Committee (CRG). Crédit AgricoleCIB mainly presents to the committee its approvals, its mainlimit risk strategies, its budgets by country, the corporate significant outstanding, the sensitive cases as well as the marketrisk situation;• The Supervisory Risk Management Committee which reviewscounterparties which present signs of deterioration or a need ofarbitrage between entities of the Group;• The Standards and Methodology Committee (CNM) to whichCrédit Agricole CIB submits for decision any proposal of methodologyas regards to qualifi cation under the Basel Committeebefore implementation in Crédit Agricole CIB;• The CIB Business Line Monitoring Committee which reviewsCrédit Agricole CIB risk situation as well as the progress ofsome of these processes.Risk master planThe risk master plan was launched in late 2007 to address theneed to adopt a view of the medium- to long-term trends inrisk management. The aim is to accelerate improvements andto ensure consistency among the main areas for improvement,enabling Crédit Agricole CIB to assess its risks more quickly andwith greater precision while taking into account the strategicdecisions of Crédit Agricole CIB’s Refocusing and Developmentplan.It covers three broad areas: organisational aspects that needto be adjusted, processes that need to be streamlined and ITsystems that need to be speeded up or introduced. It deals withthe major types of risks: counterparty risk (including on capitalmarkets transactions), market risks and operational risks. Itcovers related projects whose risk-management aspects aredependent on the plan.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 49

2CORPORATE GOVERNANCEThe master plan is managed by Risk Management and PermanentControls in project mode. It encompasses some twenty projectsand programmes covering about one hundred projects.Governance is provided by a steering committee that meetsmonthly and is chaired by a member of Executive Management.Achievements have made it possible to reach the objectives setat the beginning: more cross-divisional orientation of the riskdepartment, better ability to understand and manage counterpartyrisks on capital markets transactions, strengthening of themanagement and monitoring of market risks and streamlining ofthe loan approval process across the corporate scope with theimplementation of new loan approval workfl ow software (Phidias).Objectives currently being pursued have primarily to do with: theBMA project whose objective is to improve authorisation controls,regulatory requirements with respect to market risks (CAP2010 project) and the fi nalisation of the Basel II Pillar 1 system,the implementation of a regulatory EPE, the introduction of anadvanced approach to liquidity ratios, actions to prevent fraudand enhanced permanent control capabilities (deployment ofScope and Europ@ applications).Counterparty risksAny counterparty or group of counterparties is subject tolimitations within the framework of specifi c procedures.The decision-making process requires two authorised front-offi cesignatures (one relating to analysis of commitments, the otherbeing that of the Chairman of the relevant Committee), as well asthe independent opinion of the RPC.If the RPC’s opinion is negative, the decision-making power ispassed on to the Chairman of the Committee immediately above.Credit decisions are subject to risk strategies that set the mainguidelines (target customer base, types of approved products,total budgets and expected unit values etc.), which eachgeographical unit or business line must apply to its activities.When a case is considered to be outside the framework of the riskstrategy in force, intermediary authorisations do not apply and adecision can only be made by the Executive Management-levelcommittee (CRC).The RPC also identifi es, as soon as possible, assets that maydeteriorate and initiates the most suitable measures to protectthe Bank’s interests.The process for monitoring receivables is enhanced by a systemof portfolio and sub-portfolio analyses on group-wide businessline, geographical or sector basis. Analysing concentrations and,if applicable, recommendations for the reorganisation of theportfolio are an integral part of this exercise.In addition, portfolio reviews are organised periodically for eachprofi t centre in order to verify that the portfolio complies with therisk strategy in force. The rating of certain counterparties underreview may be adjusted at this time.Sensitive cases and major risks are monitored every quarter.Other risks are reviewed on an annual basis.The adequacy of the level of reserves in relation to risk isassessed every quarter by the Executive Management, on therecommendation of the RPC.This approach also involves stress tests, aimed at assessingthe impact of unfavourable macroeconomic assumptions andquantifying the risks to which the bank may be exposed in anunfavourable climate.Country risksCountry risks are subject to an assessment and monitoringsystem based on a specifi c rating methodology. Country ratingsthat are updated at least quarterly have a direct consequence onthe limits applied to each country for the validation of their riskstrategy.Market riskUpstream market risk management takes place through severalcommittees that assess risks associated with activities, productsand strategies before they are introduced or implemented:• the New Activity and New Product Committees, organised bythe business lines’ permanent control function, pre-approvebusiness developments for the Market Risk teams;• the Market Risk committee co-ordinates the whole market riskmanagement system and approves market risk limitations;• the Pricer Validation Committee approves the new models usedfor capital market products before they come into use.Risk management is carried out using a variety of riskmeasurements:• global measurements using Value at Risk (VaR) or stressscenarios; VaR measurements are drawn up with a 1%probability of occurring in any one day; stress scenariomeasurements include global stress (historical, hypothetical andadverse) and specifi c stress for each activity;• specifi c measurements using sensitivity indicators,measurements of notional amounts and stop-loss limits.Lastly, the Valuations and Pricing Committees defi ne and monitorthe application of portfolio valuation rules for each product range.Operational riskOperational risk management relies mainly on a network ofPermanent Control correspondents co-coordinated by the RPC.Operational risks are monitored for each business line and eachregion, which ensures the reporting of losses and incidents, aswell as their analysis by Internal Control Committees.Each quarter, the RPC produces an operational risk scorecardshowing movements in operational risk-related costs andassociated key events.Remedial action following signifi cant incidents is monitoredclosely, in conjunction with business lines and support functions.The operational risk map covering all business lines at head offi ce,the international network and subsidiaries is revised every year.Together with the compliance and legal functions, the RPC takesinto account non-compliance risks and legal risks.50SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2Outsourced Essential ServicesThe outsourcing policy is governed by a directive published inJanuary 2008, which was supplemented in 2009 by an ImplementationNote on the formal documentation of the OutsourcedEssential Services control system. The system that providesfor reporting on the quality of services and the compliance ofcontracts, inter alia was implemented in 2010.Regulatory capital requirementsWithin the framework of Basel II regulations, Crédit Agricole CIBuses an approach based on internal models approved by theFrench Prudential Supervisory Authority for calculating capitalrequirements with respect to credit risk and also with respect tooperational risk. These models are an integral part of Crédit AgricoleCIB’s risk management system and are regularly monitoredto ensure both their performance and their effective use. They arerevised as needed.With regard to credit risk, certain credit models were reviewed in2010 in order to achieve a more precise management of our risks.The proper application of the Basel II system is monitored regularlywithin the framework of a Basel II data quality committee.Moreover the CAP 2010 project initiated in 2009 in response todevelopments in the standards applicable to the calculation ofequity with respect to market risks was continued in 2010 and isexpected to be fi nalised in 2011. Its application will be submittedto the approval of the French Prudential Supervisory Authority.• Finance Division: internal control ofaccounting and fi nancial information,global interest-rate risk and liquidity risk.Roles and responsibilities relating to the preparationand processing of accounting and financialinformationWithin the Finance Division, Group Financial Control is responsiblefor preparing Crédit Agricole CIB’s parent-company andconsolidated fi nancial statements and for sending to Crédit AgricoleS.A. the information needed to prepare the Crédit AgricoleGroup’s consolidated fi nancial statements. The Finance Divisionsof consolidated entities are also responsible for preparing theirfi nancial statements and sending their data received for consolidationto Group Financial Control.In accordance with Group recommendations regarding permanentcontrols, Crédit Agricole CIB puts in place the resources toensure that accounting and management information transmittedto the Group for consolidation purposes is reliable. More specifi -cally, it must ensure that data conform to accounting standardsand are consistent with the individual accounts approved by itsdecision-making body, and is responsible for reconciling accountingand management data.Final-level permanent controls on accounting and fi nancial information(Second-degree, second-level controls) is carried out bya dedicated team that reports functionally to Crédit Agricole CIB’sHead of Permanent Controls and up the line to the Chief FinancialOffi cer.A directive relating to the organisation of permanent accountingand fi nancial controls, adopted in August 2008, defi nes thescope of permanent accounting and fi nancial controls and thepermanent control system adopted at Group level and within theentities.Procedures for the preparation and processing offinancial informationThe organisation of IT procedures and systems used for the preparationand processing of accounting and fi nancial informationis provided in procedure manual and in a mapping of accountingrisks.Most fi nancial information published by Crédit Agricole CIB isbased on accounting data and on management data.Accounting dataCrédit Agricole CIB prepares parent-company and consolidatedfi nancial statements using the Crédit Agricole Group’s accountingstandards, which are circulated by Crédit Agricole S.A.’s Accountingand Consolidation department. The accounting treatment ofcomplex instruments and transactions undergoes prior analysisby the Accounting Standards unit of Crédit Agricole CIB’s FinanceDepartment. Each Crédit Agricole CIB Group entity produces aconsolidation package, which feeds into the common systemof Crédit Agricole Group which is owned by Crédit Agricole S.A.Its instructions are disseminated by Group Financial Control toentities’ fi nance divisions, specifying the type of information to becollected, particularly with a view to preparing the notes to theconsolidated fi nancial statements.In 2010, the Financial Control function of Crédit Agricole CIBcontinued its efforts to organise and develop its information systems,and in particular the automation of a certain number of processesand the implementation of the new regulatory reportingsystem, SURFI. Projects to overhaul the Crédit Agricole CIB Parisaccounting platform and to change the regulatory ratio consolidationand production software within the framework of the CréditAgricole Group project continued throughout 2010.Management dataEach entity reconciles the main items of its management resultswith the intermediate income statement balances produced fromaccounting data. Group Financial Control checks that the sum ofbusiness-line results equals the sum of entity results, which mustin turn be equal to the Crédit Agricole CIB Group’s consolidatedresults. This check is made easier by the fact that the analyticalunit (profi t centre) is integrated within the entities’ accountinginformation system. Management data are prepared using calculationmethods that ensure they are comparable over time.When published data are not extracted directly from accountinginformation, the sources and defi nition of calculation methods aregenerally mentioned to facilitate understanding.The management data published by Crédit Agricole CIB are subjectto permanent controls (primarily those arising from the applicationof IFRS 7) that ensure the quality of their reconciliation withaccounting data, their compliance with management standardsset by the executive body and the reliability of management informationcalculations.Description of the permanent accounting controlsystemPermanent accounting controls are intended to provide adequateprotection against the major accounting risks that may damagethe quality of accounting and fi nancial information, presentedbelow:SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 51

2CORPORATE GOVERNANCE• compliance of data with laws, regulations and Crédit AgricoleGroup standards;• reliability and accuracy of data, allowing a true and fair viewof the results and fi nancial position of Crédit Agricole CIB andentities within its scope of consolidation;• security of data preparation and processing methods, limitingoperational risks with respect to Crédit Agricole CIB’s commitmentsregarding published information;• prevention of fraud and accounting irregularities.To meet these objectives, Crédit Agricole CIB applied the generalrecommendations for the deployment of permanent controls inthe area of the control of accounting and fi nancial information.Among the main actions carried out in 2010 were the updating ofthe operational risk map covering the risks of fraud, the completionof the accounting control plan within the Finance department,the deployment of a monitoring system (indicators, questionnaires)covering the international network and the developmentof management reports on accounting and fi nancial information.Final-level accounting control is based on the assessment of risksand controls relating to accounting processes managed by operationaldepartments:• fi rst-degree accounting controls performed by decentralisedaccounting centres, reporting to divisions/business lines,• second-degree, fi rst-level controls performed by the Accountingand Finance Division.This assessment is designed to enable Crédit Agricole CIB’s Headof Permanent Control to defi ne a control plan and any remedialmeasures needed to strengthen, as necessary, the system forpreparing and processing accounting and fi nancial information.Permanent control reporting documents cover the progress ofwork on permanent accounting controls and assessments on thepermanent accounting control system within the entity.Relations with the statutory auditorsIn accordance with French professional standards, the StatutoryAuditors perform procedures they deem appropriate on publishedfi nancial and accounting information:• audit of the individual accounts and consolidated accounts;• partial audit of half-year consolidated fi nancial statements;• review of all published fi nancial informationAs part of their statutory assignment, the Statutory Auditors submitthe conclusions of their work to Crédit Agricole CIB’s Boardof Directors.Global interest-rate riskTo measure the global interest-rate risk, Crédit Agricole CIB usesthe statistical gap method, by calculating an interest-rate gap,and draws up stress scenarios. The interest-rate gaps and theresults of the stress tests are presented to the ALM Committeewhich decides on the management/hedging measures to betaken.The main signifi cant points in 2010 notably had to do with thecompletion of certain methodological efforts, the improvementin the quality of the data reported by entities to the internationaldivision, and the consolidation of a new subsidiary in the globalinterest-rate risk measurement scope of Crédit Agricole CIB (fi nalisationplanned in 2011). In addition, controls were put into placeon all key operational processes.In 2011, the main actions planned concern the fi nalisation of themodelling of the interest-rate position on the Banking Book scopeof the Distressed Assets business line at Crédit Agricole CIB, thereview of the fl ow models of International Private Banking entitiesand the improvement in the production conditions for interest-rategaps in Paris.Liquidity riskThe management of liquidity risk within the Crédit Agricole CIBGroup has been placed under the responsibility of the FinanceDepartment’s Asset-Liability Management (ALM) department,which reports to the ALM Committee.Liquidity risk is managed by using the following management indicators:• forecast stressed liquidity gaps three months out, whose resultsare circulated daily, and the Short-term Limit which attemptsto manage the amount of short-term market fi nancing used byCrédit Agricole CIB,• the 20-year long-term market funding plan and the long-termfi nancing plan,• the overall medium-/long-term liquidity transformation gap andthe ratios of medium-/long-term transformation in non-liquidcurrencies,• the Contingency Funding Plan (CFP).In 2010, the monitoring system notably relied on several controlsof key existing processes carried out at different levels. Local ALMCommittee meetings were also more closely monitored by thehead offi ce in terms of their frequency and the issues addressed.Within the framework of the 5 May 2009 decree, the Crédit AgricoleGroup decided to put into place an advanced method forthe consolidated Group scope. As one of the entities making upthe management scope of the Crédit Agricole Group, Crédit AgricoleCIB continued throughout 2010 to apply a project structurededicated to the implementation of the advanced approach, inconjunction with the Group.Crédit Agricole CIB’s normative Permanent Control system issimilar to the Group system. The minimum control indicators arethe same and are applied to the major processes in the samemanner.At the time of writing this report, the liquidity risk control environmentwas in the process of being defi ned within the frameworkof the Internal Liquidity Model and the implementation of the advancedapproach, and the strengthening of controls will be a keyissue for 2011.• The Information Security and ContinuitydivisionThe Information Security and Continuity (ISEC) division handles ITsecurity and business continuity issues. It reports to the CorporateSecretary of Crédit Agricole CIB.In carrying out its permanent control functions, ISEC relies on anetwork of correspondents in France and internationally.As regards information security, ISEC defi nes rules and coordinatesefforts to maintain an adequate security level, primarilythrough a secondary review of information risk analyses. Internetsystems and critical internal servers are covered by large-scalespecifi c checks. ISEC also supervises the workfl ow for grantingaccess authorisations to the Bank’s IT applications and coordinatesperiodic reviews of employee authorisations to access sensitiveapplications.52SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2The major achievement in 2010 was the determination of the listof essential applications (critical and/or sensitive) at Crédit AgricoleCIB Paris and London, in liaison with the support functions.The major objective for 2011 is the management and coordinationof projects making it possible to follow the recommendationsof the French Prudential Supervisory Authority that are linked to ITsecurity within the framework of a single project.In terms of business continuity, substantial resources have beenallocated with a view to ensuring the recovery of activities withinthe timeframe set by the business lines in the event of a disaster.Annual tests make it possible to verify Crédit Agricole CIB’srecovery ability both in France and abroad. A specifi c BusinessContinuity Plan has been devised in order to deal with a pandemicrisk. The plan’s objectives are to guarantee employees’ safety byputting into place specifi c protective measures and ensuring thecontinuity of the bank’s core activities.Among other things, 2010 provided the opportunity to put intoplace a shared Paris/London platform with the objective of improvingthe resilience of both sites.The main objective for 2011 will be to monitor the Business ContinuityPlans of our critical suppliers.An annual assessment makes it possible to verify the effectivenessof the system for information security and businesscontinuity. The division reports on Crédit Agricole CIB’s level ofsecurity to a bi-monthly committee chaired by a member of theExecutive Committee.• Global compliance departmentThe Global Compliance division is organised as a separatebusiness line within Crédit Agricole CIB.It helps:• to ensure that the Bank and its employees comply withprofessional obligations and with guidance given by thesupervisory and executive bodies• to detect any risk of non-compliance with legal and regulatoryobligations or with professional standards. Its actions mainlyinvolve money laundering, fraud and terrorist fi nancingprevention, protecting investors from insider trading, pricemanipulation and the dissemination of false information, or anyother breach that is liable to be harmful to investors or clients’interests, and to ensure market integrity and effectiveness.Specifi c measures for the management and monitoring oftransactions have been put into place: staff training, theadoption of written Rules of Procedure, obligatory declarationsto the responsible authorities, etc.Crédit Agricole CIB’s Chief Compliance Offi cer reports up the lineto Crédit Agricole CIB’s Chief Executive Offi cer and functionally toCrédit Agricole S.A.’s Chief Compliance Offi cer.He is assisted by:• a Financial Security Offi cer;• a compliance offi cer for Capital Market Activities (who hasaccess to a global organisation as part of a Paris-Londonplatform);• a head of fraud prevention;• a compliance offi cer for Coverage and Investment bankingactivities who is mainly in charge of detecting and preventingconfl icts of interest;• offi cer of the central team, in charge of Corporate Secretary,compliance controls (a centralised team of permanentcontrollers), as well as, compliance of Financing and CommercialBanking activitiesThe Head of Global Compliance also has functional supervisoryauthority over the compliance offi cers of:• the Crédit Agricole CIB head offi ce central support functionsand business (compliance correspondents detached within thebusiness lines);• Crédit Agricole CIB entities in the international network (LCO,Local Compliance Offi cers);• the subsidiaries belonging to Crédit Agricole CIB’s scope ofinternal control.At the end of 2010, 313 employees (full-time equivalent) workedin Global Compliance.The Compliance function systematically attends all meetings ofthe Internal Control Committees of Crédit Agricole CIB’s businesslines and of the Permanent Control Committees. It is also involvedin the bodies responsible for sustainable development; in this respectits head chairs the ethics committee for transactions presentingan environmental or social risk.Its main governing body is the Compliance Management Committee,in which the Crédit Agricole CIB legal (LGL), permanentcontrol (RPC), and audit functions participate. Crédit AgricoleS.A.’s Compliance Division is also a standing member of thisCommittee.The permanent control function within Global Compliance isreinforced by the existence of dedicated Compliance permanentcontrol units, in France, in the USA and in London. Compliancerisks are assessed jointly by the compliance offi cers and businesslines included in an annual risk map, which is used in the preparationof compliance control plans.2010 was marked by major formative projects resulting bothfrom regulatory developments and Crédit Agricole CIB’s desireto strengthen its compliance control system at the global level:deployment of the third directive relative to the prevention ofmoney-laundering and the fi ght against the fi nancing of terrorism(overhaul of documents and software relative to KYC, moneylaunderingrisk map), professional certifi cation of traders, deploymentof measures to prevent fraud and the strengthening of measuresto prevent confl icts of interest. The system’s managementhas been tightened in terms of the mapping of the compliancefunction and global training for fraud and money-laundering inparticular).In 2011, in addition to the continuation of these key projects,efforts will be continued with respect to fi nancial security with aview to completing the project for the global rollout of anti-money-launderingsoftware, in particular the review of KYC/KYB fi les.Measures in the fi ght against corruption and the control of remunerationswill also be strengthened.• Legal FunctionIts duties include managing legal risk within Crédit Agricole CIB inaccordance with CRBF regulation 97-02 as amended, and providingthe necessary support to business lines to enable them tooperate with minimal legal risk and cost.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 53

2CORPORATE GOVERNANCEThe legal function is organised in business lines.Crédit Agricole CIB’s Head of Legal reports up the line to the DeputyChief Executive Offi cer of Crédit Agricole CIB.The Head of Legal has hierarchical or functional authority, as thecase may be, over head-offi ce legal offi cers and the legal offi cersof Crédit Agricole CIB Group entities, and over local legal offi cers.Crédit Agricole CIB’s system for the permanent control and managementof legal and compliance risks forms part of the frameworkdefi ned by Crédit Agricole S.A.The Legal Function contributes to ensuring that the Bank’s businessactivities and operations comply with the applicable lawsand regulations. It performs permanent controls on legal risks arisingfrom Crédit Agricole CIB’s activities, products, services andtransactions, along with the operational risks generated by thelegal function itself.It also performs legal consultations to Business Lines, involvementin legal negotiations of transactions, legal watch operations,staff training, standard contract modelling, legal policies andprocedures issuing, the collaboration to decision-making bodiesand procedures as required by the Bank’s governance rules. TheLegal function systematically takes part in the process of approvingnew products and activities and in major lending decisions.In 2010, the system of permanent controls and control of legalrisks continued to be strengthened. In particular:• the organisation of the legal function continued from the internationaland global management perspective: in particular withinthe framework of the Paris/London platform project and throughthe publication of governance documents on its operational andorganisational aspects;• the legal function carried out a legal review of new products andactivities at international level;• the effectiveness of capital markets legal documentation wasenhanced thanks to the improved streamlining of their tradingprocess in the Legal Data Base (LDB).In 2011, the Legal department will implement the action plan defi -ned in the risk map developed in 2010.Third degree• Periodic controlGroup Internal Audit has responsibility expediting inspectionsacross all Crédit Agricole CIB Group units. It also has direct hierarchicalresponsibility for all audit units, both local and regional,belonging to both Crédit Agricole CIB and its subsidiaries.Neither Group Internal Audit nor the audit units have any responsibilityor authority over the activities they control.Crédit Agricole CIB’s Internal Audit unit is an integral part of theCrédit Agricole S.A. Group’s Audit/Inspection business line. CréditAgricole CIB’s Head of Group Internal Audit, who is in chargeof periodic control at Crédit Agricole CIB, reports up the line toCredit Agricole S.A.’s Head of Group Internal Audit and functionallyto Crédit Agricole CIB’s Chief Executive Offi cer, to whomhe submits his briefs on work and investigations carried out byInternal Audit.Nearly 220 people work in the Group’s internal audit units. Ofthese, approximately 80 are based at the head offi ce.To fulfi l these missions, Crédit Agricole CIB Internal Audit is organisedinto two divisions: 1) the Central Audit Team and 2) theregional audit units and subsidiaries’ audit units.• Central teamGroup Internal Audit has a central team of 70 auditors (followingthe merger of the France audit teams and the central team) andhas the task of assessing the effectiveness of the internal controlsystem within Crédit Agricole CIB and all its subsidiaries. Toachieve this, it conducts assignments within entities. These assignmentsinvolve ensuring compliance with external and Rules ofProcedure, ensuring the adequacy of arrangements for measuringand supervising risks of all types and checking the quality ofaccounting information. Assignments also cover the permanentcontrol and compliance control systems.For this purpose, Group Internal Audit:• performs global audits of Group entities;• carries out thematic audits with the aim of evaluating the riskcontrol and monitoring system;• carries out specifi c checks on activities organised in the form ofinternational product lines.;• carries out audits on specifi c issues: frauds and incidents orthemes that require the expertise of specialised audit teams.These audits form part of the annual audit plan, approved byCrédit Agricole CIB’s Executive Management and Credit AgricoleS.A.’s Group Internal Audit. The conclusions, resulting fromstudies conducted by Group Internal Audit, are communicatedto Crédit Agricole CIB’s Executive Management, Credit AgricoleS.A.’s Executive Management and Credit Agricole S.A.’s GroupInternal Audit.• Internal audit teamsThe internal audit units of the Group, including Newedge, comprise138 people at the end of 2010.Regional or subsidiary audit managers are responsible for coordinatingthe audit teams in their area. Those managers are hierarchicallysupervised by a staff member reporting to the Head ofGroup Internal Audit who is responsible for the integration of localand regional audits into the whole Business Line system.The local audit units’ duties entail:• auditing the quality of internal control, the quality of processesand the regulatory compliance of operations throughout theentity, according to a three-year audit cycle ( it cannot exceed5 years);• carrying out occasional audits when requested by the head ofthe entity and/or by Internal Audit;• checking that their recommendations and those made by GroupInternal Audit or external audit bodies, particularly supervisorybodies, are implemented;• reporting to Internal Audit on their activitiesEach audit unit regularly identifi es risk areas, on the basis of whichit prepares an annual audit plan as part of a multi-year cycle,which must be approved by Group Internal Audit.54SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2Half-yearly formal follow-ups are carried out by internal auditteams on audits carried out by internal and external internalcontrol bodies (supervisory authorities or audit fi rms). For eachrecommendation made as a result of an audit, this system ensuresthat the planned remedial action is taken in accordancewith a predetermined timetable, established according to priority.The results of recommendation follow-up are presented to theInternal Control Committee of Crédit Agricole CIB. If needed, thisprocess leads the Group Internal Auditor to exercise his alert dutyvis-à-vis the Board of Directors as provided for in CRBF regulation97-02 as amended.In addition, representatives from Internal Audit regularly attendlocal internal control committee meetings. These committeesdeal with permanent controls, implementation of the enhancedcompliance control program, completed audit assignments, andAudit’s monitoring of recommendations made by Group InternalAudit and the supervisory authorities.Lastly, Crédit Agricole CIB Internal Audit reports to the AuditCommittee on periodic control activities on a regular basis. Morespecifi cally, it reports on the completion of the recommendationswith the deadlines arising from internal and external audits. It alsosubmits Internal Audit’s annual audit plan._____In accordance with organisational arrangements shared withCrédit Agricole Group entities, described above, and witharrangements and procedures within Crédit Agricole CIB, theBoard of Directors, the Executive Management and CréditAgricole CIB’s relevant units are given detailed information aboutinternal control and risk exposure, progress in these areas andthe implementation of remedial measures, as part of an ongoingimprovement approach. This information is contained in theannual report on internal control, risk measurement and risksupervision, but also in regular reporting documents coveringbusiness activities, risk and control.The Chairman of the Board of Directors,SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 55

CORPORATE GOVERNANCE 2 CORPORATE OFFICERS’ COMPENSATION• BOARD OF DIRECTORSDirectors’ attendance fees in 2010The following attendance fees were paid to the members of the Board of Directors of the Company for serving as Directors of Crédit AgricoleCIB in 2010:Attendance fees paid by Crédit Agricole S.A. and Crédit Foncier de Monaco to Directors with respect to their terms of offi ce in thesecompanies are also stated.• Members of the Board of Directorsin €Attendance feespaid byCrédit AgricoleCIBAttendance feespaid byCrédit AgricoleS.A.(5)Attendancefees and othercompensation paidby Crédit Foncierde MonacoTotal 2010 Total 2009Jean-Paul CHIFFLET (Chairmanof the Board of Directors)39,000 39,000 66,150Edmond ALPHANDERY 45,000 45,000 30,000Philippe BRASSAC (1) 12,000 51,700 63,700Frank E. DANGEARD 22,000 22,000 15,000Marc DESCHAMPS (2) 0 0Jean-Frédéric DREYFUS (3) 18,000 18,000 15,000Philippe GESLIN 42,000 11,377 53,377 36,147François IMBAULT 18,000 18,000 15,000Marc KYRIACOU 18,000 18,000 12,000Jean LE VOURCH 18,000 18,000 15,000François MACE 18,000 18,000 15,000Didier MARTIN 19,000 19,000 16,000Jean PHILIPPE 48,000 48,000 27,000Jean-Louis ROVEYAZ (4) 13,000 13,000François THIBAULT (4) 9,000 9,000François VEVERKA 48,000 66,400 114,400 78,700(1) Director since 23 February 2010(2) Director since 9 November 2010(3) Elected by employees.(4) Director since 11 May 2010(5) Meetings of the Crédit Agricole S.A. Board of Directors give rise to the payment of a fee of €3,300 per meeting for each Director and €2,750 per meeting forthe non-voting director, allocated according to their actual attendance at meetings. Additional fees were paid to members of the Committees according totheir attendance at meetings of these Committees and to the Chairmen of these Committees.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 57

2CORPORATE GOVERNANCEThe Crédit Agricole Corporate and Investment Bank Shareholders’meeting set the maximum amount of attendance fees allocatedannually at €600,000.Attendance fees are distributed among Directors on thebasis of their attendance at Board meetings and at Audit andCompensation Committee meetings and a fi xed sum is paid tothe Chairman of the Board.Attendance fees are set according to the following rules:• the amount of attendance fees paid by Crédit Agricole CIB toMembers of the Board of Directors is calculated according totheir attendance at Board meetings (€3,000 per meeting);• members of the Compensation Committee and the AuditCommittee receive an annual fee for their participation in theseCommittees (€4,000 and €15,000 respectively);• members of the Audit Committee receive an additional fee of€3,000 per person per meeting attended, with an annual limit of€15,000 per member;An annual fee of €20,000 is paid to the Chairman of the Boardof Directors.• Attendance fees paid by the Company in 2010 to Directors whose term of offi ce expiredduring the yearAttendance fees paid by Crédit Agricole S.A. to Directors with respect to their terms of offi ce in this company are also stated.in €End of the termof officeAttendance fees paidby Crédit Agricole CIBAttendance fees paidby Crédit AgricoleS.A. (2)Georges PAUGET, Chairmanof the Board of Directors23 February 2010 6,000 6,000 39,000Pierre BRU 11 May 2010 7,000 21,450 28,450 63,550Jean-Dominique COMOLLI 24 August 2010 12,000 12,000 15,000Jean-Frédéric DE LEUSSE 23 February 2010 21,000 21,000 23,500Jean-Yves HOCHER (1) 1 December 2010 15,000 15,000Bernard LOLLIOT 24 August 2010 39,000 39,000 30,000Jean-Marie SANDER 11 May 2010 6,000 45,100 51,100 79,350Henri MOULARD, non-votingDirector11 May 2010 33,000 20,350 53,350 75,400(1)Mr. Hocher, director from 23 February 2010 to 1 December 2010, has served as Chief Executive Offi cer from 1 December 2010.(2)Meetings of the Crédit Agricole S.A. Board of Directors give rise to the payment of a fee of €3,300 per meeting for each Director and €2,750 per meeting forthe non-voting director, allocated according to their actual attendance at meetings. Additional fees were paid to members of the Committees according totheir attendance at meetings of these Committees and to the Chairmen of these Committees.Total2010Total2009Executive ManagementCompensation principlesThe compensation paid to Management Board members withrespect to 2010 includes a fi xed component and a variable component.• The fi xed component is determined with reference to marketpractices;• The variable component is based on quantitative and/or qualitativecriteria:- The quantitative criteria are linked to the achievement of earningsobjectives of Crédit agricole CIB and Crédit AgricoleS.A.- The qualitative criteria are linked to corporate governance,procedure and compliance, cross-selling culture and qualityof management and team building.- The weighting of these criteria for 2010 variable compensationwas changed relative to variable compensation for 2009, inaccordance with Crédit Agricole S.A. policy, and was broughtback to 50% for each type of component.Jean-Yves Hocher’s compensation, Chief ExecutiveOfficerJean-Yves Hocher was appointed Crédit Agricole CIB Chief ExecutiveOffi cer on 1 December 2010, he supervises Fixed IncomeMarkets and Equity Brokerage & Derivatives business lines andthe following support functions: Global Internal Audit, GlobalCompliance and Communication. He keeps his term of offi ceas Crédit Agricole S.A. Deputy CEO and dedicates 85% of hisactivity to Crédit Agricole CIB.• The fi xed component of Mr. Hocher’s compensation is set withreference to market practice for CEO compensation.• In 2010, the variable component was based on two sets ofcriteria:- quantitative criteria: assigned a weight of 50%- qualitative criteria: assigned a weight of 50%.58SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2 Summary of compensation paid to Jean-Yves Hocher,Chief Executive Officer since 1 December 2010Beginning on 1 January 2011, the costs of the fi xed and variablecompensation components, pension contributions and benefi tsin kind will be shared by the two companies, Crédit Agricole CIBand Crédit Agricole S.A., in proportion to the activity devoted toeach of the two entities. The appointment of Mr. Jean-Yves Hocherto the function of Chief Executive Offi cer of Crédit AgricoleCIB results in no changes to the compensation components ineffect on that date at Crédit Agricole S.A.The fi xed and variable compensation with respect to his functionsin December 2010 are determined and borne fi nancially by CréditAgricole S.A.Mr. Jean-Yves Hocher’s fi xed compensation was set at €500,000by decision of the Board of Directors on 12 January 2011.On 23 February 2011 the Board of Directors of Crédit AgricoleS.A., acting on the proposal from the Compensation Committee,granted Jean-Yves Hocher variable compensation of €554,000with respect to 2010 of which €332,400 in deferred variable compensationin the form of Crédit Agricole S.A. shares to be vestedover a period of three years depending on the achievement ofperformance criteria and on the condition of presence within theCrédit Agricole S.A. Group.Francis Canterini’s compensation,Deputy Chief Executive OfficerFrancis Canterini was appointed Crédit Agricole CIB Deputy CEOon 1 December 2010, he supervises the following support functions:Risk & Permanent Control, Finance, Credit Portfolio Management,Corporate Secretary, Legal and Global IT & Operations.His employment contract as corporate offi cer within Crédit AgricoleS.A. is suspended as long as he exercises his term of offi ceas Crédit Agricole CIB Deputy CEO.• The fi xed portion of Mr. Canterini’s compensation is set withreference to market practice for Deputy CEO compensation.• In 2010, the variable component was based on two sets ofcriteria:- quantitative criteria: assigned a weight of 50%- qualitative criteria: assigned a weight of 50%. Summary of compensation paid to Francis Canterini,Deputy Chief Executive Officer since 1 December 2010Mr. Francis Canterini’s fi xed compensation was set at €450,000by decision of the Board of Directors on 12 January 2011.The fi xed and variable compensation with respect to his functionsin December 2010 are determined and borne fi nancially by CréditAgricole S.A.On 23 February 2011 the Board of Directors of Crédit AgricoleS.A., acting on the proposal from the Compensation Committee,granted Francis Canterini variable compensation of €350,000with respect to 2010 of which €140,000 in deferred variable compensationin the form of Crédit Agricole S.A. shares to be vestedover a period of three years depending on the achievement ofperformance criteria and on the condition of presence within theCrédit Agricole S.A. Group.Pierre Cambefort’s compensation,Deputy Chief Executive OfficerUntil 30 November 2010, Pierre Cambefort supervised the Transaction& Commercial Banking and Distressed Assets Departmentsand the following support functions: Risk Managementand Permanent Controls, Finance, Credit Portfolio Management,Corporate Secretary, Legal and Global IT & Operations. Since1 December 2010, he has supervised Structured Finance, Transaction& Commercial Banking, Distressed Assets, Coverage &Investment Bank and the international network.• The fi xed portion of Mr. Cambefort’s compensation is set withreference to market practice for Deputy CEO compensation.• In 2010, the variable component was based on two sets ofcriteria:- quantitative criteria: assigned a weight of 50%- qualitative criteria: assigned a weight of 50%. Summary of compensation paid to Pierre Cambefort,Deputy Chief Executive Officer since 1 December 2010Mr. Pierre Cambefort’s fi xed compensation was set at €260,000by decision of the Board of Directors on 24 August 2010.In 2010 Pierre Cambefort did not receive options or performanceshares with respect to his functions.Pierre Cambefort, Deputy2009 2010CEO as of 1 September2010 (in €)Due Paid Due (2) Paid (3)Fixed compensation (1) 86,667 86,667Variable compensation (1) 219,000 (4) 0Deferred additional variablecompensation subject toattendance146,000 (4) 0Compensation related to theloyalty plan0 0Exceptional compensation (1) 0 0Attendance fees 0 0Benefi ts in kind (5) 10,573 10,573TOTAL 462,240 97,240(1)Gross, before tax.(2)Compensation paid (from 1 September 2010) with respect to work done during theyear, regardless of the payment date.(3)All compensation paid during the year with respect to work done (from 1 September2010).(4)On 9 March 2011 the Board of Directors of Crédit Agricole CIB attributed to PierreCambefort total variable compensation with respect to his function as Deputy ChiefExecutive Offi cer of €365,000 of which €146,000 of deferred variable compensationin the form of Crédit Agricole S.A. shares to be vested over a period of three yearsdepending on the achievement of performance criteria and on the condition of presencewithin the Crédit Agricole S.A. Group.(5)Mainly related to company housing.Patrick Valroff’s compensation,Chief Executive OfficerUntil the end of his term of offi ce on 1 December 2010, Mr. Valroffsupervised the Coverage & Investment Banking business line andthe following support functions: Human Resources, Global InternalAudit, Global Compliance, Corporate Secretary and Communication.• The fi xed component of Mr. Valroff’s compensation is set withreference to market practice for CEO compensation.• In 2010, the variable component was based on two sets ofcriteria:- quantitative criteria: assigned a weight of 50%- qualitative criteria: assigned a weight of 50%.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 59

CORPORATE GOVERNANCE 2 Summary of Alain Massiera’s compensation, Deputy CEOuntil 1 December 2010Mr. Alain Massiera’s fi xed compensation was set at €600,000 bydecision of the Board of Directors on 3 March 2008, effective at 1Janurary 2008 and it remains unchanged in 2009 and 2010. Histerm of offi ce expired on 1 December 2010.Alain Massiera, DeputyCEO until 1 December2010 (in €)Due(2)2009 2010Paid(3)Due(2)Paid(3)Fixed compensation (1) 600,000 600,000 550,000 550,000Variable compensation (1)(4) 423,000 (7) 568,000 (6) 576,550 (9) 423,000 (7),Deferred additionalvariable compensation 837,000 (7) 0 798,450 (9) 0subject to attendanceCompensation related tothe loyalty plan0 114,290 (8) 0 118,747 (8)Exceptional0 0 0 400compensation (1)Attendance fees 0 0 0 0Benefi ts in kind (5) 92,226 92,226 85,024 85,024TOTAL 1,952,226 1,374,516 2,010,024 1,177,171(1)Gross, before tax.(2)Compensation paid (until 1 December 2010) with respect to work done during theyear, regardless of the payment date.(3)All compensation paid during the year with respect to work done (until 1 December2010).(4)Variable compensation includes additional compensation relating to time spent outsideFrance.(5)Benefi ts in kind are mainly related to company housing.(6)As proposed by the Compensation Committee on 2 March 2009, the Board of Directorsgranted Alain Massiera a €568,000 variable compensation with respect to 2008,paid in 2009 and a deferred additional variable compensation subject to attendancethat the benefi ciary has waived.(7)As proposed by the Compensation Committee of Crédit Agricole CIB on 19 February2010, the Board of Directors granted Alain Massiera a total variable compensationof €1,260,000 out of which €423,000 with respect to 2009 and a deferred additionalvariable compensation of €837,000 expressed in Crédit Agricole A S.A. shares andvested until 2012 and 2013, subject, on the one hand to Crédit Agricole CIB’s futureperformance, and on the other hand to the grantee’s continued employment onthese vesting dates within Crédit Agricole Group.(8)Deferred variable compensation paid with respect to 2007:- €114,290 with the 1st third due in 2009,- €118,747 with the 2nd third due in 2010.(9)On 9 March 2011 the Board of Directors of Crédit Agricole CIB granted Alain Massieratotal variable compensation of €1,375,000 with respect to his offi ce as CréditAgricole CIB Deputy CEO of which €798,450 in deferred variable compensation inthe form of Crédit Agricole S.A. shares to be vested over a period of three yearsdepending on the achievement of performance criteria and on the condition of presencewithin the Crédit Agricole S.A. Group.Compensation due or potentiallydue as a result of termination orchange of officeWith respect to their duties within Crédit Agricole CIB, Jean-YvesHocher, Francis Canterini and Pierre Cambefort do not benefi tfrom a severance pay due or potentially due in the event of terminationor change of offi ce.Crédit Agricole Corporateand Investment Bank loyaltyprogrammeAt 31 December 2010, corporate offi cers are not benefi ciariesof this plan.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 61

2CORPORATE GOVERNANCEOther compensation paid by Crédit Agricole S.A. for duties performed within that companyJean-Paul Chifflet, Chairman of the Board ofDirectors of Crédit Agricole CIB Summary of compensation paid by Crédit Agricole S.A.with respect to Jean-Paul Chifflet’s functions as CEO ofCrédit Agricole S.A. – Attendance fees paid by CréditAgricole CIB with respect to Jean-Paul Chifflet’s functionsas Chairman of Crédit Agricole CIB’s Board of directorsJean-Paul Chiffl et has been a Crédit Agricole S.A. corporate offi -cer since 1 March 2010 and received a fi xed compensation of€750,000 paid by Crédit Agricole S.A.Due(2)2009 2010Paid(3)Due(2)Paid(3)Fixed compensation (1) 750,000 750,000Variable compensation (1) (5) 366,000 (7)550,000 (7) 00Exceptional compensation (1) 0 0Attendance fees (4) 39,000 39,000Benefi ts in kind (5) 88,731 88,731TOTAL 1,793,731 877,731(1)Gross, before tax.(2)Compensation paid with respect to work done during the year, regardless of thepayment date.(3)All compensation paid during the year with respect to work done.(4)Attendance fees paid by Crédit Agricole CIB with respect to Jean-Paul Chiffl et’s offi ceas Chairman of Crédit Agricole CIB’s Board of Directors.(5)Jean-Paul Chiffl et did not receive any variable compensation in 2010.(6)Benefi ts in kind paid in 2010 are mainly related to company housing.(7)On 23 February 2011 the Board of Directors of Crédit Agricole S.A., acting on theproposal from the Compensation Committee, granted Jean-Paul Chiffl et variablecompensation of €916,000 with respect to 2010 of which €550,000 in deferredvariable compensation in the form of Crédit Agricole S.A. shares to be vested over aperiod of three years depending on the achievement of performance criteria and onthe condition of presence within the Crédit Agricole S.A. Group.Georges Pauget, Chairman of the Board of Directorsof Crédit Agricole CIB until 23 February 2010 Summary of compensation paid by Crédit Agricole S.A.with respect to Georges Pauget’s functions as CEO ofCrédit Agricole S.A. whose term of office expired on 1March 2010 – Attendance fees paid by Crédit Agricole CIBwith respect to Jean-Yves Hocher’s functions as Chairmanof Crédit Agricole CIB’s Board of DirectorsGeorges Pauget was a Crédit Agricole S.A. corporate offi cer until28 February 2010 and received from 1 January to 28 February2010 a fi xed compensation of €153,333, unchanged comparedwith 2009.Due(2)2009 2010Paid(3)Due(2)Paid(3)Fixed compensation (1) 920,000 920,000 153,333 153,333Variable compensation (1)(5) 520,950 0 0 520,950Deferred additional variablecompensation subject to0 0 0 0attendanceCompensation related tothe loyalty plan0 0 0 0Exceptional compensation (1) 0 0 0 0Attendance fees (4) 39,000 39,000 6,000 6,000Benefi ts in kind 18,040 18,040 0 0TOTAL 1,497,990 977,040 159,333 680,283(1)Gross, before tax.(2)Compensation paid with respect to work done during the year, regardless of thepayment date.(3)All compensation paid during the year with respect to work done.(4)Attendance fees paid by Crédit Agricole CIB with respect to Georges Pauget’s offi ceas Chairman of Crédit Agricole CIB’s Board of Directors.(5)On 20 January 2009, Georges Pauget proposed to the Board of Directors to waivehis variable compensation with respect to 2008. No payment was done in 2009accordingly.In 2010 Georges Pauget received €520,950 of variable compensation with respect to2009 and approved by the Board of Directors on 21 May 2010.Supplementary pension plansCrédit Agricole CIB’s corporate offi cers do not benefi t from specific pension and provident plans linked to the offi ces they hold atCrédit Agricole CIB.Mr. Jean-Paul Chifflet, Chairman of the Board of Directors of CréditAgricole CIB, Mr. Jean-Yves Hocher, Chief Executive Offi cer,and Mr. Pierre Cambefort and Mr. Francis Canterini, Deputy ChiefExecutive Offi cers, retain the benefi t of the pension plan for themanaging executives of the Crédit Agricole Group that is complementaryto mandatory collective pension and provident plans.Beginning on 1 January 2011, these commitments are entirelyborne by Crédit Agricole CIB for Mr. Cambefort and Mr. Canteriniand for 85% for Mr. Hocher, and this during their term of offi ce atCrédit Agricole CIB. Crédit Agricole CIB does not bear the costsfor Mr. Chifflet.62SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2Options to subscribe for or to purchase shares – PerformancesharesIn 2010, no stock options and no performance shares were allotted to corporate offi cers of Crédit Agricole CIB.Table of compliance with AFEP/MEDEF’s recommendationsComplementary information regarding the Chairman of the Board of Directors, the Chief Executive Officer and theDeputy Chief Executive Officers in office as of 31 December 2010.ExecutiveCorporate officersTerm of officeEmploymentcontract (*)Complementarypension planCompensationor benefits dueor potentiallydue because oftermination or achange in functionCompensationrelating to anon-competeclauseBegins Ends Yes No Yes No Yes No Yes NoJean-Paul Chiffl etChairman of the Board ofDirectors23.02.2010Term of offi ce:2013(1) (1)withCréditAgricoleS.A. (1)withCréditAgricoleS.A.Jean-Yves HocherCEOPierre CambefortDeputy CEO01.12 201001.09.2010Term of offi ce:4 th quarter of2013Term of offi ce:4 th quarter of2013(2) (2)with CréditAgricoleS.A.(contractsuspended) (2)withCréditAgricoleS.A.(3) (3) Francis CanteriniDeputy CEO01.12.2010Term of offi ce:4 th quarter of2013(4) (4)with CréditAgricoleS.A.(contractsuspended) (1)Mr. Chiffl et was appointed Chairman on 23 February 2010 for his term of offi ce as Director. End of term of offi ce: after the Shareholders’ meeting called toapprove the fi nancial statements for the year ended 31 December 2012.Crédit Agricole CIB will not bear the following commitments: in the event that Mr. Chiffl et leaves his offi ce as Crédit Agricole S.A. Chief Executive Offi cer, aseverance pay will be paid by Crédit Agricole S.A. A non-competition commitment at the termination of this term of offi ce, for whatever reason, may be askedby Crédit Agricole S.A.(2)Mr. Hocher was appointed CEO on 1 December 2010 for a period expiring at the end of the Board of Directors’ meeting held in in the fourth quarter of 2013examining the fi nancial statements for the third quarter of 2013. He was Director of the Company from 23 February 2010 to 1 December 2010.Crédit Agricole CIB will not bear the following commitments: commitments related to the re-activation terms of his employment contract with Crédit AgricoleS.A. This contract is suspended until the expiration of his term of offi ce as Deputy CEO in Crédit Agricole S.A. In the event of a re-activation of his employmentcontract, Mr. Hocher will be subject to a non-competition clause with Crédit Agricole S.A. for one year after the termination of his employment contract.(3)Mr. Cambefort was appointed on 1 September 2010 for a period expiring at the end of the Board of Directors held in the second quarter of 2011 examiningthe fi nancial statements for the fi rst quarter of 2011.When the new CEO was appointed, his term of offi ce was renewed for a period expiring at the end of theBoard held in the fourth quarter of 2013 examining the fi nancial statements for the third quarter of 2013.The employment contract of Mr. Cambefort with Crédit Agricole S.A. is suspended during the period of his assignment with Crédit Agricole CIB. At the endof this period, he may rejoin Crédit Agricole S.A. or another Crédit Agricole Group entity.(4)Mr. Canterini was appointed on 1 December 2010 for a period expiring at the end of the Board of Directors held in the fourth quarter of 2013 examining thefi nancial statements for the third quarter of 2013.(5)His employment contract with Crédit Agricole S.A. is suspended during his term of offi ce in Crédit Agricole CIB.(*)The Afep/Medef recommendation against a corporate offi cer also having an employment contract only relates to the roles of Chairman of the Board ofDirectors and CEO.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 63

2CORPORATE GOVERNANCE OFFICES HELD BY CORPORATEOFFICERSAt 31 December 2010Executive ManagementJean-Yves HOCHERFunction within the Company Chief Executive Officer since 1 December 2010(director from 23 February 2010 to 1 December 2010)Date of fi rst appointment 2010 Term of offi ce 2013 Holds no share9 Quai du Président Paul Doumer 92920 Paris La Défense cedex - FranceFUNCTIONFUNCTIONS AT 31 DECEMBER 2010COMPANYEntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSChairman -Crédit Agricole AssurancesCA Consumer Finance (01.2011)FGA Capital S.p.A.Sofi ncoFinarefChairman of the Supervisory Board of:- Eurofactor- Unipierre AssurancesCEO - PredicaDeputy CEO Crédit Agricole S.A. ASFDirectorAmundi GroupAtticaAgro Paris Tech (EPCSCP)Banque de Gestion Privée IndosuezBanco Espirito Santo (Portugal) CedicamBesparCACEISCACI - (Credit Agricole CreditorInsurance)Crédit Agricole Assurances ItaliaHolding S.p.A. (Italy)Crédit Agricole Leasing & FactoringEmporiki Bank (Greece)CamcaFirecaNewedge GroupVice-Chairman Predica Pacifi caMember of theSupervisory BoardDeposit guarantee fundsKorianPermanentRepresentativeNon-Voting Directorof Crédit Agricole S.A.:• director of Pacifi caCrédit Agricole AssurancesMédicale de Francede Sofi nco:• Director of Creserfi and Gecinaof Predica:• Non-voting director of SiparexChairman of Groupement français desbancassureurs – Executive committeemember of the Fédération française dessociétés d’assurances64SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2Pierre CAMBEFORTFunction within the Company Deputy Chief Executive Officer since 1 September 2010Date of fi rst appointment 2010 Term of offi ce 2013 Holds no share9 Quai du Président Paul Doumer 92920 Paris La Défense cedex - FranceFUNCTIONS AT 31 DECEMBER 2010FUNCTIONCOMPANYEntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSMember of theExecutiveCommitteeCrédit Agricole S.A.Chairman -Crédit Agricole CréationCalixte InvestissementChairman and CEOMescasCentre d’échanges de données etd’information du Crédit AgricoleMutuel - CEDICAM (GIE)Amundi immobilierDirectorCrédit Agricole CheuvreuxNewedge GroupCPR OnlineDeltager S.A.Union de Banques Arabes etFrançaises (UBAF)Managing DirectorCLSA B.V.CLSA Stichting FoundationFrancis CANTERINIFunction within the Company Deputy Chief Executive Officer since 1 September 2010Date of fi rst appointment 2010 Term of offi ce 2013 Holds no share9 Quai du Président Paul Doumer 92920 Paris La Défense cedex - FranceFUNCTIONMember of theExecutiveCommitteeFUNCTIONS AT 31 DECEMBER 2010COMPANYCrédit Agricole S.A.EntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSCrédit Lyonnais Europe (SAS)Chairman -Redcliffe Investments LtdDeputy CEO - Cariparma e Piacenza SpA (Italie)Director -Banca Popolare Friuladria SpA (Italie)Banque ThemisBP FriulAdria (and member of the ExecutiveCommittee)Crédit Agricole AssicurazioniCrédit Agricole CheuvreuxCrédit LogementManager - CL Verwaltungs (GMBH) (Allemagne)Head of Group Risk Management andPermanent ControlsSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 65

2CORPORATE GOVERNANCEBoard of DirectorsJean-Paul CHIFFLETFunction within the Company Chairman of the Board of Directors and Chairman of the Compensation CommitteeDate of fi rst appointment as Director 2004 Term of offi ce 2013 Holds one share91-93 boulevard Pasteur - 75710 Paris Cedex 15CEOFUNCTIONChairmanVice-Chairman -Director -Member of theExecutiveCommitteeFUNCTIONS AT 31 DECEMBER 2010COMPANYEntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketCrédit Agricole S.A.Crédit Lyonnais (LCL)Fédération bancaire française (FBF)(Association)FUNCTIONS WITHINTHE PAST FIVE YEARSCRCAM Centre-EstSacam International (SAS)CarvestPacifi caSAS Sacam DéveloppementCrédit Agricole S.A.Rue La Boétie (SAS)Comité des banques de la région RhôneAlpesApis CABanque de Gestion Privée IndosuezCrédit Agricole Capital Investissement etFinance (CACIF)DeltagerCrédit Agricole Financements (Suisse) SAGIE AtticaPredicaSacam (SAS)Sacam Participations SASSiparex associés (SA)Société Civile Immobilière du CréditAgricole Mutuel (SCICAM)Fédération Rhône-Alpes du CréditAgricole- SAS Sacam SanteffiMember of theManagementCommitteePermanentRepresentativeMember of the Advisory Council, Paris Europlace--ADICAM (SARL)GECAM (GIE)of CRCAM Centre-Est:• Director, AMT (GIE) of SAS SacamDéveloppement:• Director,Crédit Lyonnais (LCL)• Director, Lyon Place fi nancière et tertiaire(Association)• Corporate Secretary, FédérationNationale du Crédit Agricole (FNCA)• Member of the Conseil économique etsocial de Paris• Founding Chairman in the Rhône Alpesof IMS, Entreprendre pour la cité66SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2Edmond ALPHANDERYFunction within the Company Director - Member of the Audit CommitteeDate of fi rst appointment 2002 Term of offi ce 2011 Holds one share4, place Raoul Dautry - 75015 ParisFUNCTIONFUNCTIONS AT 31 DECEMBER 2010COMPANYEntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketChairman CNP Assurances Caixa Seguros (Brésil)DirectorCNP Unicredit Vita (Italie)GDF Suez Icade FUNCTIONS WITHINTHE PAST FIVE YEARSMember of the European Advisory Boardof Lehman Brothers and then of « the EuropeanAdvisory Panel « of Nomura Securities.Philippe BRASSACFunction within the Company DirectorDate of fi rst appointment 2010 Term of offi ce 2013 Holds one share111 avenue Emile Dechame 06708 Saint Laurent du Var CedexFUNCTIONChairman and CEOChairmanVice-ChairmanDirectorPermanentRepresentativeCEOMember of theManagement CommitteeMember of the ExecutiveCommitteeCorporate SecretaryCorporate Secretaryof the ManagementCommitteeFUNCTIONS AT 31 DECEMBER 2010Deltager SA.COMPANYSAS Sacam DéveloppementSOFIPACASOFIPACA GESTION (SAS)Crédit Agricole S.A.(MEMBER OF THE STRATEGIC COMMITTEE AND OF THEAPPOINTMENT AND GOVERNING COMMITTEE)SAS Rue la BoétieSACAM Participations (SAS)Société Civile Immobilière du CréditAgricole Mutuel (SCICAM) (SCI)de la SAS SACAM DEVELOPPEMENT :• Director, Crédit Lyonnais (LCL)CRCAM Provence Côte d’AzurSACAM INTERNATIONALADICAM (SARL)EntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSAMT (Association de MoyensTechnologiques) (GIE)Cariparma (Italie)Crédit Foncier de Monaco- SACAM Square Habitat (SAS)Fédération Nationale du CréditAgricole (FNCA)GIE GECAMSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 67

2CORPORATE GOVERNANCEFrank DANGEARDFunction within the Company Director – Chairman of the Compensation CommitteeDate of fi rst appointment 2005 Term of offi ce 2011 Holds one share22, rue Simon Dereure - 75018 ParisFUNCTIONFUNCTIONS AT 31 DECEMBER 2010COMPANYEntityoutsideCréditAgricoleGroupChairman of theBoard of DirectorsChairman and CEOChairman of theStrategic CouncilPricewaterhouseCoopers (France)Managing Partner HarcourtCompanywhoseshares arelisted on aregulatedmarketAtari ThomsonFUNCTIONS WITHINTHE PAST FIVE YEARSDirectorMember of theConsultancy CouncilBruegel (Association - Belgique)EDFEnerqos France (SAS)Equant (Pays-Bas)Moser Baer India Limited (MBIL)(Inde) OrangeMoser Baer Private Projects (MBPP)(Inde)Sonaecom (Portugal) Symantec (USA) Harvard Business SchoolHECMarc DESCHAMPSFunction within the Company DirectorDate of fi rst appointment 2010 Term of offi ce 2013 Holds one share3 Avenue de la Libération - 63000 Clermont-FerrandCEOFUNCTIONFUNCTIONS AT 31 DECEMBER 2010COMPANYCaisse régionale de Crédit AgricoleMutuel de Centre-FranceEntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSCaisse régionale de Crédit Agricole Mutuelde Normandie (01.2011)Chairman and CEO - Sofi normandie (SAS)Chairman -CA Immo Normandie (SAS) (01.2011)CA Normandie Immobilier (SAS) (01.2011)Sofi manche (01.2011)Banque ChalusCentre d’échanges de données etd’information du Crédit Agricole Mutuel -CEDICAM (GIE) (01.2011)CA Consumer FinanceCrédit Lyonnais (LCL)DirectorFonds d’Investissement et de RechercheCrédit Agricole Leasing & Factoringdu Crédit Agricole - FIRECACrédit Agricole Services (GIE)Pleinchamp (SAS)Crédit Agricole Technologies (GIE)Sacam Participations (SAS)of CRCAM de Normandie:• Chairman, Britline (SAS) (01.2011)Permanent• Director, Uni Expansion OuestReprésentative(01.2011)• Manager, SEP Normandie (01.2011)68SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2Jean-Frédéric DREYFUSFunction within the Company Director(Director representing employees – In charged of mission for the Corporate Secretary– sustainable development)Date of fi rst appointement 1999 Term of offi ce 2011 Holds one share9, quai du Président Paul Doumer - 92920 Paris la Défense cedexFUNCTIONDirectorMemberTreasurerFUNCTIONS AT 31 DECEMBER 2010COMPANYEntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSUniversité Paris DauphineAgence nationale pour la participation desemployeurs à l’effort de constructionObservatoire de la responsabilitésociétale des entreprises (ORSE -Association)(Trésorier)Astria- Foncière logement-Union d’économie sociale pour lelogementComité consultatif de l’Autorité desnormes comptables Conseil consultatif du secteur fi nancier-Confédération française del’encadrement – CGC - TrésorierconfédéralConseil national du développementdurablePhilippe GESLINFunction within the Company Director – Member of the Audit CommitteeDate of fi rst appointment 2002 Term of offi ce 2011 Holds one shareFUNCTIONChairman of theSupervisory BoardDirectorMember of theSupervisory BoardPermanentRepresentativeFUNCTIONS AT 31 DECEMBER 2010COMPANYEntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARS- Etam DéveloppementCrédit Foncier de MonacoGecina Union Financière de France Banque Euro Disney SCA Euro Disney Associés SCA of Invelios Capital:• Director, Société sucrière dePithiviers le Vieil• Director, Société Vermandoise-Industries• Member of the Supervisory Board,Société vermandoise de sucreriesManager Gestion Financière Conseil (SARL)Non-voting Director Invelios CapitalSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 69

2CORPORATE GOVERNANCEFrançois IMBAULTFunction within the Company DirectorDate of fi rst appointment 2004 Term of offi ce 2013 Holds one share26, quai de la Râpée - 75012 ParisFUNCTIONS AT 31 DECEMBER 2010ChairmanFUNCTIONCOMPANYCaisse régionale de Crédit AgricoleMutuel de Paris et d’Ile de FranceEntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSChairmanDomaine de la Sablonnière (SAS)PermanentRepresentativeof CRCAM de Paris et d’Ile de France:• Director, Socadif• Manager, Société Civile ImmobilièreAgricole de l’Ile de France• Manager, Société Civile ImmobilièreBercy- VilliotDirectorCADIF Actions (Association)Marc KYRIACOUFunction within the CompanyDirector(Director representing employees)Date of fi rst appointment 2007 Term of offi ce 2011 Holds one share9, quai du Président Paul Doumer - 92920 Paris la Défense cedexNO OTHER OFFICE AT 31 DECEMBER 2010- -FUNCTIONS WITHINTHE PAST FIVE YEARS70SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2Jean LE VOURCHFunction within the Company DirectorDate of fi rst appointment 2007 Term of offi ce 2011 Holds one share7, rue du Loch - 29555 Quimper cedexFUNCTIONS AT 31 DECEMBER 2010FUNCTIONCOMPANYCaisse régionale de Crédit AgricoleMutuel du FinistèreEntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSCoopérative laitière de PloudanelBreiz Europe (Association – Belgique)ChairmanSica Ouest ElevageSociété fi nancière du groupe EvenRégilait (Chairman of the SupervisoryBoard)Vice-Chairman - UclabDirectorMember of theSupervisory BoardCrédit Agricole AssurancesPrévoyance Dialogue du CréditAgricole - PredicaCrédit Agricole Titres (SNC)PermanentRepresentative- Manager- Partnerof CRCAM du Finistère:• Chairman, Fédération bretonne duCrédit Agricole• Vice-Chairman, Investir en Finistère(Association)• Member of the Supervisory Board,Crédit Agricole Bretagne HabitatHolding• Director, Cofi lmoof Fédération bretonne du CréditAgricole:• Director, Valorial (Association)• Member of the Conseil économiqueet social de BretagneGFA de KerveguenGAEC Le VourchSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 71

2CORPORATE GOVERNANCEFrançois MACÉFunction within the Company Director - Member of the Audit CommitteeDate of fi rst appointment 2008 Term of offi ce 2011 Holds one share18, rue Davout BP 29085 - 21085 DIJON CEDEX 9FUNCTIONS AT 31 DECEMBER 2010FUNCTIONCOMPANYEntityoutsideCréditAgricoleGroupCEOCaisse régionale de Crédit AgricoleMutuel de Champagne-BourgogneChairman John-Deere Credit (SAS)DirectorMember of theManaging BoardPermanentRepresentativeCA Consumer FinanceCAMCACAMCA RéassuranceCrédit Agricole Capital Investissement& Finance (CACIF)Crédit Agricole Risk Insurance CARI(Luxembourg)Meridian Bank (Serbie)Uni Editions (SAS)of CRCAM de Champagne-Bourgogne:• Partner, SNC AMT• Partner, SNC GreencamCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSCaisse régionale de Crédit AgricoleMutuel de Charente-PérigordFonds d’investissement et de recherchedu Crédit Agricole FIRECA (SAS)Pleinchamp (SAS)of CRCAM de Charente-Périgord:• Chairman, GIE Comète• Director, GIE Greencam, Grand SudOuest Capital SA and RadianDidier MARTINFunction within the Company Director – Member of the Compensation CommitteeDate of fi rst appointment 2002 Term of offi ce 2011 Holds one share130, rue du Faubourg Saint Honoré - 75008 ParisFUNCTIONS AT 31 DECEMBER 2010FUNCTIONCOMPANYEntityoutsideCréditAgricoleGroupPartner Cabinet Bredin PratChairman of theSupervisory BoardMember of theSupervisory BoardPermanentRepresentativeCompanywhoseshares arelisted on aregulatedmarket- Mondialum (SAS)Soparexo (S.C.A.)-FUNCTIONS WITHINTHE PAST FIVE YEARSof Front Line (SAS):• Member of the Supervisory Board ofEuropacorp72SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2Jean PHILIPPEFunction within the Company Director - Member of the Audit CommitteeDate of fi rst appointment 2007 Term of offi ce 2011 Holds one share64060 PAU CEDEX 9FUNCTIONS AT 31 DECEMBER 2010FUNCTIONCOMPANYEntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSCEOCaisse régionale de Crédit AgricoleMutuel Pyrénées GascogneChairmanRadianCrédit Agricole Covered BondsCrédit Agricole CheuvreuxCrédit Agricole Solidarité etDéveloppement (Association)EurofactorFIA-NETFoncarisDirectorPermanentRepresentativeMember of theManagementCommitteeFonds d’investissement et derecherche du Crédit Agricole – FirecaSACAM Participations (SAS)Société Civile Immobilière du CréditAgricole Mutuel (SCICAM)Synergie (GIE)of Caisse régionale de Crédit AgricoleMutuel Pyrénées Gascogne :• Chairman of the Board of Directors,BANKOA SA (Espagne)• Director of:- Grand Sud Ouest Capital SA- Mercagentes S.A. (Espagne)- Mercagestión S.A. (Espagne)GIE GecamGSCO Capital• Chairman of the Board of Association Nationale des Cadresde Direction de la FNCA• Chairman of the Committee of Pilotage Nouvelles RelationsClients en multicanal• Member of the Comité des partenariats and member of theCommission du Développement FNCASHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 73

2CORPORATE GOVERNANCEJean-Louis ROVEYAZFunction within the Company Director – Member of the Compensation CommitteeDate of fi rst appointment 2010 Term of offi ce 2011 Holds one share52, boulevard Pierre Coubertin – 49004 Angers Cedex 01FUNCTIONS AT 31 DECEMBER 2010FUNCTIONChairman of theBoard of DirectorsChairman of theSupervisory BoardCOMPANYCaisse régionale de Crédit AgricoleMutuel de l’Anjou et du MainePleinchamp (SAS)Société d’épargne foncière agricole(SEFA)Cariparma (S.p.A) (Italie)DirectorCrédit Agricole Covered BondsChairman of the Comité du fi nancement de l’agriculture de laFNCAMember of the Comité d’orientation agro-alimentaire CréditAgricole S.A.EntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSPleinchamp (SAS) (Président du Comitéexécutif)François THIBAULTFunction within the Company DirectorDate of fi rst appointment 2010 Term of offi ce 2013 Holds one share26 rue de la Godde - 45800 Saint Jean de BrayeFUNCTIONS AT 31 DECEMBER 2010FUNCTIONCOMPANYCaisse Régionale de Crédit AgricoleMutuel Centre Loire (et de la Caisselocale de Cosne sur Loire)Carcentre (GIE)ChairmanCentre Loire Expansion (SAS)CAMCA et fi liales luxembourgeoisesPleinchamp (SAS)Association pour le développementlocal du Crédit Agricole ADELCAFoncarisDirectorCA Consumer FinanceCNMCCA (Confédération)Member of theLukas Bank (Pologne)Supervisory BoardMember ofthe Executive Sacam Pleinchamp (SAS)CommitteeChairman of the Comité d’orientation et de la promotion (COP),the Comité de la fi lière vins and the Commission satisfactionsclients et compétitivitéMember of the committee , Fonds d’investissement et derecherche du Crédit Agricole /Fireca (SAS) - d’Energie etenvironnementMember of the following Commissions: Commission nationalede Rémunération des Cadres de Direction, CommissionMutualiste et Commission Passerelle, Commission des Cadresdirigeants du Groupe Crédit AgricolePartner of GAEC Thibault, GFA de Montour and GFA deVillargeau d’En HautEntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSCrédit Agricole Titres74SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CORPORATE GOVERNANCE 2François VEVERKAFunction within the Company Director – Chairman of the Audit CommitteeDate of fi rst appointment 2009 Term of offi ce 2012 Holds one share84 avenue des Pages - 78110 Le VésinetFUNCTIONS AT 31 DECEMBER 2010FUNCTIONConsultantDirectorMember of theSupervisory BoardCOMPANYBanquefi nance associésCrédit Agricole S.A.And Chairman of the Audit and RisksCommittee– Member of the StrategicCommittee and the CompensationCommitteeCrédit Lyonnais (LCL)And Chairman of the Finance and RiskCommitteeOctofi nancesEntityoutsideCréditAgricoleGroupCompanywhoseshares arelisted on aregulatedmarketFUNCTIONS WITHINTHE PAST FIVE YEARSExecutive ManagingDirector-Standard & Poor’s – Institutional relationsfor all the European businesses.CEO -Compagnie de Financement Foncier(CEO and then member of the ExecutiveCommittee)Member of the Comité fi nancier de laFondation pour la recherche médicaleSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 75

2CORPORATE GOVERNANCEPotential confl icts of interest among members of the Board ofDirectors and Management Board between their private interrests orother duties and their duties towards Crédit Agricole CIBTo Crédit Agricole CIB’s knowledge, there is no potential confl ictof interest between the duties of members of the Board of Directorsand Management Board with respect to Crédit Agricole CIBand their private interests.Crédit Agricole CIB’s Board of Directors and Management Boardinclude corporate offi cers of companies (including Crédit AgricoleGroup companies) with which Crédit Agricole CIB has commercialrelationships. This may be a source of potential confl icts ofinterest.The Rules of Procedure of the Board of Directors remind themembers of the Board of their obligation to inform the Boardabout each confl ict of interest, including the potential ones, inwhich they could be involved directly or indirectly and to avoidparticipating in votes on such matters.Article L. 621-18-2 of the Code Monétaire et Financier and article223-26 of the Autorité des Marchés Financiers’ General RegulationsThe Company shares were not listed on a regulated market, provisions of article L. 621-18-2 of the Code Monétaire et Financier are notapplicable to the Company accordingly.Information on the ownership structure at 31 December 2010 is provided in note 6.14 to the consolidated fi nancial statements page 191. EXECUTIVE COMMITTEEThe composition of Crédit Agricole CIB’s Executive Committee at 31 December 2010 is as follows:Jean-Yves HOCHERPierre CAMBEFORTFrancis CANTERINIJean-François MARCHALJonathan SLONEJean-Claude BASSIENGuy LAFFINEURDaniel PUYOThomas GADENNEEric BAUDSONIvana BONNETJean-Pierre TREMENBERTChief Executive Offi cerDeputy Chief Executive Offi cerDeputy Chief Executive Offi cerStructured FinanceEquity Brokerage & DerivativesEquity Brokerage & DerivativesFixed Income MarketsRik Management and Permanent ControlsFinanceGlobal IT & OperationsHuman ResourcesCorporate Secretary76SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010MANAGEMENT REPORTCRÉDIT AGRICOLE CIB GROUP BUSINESS REVIEW ANDFINANCIAL INFORMATION ........................................................................ 78 PRESENTATION OF THE CREDIT AGRICOLE CIB GROUP’S FINANCIAL STATEMENTS ............... 78 ECONOMIC AND FINANCIAL ENVIRONMENT.......................................................................... 79 BUSINESS REVIEW AND CONSOLIDATED INCOME STATEMENT ............................................. 80 BUSINESS REVIEW AND CONSOLIDATED INCOME STATEMENT BUSINESS LINE .................... 81 CONSOLIDATED BALANCE SHEET ........................................................................................ 85 RECENT TRENDS AND OUTLOOK .......................................................................................... 87CRÉDIT AGRICOLE CIB (SA) FINANCIAL STATEMENTS ............................... 88 CRÉDIT AGRICOLE CIB (SA) CONDENSED BALANCE SHEET ................................................... 88 CRÉDIT AGRICOLE CIB (SA) CONDENSED INCOME STATEMENT ............................................ 90 FIVE-YEAR FINANCIAL SUMMARY ......................................................................................... 91 RECENT CHANGES IN SHARE CAPITAL ................................................................................. 92 INFORMATIONS ON CORPORATE OFFICERS .......................................................................... 93RISK MANAGEMENT ORGANISATION OF THE RISK FUNCTION ............................................................................... 94 CREDIT RISKS ...................................................................................................................... 95 MARKET RISKS .................................................................................................................... 104 SENSITIVE EXPOSURES BASED ON THE FINANCIAL STABILITY BOARDRECOMMENDATIONS ........................................................................................................... 108 ASSET AND LIABILITY MANAGEMENT – STRUCTURAL FINANCIAL RISKS .............................. 114 OPERATIONAL RISKS ........................................................................................................... 119 LEGAL RISKS ....................................................................................................................... 120 NON-COMPLIANCE RISKS .................................................................................................... 121PILLAR 3 OF THE BASEL II REFORM ......................................................... 122 REGULATORY BACKGROUND ................................................................................................ 122 RISK MANAGEMENT ............................................................................................................ 122 REGULATORY RATIOS ........................................................................................................... 122 CAPITAL, CAPITAL REQUIREMENTS AND CAPITAL ADEQUACY ............................................... 124 CREDIT RISK ........................................................................................................................ 127 MARKET RISKS .................................................................................................................... 137 OPERATIONAL RISKS ........................................................................................................... 138SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 77

32010 MANAGEMENT REPORT CRÉDIT AGRICOLE CIB GROUPBUSINESS REVIEW AND FINANCIALINFORMATION• PRESENTATION OF THE CRÉDIT AGRICOLE CIBGROUP’S FINANCIAL STATEMENTSChanges to accounting principlesand policiesPursuant to EC regulation 1606/2002, the annual consolidatedfi nancial statements were prepared in accordance with IAS/IFRSstandards and IFRIC interpretations as adopted by the EuropeanUnion (the « carve-out« version) and uses certain dispensations ofIAS 39 as regards macro-hedge accounting.The standards and interpretations are identical to those usedand described in the Group fi nancial statements at 31 December2009, except for the change in option for the recognition ofactuarial gains and losses on the post-employment-benefi ts ofthe defi ned-benefi t plans. According to IAS 19, actuarial gainsand losses on defi ned-benefi t plans can be recognised:• Either in profi t and loss in their entirety;• Or in profi t and loss for a portion determined according to the« corridor« approach;• Or in other comprehensive income (shareholders’ equity) in theirentirety.Until 31 December 2009, all the actuarial gains and losses wereaccounted for by Crédit Agricole CIB in the profi t and loss of theperiod.To provide information more comparable with the principles appliedby the other companies, Crédit Agricole CIB has decidedto record the actuarial gains and losses in « unrealized gains andlosses recorded directly in shareholders’ equity«. This approach isapplied permanently and homogeneously to all the pension plansas of 1 January 2010.This change in accounting option is in accordance with the accountingstandard IAS 8, with a retrospective application.These standards and interpretations have been supplemented bythe provisions of those IFRS as endorsed by the European Unionat 31 December 2010 and that must be applied in 2010 for thefi rst time.The application of these new provisions did not produce any materialimpact over the accounting period, except for the revisionsof standards IAS 27 and IFRS 3.The prospective application of revised IAS 27 and IFRS 3 to acquisitionseffective as of 1 January 2010 has resulted in a changeof accounting method for the Group. The main issues are:• the initial recognition of non-controlling interests• the acquisition-related costs• certain transactions must be recognised separately from thebusiness combination• the methods of recognising a business combination achieved instages or partial disposals resulting in loss of control• the allocation of price adjustment clauses, when they are fi nancialinstruments, in accordance with the provisions of IAS 39.During the year 2010, Crédit Agricole CIB did not carry out anysignifi cant transactions that are liable to be concerned by thischange of accounting method.Changes in the scope ofconsolidationChanges in the scope of consolidation during the year are describedbelow:• Entries in 2010The following new created companies were added to the scopeof consolidation:• Crédit Agricole CIB Services Private Ltd,• Cheuvreux/CLSA Global Portfolio Trading Pte Ltd.• Disposals in 2010The following company, whose business activities were no longermaterial, is deconsolidated:• Chauray Contrôle SAS.The following companies are removed out of the scope of consolidationbecause they were liquidated in the fourth quarter of 2010:• Calyon Bank Polska SA,• EDELAAR EESV.The following three companies merged and are removed out ofthe scope of consolidation:• CAAM Distribution AV,• CAAM Espana Holding,• Doumer Philemon SAS.Crédit Agricole CIB Saudi Fransi Limited which is held for sale isdeconsolidated at 31 December 2010.Finally, because the Caisse Régionale du Crédit Agricole deFranche Comté acquired shares of Crédit Agricole FinancementSuisse, our voting interest declined below the consolidation requirementsto be accounted for under the equity method, thissubsidiary is removed of the scope of consolidation accordingly.78SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• Corporate name changeThe corporate name of the Company changed on 6 February2010. As of this date, its corporate name « Calyon« has became« Crédit Agricole Corporate and Investment Bank«.The names of the subsidiaries that changed during 2010 are providedin note 2.1 on the changes in the scope of consolidation.• ECONOMIC AND FINANCIAL ENVIRONMENTDuring the fi rst half of 2010, the news was dominated by thesovereign debt crisis in Europe, which began in Greece beforespreading to all heavily indebted countries in the eurozone (Ireland,Portugal and, to a lesser extent, Spain). This rise in tensionsresulted in an explosion in risk premiums for bonds from statesjudged at risk and in fl ight-to-safe-haven purchases of best-ratedsovereign debt (the yield on German Bunds, for example, fellbelow 2.6% in mid-year). The concerns also gradually shifted toEuropean banks that carry this sovereign risk. The euro was significantly penalised and lost over 15% of its value against the USdollar in six months to touch a low point of 1.19 at the beginningof June.In response, European leaders created a stabilisation fund totalling€750 billion: €440 billion in a fund guaranteed by the memberstates (the European Financial Stability Facility (EFSF)) to whichthe European Union added €60 billion and the InternationalMonetary Fund around €250 billion. In addition Greece is benefitting from a dedicated emergency aid programme worth €110billion which should cover its fi nancing requirements until the endof 2012. The European Central Bank for its part has reactivateda certain number of liquidity support measures and has alsoannounced a programme to buy back public and private securitieson secondary markets. This aid programme, which comeswith stringent conditions (recipient countries must implement aprogramme for budget streamlining and structural reforms), enablinggovernments to take the necessary budget measures to putpublic debt back on a sustainable path without being under pressurefrom the markets. This response has brought relative calmto the markets: whilst the stabilisation plan wards off any liquiditycrisis in the short term, concerns about the longer term solvencyof certain eurozone member states have not disappeared.During the summer a series of poor US fi gures rekindled doubtsas to the sustainable nature of the recovery in the United States,with the spectre of the recession returning. Markets were quick toquestion the Fed’s decision to increase the scale of its securitiespurchases (quantitative easing programme –QE) to stimulate activityin a context of high unemployment and very low infl ation. Thisput the US dollar under pressure (which fell as low as 1.42 againstthe euro at the beginning of November) and kept long-term ratesdown (low point of 2.38% at the beginning of October). Followingits meeting on 2-3 November 2010 and in line with expectations,the Fed announced its intention to acquire an additional €600billion of long-term US treasury bills up until June 2011, whilstleaving open the possibility of adjusting the scale of this programmeeither upwards or downward to pursue its objectives offull employment and stability of prices. The markets respondedfavourably to the news and to the better than expected cyclicalindicators, revising their growth forecasts for the United Statesupwards. These were further strengthened by the new 2011 fi scalstimulus plan announced by President Obama at the beginningof December. With fears of the recession returning dissipating,long-term US rates naturally adjusted, gaining more than 1% inthe space of a month and then fl uctuating at around 3.4% untilthe end of year.The US dollar also picked up, even while the markets began tospeculate that Ireland might make use of the EFSF. Following thesame pattern as Greece, Ireland was eventually obliged to callon European aid at the end of November, after the withdrawalof investors and the liquidity crisis. This bailout package totalled€85 billion and the Irish government has undertaken to make €15billion in savings over four years to bring its budget defi cit backbelow the 3% mark. At the same time, Europe has laid downthe foundations for a permanent crisis resolution mechanism tofollow the current emergency plan from July 2013.This mechanismprovides for the involvement of private bondholders, on acase-by-case basis, after an in-depth debt sustainability analysisof countries in diffi culty. As there are no details about how this mechanismwould work, markets have appeared cautious about it.These fi nancial jolts have not arrested the recovery. In Europe,survey data at the end of the year confi rmed that the recoverywas still in full swing albeit at a slow, but solid, rate, because itwas being driven by domestic demand. In the United States, businessindicators were also positive and growth accelerated at theend of 2010 to attain 3.2% on an annualised basis (on early forecasts).This good news sustained the upward trend in risk-freerates with, by implication, portfolio reallocations towards riskierand therefore higher yielding assets. The euro, benefi tting bothfrom this renewed appetite for risk and the lull observed on theEuropean sovereign debt front, ended the year at close to $1.34.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 79

32010 MANAGEMENT REPORT• BUSINESS REVIEW AND CONSOLIDATEDINCOME STATEMENTCondensed consolidated statement of income€ million20102010OngoingActivities20092009OngoingActivitiesChange2010/2009 (1)Net banking income 5,698 6,072 4,428 5,775 5%Operating expenses (3,835) (3,727) (3,471) (3,347) 11%Gross operating income 1,863 2,345 957 2,428 (3%)Cost of risk (638) (298) (1,769) (1,032) (71%)Income from equity affi liates 139 139 117 117 19%Gains/(losses) on other assets (13) (13) 22 22 nsPre-tax income 1,351 2,173 (673) 1,535 42%Corporate income tax (309) (574) 381 (338) 70%Net income/(loss) 1,042 1,599 (292) 1,197 34%Minority interests 37 37 39 39 (5%)Net income, Group share 1,005 1,562 (331) 1,158 35%Net income, Group share restated (2) 1,594 1,764 (10%)(1)Ongoing activities.(2)Restated for revaluation of debt issues and loan hedges.2010 marked the likely end of the refocusing and developmentplan launched in 2008. Based on the results, Crédit AgricoleCIB complied with its commitments both in discontinuing operationmanagement (signifi cant reduction of its risk profi le) and inongoing activities (a recurrent profi t base of €1 billion has beenmaintained).In 2010, the EUR 1 billion target for recurrent earnings was surpassedin the fi rst nine months of the year.If global targets are achieved, the results of the fi nancing activitiesand those of the capital markets activities were neverthelesscontrasting in 2010 with a record performance for the fi rst oneand a decreasing contribution for the second one.Restated for the impact of revaluation of debt issues and loanhedges, net banking income of ongoing activities has decreasedby 9%, after an exceptional year 2009 in the markets.The ongoing activity cost to income ratio remained close to 60%in 2010.The results posted by Banque Saudi Fransi (accounted for underthe equity method) showed a sharp increase compared with lastyear.In an environment characterised by a highly reduced cost of riskand losses from discontinuing operations that continued to shrink,Crédit Agricole Corporate and Investment Bank experienced areturn to profi ts with a net income (Group share) of €1,005 million.80SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• BUSINESS REVIEW AND INCOME STATEMENTBY BUSINESS LINEFinancing€ million2010 2009Change2010/2009Changeat constantexchangeratesNet banking income 2,657 1,928 38% 32%Operating expenses (832) (775) 7% 4%Gross operating income 1,825 1,153 58% 51%Cost of risk (164) (931) (82%)Income from equity affi liates 138 117 18%Gains/(losses) on other assets (6) 5 nsPre-tax income 1,793 344 x 5.2Corporate income tax (456) (61) x 7.5Net income/(loss) 1,337 283 x 4.7Minority interests 23 26 (12%)Net income, Group share 1,314 257 x 5.1Net income, Group share restated (1) 1,324 533 x 2.5(1)Restated for revaluation of debt issues and loan hedges.In 2010, the active management of loan hedges led to reducesignifi cantly their volatility and reduce the impact on results tonon-material levels (a net loss of €10 million in 2010 comparedwith a loss of €276 million in 2009).Restated for loan hedges, the net banking income of theseactivities increased by 14% compared to 2009.Although all the business lines have experienced an increase,this rise is mainly due to the excellent performance of structuredfi nance activities.Crédit Agricole CIB pursued its growth by benefi ting from itsdeveloping activities (infrastructure and power, natural resources,aircraft and rail fi nancing, Trade Finance…).Crédit Agricole CIB ranked bookrunner number one regarding thenumber of deals in project fi nancing (Project Finance Internationaland Deologic, 2010) and received the award of « Aircraft FinanceHouse of the Year« (Jane’s Transport Finance, 2010) for thefi fth consecutive year. The bank also benefi ted from goodperformances regarding asset backed transactions especially inthe real estate and hotel and shipping sectors.On the syndication market, Crédit Agricole CIB, that is recognizedfor its expertise in syndicated loans and specialised fi nancing, hasmaintained its leading position in France and its number threeranking in the EMEA area (Thomson Financial and Dealogic,2010).2010 is a record year for the fi nancing activities as a whole interms of revenues with a low cost of risk that decreased by 82%compared to 2009.As a result of all these elements, the net income, (Group share)amounted to €1.3 billion at the end of 2010.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 81

32010 MANAGEMENT REPORTCapital Markets and Investment Banking2010 2009Change2010/2009€ millionNet banking income 2,880 3,219 (11%)Operating expenses (2,501) (2,204) 13%Gross operating income 379 1,015 (63%)Cost of risk (118) (96) 23%Income from equity affi liates 1 nsGains/(losses) on other assets 7 nsPre-tax income 262 926 (72%)Corporate income tax (84) (209) (60%)Net income/(loss) 178 717 (75%)Minority interests 6 7 (14%)Net income, Group share 172 710 (76%)Net income, (Group share) restated (1) 193 1,040 (81%)(1) Restated for revaluation of debt issues.After exceptional market conditions in 2009, Capital Markets andInvestment Banking activities recorded decreasing revenues in a2010 environment that remains uncertain.In the Fixed Income activities, the performances recorded in debtand credit markets businesses as well as for treasury remainsatisfactory. The results of forex and commodity businesses arealmost stable whereas fi xed-income businesses suffered signifi -cantly just the same as most of the other operators in the market.Crédit Agricole is ranked fi fth global book runner for euro corporatebonds (Thomson Financial, 2010).Despite the high market volatility, investment banking supportednumerous clients in capital increase transactions, convertiblebond issues, spin-offs and employee savings on a global scale.Crédit Agricole CIB is ranked second in 2010 and fi rst in 2009 forthe Equity Capital Markets Activity in France (Thomson Financial).Brokerage revenues, in spite of decreasing volumes and a sluggishEuropean market, have slightly increased, mainly driven byCLSA that still benefi ts from the dynamism of Asian markets.In 2010, discussions on the principles of a future partnershipbetween Crédit Agricole CIB and the CITICS Chinese broker havebeen launched. These discussions aim at the creation of a leadingglobal brokerage platform and an investment bank in theAsia-Pacifi c region. In the structure considered, transactions shallresult in both Crédit Agricole CIB and CITICS owning an equalstake in a holding company comprising CLSA, CA Chevreux,Crédit Agricole Securities (USA) Inc., the institutional brokerageand investment banking activities of CITIC Securities Internationalwhich is based in Hong-Kong (CITICS’s subsidiary), as wellas Equity Capital Market businesses and M&A activities of CréditAgricole CIB in Asia.The cost of risk remains at low levels.After-tax, net income (Group share), restated for revaluation ofdebt issues, was €193 million.The VaR of ongoing activities remains signifi cantly below its limitof €35 million, as indicating a cautious market risk management.82SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3Discontinuing operations2010 2009Change2010/2009€ millionNet banking income (374) (1,347) (72%)Operating expenses (108) (124) (13%)Gross operating income (482) (1,471) (67%)Cost of risk (340) (737) (54%)Pre-tax income (822) (2,208) (63%)Corporate income tax 265 719 (63%)Net income, Group share (557) (1,489) (63%)The continued active portfolio management of discontinuing operationsled to reduce signifi cantly the losses from these operationsthat became less and less material in the Bank’s results. The netincome of discontinuing operations registered a loss of €557 millionat 31 December 2010 compared with a loss of €1,489 millionat the end of 2009, that is to say 63% lower.Exposure to exotic derivatives declined steadily over the year. Itregistered a profi t of €35 million compared with a loss of €72million in 2009.The stabilization plan implemented in June 2009 on the correlationportfolio has led to reduce volatility signifi cantly. The narrowing ofspreads, which had begun in the second quarter of 2009, coupledwith an active implied risk management has resulted in limitingthe loss in net banking income to - €141 million in 2010.Additional impairment losses on the CDOs, CLOs and ABS was of€608 million in 2010 (in NBI and cost of risk) following the slightlytightening of our recovery assumptions in the fi rst semester of2010, compared to a loss of €1.8 billion in 2009. These fi guresinclude counterparty risk on monoline insurers and Credit DerivativeProducts Companies, whose exposures are still reducing.For example, residual exposure to monocline insurers amountedto €159 million at 31 December 2010.Additional information concerning the nature of the main exposuresis provided in the section of the management report entitled« Sensitive Exposures based on the Financial Stability Boardrecommendations« page 108.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 83

32010 MANAGEMENT REPORTInternational Private Banking2010 2009Change2010/2009€ millionNet banking income 541 487 11%Operating expenses (385) (356) 8%Gross operating income 156 131 19%Cost of risk (16) (5) x 3.2Pre-tax income 133 126 6%Corporate income tax (25) (22) 14%Net income/(loss) 108 104 4%Minority interests 8 6 33%Net income, Group share 100 98 2%Despite the scepticism of clients in a remaining volatile environmentand a proportion of cash assets still very important, 2010delivers a good commercial and fi nancial performance with a netbanking income which increased by 11%, driven by the revenuesof the treasury activity despite an unfavourable exchange rate $/CHF.Infl ows were positive in 2010 and increased by + €5.5 billioncompared with 2009, including 63% on institutional investors.Wealth under management amounted to €71 billion at31 December 2010, compared with €62 billion at the end ofDecember 2009.Proprietary Asset Management and other activities2010 2009Change2010/2009€ millionNet banking income (6) 141 nsOperating expenses (9) (12) (25%)Gross operating income (15) 129 nsGains/(losses) on other assets 0 10 nsPre-tax income (15) 139 nsCorporate income tax (9) (46) (80%)Net income, Group share (24) 93 ns2009 mainly registered the cancellation of the expense for deeplysubordinated notes in the fourth quarter of 2009 (counterpartyCrédit Agricole S.A.).84SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• CONSOLIDATED BALANCE SHEET OF CRÉDITAGRICOLE CIBAssets€ billion 31.12.2010 31.12.2009Cash, due from central banks and other banks (excluding repos) 49.2 51.1Financial assets at fair value (excluding repos) 334.0 346.8Derivative fi nancial instruments held for hedging 1.2 1.3Available-for-sale fi nancial assets 19.1 23.2Loans and advances to customers (excluding repos) 122.5 116.4Repos 131.5 109.2Accruals, prepayments and sundry assets 54.8 60.7Investments in equity affi liates 1.1 0.9Non-current assets 0.9 0.9Goodwill 1.9 1.9Total 716.2 712.4Liabilities and shareholders’ equity€ billion 31.12.2010 31.12.2009Due to central banks and other banks (excluding repos) 56.8 50.0Financial liabilities at fair value (excluding repos) 304.9 324.5Derivative fi nancial instruments held for hedging 1.3 0.8Customer accounts (excluding repos) 103.3 87.2Repos 115.8 111.8Debt securities in issue 61.9 64.0Accruals, deferred income and sundry liabilities 47.3 50.5Reserves 0.9 1.2Subordinated debt 8.7 8.0Minority interests 0.7 0.9Shareholders’ equity, Group share (excluding net income for the year) 13.6 13.8Net income, group share 1 (0.3)Total 716.2 712.4SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 85

32010 MANAGEMENT REPORTAt 31 December 2010, Crédit Agricole CIB had total assets of€716 billion, a rise of €4 billion compared to 31 December 2009.USD variation dragged total assets up by €16 billion and JPYvolatility increased assets by €8 million. The main changes werein the following items:• Amounts due to customers (excludingrepos)The rise resulted principally from deposits of fi nancial customersand currency effects.• Financial assets and liabilities at fairvalue through profi t and lossFinancial assets at fair value through profi t and loss (excluding repos)fell by €13 billion, while fi nancial liabilities at fair value throughprofi t and loss (excluding repos) fell by €20 billion. Financial assetsconsist mainly of the positive fair value of derivative fi nancial instrumentsand the portfolio of securities held for trading. Financialliabilities consist mainly of the negative fair value of derivatives,negotiable debt instruments held for trading and securities soldshort.The reduction in these items arose mainly from the lower mark-tomarketvalue of derivatives, which dragged assets down by €16billion and liabilities by €19 billion, mostly on interest-rate derivativesand credit derivatives.• Securities purchased or sold underrepurchase agreementsRepo activities are mainly in Paris, which accounted for 59%of securities purchased and 61% of securities sold under repoagreements. The rise in securities on the asset side in 2010mostly resulted from the increase in treasury trading activities ofTreasury.• Accruals, prepayments, sundry assetsand liabilitiesAccruals, prepayments and sundry assets and liabilities mainlyinclude securities’ sales and purchases transactions awaitingsettlement and cash collateral paid or received on fi nancialmarkets operations.• Debt securities in issueApart from traditional refi nancing via interbank borrowings, CréditAgricole CIB raises liquidity via issuing paper in the main fi nancialmarkets (particularly in the USA via its US branch and its CACIBGlobal Partners Inc. subsidiary, the UK via its London branch,and France).• Shareholders’ equity (Group share)Shareholders’ equity (Group share) excluding net income for theperiod was €13.6 billion at year-end, nearly stable compared with31 December 2009.• Customer loans and receivables (excludingrepos)Loans and receivables to customers amounted to €122.5 billionat 31 December 2010. These receivables mainly arose from fi -nancing activities and are mostly related to corporate customers(88%).86SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• RECENT TRENDS AND OUTLOOK2011 outlookThe United States has made the choice of growth to alleviate theburden of debt, public and private, by once again turning on themonetary and budgetary levers to stimulate activity (no FederalReserve rate increases expected before mid-2012). With thisstrategy, growth of 3% in 2011 seems possible, provided thatthere are also more signs of self-sustained growth increases. Therise in US long-term rates, which have stabilised since mid-Decemberat around 3.4% (the 10-year rate), refl ects the success ofthis gamble. Europe, having chosen the route of austerity to bringpublic debt back to sustainable trajectories, is just ticking over(with growth of 1.5% in 2011) with major divergences accordingto governments, depending on the size of their debt problems.The gamble is that of an ordered correction of public fi nancescoupled with basic reforms to return to a path of healthy growth.The gamble is risky with markets ready to penalize the slightestdefi ciency. The high levels of risk premiums on sovereign debt ofthe peripheral countries are evidence of this feverishness.A surprise came in early 2011 when the ECB adopted a decidedlymore aggressive posture toward infl ationary risk. The ECB,whose sole mandate is price stability in the medium term, hadno other choice than to raise its tone at a time when infl ation isabove its target (of 2.4% in January). But the fi rst sign of monetarytightening is still unlikely at this stage: price pressures originatingupstream (higher energy and food prices) over which the ECBhas no control at all. The lack of growth in the euro zone, thehigh level of the unemployment rate, the latent overcapacitiesand a situation that is still fragile and uncertain on the sovereigndebt front in peripheral countries should in addition dissuade theECB from raising its rates in 2011. Nevertheless, this change intone precipitated market corrections with a sharp rise in rates onshort term maturities and a rise in the Euro that reached EUR1 =USD1.37 in January.The rebound of the European currency, against a background offorecast interest rate hikes by the ECB, should therefore be shortlived.The foreign exchange market should give greater weightto growth differentials and to the benefi t of the dollar (a targetexchange rate of EUR 1 = USD 1.25 by end-2011).On the other hand, long-term risk-free rates will continue to riseto begin to be in accordance with the recovery plan underway(3.75% for the Germany Bund and 4% for the US 10-year rate bythe end of 2011). Even though Europe is providing a suffi cientlyconvincing and credible response to the sovereign debt crisis, inparticular after the meeting of the European Council on 24 and25 March 2011, spreads in peripheral countries should end up byreducing signifi cantly.Crédit Agricole Corporate andInvestment Bank outlookOn 17 March 2011, Crédit Agricole Group disclosed its mediumterm plan of Crédit Agricole S.A. Group, 2014 Commitments.Crédit Agricole Corporate and Investment Bank has set for itscorporate and investment banking activities, three strategic targetsfor 2014:• Selective expansion:- Consolidate its model as a local corporate bank, with confi r-med sector expertise on a global scale.- Align its capital market and investment banking activities withthe priorities of its corporate banking activities* fi xed income activities serving target customers andopening up access to a global investor base.* equity activities capitalising on the bank’s sector expertise.- Adapt its geographical presence according to priority customers,key sectors and access to liquidity.• An optimised structure: rigorous management of resources andredeploying them to serve its expansion.- Operating effi ciency plan.- Optimising of the international operations.• Controlled resources: active management of risk-weightedassets.- Ongoing CIB risk-weighted assets excluding regulatory impactof CRD 3 & 4 more or less stable in 2011-14.2014 financial targets:• NBI: ≈ €7 billiion.• Cost/income ratio < 60%, down more than 6 points comparedto 2010.• Net income, Group share (marginal impact on earnings of discontinuingoperations in 2014): ≈ €1.8 billion.• RoE (CRD 3 & 4, calculated at 7% of risk-weighted assets at theend of the period) (1) : 13-15%.(1)With a cost of risk of 50 bp of risk-weighted assets of global fi nanceactivities.DisclaimerThis presentation includes prospective information on the Group, whichis supplied as information on trends and, in many cases, is referred to asa « target«. This data does not represent forecasts within the meaning ofEuropean Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, § 10).This information was developed from scenarios based on a number of economicassumptions for a given competitive and regulatory environment.Therefore, these assumptions are by nature subject to random factors thatcould cause actual results to differ from projections.Crédit Agricole S.A. makes no undertakings and declines all liability vis-àvisinvestors or any other stakeholder for updating or revising any of thestatements, prospective information, trends or targets contained herein,particularly as a result of new information or future events.The presentation includes 2010 fi gures extracted from the consolidatedfi nancial statements of Crédit Agricole S.A. which are based on estimates,particularly in calculating market value and asset impairment.Readers must take all these risk factors and uncertainties into considerationbefore making their own judgement.Neither the Crédit Agricole Group nor Crédit Agricole S.A. and their representativesshall not be held liable for any damages arising in connectionwith the information appearing in this presentation.The fi gures in respect of the year ended 31 December 2010 and of fi nancialtargets have been prepared in accordance with the IFRS standards adoptedby the European Union.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 87

32010 MANAGEMENT REPORT INFORMATION ON CRÉDIT AGRICOLECIB (SA) FINANCIAL STATEMENTS• CRÉDIT AGRICOLE CIB (SA) CONDENSEDBALANCE SHEETAssets€ billion31.12.2010 31.12.2009Liabilities andshareholders’equity€ billion31.12.2010 31.12.2009Interbank and similar items 153.7 150.1 Interbank and similar items 113.3 116.7Customer items 121.8 111.4 Customer accounts 131.7 109.9Securities portfolio 63.0 59.7 Debt securities in issue 78.3 79.0Accruals, prepayments andsundry assets309.3 317.2Non-current assets 8.4 8.7Total assets 656.2 647.1Accruals, deferred income andsundry liabilities311.7 322.0Impairment and subordinateddebt12.1 11.8Fund for general banking risks 0.1 0.1Shareholders’ equity (excl. FRBG) 9.0 7.6Total liabilities andshareholders’ equity656.2 647.1At 31 December 2010, Crédit Agricole CIB’s total assets were€656 billion, an increase of €9 billion relative to the 31 December2009 fi gure.• Interbank transactionsAssets relating to interbank transactions increased by €3.6 billion(+2.4%). with a decrease of - €4 billion in demand deposits withcentral banks, of - €9.7 billion on treasury bills and a rise of €17.3billion on due from banks (including an increase of €16.0 billion onsecurities sold under repurchase agreements from the treasuryactivity).On the contrary, interbank liabilities decreased by €3.4 billion,including - €6.2 billion on repos and + €3.4 billion on borrowings.These changes mainly result from several factors:• a lower part of assets invested in European Sovereign Debts;• an interest-rate from central banks less attractive, leading tomore buoyant investments;• a reallocation of resources in 2010 to cash and a surge in repos(+€22.0 billion in net assets/liabilities).• Customer transactionsAssets rose by €10.4 billion ( + 9.3%), and liabilities increased by€21.8 billion (+19.8%).Repos to customers rise by €3.3 billion on the asset side and by€7.1 million on the liability side.Excluding repo activities, the changes amounted to +€7.1 billionon the asset side and to + €14.7 billion on the liability side.• The rise in lending to customers is mainly due to CréditAgricole CIB France and more particularly to structured fi nanceoutstandings which increased by +€3.6 billion.• The increase of liabilities relating to customer transactions wasmainly due to Crédit Agricole CIB USA and Crédit Agricole CIBUK (+ €11.0 billion) with a high growth of deposits from differentinvestment funds.88SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• Securities transactions and debtsecurities in issueSecurities transactions increased by €3.3 billion or 5.4% and debtsecurities in issue slightly decreased by €0.7 billion.The increase on the asset side is mainly due to the purchase ofbonds issued by Crédit Agricole S.A. for an amount of €5.4 billion.Crédit Agricole CIB S.A. supplierpayment timesCrédit Agricole CIB pays its suppliers within 25-40 days.Crédit Agricole CIB had outstanding payables of €13.9 million at31 December 2010.• Accruals, prepayments, sundry assetsand liabilitiesAccruals mainly registered derivatives fi nancial instruments at fairvalue. These amounts are reported in fi nancial assets and liabilitiesmeasured at fair value in the consolidated fi nancial statements.«Other assets« and «other liabilities« mostly include premiumson conditional derivative fi nancial instruments, miscellaneousdebtors and creditors and trading securities’ sales and purchasestransactions awaiting settlement.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 89

32010 MANAGEMENT REPORT• CRÉDIT AGRICOLE CIB (SA) CONDENSEDINCOME STATEMENT2010 2009€ millionNet banking income 3,339 4,368Operating expenses (2,201) (1,995)Gross operating income 1,138 2,373Cost of risk (594) (1,691)Net operating income 544 682Net gain/loss on disposal of non-current assets (335) (19)Pre-tax income on ordinary activities 209 663Net extraordinary items (2) 0Corporate income tax 1,176 45Net allocation to the FGBR and regulated reserves 5 12Net income/(loss) 1,388 720Crédit Agricole CIB’s net banking income in 2010 was €3.3 billion.In the diffi cult market climate, revenues from the fi xed- incomeactivities have clearly declined compared with the exceptionalmarket conditions in 2009 for treasury activities and debt andcredit markets businesses in particular. Nevertheless, in 2010fi nancing activities delivered a record performance, particularlyin structured fi nance. Losses from discontinuing activities significantly decreased compared with previous years and have nowa moderate impact on revenues (a - €374 million in net bankingincome).General operating expenses increased by €206 million (+11%).This increase resulted from a historically low level of costs in 2009(due to measures to reduce costs) and an unfavourable currencyeffect.Crédit Agricole CIB generated a gross operating income of €1.1billion in 2010.The cost of risk amounted to -€0.6 billion in 2010 (versus a lossof €1.7 billion in 2009), half of the provisions concerns discontinuingactivities. The decrease in the cost of risk refl ects a globalimprovement in business conditions and in the specifi c risk onCrédit Agricole CIB counterparties. This reduction is also due tothe signifi cantly reduced losses from discontinuing activities.The item «corporate income tax« is positive in 2010 (+€1.2 billion)due to the purchase by Crédit Agricole S.A. of previous carryforwardtax defi cits according to the tax consolidation group(impact of +€1.4 billion versus €135 million in 2009).Crédit Agricole CIB is part of the Crédit Agricole S.A. tax consolidationgroup. The tax consolidation agreement between CréditAgricole S.A. and Crédit Agricole CIB enables Crédit Agricole CIBto sell its tax defi cits.Crédit Agricole CIB (SA) generated a net income of €1,388 millionin 2010 as opposed to a €720 million gain in 2009. Crédit AgricoleCIB France accounted for +€828 million of this profi t, while itsbranches accounted for +€560 million.90SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• FIVE-YEAR FINANCIAL SUMMARYITEMS 2006 2007 2008 2009 2010Share capital at year-end (€) 3,435,953,121 3,714,724,584 3,714,724,584 6,055,504,839 6,055,504,839Number of shares issued 127,257,523 137,582,392 137,582,392 224,277,957 224,277,957Total result of realized transactions (€)Gross revenue (excl. tax) 382,645,157,674 367,761,333,633 488,353,038,936 447,272,516,791 292,137,398,707Profi t before tax, depreciation,amortisation and reserves1,789,896,247 (2,237,246,750) (2,936,075,816) 1,519,217,173 110,543,984Corporate income tax 317,676,006 (12,205,109) 135,098,156 (27,584,540) (1,178,684,864)Profi t after tax, depreciation, amortisationand reserves1,530,910,827 (2,855,358,688) (4,153,939,642) 719,761,962 1,388,131,633Amount of dividends paid 2,048,450,000 0 0 0 955,424,097Earnings per share (€)Profi t after tax but before depreciation,amortisation and reservesProfi t after tax, depreciation, amortisationand reserves(2)11.57(3)(16.17)(4)(22.32)(5)6.90(6)5.75(2)12.03(3)(20.75)(4)(30.19)(5)3.21(6)6.19Dividend per share 16.10 0.00 0.00 0.00 4.26PersonnelNumber of employees(7)7,735(7)8,363(7)7,695(7)7,415(7)7,455Wages and salaries paid during thefi nancial yearEmployee benefi ts and socialcontributions961,599,074 1,011,387,894 855,077,555 826,742,162 888,153,068336,915,857 323,470,829 339,015,389 294,878,902 304,213,017Payroll taxes 53,599,575 29,752,164 33,903,795 33,192,628 32,772,179(1)Calculation based on number of shares issue excluding treasury stock at end-2005, i.e. 115,547,092.(2)Calculation based on number of shares issue excluding treasury stock at end-2006, i.e. 127,257,523.(3)Calculation based on number of shares issue excluding treasury stock at end-2007, i.e. 137,582,392.(4)Calculation based on number of shares issue excluding treasury stock at end-2008, i.e. 137,582,392.(5)Calculation based on number of shares issue excluding treasury stock at end-2009, i.e. 224,277,957.(6)Calculation based on number of shares issue excluding treasury stock at end-2010, i.e. 224,277,957.(7)Average headcount.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 91

32010 MANAGEMENT REPORT• RECENT CHANGES IN SHARE CAPITALhe table below shows changes in Crédit Agricole CIB’s share capital over the last fi ve years.Date and type of transactionAmountof share capital(€)Numberof sharesShare capital at 31 December 2005 3,119,771,484 115,547,092Scrip dividend payment 316,181,637 11,710,431Share capital at 31 December 2006 3,435,953,121 127,257,523Scrip dividend payment 278,771,463 10,324,869Share capital at 31 December 2007 3,714,724,584 137,582,392Share capital at 31 December 2008 3,714,724,584 137,582,39228.01.2009Capital increase (share issuance)2,340,780,255 86,695,56526.08.2009Capital increase (issuance premiums and increase in the par value of existing shares) 2,357,161,328Capital decrease (appropriation of 2008 retained earnings and decrease of the par valueof existing shares)(2,357,161,328)Share capital at 31 December 2009 6,055,504,839 224,277,957Share capital at 31 December 2010 6,055,504,839 224,277,957Authorisations to effect capital increasesInformation required by article L.225-100 of the Code de commerce:Crédit Agricole CIB has no authorization validated, granted by the Shareholders’ meeting to the Board of Directors, to proceed to capitalincreases.92SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• INFORMATIONS ON CORPORATE OFFICERSInformation relating to the compensation, terms of offi ce and functionsof corporate offi cers as required by article L.225-102-1 of theCode de Commerce is provided in the « Corporate Governance«chapter on pages 57 to 76.Trading in the Company’s shares by corporate offi cers: informationthat could be required by article L.621-18-2 of the Code Monétaireet Financier and article 223-26 of the Autorité des Marchés Financiers’general regulations is provided in page 76 of this document.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 93

32010 MANAGEMENT REPORT RISK MANAGEMENT• ORGANISATION OF THE RISK FUNCTIONThe Risk Management and Permanent Controls (RPC) division isin charge of the supervision and permanent control of risks acrossthe whole of the Crédit Agricole CIB Group’s scope of internalcontrol. It carries out second-level supervision and permanentcontrol of credit, market and operational risks. It also supervisesunits in charge of fi nancial internal control, along with those incharge of information continuity and security.Crédit Agricole CIB ‘s Risk Management and Permanent Controlsorganisation is integrated into the Crédit Agricole S.A. Group’sRisk Management and Permanent Controls business line. Riskmanagement is delegated to Crédit Agricole CIB under formallyadopted subsidiarity and delegation principles. Within this framework,the RPC regularly reports its major risks to Crédit AgricoleSA’s Group Risk Management Division, and has Crédit AgricoleS.A.’s Group Risk Management Committee (CRG) approvethose cases which exceed its authorised limits as well as substantialrisk strategies at the Crédit Agricole S.A. Group level.A worldwide organisationThe RPC is a worldwide organisation with the following attributes:• all risk management tasks and business lines, whatever theirnature or location, are grouped together within the division. TheRPC has seven departments:- « Corporate« Individual Counterparty Risks,- « Financial Institutions« Individual Counterparty Risks,- Organisation, projects and operational management ofCounterparty Risks- Counterparty risks on market transactions,- Country and Portfolio Risks,- Market Risks,- Permanent Controls and Operational Risks, and CorporateSecretariat of RPC;and specialised units (Risk culture, supervision, centralmanagement and specifi c cases);• all of Crédit Agricole CIB’s local and regional RPC managerswithin the international network report directly to the RPC’smanagers at Head Offi ce;• internal fi nancial control offi cers and information continuityand security offi cers report functionally to the head of thePermanent Controls and Operational Risks department;• Crédit Agricole CIB’s head of Risk Management and PermanentControls reports hierarchically to Crédit Agricole S.A.’shead of Group Risk Management;• Crédit Agricole CIB’s head of Risk Management and PermanentControl reports functionally to Crédit Agricole CIB’s ManagementBoard and is a member of Crédit Agricole CIB’s ExecutiveCommittee.In 2010 the organisation changed with the creation in Paris ofa unit called « Risk Culture« that reports to the Head of RPCwho is in charge of developing, mostly thanks to actions ofcommunication and training, a set of collective knowledge basedon methodologies, the « best practices«, the Risk strategies andprocedures of the Bank.Governance• Information of Crédit Agricole CIBgovernance bodiesThe Crédit Agricole CIB Audit Committee and Board of Directorsreceive a report on Risk Management and main exposures quarterly,a report on Risk situation semi-annually and specifi c monographswhen needed that are realised periodically or on request.The global management of the activities is structured around thetwo following committees:• a Strategic Risk Management Committee (CSR), whose aimis to ensure that the bank global strategy is consistent with itscapacity of taking risks. It also reviews main issues and decideson the measures to take. This Committee includes ExecutiveManagement, the commercial unit managers, the Chief FinancialOffi cer, the Crédit Agricole CIB Risk Management Divisionand the Crédit Agricole S.A. Head of Risk Management;• a Strategy and Portfolio Committee (CSP), which overseeseach location/country, each signifi cant subsidiary within a specific strategygiving the main development guidelines for each business. It alsodecides on the main risk budgets in the global portfolio and reviewstheir utilisation periodically.Decision-making process is based on selected cases by dedicatedcommittees:• Business and geographical Committees are in charge of retailfi nancing within the limit granted to each manager;• the most signifi cant fi les are reviewed by the Counterparty RiskCommittee (CRC) which is chaired by a member of ExecutiveManagement. The Crédit Agricole S.A. Group Risk ManagementDivision (DRG) is systematically a member of this committeeand receives all the fi les. The cases with an amount higherthan the limits granted to Crédit Agricole CIB are presented fordecision to the Crédit Agricole S.A. Executive Management,after approval by the Group Risk Management Division;• the Market Risk Committee (CRM), which is also chaired bya member of Executive Management, monitors market exposurestwice a month. The CRM sets the limits and doescontrols on compliance accordingly.94SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3Operational management bodiesOIn addition to the Committees in charge of risks (CSR, CRC,CRM), risk management reports are also regularly presented tothe following bodies:• Crédit Agricole CIB Executive Committee, with debates anddiscussions dedicated to risk management;• Internal Control Committee which is responsible for monitoringmarket and counterparty limits as well as the recommendationsof internal and external audit bodies;• Faîtier Central Permanent Control Committee which validatesthe work assigned to Permanent Control and reviews the permanentcontrol systems of the Business Lines or branches andcross-functional issues.Crédit Agricole S.A. risk management processCrédit Agricole CIB is part of the Crédit Agricole S.A. Risk processwhich is structured by the following bodies:• The Group Risk Management Committee is chaired by theCrédit Agricole S.A. CEO. Crédit Agricole CIB mainly presentsto the committee its approvals, its main limit risk strategies, itsbudgets by country, the corporate signifi cant outstanding, thesensitive cases as well as the market risk situation• The Supervisory Risk Management Committee which belongsto the CRG. Chaired by the Crédit Agricole S.A. CEO, thiscommittee reviews counterparties which present signs ofdeterioration or a need of arbitrage between entities of theGroup;• The Standards and Methodology Committee (CNM) is chairedby the Crédit Agricole S.A. Head of Risk Management andPermanent Controls to which Crédit Agricole CIB submitsfor decision any proposal of new or existing methodologyas regards to measurement or qualifi cation under the BaselCommittee before implementation in Crédit Agricole CIB;• The CIB Business Line Monitoring Committee is chaired by theCrédit Agricole S.A. Head of Risk Management and PermanentControls in the presence of the Crédit Agricole CIB Deputy CEOin charge of the support functions and of the Crédit AgricoleCIB Risk Management Division. This committee reviews CréditAgricole CIB risk situation as well as the progress of some ofthese processes .• CREDIT RISKA credit risk occurs when a counterparty is unable to fulfi ll itsobligations and when the book value of these obligations in thebank’s records is positive. The counterparty may be a bank, anindustrial or commercial corporate, a government or governmententity, an investment fund or a natural person.The exposure may be a loan, debt security, deed of property,performance exchange contract, guarantee or unused confi rmedcommitment. The risk also includes the settlement risk inherent inany transaction entailing an exchange of cash or physical goodsoutside a secure settlement system.Objectives and policyRisk-taking in Crédit Agricole CIB must be done through the riskstrategy defi nition approved by the Strategy and Portfolio Committee(CSP), chaired by Executive Management. The risk strategiesare set for each entity or business line carrying a risk withinthe scope of control of Crédit Agricole CIB. The strategies defi nethe boundaries within which each business line or geographicalentity must conduct its activities: industrial sectors included (orexcluded), type of counterparty, nature and duration of transactionsand products authorised, category or intensity of risks incurred,existence and value of guarantees, overall portfolio volume,defi nition of individual and overall risk level, diversifi cation criteria.The defi nition of a risk strategy on each scope, sector, businessline or geographic entity allows Crédit Agricole CIB to require qualitycriteria on the commitments that are taken. It also preventsfrom excessive concentrations not expected by Crédit AgricoleCIB and it leads to a risk diversifi cation of the portfolio profi le.Concentration risks are managed by using specifi c indicators thatare taken into account for granting loans. Then concentrationsare monitored a posteriori for the entire portfolio by identifyingthe most signifi cant exposures and by using specifi c quantitativeindicators.Finally, an active portfolio management is done within Crédit AgricoleCIB to reduce main concentration risks and also to optimizeits uses of shareholders’ equity. The CPM uses market instrumentssuch as credit derivatives or securitisation mechanisms toreduce and diversify counterparty risks. The credit syndicationfrom external banks as well as a hedging policy (credit-insurance,derivatives, etc) are other ways to limit possible concentrations.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 95

32010 MANAGEMENT REPORTCredit risk managementGeneral principles of risk-takingCredit decisions depend on the upstream risk strategies that aredefi ned above.Limits are set for all counterparties and groups of counterparties,in order to control the amount of commitments, whatever the typeof counterparty (corporate, sovereign, banks, fi nancial institutions,local authorities, SPEs, etc.). Authorisations vary accordingto the quality of the risk, assessed by an internal rating of thecounterparty. The credit decision must form part of the formallyapproved risk strategies.Second-level controls on compliance with limits are performedby the RPC, supplemented by a process for monitoringindividual risks and portfolio risks, in order to detect any possibledeterioration in the quality of the counterparty and Crédit AgricoleCIB’s commitments as far ahead as possible.Where the risk is substantiated, a collective and specifi cimpairment policy is put into effect.New transactions are approved according to a decisionmakingprocess based on two front-offi ce signatures, one by acommitment analysis unit, the other by a front-offi ce manager assigning offi cer.The decision is supported by an independent opinion by theRPC and must take Basel II parameters into account, includingthe internal rating of the counterparty and the predictive LossGiven Default (LGD) attributed to the proposed transactions; acalculation of ex-ante profi tability (RAROC) must also be includedin the credit fi le. In the event that the risk management team’sopinion is negative, the decision-making power is passed up tothe chairman of the higher committee.Risk measurement methods and systems• Internal rating systemThe internal rating system covers all methods, procedures andcontrols used to calculate credit risk, borrower ratings and lossgiven default fi gures for all of our exposures.In 2007, Crédit Agricole CIB received authorisation from theAutorité de Contrôle Prudentiel (ex-Commission Bancaire)to useits internal credit risk rating system to calculate regulatory capitalrequirements.The methods used cover all types of counterparty and combinequantitative and qualitative criteria.They are devised using the expertise of the various fi nancingactivities within Crédit Agricole CIB, or within the Crédit AgricoleGroup if they cover customers shared by the whole Group. Therating scale has 15 notches. It has been established on the basisof a segmentation of risk so as to provide a uniform view of defaultrisk over a full business cycle. The scale comprises thirteen ratings(A+ to E-) for counterparties that are not in default (including tworatings for counterparties that have been placed under watch)and two ratings (F and Z) for counterparties that are in default.Comparison between the internal Group ratings and the rating agenciesCréditAgricoleGroupIndicativeMoody'sratingequivalentIndicativeStandard's& Poor'sratingequivalentA+ A B+ B C+ C C- D+ D D- E+ E E-AaaAa1/Aa2Aa3/A1 A2/A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1/B2 B3AAA AA+/AA AA-/A+ A/A- BBB+ BBB BBB- BB+ BB BB- B+/B B-Caa/Ca/CCCC/CC/CAll the methods are presented and validated by Crédit AgricoleS.A.’s Standards and Methodology Committee, which ensuresthat they are consistent with the Group’s other methods.The internal ratings of corporate customers are monitored using asystem deployed across the whole Crédit Agricole Group, knownas « FRANE« (corporate rating regulatory support functions), whichensures that uniform ratings are applied throughout the group andorganises back-testing work on shared customers.Crédit Agricole CIB has ensured that the risk parameters requiredby Basel II, allowing the calculation of capital requirements,are used as part of the Bank’s internal management. They areused by all people involved in the process of granting loans andmeasuring and monitoring credit risks.Data used for granting loans and determining ratings aremonitored every month by a data quality committee. Thiscommittee is coordinated by the Risk Management Department,and representatives of all business lines take part in it. Thecommittee monitors a set of indicators concerning the qualityof data used for rating purposes, as well as the calculation ofother Basel II parameters when granting loans, such as loss givendefault (LGD), credit conversion factor (CCF) and risk reductionfactor (RRF). The committee helps business lines apply BaselII requirements and, if necessary, to take remedial action whendiscrepancies arise. It provides important help in checking thatthe Basel II system is used properly by the business lines.96SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• Credit risk measurementThe measurement of credit risk exposures includes both drawnfacilities and confi rmed unutilized facilities. To measure counterpartyrisk on capital markets transactions, Crédit Agricole CIBuses an internal method for estimating the underlying risk of derivativefi nancial instruments such as swaps and structured products.The counterparty risk on markets transactions is subject to therecognition of potential risk arising from the change in market valueof derivatives instruments during their residual lifespan. Whenthe netting and collateralization agreements with the counterpartyallow, counterparty risk is measured for the portfolio net of eligiblecollateral. The corporate and investment business uses thismethod for the internal management of counterparty risk, and itdiffers from the regulatory approach used to meet the measurementrequirements of European, and international capital adequacyratios or for reporting majors risks.To reduce exposure to counterparty risks, the corporate and investmentbusiness enters into netting and collateralization agreementswith its counterparties (cf. paragraph 4. below: « Credit riskmitigation mechanism).Information on credit risks are provided in page 100 of the managementreport as well as in note 3 of the notes to the consolidatedfi nancial statements.Portfolio and concentration risksDecision-making and individual risk monitoring within Crédit AgricoleCIB are backed up by a portfolio risk monitoring system thatenables the group to assesscounterparty risks for its overall portfolio and for each of theconstituent sub-portfolios, according to a breakdown by businessline, sector, geographic zone, or any delineation that brings outspecifi c risk characteristics in the overall portfolio.Portfolio reviews are conducted periodically at each profi t centrein order to check that the portfolio is consistent with the riskstrategy in force, to assess the various segments of the portfolioagainst one another and against any aspects of the operatingenvironment or external impacts that may be infl uencing them,and fi nally to reassess the internal rating of the counterpartiesunder review.Different tools were implemented to detect any concentrationdeemed to be excessive for the entire portfolio, sub-portfolios orat a unit level:• Unit concentration scales were implemented to give referencepoints according to the nature, the size, the rating and the geographicarea of the counterparty. They are used in the loangrantingprocess and are periodically implemented to the entireportfolio to detect concentrations that seem to be excessive aposteriori.• The concentrations by sector or by geographic area are regularlythe subject of supervision, ad hoc analysis and when needed,of recommendations for action. In all cases, concentrationrisks are taken into account in the risk strategy analysis of eachbusiness line or geographic entity.Crédit Agricole CIB employs credit risk modelling tools and inparticular uses an internal portfolio model that calculates averageexpected loss, average loss volatility and unexpected loss,allowing it to estimate the economic capital required to conductits business. Average loss and volatility fi gures enable Crédit AgricoleCIB to anticipate the average risk-related cost in its portfolio,and changes therein. Economic capital is an additional measurementof Basel II regulatory capital, to the extent that it allowsa more detailed view of the portfolio using a correlation modeland parameters calibrated using internal databases. For example,economic capital is estimated by taking into account Crédit AgricoleCIB’s internal rating target rather than the 99.9% confi denceinterval required by Basel II.The internal portfolio model also takes into account the positiveimpact of protection (Credit Default Swaps, securitisations) purchasedby Crédit Agricole CIB’s Credit Portfolio Managementunit. Finally, it measures the effects of excessive concentration ordiversifi cation within our portfolio.Stress scenarios are the fi nal type of counterparty risk assessmenttool. They are regularly produced to estimate the impact ofextreme shocks on some or all of the portfolio.Sector risksCrédit Agricole CIB’s portfolio is analysed by major industrial sectorat regular intervals, at least once a quarter. Risks within eachsector in terms of commitments, level of risk (expected loss, economiccapital) and concentration are examined.Concentration is assessed on two levels: the sector’s weightingwithin Crédit Agricole CIB’s overall portfolio and the level of diversification within each sector.At the same time, the economic and fi nancial risks of each significant sector are analysed and leading indicators of deteriorationare monitored. These analysis are prepared with Crédit AgricoleS.A’s specialists teams.Stress scenarios are also prepared where necessary.In the light of these various analyses, measures to diversify orprotect sectors at risk of deterioration are recommended.Country risksCountry risk is the risk that economic, fi nancial, political or socialconditions in a foreign country will affect the bank’s fi nancialinterests. It does not differ in nature from « elementary« risks(credit, market and operational risks). It constitutes a set ofrisks resulting from the bank’s vulnerability to a specifi c political,macroeconomic and fi nancial environment.The system for assessing and monitoring country risk withinCrédit Agricole CIB is based on an internal rating model. Internalcountry ratings are based on criteria relating to the economy’sstructural solidity, ability to pay, governance and political stability.Annually reviewed limits and risk strategies are applied toeach country whose rating is lower than the threshold set byprocedures.In addition, the Bank performs scenario analyses to test adversemacroeconomic and fi nancial assumptions, which give anintegrated overview of the risks to which it may be exposed insituations of extreme tension.The Group manages and controls its country risks according tothe following principles:• Activities exposed to country risk are defi ned and identifi edthrough the development and monitoring of analytical countrySHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 97

32010 MANAGEMENT REPORTrisk management tools.• Acceptable country risk exposure limits are determined throughannual reviews of country strategies, depending on the portfolio’svulnerability to country risk. This degree of vulnerability isdetermined by the type and structure of transactions, the qualityof counterparties and the term of commitments. These exposurelimits may be reviewed more frequently if developments ina particular country make this necessary. These strategies andlimits are validated by Crédit Agricole CIB’s Strategy and PortfolioCommittee (CSP) or Country Risk Committee (CRP) andby Crédit Agricole S.A.’s Risk Management Committee (CRG).• Country risk is evaluated on a regular basis through the productionand quarterly updating of ratings on each country to whichthe Group is exposed. These ratings are produced using aninternal country rating model based on various criteria (structuralsolidity, governance, political stability and ability/desire topay). Specifi c events may cause ratings to be adjusted beforethe next quarterly review.• Crédit Agricole CIB’s Country and Portfolio Risk Departmentvalidates transactions whose size, maturity and country riskintensity may potentially affect the quality of the portfolio.• Country-risk exposure is monitored and controlled in both quantitative(amount and term of exposure) and qualitative (portfoliovulnerability) terms through specifi c and regular reports on allcountry risk exposures.Counterparty risks on capital market activitiesDerivatives and repo transactions carried out by Crédit AgricoleCIB as part of its capital market activities generate a risk of defaultby the transaction counterparties. Crédit Agricole CIB uses internalmethods to estimate the current and potential risk inherent inderivative fi nancial instruments, taking a net portfolio approachfor each client:• the current risk is the amount that would be due by the counterpartyin the event of immediate default;• the risk of variation is the estimated maximum amount of ourexposure over the residual life of the transaction, at a givenconfi dence interval.The methods used are based on Monte Carlo simulations to measurethe risk of change in the market value of a portfolioof derivatives over the residual life of the portfolio, based on astatistical observation of movements in the underlying variables.The model also takes into account various risk mitigation factors,linked to set-off and collateralisation contracts negotiated withcounterparties during the pre-transaction documentation phase.The risk of variation calculated using the internal model is used tomanage limits assigned to counterparties and to calculate economiccapital under Pillar 2 of Basel II, by calculating the « ExpectedPositive Exposure«, which corresponds to an average risk profi lein a global portfolio approach.For regulatory purposes, Crédit Agricole CIB uses the standardapproach to calculate the benchmark Exposure At Default (markto-market+regulatory add-on [potential credit risk] after factoringin portfolio effects). See note 3.1 to the consolidated fi nancial statements:« Derivative fi nancial instruments – Counterparty Risk«on page 170.Commitments Monitoring systemMonitoring systemFirst-degree controls on compliance with the conditions thataccompany a credit decision are carried out by the front offi ce.The Risk Management and Permanent Controls division is incharge of second-level controls.Commitments are supervises for this purpose, and portfoliobusiness is monitored constantly in order to identify at an earlystage any assets that could deteriorate. The aim is to adoptpractical initiatives as early as possible so as to protect the Bank’sinterests.• Commitments monitoring methodsThe main methods used in this monitoring are:• enhanced day-to-day controls on capital markets transactionsand implementation of committes on market transactions thatmeet twice a month. Possible excesses are monitored on differentrisk parameters ( in particular risk of variation and settlementrisk), and lead to corrective actions and dedicated followupswith the business lines. A monthly summary of control isgiven to the Management Board.• Control Committees which meet monthly to examine deviationsand exceptions (arrears, excess drawings and breaches of limits,ongoing syndications, fl awed legal documentation, reviewfrequency etc.). These committees lead to readjustment decisionsthat are taken by the business lines or by the individualrisk departments.• A permanent monitoring of portfolioSeveral bodies ensure a permanent monitoring of portfolio businessesto detect any possible deterioration or any problem ofconcentration as early as possible:• Early Warning Committees, which meet monthly and endeavour,by various means, to identify early signs of potential deteriorationin loans which are healthy but deemed sensitive, inorder to reduce or cover the risk exposure;• quarterly reviews of major risks regardless of the quality of borrowersconcerned;• a regular search for excessive concentrations with respect tothe amount of economic capital employed and the amount ofexisting commitments, carried out on a quarterly basis;• mappings are carried out monthly for counterparty risks on markettransactions (risk of variation), issuer risks, risks relating to98SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3repurchase agreements and lending-borrowing assets, guarantorrisks. These mappings are presented and analysed in thecommittes dedicated to such matters.These steps lead to:• changes in internal ratings of counterparties which are, whenneeded, classifi ed as sensitive;• practical decisions to reduce or cover commitments at risk;• possible transfers of assets to the specialised recovery unit.Monitoring of sensitive items andimpairmentSensitive items, whether performing debts on the watch list ordoubtful or bad debts, are managed on a daily basis within theentities, and enhanced surveillance is carried out on a quarterlybasis:• sensitive items review committees are held locally every quarter,to provide an update of the scope and changes in impairmentfor each entity.• Central committees are also convened under the chairmanshipof the Risk Management and Permanent Controls division, inorder to proceed with a joint examination of these loans’ classification as Doubtful or Sensitive Items.These committees propose specifi c impairment decisions whichare then validated by the Management Board.The defi nition of default complies with the required Basel II defi -nition; rigorous default identifi cation procedures have been introducedon this basis.Stress scenariosCredit stress scenarios are devised to assess Crédit AgricoleCIB’s risk of loss in the event of a serious deterioration in theeconomic and fi nancial environment.There are two types of stress scenario:• the fi rst aims to refl ect the impact of a macroeconomic deteriorationaffecting the whole portfolio in terms of Basel II regulatorycapital and revenues;• the second focuses on a sector or geographical zone thatconstitutes a homogeneous set of risks.These scenarios have different uses:• stress scenarios on targeted portfolios are used as part of therisk strategies to support the decisions taken in CSP. Theyquantify the loss in the event of a sudden deterioration of theenvironment on a given portfolio either for an economic sectoror for a country risk;• stress scenarios covering the entire portfolio and all the riskcategories are used for granting requests about reinforced prudentialsupervision, and for the implementation of prudentialrequests under Pillar 2 of Basel II. In 2010, CACIB has contributedon its scope to calculate stress scenarios in accordancewith French Prudential Supervisory Authority. Results were publishedat the Crédit Agricole S.A Group level;• these latter scenarios, at a global level, are used for fi nancialmanagement, and particulary for the budget process and forcapital funds oversight.Credit risk mitigation mechanismGuarantees and collateralsreceivedCrédit Agricole CIB requires guarantees and collateral from a significant number of its counterparties to reduce its risks, either forfi nancial transactions or market transactions.The principles for accepting under Basel II, taking into accountand managing guarantees and collateral are defi ned by the CréditAgricole Group’s Standards and Methodology Committee.This common framework ensures a consistent approach acrossthe Group’s various entities. The Committee documents aspectsincluding the conditions for prudential use, valuation and revaluationmethods and all credit risk mitigation techniques used withinthe Crédit Agricole CIB Group.Crédit Agricole CIB then devises its own operational proceduresand arrangements for the detailed management of these guaranteesand collateral.Commitments given and received are presented in note 8 to theconsolidated fi nancial statements.Use of netting contractsIf a « framework« contract has been signed with the counterparty,Crédit Agricole CIB applies netting to the counterparty’s exposures.Crédit Agricole CIB also uses collateralisation techniques(deposits of cash or securities).A policy of netting and collateral regulates the internal rules thattake into account such agreements, in accordance with the prudentialrequirements. It relies on a detailed analysis of the applicationor non-application of the agreements of netting and collateralby type of contract and by country. Decisions for its implementationare taken into a Committee « Netting and collateral policy«.A « Netting and collateral coordination« unit was created withinRPC in 2010 to facilitate the implementation of the policy and toreinforce the supervision of its proper implementation.Use of credit derivativesThe Bank uses credit derivatives and a range of risk transfer instruments,including securitisation, in managing its banking book(cf. Pillar 3 page 104 to 106).Outstanding nominal amounts of protection purchased in theform of credit derivatives came to €13.1 billion at end-2010. Thenotional amount of sell positions totalled €907 million.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 99

32010 MANAGEMENT REPORTExposuresMaximum exposure to credit riskCrédit Agricole CIB’s maximum exposure to credit risk is the net book value of loans and advances, debt instruments and derivative instrumentsbefore the effect of unrecognised netting agreements and collateral.€ millionNotes 2010 2009Financial assets at fair value through profi t and loss (excludingvariable-income securities and assets backing unit-linked contracts)6.2 371 651 372 515Derivative fi nancial instruments held for hedging 3.4 1 184 1 371Available-for-sale assets (excluding variable-income securities) 6.4 17 728 22 093Due from banks ( excluding internal transactions) 6.5 71 581 65 874Loans and advances to customers 6.5 157 667 149 033Exposure to on-balance-sheet commitments (net ofimpairment)619 811 610 886Financing commitments given 8 115 736 111 157Financial guarantee commitments given 8 43 900 47 945Reserves - Financing commitments 6.13 (13) (313)Exposure to off-balance sheet commitments (net of reserves) 159 623 158 789Total net exposure 779 434 769 675Concentrations• Breakdown of counterparty risks by geographical zone (including bank counterparties)At 31 December 2010, loans granted by Crédit Agricole CIB (€300 billion versus €279 billion at 31 December 2009) broken down by geographicalzone as follows:in % 31.12.2010 31.12.2009Rest of Western European countries 28.5% 29.6%France 22.3% 23.1%North America 17.4% 19.0%Asia (excluding Japan) 12.6% 10.4%Africa and Middle-East 8.0% 7.9%Rest of Europe 4.4% 3.9%Japan 3.3% 3.0%Latin America 3.4% 2.9%Other 0.1% 0.1%Source: Risk data (on- and off-balance sheet of customer and central banks commercial commitments).Due from banks, loans and receivables to customers as well ascommitments to customers and banks is provided in note 3.1 tothe consolidated fi nancial statements.100SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3The sensitive increase of Asia (excluding Japan) results from commercialdevelopments mainly in China and India with the corporateand bank customers. The decrease in North America mostlycomes from the reduction of bank deposits to the FED.• Breakdown of risks by economic sector (including bank counterparties)At 31 December 2010, loans granted by Crédit Agricole CIB (€300 billion versus €279 billion at 31 December 2009) broken down by economicsector as follows:in % 31.12.2010 31.12.2009Central banks 17.9% 17.3%Energy 16.6% 14.7%Miscellaneous 11.5% 11.3%Shipping 6.2% 5.8%Aerospace 5.1% 5.2%Real estate 4.7% 5.0%Construction 4.2% 3.7%Other fi nancial (non-banks) 4.0% 6.4%Heavy industry 3.9% 4.4%Production and distribution of consumer goods 3.0% 3.5%Telecoms 3.0% 3.1%Automobile 2.8% 3.4%Non-commercial services/Public sector/local authorities 2.8% 2.5%Insurance 2.5% 2.4%Other transport 2.1% 1.7%Other industries 1.9% 2.1%Food 1.7% 1.8%Healthcare and pharmaceuticals 1.5% 1.2%Tourism, hotels and restaurants 1.4% 1.4%Media and publishing 1.0% 1.1%IT and technology 0.9% 0.9%Wood, paper and packaging 0.9% 0.6%Utilities 0.4% 0.5%Source: Risk data (on- and off-balance sheet of customer and central banks commercial commitments).Loans to customers and central banks amounted to €300 billionat 31 December 2010, an increase of €22 billion compared to2009. It illustrates the cautious and selective rise in our commitmentsafter the 2009 economic crisis.Global balance of the portfolio between the different businessesremains steady in 2010, despite some changes described below:Banks outstandings have been relatively stable since December2009. Energy remains the fi rst non-fi nancial sector representing16.6% of the portfolio but consistent with the overall contributionof the Energy sector in the global economy. This sector is moreoverwell diversifi ed across types of underlyings, borrowers andfi nancing facilities, most of them are secured by assets.The sector « miscellaneous«, the third one is securitisation (mainlyliquidity lines granted to securitisation programs funded via CréditAgricole CIB’s conduits), as well as commitments for well diversified customers (wealth or fi nancial holdings principally).The proportion of transportation sectors (aerospace, shipping,automotive) is rather stable , with a pro-active policy of limitingrisk in this very troubled sectors.The shipping sector contribution results from the expertise andthe position of Crédit Agricole CIB in the asset fi nancing to shipowners.Shipping transportation has been facing a reversal in themarket since end-2008, however our portfolio is relatively protectedby the quality of the fi nancing structures. Exposure in shippingsector are in most cases secured by fi nanced assets which areyoung and well diversifi ed.Aerospace exposures concern either high quality assets or largecar manufacturers among the worlwide leaders or airports generallywith a leading position. Automotive portfolio is volontarilyconcentrated on large manufacturers, mainly European ones witha restricted development in the USA and on equipment manufacturers.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 101

32010 MANAGEMENT REPORTReal estate exposure, after a signifi cant drop in 2008 andmore slightly in 2009, has increased slightly in 2010 due thestrong policy of limiting and mitigating our risks. The quality ofour commitments on real estate improves noticeably and is stillsupervised very closely.Heavy industry sector mostly includes global steel companies,metal and chemistry sectors. Some of these global groups havesuffered from the decrease of demand since the beginning of2010. The change in our risks on this sector was favorable in2010.The production and distribution of consumer goods mostlyconcerns large French distributors based worldwide. Despite thecompetitive environment, they still have a good-quality rating.• Exposure to loans and receivables bytype of borrowerExposure by type of borrower to loans and receivables and commitmentsto credit institutions and customers is provided in note3.1 to the consolidated fi nancial statements.Gross loans and receivables (€233 billion at 31 December 2010versus €218 billion at 31 December 2009) increased by 7% in2010. It includes corporate clients, credit institutions and nonbankinstitutions (47%, 26% and 16% respectively at 31 December2010 versus 59%, 29% and 7% respectively at 31 December2009).Financing commitments given to customers mostly concern largecompanies (79%) and non-bank institutions (16%) compared with87 % and 10% respectively at 31 December 2009.• Exposure to the top ten counterparties(corporates)The top ten made up 12.9% of total client exposure at 31 December2010.Quality of exposure• Quality of the portfolio exposed to credit riskAt 31 December 2010, loans granted to performing clients amount to €295 billion. Credit rating breakdown is as follows:45%31.12.2009 31.12.201040%35%30%25%20%15%10%5%0%AAAAAABBBBBBOn watchThe quality of the portfolio improved in 2010, investment graderatings representing 82% at the end of December 2010, versus80% in 2009. This improvement is signifi cant after the economiccrisis since the last 2008 quarter and proved the resilience of ourportfolio.• Impairment and risk policyThe policy covering loan loss risks is based on two kinds of impairmentallowances:• Individual impairment allowances intended to cover probablelosses on impaired receivables;102SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• Collective impairment allowances under IAS 39, recognizedwhen objective indications of impairment are identifi ed on oneor more homogeneous subgroups within the credit risk portfolio.These allowances are intended to cover deterioration in therisk profi le of exposures to certain countries, business sectorsor counterparties, not because they are in default but becausetheir rating has been lowered. Impairment allowances on a portfoliobasis are also made in retail banking.Impaired financial assetsThe breakdown of impaired loans and receivables due from creditinstitutions and customers by type of borrower and geographicarea is presented in note 3.1 to the fi nancial statements. Thestatements provide details of impairment allowances on fi nancialassets on bad and doubtful debts.Collective reservesIn accordance with IAS 39, collective reserves are set aside whenobjective indications of impairment are identifi ed:• assets that already show increased risk: impairment is basedon statistics relating to expected losses until mturity of the thetransactions;• sectors and countries under supervision: impairment is intendedto cover estimated sector or geographical risks for which thereis statistical or historical risk of partial non-recovery.At the end of 2010, sub-portfolios where sector reserves existedare selected LBO, real-estate (in certain geographical areas),some segment of shipping automotive, tourism and to a lesserextent in aircraft.Risky countries on which collective impairment exists are thosewhose ratings are below a certain threshold in our internal ratingscale, giving them the status of countries under supervision.Collective impairment totalled €1,446 million at 31 December2010 for Crédit Agricole CIB’s ongoing activities.In this context of uncertainty, Crédit Agricole CIB pursued a veryselective development policy in emerging countries. The transactionsin favour of targeted customers, situated mainly in thecountries of status « investment grade« were privileged whilemaintaining a qualitative risk profi le. This business recovery camealong with regular reviews of the country and portfolios ratingsand of a monthly control of exposures and limits over all the emergingcountries.Changes in emerging country risk exposureCrédit Agricole CIB’s risk exposures at 31 December 2010,amounted to €41.9 billion (including stake in UBAF), +19% comparedto 2009. It is mostly due to the currency effect Euro/Dollarover the period. The fi gure covers commercial client exposures(on- and off-balance sheet), net of collateral.Emerging-market exposures ( excluding UBAF) remains signifi -cant: 33 countries made up 94% of Crédit Agricole CIB’s emerging-marketportfolio, of which 12 countries accounted for 71%.In 2010, the risk profi le of the portfolio improved slightly. Investment-gradeexposure in emerging-market countries amounted to72% of the total, and exposure to sensitive countries remainedlow at 6%.Most of Emerging-market exposure was in three geographicalareas: Asia, Middle East and Eastern Europe.The effects of the global economic and fi nancial crisis of 2008,which still had an impact in 2009, were softened in 2010, in particularwith the growth that remained strong in emerging countries.Crédit Agricole assets in these countries slightly increased in2010.AsiaAsia becomes the fi rst area of emerging-market commercial exposure(33%, €13.7 billion). Activity is mainly concentrated in twocountries: India and China.Middle East and North AfricaCountry risk policyEncouraging fi gures of the global growth recovery (5% in 2010)that should continue in 2011 refl ect however a two-speed world.On the one hand emerging countries experiencing sustainedgrowth (7% in 2010 and more than 6% for the next two years)and on the other hand, developed countries where averagegrowth should not exceed 2%. These fi gures mask the fact that,in several countries, growth is insuffi cient to contain a very volatilesocial situation associated, notably, to youth unemployment andinequalities fuelled by corruption.In addition, a large part of Europe is paralyzed because of thedebt and budget defi cit issues and have no choice but to takebelt-tightening measures. These issues raise concerns for somedeveloped countries. For emerging countries, the concerns aremainly related to the risk of overheating of the economy and theunderlying factors: infl ation, the rise in the price of commoditiesand its signifi cant social consequences as well as currency volatilityof the carry trade. Because the environment is still worrying asa whole, politics and social concerns are more and more determiningfor risk matters and still impose to be very cautious in ourbusiness development.Middle East and North Africa accounts for the second portion ofemerging-market exposure (30%, €12.4 billion).The main exposures are in the United Arab Emirates and SaudiArabia.Eastern EuropeEastern Europe is ranked third: exposure to this region makes up18% of the emerging-market total (€7.5 billion). It is concentratedin four countries (Russia, Poland, Czech Republic and Hungary).Latin AmericaThis region makes up 12% of Crédit Agricole CIB’s emergingmarketexposure (€5.2 billion), mainly in three countries: Brazil,Mexico and Chile.Sub-Saharan AfricaAt the end of 2010, exposure to this region was 7% of Crédit AgricoleCIB’s emerging-market exposure (€2.8 billion), more than50% of which related to South Africa.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 103

2010 MANAGEMENT REPORT 3Internal model-base for measuring and managing market risksMarket risk monitoring indicatorsMarket risk management involves various indicators at differentlevels of aggregation. By defi ning limits, Crédit Agricole CIB aimsto cover all risk factors.• Value at Risk (VaR)VaR is the central plank of the risk measurement system. Theregulatory authorities’ validation of the internal model supportsthe use of VaR in the operational monitoring of market risks.VaR is a measure of the potential loss that Crédit Agricole CIB’sportfolio could suffer in the event of adverse movements in marketparameters over a one-day period and with a confi dence intervalof 99%, based on one year of historical data. This allows theday-to-day monitoring of market risks incurred by the Group inits trading activities. The method quantifi es the loss regarded asthe maximum in 99 cases out of 100, after calculating various riskfactors (interest rates, exchange rates, asset prices etc.). The correlationbetween risk factors infl uences the maximum loss fi gure.Netting is defi ned as the difference between total VaR and thesum of VaR fi gures for each type of risk. It represents the nettingeffect on the various risk factors caused by simultaneously heldpositions.Crédit Agricole CIB’s internal model is based on an historic VaRmodel, except for a part of commodities. Precious Metal and Gas& Power are based on an historic VaR in end of 2010 whereas aMonte Carlo model is applied for Energy and Core Metal. A standardisedapproach is used for certain exotic products in accordancewith regulations.The VaR method undergoes constant improvement and adjustmentto take account the relevance of methods to new marketconditions For example, efforts are made to integrate new riskfactors and to achieve greater detail on existing.Evolution of the regulatory VaR in 2010:Crédit Agricole CIB regulatory VaR in 2010 (€ million)5045403530252015105004/01/201018/01/201001/02/201015/02/201001/03/201015/03/201029/03/201012/04/201026/04/201010/05/201024/05/201007/06/201021/06/201005/07/201019/07/2010The VaR profi le in 2010 refl ects a rather clear midyear decreasemainly due to the correlation book (discontinuing operations). Itresults from several factors:• the efforts to reduce the book risk profi le;• the decrease in credit spreads02/08/201016/08/201030/08/201013/09/201027/09/201011/10/201025/10/201008/11/201022/11/201006/12/201020/12/2010• the shift away from the annual historical data of some penalizingscenariiSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 105

32010 MANAGEMENT REPORTVaR fi gures for each business line in 2010 are set out in the table below:Commodities Forex Interest rate Credit Equities NettingCrédit AgricoleCIBMax 2010 3 9 32 35 4 (41) 45Min 2010 1 1 9 11 2 (11) 16Average 2010 2 3 18 21 3 (22) 27Regulatory VaR was to €19 million at 31 December 2010 comparedwith €29 million at 31 December 2009.These fi gures show that the decline in VaR was driven by:• the credit business: average VaR was €21 million in 2010 comparedwith €44million in 2009. The elements presented aboveexplain this evolution;• fi xed-income business with average VaR of €18 million comparedwith €22 million in 2009; VaR is €21 million at end-2010; theshocks on European sovereign issuers contributed to maintainthe level of VaR;• activities on equities, foreign exchange products and commodities:the contribution from these businesses was less signifi cantwith average levels inferior to €4 million each.Crédit Agricole CIB also carries out specifi c monitoring of VaR instrategic activities. At 31 December 2010, VaR was €24 million,within the €35 million limit set under the Refocusing and DevelopmentPlan. This limit was respected all along 2010.Lastly, following the regulatory standard evolution, Crédit AgricoleCIB implemented a stressed VaR measurement. The objective ofthe measurement is to increase the historical depth of VaR measurement,to reduce their pro-cyclic form and to keep the mostunfavourable one-year period of the past years. This measurementwas implemented in June 2010. At the end of 2010, theselected period goes from February 2008 to February 2009, itincluding the end of 2008 (Lehman crisis).• hypothetical scenarios anticipating plausible shocks, which aredeveloped in conjunction with economists. Hypothetical scenariosare those of an economic recovery (rally in equity andcommodity markets, increase of short term rates, stronger USDand tighter credit spreads) and a tightening in liquidity (increaseof short term rates, widening credit spreads, falling equity markets);• an « adverse« approach, assessing the impact of large adversemarket movements on all business lines. Losses measured bythis scenario are managed using a limit;• an « extrem« approach was added in early 2010 to measure theimpact of market shocks even more important, that does nottake into account the possible effects of offsetting between thedifferent risk factors. A limit is also set for this indicator in agreementwith Crédit Agricole S.A.Global stresses are calculated on a weekly basis, and are presentedto Crédit Agricole CIB’s Market Risk Committee twice amonth.At the same time, specifi c stress scenarios are developed foreach business line, and are produced with a frequency rangingmostly once per week.These specifi c scenarios add precision to the analysis of risksrelating to the various business lines.At the end of 2010, the risk levels assessed using the seven globalstress scenarios are as follows ( for strategic activities): Estimated losses associated with stress scenarios(€ million)BacktestingUnder the internal model, a daily loss should not exceed VaRmore than two or three times per year.Backtesting allows permanent comparisons between VaR andthe daily results of product lines, calculated both on the basis ofreal positions and assuming unchanged positions.. During 2010,there was only one exception; it was the same frequency in 2009.This is mostly due to the Crédit Agricole chosen risk profi le.2000-200-400-600-800-10001 2 3 4 5 6 731/12/201031/12/2009Stress scenariosTo complement VaR measurements, Crédit Agricole CIB appliesstress scenarios to its market activities in order to assess the impactof extreme market turbulence on its book values.These scenarios are based on four complementary approaches:• historical approaches, which replicate the impact of past criseson the current portfolio. The historical scenarios relate to 1994(bond crisis), 1998 (credit market crisis, falling equity markets,sharp rise in interest rates and declining emerging-market currencies)and 1987 (stockmarket crash;Other indicatorsVaR measurement is associated with a set of complementary andexplanatory indicators, most of which are subject to limits:• the set of limits provides for precise risk management. Appliedby business activity and by desk, tighter risk management isachieved by adopting sets of limits on a range of indicators.These indicators are calculated for each activity and specify theproducts authorized and the maximum time to maturity. Theyalso include a system of loss alerts and stop losses;106SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• analytical indicators are used by Risk Management for explanatorypurposes. They primarily mainly include notional indicatorsthat are designed to reveal atypical transactions.Use of credit derivativesWithin the capital markets business, Crédit Agricole CIB runs acredit products business (trading, structuring and selling products)in which credit derivatives are used. Actively traded productsare simple products (credit default swaps) in which creditspreads are the main risk factor. The structured and complex productbusiness is being wound down.All the positions are measured at fair value with deductions formodel and data uncertainties.These activities are managed through a system of market-risk indicatorsaccompanied by limits designed to cover all risk factors.These indicators are:• VaR (historical, 99%, daily, including credit spread and correlationrisk);• credit sensitivity;• sensitivity to correlation;• sensitivity to interest rates.Independent teams belonging to the Risk Management and PermanentControls division are responsible for valuing positions,calculating risk indicators, setting limits and validating models.Equity risksCrédit Agricole CIB’s equity risk results mainly from trading andarbitrage transactions involving equities, carried out as part ofcapital markets activities involving equity derivatives and funds.It also results, to a lesser extent, from CA Cheuvreux and CLSA’sequity brokerage activities.Equity risk arising from trading and arbitrage activities is monitoredusing a 99% « Value at Risk« (VaR) method. This measuresthe greatest risk, based on a number of parameters and scenarios,once the most adverse 1% of occurrences have been eliminated.Average, minimum and maximum VaR fi gures and the VaR fi gureare analysed by risk factor – and equity risk in particular – in the« Market risks« section of the management report (see above).Equities in the banking book totaled €1,370 million (see note 6.4to the consolidated fi nancial statements).Market risk management involves various indicators at differentlevels of aggregation. By defi ning limits, Crédit Agricole CIB aimsto cover all risk factors.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 107

32010 MANAGEMENT REPORT• SENSITIVE EXPOSURES BASED ONTHE FINANCIAL STABILITY BOARDRECOMMENDATIONSThe following disclosures are made in accordance with the recommendationsof the Financial Stability Forum. They form anintegral part of Crédit Agricole CIB ‘s consolidated fi nancial statementsfor the period ended 31 December 2010 and are coveredby the Statutory Auditors’ report on 2010 fi nancial information.Summary table of exposures€ millionAssets recognised in loans and receivablesGrossexposureDiscountCollectivereservesNetexposureAccountingcategoryAssets measured at fair valueGrossexposureDiscountNetexposureRMBS 1,508 (399) (31) 1,078504 (352) 152(1)CMBS 195 17Unhedged super senior CDOs 3,382 (1,343) (643) 1,3966,112 (4,866) 1,246(4)Unhedged mezzanine CDOs (2)1,164 (1,164) 0Unhedged CLOs 247 (27) (9) 211 99 (12) 87Protections purchased from monolines 511 (352) 159(5)Protections purchased from CDPC 780 (108) 672LBO - fi nal shares 4,990 (384) 4,606 (3)LBO - units to be sold 263 (6)Cash facilities sponsored by CACIBand provided to ABCP conduits15,182Cash facilities sponsored by CACIBand provided to other ad'hoc entitiesCash facilities sponsored by a thirdparty and provided to other specialpurposeentitiesOtherAccountingcategory(1) Due from banks and loans and advances to customers- securities not traded in an active market ( cf. note 6.5 to the consolidated fi nancial statements)(2) Due from banks and loans and advances to customers - securities not traded in an active market ( cf, note 6.5 to the consolidated fi nancial statements)(3) Due from banks and loans and advances to customers - Other loans/ Financing commitments given to customers (cf. notes 6.5 and 8 to the consolidated fi nancial statements)(4) Financial assets at fair value through profi t and loss- bonds and other fi xed-income securities and derivative fi nancial instruments (cf. note 6.2 to the consolidated fi nancial statements)(5) Financial assets at fair value through profi t and loss - derivative fi nancial instruments (cf. note 6.2 to the consolidated fi nancial statements)(6) Financial assets at fair value through profi t and loss - Loans and advances to customers (cf. note 6.2 to the consolidated fi nancial statements)(7) Financing commitments given to customers (cf. note 8 to the consolidated fi nancial statements)1,121542(7)108SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3Mortage ABS€ million USA UK SpainRMBS 31.12.2009 31.12.2010 31.12.2009 31.12.2010 31.12.2009 31.12.2010Recognised under loans and receivablesGross exposure 1,106 1,009 432 301 220 198Discount (382) (344) (87) (60) (30) (26)Net exposure in millions of euros 724 665 345 241 190 172Recognised under assets measured at fair valueGross exposure 506 389 110 80 30 35Discount (460) (344) (30) (5) (3) (3)Net exposure in millions of euros 46 45 80 75 27 32Breakdown by rating on total gross exposureAAA 9% 5% 51% 48% 95% 65%AA 6% 4% 26% 35% 2% 9%A 4% 1% 7% 6% 1% 26%BBB 6% 3% 10% 1% 1%BB 1% 4% 3% 10% 1%B 9% 4% 2% 0%CCC 21% 1%CC 12% 14%C 29% 36%Not rated 3% 6%€ million USA UK SpainCMBS 31.12.2009 31.12.2010 31.12.2009 31.12.2010 31.12.2009 31.12.2010Recognised under loans and receivablesNet exposure* 13 155 73 188 122Recognised under assets measured at fairvalueNet exposure 22 10 12 9 5* Including €31 million of collective reserves at 31 December 2010 comparedwith €106 million at 31 December 2009.Purchases of RMBS and CMBS credit protections measured atfair value:• 31 December 2009: gross exposure = €627 million, fair value= €210 million;• 31 December 2010: gross exposure = €589 million, fair value= €175 million.Real-estate ABS measured at fair value are valued on the basis ofdata from external contributors.Method used to measure supersenior CDOs with US residentialmortgages underlyingsSuper senior CDOs measured at fair valueDiscounts were calculated by applying a credit scenario to theunderlying (mainly residential mortgages) of the ABSs making upeach CDO.Final loss rates on continuing loans are adjusted based on:• the quality and origination date of each loan• past performance (early redemptions, repayments, actuallosses).Rate of lossesfor subprimes produced inClosing date 2005 2006 200731.12.2009 26% 42% 50%31.12.2010 32% 42% 50%Information on the sensitivity to variables used in the models isprovided in note 10.2 to the consolidated fi nancial statements at31 December 2010.Super senior CDOs measured at amortised costThese are impaired if there is an identifi ed credit risk.Unhedged super senior CDOswith US residential mortgagesunderlyingAt 31 December 2010, Crédit Agricole CIB net exposure onunhedged super senior CDOs with US residential mortgagesunderlying was €2.6 billion after a collective reserve of €643 billion.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 109

32010 MANAGEMENT REPORTBreakdown of super senior CDOs€ millionAssets measuredat fair valueAssets recognisedin loans and liabilitiesGross exposure 6,112 3,382Discount (4,866) (1,343)Collective reserves (643)Net value 1,246 1,396Net value (31.12.2009) 743 1,566Discount rate (1) 80% 69%Underlying% of underlying subprime assets produced before 2006 51% 32%% of underlying subprime assets produced in 2006 and 2007 21% 14%% of Alt-A underlying assets 9% 22%% of Jumbo underlying assets 3% 8%(1)After inclusion of fully discounted tranches.The net banking income caused by the revaluation of CDOs measured at fair value is -€138 million in 2010.• Other exposure at 31 December 2010€ million Nominal DiscountGeneralReservesCLOs measured at fair value 99 (12) 87Unhedged CLOs recognised as loans and receivables 247 (27) (9) 211Unhedged mezzanine CDOs 1,164 (1164) 0NetProtections on monolines at 31 December 2010€ millionGross notional amount of purchasedprotectionsUSresidentialCDOsMonolines to hedgeCorporateCDOsCLOsOtherunderlyingsTotal ofprotectionspurchasedfrom monolines159 5,684 2,768 390 9,002Gross notional amount of hedged CDOs 159 5,684 2,768 390 9,002Fair value of hedged CDOs 109 5,611 2,466 305 8,491Fair value of protection before valueadjustments and hedges51 73 303 85 511Value adjustments recognised on protection (14) (37) (249) (52) (352)Residual exposure to the counterpartyrisk on monolines37 35 54 33 159110SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3Breakdown of net exposure to monolines at 31 December 2010N/R16%CC4%B5%AA55%BB20%AA : Assured GuarantedBB : RadianB : MBIACC : Ambac et Syncora (ex-XL)N/R : FGIC et CIFG* Lowest rating issued by Standards & Poor’s or Moody’s at 31 December 2010.Protections purchased fromCDPC (Credit Derivative ProductCompanies)At 31 December 2010, net exposure to CDPC was €672 million(compared to €858 million at 31 December 2009) mainly oncorporate CDOs after a discount of €108 million (compared with€324 million at 31 December 2009).Leverage Buy Out• LBO – units to be soldThey are measured at fair value.The net exposure at 31 December 2010 is €0.3 billion on one loan(same as at 31 December 2009).• LBO – fi nal sharesThey are booked on loans and receivables category. The netexposure at 31 December 2010 is €5 billion on 149 loans (€5.8billion on 160 loans at 31 December 2009).Collective reserves are registered for €384 million at 31 December2010.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 111

32010 MANAGEMENT REPORTBreakdown by economic sector at 31 December 201016%14%14%12%12% 12%10%10% 10%8%7% 7%6%4%4% 4% 4%3% 3%2%2% 2% 2% 2%1% 1%0%Retailing / Consumergoods industriesMedia / PublishingHealth / PharmaceuticalsTourism / Hotels /RestaurantsTelecomConstructionReal estateOther industriesMiscellaneousEnergyHeavy IndustrieAutomotiveAeronauticsOther

2010 MANAGEMENT REPORT 3Securisation• ABCP conduits sponsored by Crédit Agricole CIB on behalf of third partiesat 31 December 2010 Atlantic LMA Hexagon TotalRatings (S&P/Moody’s/Fitch) A1/P1/F1 A1/P1 A1+Country of issueUSAFrance andUSAFranceCash lines provided by Crédit Agricole CIB (€m) 7,070 7,459 653 15,182Amount of assets fi nanced (€m) 3,907 5,770 484 10,161Maturity of assets (weighted average)0-6 months 53% 95% 100%6-12 months 12%Over 12 months 35% 5%Analysis of assets by geographic regionUnited States 100% 5%United Kingdom 4%Italy 33% 70%Germany 9% 27%Dubai 6%Spain 8%France 26% 3%Other (1) 9%Analysis by asset class (as % of assets held)Car loans 12% 13% 27%Commercial claims 49% 80% 73%Commercial mortgage loansResidential mortgage loans 2%Consumer loans 5%Equipment loans 3%CLOs and CBOs (2) 2%Others (3) 32% 2%(1)Mainly Belgium, Ireland and the Netherlands.(2)Collateralized Loan Securitisation and Collateralized Bonds Securitisation.(3)Atlantic: Commitments on investors in « Capital Calls « funds (18,63%), commercial loans (5,48%), SWIFT payment securitisation (5,67%), aircraft receivablesecuritisation (1,9%).(3)LMA: Commitments on investors in « Capital Calls « funds (1,72%).These conduits are not consolidated. At 31 December 2010, theyhave issued commercial papers for €10 billion, including €0.5billion held by Crédit Agricole CIB.Letters of credit given to Crédit Agricole CIB as part of the ABCPfi nancings amount to €0.6 billion.• Other conduits sponsored by CréditAgricole CIB for third partiesCrédit Agricole CIB has granted €1.1 billion of cash facilities toother special-purpose entities.• Conduits sponsored by a third partyCash facilities granted by Crédit Agricole CIB amount to €0.5billion.Crédit Agricole CIB does not carry out any securitisation on itsown account, and does not co-sponsor securitisations for thirdparties.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 113

32010 MANAGEMENT REPORT• ASSET AND LIABILITY MANAGEMENT -STRUCTURAL FINANCIAL RISKSFinancial Management policies of Crédit Agricole CIB are defi nedby the asset and liability management Committee in closecoordination with Crédit Agricole S.A.This Committee is chaired by the Deputy Chief Executive Offi cerin charge of Finance. The Committee includes the members ofthe Executive Committee, the Heads of Finance, of Treasury, arepresentative of the Crédit Agricole S.A. Finance Division andrepresentatives of the Crédit Agricole S.A. and Crédit Agricole CIBMarket Risk Management.This Committee is led by the Crédit Agricole CIB Head of Assetand Liability Management and Credit Portfolio Management.This Committee meets quarterly and it is the decision-makingbody for the Group asset and liability management policy. Itintervenes either in direct management or in supervision and ingeneral coordination for the areas of Asset-Liability Managementthat are formally delegated to foreign branches and subsidiaries.Finance Division (via Asset and Liability Management) isresponsible for implementing the decisions taken by the Assetand Liability Management Committee.Financial Risk Management includes the monitoring and thesupervision of interest-rate risks (excluding trading activities),structural and operational exchange-rate risks and liquidity risksof Crédit Agricole CIB in France and abroad. It particularly includesdirect management of equity and long-term fi nancing positions.Global interest-rate riskObjectives and policyGlobal interest-rate risk management aims to protect commercialmargins against rate variations and to ensure a better stabilityover time of the equity and long-term fi nancing components’intrinsic value.The intrinsic value and the interest margin are linked to the sensitivityin the interest-rate variation of the net present value and incash fl ow variation of the fi nancial instruments in the on- and offbalancesheet. This sensitivity arises when assets and liabilitieshave different maturities and dates for interest-rate refi xing.Crédit Agricole CIB exposure to interest-rate risk in its customertransactions is limited through interest-rate matching on customerassets by its market teams, and through the low level of noninterestbearing deposits.The remaining measured exposure includes interest-rate risk arisingfrom equity capital and equity investments.Risk managementEach operating entity manages its exposure under the controlof its own Asset-Liability Management Committtee in charge ofensuring compliance with the Group limits and standards.The Asset-Liability Management of the head offi ce -within the frameworkof its mission of coordination and supervision-and theMarket Risk Management which attends the Local Committeesensure the harmonization of the methods and the practices withinthe Group as well as the monitoring of the limits assigned to eachentity.The Group global interest-rate exposure is disclosed to the CréditAgricole CIB Asset-Liability Management Committee which:• Examines consolidated exposures determined at the end ofeach quarter;• Ensures compliance with Crédit Agricole CIB limits which areset during the Crédit Agricole S.A. Group Risk ManagementCommittee;• Decides on management measures on the basis of the proposalsmade by the Asset-Liability Management.MethodCrédit Agricole CIB uses the gap method to measure its globalinterest-rate risk. This consists of determining maturity schedulesand interest rates for all assets, liabilities and hedging derivativesat fi xed, adjustable and infl ation-linked interest rates: until the adjustmentdate for adjustable-rate items, until the contractual datefor fi xed-rate items and using model-based conventions for itemswithout a contractual maturity.The gap measurement includes the rate hedging effect on fairvalue and cash fl ow hedges.ExposureThe Group is mainly exposed to changes in interest rates in theeuro currency zone, and to a lesser extent to changes in US dollarinterest rates.Crédit Agricole CIB manages its interest-rate risk exposurethrough an exposure limit set by Crédit Agricole S.A. at €2.5billion, amortizable linearly over 10 years with a limit of €900 million.Interest-rate gaps measure the surplus or defi cit of fi xed-rate resources.Conventionally, a positive gap represents an exposure toa risk of falling interest rates during the period.The results of these measurements at 31 December 2010 refl ectthat Crédit Agricole CIB is exposed to a fall in interest rates:€ billion 0-1 year 1-5 yearsAverage gapDollar USAverage gapEuro and othercurrencies5-10years-0,1 0,0 +0,1+0,2 +0,2 +0,7In terms of net banking income sensitivity for the fi rst year (2011)Crédit Agricole CIB could lose €9 million of revenues in case ofa long-lasting 200-basis-point decrease in the interest rates, thatis to say a 0.2% sensitivity for a reference net banking income of€5,698 million in 2010.114SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3Based on these same sensitivity calculations, the net presentvalue of the loss incurred in the next ten years in the event of anadverse 200-basis-point movement in the yield curve equals lessthan 0.6% of the Group’s prudential capital.In addition, the income impacts of fi ve stress scenarios (three historicaland two hypothetical) regarding the interest rate gap aremeasured on a quarterly basis and reported to the ALM Committee.The scenarios are those used by Crédit Agricole CIB’s Treasurydepartment:• The historical scenarios are: a major equity market crash (BlackMonday in 1987); a surge in interest rates (bond crash in 1994);a sharp increase in issuer spreads (rise in credit spreads in1998).• Hypothetical scenarios: one is based on the assumption of aneconomic recovery (rise of the equity market, of rates in general,of the USD spot, of oil and decrease of issuer spreads and theother on a liquidity crisis following the Central Bank decision toincrease its key ratesSimulations are made using the sensitivity of Crédit AgricoleCIB’s interest-rate mismatch. Sensitivity is defi ned as the gain orloss arising from a 1% change in interest rates. This sensitivity iscalculated in EUR and USD. The calculation is based on averageoutstandings over a rolling 1-year period.The shocks contained in these scenarios are calculated on a10-day basis, according to Crédit Agricole CIB’s stress scenariomethodology. Sensitivity is « shocked« in various ways. The resultof a stress test corresponds to the net present value of changesin the scenario’s characteristics.These stress scenarios show relatively limited impacts, sincethe net present value of the maximum potential loss equalled0.1% of prudential capital and 0.3% of net banking income at 31December 2010.Liquidity riskLiquidity and fi nancing risk is the risk of loss if a company isunable to meet its fi nancial commitments in a timely fashion andat reasonable prices when they become due.These commitments include obligations to depositors and suppliers,as well as commitments in respect of loans and investments.Crédit Agricole CIB, as a credit institution, complies with the liquidityrequirements set out in the following texts:• CRBF regulation 88-01 of 22 February 1988 relating to liquidity(abrogated at 30 June 2010);• Commission Bancaire instruction 88-03 of 22 April 1988 onliquidity (abrogated at 30 June 2010),• Commission Bancaire instruction 89-03 of 20 April 1989 onhow to take account of refi nancing agreements in calculatingliquidity (abrogated at 30 June 2010);• Commission Bancaire instruction 2009-05 of 20 June 2009,application with effect from 30 June 2010.Policy and objectivesCrédit Agricole CIB’s policy for managing its short-term and medium-termliquidity risk is set by its Asset-Liability ManagementCommittee as part of the Crédit Agricole Group’s policy.Liquidity managementThe Financing Committee shared by the Treasury Departmentand the Finance Department’s Asset-Liability Management unitmeets monthly to analyse developments in long-term resourcerequirements and in market conditions. It sets the fi nancial termsof new transactions.• Medium- and long-term managementCrédit Agricole CIB’s medium-to long-term liquidity managementis performed centrally by the Asset-Liability Management Departmentof the Finance Division. It defi nes internal transformationpolicies, rules and procedures, both on an overall basis for majorcurrencies and on a specifi c basis for certain local currencies. Itdetermines medium-and long-term fi nancing needs, as well asneeds arising from fi nancial transactions concerning equity andlong-term fi nancing.• Short-term managementShort-term liquidity management is handled by the Bank’s TreasuryDepartment. It renews fi nancing and manages portfolios ofliquid assets.It sets rules and limits for the Bank’s various global liquiditycentres. It ensures compliance with the applicable regulatoryliquidity coeffi cient.Methodology• Liquidity risk measurement: short term(from intraday to one year)In accordance with the order of 5 May 2009, the French PrudentialSupervisory Authority General Secretariat allows institutions toreplace, from June 2010, the calculation of the regulatory liquidityratio with an advanced approach based on internal methods.These methods are based on stress scenarios that must covertime horizons from intraday to 1-year and at least three types ofcrisis: systemic liquidity crisis, bank credit crisis and a combinationof the two.The Crédit Agricole SA Group is developing a plan to ensure thatall its subsidiaries comply with this order, and Crédit Agricole CIBis an integral part of the plan. The bank capitalizes on a numberof existing tools that are already being used for the operationalmanagement of liquidity risk.• every day, the Treasury department calculates liquidity gaps ontime horizons from intraday to 1-year, assuming a total lack of amarket access in the fi rst two weeks. Potential sources of additionalliquidity are assets from central banks, followed by gapswith longer time horizons of up to 1 year, with variable assump-SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 115

32010 MANAGEMENT REPORTtions regarding the renewal of maturing assets and liabilitiescorresponding to a liquidity crisis scenario. The calculation ofthese liquidity gaps is based on the bank’s fi ve liquidity centres,which make up most of the consolidated balance sheet. CréditAgricole CIB’s other entities are taken into account via intragroupitems.• Crédit Agricole CIB also has a Contingency Funding Plan (CFP),which simulates the impact of a severe rating crisis for CréditAgricole CIB over a three-month period, with short-term ratingsfalling to A2/P2 at the end of the second month. The CFPcalculation is based on the fi ve liquidity centers: Paris, Tokyo,New York, London and Hong Kong. The rest of the scope ofconsolidation is taken into account via intra-group items. TheContingency Funding Plan is produced monthly. The calculationof the Treasury department’s liquidity gaps has been based onthe same scope as the Contingency Funding Plan, resulting in adaily proforma CFP calculation.• Crédit Agricole CIB also takes into account the fact that not allof the currencies in which it operates can be considered totallyfungible. National regulators will seek to limit international outflows of cash in order to preserve the liquidity situation of theirnational fi nancial systems. As a result, specifi c simulations arecarried out for the US dollar, the balance-sheet impact of whichis signifi cant. The Treasury department calculates liquidity gapsfor 1-15 days in USD, and Crédit Agricole CIB USA implementsa specifi c USD stress scenario as part of a 1-month simulationof a complete closure of the USD market.• Liquidity risk measurement: mediumandlong-term riskMedium- and long-term risk is measured by calculating the Bank’s1- and 5-year transformation mismatches.These mismatches are the difference between long-term uses offunds (comprising bank lending, securities and non-current assets)and available long-term fi nancial resources. The transformationmismatch is calculated by applying various run-off assumptionsto assets and liabilities with no contractual maturity, and bytaking into account the contingent fi nancing commitments madeby the Bank. Exceptionally, run-off assumptions are also appliedto sight and term deposits in the private banking business.The 1-year transformation mismatch must remain below a setlimit, taking into account the pressure placed on short-term marketsby treasury operations. Specifi c sets of limits are applied tothe most sensitive areas of Crédit Agricole CIB’s activities.This approach is now complemented by a limit on the amount ofshort-term fi nancing that Crédit Agricole CIB can use to fi nanceits balance sheet, as part of the common approach of the CréditAgricole SA Group.This method aims to ensure surplus liquidity over a 1-year timehorizon in a market stress scenario, and results from the followingprinciples:• the Treasury department will always maintain a minimumamount of short-term fi nancing from its usual sources;• the surplus must be covered by net cash infl ows in the following12-month period, based on maturing assets and liabilities, towhich a set of renewal assumptions is applied;• asset and liability renewal assumptions, along with the stableportion of short-term resources, may vary between Crédit AgricoleSA Group entities.This method is consistent with the calculation of the 1-year-plustransformation mismatch. It analyses more accurately the pressurecreated by cash requirements in the short-term markets.Checks that the short-term fi nancing limit is being complied withmay be carried out daily. These checks use the same IT resourcesas those used to calculate liquidity gaps.Lastly, medium- to long-term liquidity risk assessment has beenfi ned-tuned by validating and applying new run-off assumptionsspecifi c to certain business lines (particularity commodities andexport fi nance).Exposures• Liquidity ratioIn accordance with the ministerial decree of 5 May 2009, thecalculation of the liquidity ratio has changed in its defi nition ofa standardised method. Crédit Agricole CIB must comply withthis approach from 30 June 2010 up to the approval of the CréditAgricole Group liquidity management and monitoring systemwhich will lead to an advanced method.The liquidity ratio equals to short-term cash available divided byshort-term cash out. It is calculated monthly, 100% is the minimumrequirement. It includes prudential capital and it is calculatedon a stand alone basis.At 31 December 2010, the Crédit Agricole CIB liquidity ratioamounted to 125%.• IssuesShort-term financingIn addition to traditional sources of short-term liquidity, CréditAgricole CIB also has a policy of actively diversifying its fi nancingsources. This resulted in a program of structured issues specifi cto the US market, a domestic commercial paper issuance programin Japan and a CD program based in London and intendedfor sale in Asia.Medium-and long-term riskCrédit Agricole CIB’s long-term liquidity sources consist of customerdeposits, interbank borrowings and issues of various types ofdebt securities (e.g. certifi cates of deposit, BMTNs and EMTNs).Because of the duration of the crisis that began in August 2007,Crédit Agricole CIB has stepped up issuance of products withliquidity options (EMTNs that can be called or put at the investor’sdiscretion).Crédit Agricole CIB makes extensive use of its Euro Medium TermNotes (EMTN) programs: there is a program governed by Englishlaw for a maximum amount of €50 billion, and a program governedby French law for a maximum amount of €15 billion.Unless stated otherwise, issues carried out under these programsfor Crédit Agricole CIB ‘s international and domestic customersare « structured«, meaning that the coupon paid and/or theamount redeemed on maturity comprises a component which islinked to one or more market indexes (equity, interest rate, currencyor commodity indexes).Similarly, certain issues are termed« Credit Linked Notes«, meaning that the amount redeemed isreduced in the event of default on the part of a third party that iscontractually defi ned at the time of issue. Crédit Agricole CIB andCrédit Agricole CIB Hong Kong regularly issue long-term certifi -116SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3cates of deposit Calyon Australia and Calyon South Africa havetheir own local long-term issuance programs.• Recent developmentsCrédit Agricole CIB has implemented a systematic booking policyfor distributed loans, in order to maximize its ability to raise fi -nance from the Banque de France, taking advantage of the loosereligibility criteria for loans tendered. It was one of the fi rst Frenchbanks to set up European cross-border customer loan refi nancingprogrammes with the Bank of France. Like other Crédit AgricoleGroup entities, Crédit Agricole CIB benefi ts from fi nancingarranged as part of the government plan to support the bankingsector via Société de Financement de l’Economie Française.Equity and long-term fi nancing transactions are also used to fi -nance the Bank, although this is not their primary purpose.• Redeemable subordinated notes: considering the current operatingstructure of the Crédit Agricole SA Group, Crédit AgricoleCIB no longer issues redeemable subordinated notes, but usessubordinated borrowings entered into with Crédit Agricole SA.These borrowings are generally at an adjustable rate.• The subordinated borrowings may be distinguished from ordinaryloans and bonds due to the ranking of the debt contractuallydefi ned in the subordination clause. In the event of liquidation,borrowings obtained by Crédit Agricole CIB will be reimbursedafter secured and ordinary-ranking creditors have been paid,but before reimbursement of Crédit Agricole CIB’s participatingsecurities and loans.• Deeply subordinated notes: the deeply subordinated notesissued by Crédit Agricole CIB are fi xed-rate or adjustable-rateperpetual borrowings, senior to ordinary shares but subordinatedto all subordinated debt. The coupons are non-cumulativeand subordinated to Crédit Agricole CIB’s annual net incomewhich must be suffi cient to remain positive after payment of thecoupon due for the fi nancial year in question. Notes issued byCrédit Agricole CIB provide for the possibility of early redemptionby the issuer after the tenth anniversary of their issue,subject to the prior agreement of the Secretary-General of theAutorité de Contrôle Prudentiel. Depending on the issue, theinterest rate may be increased after the fi rst possible date forearly redemption by the issuer. There were no issues of deeplysubordinated notes in 2010.Exchange-rate riskCurrency risk is assessed mainly by measuring net residual exposure,taking into account gross foreign exchange positions andhedging.Structural exchange-rate riskThe Group’s structural exchange-rate risk results from its otherthan-temporaryinvestments in assets denominated in foreign currencies,mainly the equity of its foreign operating entities, whetherthey result from acquisitions, transfers of funds from Head Offi ceor the capitalisation of local earnings.In most cases, the Group’s policy is to borrow the currency inwhich the investment is made in order to immunise that investmentfrom currency risk. These borrowings are documented asinvestment hedging instruments. In some cases, particularly forilliquid currencies, the investment gives rise to purchases of thelocal currency. Currency risk is then hedged, if possible, throughforward transactions.The Group’s main gross structural foreign exchange positions aredenominated in US dollar, in US dollar-linked currencies (mainlyMiddle Eastern and some Asian currencies), in sterling and inSwiss franc.The Group’s policy for managing structural foreign exchange positionsaims to achieve two main goals:• fi rst, to protect assets by reducing the risk of a fall in value in theassets under consideration;• second, to protect prudential ratios by neutralizing the Group’ssolvency ratio from currency fl uctuations; unhedged structuralcurrency positions will be scaled so as to equal the proportion ofrisk-weighted assets denominated in the currencies concernedand unhedged by other types of equity in the same currency.Hedging of structural currency risk is managed centrally andarranged following decisions by the Bank’s Asset and LiabilityManagement Committee.Crédit Agricole CIB’s structural currency positions are also includedwith those of Crédit Agricole S.A., which are presentedfi ve times a year to its Asset and Liability Management Committee,chaired by its CEO.Operational exchange-rate riskThe Bank is further exposed to operational exchange-ratepositions on its foreign-currency income and expenses, both atHead Offi ce and in its foreign operations.The Group’s general policy is to limit net operational exchangeratepositions as far as possible by periodically hedging them,usually without prior hedging of earnings not yet generated exceptif they have a high probability and a high risk of impairment.Rules and authorisations applicable to the management ofoperational positions are put in place by decision of the CréditAgricole CIB Asset-Liability Management Committee.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 117

32010 MANAGEMENT REPORTRate and change risks hedgingIn managing its fi nancial risks, Crédit Agricole CIB uses interestrateswaps and forex transactions, as hedging operations asregards the intention for which they are undertaken.The note 3.4 to the Group consolidated fi nancial statements presentsthe market values and notional amounts of derivative fi nancialinstruments held for hedging.Fair value hedgesThe aim is to protect the intrinsic value of fi xed-rate fi nancial assetsand liabilities that are sensitive to changes in interest rates, byhedging them with instruments that are also at fi xed rate. Whenhedging takes place through derivatives (swaps), the derivativesare termed fair value hedging derivatives.Hedging carried out in this respect by Asset-Liability Managementrelates to non-interest-bearing private-banking customer deposits,which are analyzed as fi xed-rate fi nancial liabilities.Cash flow hedgesThe second aim is to protect interest margin so that interest fl owsgenerated by variable-rate assets fi nanced by fi xed-rate liabilities(working capital in particular) are not affected by the future fi xingof interest rates on these items.When the required neutralisation takes place through derivatives(swaps), these derivatives are termed cash fl ow hedging derivatives.According to IFRS 7, future interests related to balance sheetitems under cash fl ow hedge strategy are detailed, by maturity,in the table below:€ millionHedged cash fl owsto receiveHedged cash fl owsto pay31.12.20100 to 1year1 to5 yearsOver5 ansTotal72 552 366 990(3) (14) 0 (17) Documentation under IFRS of fair value and cash flowshedgesAs regards macro-hedges managed by Asset- LiabilityManagement, hedge relationships are documented frominception and checked quarterly through forward-and backwardlookingtests.For this purpose, hedged items are classifi ed by maturity, usingthe characterictics of contracts or, for items without contractualmaturities (such as demand deposits), runoff models based oneach product’s behaviour.The comparison between this maturityschedule and that of the derivative instrument allows effi ciency ofhedging to be assessed.Hedging of net investments inforeign currenciesThe instruments used to manage structural exchange-rate riskare classifi ed as hedges of net investments in foreign currencies.The effectiveness of these hedges is documented every quarter.118SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• OPERATIONAL RISKOperational risk is the risk of loss resulting from shortcomings in internal procedures or information systems, human error or external eventsthat are not linked to a credit, market or liquidity risk.Management of operational risksThe Risk Management and Permanent Controls division isresponsible for supervising the system, and it is overseen by theManagement Board through the operational risk section of CréditAgricole CIB’s Internal Control committee.• GovernanceOperational risk management specifi cally relies on a network ofpermanent controllers, who also perform the functions of operationalrisk managers, covering all Group subsidiaries and businesslines, and who are supervised by the Risk Management and PermanentControls division (this system is described in the Reportby the Chairman of the Board to the shareholders’ meeting onpage 50).The system is monitored by internal control committees under theauthority of each entity’s management. Head offi ce control functionsare invited to the meetings of these committees.• Risk identifi cation and qualitativeassessmentsIn accordance with principles in force within the Credit AgricoleS.A. Group, Crédit Agricole CIB’s Risk and Permanent ControlDepartment implemented a qualitative and quantitative systemdesigned to identify, assess, prevent and monitor operational risk,as required by the Basel II reform.The operational risk mapping process is applied to all Group entities.These risk maps allow Crédit Agricole CIB to supervise themost sensitive processes and to draw up control plans. They areupdated every year.• Operational loss detection and signifi -cant incident reportingA unifi ed procedure for loss detection and for reporting signifi cantincidents has been set up across the whole scope of Crédit AgricoleCIB. The data required by the internal model for calculatingthe economic capital allocation, in accordance with the Basel IIadvanced method, are consolidated into a single database thatprovides fi ve years of historical data.• Calculation and allocation of economiccapital with respect to operational risksCapital requirements are calculated annually at the Crédit AgricoleCIB level, based on historical loss data together with risk scenarios.They are then allocated by Crédit Agricole CIB Paris businessline and entity.Capital requirement is calculated using the internal AMA methodology(Advanced Measurement Approach) of Crédit AgricoleGroup applied on Crédit Agricole CIB’s perimeter. This model hasbeen validated at the end of 2007 by the Autorité de ContrôlePrudentiel (French Banking Authority).• Production of operational scorecardsThe Risk Management and Permanent Controls division producesa quarterly operational risk scorecard, highlighting key events andmovements in costs related to these risks. These scorecardsprovide global confi rmation of the main sources of risks: litigationwith customers and management of processes (including thoserelating to market transactions) which determine the priorities ofpreventative or remedial action plans.ExposuresBreakdown of operational losses by nature on the basis of impact on the fi nancial results over the 2008-2010 period.6%8%75%6%5%practices in terms of joband securityclients, products andcommercial policiesOtherincidents due to the activityor systemsexecution, delivery andprocess managementSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 119

32010 MANAGEMENT REPORTMain initiatives taken in 2010Actions initiated in keeping with the recommendations of the Lagardereport were continued:• Reinforcing IT system security;• Cash fl ow management;• Risk monitoring and anticipation.A team responsible for internal and external fraud preventioncoordination also continue to grow. It reports to the ComplianceFunction. It carries out its actions with the support of the controlfunctions and, more generally, all units responsible for internalcontrol of the bank’s operations.Insurance and risk coverageCrédit Agricole CIB has broad insurance coverage of its operatingrisks in accordance with guidelines set by its parent company,Crédit Agricole S.A., with the aim of protecting its balance sheetand its income statement.Crédit Agricole CIB is covered by all Group policies taken out byCrédit Agricole SA from major insurers for major risks includingfraud, all-risk securities (or theft), operating loss, professional liability,operational liability, directors and offi cers liability and propertydamage (furniture and IT, third party claims for risky buldings).In addition, Crédit Agricole CIB, like all the Crédit Agricole S.A.Group’s business-line subsidiaries, manages smaller risks itselfthat cannot be insured in an economically satisfactory mannerare kept in the form of deductibles or spread within the CréditAgricole SA Group by the one of the Crédit Agricole Group’s insurancecompanies.This general framework may vary according to local regulationsand the specifi c requirements of countries in which the CréditAgricole CIB Group operates. It is generally complemented bylocal insurance.• LEGAL RISKSThe legal risk management system is described in the Report bythe Chairman of the Board to the shareholders’ meeting on page53.As of this date, to Crédit Agricole CIB’s knowledge, there are noother governmental, legal or arbitration proceedings that are liableto produce, or that have recently produced, a material impacton the fi nancial condition or profi tability of the Company and theCrédit Agricole CIB Group.At 31 December 2010, any legal risks that could have a negativeimpact on Group assets were covered by adequate provisionsbased on the information available to general management.• Exceptional events and claimsLoreley/IKBIn October, the Loreley companies Nº 7, 25, 31 and 32 (« Loreley«),controlled by IKB, fi led a complaint in New York for fraud againstCrédit Agricole Corporate and Investment Bank (Crédit AgricoleCIB) and Crédit Agricole Securities (USA) Inc., concerningthe creation and sale of the Orion I, Pyxis and Millstone IVCollateralised Debt Obligations (CDO). This complaint alsoinvolves the companies Putnam and NIBC that were acting ascollateral managers of the Orion I and Pyxis CDOs. The plaintiffsseek a return of the purchase value of the notes (US$70.5million) and US$70.5 million in damages, punitive damages andmiscellaneous fees. As a reminder, in July 2009, Crédit AgricoleCIB fi led a complaint in the High Court of London against IKB forUS$1.675 billion.New York Attorney General (NYAG)In May 2010, the New York branch of Crédit Agricole Corporateand Investment Bank (« Crédit Agricole CIB«) received a subpoenafrom the New York Attorney General’s offi ce requesting informationrelating to Crédit Agricole CIB dealings with credit rating agencies.Office of Foreign Assets Control (OFAC)United States laws and regulations require adherence toeconomic sanctions put in place by the Offi ce of Foreign AssetsControl (OFAC) on certain foreign countries, individuals andentities. The offi ce of the District Attorney of New York Countyand other American governmental authorities would like to knowhow certain fi nancial institutions made payments denominated inUS dollars involving countries, individuals or entities that had beensanctioned.Crédit Agricole S.A. and Crédit Agricole CIB are currentlyconducting an internal review of payments denominated in USdollars involving countries individuals or entities that could havebeen subject to such sanctions and are cooperating with theAmerican authorities as part of such requests.It is currently not possible to know the outcome of these internalreviews and requests, nor the date when they will be concluded.120SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• NON-COMPLIANCE RISKSNon-compliance risk is the risk associated with failure to complywith banking or fi nancial regulations, internal policies andprocedures or rules of conduct which may lead to criminal penalties,penalties assessed by the regulatory authorities, legal disputes withcustomers and, more broadly, reputational damage.Management of non-compliancerisksCompliance business line oversees compliance with laws and regulationsapplicable to Crédit Agricole CIB’s activities. Its work enablesstakeholders (customers, staff, investors, regulators and suppliers)to be confi dent that these laws and regulations are being compliedwith and enforced. Compliance has two main missions:• To protect Crédit Agricole CIB from potentially damaging or illegalexternal activities. It has to deal in particular with two missions:fraud prevention and fi nancial security which involves the preventionof money laundering and terrorist fi nancing, and the managementof asset freezes and embargos. Financial security relies onongoing in-depth knowledge of customers.• To protect the interests of customers and its reputation in the marketsby combating internal ethical breaches (insider trading, internalfraud, confl icts of interest, unsuitable advice etc.).Compliance also ensures that the systems in place for preventingthese risks are effi cient by:• translating laws and regulations into procedures and compliancemanuals;• training staff in compliance matters;• provide opinions on transactions referred to it;• checking that the compliance system operates correctly.The Compliance business line’s governance is set out in the reportby the Chairman of the Board of Directors to the shareholders’ meetingon page 53.Risk indicatorsNon-compliance analysis and risk monitoring involves structuredsystems in place as follows:• governance texts and rules implemented and concerningcompliance;• risk mapping, which allows the assessment of risks including therisks of non-compliance and fraud within the Group;• reporting, which allows the assessment of the global compliancesystem;• fi nancial security tools designed to generate and report alertsand handle them;• tools for monitoring sensitive or complex transactions andspecifi c market transactionsSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 121

32010 MANAGEMENT REPORT PILLAR 3 OF THE BASEL II REFORM• REGULATORY ENVIRONMENTApplication of capital requirementswith respect to prudentialsupervisionCredit institutions and investment companies must comply withminimum solvency ratios and ratios concerning major risks on anindividual basis or, if applicable, sub-consolidated basis. However,they may be exempted subject to conditions set out in article 4 ofregulation 2000-03 of 6 September 2000.The order dated 20 February 2007 allowed exemptions from theseratios under certain conditions. Accordingly, Crédit Agricole CIBsent a request to the French Prudential Supervisory Authority thatcertain group subsidiaries under its sole control be exempted onan individual basis. The subsidiaries concerned were exempted.Solvency ratio reformThe order of 20 February 2007, which transposes the EuropeanCRD (Capital Requirements Directive) into French law, defi nedthe « capital requirements applicable to credit institutions andinvestment companies«. In accordance with those requirements,the Crédit Agricole CIB Group has incorporated the impact of thisnew directive into its capital and risk management procedures.The CRD ratio has had legal force since 1st January 2008.However, banks are continuing to calculate the CAD ratio during aparallel phase, as the regulatory authority has defi ned a minimumcapital requirements of 80% of these requirements until 31December 2011.The method for calculating the solvency ratio is set out in theCapital Requirements Directive. The ratio is based on themeasurement of assets weighted by credit risk, market risk andoperational risk. The resulting capital requirements for each riskare stated below.In accordance with the order of 20 February 2007, credit riskexposures are measured using two approaches:• the standardised method, based on external measurementsand standard weightings for each category of exposure;• the IRB (Internal Rating Based) method, which relies onthe institution’s internal rating system. There is a distinctionbetween:- the IRB foundation method, for which institutions may onlyuse their estimated probabilities of default;- and the advanced IRB method, for which institutions useinternal estimates for all risk components, i.e. probability ofdefault, loss given default, exposure at default and maturity.In late 2007, the Autorité de Contrôle Prudentiel authorised theCrédit Agricole CIB Group to use its advanced internal ratingsystems to calculate regulatory capital requirements with respectto credit risk.• RISK MANAGEMENTThe policies, objectives and systems put in place to manage andmitigate risks are described in the « Risk management « chapter ofthe management report, on page 94 to 121.• PRUDENTIAL RATIOSDifferences between the scopeof statutory and regulatoryconsolidationInsurance companies are excluded from the scope of prudentialsupervision, but are included in the accounting scope of consolidation.Crédit Agricole CIB owns only one insurance company:CAIRS Assurance SA, which does not show any capital shortage.122SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3Ratios at 31 December 2010The table below sets out the CRD solvency ratio and details the risks faced by the Crédit Agricole CIB Group measured on a credit-riskequivalentbasis (after counterparty weighting), along with the level of regulatory capital, calculated in accordance with the regulation.€ billion 31.12.2010 31.12.2009Tier I capital [A] 17.3 15.9Capital and reserves, Group share 14.2 13.0Minority interests 0.1 0.2Capital included in core capital with the agreement of French Prudential SupervisoryAuthorityHybrid securities 5.1 4.7Deductions of intangible assets (2.1) (2.0)Tier II capital [B] 3.9 3.9Tier III capitalDeductions from Tier I capital and Tier II capital (4.1) (4.0)Deductions from Tier I capital [C] (2.1) (2.0)Deductions from Tier II capital [D] (2.1) (2.0)Including stakes in credit and banking institutions amounting to more than 10% of theircapital or which provide signifi cant infl uence over these institutions(1.5) (1.3)Including securitisation exposures weighted at 1,250% (2.6) (2.7)Including, for institutions using IRB approaches, the negative difference between thesum of value adjustments and collective impairment losses and the relevant exposuresand the expected lossTotal available capital 17.1 15.8Tier 1 [A - C] 15.3 13.9Tier 2 [B - D] 1.8 1.9Tier 3Credit risk 108.2 114.6Market risk 6.7 7.0Operational risk 13.2 13.3Total risk-weighted asset pre-fl oor 128.1 134.9Total risk post fl oor 142.6 134.9Tier I solvency ratio 10.7% 10.3%Overall solvency ratio 11.6% 11.7%Tier I solvency ratio pre-floor 11.9% 10.3%At 31 December 2010, the Credit Agricole CIB Group’s Basel IIoverall solvency ratio is 11.6%, and the Basel II Tier I solvencyratio is 10.7%.The ratio is calculated based on the amount of Basel II riskweightedassets after applying the fl at 80% fl oor to Basel I riskweightedassets; which represents €14.5 billion of additional riskweightedassets at 31 December 2010.At 31 December 2009, global Group’s solvency ratio amounted to11.7% and Tier I solvency ratio was 10.3% with no fl oor adjustment.Basel II risk-weighted assets totalled €142.6 billion at 31 December2010, an increase of 6% relative to the €134.9 billion fi gureat end-2009.The €7.7 billion increase broke down as follows:• credit risks declined by €6.4 billion over the period (a decreaseof €10.7 billion excluding the currency effect): although fi nancingactivities remains steady, market counterparty risks refl ecta sharp drop, which was reinforced by the marked improvementsin counterparty ratings in 2010 and by the implementationof a proprietary securitisation;• in 2010, market risk declined by €0.3 billion in risk-weightedasset equivalents, primarily owing to improvement in marketconditions, which produced a favourable effect on VaR;• operational risk amounted to €13.2 billion, a decrease of €0.1billion compared with 31 December 2009;• the overall decline in risk-weighted assets is cancelled by theimplementation of the fl oor requirement of 80% of Basel I riskweightedassets. This resulted in a €14.5 billion increase in BaselII risk-weighted assets by comparison with the requirementat end-2009.Tier I capital totalled €15.3 billion at 31 December 2010. The €1.4billion increase in 2010 was due to several factors:• A favourable currency effect of €0.5 billion• 2010 net income (+ €1 billion);• deduction from Tier 1 producing a €0.1 billion negative impactTotal shareholders’ equity also increased by €1.3 billion due to thenear stability of Tier II components.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 123

32010 MANAGEMENT REPORT• CAPITAL, CAPITAL REQUIREMENTS ANDADEQUACY OF CAPITALComposition of capital and ratiosCapital is split into three categories: Tier I capital, Tier II capitaland Tier III capital, according to the following criteria:- own shares, measured at book value;- intangible assets, including start-up costs and goodwill.• solidity and stability;• maturity;• subordination.• Tier I capitalTier I capital includes:Core capital and deductions• Capital;• Reserves, including revaluation adjustments and unrealised ordeferred capital gains/losses;• Unrealised gains or losses on available-for-sale fi nancial assetsare recognised directly in shareholders’ equity and adjusted asfollows:- for equity instruments, net unrealised capital gains are deductedfrom Tier I capital, currency by currency, net of any taxalready deducted in the accounts, and 45% of the amountis released, currency by currency, before tax to Tier II capital.Unrealised net capital losses are not adjusted ;- unrealised gains or losses recognised directly in equity capital,as a result of a cash fl ow hedging transaction, are neutralised;- for other fi nancial instruments, including debt instruments,loans and advances, unrealised capital gains and losses areneutralised;- impairment losses on all available-for-sale assets taken toprofi t and loss are not adjusted;• Share premiums;• Retained earnings.• Net income from the current year, i.e. net income; Group shareminus projected dividend payments;• Funds that the Autorité de Contrôle Prudentiel has deemed tomeet the conditions for inclusion in Tier I capital;• Deductions are as follows:• Other Tier I capital• Minority interests include minorities’ shares in entities owned byCrédit Agricole CIB;• Hybrid securities similar to minority interests.• Hybrid securitiesThese include equity instruments, either innovative or non-innovative.Innovative equity instruments feature progressive remuneration.Hybrid instruments in accordance with the eligibility criteria defi -ned in the press release of the Basel Committee dated 27 October1998, are included in Tier I capital, subject to the prior agreementof the Secretary-General of the French Prudential Supervisory Authority.They are composed of deeply subordinated notes issuedin accordance with the requirements of Article L.228-97 of theCode de Commerce, as amended by the fi nancial security act of1 August 2003. They also include preferred securities governedby the Anglo-Saxon law.Hybrid instruments have to comply with certain limits relative toTier I capital calculated before the deductions set out below in thethird bullet point:• innovative hybrid instruments, instruments with a strong incentivefor repayment mostly via a step-up, are limited to 15% ofthe Tier I Capital, subject to the prior agreement of the Secretary-Generalof the French Prudential Supervisory Authority if theymet the eligibility criteria of Tier I capital.• all the hybrid instruments, the innovative and non-innovativeones, are limited to 35% of Tier I capital.Furthermore, the total of hybrid instruments, minority interestsand aforementioned preferred shares cannot stand for more than50% of Tier I capital.Preferred securities governed by the Anglo-SaxonlawA description of those securities is provided in note 6.14 of theconsolidated fi nancial statements at 31 December 2010.Deeply subordinated notes issued in accordance with the requirements of Article L.228-97 of the Code deCommerce, as amended by the financial security act of 1 August 2003IssuerDate ofissueAmount ofissue(in localcurrency units)CurrencyDatesofbuy-backoptionCompensationInnovative issue(I) /non-innovativeissue (NI)Prudential amountat 31.12.2010(€ million)Crédit Agricole CIB 19.03.2004 500 USD 19.03.2014 5.81% NI 377Crédit Agricole CIB 04.05.2004 1,260 USD 04.05.2014 4.92%+104bps I 950Crédit Agricole CIB 04.05.2004 470 USD 04.05.2014 6.48% NI 354Crédit Agricole CIB 21.12.2005 85 USD 01.01.2016 Libor12M+150bps NI 64Crédit Agricole CIB 21.12.2005 220 USD 01.01.2016 Libor12M+90bps I 166Crédit Agricole CIB 28.09.2007 1,000 USD 28.09.2017 Libor12M+252bps NI 754Crédit Agricole CIB 28.09.2007 590 EUR 28.09.2019 Euribor12M+190bps I 590Newedge 23.12.2008 103 USD 23.03.2014 8.60% NI 77Crédit Agricole CIB 24.12.2008 1,700 USD 24.12.2013 Libor3M+710bps NI 1,281124SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• Tier II capitalTier II capital includes:• funds from the issuing of subordinated securities or loans thatmeet the conditions of article 4c of regulation 90-02 (perpetualsubordinated notes);• funds that meet the conditions of article 4d of regulation 90-02(redeemable subordinated notes);• for equity instruments, unrealised net capital gains released,currency by currency and before tax, to Tier II capital at a rateof 45%;• since Crédit Agricole CIB uses internal rating-based approachesfor measuring credit risk, the positive difference between thesum of value adjustments and collective impairment relating tothe exposures concerned and expected losses.Subordinated securities or loans in accordance with article 4c/ of regulation 90-02 (perpetual subordinated notes)IssuerDate ofissueAmount ofissue(in localcurrencyunits)CurrencyDatesofbuy-backoptionCompensationInnovative issue(I) /non-innovativeissue (NI)Prudential amountat 31.12.2010(€ million)Crédit Agricole CIB 12.08.1998 30 EUR 12.08.2003 Pibor3M+55bps NI 30Redeemable subordinated notes in accordance withthe conditions of article 4d/ of regulation 90-02Furthermore, subordinated debts of Crédit Agricole CIB at 31December 2010 also include TSR (cf. « perpetual subordinateddebt« in note 6.9 to the consolidated fi nancial statements.• Tier III capitalSubordinated debt with an initial maturity of at least two years,within the limits of regulatory requirements.The sum of the aforementioned capital fi gures makes up theinstitution’s total shareholders’ equity.• DeductionsDeductions are covered by articles 6, 6 bis and 6 quater of regulation90-02 and include investments representing more than10% of the capital of a credit institution or investment company,subordinated debt and any other element of shareholders’ equityas well as securitised assets with an external rating lower thanBB- . Deductions are split 50/50 between Tier I and Tier II capital.Capital requirements by type ofriskThe overall solvency ratio, presented in the table of prudentialratios, equals total capital divided by total exposures weighted bycredit risk, market risk and operational risk.The capital requirements by type of risk, method and exposurecategory (for credit risk) set out below correspond to 8% (theregulatory minimum) of risk-weighted exposures (average riskequivalent) presented in the prudential ratio table.• Credit risk: capital requirements using the standardised method31.12.2010 31.12.2009€ millionRiskweightedassetCapitalrequirementsRisk weightedassetCapitalrequirementsCentral governments and central banks 289 23 317 25Institutions 2 682 215 2 889 231Corporates 6 085 487 6 970 558Retail customersEquities 157 13 138 11Other non credit obligation assets 7 264 581 7 308 585Total 16 477 1 318 17 622 1 410The capital requirement calculated using the standardised approach to credit risk equalled 13% of total capital requirements at 31 December2010 (13% at 31 December 2009).SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 125

32010 MANAGEMENT REPORT• Credit risk: capital requirements using the IRB method€ millionRiskweightedasset31.12.2010 31.12.2009CapitalrequirementsRisk weightedassetCapitalrequirementsCentral governments and central banks 879 70 865 69Institutions 9,418 753 11,354 908Corporates 69,577 5,566 72,741 5,819Retail customers 321 26 351 28Equities 2,787 223 2,697 216Securitisations 8,751 700 8,992 719Total 91,734 7,339 97,000 7,760The capital requirement calculated using the internal rating-based method equalled 72% of total capital requirements at 31 December 2010(72% at 31 December 2008).• Capital requirements with respect to market risk and settlement risk€ millionRiskweightedasset31.12.2010 31.12.2009CapitalrequirementsRisk weightedassetCapitalrequirementsMarket risk using standardised approach 2,705 216 2,482 199Interest-rate risks 1,455 116 1,307 105Securities valuation risks 62 5 51 4Exchange-rate risks 1,019 82 794 64Commodity risks 168 13 330 26Market risk measured using an internal model 3,985 319 4,469 358of which additional capital requirements resulting from major risklimits being exceededSettlement risk 14 1 5Total 6,704 536 6,957 557The capital requirement for market risk and settlement risk equalled 5% of total capital requirements at 31 December 2010 (5% at 31December 2009).• Capital requirements relating to operational risks€ millionRiskweightedasset31.12.2010 31.12.2009CapitalrequirementsRisk weightedassetCapitalrequirementsStandardised approach to measuring operational risk 1,223 98 1,173 94Advanced approach to measuring operational risk 11,960 957 12,154 972Total 13,183 1,055 13,327 1,066The capital requirement for operational risk equalled 10% of total capital requirements at 31 December 2010 (10% at 31 December 2009).126SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3Assessment of adequacy of internal capitalThe Group has begun to develop an internal capital procedurewithin the Crédit Agricole CIB Group and the Group’s mainFrench and foreign entities. The approach aims to comply withthe requirements of the second pillar of Basel II, particularly asregards the ICAAP (Internal Capital Adequacy AssessmentProcess), which institutions are responsible for implementing.The main objective of this procedure is to ensure that groupshareholders’ equity and the shareholders’ equity of Groupentities are appropriate given the risks incurred.Risks quantifi ed for internal capital purposes include:• risks covered by the fi rst pillar of Basel II (credit and counterpartyrisks, operational risks, market risks);• risks covered by the second pillar of Basel II (interest-rate risk inthe banking book, concentration risk in the loan book).Liquidity risk is excluded from this procedure, since the Groupprefers to take a qualitative approach to managing this risk. Thisinvolves ensuring the quality of its management and supervisionsystem, together with the liquidity continuity plan.In addition to these risks, the internal capital procedure requiresthe Group to check that the capital requirements calculatedunder the fi rst pillar adequately cover any residual risks relating totechniques used to mitigate credit and securitisation risks. If risksare not adequately covered, an adjustment relative to fi rst-pillarrequirements is made by the entities exposed to these risks.The quantitative approach used to calculate internal capital isincremental, and can be adjusted relative to fi rst-pillar requirements.The approach consists:• of adjusting capital requirements calculated with respect to thefi rst pillar, so that internal capital refl ects economic risks in eachbusiness;• of supplementing requirements corresponding to fi rst-pillarrisks, taking into account the second pillar;• of taking into account, in a prudent manner, the effects of diversification resulting from carrying out diversifi ed activities withinthe same group.Within Crédit Agricole CIB, exposure to counterparty and creditrisk is calculated using an internal model, and internal capital iscalculated using an economic capital model with a threshold of99.97%.As regards market risk, fi rst-pillar capital requirements are calculatedusing internal value-at-risk models, and internal capital formarket risk takes into account the liquidity of instruments in thetrading book. As for credit risk, the percentile used to calculateinternal capital for market risk is 99.97%.As regards internal capital for interest-rate risk in the bankingbook, the Group applies the interest-rate shocks specifi ed in thesecond pillar of Basel II, which correspond to instant and parallelupward and downward shocks of 200 basis points. The calculatedinternal capital fi gure includes the risk-offsetting effect of netinterest margin on customer deposits.• CREDIT RISKExposure to credit risk• Probability of default (PD) means the probability that a counterpartywill default in a 1-year period.• Loss given default (LGD) means the relationship between theloss when a counterparty defaults and the amount of the exposureat the time of default;• Gross exposure means the amount of exposure (on- and offbalancesheet) before the application of credit risk mitigationtechniques and before the application of the conversion factor(CCF).• Exposure at default (EAD): means the amount of exposure(on- and off-balance sheet) before the application of credit riskmitigation techniques and before the application of the creditconversion factor (CCF).• Conversion factor (CCF): ratio between the unused portion of acommitment that will be drawn and at risk at the time of default,and the unused portion of the commitment calculated on thebasis of the authorised limit or, where applicable, the unauthorisedlimit if higher.• Risk-weighted assets (RWA): Exposure at default (EAD) afterapplication of a weighting ratios• Value adjustments: decline in the value of a specifi c asset dueto credit risk, recognised either through a partial write-off or adeduction from the carrying amount of the asset.• External credit ratings: credit ratings provided by an externalcredit rating agency recognised by the French Prudential SupervisoryAuthority.Credit exposures are classifi ed by type of counterparty and typeof fi nancial product, in one of the exposure categories in the tableabove and defi ned by article 40-1 of the order of 20 February2007 relating to the capital requirements applicable to credit institutionsand investment companies:• The « institutions« category corresponds to exposures to creditinstitutions and investment companies. The category alsoincludes some exposures to regional and local governments,public-sector entities and multilateral development banks,which are not treated as central governments.• The « Corporates« exposure category includes large, mediumsizedand small companies.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 127

32010 MANAGEMENT REPORT• The « Retail customers« category corresponds to loans grantedin private banking operations.• The equity investments category is defi ned on page 137.• The « Securisation transactions« category is defi ned on page134.• The « Other assets that do not correspond to a credit obligation«category mainly includes non-current assets and accruals.Analysis of exposures• Exposures by type of riskThe tables below show Crédit Agricole CIB’s exposure to creditand counterparty risk by exposure class for the standardised andinternal ratings based approaches. This exposure correspondsto gross exposure (on- and off-balance sheet) after netting andbefore risk mitigation techniques (guarantees and collateral).Institutions take into account counterparty risk in all of their exposures,whether in the banking or trading books. For items in thetrading book, counterparty risk is managed in accordance witharrangements for the prudential supervision of market risk.The prudential treatment of counterparty risk for operations involvingderivative fi nancial instruments in the banking book is governedby regulations, i.e. by France’s transposition of the Europeandirective (order of 20 February 2007). To measure exposure tocounterparty risk on transactions involving forward fi nancial instruments,Crédit Agricole CIB uses the market price measurementmethod.Counterparty risk exposure totalled €96.9 billion at 31 December2010, with €31.6 billion of repos and €65.3 of derivative fi nancialinstruments.Additional information on counterparty risk exposure on derivativefi nancial instruments is provided in note 3.1 to the consolidatedfi nancial statements.Exposure to credit risk by method and category of exposure (total exposure)€ millionCreditrisk31.12.2010 31.12.2009IRB Standard Total TotalincludingcounterpartyriskCreditriskincludingcounterpartyriskCreditriskincludingcounterpartyriskCreditriskincludingcounterpartyriskCentral governments andcentral banks46,206 3,538 24,639 20,042 70,845 23,581 53,936 2,891Institutions 75,974 43,675 13,656 572 89,630 44,247 115,369 51,339Corporates 228,183 28,720 13,322 349 241,505 29,069 202,210 31,161Retail customers 7,740 7,740 6,650Equities 1,064 199 1,263 1,247 (1)Securitisations 64,853 64,853 58,880Other assets that do notcorrespond to a creditobligation31,828 31,828 21,988Total 424,020 75,934 83,644 20,963 507,665 96,896 460,281 85,392(1)Corrected data.Exposures at default by method and category of exposure (EAD)€ millionCreditrisk31.12.2010 31.12.2009IRB Standard Total TotalincludingcounterpartyriskCreditriskincludingcounterpartyriskCreditriskincludingcounterpartyriskCredit riskincludingcounterpartyriskCentral governments andcentral banks45,273 3,538 24,490 20,042 69,763 23,581 53,221 2,891Institutions 73,184 43,709 13,298 572 86,482 44,281 111,360 52,570Corporates 190,265 28,720 12,908 349 203,173 29,069 174,222 31,161Retail customers 7,727 7,727 6,630Equities 836 157 994 920 (1)Securitisations 55,141 55,141 47,396Other assets that do notcorrespond to a creditobligation31,798 31,798 21,947Total 372,427 75,968 82,651 20,963 455,078 96,931 415,696 86,623(1)Corrected data.128SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3Risk weighted asset by method and category of exposure (RWA)€ millionCreditrisk31.12.2010 31.12.2009IRB Standard Total TotalincludingcounterpartyriskCreditriskincludingcounterpartyriskCreditriskincludingcounterpartyriskCreditriskincludingcounterpartyriskCentral governments andcentral banks879 29 289 1 168 29 1 181 43Institutions 9 418 4 898 2 682 114 12 099 5 013 14 242 6 173Corporates 69 577 12 505 6 085 407 75 661 12 912 79 711 16 183Retail customers 321 321 351Equities 2 787 157 2 945 2 836Securitisations 8 751 8 751 8 992Other assets that do notcorrespond to a creditobligation7 264 7 264 7 308Total 91 734 17 432 16 477 522 108 211 17 953 114 621 22 399• Exposures by geographical areaThe analysis covers the total amount of exposures by geographicalarea within the Crédit Agricole CIB Group, excluding exposureunder standardised approach, securitisation transactions andadjustments not directly affectable to a geographic area.At 31 December 2010, the fi gure was €367 billion (€348 billion (1)at 31 December 2009).2010 2009 (1)Japan4%Eastern Europe4%Africa andMiddle-East6%Italy3%France(including overseasdepartments and territories)22%Japan4%Eastern Europe4%Africa andMiddle-East6%Italy4%France(including overseasdepartments and territories)22%excluding Japan12%excluding Japan10%North America15%Western Europeexcluding Italy4%Western Europeexcluding Italy30%North America15%Central and South America (1)4%Western Europeexcluding Italy32%(1)2009 reviewed data due to a change in the scope.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 129

32010 MANAGEMENT REPORT• Geographical analysis of portfolio by category of exposureen %Central governments andcentral banksInstitutionsCorporates2010 2009 (1) 2010 2009 (1) 2010 2009 (1)France (including overseasdepartments and territories)22% 14% 18% 18% 23% 26%Western Europe excludingItaly19% 19% 48% 51% 26% 27%Central and South America 3% 3% 1% 0% 5% 5%Italy 3% 5% 2% 2% 4% 4%Asia and Pacifi c excludingJapan8% 6% 9% 8% 13% 11%Africa and Middle-East 2% 3% 5% 6% 7% 7%North America 25% 29% 12% 11% 14% 14%Eastern Europe 2% 2% 2% 1% 5% 5%Japan 17% 17% 4% 2% 2% 2%other 1% 1% 0% 0% 0% 0%Total 100% 100% 100% 100% 100% 100%(1)2009 reviewed data due to a change in the scope.• Exposures by industryThe analysis covers the total amount of exposures by economicsector within the Crédit Agricole CIB Group, excluding exposureunder standardised approach, securitisation transactions andadjustments not directly affectable to a geographic area.At 31 December 2010, total exposures amounted to €367 billioneuros compared with €348 billion (1) at 31 December 2009).Industry analysis of exposures – all category of exposures26%25%31.12.201031.12.2009 (1)14%10%9%12%5% 5%5%5% 5%4% 4% 4% 4%3% 4%4%4%3% 3%3%2% 3% 2% 3% 3% 3%2% 2% 1% 1% 2% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 0% 0%Banks(non-banks)Energy(1)2009 reviewed data due to a change in the scope.The analysis of the loan book by industry shows a well diversifi edrisk. Banks and other non-bank fi nancial activities make up 34%of the total portfolio.Excluding other non-bank fi nancial activities, the Corporate portfolioshows a satisfactory diversifi cation level, with the main economicsector being Energy (14%).130SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3Industry analysis of exposures – Corporate22%19%31.12.201031.12.2009 (1)10%7%8%8% 7%6% 7% 7%6%5%6%5%5%5% 5%5% 4%4%4% 4% 4% 3% 2%3% 3% 3% 2% 2%2% 2% 2%1%2%2% 1% 1%1% 1% 1%1% 0%0%0%0%Energy(1)2009 reviewed data due to a change in the scope.Contractual maturity analysis of exposuresThe contractual maturity analysis of exposures and by fi nancial instruments is available, on an accounting basis, in note 3.3 to the consolidatedfi nancial statements « Liquidity and fi nancing risk«.Quality of exposure• Quality of exposure by type of customer€ millionGrossexposureStandardisedapproach31.12.2010Impaired exposureIRBapproachTotalIndividualvalueadjustmentsCollectivevalueadjustmentsCentral governments andcentral banks70,845 10 25 35 23Institutions 89,630 562 562 549Corporates 241,505 73 2,718 2,791 1,533Retail customers 7,740 906 906 76Total 409,721 83 4,210 4,293 2,182 0€ millionGrossexposureStandardisedapproach31.12.2009 (1)Impaired exposureIRBapproachTotalIndividualvalueadjustmentsCollectivevalueadjustmentsCentral governments andcentral banks53,936 9 79 88 94Institutions 115,369 534 534 338Corporates 202,210 72 3,457 3,529 1,375Retail customers 6,650 699 699 3Total 378,165 81 4,768 4,850 1,809 0(1)Corrected data.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 131

32010 MANAGEMENT REPORT• Quality exposure by geographical area€ millionStandardisedapproachPast due exposure (1)2010 2009 (2)IRBapproachExposure at defaultIRBapproachExposure at defaultWestern Europe excluding Italy 83 1,023 1,549Italy 760 913Eastern Europe 251 259North America 377 626Central and South America 787 749Asia and Pacifi c excluding Japan 241 157Japan 40 7Africa and Middle-East 732 508Total 83 4,210 4,768(1)More than 90 days past due.(2)Corrected data.Quality of exposure• Quality of exposure by type of customerstandardised approachCredit valuation under the standardised approachWhen no external credit valuation is available, Crédit Agricole CIBuses the French Prudential Supervisory Authority weighting.The Crédit Agricole CIB Group also cross-references external creditevaluations with the various credit quality steps published bythe French Prudential Supervisory Authority.For the Central Governments/Central Banks and Corporatescategories, under the standardised approach, the Crédit AgricoleCIB Group has chosen to use Moody’s evaluations to assess sovereignrisk, along with French Prudential Supervisory Authority’stable to cross-reference with credit quality steps.As regards Corporates, the Group does not use external creditevaluation organisations. Corporates are weighted at 100% or150% when exposures to government of the country in whichthe company is established is weighted at 150%, in accordancewith regulations. As a result, it is not possible to break down corporateexposures by credit quality step using the standardisedapproach.• Credit quality step analysis of exposures and exposure at default (EAD)Central government and central banks€ millionWeightingsAmount ofexposures31.12.2010 31.12.2009Amount ofEADAmount ofexposuresAmount ofEAD0% 24,350 24,201 7,922 7,90720% 1 150%100% 289 289 316 316Total 24,639 24,490 8,239 8,224Institutions€ millionWeightingsAmount ofexposures31.12.2010 31.12.2009Amount ofEADAmount ofexposuresAmount ofEAD20% 13,606 13,268 12,548 12,48350% 5 5 536 285100% 46 25 295 250150%Total 13,656 13,298 13,379 13,018132SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3• Exposure under the IRB approachPresentation of the internal rating system and procedureInternal rating systems and procedures are presented in the management report in the « Risk management - Counterparty risk - Risk measurementmethods and system« section on pages 96 to 98.Credit risk exposure by category of exposure and internal rating at 31 December 2010 (excluding defaultedexposure)€ millionInternalobligorratingGrossexposureEADEAD(Balancesheet)EAD(Offbalancesheet )RWAAverageLGDAverageRWExpectedLoss(EL)1 42,331 43,129 38,280 4,848 88 2% 0% 02 381 421 339 82 14 6% 3% 0Central governments 3 2,608 1,405 1,001 404 252 18% 18% 1andcentral banks4 584 196 155 41 210 41% 107% 15 129 59 55 4 117 61% 199% 26 149 39 27 12 198 86% 511% 7Sub-total 46,182 45,249 39,858 5,391 878 101 41,707 42,817 19,528 23,290 1,516 13% 4% 22 13,839 13,184 4,382 8,802 1,278 22% 10% 2Institutions3 17,760 15,395 6,424 8,971 5,261 31% 34% 144 1,423 1,109 601 508 942 50% 85% 55 49 17 8 9 47 85% 269% 16 635 100 47 53 342 63% 342% 10Sub-total 75,412 72,623 30,990 41,633 9,386 341 31,812 43,524 18,208 25,316 3,104 21% 7% 32 41,091 30,498 11,393 19,106 5,236 38% 17% 7Corporates3 103,917 79,063 44,222 34,842 29,976 35% 38% 744 38,510 27,101 17,075 10,026 21,302 35% 79% 1085 4,769 3,121 1,877 1,244 3,788 36% 121% 546 5,258 4,239 2,927 1,312 6,006 30% 142% 179Sub-total 225,357 187,547 95,702 91,845 69,412 4241 520 516 501 16 3 6% 1% 02 2,539 2,538 2,532 6 18 4% 1% 0Retail customers3 3,711 3,704 3,691 13 183 12% 5% 14 13 13 13 0 11 63% 81% 06 50 50 50 0 72 72% 143% 5Sub-total 6,834 6,822 6,787 35 287 6Total 353,785 312,240 173,337 138,903 79,963 474SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 133

32010 MANAGEMENT REPORTCredit risk mitigation techniquesDefi nitions:• Collateral: a security interest giving the bank the right to liquidate,keep or obtain title to certain amounts or assets in theevent of default or other specifi c credit events affecting counterparty,thereby reducing the credit risk on an exposure;• Guarantee: undertaking by a third party to pay the sum due inthe event of the counterparty’s default or other specifi c creditevents, therefore reducing the credit on an exposure.• Collateral managementThe main categories of collateral taken by the bank are describedin the section of the management report entitled « Risk management– Credit Risk – Guarantees and Collateral Received«.Collateral is analysed when granted to assess the value of theasset, its volatility and the correlation between the value of thecollateral and the quality of the counterparty fi nanced. Regardlessof collateral quality, the fi rst criteria in the lending decision isalways the borrower’s ability to repay sums due from cash fl owgenerated by its operating activities, except for some commoditiesfi nancing.For fi nancial collateral, a minimum exposure hedging rate is usuallyincluded in the loan contract, with readjustment clauses. Financialcollateral is revalued according to remargining and marking-tomarket frequency and at least quarterly.The minimum exposure hedging rate (or the haircut applied tothe value of the collateral under Basel II) is determined by measuringthe pseudo-maximum deviation of the value of the securitieson the revaluation date. This measurement is calculated on a99% confi dence interval over a time horizon covering the periodbetween each revaluation, the period between the date of defaultand the date on which asset liquidation starts, and the durationof the liquidation period. A haircut is also applied for currencymismatch risk when the collateral and the collateralised exposureare denominated in different currencies. Additional haircuts areapplied when the size of the securities position implies a blocksale or when the borrower and the issuer of the collateral securitiesbelong to the same group.Other types of asset may also be pledged as collateral. This isnotably the case for certain activities such as aircraft, shipping orcommodities fi nancing. These businesses are conducted by themiddle offi ces, which have specifi c expertise in valuing the assetsfi nanced.• Protection providersTwo major types of guarantee are used (other than intra-groupguarantees):• export credit insurance taken out by the bank;• unconditional payment guarantees.The main guarantee providers (excluding credit derivatives)are export credit agencies, most of which enjoy a good qualitysovereign rating. The largest are Coface (France), Sace SPA(Italy), Eurler Hermès (Germany) and Korea Export Insur (Korea).• Credit derivatives used for hedgingCredit derivatives used for hedging are described in the « Riskmanagement – credit risk – use of credit derivatives« section ofthe management report.Securisations• Defi nitionSecuritisation is a transaction or a structure under which the creditrisk associated with an exposure or pool of exposures is subdividedinto tranches with the following features:• cash fl ows from the underlying exposure or pool of exposuresare used to make payments;• subordination of the tranches determines how losses are allocatedduring the period of the transaction or structure.Within securitisation operations, the following distinctions can bemade:• Traditional securitisations: implies the economic transfer of thesecuritised exposures to a special purpose entity that issuesnotes. The transaction or structure implies the transfer ofownership in the securitised exposures by the originating bankor via a sub-participation. The notes issued do not representpayment obligations for the originating bank;• Synthetic securitisations: the credit risk is transferred throughthe use of credit derivatives or guarantees and the pool of exposuresis kept on the balance sheet of the originating bank.Crédit Agricole CIB’s securitisation exposures are dealt with usingthe IRB securisation approaches:• The Rating Based Approach (RBA) for exposures that have anexternal public rating (directly or through an inferred rating). Theexternal rating agencies used are Standard & Poors, Moody’s,Fitch Ratings and Dominion Bond Rating Services DBRS;• The Internal Assessment Approach (IAA);• The Supervisory Formula Approach (SFA) for exposures withoutexternal public rating.• Aim and strategySecuritisation for third partiesCrédit Agricole Corporate and Investment Bank securitisations forthird parties are structured around two strategic axes:Financing via commercial conduits (sponsoring)Crédit Agricole CIB is involved in the management of conduitsAsset-Backed Commercial Paper as liquidity provider. Theseconduits sponsored by Crédit Agricole CIB lead to fi nance diversified assets in order to offer alternative fi nancing sources to thebank’s customers.These conduits ABCP allow the transfer to external investors ofthe credit risk related to assets (in most cases commercial receivables),a part of the risk related to the fi rst losses is retained134SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3by the transferor. These structures can be completed by transfermechanisms of some or of the entire risk to third parties (creditinsurers, equity providers …).Crédit Agricole CIB has never sponsored SIV (Structured Investmentvehicle).Intermediary activitiesCrédit Agricole CIB participates in pre-securitisation fi nancing, instructuring and in the investment of securities backed by sets ofassets from customers and designed for investors.In this business, the bank holds a risk relatively low via the possible« back-up lines«/lignes de support contribution to the securitisationvehicles or via a share of the notes issued.Proprietary securisationsCrédit Agricole CIB has two types of exposure to own accountsecuritisations:Active Credit Portfolio ManagementCrédit Agricole CIB uses securitisation techniques to manage itscorporate fi nancing portfolio. They are used in addition to a rangeof risk transfer instruments (see section of the management reportentitled « Risk management – Credit Risk - Credit Risk MitigationMechanisms – Use of Credit Derivatives«).The aim is to reduce concentration of corporate credit exposures,to diversify the portfolio and to reduce loss levels. This businessis managed by the Credit Portfolio Management (CPM) team. Theinternal rating based approach is used to calculate risk weightedsecuritisation exposures on own account. In this business, thebank does not purchase or hold protection on all tranches.Hence, the bank’s exposure is either from the portions of thesecuritisations held for own account or sales of protection on thetranches for which the bank does not want to hold protection.Discontinuing operationsIt corresponds to equity investments which are either discontinuingoperations or exposures for which the risk is consideredto be low and that Crédit Agricole CIB is willing to carry for thelong term, and which in 2009 were segregated into a dedicatedprudential banking book.2010 business reviewIn 2010, Crédit Agricole CIB securitisation operations werecharacterised by:• the support of government ABS market development in theUnited-States and its reopening in Europe. Crédit Agricole CIBstructured and organised the investment (as arranger and bookrunner) of a signifi cant number of primary ABS issues on behalfof its customers Financial Institutions and Consumer Financing.• Regarding ABCP conduits, Crédit Agricole CIB maintained itsposition among the leaders in Europe and in the American marketthrough the renewal or the implementation of new securitisationtransactions for commercial or fi nancial receivables mostlyon behalf of its Corporate customers to fi nance their ordinaryactivity in line with the bank’s risk profi le. The Crédit Agricole CIBstrategy which aims at fi nancing the client is well known amonginvestors and permitted attractive fi nancing conditions for thebank’s customers.Additional information concerning the nature and the geographicbreakdown of securitised assets is provided in page 113 of themanagement report.• Prudential approachThe prudential treatment of Crédit Agricole CIB securitisations isin accordance with the headline V of the European CRD transposedinto French law via the order of 20 February 2007.Internal Rating-Based approach Securisations carried out on behalf of customersThe underlyings fi nanced are diversifi ed in terms of both assetclasses and countries of origin.The assets fi nanced are mainlycommercial loans and automobile loans. The countries of origin ofthe assets are mainly France, the United States and Italy.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 135

32010 MANAGEMENT REPORTTraditional securisations€ million 31.12.2010 31.12.2009Exposures 19,315 19,540Balance sheet 1,867 2,034Off-balance sheet 17,448 17,507Exposures at default (EAD) 18,652 18,896Rating-Based Approach (RBA) 5,057 4,611Weighting 6-10 % 2,876 2,263Weighting 12-35 % 1,128 1,395Weighting 50-75 % 258 405Weighting 100-650 % 795 549Internal Assessment Approach (IAA) 12,815 13,796Weighting 6-10 % 10,878 9,470Weighting 12-35 % 1,936 3,563Weighting 50-75 % 1 344Weighting 100-650 % 0 419Supervisory Formula Approach (SFA) 781 489Risk weighted assets (RWA) 2,874 3,511Capital requirements 230 281Proprietary securisationsTranches of securitisation (after protection)€ million 31.12.2010 31.12.2009Traditional securisations 11,917 9,325Synthetic securisations 33,621 30,015Total 45,539 39,340Securisation tranches deductible from shareholders’ equity (EAD)At 31 December 2010, the total amount of retained securisation tranches deductible from Basel II shareholders’ equity was €2,574 million.Aggregate amount of securitized positions retained or acquired by weighting category (EAD)€ million 31.12.2010 31.12.2009Rating-Based Approach (RBA) 5,756 3,713Weighting 6-10 % 4,272 1,743Weighting 12-35 % 597 581Weighting 50-75 % 102 237Weighting 100-650 % 785 1,135Weighting = 1250 % 46 17Supervisory Formula Approach (SFA) 30,686 24,787Total 36,488 28,500Impaired assets, exposure to delinquent securitised loans and losses during the periodAfter impairment of €186 million, the net exposure of impaired assets was 209 million at 31 December 2010.136SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

2010 MANAGEMENT REPORT 3Exposure to equity investmentsEquity investments owned by Crédit Agricole CIB outside thetrading book are made up of securities « that give residual andsubordinated rights to the assets or income of the issue or thatare of a similar economic nature«.They mainly consist of:• listed and unlisted equities and shares in investment funds;• implied options in convertible bonds and mandatory convertiblebonds;• equity bonds;• deeply subordinated notes.• Equity exposures by exposure category€ millionExposures EAD RWA31.12.2010 31.12.2009CapitalrequirementsExposures EAD RWACapitalrequirementsInternal rating-based approach 1 064 836 2 787 223 1 109 782 2 697 216Private equity exposures held in suffi cientlydiversifi ed portfolios37 33 63 5 68 45 86 7Exposures to listed equities 314 309 897 72 148 142 411 33Other equity exposures 713 494 1 827 146 893 595 2 201 176Standardised approach 199 157 157 13 138 138 138 11Total 1 263 994 2 945 236 1 247 920 2 836 227The total amount of capital gains realized on sales in 2010 was€55 million.The total amount of unrealized gains and losses recorded directlyin shareholders’ equity was €239 million at 31 December 2010(before tax).Unrealized gains included in Tier I or Tier II capital totaled €267million at 31 December 2010.• MARKET RISKInternal model-based method formeasuring and managing marketrisksThe internal model-based methods for measuring and managingmarket risks are described in the « Risk management – Marketrisks« section of the management report, on page 105.Global interest-rate riskThe type of interest-rate risk, the main assumptions used and thefrequency with which interest-rate risk is measured are presentedin the « Risk management - Global interest-rate risk« section of themanagement report, on page 114.Measurement policies and proceduresused for the trading bookMeasurement rules used for trading book items are presentedin note 1.3 to the fi nancial statements, « Signifi cant accountingpolicies«.Measurement models undergo periodic examination, as describedin the « Risk management - Market risks« section of themanagement report, on page 104.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 137

32010 MANAGEMENT REPORT• OPERATIONAL RISKMethod for calculating capitalusing the advanced approachThe scope of application of the advanced and standardisedapproaches, and the description of the advanced approach, arepresented in the « Risk management - Operational risks« sectionof the management report, on page 119.Insurance techniques formitigating operational riskInsurance techniques for mitigating operational risk are presentedin the « Risk management - Insurance and hedging of operationalrisks« section of the management report, on page 120.138SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATEDFINANCIAL STATEMENTSApproved by the Board of Directors in its meeting of 22 February 2011and put to shareholders for their approval in the 11 May 2011 Shareholder’s MeetingGENERAL BACKGROUND ....................................................................... 140 LEGAL PRESENTATION OF CRÉDIT AGRICOLE CIB .............................................................. 140 RELATED PARTIES ............................................................................................................. 141CONSOLIDATED INCOME STATEMENTS ................................................. 142 INCOME STATEMENT ........................................................................................................ 142 NET INCOME AND GAINS/(LOSSES) RECOGNISED DIRECTLY IN EQUITY .............................. 143 ASSETS ............................................................................................................................ 144 LIABILITIES AND SHAREHOLDERS’ EQUITY ........................................................................ 145 CHANGE IN SHAREHOLDERS’ EQUITY ................................................................................ 146 CASH FLOW STATEMENT .................................................................................................. 147NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ...................... 148 NOTE 1: ACCOUNTING PRINCIPLES AND POLICIES APPLICABLE, ASSESSMENTS ANDESTIMATED USED ............................................................................................................. 148 NOTE 2: SCOPE OF CONSOLIDATION ................................................................................. 163 NOTE 3: FINANCIAL MANAGEMENT, RISK EXPOSURE AND HEDGING POLICY ...................... 166 NOTE 4: NOTES TO THE INCOME STATEMENT ................................................................... 178 NOTE 5: SEGMENTAL REPORTING ..................................................................................... 184 NOTE 6: NOTES TO THE BALANCE SHEET .......................................................................... 186 NOTE 7: EMPLOYEE BENEFITS AND OTHER COMPENSATION ............................................. 196 NOTE 8: FINANCING AND GUARANTEE COMMITMENTS ..................................................... 201 NOTE 9: RECLASSIFICATIONS ............................................................................................ 202 NOTE 10: FAIR VALUE OF FINANCIAL INSTRUMENTS ......................................................... 203 NOTE 11: POST- STATEMENT OF FINANCIAL POSITION EVENTS........................................ 208 NOTE 12: SCOPE OF CONSOLIDATION AT 31 DECEMBER 2010 .......................................... 209STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIALSTATEMENTS ........................................................................................ 212SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 139

4CONSOLIDATED FINANCIAL STATEMENTSThe fi nancial statements consist of the general background, consolidated fi nancial statements and the notes to the fi nancial statements. GENERAL BACKGROUND• LEGAL PRESENTATION OF CRÉDIT AGRICOLECORPORATE AND INVESTMENT BANKCorporate’s name: Crédit Agricole Corporate and Investment Bank.Trading names are: Crédit Agricole Corporate and Investment Bank – Crédit Agricole CIB - CACIBAddress and registered office:9, quai du Président Paul Doumer92920 Paris La Défense Cedex - France.Registration number: 304 187 701, Nanterre Trade and Companies RegistryCode NAF: 6419 Z (APE)Corporate form:Crédit Agricole Corporate and Investment Bank is a French societé anonyme (joint stock corporation) with a Board of Directors, governedby the laws and regulations applicable to credit institutions and joint stock corporations and by its Articles of Association.140SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4• RELATED PARTIESThe Crédit Agricole CIB’s related parties comprise groupcompanies that are fully integrated or consolidated underproportional or equity method as well as main senior executivesof the Group.The information provided in this report is supplemented by theinformation given in the Statutory Auditors’ special report onregulated agreements on page 258.Relations with the Crédit AgricoleS.A. GroupOn-and off-balance sheet amounts representing transactionsbetween the Crédit Agricole CIB Group and the rest of the CréditAgricole S.A. Group are summarized in the following table:€ million 31.12.2010ASSETSLoans and advances 10,772Derivative fi nancial instruments held for trading 21,441LIABILITIESLoans and advances 16,827Derivative fi nancial instruments held for trading 20,864Subordinated debt 8,306Preferred shares 411FINANCING COMMITMENTSOther guarantees given 385Guarantees received 5,056Relations between consolidatedcompanies within the CréditAgricole CIB GroupA list of the Crédit Agricole CIB Group’s consolidated companiescan be found in note 12.Transactions between two fully consolidated entities are eliminatedin full.Period-end outstandings between fully consolidated and proportionallyconsolidated companies are only eliminated to the extentof the interests held by group shareholders. The remaining balancesare included in Crédit Agricole CIB’s consolidated fi nancialstatements. At 31 December 2010, non-eliminated outstandingswith UBAF and Newedge on the balance sheet were as follows:- due from banks:€708 million- due to banks:€1,369 million- securities sold under repurchase agreements:€160 millionRelations with executive officersand senior managementDetailed information on senior management compensation isprovided in note 7.7 «Executive offi cers’ compensation«.Figures for loans and advances represent cash relations betweenCrédit Agricole CIB and Crédit Agricole S.A.Figures for trading derivatives mainly represent Crédit AgricoleGroup interest-rate hedging transactions arranged by Crédit AgricoleCIB in the market.Information concerning preferred shares appears in note 6.14.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 141

4CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENTS• INCOME STATEMENT€ million Notes 31.12.2010 31.12.2009Interest receivable and similar income 4.1 5,132 7,119Interest payable and similar expense 4.1 (2,962) (4,865)Fee and commission income 4.2 3,815 3,660Fee and commission expense 4.2 (1,352) (1,461)Net gains/ (losses) on fi nancial instruments at fair value through profi tand loss4.3 1,036 (62)Net gains/ (losses) on available-for-sale fi nancial assets 4.4 65 58Income related to other activities 4.5 71 60Expenses related to other activities 4.5 (107) (81)NET BANKING INCOME 5,698 4,428Operating expenses 4.6, 7.1 (3,682) (3,312)Depreciation, amortisation and impairment of property, plant andequipment and intangible assets4.7 (153) (159)GROSS OPERATING INCOME 1,863 957Cost of risk 4.8 (638) (1,769)NET OPERATING INCOME 1,225 (812)Share of net income of affi liates 2.3 139 117Net income on other assets 4.9 (13) 22GoodwillPRE-TAX INCOME 1,351 (673)Income tax 4.10 (309) 381NET INCOME 1,042 (292)Minority interests 37 39NET INCOME - GROUP SHARE 1,005 (331)Earnings per share (in €) 6.14 4.48 (1.83)Diluted earnings per share (in €) 6.14 4.48 (1.83)142SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4• NET INCOME AND GAINS/ (LOSSES)RECOGNISED DIRECTLY IN EQUITY€ million Notes 31.12.2010 31.12.2009Net Income- Group share 1,005 (331)Gains/ (losses) on currency translation adjustment 129 (41)(Gains)/ losses on available for-sale-assets (58) 137(Gains)/ losses on derivative hedging instruments (54) 53Actuarial (gains)/ losses on post-employment benefi ts (22)(Gains)/ losses recognised directly in equity, Group share withoutaffiliates(5) 149Share of net gains/ (losses) recognised directly in equity of affi liates entitésmises en équivalence (1) 94 (33)Total gains/ (losses) recognised directly in equity, Group share 4.11 89 116Net income and gains/ (losses) recognised directly in equity,Group share1,094 (215)Net income and gains/ (losses) recognised directly in equity, minoritiesinterests72 35Net income and gains/ (losses) recognised directly in equity 1,166 (180)(1)The «share of other comprehensive income on investments accounted for under the equity method« is included in Crédit Agricole CIB consolidated reserves.Amounts are disclosed after tax.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 143

4CONSOLIDATED FINANCIAL STATEMENTS• ASSETS€ million Notes 31.12.2010 31.12.2009Cash, due from central banks 6.1 19,400 23,826Financial assets at fair value through profi t or loss 6.2 388,531 384,760Derivative hedging instruments 3.2, 3.4 1,184 1,371Available-for-sale fi nancial assets 6.4, 6.6 19,098 23,218Due from banks 3.1, 3.3, 6.5, 6.6 71,581 65,874Loans and advances to customers 3.1, 3.3, 6.5, 6.6 157,667 149,033Valuation adjustment on portfolios of hedged items 3Held-to-maturity fi nancial assets 6.8Current and deferred tax assets 6.10 4,311 3,955Accruals, prepayments and sundry assets 6.11 50,523 56,744Non-current assets held for saleInvestments in affi liates 2.3 1,103 913Investment propertyProperty, plant and equipment 6.12 728 714Intangible assets 6.12 170 168Goodwill 2.5 1,893 1,856TOTAL ASSETS 716,192 712,432144SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4• LIABILITIES AND SHAREHOLDERS’ EQUITY€ million Notes 31.12.2010 31.12.2009Due to central banks 6.1 757 1,536Financial liabilities at fair value through profi t and loss 6.2 361,185 379,669Derivative hedging instruments 3.2, 3.4 1,273 798Due to banks 3.3, 6.7 75,339 69,474Customer accounts 3.1, 3.3, 6.7 143,489 122,836Debt securities in issue 3.1, 3.3, 6.9 61,925 64,005Valuation adjustment on portfolios of hedged items 20 16Current and deferred tax liabilities 6.10 612 537Accruals, deferred income and sundry liabilities 6.11 46,688 49,941Liabilities associated with non-current assets held for saleInsurance companies' technical reserves 6 7Reserves 6.13 916 1,175Subordinated debt 3.2, 3.3, 6.9 8,672 8,029Total debt 700,882 698,023Shareholders' equity 6.14Shareholders’ equity, Group share 14,606 13,499Share capital and reserves 6,557 6,557Consolidated reserves 6,634 6,841Gains/ (losses) recognised directly in equity 410 432Net income for the year 1,005 (331)Minority interests 704 910Total shareholders’ equity 15,310 14,409TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 716,192 712,432SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 145

4CONSOLIDATED FINANCIAL STATEMENTS• CHANGE IN SHAREHOLDERS’ EQUITY€ millionShare capital and reservesSharecapitalSharepremiumsandreservesEliminationoftreasurysharesRetainedearnings,GroupshareTotal gains/(losses) recogniseddirectlyin equityNetincomeGroupshareTotalEquity,GroupshareMinorityinterestsSharecapitalTotalshare-holders’equityShare premiumsandreservesShareholders’ equity at 1January 20093,715 4,455 8,170 283 8,453 830 9,283Capital increase (1) 2,341 2,859 5,200 5,200 15 5,215Dividends paid in 2009 (45) (45)Impact of acquisitions/ disposalson minority interests42 42 42 42Movements related to sharebasedpayments12 12 12 12Movements related to shareholders’items2,341 2,913 5,254 5,254 (30) 5,224Change in gains/(losses)recognised directly in equity149 149 (4) 145Share of change in equity ofassociates accounted for under(33) (33) (33) (33)the equity method2009 net income (331) (331) 39 (292)Other changes 7 7 7 75 82Shareholders’ equity at 31December 20096,056 7,342 13,398 432 (331) 13,499 910 14,409Appropriation of 2009 earnings (331) (331) 331Shareholders’ equity at 1January 20106,056 7,011 13,067 432 13,499 910 14,409Capital increaseDividends paid in 2010 (38) (38)Impact of acquisitions/ disposalson minority interests(240) (240)Movements related to sharebasedpayments9 9 9 9Movements related to shareholders’items9 9 9 (278) (269)Change in gains/(losses)recognised directly in equity(5) (5) 35 30Share of change in equity ofassociates accounted for under94 94 94 94the equity method2010 net income 1,005 1,005 37 1,042Other changes 21 21 (17) 4 4Shareholders’ equity at 31December 20106,056 7,135 13,191 410 1,005 14,606 704 15,310(1)In the fi rst quarter of 2009, Crédit Agricole CIB made a €2,341 million capital increase with a share premium of €2,859 million. The proceeds were used in2009 to repay the €4,950 million of shareholders’ advances made by Crédit Agricole S.A. in 2007 and 2008.Consolidated reserves mainly include undistributed profi ts fromprior years, amounts arising from the fi rst-time application ofIFRS, and consolidation adjustments.Amounts deducted from shareholders’ equity and transferred tothe income statement and that relate to cash fl ow hedges areincluded under net banking income.146SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4• CASH FLOW STATEMENTThe cash fl ow statement is presented using the indirect method.Operating activities are Crédit Agricole CIB’s revenue generatingactivities.Tax infl ows and outfl ows are included in full within operating activities.Investing activities show the impact of cash infl ows and outflows associated with purchases and sales of investments inconsolidated and non-consolidated companies, property, plantand equipment and intangible assets. This section includes strategicinvestments classifi ed as available for sale.Financing activities show the impact of cash infl ows and outflows associated with shareholders’ equity and long-term fi nancing.Net cash and cash equivalents include cash, debit and creditbalances with central banks, and debit and credit sight balanceswith banks.€ million 2010 2009Pre-tax income 1,351 (673)Depreciation, amortisation and impairment of property, plant and equipment and intangibleassets153 159Impairment of goodwill and other non-current assetsNet charge to impairment (26) 1,749Share of net income of affi liates (139) (117)Net loss/(gain) on investing activities 12 27Net loss/(gain) on fi nancing activities 297 194Other movements 41 (577)Total non-cash items included in pre-tax income and other adjustments 338 1,435Change in interbank items 3,675 (12,230)Change in customer items 10,298 (10,030)Change in fi nancial assets and liabilities (21,099) 5,375Change in non-fi nancial assets and liabilities 2,883 4,090Dividends received from affi liates 28 17Taxes paid (464) (259)Net decrease/(increase) in assets and liabilities used in operating activities (4,679) (13,037)TOTAL net cash provided/(used) by OPERATING activities [A] (2,990) (12,275)Change in equity investments 65 27Change in property, plant and equipment and intangible assets (118) (96)TOTAL net cash provided/(used) by INVESTING activities [B] (53) (69)Cash received from/(paid to) shareholders (305) 137Other cash provided/(used) by fi nancing activities (326) (1,145)TOTAL net cash provided/(used) by FINANCING activities [C] (631) (1,008)Effect of exchange rate changes on cash and cash equivalents [D] 1,460 (476)Net increase/(decrease) in cash and cash equivalents [A + B + C + D] (2,214) (13,828)Opening cash and cash equivalents 22,222 36,050Net gain/ (losses) on cash and central banks (assets and liabilities) (1) 22,286 37,226Net gain/ (losses) on interbank sight balances (assets and liabilities) (2) (64) (1,176)Closing cash and cash equivalents 20,008 22,222Net gains/ (losses) on cash and central banks (assets and liabilities) (1) 18,638 22,286Net gains/ (losses) on interbank sight balances (assets and liabilities) (2) 1,370 (64)CHANGE IN NET CASH AND CASH EQUIVALENTS (2,214) (13,828)(1)Consisting of the net balance of «cash, due from central banks«, as disclosed in note 6.1.(2)Comprises the balance of «performing current accounts in debit and performing overnight accounts and advances« (see note 6.5) and «current accounts incredit« and «daylight overdrafts and accounts« (excluding accrued interest) - See note 6.7.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 147

4CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTS• NOTE 1: ACCOUNTING PRINCIPLES ANDPOLICIES APPLICABLE, ASSESSMENTS ANDESTIMATED USED1.1 Applicable standards and comparabilityPursuant to EC regulation 1606/2002, the parent-company fi nancialstatements were prepared in accordance with IAS/IFRS standardsand IFRIC interpretations applicable at 31 December 2010as adopted by the European Union (the « carve-out » version) anduses certain dispensations of IAS 39 as regards macro-hedgeaccounting.The applicable standards are available on the European Commissionwebsite, at the following address:http://ec.europa.eu/internal_market/accounting/ias/index_en.htm.The standards and interpretations are identical to those usedand described in the Group fi nancial statements at 31 December2009, except for the change in option for the recognition ofactuarial gains and losses on the post-employment-benefi ts ofthe defi ned-benefi t plans. According to IAS 19, actuarial gainsand losses on defi ned-benefi t plans can be recognised:• either in profi t and loss in their entirety• or in profi t and loss for a portion determined according to the« corridor » approach• or in other comprehensive income (shareholders’ equity) in theirentirety.Until 31 December 2009, all the actuarial gains and losses wereaccounted for by Crédit Agricole CIB in the profi t and loss of theperiod.To provide information more comparable with the principles appliedby the other companies, Crédit Agricole CIB has decidedto record the actuarial gains and losses in « unrealized gains andlosses recorded directly in shareholders’ equity ». This approach isapplied permanently and homogeneously to all the pension plansas of 1 January 2010.This change in accounting option is in accordance with the accountingstandard IAS 8, with a retrospective application. Themain effects of this change are provided in note 1.5.148SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4These standards and interpretations used in the fi nancial statementsat 31 December 2009 have been supplemented by theprovisions of those IFRS as endorsed by the European Union at31 December 2010 and that must be applied in 2010 for the fi rsttime. They cover the following:Standards, amendments or interpretationsAnnual Improvement amending IFRS 5 which deals with entitiescommitted to a sale plan involving loss of control of a subsidiary,and related amendment to IFRS 1Revised IAS 27- Consolidated and Separate Financial StatementsRevised IFRS 3 – Business CombinationsAmendment to IAS 39 which deals with eligible hedged itemsand clarifi es the application of hedge accounting to the infl ationcomponent of fi nancial instrumentsRevised IFRS 1- First Time Adoption of IFRS« Annual Improvements », amending and clarifying 9 standardsand 2 interpretationsAmendment to IFRS 2- Share Based Payment, which incorporatesthe previous requirements set out in IFRIC 8 and IFRIC 11IFRIC 12- Service Concession Arrangements, which does notconcern the Group’s businessesIFRIC 16- Hedges of Net Investment in a Foreign OperationIFRIC 15- Agreements for the Construction of Real Estate,interpretation related to real estate construction agreementsdealt with in standards IAS 11- Construction Contracts and IAS18-RevenueIFRIC 17- Distributions of Non-cash Assets to OwnersIFRIC 18- Transfers of Assets from Customers, which does notconcern the Group’s businessesDate of publication by theEuropean Union23 January 2009(EC 70/2009)3 June 2009(EC 494/2009)3 June 2009(EC 494/2009)15 September 2009(EC 839/2009)25 November 2009(EC 1136/2009)and23 June 2010(EC 550/2010)23 March 2010(UE 243/2010)23 March 2010(UE 244/2010)25 March 2009(EC 254/2009)4 June 2009(EC 460/2009)22 July 2009(EC 636/2009)26 November 2009(EC 1142/2009)27 November 2009(EC 1164/2009)Date of the first-time application:financial years commencing on1 January 20101 January 20101 January 20101 January 20101 January 20101 January 20101 January 20101 January 20101 January 20101 January 20101 January 20101 January 2010The application of these new provisions did not produce any material impact over the accounting period, except for the revisions of standardsIAS 27 and IFRS 3.The prospective application of revised IAS 27 and IFRS 3 to acquisitions effective as of 1 January 2010 has resulted in a change of accountingmethod for the Group. The main issues are:• the initial recognition of non-controlling interests• the acquisition-related costs• certain transactions must be recognised separately from the business combination• the methods of recognising a business combination achieved in stages or partial disposals resulting in loss of control• the allocation of price adjustment clauses, when they are fi nancial instruments, in accordance with the provisions of IAS 39.During the year 2010, Crédit Agricole CIB did not carry out any signifi cant transactions that are liable to be concerned by this change ofaccounting method.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 149

4CONSOLIDATED FINANCIAL STATEMENTSFurthermore, it is noted that when the application of standards andinterpretations during the period is optional, these have not beenadopted by the Group, unless otherwise indicated. These relate primarilyto:Standards, amendments or interpretationsAmendment to IAS 32- Classifi cation of rights issuesAmendment to IFRS 1 and IFRS 7- Limited exemptions fromcomparative IFRS disclosures for fi rst-time adopters.Amendment to IAS 24- Related parties represented by a StatebodyAmendment to IFRIC 14- Recognition of Defi ned Benefi t Plans’AssetsIFRIC 19- Extinguishing fi nancial liabilities with equity instruments.This amendment will be applied for the fi rst time as of 1 January2011.Date of publication by theEuropean Union23 December 2009(UE 1293/2009)30 June 2010( UE 574/2010)19 July 2010(UE 632/2010)19 July 2010(UE 633/2010)23 July 2010( UE 662/2010)Date of the first-time compulsoryapplication: financial yearscommencing on1 January 20111 January 20111 January 20111 January 20111 January 2011The amendments are not expected to have signifi cant impacts forCrédit Agricole CIB, both on Profi t and Loss and on shareholder’sequity.Lastly, as standards and interpretations that have been publishedby the IASB but not yet been adopted by the European Union willbecome mandatory only as from the date of such adoption; theGroup has not applied them as of 31 December 2010.1.2 Presentation of fi nancial statementsIn the absence of a model required under IFRS, the balancesheet, income statement, statement of changes in shareholders’equity and cash fl ow statement are presented in the format setout in CNC Recommendation 2009-R.04 of 2 July 2009.1.3 Accounting principles and policiesUse of assessments andestimated when preparing thefinancial statementsEstimates have been made by management to prepare the fi nancialstatements. These estimates are based on certain assumptionsand involve risks and uncertainties as to their actual achievementin the future.Actual results may be infl uenced by many factors, including:• activity in domestic and international markets,• fl uctuations in interest and exchange rates,• the economic and political climate in certain industries orcountries;• changes in regulations or legislation.This list is not exhaustive.Accounting estimates based on assumptions are principally usedto value the following assets and liabilities:• fi nancial instruments measured at fair value,• investments in non-consolidated companies,• pension plans and other future employee benefi ts,• stock option plans,• impairment of available-for-sale and held-to-maturity securities,• impairment of unrecoverable loans,• reserves,• goodwill impairment,• deferred tax assets.The use of assessments and estimates is discussed below.Financial instruments(IAS 32 and 39)In the fi nancial statements, fi nancial assets and liabilities aretreated in accordance with IAS 39 as adopted by the EuropeanCommission.At initial recognition, fi nancial assets and liabilities are measuredat fair value including transaction costs (except for fi nancialinstruments recognized at fair value through profi t and loss). Afterinitial recognition, fi nancial assets and liabilities are measured,depending on their classifi cation, either at fair value or amortizedcost using the effective interest rate method.Fair value is the amount for which an asset could be exchanged,or a liability settled, between knowledgeable, willing parties in anarm’s length transaction.The effective interest rate is the rate that exactly discounts estimatedfuture cash payments or receipts through the expected lifeof the fi nancial instrument or, when appropriate, a shorter periodto the net carrying amount of the fi nancial asset or fi nancial liability.150SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4• SecuritiesClassification of financial assetsUnder IAS 39, fi nancial assets are divided into four categories:• Financial assets at fair value through profi t and loss classifi ed asheld for trading and fi nancial assets designated as at fair valuethrough profi t and loss,• held-to-maturity investments,• loans and receivables,• available-for-sale fi nancial assets. Financial assets at fair value through profit and loss classifiedas held for trading and financial assets designatedas at fair value through profit and lossAccording to IAS 39, this portfolio comprises securities that areclassifi ed under fi nancial assets at fair value through profi t andloss either as a result of a genuine intention to trade them or designatedas at fair value by Crédit Agricole CIB.Financial assets at fair value through profi t and loss classifi ed asheld for trading are assets acquired or generated by the enterpriseprimarily for purposes of making a profi t from short-termprice fl uctuations or an arbitrage margin.Financial assets may be designated as at fair value through profi tand loss if they meet the conditions set out in the standard, inthe three following cases: for hybrid instruments including one ormore embedded derivatives, to reduce accounting mismatch or ifthere is a group of managed fi nancial assets whose performanceis measured at fair value. Hybrid instruments are generally designatedas at fair value through profi t and loss to avoid separaterecognition and measurement of derivatives embedded in them.Crédit Agricole CIB generally uses this approach for certain minorityinterests in venture capital companies measured at fair value.Securities that are classifi ed under fi nancial assets at fair valuethrough profi t and loss are recognised at fair value at inception,excluding transaction costs attributable directly to their acquisition(which are accounted for directly in profi t and loss) and includingaccrued interest.They are carried at fair value and changes in fair value are takento profi t and loss.No impairment is recorded for this category of securities.Securities held for sale pending syndication are included in the« fi nancial assets at fair value through profi t and loss » categoryand are marked to market.Held-to-maturity financial assetsThis category includes securities with fi xed or determinable paymentsand fi xed maturities that Crédit Agricole CIB has the intentionand ability to hold until maturity other than:• securities that are initially classifi ed as fi nancial assets at fairvalue through profi t and loss at the time of initial recognition byCrédit Agricole CIB;• securities that fall into the « loans and receivables » category.Hence, debt securities that are not traded in an active marketcannot be included in the « Held-to-maturity investments » category.There are sale restrictions for instruments classifi ed in this category,except for sales under specifi c circumstances as describedin IAS 39.Hedging of interest-rate risk in this category of securities is noteligible for hedge accounting as defi ned by IAS 39.Held-to-maturity securities are initially recognised at acquisitioncost, including transaction costs that are directly attributable tothe acquisition and including accrued interest.They are subsequently measured at amortised cost using theeffective interest rate method, including any premiums or discounts,and adjusted for any impairment provisions.Impairment rules for this fi nancial asset category are disclosed inthe specifi c chapter dedicated to « impairment of securities » whensecurities are measured at amortised cost.Loans and receivablesLoans and receivables comprise fi nancial assets that are notlisted « on an active market » and that generate fi xed or determinablepayments.Securities are initially recognised at purchase price, includingdirectly attributable transaction costs and accrued interest,and subsequently at amortised cost using the effective interestmethod, adjusted for any impairment.They are subsequently measured at amortised cost using theeffective interest rate method adjusted for any impairment provisions.Impairment rules for this fi nancial asset category are disclosedin the specifi c chapter dedicated to « impairment of securities ».Available-for-sale financial assetsIAS 39 defi nes available-for-sale fi nancial assets as the defaultcategory.Available-for-sale securities are initially recognised at fair value,including transaction costs that are directly attributable to theacquisition and including accrued interest.Changes in fair value are recorded in gains/ (losses) through shareholders’equity.If the securities are sold, these changes are reversed out andrecognized in profi t and loss.Amortisation of any premiums or discounts on fi xed income securitiesis taken to profi t and loss using the effective interest ratemethod.Accrued interests are accounted for in the relevant balance sheetaccount, accrued interest against the corresponding profi t andloss account.This fi nancial asset category is subject to impairment (see dedicatedsection « impairment of securities »).Impairment of securitiesImpairment shall be accounted for when there is objective evidenceof impairment as a result of one or more events that occurredafter the initial recognition of the securities, other than thosemeasured as at fair value through profi t and loss.Objective evidence of impairment corresponds to a prolonged orsignifi cant decline in the value of the security for equity securitiesor the appearance of signifi cant deterioration in credit risk evidencedby a risk of non recovery for debt securities.For equity securities, the Crédit Agricole CIB uses quantitativecriteria as indicators of potential impairment. These quantitativecriteria are mainly based on a loss of 30% or more of the valueof the equity instrument over a period of 6 consecutive months.Crédit Agricole CIB also takes into account other factors such asfi nancial diffi culties of the issuer, short term prospects.Notwithstanding the above-mentioned criteria, the Crédit AgricoleCIB recognises an impairment loss when there is a decline in thevalue of the equity instrument, higher than 50% or prolonged over3 years.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 151

4CONSOLIDATED FINANCIAL STATEMENTSFor debt securities, impairment criteria are the same as for loansand receivables.Such impairment is recognised:• for securities measured at amortised cost, through the use of animpairment account; the amount of the loss is recognised in theincome statement, and may be reversed in case of subsequentimprovements;• for available-for-sale securities, the amount of the aggregateloss is transferred from other comprehensive income to theincome statement; in the event of subsequent recoveries inthe price of the securities, the loss previously transferred to theincome statement may be reversed via the income statementwhen warranted by circumstances for debt instruments.Recognition dateCrédit Agricole S.A. records securities classifi ed as « Heldto-maturityfi nancial assets » and « Loans and receivables » onthe settlement date. Other securities, regardless of type orclassifi cation, are recognised on the trade date.• Reclassifi cation of fi nancial instrumentsIn accordance with the amendment to IAS 39, published andadopted by the European Union in October 2008, it is now authorizedto reclassify fi nancial assets as follows:• from « held-for-trading fi nancial assets » and « available-for-salefi nancial assets » to « loans and receivables » if the entity intendsand is able to hold the fi nancial asset concerned for the foreseeablefuture or until maturity, subject to compliance with eligibilitycriteria as per reclassifi cation date (and in particular thecriterion of no listing on an active market);• in rare and documented circumstances, from the « held-for-tradingfi nancial assets » to the « available-for-sale fi nancial assets »or « held-to-maturity fi nancial assets » categories, subject tocompliance with eligibility criteria as per reclassifi cation date.Crédit Agicole CIB has not used the latter option allowing assetsto be reclassifi ed in rare circumstances.Fair value on the reclassifi cation date becomes the reclassifi edasset’s new cost or new amortized cost, as the case may be.Information on reclassifi cations carried out by Crédit AgicoleCIB in accordance with the amendment to IAS 39 is providedin note 9.• Temporary purchases and sales ofsecuritiesTemporary sales of securities (securities lending/ borrowing, repurchaseagreements) do not fulfi l the derecognition conditions ofIAS 39 and are regarded as collateralised fi nancing. Assets lentor sold under repurchase agreements are kept on the balancesheet. If applicable, cash received, representing the liability tothe transferee, is recognised on the liabilities side of the balancesheet. Items borrowed or bought under repurchase agreementsare not recognised on the transferee’s balance sheet. Instead, ifthe items are subsequently sold, the transferee recognises theamount paid out representing its receivable from the transferor.Revenue and expenses relating to such transactions are takento profi t and loss on a prorata temporis basis, except in the caseof assets and liabilities accounted for at fair value through profi tand loss.• Lending operationsLoans are principally allocated to the « Loans and receivables »category. In accordance with IAS 39, they are initially valued atfair value and subsequently valued at amortised cost using theeffective interest rate method. The effective interest rate is therate that exactly discounts estimated future cash payments to theoriginal net loan amount, including any discounts and any transactionincome or costs that are an integral part of the effectiveinterest rate.Loans and securities held for sale in the near future pending syndicationare included in the « fi nancial assets at fair value throughprofi t and loss » category and are marked to market.Subordinated loans and repurchase agreements (represented bycertifi cates or securities) are included under the various categoriesof loans according to counterparty type.Revenue calculated using the effective interest rate on loans isaccounted for in accrued interest account,against the correspondingprofi t and loss account.Impaired loans and receivablesIn accordance with IAS 39, loans recorded under « loans andreceivables » are impaired when one or more loss events occursafter collection of such loans. Once these loans and receivableshave been identifi ed, they may be individually or collectivelyassessed for impairment. In this way, expected losses are recognisedthrough impairment equal to the difference between thebook value of loans (amortised cost) and the sum of expectedfuture cash fl ows, discounted using the original effective interestrate, or in the form of discounts on loans restructured due to clientdefault.The following distinctions are made:• loans individually assessed for impairment: these are impairedloans and loans restructured due to customer default that havebeen discounted;• loans collectively assessed for impairment: these are loans thatare not individually assessed for impairment, for which impairmentis determined for each uniform class of loans displayingsimilar credit risk characteristics. It concerns in particular loansthat are past due.Loans that are past due consist of loans that are overdue but notindividually impaired (part of the watch-list category).Impairment based on the discounted method is estimated withreference to several factors, notably business or sector-related.It is possible that future credit risk measurements will differ significantly from current measurements, and this could require anincrease or decrease in the impairment amount.Probable losses in respect of off-balance sheet commitmentsare covered by provisions recognized as liabilities on the balancesheet.Additions to and releases from impairment for non-recovery riskare included in cost of risk agregate. The increase in the bookvalue of receivables resulting from the accretion of impairmentand the amortisation of the discount on restructured loans andreceivables is recognised in net interest income.Loans individually assessed for impairmentThese are loans of all kinds, even those which are guaranteed,exposed to identifi ed credit risk arising from one of the followingevents:• the loan is at least three months in arrears (six months for mortgageloans and property leases and six months for loans to152SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4local authorities to take into account the specifi c characteristicsof these loans);• the borrower’s fi nancial position is such that an identifi ed riskexists regardless of whether the loan is in arrears or not;• the bank and borrower are in legal proceedings.When a loan is classifi ed as impaired, all other loans and commitmentsrelating to that borrower are also classifi ed in their entiretyas impaired, whether or not they are collateralised.If a restructured loan is still kept in the impaired loan category,the discount is not recognized separately but through impairment.Crédit Agricole CIB records impairment corresponding to all foreseeablelosses, discounted at the initial effective interest rate.For small loans with similar characteristics, the analysis of individualcounterparties may be replaced with a statistical estimate ofprojected losses.In the case of restructured loans whose initial fi nancial terms (interestrate, maturity) have been adjusted by the entity concernedbecause of counterparty risk, whereby the loan is moved to theperforming category, the reduction in future cash fl ows from thecounterparty as a result of restructuring gives rise to a discount.The discount recognised when a loan is restructured is recordedin the cost of risk agregate.The discount corresponds to the reduction in future cash fl owsdiscounted at the original effective interest rate.It is equal to the difference between:• the par value of the loan,• the sum of the restructured loan’s theoretical future cash fl owsdiscounted at the original effective interest rate (defi ned on thedate the fi nancing commitment was made).Loans collectively assessed for impairmentStatistical and historical customer default experience shows thatthere is an identifi ed risk that loans non impaired individually willbe partially uncollectible. To cover these risks, which cannot bynature be allocated to individual loans, Crédit Agricole CIB has recorded,based on these statistical data, various collective impairmentprovisions on the asset side of its balance sheet, such as:Impairment on sensitive exposure:Such impairment losses are calculated on the basis of Basel IImodels.As part of the implementation of Basel II, Crédit Agricole CIB calculatesthe amount of losses anticipated within one year, usingstatistical tools and databases, based on multiple observationcriteria meeting the defi nition of a loss event within the meaningof IAS 39.Impairment is measured with reference to the likelihood of nonpaymentin each borrower rating class, but also based on theexperienced judgment of management.Impairment is calculated by applying a correction factor to theanticipated loss, this factor being based on management experiencedjudgement and taking into account a number of variablesthat are not included in the Basel II models, such as the extensionof the anticipated losses horizon beyond one year as well as otherfactors related to economics, business and other conditions.Other impairments determined on a collective basisCrédit Agricole CIB also records collective impairment to covercustomer risks that are not individually allocated to individualloans, such as sector or country impairment. This impairmentis intended to cover estimated risks based on a sector or geographicalanalysis for which there is statistical or historical risk ofpartial non-recovery.• Financial liabilitiesIAS 39 as adopted by the European Union recognises three categoriesof fi nancial liabilities:• fi nancial liabilities at fair value through profi t and loss classifi edas held for trading. Fair value changes on this portfolio are recognisedin profi t and loss;• fi nancial liabilities designated at fair value through profi t and loss.Financial liabilities may be designated as at fair value throughprofi t and loss if they meet the conditions set out in the standard,in the three following cases: for hybrid instruments containingone or more embedded derivative, to reduce accountingmismatch, or for a group of fi nancial liabilities that is managedand whose performance is measured at fair value. The electionof this category is generally used for in hybrid instruments inorder to avoid separate accounting and measurement of embeddedderivatives;• other fi nancial liabilities: this category includes all other fi nancialliabilities. These liabilities are initially measured at fair value(including transaction income and costs) and subsequently atamortized cost using the effective interest rate method.Crédit Agricole CIB structured issuance transactions are classified as fi nancial liabilities at fair value as held for trading. Fair valuechanges are recognised in profi t and loss.In accordance with IAS 39, the Group evaluates its structuredissuance accounted for as held for trading liabilities, by takingas reference the spread that specialised participants accept toreceive for acquiring new Group’s issuance.• Securities classifi ed as fi nancial liabilitiesor equityDistinction between liabilities and shareholders’equityA debt instrument or fi nancial liability is a contractual obligation to:• deliver cash or another fi nancial asset;• exchange fi nancial instruments under conditions that are potentiallyunfavourable for the entity.An equity instrument is a contract evidencing a residual interestin an enterprise after deduction of all of its liabilities (net assets).Revised IAS 32 as adopted by EU on the 21 January 2009enables, under conditions, to qualify as equity instruments somefi nancial instruments that were previously qualifi ed as debt instruments.Such fi nancial instruments are:• some puttable instruments on the issuer side;• some instruments that impose on the issuer an obligation todeliver to the holder a prorata share of the net assets of theissuer only on liquidation.Therefore, provided that conditions are satisfi ed, OPCVM securitiesshall now be classifi ed as equity instruments on the issuerside.Symmetrically, Crédit Agricole CIB Group has changed the qualification for such OPCVM securities on the holder side. Therefore,OPCVM securities with bond and money market underlying shallstill be considered as debt instruments; other OPCVM securities(with Equity, hybrid, alternative underlying…) are considered asequity instruments.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 153

4CONSOLIDATED FINANCIAL STATEMENTSPurchase of Treasury sharesTreasury shares (or equivalent derivatives, such as options to buyshares) purchased by Crédit Agricole CIB, including shares heldto hedge stock option plans, do not meet the defi nition of a fi nancialasset and are deducted from shareholders’ equity. They donot generate any impact on the income statement.• DerivativesDerivative instruments are fi nancial assets or liabilities and are initiallyrecognised on balance sheet at their fair value at inceptionof the transaction. At each balance sheet date, derivatives aremeasured at fair value, whether they are held for trading purposesor used for hedging accounting.Changes in the fair value of derivatives is recorded in profi t andloss (except in the special case of a cash fl ow hedge relationship).Hedge accountingFair-value hedgeI is intended to protect against exposures tochanges in fair value of a recognized asset or liability or an unrecognizedfi rm undertaking.Cash fl ow hedge is intended to protect against exposure to variabilityin future cash fl ows that is attributable to a particulat riskassociated with a recognized asset or liability (such as all or somefuture interest payments on variable-rate debt) or a highly probableforecast transaction.Hedge of a net investment in a foreign operation is intended toreduce the risk of a fall in fair value arising from the exchangerate risk on a foreign investment made in a currency other thanthe euro.The following criteria must be met in order for hedge accountingto be applicable:• the hedging instrument and the hedged instrument must beeligible,• there must be formal documentation from inception, includingprimarily individual identifi cation and characteristics of thehedged item, the hedging instrument, the nature of the hedgerelationship and the nature of risk being hedged,• the hedge effectiveness must be demonstrated, at inceptionand retrospectively, through tests performed at each closingdate.When hedging the interest-rate risk exposure of a portfolio offi nancial assets or liabilities, Crédit Agricole CIB favors fair-valuehedge documentation, as permitted by IAS 39 as adopted byEuropean Union (« carve out » version).In addition, the Group documents these hedge relationships onthe basis of gross position of derivatives and hedged items.Effectiveness of these hedge relationships is measured by maturityschedules.Changes in value of the derivative is accounted for as follows:• fair-value hedge: changes in value of the derivative and of thehedged item, to the extent of the hedged risk, are taken symmetricallyto profi t and loss. There is no net impact on profi t andloss unless the hedge has an ineffective portion,• cash fl ow hedge: changes in value of the derivative are recognisedinitially in other comprehensive income for the effectiveportion, and any ineffi cient portion of the hedge is recognisedin the income statement. The cumulative gain or loss on thederivative deferred in other comprehensive income are subsequentlyremoved and included in profi t and loss when thehedged cash fl ows occur,• hedge of a net investment in a foreign operation: changes invalue of the derivative that is determined to be an effective hedgeare recognized in a special reversible shareholders’ equityaccount and any ineffective portion of the hedge is recognizedin profi t and loss.When conditions for hedge accounting are no longer met, thenthe following accounting treatment is applied:• fair-value hedge: only the hedging instrument remains reevaluatedthrough profi t and loss. The hedged item ceases to beadjusted for changes in its fair value attributable to the risk beinghedged and continues to be accounted for in a manner that wasapplicable prior to it being hedged. instrument is fully registeredin accordance with its classifi cation. Regarding AFS securities,fair value changes after discontinuance of hedge accounting arerecorded in shareholders’ equity. For hedged items measured atamortised cost, revaluation adjustment stock is amortised onthe hedged items’ residual life.• cash fl ow hedge: the hedging instrument is valued at fair valuethrough profi t and loss. The cumulative amounts deferred inshareholders’ equity in respect of the hedge remain recognisedin shareholders’ equity and is reclassifi ed to profi t and loss whenprofi t and loss is impacted by the hedged item. For fi nancialinstruments hedged for interest rate risk, profi t and loss is impactedupon interest payments. In other words, the revaluationadjustment stock is amortised through profi t and loss over theremaining life of the hedged item• hedge of a net investment in a foreign operation: the cumulativeamounts deferred in shareholders’ equity in respect of thehedge remain recognised in shareholders’ equity as long as thenet investment is held. They are entirely recycled in profi t andloss upon deconsolidation.Embedded derivativesAn embedded derivative is the component of a hybrid contractthat meets the defi nition of a derivative product. Embedded derivativesmust be accounted for separately from the host contractif the following three conditions are met:• the hybrid contract is not measured at fair value through profi tand loss;• a separate instrument with the same terms as the embeddedderivative would meet the defi nition of a derivative;• the characteristics of the derivative are not closely related tothose of the host contract.• Determination of the fair value of fi nancialinstrumentsThe fair value of fi nancial instruments is measured in accordancewith IAS 39 and are disclosed following the hierarchy defi ned byIFRS 7.The Group also applies the 15 October 2008 recommendationfrom AMF, CNC and ACAM regarding fair value measurement ofsome fi nancial instrumentsFor fi nancial instruments measured at fair value, IAS 39 considersthat the existence of published price quotations in an active marketis the best evidence of fair value.When such quoted prices are not available, IAS 39 requires fairvalue to be determined using a valuation technique based onobservable data or unobservable inputs.154SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4Level 1: fair value that is quoted prices (unadjusted)in active marketsLevel 1 is composed of fi nancial instruments for which fair valueis the quoted price (unadjusted) in an active market. It concernsstocks and bonds listed in active markets (such as the ParisStock Exchange, the London Stock Exchange, the New YorkStock Exchange…); it also concerns Funds securities quoted inan active market and listed derivatives such as Futures.A fi nancial instrument is regarded as quoted in an active marketif quoted prices are readily and regularly available from anexchange, broker, dealer, pricing service or regulatory agency,and those prices represent actual and regularly occurring markettransactions on an arm’s length basis. When current prices offi nancial instruments are unavailable at the reporting date, CréditAgricole CIB refers to the price of the most recent transaction.For assets and liabilities with offsetting market risks, Crédit AgricoleCIB uses mid-market prices as a basis for establishing fairvalues for the offsetting risk positions. Crédit Agricole CIB usesthe current bid price for fi nancial asset held or liability to be issued(open long position) and the current ask (offer) price for fi nancialasset to be acquired or liability held (open short position).Level 2: fair value that is measured using observableinputs, either directly or indirectly, other than quotedprices included within Level 1These inputs are either directly (i.e. as prices) observable, or indirectly(i.e. derived from prices) observable, and generally meet thefollowing characteristics: they are not entity-specifi c data but areavailable and regularly obtainable public data accordingly used bymarket participants.Level 2 is composed of:• Stocks and Bonds that are quoted in an inactive market or, thatare not quoted in an active market but which fair value is establishedusing a valuation methodology currently used by marketparticipants (such as discounted cashfl ows technique, Black &Scholes model) and that is based on observable market data.• Instruments that are traded over the counter, which fair value ismeasured thanks to models using observable market data, iederived from various and regularly available external sources.For example, fair value of interest rate swaps is generally derivedfrom interest rates yield curves as observed at the reportingdate.When the Group uses valuation models that are consistent withstandard models based on observable market data (such as interestrate yield curves or implied volatility surfaces), the day onegain or loss resulting from the initial fair value measurement of therelated instruments is recognised in profi t and loss at inception.Level 3: fair value that is measured using significantunobservable inputsFor some complex instruments that are not traded in an activemarket, fair value measurement is based on valuation techniquesusing unobservable inputs i.e. that cannot be observed on themarket for an identical instrument. These instruments are disclosedwithin Level 3.Are mainly concerned, complex interest rate instruments, equityderivatives, structured credit instruments which fair value measurementincludes for instance correlation or volatility inputs that arenot directly benchmarkable.The transaction price is deemed to refl ect the fair value on initialrecognition, any day one gain or loss is differed.The day one gain or loss relating to these structured fi nancial instrumentsis generally recognised in profi t and loss on a systematicbasis over the period during which inputs are deemed unobservable.When all market data become observable, the unrecognisedamount of day one gain or loss is immediatly recognisedin profi t and loss.Valuation methodologies and models used for fi nancial instrumentsthat are disclosed within Levels 2 and 3 incorporate allfactors that market participants would consider in making pricingdecisions. They shall be beforehand validated by an independentcontrol department. Fair value measurement of these instrumentstakes into account both liquidity risk and counterparty risk.Absence of accepted valuation method to determine equity instrument’sfair value.According to IAS 39 principles, if there is no satisfactory method,or if the estimates obtained using the various methods differexcessively, the instrument is measured at cost and remainsrecorded under «Available-for-sale fi nancial assets » because itsfair value cannot be reliably measured. In this case, the Groupdoes not report a fair value, in accordance with the applicablerecommendations of IFRS 7. These primarily include investmentsin non-consolidated subsidiaries that are not listed on an activemarket which fair value is diffi cult to measure reliably. These investments,which are listed in specifi c Note 2.4, are intended tobe held for the long term.• Net gains/ (losses) on fi nancialinstrumentsNet gains/ (losses) on financial instruments at fairvalue through profit and lossFor fi nancial instruments designated as at fair value through profi tand loss and fi nancial assets and liabilities held for trading, thiscaption includes the following income items:• dividends and other revenues from equities and other variableincomesecurities classifi ed in fi nancial assets at fair valuethrough profi t and loss;• changes in the fair value of fi nancial assets and liabilities at fairvalue through profi t and loss;• disposal gains and losses realised on fi nancial assets at fairvalue through profi t and loss;• changes in fair value and disposal or termination gains/ (losses)on derivative instruments not involved in a fair-value or cashflow hedge relationship.This caption also includes the ineffi cient portion of fair-value hedge,cash-fl ow hedge and net investment hedge operations.Net gains/ (losses) on available-for-sale financialassetsFor available-for-sale fi nancial assets, this caption includes thefollowing income items:• dividends and other revenues from equities and other variableincomesecurities classifi ed as available-for-sale fi nancial assets;• disposal gains and losses realised on fi xed- and variable-incomesecurities classifi ed as available-for-sale fi nancial assets;• impairment losses on variable-income securities;• gains/ (losses) on the disposal or termination of fair-value hedginginstrument on available-for-sale fi nancial assets when thehedged item is sold;SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 155

4CONSOLIDATED FINANCIAL STATEMENTS• gains/ (losses) on the disposal of termination of loans, receivablesand held-to-maturity securities in cases set out by IAS39.• Offsetting fi nancial assets and liabilitiesIn accordance with IAS 32, Crédit Agricole CIB offsets fi nancialassets and liabilities and presents a net balance only if it hasa legally enforceable right at any time to offset the recognizedamounts and intends to either settle the net amount or to realizethe asset and liability simultaneously.• Financial guarantees givenA fi nancial guarantee contract is a contract that requires the issuerto make specifi ed payments to reimburse the holder for aloss it incurs due to the failure of a specifi ed debtor to make adue payment in accordance with the initial or amended terms ofa debt instrument.Financial guarantee contracts are initially measured at fair value,and subsequently at the higher of:• the value calculated in accordance with IAS 37 « Provisions,contingent liabilities and contingent assets », and• the amount initially recognized, less any amortisation recognizedin accordance with IAS 18 « Revenue ».Financing commitments not designated as assets at fair valuethrough profi t and loss or not deemed to be derivative instrumentsunder IAS 39 are not accounted for on balance sheet. However,provisions are recognised in relation to them in accordance withIAS 37.• Derecognition of fi nancial instrumentsA fi nancial asset (or group of fi nancial assets) is fully or partiallyderecognised if:• the contractual rights to the cash fl ows from the fi nancial assetexpire or are transferred or are deemed to have expired or beentransferred because they belong de facto to one or more beneficiaries;• substantially all the risks and rewards of ownership in the fi nancialasset are transferred.In this case, any rights and obligations created or retained at thetime of transfer are recognised separately as assets and liabilities.If the contractual rights to the cash fl ows are transferred but someof the risks and rewards of ownership, as well as control, are retained,the fi nancial assets are recognised to the extent of the entity’scontinuing involvement in the asset.A fi nancial liability is fully or partially derecognised only when thisliability is settled.Provisions (IAS 37, 19)Crédit Agricole CIB identifi es all obligations (legal or constructive)resulting from a past event for which it is probable that an outfl owof resources will be required to settle the obligation, and for whichthe due date or amount of the settlement is uncertain but can bereliably estimated. These estimates are updated as required if theeffect is signifi cant.As regards obligations other than those related to credit risk, CréditAgricole CIB has set recognised provisions covering:• operational risks,• employee benefi ts,• guarantee commitments execution risks,• claims and liability guarantees,• tax risks.Measurement of the following provisions can be made throughestimates:• Provisions for operational risks for which the judgement of themanagement is required as regards the estimate of outcomeand fi nancial effect of the incident, and even if an inventory ofidentifi ed risks is made.• Provisions for legal risks which result from the best estimateof the management given the information available at reportingdate.Detailed information is provided in paragraph 6.13.Employee benefits (IAS 19)In accordance with IAS 19, employee benefi ts are recorded infour categories:• short-term employee benefi ts, such as wages, salaries, socialsecurity contributions and bonuses payable within 12 monthsafter the end of the period;• long-term employee benefi ts, such as long-service awards,bonuses and compensation payable 12 months or more afterthe end of the period,• termination benefi ts,• post-employment benefi ts, which are recorded in the two followingcategories: defi ned-benefi t plans and defi ned-contributionplans.• Long-term employee benefi tsLong-term employee benefi ts are employee benefi ts, other thanpost-employment benefi ts and termination benefi ts that are notdue to be settled within 12 months or more after the end of theperiod in which the employees render the related services.It concerns in particular bonuses and other deferred compensationpaid 12 months or more after the end of the period in whichthey are earned.The measurement method is similar to the one used by CréditAgricole CIB for post-employment benefi ts with defi ned benefi tplans.• Post-employment benefi tsRetirement and early retirement benefits – definedbenefit plansAt each closing date, Crédit Agricole CIB determines its liabilitiesfor retirement and similar benefi ts and all other employee benefi tspertaining to the category of defi ned-benefi t plans.In accordance with IAS 19, these obligations are measured basedon a set of actuarial, fi nancial and demographic assumptions, andfollowing the Projected Unit Credit method. This method consistsin booking a charge for each period of service, for an amountcorresponding to employee’s vested benefi ts for the period. Thischarge is calculated based on the discounted future benefi ts.Liabilities for retirement and other employee benefi ts are based onassumptions made by management with respect to the discountrate, staff turnover rate and probable increases in salary and socialsecurity costs. If the actual fi gures differ from the assumptionsmade, the liability may increase or decrease in future periods (seenote 7.4).156SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4Discount rates are determined based on the average duration ofthe obligation, that is, the arithmetic mean of the durations calculatedbetween the valuation date and the payment date weightedby employee turnover assumptions.The return on plan assets is also estimated by management.Returns are estimated on the basis of expected returns on debtsecurities, and notably bonds.Crédit Agricole CIB does not apply the optional « corridor » approachand has directly recognised all actuarial gains and lossesin shareholders’ equity since 1 January 2010, instead of in profi tand loss previously. The main impacts of this change in accountingpolicy on the fi nancial statements as at 31 December 2009are provided in note 1.5.The amount of the provision is equal to:• the present value of the obligation to provide the defi ned benefits at closing date, calculated in accordance with the actuarialmethod recommended by IAS 19,• minus, if any, the fair value at the closing date of plan assets(if any) out of which the obligations are to be settled directly.Where plan assets include qualifying insurance policies thatexactly match the amount and timing of some or all of the benefits payable under the plan, the fair value of those insurancepolicies is deemed to be the present value of the related obligations.into account service and/or performance conditions. The fairvalue of the related liability is remeasured until its settlementtaking into account the possible non-realisation of those conditionsand the change in value of Crédit Agricole S.A. security.One of the deferred bonus plan granted by Crédit Agricole CIBentails for payment based on Crédit Agricole S.A. shares. Thisplan is accounted for in accordance with IFRS 2 dealing withshare-based payment transactions among group entities. Thisplan is recognised as a « cash settled » transaction in the accountsof Crédit Agricole CIB and as an « equity settled » transaction inthose of Crédit Agricole S.A.A description of the plans granted and the measurement methodsare provided in note 7.6 « Share-based payments ».Issuance of Crédit Agricole S.A. shares proposed to employeesas part of the group Employee Share Ownership Plan is alsogoverned by IFRS 2. Crédit Agricole CIB Group applies the treatmentset out in the release issued by the CNC on 21 December2004, supplemented by the release issued by the CNC on 7 February2007. Shares may be offered to employees with a discountof no more than 20%. These plans have no vesting period but theshares are subject to a lock-up period of fi ve years.The benefi tgranted to employees is measured as the difference between thefair value of acquired share taking into account the lock-up periodand the purchase price paid by the employee at the issue datemultiplied by the number of shares issued.Pension plans – defined contribution plansFrench employers contribute to a variety of compulsory pensionplans.Plan assets are managed by independent organisations and thecontributing companies have no legal or constructive obligation topay further contributions if the funds do not hold suffi cient assetsto pay all employee benefi ts relating to employee service in thecurrent and prior periods. Consequently, Crédit Agricole CIB hasno liabilities in this respect other than its contributions due for thepast period.Share-based payments (IFRS 2)IFRS 2 (Share-based Payment) requires share-based paymenttransactions to be measured and recognised in the income statementand balance sheet. The standard applies to share-basedplans granted after 7 November 2002, in accordance with IFRS2, and which had not yet vested on 1 January 2005. It covers twopossible cases:• share-based payment transactions settled in equity instruments,• share-based payment transactions settled in cash.Share-based transactions initiated by Crédit Agricole CIB Groupthat are eligible for IFRS 2 cover these two types of plans.The principles of determination and payment of bonuses appliedby Crédit Agricole CIB are in accordance with the regulations framingthe compensations of employees whose activities are likelyto have a signifi cant impact on risk exposure of credit institutions(the ministerial decree of 3 November 2009 and the FBF profesionalstandards for practical implementation).The expenses related to share-based plans settled in Crédit AgricoleS.A. equity instruments, and expenses related to share subscriptions,are recognised as follows:• for « equity settled » plans, as expenses under wages and salariescosts, with a corresponding increase in « consolidatedequity ». Such expenses are linearly spread over vesting period.• for « cash settled » plans, as expenses under wages and salaries,with a corresponding liability. Those expenses are linearlyspread over the vesting period ( between 3 and 4 years) takingCurrent and deferred taxCrédit Agricole CIB has been 99.9%-owned by the Crédit AgricoleGroup since 27 December 1996 and some of its subsidiariesform part of the tax consolidation Group of Crédit Agricole S.A..In accordance with IAS 12, income tax comprises all taxes basedon income, both current and deferred.IAS 12 defi nes current tax as « the amount of income taxespayable (recoverable) in respect of the taxable profi t (tax loss) for aperiod ». The taxable profi t is the profi t (or loss) for a period, determinedin accordance with rules established by the tax authorities.The rates and rules used to determine the current tax charge arethose in force in each country in which Group companies arelocated.Current tax includes all income tax, payable or receivable. Thepayment of which is not contingent on future operations, even ifsettlement is spread over several periods.Until it is paid, current tax must be recognised as a liability. If theamount is already paid in respect of current and prior periodsexceeds the amount due for those periods, the excess should berecognised as an asset.Certain transactions carried out by the entity may have fi scalconsequences that are not taken into account in determiningcurrent tax. The differences between the book value of an assetor liability and its tax base are qualifi ed by IAS 12 as temporarydifferences.IAS 12 requires that deferred taxes be recognised in the followingcases:• A deferred tax liability shall be recognised for any taxable temporarydifferences between the carrying amount of an asset orliability on the balance sheet and its tax base, unless the deferredtax liability arises from:- initial recognition of goodwill,- initial recognition of an asset or liability in a transaction thatis not a business combination and that affects neither theaccounting nor the taxable profi t (tax loss) as of the time ofthe transaction.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 157

4CONSOLIDATED FINANCIAL STATEMENTS• A deferred tax asset shall be also recognised on all deductibletemporary differences between the carrying amount of an assetor liability on the balance sheet and its tax basis, insofar as itis probable that a future taxable profi t will be available againstwhich such deductible temporary differences can be allocated.• A deferred tax asset shall also be recognised for carrying forwardunused tax losses and tax credits insofar as it is probable thata future taxable profi t will be available against which the unusedtax losses and tax credits can be allocated.The tax rates applicable in each country are used. In France, currentand deferred tax is calculated using the tax rates of 34.43%.Deferred taxes are not discounted.Taxable unrealised gains on securities do not generate taxabletemporary differences between the carrying amount of the assetand the tax base. Deferred tax is not recognised on these gains.When the relevant securities are classifi ed as available-for-salesecurities, unrealised gains and losses are recognised directlythrough shareholders’ equity. The tax charge or the benefi t relatingto a tax loss by the entity and arising from the unrealisedgains or losses is classifi ed as a deduction from those gains orlosses.In France, long-term capital gains on the sale of investments inparticipating interests are exempt from tax as from the tax yearcommencing on 1 January 2007, as defi ned by the General TaxCode. The tax is calculated using the standard tax rate on 5% ofsuch gains. Accordingly, unrealised gains at the end of the fi nancialyear generate temporary differences requiring the recognitionof deferred tax on this 5%.Current and deferred tax is recognised in net income for the year,unless the tax arises from:• either a transaction or event that is recognised directly throughshareholders’ equity, during the same year or during anotheryear, in which case it is recorded directly trough shareholders’equity;• or a business combination.Deferred tax assets and liabilities are offset against each other if,and only if:• the entity has a legally enforceable right to offset current taxassets against current tax liabilities; and• the deferred tax assets and liabilities relate to income taxeslevied by the same taxation authority:- either on the same taxable entity,- or on different taxable entities that intend either to settle currenttax assets and liabilities on a net basis, or to settle their taxassets and liabilities at the same time in each future fi nancialyear in which signifi cant amounts of deferred tax liabilities orassets are expected to be settled or recovered.Tax income from receivables and securities portfolios, where theyare effectively used to pay tax expense due with respect to theperiod, are recognised in the same item as the income to whichthey relate. The corresponding tax charge is kept in the « Incometax » caption on the income statement.Non-current assets (IAS 16, 36,38, 40)Crédit Agricole CIB Group applies component accounting for allof its non-current tangible assets. In accordance with IAS 16, theaccumulated depreciation takes account of the residual value ofproperty, plant and equipment.Land is measured at cost less any accumulated impairmentlosses.Property used in operations, investment property and equipmentare measured at cost less accumulated depreciation and accumulatedimpairment losses.Purchased software is measured at purchase price less accumulateddepreciation and accumulated impairment losses.Proprietary software is measured at cost less accumulated depreciationand accumulated impairment losses.Other than software, intangible assets principally comprise purchasedgoodwill, which is measured on the basis of the correspondingfuture economic benefi ts or expected service potential.Non-current assets are depreciated over their estimated usefullife.The following components and depreciation periods have beenadopted by the Crédit Agricole CIB Group following the applicationof component accounting for non-current assets. Thesedepreciation periods are adjusted according to the type of assetand its location:ComponentLandStructural worksNon-structural worksPlant and equipmentFixtures and fi ttingsComputer equipmentSpecialist equipmentDepreciation periodNot depreciable30 to 80 years8 to 40 years5 to 25 years5 to 15 years3 to 7 years4 to 5 yearsExceptional depreciation charges corresponding to tax-relateddepreciation and not to any real impairment in the value of theasset are eliminated in the consolidated fi nancial statements.Currency transactions (IAS 21)In accordance with IAS 21, a distinction is made between monetaryand non-monetary items.At the balance sheet date, foreign currency monetary assets andliabilities shall be translated into the functional currency of CréditAgricole CIB Group at the closing exchange rate.Foreign exchange differences arising from translation are recordedin the income statement.There are two exceptions to this rule:• for available-for-sale fi nancial assets, only the exchange differencecalculated on amortised cost is taken to the income statement;the balance is recorded in shareholders’ equity;• foreign exchange differences on items classifi ed as cash fl owhedge or that are part of a net investment in a foreign entity arerecorded in shareholders’ equity.Non-monetary items are treated differently depending on the typeof item:• items at historical cost are valued at the exchange rate on thetransaction date;• items at fair value are measured at the exchange rate on theclosing date.158SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4Exchange differences on non-monetary items are recognised:• in the income statement if the gain or loss on the non-monetaryitem is recorded in the income statement;• in shareholders’ equity if the gain or loss on the non-monetaryitem is recorded in shareholders’ equity.Service fees (IAS 18)Fees are taken to profi t and loss according to the nature of serviceto which they relate:• fees that are an integral part of the return on a fi nancial instrumentare recognized as an adjustment to the return on thatinstrument and included in its effective interest rate,• when the fees is compensation for the rendering of services canbe estimated reliably, the fees associated with the transactionare recognized by reference to the transaction’s stage of completionat the balance sheet date:- Fees paid or received as consideration for non-recurring servicesare fully recognized in the income statement.- Fees payable or receivable subject to the fulfi llment of a performanceobjective are only recognized if all the following conditionsare met:i) the amount of fees can be measured reliably,ii) it is probable that the economic benefi ts associated withthe transaction will fl ow to the entity,iii) the stage of completion of the transaction can be measuredreliably,iv) and the costs incurred for the transaction and and to completethe transaction or rendering the service can be measuredreliably.- Fees compensating for services which execution is continuous(on payment instruments for example) are spread out over theperiod of the service provided.Leases (IAS 17)As required by IAS 17, leases are analysed in accordance withtheir substance and fi nancial reality. They are classifi ed as operatingleases or fi nance leases.Operating leases are treated as an acquisition of a fi xed asset bythe lessee fi nanced by a loan from the lessor.In the lessor’s accounts, analysis of the economic substance ofthe transactions results in the following:• a fi nancial receivable from the customer is recognised, which isdepreciated by the lease payments received;• lease payments are broken down into interest and principal,known as fi nancial amortisation.In the lessee’s accounts, fi nance leases are restated such thatthey are recognised in the same way as if the asset had beenpurchased on credit, by recognising a debt, recording the assetpurchased on the asset side of the balance sheet and depreciatingthe asset.In the income statement, the theoretical depreciation (the chargethat would have been recognised if the asset had been purchased)and the fi nance charges (incurred in connection with thefi nancing) are recorded in the place of the lease payments.In operating leases, the lessee recognises the payments and thelessor records the revenues corresponding to the lease payments,as well as the assets leased on the asset side of its balance sheet.Non-current assets held for saleand discontinued operations(IFRS 5)A non-current asset (or a disposal group) is classifi ed as held forsale if its carrying amount will be recovered principally through asale transaction rather than through continuing use.For this to be the case, the asset (or disposal group) must beavailable for immediate sale in its present condition and its salemust be highly probable.The relevant assets and liabilities are shown separately on thebalance sheet under « Non-current assets held for sale » and « Liabilitiesassociated with non-current assets held for sale ».A non-current asset (or disposal group) classifi ed as held for saleis measured at the lower of its carrying amount and fair valueless costs to sell. In the event of unrealised losses, an impairmentcharge is made in the income statement, and such impairedassets are no longer depreciated.A discontinued operation is a component of the entity that haseither been disposed of, or is classifi ed as held for sale and:• represents a separate major line of business or geographicalzone of operations;• is part of a single coordinated plan to dispose of a separatemajor line of business or geographical zone of operations;• is a subsidiary acquired exclusively with a view to resale.The following are disclosed on a separate line of the income statement:• the post-tax profi t and loss of discontinued operations until thedate of disposal;• the post-tax gain or loss recognised on the disposal or on measurementat fair value less costs to sell of the assets and liabilitiesconstituting the discontinued operations.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 159

4CONSOLIDATED FINANCIAL STATEMENTS1.4 Consolidation principles and methods (IAS 27, 28, 31)Scope of consolidationThe consolidated fi nancial statements include the accounts ofCrédit Agricole CIB and of all companies over which Crédit AgricoleCIB exercises control, in accordance with IAS 27, IAS 28and IAS 31. Control is presumed to exist when Crédit AgricoleCIB owns, directly or indirectly, 20% or more of the voting power.• Defi nition of controlIn accordance with international standards, all entities falling underCrédit Agricole CIB’s exclusive control, joint control or signifi -cant infl uence are consolidated, providing that their contributionis deemed to be material and that they are not covered under theexclusions described below.Materiality is assessed in the light of three main criteria representinga percentage of the consolidated balance sheet, the consolidatedshareholder’s equity and the consolidated income statement.Exclusive control is presumed to exist if Crédit Agricole CIB ownsover half of the existing or potential voting rights in an entity,whether directly or indirectly through subsidiaries, except if, inexceptional circumstances, it can be clearly demonstrated thatsuch ownership does not give it control. Exclusive control alsoexists if Crédit Agricole CIB, as the owner of half or less than halfof the voting rights (including potential voting rights) in an entity,holds majority power within management bodies.Joint control is exercised in joint ventures in which each of the twoor more co-owners are bound by a contractual contribution thatprovides for joint control.Signifi cant infl uence is defi ned as the power to participate in thefi nancial and operating policy decisions of the investee but isnot control. Crédit Agricole CIB is presumed to have signifi cantinfl uence if it owns 20% or more of the voting rights in an entity,whether directly or indirectly through subsidiaries.• Consolidation of special-purposeentitiesThe consolidation of special-purpose entities (structures createdto manage a transaction or group of similar transactions andmore particularly funds under sole control) is specifi ed by SIC 12.A special-purpose entity (SPE) is consolidated if it is in substancecontrolled by the Crédit Agricole CIB Group, even in the absenceof a capital link. It concerns more particularly dedicated OPCVM.Whether or not a special-purpose entity is controlled in substanceis determined by considering the following criteria:• in substance, the activities of the SPE are being conducted onbehalf of a Crédit Agricole CIB Group according to its specific business needs so that the entity obtains benefi ts from theSPE’s operation,• in substance, Crédit Agricole CIB Group has the decision-makingpowers to obtain a majority of the benefi ts of the activitiesof the SPE or, by setting up an « autopilot » mechanism, theentity has delegated these decision-making powers,• in substance, Crédit Agricole CIB Group has rights to obtainthe majority of the benefi ts of the SPE and therefore may beexposed to risks incident to the activities of the SPE; or• in substance, Crédit Agricole CIB Group retains the majority ofthe residual or ownership risks related to the SPE or its assetsin order to obtain benefi ts from its activities.• Exclusions from the scope ofconsolidationIn accordance with IAS 28.1 and IAS 31.1, investments in associatesand venturers’ interests in jointly controlled entities held byventure capital entities are excluded from the scope of consolidation.Such investments shall be measured at fair value in accordancewith IAS 39, with changes in fair value recognised in profi tand loss in the period of the change.Consolidation methodsThe consolidation methods are respectively defi ned by IAS 27, 28and 31, based on the type of control exercised by Crédit AgricoleCIB over the entities that can be consolidated, regardless of theirbusiness or of whether or not they have legal entity status:• entities under exclusive control are fully consolidated, includingentities with different account structures, even if their businessis not an extension of that of Crédit Agricole CIB;• entities under joint control are proportionally consolidated, includingentities with different account structures, even if theirbusiness is not an extension of that of Crédit Agricole CIB;• entities over which Crédit Agricole CIB exercises signifi cantinfl uence are accounted for under the equity method.Full consolidation consists of eliminating the carrying amount ofthe investment held in the consolidating company’s fi nancial statementsand aggregating all assets and liabilities carried by theconsolidated companies, and determining and separately identifyingthe value of the minority interests in their net assets andearnings.Minority interests correspond to investments that don’t givecontrol as it is defi ned by IAS 27. They include instruments thatare portions of interests and that give the right of the net assetsin the event of a liquidation. They also are identifi ed separatelyfrom the parent’s ownership interests in net assets and the profi tand loss.Proportional consolidation consists of eliminating the carryingamount of the investment held in the Group’s fi nancial statementsand aggregating a portion of the assets, liabilities and results ofthe company concerned representing the parent’s ownershipinterest.The equity method consists of eliminating the amount of the investmentheld in the Group’s fi nancial statements and accountingfor its interest in the underlying equity and profi t and loss of theparent’s ownership concerned.The change in the book value of those securities now takes intoaccount the goodwill evolution.Consolidation adjustments andeliminationsThe Group makes all adjustments required to ensure the applicationof consistent accounting policies in the consolidated fi nancialstatements, unless they are deemed not to be material.160SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4Intragroup transactions affecting the consolidated balance sheetand income statement are eliminated in full.Profi ts and loss resulting from intragroup asset transactions areeliminated in full. Impairment measured at the time of an intragrouptransfer are recorded.Translation of foreign subsidiaries’financial statements (IAS 21)Financial statements of subsidiaries expressed in foreign currenciesare translated into Euros in two stages:• translation, if applicable, from the foreign currency transactionsinto the functional currency (currency used in the main economicenvironment in which the entity operates);• translation from the functional currency into Euros, i.e. the presentationcurrency of the Group consolidated fi nancial statements.Assets and liabilities are translated at the closing exchangerate. Income and expenses on the income statementare translated at the average exchange rate for the period.Translation differences resulting from the translation of assets,liabilities and the income statement are recognized as a separatecomponent of shareholders’ equity.Business combinations - Goodwill(IFRS 3)Business combinations are accounted for using the acquisitionmethod in accordance with IFRS 3.On the date of acquisition, the acquiree’s identifi able assets, liabilitiesand contingent liabilities that satisfy the conditions for recognitionset out in IFRS 3 are recognised at their fair value.Restructuring liabilities are only recognised as a liability if the acquireeis under an obligation to complete the restructuring at theacquisition date.For transactions carried out after 1 January 2010, contingentfuture payments the acquirer will make are conditional on futureevents are recognised at their acquisition-date fair values if theycan be measured reliably, even though their realisation is not probable.Subsequent fair value changes in the clauses that are classified as fi nancial debts are accounted for in profi t and loss.For transactions carried out until 31 December 2009, contingentfuture payments were included in the acquisition cost of the acquireeonly when their realisation became probable even after theappropriation period of 12 months.Since 1 January 2010, non-controlling interest that are presentownership interests and entitle their holders to a proportionateshare of the entity’s net assets in the event of liquidation, can bemeasured according to the choice of the acquirer, in two ways:• at the fair value at the acquisition date,• as the present ownership instruments’ non-controlling interest’sproportionate share in the recognised amounts of the acquiree’snet identifi able assetsThis option can be exercised acquisition by acquisition.The non-controlling interests that are not present ownership interestsshall be measured at their acquisition-date fair values.The initial fair value of assets, liabilities and contingent liabilitiesmay be adjusted within a maximum period of twelve months afterthe acquisition date.Certain transactions related to the acquiree are registered separatelyfrom the business combination. It concerns particularly:• effective settlement of a pre-existing relationship between theacquirer and acquiree;• arrangements for contingent payments to employees or sellingshareholders for future services;• transactions that aim to make the acquiree or its former shareholderspay back costs payable by the acquirer.Those separated transactions are generaly accounted for in profi tand loss at the acquisition date.The consideration transferred for the acquiree ( the purchase cost)is measured as the total of fair values transferred by the acquirerat the acquisiton date in exchange for control of the acquiree ( forexample: treasury, equity instruments…)For transactions until 31 December 2009, the purchase cost alsoincluded costs directly attributable to the business combination.For the transactions carried out from 1 January 2010, the acquisition-relatedcosts are now accounted for as expenses, separatelyfrom the combination. When the probabilities of transactionare high, costs are recorded in « Net gains/ (losses) on otherassets », otherwise it is recorded in « Operating expenses ».The excess of the aggregate of the price and the amount ofany non-controlling interest over the net of the acquisitio-dateamounts of the identifi able assets acquired and the liabilitiesassumes, is recognised in the balance sheet as goodwill if theacquiree is fully or proportionately consolidated. If the acquireeis accounted for using the equity method, the excess is includedunder the aggregate « investments in affi liates ». Any negativegoodwill is immediately recognised in profi t and loss.Goodwill is carried in the balance sheet at its initial amount in thecurrency of the acquiree and translated at the year-end exchangerate.For business combinaison achieved in stages, the previously heldequity interest in the acquiree is remeasured at its acquisition datefair value and recogniase the resulting gain or loss in profi t andloss. The goodwill is measured in one step from the fair value ofthe assets acquired and the liabilities assumed on the acquisitiondate.It is tested for impairment whenever there is objective indicationthat it may be impaired and at least once a year.The assumptions to measure the non-controlling interest at theacquisition date may infl uence the measurement of goowill andof any, its impairment.For the purpose of impairment testing, goodwill is allocated tothe Cash Generating Units (CGUs) that are expected to benefi tfrom the business combination. The Group defi nes a CGU as thesmallest identifi able group of assets and liabilities within its corebusinesses that can operate on the basis of a specifi c businessmodel. Impairment testing consists of comparing the carryingamount of each CGU, including any goodwill allocated to it, withits recoverable amount.Recoverable amount is defi ned as the higher of fair value lesscosts to sell and value in use, which is the present value of thefuture cash fl ows expected to be derived from continuing use ofthe CGU, as set out in medium-term business plans prepared bythe Group for management purposes.When the recoverable amount is lower than the carrying amount,an irreversible impairment loss is recognised through profi t andloss and deducted from the goodwill allocated to the CGU.When Crédit Agricole CIB increases its ownership percentage inan entity over which it already has exclusive control, the differencebetween the purchase cost and the portion of assets arisingfrom this increase is now recognised as a deduction from theSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 161

4CONSOLIDATED FINANCIAL STATEMENTS« consolidated reserves, Group share » item. When Crédit AgricoleCIB decreases its ownership percentage in an entity that remainsunder its exclusive control, the difference between the selling priceand the book value of minority interests sold is also recogniseddirectly in « consolidated reserves, Group share ».Those transaction costs are accounted for shareholders’ equity.For change in parent ownership interest in a subsidiary, goodwillremains the same. Tha carrying amounts of the controlling andnon-controlling interest are be adjusted to refl ect these changes.The Crédit Agricole CIB Group has granted shareholders of certainfully consolidated subsidiaries an undertaking to acquire theirholdings in these subsidiaries, at a price to be determined accordingto a predefi ned formula which takes account of future developmentsin their business. These undertakings are in substanceput options granted to the minority shareholders, which in accordancewith the provisions of IAS 32, means that the minority interestsare treated as a liability rather than as shareholders’ equity.As a result, the accounting treatment of put options granted tominority shareholders is now as follows:• when a put option is granted to the minority shareholders of analready-fully consolidated subsidiary, a liability is recognised inthe balance sheet in the amount of the estimated present valueof the strike price of the options granted to these shareholders.As the balancing entry for this debt, the portion of net assetsattributable to the minority interests concerned is reduced tozero and the balance is recorded as a deduction from shareholders’equity;• subsequent changes in the estimated strike price affect theamount of debt recorded under liabilities, with a balancingadjustment to shareholders’ equity. Symmetrically, subsequentchanges in the portion of the net assets attributable to minorityshareholders is cancelled through shareholders’ equity.If the parent losses control of a subsidiary, the gain or loss is measuredas the sold entity in full and the possible remaining investmentpart is accounted for in the balance sheet for its fair value atthe date of the loss of control.1.5 Impact of this change in accounting method relating to actuarialgains and losses (IAS 19)Since 1 January 2010, Crédit Agricole CIB has directly recordedactuarial gains and losses in shareholders’ equity and no longerin profi t and loss. If this method had been applied in 2009, theimpact on the net income would have amounted to +€17 million.162SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4• NOTE 2: SCOPE OF CONSOLIDATIONThe detailed scope of consolidation at 31 December 2010 is given in note 12.2.1 Change in the scope of consolidationChanges in the scope of consolidation during the year:• Entries in 2010The following new created companies were added to the scopeof consolidation:• Crédit Agricole CIB Services Private Ltd,• Cheuvreux/CLSA Global Portfolio Trading Pte Ltd.• Disposals in 2010The following company, whose business activities were no longermaterial, is deconsolidated:• Chauray Contrôle SAS.The following companies are removed out of the scope of consolidationbecause they were liquidated in the fourth quarter of 2010:• Calyon Bank Polska SA,• EDELAAR EESV.The following three companies merged and are removed out ofthe scope of consolidation:• CAAM Distribution AV,• CAAM Espana Holding,• Doumer Philemon SAS.Crédit Agricole CIB Saudi Fransi Limited which is held for sale isdeconsolidated at 31 December 2010.Finally, because the Caisse Régionale du Crédit Agricole deFranche Comté acquired shares of Crédit Agricole FinancementSuisse, our voting interest declined below the consolidation requirementsto be accounted for under the equity method, thissubsidiary is removed of the scope of consolidation accordingly.• Corporate name changeThe corporate name of the Company changed on 6 February2010. As of this date, its corporate name « Calyon » has became« Crédit Agricole Corporate and Investment Bank ».The names of the subsidiaries that changed during 2010 are thefollowings:• Banco Calyon Brasil becomes Banco Crédit Agricole Brasil SA,• Calyon Yatirim Bankasi Turk AS becomes Crédit Agricole YatirimBankasi Turk AS,• Calyon Australia Ltd becomes Crédit Agricole CIB AustraliaLimited,• Calyon China Ltd becomes Credit Agricole CIB China Limited,• Calyon Merchant Bank Asia Ltd becomes Crédit Agricole CIBMerchant Bank Asia Ltd,• Calyon Saudi Fransi Ltd becomes Crédit Agricole CIB SaudiFransi Limited,• Calyon Rusbank SA becomes Crédit Agricole CIB ZAO Russia,• Calyon Bank Ukraine becomes PJSC CIB Crédit AgricoleUkraine,• Calyon Securities USA Inc. becomes Crédit Agricole Securities(USA) Inc.,• Calyon Air Finance SA becomes Crédit Agricole CIB Air FinanceSA,• Calyon Capital Market Asia BV becomes Crédit Agricole CIBCapital Market Asia BV,• Calyon Holdings becomes Crédit Agricole CIB Holdings Limited,• Calyon Investments becomes Crédit Agricole CIB UK IH,• Calyon Global Partners inc. Group becomes Crédit Agricole CIBGlobal Partners inc. (Group),• Calyon Securities Japan becomes Crédit Agricole SecuritiesAsia BV (Tokyo),• Financière Immobilière Calyon becomes Financière ImmobilièreCrédit Agricole CIB,• Calyon Asia Shipfi nance Ltd becomes Crédit Agricole AsiaShipfi nance Ltd.,• Calyon Global Banking becomes Crédit Agricole CIB GlobalBanking,• Calyon Financial Solutions becomes Crédit Agricole CIBFinancial Solutions,• Calyon CLP becomes Crédit Agricole CIB LP,• Calyon Preferred Funding LLC becomes Crédit Agricole CIBPreferred Funding LLC,• Calyon Preferred Funding II LLC becomes Crédit Agricole CIBPreferred Funding II LLC.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 163

4CONSOLIDATED FINANCIAL STATEMENTS2.2 Main acquisitions during the year 2010No signifi cant event since the 1st January 2010.2.3 Investments in equity affi liates€ millionEquityaccountedvalueMarketvalueTotalassets31.12.2010NetbankingincomeNetincomeShare ofnetincomeFinancial companies: 1,070 2,007 24,589 887 566 138Banque Saudi Fransi 1,070 2,007 24,589 887 566 138Non-financial companies: 33 22 8 1 1AMUNDI Iberica SGIIC SA 6 22 8 1CLSA BV affi liates 24Newedge affi liates 3 1Net book value of investments inaffiliates1,103 2,007 24,611 895 567 139The market value shown in the above table is the quoted price ofthe shares on their trading market at 31 December. It may not berepresentative of the realisable value because the value-in-use ofequity affi liates may be different from the equity accounted value.This value may not be representative of the value of the securitiesaccounted under the equity method in accordance with IAS 28.31.12.2009€ millionEquityaccountedvalueMarketvalueTotalassetsNetbankingincomeNetincomeShare ofnetincomeFinancial companies: 888 1,703 25,162 846 475 118Banque Saudi Fransi 863 1,703 22,314 820 471 117Crédit Agricole Financement Suisse 25 2,848 26 4 1Non-financial companies: 25 214 52 2 (1)AMUNDI (ex CAAM) 164 38 (1) 1AMUNDI Iberica SGIIC SA 5 33 6 (1)Amundi (USA) affi liates 17 8 3 2CLSA BV affi liates 17 (3)Newedge affi liates 3Net book value of investments inaffiliates913 1,703 25,376 898 477 117164SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 42.4 Investments in non-consolidated companiesThese securities, recorded in the « Available-for-sale assets » portfolio,are variable-income securities that represent a signifi cantportion of the capital of the companies that issued them, and areintended to be held on an other-than-temporary basis.At 31 December 2010, the main investments in non-consolidatedcompanies for which the voting interest is greater than or equal to20% and the book value is considered signifi cant (cf. Note 1.3 onaccounting principles and policies) are as follows:€ millionNetbookvalue31.12.2010 31.12.2009%interestNetbookvalue%interestReason for non inclusion in theconsolidation scopeNet book value of non-consolidatedinvestment securities (1) :809 665of which:- BFO: 44 98.95 44 98.95 no more activity- CA PREFERRED FUNDING LLC 48 33.00 46 33.00 this structure, in which CACIB holds33% of ordinary shares, is not consolidatedbecause the issue of preferredshares is for Crédit Agricole S.A.(1)Taking into account a €8 million long-term impairment charge in 2010.2.5 Goodwill€ millionCorporate andInvestment Banking(excluding brokers)31.12.2009GROSS31.12.2009NETIncrease(acquisitions)Decreases(Disposals)Impairmentlossesduring theperiodTranslationadjustmentsOthermovements31.12.2010GROSS31.12.2010NET644 589 644 589Equity brokers (1) 172 172 172 172Brokers, other 663 663 (8) 6 661 661International PrivateBanking432 432 39 471 471TOTAL 1,911 1,856 (8) 45 1,948 1,893(1)Equity Brokers CGU corresponds to the project to create a brokerage platform and a Pan-Asiatic investment bank. This CGU was created in 2010, in linewith operational entities, which led to partial reallocation of goodwill (share of goodwill of CLSA previously in CIB for an amount of €38 million and transferredto Equity Brokers CGU).Goodwill is the subject of impairment tests at least once per year,based on the assessment of the fair value or value in use of theCash-Generating Units (CGUs) to which they are attached.• Fair value corresponds to the amount that could be obtainedfrom the sale of a cash-generating unit in a transaction in normalmarket conditions. It is based on observed prices in recenttransactions for comparable entities, or on standard valuationmultiples in the market in which the unit operates (e.g. a certainpercentage of assets under management).• Value in use was determined by discounting the CGU’s estimatedfuture cash fl ows calculated from medium term plans. Thefollowing assumptions were used:- estimated future cash fl ows: projections between 3 and 6years;- perpetual growth rate: rates ranging between 1% and 4%depending on the CGU;- discount rate: rates ranging between 10% and 15% dependingon the CGU.Crédit Agricole CIB favors the methods based on the most representativevalue-in-use according to business lines, which are asfollows:• CIB: on the basis of the medium-term plan projections for CIBongoing activities (excluding brokers)• Equity brokers: on the basis of present valuations as shown inthe structuration process.• Other brokers: on the basis of multicriteria analyses (earningprojections, PER, external sources valuations).• Private banking: on the basis of multicriteria analyses (earningprojections, percentage of assets under management, othermanagement indicators).These tests did not lead to any impairment charge in 2010.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 165

4CONSOLIDATED FINANCIAL STATEMENTS• NOTE 3: FINANCIAL MANAGEMENT, RISKEXPOSURE AND HEDGING POLICYA description of different risks exposures of Crédit Agricole CIB and the policies put in place to manage and mitigate those risks are describedin the Management Report in the section entitled « Risk factors », as allowed by IFRS 7.3.1 Credit riskConcentrations by type of customer• Loans and advances to customers: analysis by customer type€ millionGrossFinancialassetsindividuallyimpaired(gross amount)31.12.2010IndividualimpairmentsCollectiveimpairmentsCentral governments 6,427 82 (80) (28) 6,319Banks 59,861 541 (481) 59,380Central banks 12,109 12,109Non-bank institutions 37,601 765 (491) (905) 36,205Corporates 110,310 2,263 (952) (1,204) 108,154Retail customers 6,668 901 (60) 6,608Total (1) 232,976 4,552 (2,064) (2,137) 228,775Accrued interest, net 473Net book value 229,248(1)Including €770 million of restructured performing customer loans; €410 million of loans less than 90 days past-due and €358 million of guarantees received.Total€ millionGrossFinancialassetsindividuallyimpaired(gross amount)31.12.2009IndividualimpairmentsCollectiveimpairmentsCentral governments 3,270 74 (73) (21) 3,176Banks 63,386 541 (382) 63,004Central banks 2,789 32 (32) 2,757Non-bank institutions 15,125 389 (127) (656) 14,342Corporates 128,591 2,778 (1,050) (1,486) 126,055Retail customers 5,201 1,005 (70) 5,131Total (1) 218,362 4,819 (1,734) (2,163) 214,465Accrued interest, net 442Net book value 214,907(1)Including €558 million of restructured performing customer loans; €307 million of loans less than 90 days past-due and €579 million of guarantees received.Total166SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4• Commitments given to customers by customer type€ million 31.12.2010 31.12.2009Financing commitments given to customersCentral governments 2,794 2,124Non-bank institutions 16,699 9,424Corporates 80,133 84,744Retail customers 2,178 1,195Total 101,804 97,487Guarantee commitments given to customersCentral governments 201 545Non-banks institutions 2,146 4,857Corporates 34,452 27,909Retail customers 965 1,225Total 37,764 34,536• Customer accounts by customer type€ million 31.12.2010 31.12.2009Central governments 2,288 6,580Non-banks institutions 72,214 20,762Corporates 49,400 74,873Retail customers 19,416 20,455TOTAL 143,318 122,670Accrued interest 171 166Book value 143,489 122,836SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 167

4CONSOLIDATED FINANCIAL STATEMENTSCredit activity’s concentration by geographical zone• Due from banks and loans and advances to customers by geographical zone€ millionGrossFinancialassetsindividuallyimpaired(gross amount)31.12.2010IndividualimpairmentsCollectiveimpairmentsFrance (including overseas departments andterritories)44,618 373 (230) (369) 44,019Other EU countries 68,264 1,554 (273) (561) 67,430Other European countries 14,599 271 (124) (103) 14,372North America 43,965 408 (301) (787) 42,877Central and South America 17,885 851 (549) (33) 17,303Africa and Middle-East 11,230 791 (436) (138) 10,656Asia and Pacifi c (excluding Japan) 21,565 261 (136) (99) 21,330Japan 10,850 43 (15) (47) 10,788Total (1) 232,976 4,552 (2,064) (2,137) 228,775Accrued interest, net 473Net book value 229,248(1)Including €770million of restructured performing customer loans; €410 million of loans less than 90 days past-due and €358 million of guarantees received.Total€ millionGrossFinancialassetsindividuallyimpaired(gross amount)31.12.2009IndividualimpairmentsCollectiveimpairmentsFrance (including overseas departments andterritories)43,892 297 (175) (2,132) 41,585Other EU countries 69,080 2,191 (416) 68,664Other European countries 14,046 262 (112) (1) 13,933North America 39,590 633 (304) (18) 39,268Central and South America 14,193 757 (367) (12) 13,814Africa and Middle-East 10,534 513 (283) 10,251Asia and Pacifi c (excluding Japan) 17,225 159 (75) 17,150Japan 9,802 7 (2) 9,800Total (1) 218,362 4,819 (1,734) (2,163) 214,465Accrued interest, net 442Net book value 214,907(1)including €558 million of restructured performing customer loans; €307 million of loans less than 90 days past-due and €579 million of guarantees received.Total168SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4• Commitments given to customers by geographical zone€ million 31.12.2010 31.12.2009Financing commitments given to customersFrance (including overseas departments and territories) 30,532 37,587Other EU countries 25,752 21,004Other European countries 6,712 5,433North America 19,658 19,550Central and South America 5,563 4,540Africa and Middle-East 3,163 3,126Asia and Pacifi c (excluding Japan) 9,391 5,558Japan 1,033 689Total 101,804 97,487Guarantee commitments given to customersFrance (including overseas departments and territories) 12,637 12,495Other EU countries 8,965 7,775Other European countries 2,125 2,208North America 6,474 4,454Central and South America 1,191 1,195Africa and Middle-East 1,739 1,939Asia and Pacifi c (excluding Japan) 3,845 3,922Japan 788 548Total 37,764 34,536• Customer accounts by geographical zone€ million 31.12.2010 31.12.2009France (including overseas departments and territories) 19,692 19,481Other EU countries 35,038 35,838Other European countries 5,039 5,089North America 57,725 36,992Central and South America 5,771 5,621Africa and Middle-East 7,301 7,456Asia and Pacifi c (excluding Japan) 9,172 9,499Japan 3,580 2,694Total 143,318 122,670Accrued interest 171 166Book value 143,489 122,836SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 169

4CONSOLIDATED FINANCIAL STATEMENTS• Derivative fi nancial instruments – Counterparty riskThe counterparty risk on derivative instruments comprises the market value and the potential credit risk calculated and weighted in accordancewith prudential standards.The impacts of netting contracts and collaterals, which reduce this risk, are also presented for information.€ millionMarketvalue31.12.2010 31.12.2009PotentialcreditriskTotalcounterpartyriskMarketvaluePotentialcreditriskTotalcounterpartyriskRisk on:- Interest rates, exchange ratesand commodities147,247 71,817 219,064 155,855 74,260 230,115- Equity and index derivatives 9,410 6,046 15,456 12,062 7,538 19,600- Credit derivatives 13,859 18,210 32,069 23,492 21,781 45,273Total 170,516 96,073 266,589 191,409 103,579 294,988Impact of netting agreements 141,428 54,591 196,019 159,487 56,634 216,121Impact of netting collaterisations 5,265 5,265 6,216 6,216Total after impact of nettingagreements23,823 41,482 65,305 25,706 46,945 72,651170SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 43.2 Market riskDerivative instruments: analysis by remaining maturityThe market values of derivative fi nancial instruments are split by contractual maturity.• Hedging instruments – Fair value of assets€ millionUnder1 year31.12.2010 31.12.2009Exchange-traded Over-the-counter Total Total1-5yearsOver5 yearsUnder1 year1-5yearsOver5 yearsmarketvaluemarketvalueInterest rate instruments 910 34 40 984 989FuturesForward rate agreementsInterest rate swaps 910 33 36 979 989Interest rate swapsCaps-fl oors-collars 1 4 5Other optionsCurrency and gold 9 1 10 24Currency futures 9 1 10 24Currency optionsOtherEquity and index derivativesPrecious metal derivativesCommodity derivativesCredit derivatives and otherSub-total 919 35 40 994 1,013Forward currency transactions 190 190 358Net book value 1,109 35 40 1,184 1,371• Hedging instruments – Fair value of liabilities€ millionUnder1 year31.12.2010 31.12.2009Exchange-traded Over-the-counter Total Total1-5yearsOver5 yearsUnder1 year1-5yearsOver5 yearsmarketvaluemarketvalueInterest rate instruments 447 204 47 698 645FuturesForward rate agreementsInterest rate swaps 446 204 39 689 643Interest rate swapsCaps-fl oors-collars 4 4Other options 1 4 5 2Currency and gold 24 1 25 3Currency futures 24 1 25 3Currency optionsOther 48 48Equity and index derivatives 48 48Precious metal derivativesCommodity derivativesCredit derivatives and otherSub-total 519 204 48 771 648Forward currency transactions 502 502 150Net book value 1,021 204 48 1,273 798SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 171

4CONSOLIDATED FINANCIAL STATEMENTS• Derivative fi nancial instruments held for trading – Fair value of assets€ millionUnder1 year31.12.2010 31.12.2009Exchange-traded Over-the-counter Total Total1-5yearsOver5 yearsUnder1 year1-5yearsOver5 yearsmarketvaluemarketvalueInterest rate instruments 1 16,901 64,524 112,377 193,803 198,478Futures 1 1Forward rate agreements 245 77 322 475Interest rate swaps 14,854 51,788 89,507 156,149 154,881Interest rate swaps 24 3,653 20,091 23,768 26,712Caps-fl oors-collars 1,778 9,006 2,779 13,563 16,391Other options 19Currency and gold 5,166 2,573 2,287 10,026 10,731Currency futures 2,845 55 217 3,117 2,968Currency options 2,321 2,518 2,070 6,909 7,763Other 2,300 2,824 341 5,853 17,039 6,600 34,957 48,754Equity and index derivatives 2,248 2,824 341 2,422 5,838 773 14,446 18,484Precious metal derivativesCommodity derivatives 52 2,868 1,195 71 4,186 4,327Credit derivatives and other 563 10,006 5,756 16,325 25,943Sub-total 2,301 2,824 341 27,920 84,136 121,264 238,786 257,963Forward currency transactions 10,223 1,925 266 12,414 8,942Net book value 2,301 2,824 341 38,143 86,061 121,530 251,200 266,905• Derivative fi nancial instruments held for trading – Fair value of liabilities€ millionUnder1 year31.12.2010 31.12.2009Exchange-traded Over-the-counter Total Total1-5yearsOver5 yearsUnder1 year1-5yearsOver5 yearsmarketvaluemarketvalueInterest rate instruments 4 1 18,945 59,519 116,261 194,730 204,986Futures 4 1 5Forward rate agreements 234 62 296 515Interest rate swaps 16,615 45,283 89,740 151,638 157,136Interest rate swaps 32 3,904 21,430 25,366 28,234Caps-fl oors-collars 2,057 10,269 5,090 17,416 19,086Other options 7 1 1 9 15Currency and gold 5,483 2,874 2,118 10,475 11,028Currency futures 2,779 114 137 3,030 3,172Currency options 2,704 2,760 1,981 7,445 7,856Other 1,665 3,615 304 7,057 14,900 5,207 32,748 41,718Equity and index derivatives 1,623 3,615 304 2,462 4,080 626 12,710 16,309Precious metal derivativesCommodity derivatives 42 3,055 1,164 55 4,316 3,646Credit derivatives and other 1,540 9,656 4,526 15,722 21,763Sub-total 1,669 3,616 304 31,485 77,293 123,586 237,953 257,732Forward currency transactions 7,660 1,694 243 9,597 8,352Net book value 1,669 3,616 304 39,145 78,987 123,829 247,550 266,084172SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4Derivative instruments: commitments€ million31.12.2010 31.12.2009Total notional amount outstanding Total notional amount outstandingInterest rate instruments 14,063,591 12,788,045Futures 413,872 305,542Forward rate agreements 1,042,903 1,190,805Interest rate swaps 9,331,333 7,968,153Interest rate options 1,899,390 2,026,318Caps-fl oors-collars 1,373,093 1,285,027Other options 3,000 12,200Currency and gold 2,341,398 1,929,230Currency futures 1,620,576 1,267,311Currency options 720,822 661,919Other 1,083,581 1,348,941Equity and index derivatives 198,604 281,197Precious metal derivatives 205 155Commodity derivatives 59,857 52,159Credit derivatives 824,915 1,015,430Sub-total 17,488,570 16,066,216Forward currency transactions 903,690 663,951TOTAL 18,392,260 16,730,167Breakdown on debt securities in issue and subordinated debt bycurrency€ millionBonds31.12.2010 31.12.2009Fixed-termsubordinateddebtPerpetualsubordinateddebtBondsFixed-termsubordinateddebtPerpetualsubordinateddebtEUR 17 1,648 620 89 1,648 620USD 2,069 4,177 1,915 3,840JPYOther currencies 97Total 17 3,717 4,797 186 3,563 4,460(Total outsanding excluding accrued interest not directly affectable)SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 173

4CONSOLIDATED FINANCIAL STATEMENTSCurrency risk• Analysis of the consolidated balance sheet by currency€ million31.12.2010 31.12.2009Asset Liability Asset LiabilityEUR 382,205 359,565 404,929 403,090Other EU currencies 17,249 22,521 19,969 20,621USD 217,044 244,007 201,261 217,286JPY 42,990 41,517 37,420 32,623Other currencies 56,704 48,582 48,853 38,812Total balance sheet 716,192 716,192 712,432 712,4323.3 Liquidity and fi nancing riskDue from banks and loans and advances to customers: analysis byresidual maturity€ millionUnder3 months3 monthsto 1 year31.12.20101-5 yearsOver5 yearsLoans and advances to banks 63,359 2,554 3,525 2,532 71,970Loans and advances to customers (including leasefi nance)69,907 15,868 45,732 29,499 161,006Total 133,266 18,422 49,257 32,031 232,976Accrued interest 684Impairment (4,412)Net book value 229,248Total€ millionUnder3 months3 monthsto 1 year31.12.20101-5 yearsOver5 yearsLoans and advances to banks 54,627 3,330 5,933 2,285 66,175Loans and advances to customers (including leasefi nance)58,786 19,983 45,299 28,119 152,187Total 113,413 23,313 51,232 30,404 218,362Accrued interest 635Impairment (4,090)Net book value 214,907Total174SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4Due to banks and customer accounts: analysis by residual maturity€ millionUnder3 months3 monthsto 1 year31.12.20101-5 yearsOver5 yearsDue to banks 61,443 2,871 10,011 947 75,272Customer accounts 124,284 12,607 4,023 2,404 143,318Total 185,727 15,478 14,034 3,351 218,590Accrued interest 238Book value 218,828Total€ millionUnder3 months3 monthsto 1 year31.12.20091-5 yearsOver5 yearsDue to banks 56,086 6,099 6,611 611 69,407Customer accounts 101,303 13,500 5,105 2,762 122,670Total 157,389 19,599 11,716 3,373 192,077Accrued interest 233Book value 192,310TotalSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 175

4CONSOLIDATED FINANCIAL STATEMENTSDebt securities in issue and subordinated debt€ millionUnder3 months3 monthsto 1 year31.12.20101-5 yearsOver5 yearsDebt securities in issueInterest-bearing notes 18 21 39Negotiable debt securities 48,355 12,409 786 270 61,820Bonds 17 17Other debt securities in issue 1 1Total 48,356 12,409 821 291 61,877Accrued interest 48Book value 61,925Subordinated debtFixed-term subordinated debt 1,163 2,554 3,717Perpetual subordinated debt 4,797 4,797Total 1,163 7,351 8,514Accrued interest 158Book value 8,672Total€ millionUnder3 months3 monthsto 1 year31.12.20091-5 yearsOver5 yearsDebt securities in issueInterest-bearing notes 32 32Negotiable debt securities: 46,372 16,718 441 195 63,726Bonds 97 89 186Other debt securities in issueTotal 46,372 16,815 441 316 63,944Accrued interest 61Book value 64,005Subordinated debtFixed-term subordinated debt 522 3,041 3,563Perpetual subordinated debt 4,460 4,460Total 522 7,501 8,023Accrued interest 6Book value 8,029Total176SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4Financial guarantees at risk by maturityAmounts presented below correspond to fi nancial guarantees at risk, that is to say impaired or under watch.31.12.2010€ millionUnder3 months3 monthsto 1 year1-5 yearsOver5 yearsTotalGiven fi nancial guarantee 11 38 4931.12.2009€ millionUnder3 months3 monthsto 1 year1-5 yearsOver5 yearsTotalGiven fi nancial guarantee 23 56 79The remaining contractual maturities are disclosed in the note 3.2 « Market Risk ».3.4 Derivative hedging instruments(See Management Report, « Risk management- Asset and liability management –Structural fi nancial risks »)Derivative hedging instruments by type of risk€ millionPositivemarketvalue31.12.2010 31.12.2009NegativemarketvalueNotionalAmountPositivemarketvalueNegativemarketvalueNotionalAmountFAIR VALUE HEDGES 681 1,058 59,965 737 742 44,202Interest rate 482 646 25,081 376 639 22,955Shareholders' equity 21 4Foreign Exchange 199 412 34,863 361 103 21,243CreditCommoditiesOtherCASH FLOW HEDGES 501 100 7,369 630 21 7,649Interest rate 501 52 7,203 613 6 7,613Shareholders' equity 48 166Foreign Exchange 17 15 36CreditCommoditiesOtherHEDGING OF NET INVESTMENT IN A FOREIGNACTIVITY2 115 4,825 4 35 2,493TOTAL 1,184 1,273 72,159 1,371 798 54,344SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 177

4CONSOLIDATED FINANCIAL STATEMENTS• NOTE 4: NOTES TO THE INCOME STATEMENT4.1 Interest income and expense€ million 31.12.2010 31.12.2009Loans and advances to banks 905 1,792Loans and advances to customers 3,469 4,204Accrued interest receivable on available-for-sale fi nancial assets 517 551Accrued interest receivable on hedging instruments 187 518Lease fi nance 54 54Interest income (1) 5,132 7,119Deposits by banks (823) (1,819)Customer accounts (747) (1,070)Debt securities in issue (819) (1,147)Subordinated debt (288) (186)Accrued interest payable on hedging instruments (246) (605)Lease fi nance (39) (38)Interest expense (2,962) (4,865)(1)Of which €162 million on individually impaired receivables at 31.12.2010 compared to €186 million at 31.12.2009.4.2 Net fee and commission income€ million31.12.2010 31.12.2009Income Expense Net Income Expense NetInterbank transactions 82 (36) 46 74 (88) (14)Customer transactions 363 (64) 299 379 (41) 338Securities transactions (including brokerage) 1,176 (526) 650 1,007 (405) 602Foreign exchange transactions 10 (13) (3) 12 (11) 1Transactions on derivative instruments and other offbalancesheet transactions (including brokerage)1,676 (610) 1,066 1,723 (797) 926Payment instruments and other banking and fi nancialservices425 (90) 335 395 (108) 287Trust and similar activities 83 (13) 70 70 (11) 59Net fee and commission income 3,815 (1,352) 2,463 3,660 (1,461) 2,199178SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 44.3 Net gains /(losses) on fi nancial instruments at fair value throughprofi t and loss€ million 31.12.2010 31.12.2009Dividends received 177 52Unrealised or realised gains or losses on fi nancial assets/liabilities at fair value throughprofi t and loss150 (247)Unrealised or realised gains or losses on fi nancial assets/liabilities designated as at fairvalue through profi t and loss9 25Gain/(loss) on currency transactions and similar fi nancial instruments (excluding gain/(loss) on hedges on net investments in foreign activities)700 109Hedge accounting gain/(loss) (1)Net gains/(losses) on financial instruments at fair value through profit andloss1,036 (62)Changes in issuer spreads resulted in a charge of - €33 million on 31 December 2010 (taken to net banking income) on structured issues measured at fair value,compared with a charge of -€504 million at 31 December 2009.Net gain/(loss) resulting from hedge accounting€ million31.12.2010Gains Losses NetFair value hedgesChanges in the fair value of hedged items attributable to hedged risks 199 (167) 32Changes in the fair value of hedging derivatives (including termination ofcoverage)167 (199) (32)Cash flow hedgesChanges in the fair value of hedging derivatives – ineffective portionHedging of net investments in a foreign activityChanges in the fair value of hedging derivatives – ineffective portionFair-value hedging of the interest-rate risk exposure of a portfolioof financial instrumentsChanges in the fair value of hedged items 44 (47) (3)Changes in the fair value of hedging derivatives 47 (44) 3Cash-flow hedging of the interest-rate risk exposure of aportfolio of financial instrumentsChanges in the fair value of the hedging instrument – ineffective portionTotal hedge accounting gain/(loss) 457 (457)€ million31.12.2009Gains Losses NetFair value hedgesChanges in the fair value of hedged items attributable to hedged risks 390 (379) 11Changes in the fair value of hedging derivatives (including termination ofcoverage)379 (391) (12)Cash flow hedgesChanges in the fair value of hedging derivatives – ineffective portionHedging of net investments in a foreign activityChanges in the fair value of hedging derivatives – ineffective portionFair-value hedging of the interest-rate risk exposure of a portfolioof financial instrumentsChanges in the fair value of hedged items 40 (28) 12Changes in the fair value of hedging derivatives 28 (40) (12)Cash-flow hedging of the interest-rate risk exposure of aportfolio of financial instrumentsChanges in the fair value of the hedging instrument – ineffective portionTotal hedge accounting gain/(loss) 837 (838) (1)SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 179

4CONSOLIDATED FINANCIAL STATEMENTS4.4 Net gains/(losses) on available-for-sale fi nancial assets€ million 31.12.2010 31.12.2009Dividends received 52 55Realised gains or losses on available-for-sale fi nancial assets (1) 45 46Impairment losses on variable-income securities (12) (23)Disposal (gains)/losses on loans and advances (20) (20)Net gains/(losses) on available-for-sale financial assets 65 58(1)Excluding realised gains or losses on long-term impaired fi xed-income securities recognised as available-for-sale fi nancial assets given in note 4.8.4.5 Net income and expenses related to other activities€ million 31.12.2010 31.12.2009Other net income from insurance activities 6 4Change in insurance technical reserves 1 3Net income from investment properties 1Other net income (expense) (43) (29)Net income (expense) related to other activities (36) (21)4.6 General operating expenses€ million 31.12.2010 31.12.2009Staff costs (2,481) (2,201)Taxes other than income or payroll-related (35) (49)External services and other expenses (1,166) (1,062)Operating expenses (3,682) (3,312)These amounts include fees paid to Crédit Agricole CIB statutory auditors.A breakdown of fees paid to statutory auditors by fi rm and type of engagement by fully and proportionately consolidated Crédit AgricoleCIB companies in 2010 is provided below:in ‘000€(excluding VAT)Ernst &YoungPriceWaterhouse-Coopers2010 2009Deloitte KPMG Others Total TotalIndependent audit, certifi cation, overviewof parent company and consolidated 6,558 6,866 70 281 295 14,070 15,520fi nancial statementsAncillary assignments 3,430 1,103 2 4,535 484Total 9,988 7,969 72 281 295 18,605 16,004180SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 44.7 Depreciation, amortisation and impairment of property, plant andequipment and intangible assets€ million 31.12.2010 31.12.2009Depreciation and amortisation (154) (161)- Property, plant and equipment (104) (111)- Intangible assets (50) (50)Impairment 1 2- Property, plant and equipment 1 2- Intangible assetsTotal (153) (159)4.8 Cost of risk€ million 31.12.2010 31.12.2009Charge to reserves and impairment (639) (1,922)Available-for-sale fi nancial assets (29) (46)Loans and advances (509) (1,694)Other assets (2) (6)Financing commitments (4) (157)Risks and expenses (95) (19)Write-backs of reserves and impairment 242 165Available-for-sale fi nancial assets 20Loans and advances 133 56Other assets 3Financing commitments 12 6Risks and expenses 74 103Charges to reserves and impairment net of write-backs (397) (1,757)Gains or losses on disposal of available-for-sale fi nancial assets (19)Bad debts written off-not impaired (151) (46)Recoveries on bad debts written off 20 44Losses on fi nancing commitments (42)Other losses (49) (10)Cost of risk (638) (1,769)SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 181

4CONSOLIDATED FINANCIAL STATEMENTS4.9 Net gains/(losses) on other assets€ million 31.12.2010 31.12.2009Property, plant and equipment and intangible assets 1 2Gains 1 4Losses (2)Consolidated equity investments (14) 20Gains 5 21Losses (19) (1)Net gains/(losses) on other assets (13) 224.10 Income taxTax charge€ million 31.12.2010 31.12.2009Current tax income (charge) 861 (149)Deferred tax income (charge) (1,170) 530Tax income (charge) for the period (309) 381Reconciliation of theoretical tax rate and effective tax rate• At 31 December 2010€ million Basis Tax rate Tax amountIncome before tax, goodwill impairment and share of net income ofequity affiliates1,212 34.43% (417)Impact of permanent timing differences 1.98% (24)Impact of different rates on foreign subsidiaries -7.01% 85Impact of losses for the year, utilisation of tax loss carry forwards and timingdifferences-5.61% 68Impact of reduced rate tax -0.08% 1Impact of other items 1.82% (22)Effective tax rate and tax charge 25.53% (309)The theoretical tax rate is the tax rate applicable under ordinary law (including the additional social contribution) to taxable profi ts in Francefor the year ended 31 December 2010.• At 31 December 2009€ million Basis Tax rate Tax amountIncome before tax. goodwill impairment and share of net income ofequity affiliates(790) 34.43% 272Impact of permanent timing differences 0.13% 1Impact of different rates on foreign subsidiaries 17.97% 142Impact of losses for the year. utilisation of tax loss carry forwards and timingdifferences-6.84% (54)Impact of reduced rate tax 0.63% 5Impact of other items 1.90% 15Effective tax rate and tax charge 48.22% 381182SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 44.11 Change in gains/ (losses) recognised directly in equityGains and losses for the period are disclosed below, after tax.€ millionOn foreignexchangeGains/(losses) recognised directly in equityChange infair value ofavailablefor-salefinancialassetsChange in fairvalue of hedginginstrumentsActuarialgains /(losses) onpost-employmentbenefitsTotal gains/losses recogniseddirectlyin equity excludingshareof equityaffiliatesShare ofgains/(losses)on equityaffiliates recogniseddriectlyin equityTotalChange in fair value (41) (54) (95) (95)Reclassifi ed to income statement (17) (17) (17)Change in currency translation adjustment 129 129 129Change in actuarial gains /(losses) on post-employmentbenefi tsShare of gains/(losses) on equity affi liates recogniseddirectly in equityGains / (losses) recognised directly in 2010equity (Group share)Gains / (losses) recognised directly in 2010equity (minority shareholders' share)(22) (22) (22)94 94129 (58) (54) (22) (5) 94 8935 (1) 1 35 35Total gains/(losses) recognised directly in2010 equity (1) 164 (59) (54) (21) 30 94 124Change in fair value 132 53 185 185Reclassifi ed to income statement 5 5 5Change in currency translation adjustment (41) (41) (41)Change in actuarial gains /(losses) on post-employmentbenefi tsShare of gains/(losses) on equity affi liates recogniseddirectly in equityGains / (losses) recognised directly in 2009equity (Group share)Gains / (losses) recognised directly in 2009equity (minority shareholders' share)(33) (33)(41) 137 53 149 (33) 116(4) (1) 1 (4) (4)Total gains/(losses) recognised directly in2009 equity (1) (45) 136 54 145 (33) 112(1)Gains and losses recognised in other comprehensive income for available-for-sale fi nancial assets are disclosed below:€ million 31.12.2010 31.12.2009Gross amount (60) 213Tax charge 1 (77)Total – Net (59) 136SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 183

4CONSOLIDATED FINANCIAL STATEMENTS• NOTE 5: SEGMENTAL REPORTINGDefinition of businessThe naming of Crédit Agricole CIB’s business lines correspondsto the defi nitions applied within the Crédit Agricole S.A. Group.Presentation of business linesOperations are broken down into fi ve business lines.Financing activities includes French and international commercialbanking and structured fi nance: project fi nance, aircraft fi nance,ship fi nance, acquisition fi nance, property fi nance, and internationaltrade.Capital markets and investment banking encompasses capitalmarkets activities (treasury, foreign exchange, commodities,interest-rate derivatives, debt markets, and equity derivatives),investment banking activities (mergers and acquisitions and equitycapital markets), as well as equity brokerage activities carriedout by CA Cheuvreux and CLSA and futures brokerage activitiescarried out by Newedge.Since the refocusing plan was implemented in September 2008,discontinuing operations have been segregated into a separatebusiness line, which includes exotic equity derivatives, correlationactivities and the CDO, CLO and ABS portfolios.These three business lines make up nearly 100% of the Corporateand investment banking business line of Crédit Agricole S.A.Crédit Agricole CIB is also present in international private bankingthrough its establishments in Switzerland, Luxembourg, Monaco,Spain and Brazil.Proprietary asset management and other activities encompassthe non-operational activities of the above business lines..5.1 Analysis by business line31.12.2010€ millionFinancingCapital marketsand investmentbankingDiscontinuingoperationsTotalCorporateand investmentbankingInternationalprivatebankingProprietaryassetmanagementand otheractivitiesTotalNet banking income 2,657 2,880 (374) 5,163 541 (6) 5,698Operating expenses (832) (2,501) (108) (3,441) (385) (9) (3,835)Gross operating income 1,825 379 (482) 1,722 156 (15) 1,863Cost of risk (164) (118) (340) (622) (16) (638)Operating income 1,661 261 (822) 1,100 140 (15) 1,225Share of net income of affi liates 138 1 139 139Net (gains)/ losses on other assets (6) (6) (7) (13)Pre-tax income 1,793 262 (822) 1,233 133 (15) 1,351Income tax (456) (84) 265 (275) (25) (9) (309)Net income 1,337 178 (557) 958 108 (24) 1,042Minority interests (23) (6) (29) (8) (37)Net income, Group share 1,314 172 (557) 929 100 (24) 1,005Business line assets:- of which investments in affi liates 1,097 6 1,103- of which goodwill arising during theperiod(2) 39 37Total assets 703,355 12,837 716,192184SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 431.12.2009€ millionFinancingCapitalmarkets andinvestmentbankingDiscontinuingoperationsTotalCorporateand investmentbankingInternationalprivatebankingProprietaryassetmanagementand otheractivitiesTotalNet banking income 1,928 3,219 (1,347) 3,800 487 141 4,428Operating expenses (775) (2,204) (124) (3,103) (356) (12) (3,471)Gross operating income 1,153 1,015 (1,471) 697 131 129 957Cost of risk (931) (96) (737) (1,764) (5) (1,769)Operating income 222 919 (2,208) (1,067) 126 129 (812)Share of net income of affi liates 117 117 117Net gains (losses) on other assets 5 7 12 10 22Pre-tax income 344 926 (2,208) (938) 126 139 (673)Income tax (61) (209) 719 449 (22) (46) 381Net income 283 717 (1,489) (489) 104 93 (292)Minority interests (26) (7) (33) (6) (39)Net income, Group share 257 710 (1,489) (522) 98 93 (331)Business line assets:- of which investments in affi liates 883 30 913- of which goodwill arising during theperiod(7) (4) (11)Total assets 704,964 7,468 712,4325.2 Analysis by geographical zoneThe geographical analysis of business-line assets and results is based on the countries where operations are booked for accountingpurposes.€ millionNet income,Group share31.12.2010 31.12.2009NetbankingincomeBusiness-lineassetsNet income,Group shareNet bankingincomeBusinesslineassetsFrance (including overseas departmentsand territories)129 2,233 532,342 (1,004) 1,375 540,971Other European Union countries 81 918 46,295 159 1,094 49,853Rest of Europe 127 508 14,472 167 540 15,607North America 242 735 62,885 (27) 305 53,313Central and South America 12 48 765 5 29 461Africa and Middle-East 121 126 4,575 142 137 4,451Asia and Pacifi c (excluding Japan) 288 987 34,553 254 893 28,535Japan 5 143 20,305 (27) 55 19,241Total 1,005 5,698 716,192 (331) 4,428 712,432SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 185

4CONSOLIDATED FINANCIAL STATEMENTS• NOTE 6: NOTES TO THE BALANCE SHEET6.1 Cash, due from central banks31.12.2010 31.12.2009€ millionLiabilities andAssets shareholders’ AssetsequityCash 26 33Liabilities andshareholders’equityDue to central banks (1) 19,374 757 23,793 1,536Book Value 19,400 757 23,826 1,536(1)Accrued interests are no longer shown separately; the amounts published on 31 December 2009 were reclassifi ed accordingly.6.2 Financial assets and liabilities at fair value through profi t and lossFinancial assets at fair value through profit and loss€ million 31.12.2010 31.12.2009Financial assets held for trading 388,407 384,660Financial assets designated as at fair value 124 100Book Value 388,531 384,760Of which lent securities 2,999 674Financial assets held for trading€ million 31.12.2010 31.12.2009Loans and advances to customers (1) 435 318Securities bought under repurchase agreements 54,560 37,976Securities held for trading 82,212 79,461- Treasury bills and similar items 33,601 37,878- Bond and other fi xed-income securities (2) 31,839 29,424- Equities and other variable-income securities (3) 16,772 12,159Derivative instruments 251,200 266,905Book Value 388,407 384,660(1)Including loans being syndicated.(2)Including monetary mutual funds.(3)Including equity mutual funds.Financial assets designated at fair value€ million 31.12.2010 31.12.2009Securities held for trading 124 100- Bonds and other fi xed-income securities (1) 16 14- Equities and other variable-income securities (2) 108 86Book Value 124 100(1)Including monetary mutual funds.(2)Including equity mutual funds.186SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4Financial liabilities at fair value through profit and loss€ million 31.12.2010 31.12.2009Financial liabilities held for trading 361,185 379,669Financial liabilities designated as at fair valueBook Value 361,185 379,669Financial liabilities held for trading€ million 31.12.2010 31.12.2009Securities sold short 25,486 28,694Securities sold under repurchase agreements 56,321 55,160Debt securities in issue 31,828 29,731Derivative instruments 247,550 266,084Fair value 361,185 379,669Detailed information on trading derivatives and more particularly on interest rate hedges is provided in note 3.2 on Market Risk.6.3 Derivative fi nancial instruments held for tradingDetailed information is provided in note 3.2 on cash fl ow and fair value hedges, particularly for interest and exchange rates.6.4 Available-for-sale fi nancial assets€ millionFairvalue31.12.2010 31.12.2009 (1)Gains directly inequityLosses directlyin equityFairvalueGains directlyin equityLosses directlyin equityTreasury bills and similar items 8,486 5 66 11,024 18 5Bonds and other fi xed-income securities 9,242 85 93 11,069 75 82Equity and other variable-income securities 561 120 17 460 67 17Investment securities in non-consolidatedcompanies809 147 11 665 190 15Book value of available-for-sale financialassets19,098 (2) 357 187 23,218 350 119Tax (73) (53) (53) (31)Gains and losses directly in equity onavailable-for-sale financial assets (net oftax)19,098 284 134 23,218 297 88(1)Accrued interests are no longer showed separately; the amounts published on 31 December 2009 were reclassifi ed accordingly.(2)of which €173 million relating to impaired available-for-sale fi xed-income securities;€506 million relating to impaired available-for-sale variable-income securities;No guarantees received on impaired outstandings;No signifi cant item less than 90 days past due;€517 million in impairment of available-for-sale securities and receivables at 31 December 2010.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 187

4CONSOLIDATED FINANCIAL STATEMENTS6.5 Due from banks and loans and advances to customersDue from banks€ million 31.12.2010 31.12.2009BanksLoans and advances 29,813 26,584Performing current accounts in debit and receivables 5,431 9,251Performing overnight time accounts and loans 5,902 1,763Pledged securities 144Securities bought under repurchase agreements 41,751 38,470Subordinated loans 27 30Securities not traded in an active market 376 944Other loans and advances 3 3Total 71,970 66,175Accrued interest 148 164Impairment (537) (465)Net book value 71,581 65,874Loans and advances to customers€ million 31.12.2010 31.12.2009Customer itemsBills discounted 9,934 9,234Other loans 101,103 94,794Securities bought under repurchase agreements 35,187 32,593Subordinated loans 450 459Securities not traded in an active market 7,950 8,872Short-term advances 53 3Current accounts in debit 5,980 5,876Total 160,657 151,831Accrued interest 534 468Impairment (3,875) (3,625)Net value 157,316 148,674Lease financeProperty leasing 349 356Total 349 356Accrued interest 2 3Net value 351 359Net book value 157,667 149,033During 2010, Crédit Agricole CIB brought a €5,719 million assetto support Crédit Agricole Group involvement in the fi nancinggranted by SFEF (Société de Financement de l’Economie Française)to the French economy, compared with €5,383 million in2009. Substantially the risks and rewards of the fi nancial asset stillbelong to Crédit Agricole CIB.Furthermore, during 2010, Crédit Agricole CIB brought a €3,410million asset to the Banque de France for refi nancing.At 31 December 2010, Crédit Agricole CIB has not used anyfi nancing granted by the Banque de France.188SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 46.6 Impairment deducted from fi nancial assets€ million 31.12.2009Changein scopeChargesWrite-backsandutilisationsTranslationadjustmentsOthermovements31.12.2010Interbank loans 465 89 (34) 25 (8) 537Customer loans 3,625 (7) 498 (489) 169 79 3,875of which collective reserves 2,163 (120) 94 2,137Available-for-sale assets 565 41 (117) 21 7 517Other fi nancial assets 41 4 (16) 1 (2) 28Total impairment of financialassets€ million 31.12.20084,696 (7) 632 (656) 216 76 4,957Changein scopeChargesWrite-backsandutilisationsTranslationadjustmentsOthermovements31.12.2009Interbank loans 310 159 (5) 1 465Customer loans 2,664 1,647 (653) (32) (1) 3,625of which collective reserves 1,397 789 (23) 2,163Available-for-sale assets 533 11 70 (64) 6 9 565Other fi nancial assets 17 26 (2) 41Total impairment of financialassets3,524 11 1,902 (724) (25) 8 4,6966.7 Due to banks and customer accountsDue to banks€ million 31.12.2010 31.12.2009Deposits 55,960 48,394of which current accounts in credit 4,229 4,211of which overnight accounts and borrowings 5,734 6,867Securities sold under repurchase agreements 19,312 21,013Total 75,272 69,407Accrued interest 67 67Book value 75,339 69,474Customer accounts€ million 31.12.2010 31.12.2009Current accounts in credit 29,829 24,965Other accounts 73,317 62,092Securities sold under repurchase agreements 40,172 35,613Total 143,318 122,670Accrued interest 171 166Book value 143,489 122,836SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 189

4CONSOLIDATED FINANCIAL STATEMENTS6.8 Held-to-maturity fi nancial assetsCrédit Agricole CIB does not have any portfolio of held-to-maturity fi nancial assets.6.9 Debt securities in issue and subordinated debt€ million 31.12.2010 31.12.2009Debt securities in issueInterest-bearing notes 39 32Negotiable debt securities 61,820 63,726Bonds 17 186Other debt securities in issue 1Total 61,877 63,944Accrued interest 48 61Book value 61,925 64,005Subordinated debtFixed-term subordinated debt 3,717 3,563Perpetual subordinated debt 4,797 4,460Total 8,514 8,023Accrued interest 158 6Book value 8,672 8,0296.10 Current and deferred tax assets and liabilities€ million 31.12.2010 31.12.2009Current taxes 1,667 256Deferred taxes 2,644 3,699Total assets of current and differed taxes 4,311 3,955Current taxes 352 314Deferred taxes 260 223Total liabilities of current and differed taxes 612 537Deferred tax assets and liabilities break down as follows:€ millionDeferred taxAssets31.12.2010Deferred taxLiabilitiesTemporary gap between accounting and fiscal policy 2,802 66Non-deductible accrued expenses 136Non-deductible provisions for risks and expenses 1,028Other temporary differences (1) 1,638 66Deferred taxes / Unrealised reserves (8) 134Available-for-sale assets 19Cash fl ow hedges (17) 123Gains and losses/ Actuarial differences 9 (8)Deferred taxes/ Result 37 247Impact of netting (187) (187)Total deferred taxes 2,644 260(1)The part of deferred taxes attributable to carry-forward defi cits amounted to €1,414 million in 2010.Deferred tax assets are netted on the balance sheet by taxable entity.190SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 46.11 Accruals, prepayments and sundry assets and liabilitiesAccruals, prepayments and sundry assets€ million 31.12.2010 31.12.2009Sundry assets 46,255 52,710Inventory accounts and miscellaneous 370 443Miscellaneous debtors 34,109 37,544Settlement accounts 11,776 14,723Prepayments and accrued income 4,268 4,034Items in course of transmission to other banks 2,486 1,986Adjustment and suspense accounts 136 846Accrued income 377 446Prepayments 87 67Other 1,182 689Net book value 50,523 56,744Accruals, deferred income and sundry liabilities€ million 31.12.2010 31.12.2009Sundry liabilities (1) 39,361 44,925Settlement accounts 13,909 20,885Miscellaneous creditors 25,451 24,039Liabilities related to trading securities 1 1Accrued expenses and deferred income 7,327 5,016Items in course of transmission to other banks (2) 1,792 1,757Adjustment and suspense accounts 2,500 1,082Deferred income 589 406Accrued expenses 1,424 1,476Other 1,022 295Book value 46,688 49,941(1)Amounts include accrued interest.(2)Amounts are shown net.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 191

4CONSOLIDATED FINANCIAL STATEMENTS6.12 Property, plant and equipment and intangible assets(excluding goodwill)€ million 31.12.2009Property, plant and equipmentChangesinscopeIncreases(acquisitions,businesscombination)Decreases(disposalsandredemptions)TranslationadjustmentsOthermovements31.12.2010Gross value 1,509 72 (27) 77 4 1,635Depreciation and impairment (1) (795) (104) 28 (34) (2) (907)Net book value 714 (32) 1 43 2 728Intangible assetsGross value 477 51 (12) 15 (1) 530Amortisation and impairment (309) (51) 9 (9) (360)Net book value 168 (3) 6 (1) 170(1)Including impairments on assets let to third parties.€ million 31.12.2008Property, plant and equipmentChangesinscopeIncreases(acquisitions,businesscombination)Decreases(disposalsandredemptions)TranslationadjustmentsOthermovements31.12.2009Gross value 1,478 65 (30) (5) 1 1,509Depreciation and impairment (1) (716) (111) 25 5 2 (795)Net book value 762 (46) (5) 3 714Intangible assetsGross value 453 (8) 44 (9) (3) 477Amortisation and impairment (272) 8 (50) 5 (309)Net book value 181 (6) (4) (3) 168(1)Including impairments on assets let to third parties.6.13 Reserves€ million 31.12.2009 Changes ChargesWritebacks,amountsusedWritebacks,amountsreleasedTranslationadjustmentsOthermovements31.12.2010Financing commitmentexecution risks313 4 (244) (11) 1 (50) 13Employee retirement and similarbenefi ts (1) 432 31 (102) (9) 20 31 403Litigation (2) 358 137 (34) (69) 17 41 450Other risks 72 45 (3) (9) 3 (58) 50Reserves 1,175 217 (383) (98) 41 (36) 916(1)Including €271 million with respect to post-employment benefi ts on defi ned-benefi t pension plans as detailed in note 7.4, as well as €6 million with respectto long-service awards.(2)At 31 December 2010, the €450 million of litigation reserves break down as follows:- tax disputes: €126 million;- legal disputes: €324 million€ million 31.12.2008 Changes ChargesWritebacks,amountsusedWritebacks,amountsreleasedTranslationadjustmentsOthermovements31.12.2009Financing commitmentexecution risks162 157 (6) 313Employee retirement and similarbenefi ts446 95 (66) (41) (1) (1) 432Litigation 463 33 (26) (118) 7 (1) 358Other risks 85 7 (4) (12) (1) (3) 72Reserves 1,156 292 (96) (177) 5 (5) 1,175192SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 46.14 Shareholders’ equityOwnership structure at 31 December 2010At 31 December 2010, ownership of the Crédit Agricole CIB parent-company’s capital and voting rights was as follows:Crédit Agricole CIB shareholdersNumber of sharesau 31.12.2010% ofshare capital% ofvoting rightsCrédit Agricole S.A. 218,290,365 97.33% 97.33%SACAM développement (2) 5,002,014 2.23% 2.23%Delfi nances (1) 985,562 0.44% 0.44%Individuals 16 ns nsTotal 224,277,957 100.00% 100.00%(1)Owned by Crédit Agricole S.A.(2)Owned by Crédit Agricole Group.The par value of shares is €27. All the shares are fully paid up.Preferred sharesIssuing entityDateof issueAmountof issue$ million31.12.2010€ million31.12.2009€ millionCrédit Agricole CIB Preferred Funding LLC December-98 230 172 160Crédit Agricole CIB Preferred Funding II LLC June-02 320 239 222550 411 382Earnings per share31.12.2010 31.12.2009Net income (Group share) for the period (in million of euros) 1,005 (331)Average number of ordinary shares in issue during the period 224,277,957 180,930,175Weighted average number of ordinary shares used to calculate diluted earnings pershare224,277,957 180,930,175Basic earnings per share (in euros) 4.48 -1.83Diluted earnings per share (in euros) 4.48 -1.83DividendsDividend paid in respect ofyearNet amount€ million2005 1,5512006 2,049200720082009With respect to 2010, the Crédit Agricole CIB’s Board of Directorshas proposed to submit for approval to the Shareholders’ Meetinga €955,424,096.82 distribution.Appropriation of net income andproposed dividendThe appropriation of net income is proposed in a draft resolutionpresented by the Board of Directors to the Crédit Agricole CIBShareholders’ Meeting of 11 May 2011. The proposed resolutionis as follows:The Shareholders’ Meeting approved the 2010 €1,388,131,632.64profi t.The Shareholders’ Meeting decide to appropriate €69,406,581.63to general reserve which thus amounts to €387,437,188.90in accordance with article L. 232-10 alinea 1 of The Code ducommerce.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 193

4CONSOLIDATED FINANCIAL STATEMENTSNoting that the company was free from all other obligations toconstitute reserves and that distributable net income amountedto €2,002,840,398.06 including earnings carried forward inthe amount of €684,115,347.05, the Shareholders’ Meetingdecided to distribute €955,424,096.82 and to appropriatethe balance to earnings carried forward which thus amount to€1,047,416,301.24.The Shareholders’ Meeting thus set the dividend for the yearended 31 December 2010 at €4.26 for each of the shares withdividend rights, i.e. 224,277,957 shares.This dividend is eligible for the 40% deduction provided for in thesecond paragraph of the third section of article 158 of the GeneralTax Code reserved for shareholders that are physical persons.The Shareholders’ Meeting set 21 June 2011 as the dividendpayment date.In compliance with the law, the annual general meeting formallynoted the distributions made with respect to the three previousyears:Capital managementCrédit Agricole CIB’s capital management policy is defi ned in twostages, in close liaison with its majority shareholder:• Compliance with the total ratio objectives set by the Crédit AgricoleS.A. Group (percentage capital allocation per Crédit AgricoleGroup business line) and those set in discussion with theAutorité de Contrôle Prudentiel;• Allocation between Crédit Agricole CIB’s business lines basedon their risk profi le, their profi tability and the development targeted.In accordance with regulation, the Crédit Agricole S.A. Group hasto maintain, steadily, a capital requirement ratio of at least 4% anda solvency ratio of 8%. In 2010 and 2009 the Crédit Agricole S.A.Group strictly follows those capital requirements (see Managementreport, chapter « Pillar 3 of the Basel II Reforms »).YearNumber of sharesreceiving dividendsDividend2007 -2008 -2009 -194SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 46.15 Financial assets and liabilities by contractual maturity dateFinancial assets and liabilities are split by contractual maturity dates. Maturity of derivative fi nancial instruments held for trading and hedginginstruments correspond to their contractual maturity date.Equities and other variable-income securities have no contractual maturity date; they are registered in « Undefi ned ».31.12.2010€ millionUndefinedUnder 3 months3 months to 1 year1-5 yearsOver5 yearsTotalCash, due from central banks 19,400 19,400Financial assets at fair value 16,880 102,957 40,324 100,828 127,542 388,531through profi t and loss 994 115 35 40 1,184Derivative hedging instruments 1,370 3,948 5,181 7,305 1,294 19,098Available-for-sale fi nancial assets 62,975 2,546 3,533 2,527 71,581Due from Banks 66,803 15,817 45,615 29,432 157,667Loans and advances to customers 3 3Valuation adjustment on portfolios ofhedged itemsTotal financial assets by maturitydate18,250 257,080 63,983 157,316 160,835 657,464Due to central banks 757 757Financial liabilities at fair value throughprofi t and loss83,843 33,134 105,053 139,155 361,185Derivative hedging instruments 806 215 204 48 1,273Due to banks 61,510 2,871 10,011 947 75,339Customer accounts 124,363 12,613 4,078 2,435 143,489Debt securities in issue 48,404 12,409 821 291 61,925Subordinated debt 158 1,163 7,351 8,672Valuation adjustment on portfolios ofhedged items20 20Total financial liabilities by maturitydate319,861 61,242 121,330 150,227 652,66031.12.2009€ millionUndefinedUnder 3 months3 months to 1 year1-5 yearsOver5 yearsTotalCash, due from central banks 23,826 23,826Financial assets at fair value 12,245 65,540 48,741 125,793 132,441 384,760through profi t and loss 1,147 145 32 47 1,371Derivative hedging instruments 1,125 3,991 7,380 8,197 2,525 23,218Available-for-sale fi nancial assets 54,364 3,330 5,916 2,264 65,874Due from Banks 56,288 19,919 44,920 27,906 149,033Loans and advances to customersValuation adjustment on portfolios ofhedged itemsTotal financial assets by maturitydate13,370 205,156 79,515 184,858 165,183 648,082Due to central banks 1,536 1,536Financial liabilities at fair value throughprofi t and loss73,440 30,721 134,366 141,142 379,669Derivative hedging instruments 473 194 109 22 798Due to banks 56,153 6,099 6,611 611 69,474Customer accounts 101,377 13,516 5,151 2,792 122,836Debt securities in issue 46,434 16,815 441 315 64,005Subordinated debt 524 7,505 8,029Valuation adjustment on portfolios ofhedged items16 16Total financial liabilities by maturitydate279,429 67,345 147,202 152,387 646,363SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 195

4CONSOLIDATED FINANCIAL STATEMENTS• NOTE 7: EMPLOYEE BENEFITS AND OTHERCOMPENSATION7.1 Analysis of staff costs€ million 31.12.2010 31.12.2009Salaries (1) (1,943) (1,700)Other social security expenses (465) (427)Incentive plans and profi t-sharing (33) (1)Payroll-related tax (40) (73)Total staff costs (2,481) (2,201)(1)Including €90.3 million of charges related to share-based payments at 31.12.2010 compared to € 12.4 million at 31.12.2009.Staff costs include charges relating to share-based payments for thefollowing amounts:- with respect to stock option plans, Crédit Agricole CIB registereda €9.5 million charge at 31 December 2010 compared to €12.4million at 31 December 2009;- with respect to deferred variable compensation paid to market professionals,Crédit Agricole CIB registered a €80.8 million charge at31 December 2010.7.2 Headcount end of December 2010(full-time equivalent) 31.12.2010 31.12.2009France 4,876 4,687Outside France 9,827 9,646Total 14,703 14,3337.3 Post-employments benefi ts, defi ned contribution plansFrench employers contribute to a variety of compulsory pensionplans. Plan assets are managed by independent organisationsand the contributing companies have no legal or implicit obligationto pay additional contributions if the funds do not havesuffi cient assets to cover all benefi ts corresponding to servicesrendered by employees during the year and during prior years.Consequently, Crédit Agricole CIB has no liability in this respectother than the contributions payable.Within Crédit Agricole CIB, there are several compulsory defi nedcontribution plans, the main ones being Agirc/Arrco, which areFrench supplementary retirement plans, supplemented by an« Article 83 »-type plan.196SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 47.4 Post-employment obligations, defi ned benefi t plansChange in actuarial liability€ million 31.12.2010 31.12.2009Actuarial liability at 31.12. N-1 936 833Foreign exchange difference 85 19Current service cost during the period 36 30Interest cost 45 40Employee contributions 11 8Revision, curtailment and settlement of plan 1 3Change in scope of consolidationBenefi ts paid (obligatory) (42) (45)Actuarial (gains)/losses 23 48Actuarial liability at 31.12.N 1,095 936Breakdown of net charge recognised in the income statement€ million 31.12.2010 31.12.2009Current service cost 36 30Interest cost 45 40Expected return on assets (36) (32)Amortisation of past service cost 5Actuarial net (gains)/losses 38Amortisation of (gains)/ losses resulted from revision, curtailment and settlement of1 (3)plan(Gains)/losses due to the change in asset ceilingNet charge recognised in the income statement 46 78Fair value of plan assets and reimbursement rights€ million 31.12.2010 31.12.2009Fair value of assets/reimbursement rights at 31.12.N-1 704 638Foreign exchange difference 72 20Expected return on assets 36 32Actuarial gains/(losses) 6 11Contributions paid by the employer 38 35Contributions paid by the employee 11 8Revision, curtailment and settlement of planChange in scope of consolidationBenefi ts paid by the fund (36) (40)Fair value of assets/reimbursement rights at 31.12.N 831 704SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 197

4CONSOLIDATED FINANCIAL STATEMENTSNet position€ million 31.12.2010 31.12.2009Closing actuarial liabilityUnrecognised past service cost (plan revision)Impact of asset ceilingNet closing actuarial liability 1,095 936Closing fair value of assets 831 704Net closing position (liability) / asset at year end (264) (232)Items recognised immediately in SoRIE and registered in total result (in €million )31.12.2010Actuarial gains and losses generated by post-employment benefi t plans 31Ajustements of asset ceiling (including the effects of IFRIC 14)Total of items recognised immediately in SoRIE during the year 31Amount of the aggregated actuarial differences in SoRIE at year end 54Information about plan assets (1) 31.12.2010 31.12.2009Breakdown of assets-% bonds 46% 79%-% equities 21% 12%-% other 33% 9%Defined benefit plans: key actuarial assumptions 2010 2009Discount rate (2) 4.13% 5.16%Expected return on plan assets and reimbursement rights 4.78% 4.50%Expected salary increases (3) 3.56% 4.00%Increase in healthcare costs 2.58% 4.50%(1)Calculated on the assets of Crédit Agricole CIB (parent-company) in France in 2009 and on total assets in 2010.(2)Discount rates are determined based on the average duration of the obligation, that is, the arithmetic mean of the durations calculated between the valuationdate and the payment date weighted by employee turnover assumptions.(3)Depending on the populations concerned (executive or non-executive).7.5 Other employee benefi tsCrédit Agricole CIB gives its employees an interest in its developmentand in its results via a number of mechanisms.Under the profi t-sharing agreement, the special reserve has beencalculated since 2005 according to the statutory formula pursuantto articles D 3324-1 and D 3324-9 of the Employment Code. It isshared among benefi ciaries in proportion to their gross salary andlimited within a defi ned range.As regards incentive plans, a new agreement has been signed for2010, 2011 and 2012. This agreement retains the principles ofthe previous agreement for 2007-2009. It rewards employees forimprovements in the cost/income ratio and overall performance,before the impact of exceptional factors.198SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4The amounts distributed in the last fi ve years have been as follows:Financial year€ millionYear of paymentEmployeeProfit-sharingIncentive plans2009 20102008 2009 2.4 (1)2007 20082006 2007 41.52005 2006 37.1(1)Exceptional profi t sharing compensation of €500 per employee (gross before tax).An incentive plan distribution should be carried out in 2011 withrespect to 2010.Crédit Agricole CIB also has an employee savings plan which supplementsthe above plans. It offers a diverse selection of mutualfunds. Crédit Agricole CIB tops up employees’ voluntary contributions.The top-up rate was 150% for 2010, limited to €1,000 peryear (under the agreement of 25 March 2010, which is valid until31 December 2010). The same top-up rate has been renewedfor 2011 (under the agreement of 20 January 2011, which is validuntil 31 December 2011).Crédit Agricole CIB also grants long-service awards.7.6 Share-based paymentsUsing the authorities granted by extraordinary resolution of theCrédit Agricole S.A. shareholders on 22 May 2002, 21 May 2003and 17 May 2006, Crédit Agricole S.A.’s Board of Directors haveimplemented three stock option plans for the benefi t of CréditAgricole CIB staff.2004 stock option plansOn 23 June 2004, Crédit Agricole S.A.’s Board of Directorscreated a stock option plan for executive offi cers and certain seniormanagers of Crédit Agricole S.A. and its subsidiaries (includingCrédit Agricole CIB), using the authority granted by extraordinaryresolution of the shareholders at the AGM held on 21 May2003. The total number of shares that may potentially be issuedunder this plan for Crédit Agricole CIB is 5,168,000 at a price of€20.48, which is equal to the average price quoted during thetwenty trading sessions preceding the date of the Crédit AgricoleS.A. board meeting, with no discount.2005 stock option plansOn 19 June 2005, Crédit Agricole S.A.’s Board of Directorsgranted 5,000 stock options to a new Crédit Agricole CIB employeewith a strike price of €20.99, equal to the average pricequoted during the twenty trading sessions preceding the date ofthe Crédit Agricole S.A. board meeting, with no discount.2006 stock option plansOn 18 July 2006, using the authorisation granted by extraordinaryresolution of Crédit Agricole S.A. shareholders in their meeting of17 May 2006, the Board of Directors of Crédit Agricole S.A. setthe terms and conditions for granting a stock option plan andgranted the necessary powers to its Chairman to carry out thisplan.On 6 October 2006, the Board of Directors created a stock optionplan for executive offi cers and certain senior managers of CréditAgricole S.A. and its subsidiaries, comprising 5,416,500 optionsfor Crédit Agricole CIB staff at a strike price of €33.61.Since the options granted under the April and December 2003plans can now be exercised, and in accordance with the Board’sdecisions, the number of options and strike prices in these twoplans have been adjusted to take into account transactions affectingthe capital in November 2003 and January 2007 and June2008.The characteristics and general conditions for all the existingplans at 31 December 2010 are provided in the following table:SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 199

4CONSOLIDATED FINANCIAL STATEMENTS• Description of the aforementioned three Crédit Agricole S.A. stock option plans:Crédit Agricole S.A. stock option plans 2004 2005 2006 TotalDate of Crédit Agricole S.A. AGM authorising the plan 21.05.2003 21.05.2003 17.05.2006Date of Crédit Agricole S.A. Board Meeting 23.06.2004 19.07.2005 18.07.2006Option grant date 05.07.2004 19.07.2005 06.10.2006Term of plan 7 years 7 years 7 yearsVesting period 4 years 4 years 4 yearsFirst exercise date 05.07.2008 19.07.2009 06.10.2010Expiry date 05.07.2011 19.07.2012 07.10.2013Number of Crédit Agricole CIB grantees 588 1 745Number of options granted to Crédit Agricole CIB staff (1) 5,635,253 5,452 5,905,952Strike price (1) €18.78 €19.25 €30.83Performance conditions no no noConditions in case of departure fromResignation Forfeit Forfeit ForfeitDismissal Forfeit Forfeit ForfeitRetirement Retain Retain RetainDeath Retain (2) Retain (2) Retain (2)Number of optionsgranted to the ten largest grantees (3) 436,122 5,000 425,189granted to Crédit Agricole CIB executive offi cers (1) 185,351 196,240Valuation method used Black - Scholes Black - Scholes Black - Scholes(1)Corporate offi cers at vesting dates.(2)If heirs and successors exercise within six months of death.(3)Excluding Crédit Agricole CIB corporate offi cers.11,546,657• Key assumptions used to value the stock option plansCrédit Agricole S.A. values the options granted and invoices Crédit Agricole CIB on the grant date based on the market value of the optionson that date.The only assumptions that may be revised during the vesting period, resulting in an adjustment to this expense, are those relating to thebenefi ciaries (options forfeited on resignation or dismissal).PlansDate of grant05.07.2004 19.07.2005 06.10.2006Estimated length of plan 5 years 5 years 7 yearsRate of forfeiture 5 % 5 % 1.25 %Estimated dividend rate 3.34 % 3.22 % 3.03 %Volatility on the date of grant 25 % 25 % 28 %The Black-Scholes model has been used for all Crédit Agricole S.A. stock option plans.7.7 Executive offi cers’ compensationThe term « executive offi cers » here refers to members of Crédit Agricole CIB’s Executive Committee and Board of Directors.The membership of the Executive Committee is set out in theGovernance and Internal Control chapter of this shelf registrationdocument.Compensation and benefi ts paid to the members of the ExecutiveCommittee in 2010 were as follows:• short-term benefi ts: €14.2 million including fi xed and variablecompensation (of which social security contribution) and benefi tsin kind;• post-employment benefi ts at 31 December 2010: €5 million inend-of-career and pension rights under the supplementary plan inplace for the Group’s senior executives;• other long-term benefi ts: the amount granted under long-servicebonuses is insignifi cant;• employment contract termination indemnities: no payment in2010 with respect to termination benefi tsDirectors’ fees paid to members of Crédit Agricole CIB’s Boardof Directors with respect to work done in 2010 amounted to €0.5million.200SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4• NOTE 8: FINANCING AND GUARANTEECOMMITMENTSCommitments given and received€ million 31.12.2010 31.12.2009COMMITMENTS GIVEN 159,636 159,102Financing Commitments 115,736 111,157• Banks 13,932 13,670• Customers 101,804 97,487Confi rmed credit lines 101,268 95,628- Confi rmed documentary credits 11,824 9,020- Other confi rmed credit lines 89,444 86,608Other 536 1,859Guarantee commitments 43,900 (1) 47,945• Banks 6,136 13,409Confi rmed credit lines 2,598 2,609Other 3,538 10,800• Customers 37,764 34,536Property guarantees 2,336 2,030Loan repayment guarantees 6,923 6,207Other guarantees 28,505 26,299COMMITMENTS RECEIVED 147,906 130,721Financing commitments 27,214 24,697• Banks 20,491 24,173• Customers 6,723 524Guarantee commitments 120,692 106,024• Banks 10,580 11,093• Customers 110,112 94,931Guarantees received from government bodies or similar 22,648 17,135Other 87,464 77,796(1)Including €1,264 million of fi nancial guarantees given on off balance sheet exposures for which counterparties are doubtful or on watch list and for which thecapital call is estimated to €49 million (see note 3.3 « Financial guarantees at risk by maturity »).Assets given as guarantees€ million 31.12.2010 31.12.2009Loaned securities 3,243 2,511Collateral for market transactions 18,202 19,865Securities sold under repo agreements 115,805 111,786Total 137,250 134,162Amounts relate to loaned securities, securities and shares sold under repurchase agreements and guarantee deposits on market transactions.Assets acceptedThe majority of guarantees and enhancements held correspondto mortgages, collateral and guarantee deposits received, regardlessof the quality of the assets guaranteed.Assets accepted as collateral by the Crédit Agricole CIB Groupthat it is authorized to sell or repledge amounted to €134 billionat 31 December 2010 versus €113 billion at 31 December 2009.They relate mainly to repos and securities providing collateral forbrokerage transactions.Crédit Agricole CIB’s policy is to sell seized collateral as soon aspossible. Crédit Agricole CIB did not hold any seized collateraleither at 31 December 2010 or 31 December 2009.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 201

4CONSOLIDATED FINANCIAL STATEMENTS• NOTE 9: RECLASSIFICATIONSCrédit Agricole CIB approachReclassifi cations from « fi nancial assets held for trading » were decided then carried out in accordance with the conditions set out by theamendment to IAS 39 adopted by the European Union on 15 October 2008. They were recorded in their new accounting category at theirfair value on the reclassifi cation date.Reclassification done by Crédit Agricole CIBPursuant to the amendment to IAS 39 published and adopted by the European Union in October 2008, in 2010 Crédit Agricole CIB madereclassifi cations as allowed by the amendment to IAS 39, as it did during the previous years. Information on these reclassifi cations is providedbelow.• Reclassifi cations: type, reason and amountIn 2010, Crédit Agricole CIB reclassifi ed certain fi nancial assets for which its management’s intention changed from « Financial assets at fairvalue through profi t and loss held for trading » to the « Loans and receivables » category. It now intends to hold these fi nancial assets for theforeseeable future and not to sell them in the period.These reclassifi cations, which were made during 2010, relate to syndication transactions.For the assets reclassifi ed in 2010, the table below shows the value at the reclassifi cation date and the value at closing date. It also detailsthe value as at 31 December 2010 for the assets that have been reclassifi ed before 2010 and that are still on the CACIB balance sheet atthe end of 2010:€ millionFinancial assets at fairvalue through profi tand loss reclassifi edinto loans and receivablesTotalreclassified AssetsNet bookvalue at31.12.10Estimatedmarketvalue at31.12.10ReclassificationvalueReclassified Assetsin 2010Net bookvalue at31.12.10Estimatedmarketvalue at31.12.10Reclassified AssetspreviouslyNet bookvalue at31.12.10Estimatedmarketvalue at31.12.10Reclassified AssetspreviouslyNet bookvalue at31.12.09Estimatedmarketvalue at31.12.097,647 7,061 76 76 76 7,571 6,985 8,904 8,097• Change in fair value relating to reclassifi ed assets, taken to profi t and lossThe change in fair value recognised in profi t and loss on assets reclassifi ed in 2010 is shown in the table below.Change in recognised fair valueIn 2010,until the reclassification dateIn 2009Financial assets at fair value through profi t and loss reclassifi ed into loansand receivables- (3)202SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4• Income contribution of transferred assets since reclassifi cationThe income contribution of transferred assets since the reclassifi cation date includes all gains, losses, income and expenses taken to profi tand loss.€ millionFinancial assets atfair value throughprofi t and lossreclassifi ed into loansand receivablesPre-tax earnings impact since reclassificationAssets reclassified Assets reclassified prior to 2010RecognisedincomeandexpensesImpact 2010If the assethad beenkept in itsoriginalcategory(change infair value)Cumulative impact31.12.2009RecognisedincomeandexpensesIf the assethad beenkept in itsoriginalcategory(change infair value)RecognisedincomeandexpensesImpact 2010If the assethad beenkept in itsoriginal category(changein fair value)Cumulative impact31.12.2010RecognisedincomeandexpensesIf the assethad beenkept in itsoriginalcategory(change infair value)(19) (836) 47 238 28 (598)• Additional informationAt the reclassifi cation date, the reclassifi ed fi nancial assets paid in 2010 effective interest rates of between 1.7% and 2.2%, with non-discountedfuture cash fl ows of €80 million.• NOTE 10: FAIR VALUE OF FINANCIALINSTRUMENTSFair value is the amount for which an asset could be exchanged,or a liability settled, between knowledgeable, willing parties in anarm’s length transaction.The fair values shown below are estimates made on the reportingdate. They are likely to change in subsequent periods due todevelopments in market conditions or other factors.These values represent the best estimate that can be made andare based on a certain number of assumptions.To the extent that these models contain uncertainties, the fair valuesshown may not be achieved upon actual sale or immediatesettlement of the fi nancial instruments concerned.In practice, and in line with the going-concern principle, not allthese fi nancial instruments would necessarily be settled immediatelyat the values estimated below.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 203

4CONSOLIDATED FINANCIAL STATEMENTS10.1 Fair value of assets and liabilities valued on the basis ofamortised cost method€ millionBookvalue31.12.2010 31.12.2009EstimatedMarket valueBookvalueEstimatedMarket valueAssetsDue from banks 71,581 71,581 65,874 65,829Loans and advances to customers 157,667 156,962 149,033 147,878Held-to-maturity fi nancial assetsLiabilitiesDue to banks 75,339 75,339 69,474 69,474Customer accounts 143,489 143,489 122,836 122,836Debt securities in issue 61,925 61,907 64,005 64,027Subordinated debt 8,672 8,672 8,029 8,029In some cases, market values are close to book values. This isparticularly the case for:• fl oating-rate assets or liabilities where changes in interest rateshave no signifi cant infl uence on fair value, as the rates on theseinstruments are frequently adjusted to market rates;• fl oating-rate assets or liabilities where changes in interest rateshave no signifi cant infl uence on fair value, as the rates on theseinstruments are frequently adjusted to market rates;• sight liabilities;• transactions for which there are no reliable observable data.204SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 410.2 Information on fi nancial instruments measured at fair valueAnalysis of financial instruments at fair value by valuation model• Financial assets measured at fair valueThe amounts shown include accrued interest and are net of impairment.€ millionTotal31.12.2010Price quotedfor identicalinstrumentsin an activemarket:Level 1Measurementbased onobservabledata:Level 2Measurementbased on nonobservabledata:Level 3Total31.12.2009Price quotedfor identicalinstrumentsin an activemarket:Level 1Measurementbased onobservabledata:Level 2Measurementbased on nonobservable data:Level 3Financial liabilities heldfor trading388,407 84,938 295,067 8,402 384,660 80,977 292,725 10,958Advances to customers 435 435 318 318Securities bought underrepurchase agreement54,560 54,560 37,976 37,976Securities held for trading 82,212 79,472 1,529 1,211 79,461 73,621 5,068 772Treasury bills andsimilar itemsBonds and other fi xedincomesecuritiesEquities and othervariable-incomesecuritiesDerivative fi nancialinstrumentsFinancial assets designatedas at fair valuethrough profit and lossupon initial recognitionSecurities designatedas at fair value throughprofi t and loss upon initialrecognitionBonds and otherfi xed-income securitiesEquities and othervariable-incomesecuritiesAvailable-for-salefinancial assetsTreasury bills and similaritemsBonds and other fi xedincomesecuritiesEquities and other variable-incomesecuritiesDerivatives hedginginstrumentsTotal financial assets atfair value33,601 33,601 37,878 37,87831,839 29,135 1,493 1,211 29,424 25,054 3,598 77216,772 16,736 36 12,159 10,689 1,470251,200 5,466 238,543 7,191 266,905 7,356 249,363 10,186124 16 108 100 14 86124 16 108 100 14 8616 16 14 14108 108 86 8619,098 16,860 2,238 23,218 20,272 2,9468,486 8,486 11,024 11,0249,242 7,976 1,266 11,069 8,887 2,1821,370 398 972 1,125 361 7641,184 1,184 1,371 1,371408,813 101,814 298,597 8,402 409,349 101,263 297,128 10,958SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 205

4CONSOLIDATED FINANCIAL STATEMENTS• Financial liabilities measured at fair valueThe amounts shown include accrued interest.€ millionTotal31.12.2010Price quotedfor identicalinstrumentsin an activemarket:Level 1Measurementbased onobservabledata:Level 2Measurementbased on nonobservabledata:Level 3Total31.12.2009Price quotedfor identicalinstrumentsin an activemarket:Level 1Measurementbased onobservabledata:Level 2Measurementbased on nonobservable data:Level 3Financial liabilities heldfor trading361,185 5,589 351,656 3,940 379,669 7,557 364,846 7,266Securities sold short 25,486 25,486 28,694 28,694Securities sold underrepurchase agreements56,321 56,321 55,160 55,160Debt securities in issue 31,828 31,828 29,731 29,731Derivative fi nancialinstruments247,550 5,589 238,021 3,940 266,084 7,557 251,261 7,266Financial liabilitiesdesignated as at fairvalue through profitand lossDerivative hedginginstruments1,273 1,273 798 798Total financial liabilitiesat fair value362,458 5,589 352,929 3,940 380,467 7,557 365,644 7,266Changes in valuation modeThere were no material transfers between Level 1 and Level 2over the period.Financial instruments valued on Level 3 modelAt 31 December 2010, fi nancial instruments whose measurementis based on non-observable data (Level 3) mainly included:• CDO units with US mortgage underlying;• hedges on certain of the above-mentioned CDOs with US mortgageunderlying;• CDO-type products indexed to corporate credit risk (correlationbusinesses);• to a lesser extent, the fair value of shares in SCI property companiesand SCPI property investment funds and other fi xed-income,equity and credit derivatives.Valuation method used• The method used to measure super-senior CDOs with US mortgageunderlying is described in the section risk management ofthe management report.• Corporate CDOs are valued with the help of a pricing model,which distributes losses expected by the market according tothe level of subordination of each transaction. The model usesboth observable data (margins on credit default swaps) anddata that became much less observable (correlation data relatingto CDOs based on a standard basket of corporate bonds).Crédit Agricole CIB adjusted its model to take this factor intoaccount and update it regularly. More specifi cally, on the leastliquid senior tranches, Crédit Agricole CIB introduced measurementvariables adjusted to its assessment of the intrinsic risk ofits exposures.206SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4• Net change in fi nancial instruments measured at fair value on a level 3 valuation modelFinancial assets measured at fair value on a level 3€ million TotalSecuritiesheld fortradingFinancial assets held for tradingTreasurybills andsimilaritemsBondsand othervariableincomesecuritiesEquitiesand otherfixedincomesecuritiesDerivativefinancialinstrumentsOpening balance (01.01.2010) 10,958 772 772 10,186Total gains or losses (1,945) (93) (93) (1,852)Accounted in profi t and loss (1,945) (93) (93) (1,852)Accounted in other comprehensive incomePurchases 940 532 532 408Sales (1,073) (1,073)IssuesSettlements (355) (355)Transfers (123) (123)Transfers to Level 3Transfers out of Level 3 (123) (123)Closing balance (31.12.2010) (1) 8,402 1,211 1,211 7,191(1)At 31 December 2010, the closing balance of fi nancial assets measured at fair value on a level 3 include €44 million of fair value of fi nancial instruments previouslyregistered in liabilities for an amount of €1,428 million at 31 December 2009.Gains and losses from fi nancial assets on the statement of fi nancial position at the closing date amounted to -€1,618 million.Gains and losses on fi nancial instruments held for trading are recorded in the income statement under « Net gains (losses) on fi nancial instruments at fair valuethrough profi t and loss ».Financial liabilities measured at fair value on a level 3€ million TotalSecuritiessold shortSecuritiessold underrepurchaseagreementsFinancial liabilities held for tradingDebtsecuritiesin issueDue tocustomersDue tobanksDerivativefinancialinstrumentsOpening balance (01.01.2010) (1) 7,266 7,266Total gains or losses (1,466) (1,466)Accounted in profi t and loss (1,466) (1,466)Accounted in equityPurchases 414 414Sales (1,939) (1,939)IssuesSettlements (129) (129)Transfers (206) (206)Transfers to Level 3Transfers out of Level 3 (206) (206)Closing balance (31.12.2010) 3,940 3,940(1)The opening balance at 1 January 2010 comprises €1,428 million of fair value of fi nancial instruments which have been reclassifi ed to assets in 2010 and thusincluded in the closing balance of December 2010 for a net amount of €44 million.Gains and losses from fi nancial liabilities on the statement of fi nancial position at the closing date amounted to €1,147 million.Gains and losses on fi nancial instruments held for trading are recorded in the income statement under « Net gains/ (losses) on fi nancial instruments at fair valuethrough profi t and loss ».SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 207

4CONSOLIDATED FINANCIAL STATEMENTSGains and losses for the period from assets and liabilities on thebalance sheet at year-end (-€0.5 billion approximately) mainlyinclude:• the impact of changes in value recognised on CDO units withUS mortgage underlying and their hedges, in the amount ofapproximately + €1.8 billion;• the change in value of other interest rate, credit and equity derivatives,and notably corporate CDOs valued on the basis ofdata that became non-observable, in the amount of approximately-€2.3 billion.However, the fair value (and the change in fair value) of theseproducts by itself is not representative. These products areextensively hedged by other, less complex products, which areindividually valued based on data deemed to be observable. Thevaluation of these hedging products (and the change in their value),which to a large extent is symmetrical to the valuation ofproducts measured on the basis of data deemed to be non-observable,does not appear in the table above.During the period, the fair value of fi nancial instruments transferredout of Level 3 was approximately €329 million. These transfersare mainly due to the restored observability horizon over thematurity of certain measurement variables over time.Sensitivity analysis of fi nancial instruments measured at fair valueon a Level 3 valuation modelAt 31 December 2010, at Crédit Agricole CIB, the sensitivity tovariables used in the models based on reasonable alternativeassumptions amounted to approximately €209 million (most ofit for discontinuing operations, including €108 million on CDOswith US mortgage underlying and €89 million for corporate CDObusiness).Sensitivity is calibrated independently of the front offi ce, basedprimarily on consensus data:• Corporate CDOs: the extent of uncertainty over the defaultcorrelation (a non-observable variable) is determined based onthe standard deviation between the consensus data relative tothe standard indices;• super-senior ABS CDO tranches: the extent of uncertainty isestimated based on a set rate (10% change in loss scenarios);• equity derivatives: the method is the same as tat used forcorporate CDOs (standard deviation relative to consensus estimates)but applied to dividend volatility and standard correlationvariables;• Fixed-income derivatives: a 2% shock is applied to the maincorrelations (Interest rate/ Exchange rate and Interest rate/Interestrate).10.3 Measurement of the impact of taking into account gains€ million 31.12.2010 31.12.2009Deferred gains at 1 January 297 361Deferred gains generated by new transactions during the period 51 93Recognised in income during the periodAmortisation and cancelled/redeemed/expired transactions (107) (157)Effect of parameters or products that became observable during theyearDeferred gains at the end of the period 241 297• NOTE 11: POST- STATEMENT OF FINANCIALPOSITION EVENTSNo signifi cant event after the closing.208SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4• NOTE 12: SCOPE OF CONSOLIDATIONAT 31 DECEMBER 2010Subsidiaries. joint-ventures andassociates (a) Country Method31.12.2010% control % interest31.12.200931.12.201031.12.2009Parent companyCrédit Agricole CIB (SA) France parent 100.00 100.00 100.00 100.00Banks and financial institutionsBanco Crédit Agricole Brasil SA N Brazil full 100.00 100.00 100.00 100.00Banque Saudi Fransi - BSF Saudi Arabia equity 31.11 31.11 31.11 31.11Calyon Algeria Algeria full 100.00 99.99 100.00 99.99Calyon Bank Polska SA L Poland full 100.00 100.00Crédit Agricole Yatirim Bankasi Turk AS N Turquie full 100.00 100.00 100.00 100.00Crédit Agricole CIB Australia Limited N Australia full 100.00 100.00 100.00 100.00Crédit Agricole CIB China Limited N China full 100.00 100.00 100.00 100.00Crédit Agricole CIB Merchant Bank Asia Ltd N Singapore full 100.00 100.00 100.00 100.00Crédit Agricole CIB Saudi Fransi Limited N/C Saudi Arabia proportional 55.00 55.00Crédit Agricole CIB Services Private Limited E India full 100.00 100.00Crédit Agricole CIB ZAO Russia N Russie full 100.00 100.00 100.00 100.00Crédit Agricole Financement (Switzerland) CC Switzerland equity 20.00 20.00Crédit Agricole Luxembourg Luxembourg full 100.00 100.00 100.00 100.00Crédit Agricole Switzerland Switzerland full 100.00 100.00 100.00 100.00Crédit Agricole Switzerland (Bahamas) Bahamas full 100.00 100.00 100.00 100.00Crédit Foncier de Monaco Monaco full 70.13 70.13 68.95 68.95Finanziaria Indosuez International Ltd Switzerland full 100.00 100.00 100.00 100.00LF Investments LP United States full 99.00 99.00 99.00 99.00Newedge (group) France proportional 50.00 50.00 50.00 50.00PJSC CIB Crédit Agricole Ukraine N Ukraine full 100.00 100.00 100.00 100.00UBAF France proportional 47.01 47.01 47.01 47.01Brokerage companiesCrédit Agricole Securities (USA) Inc N United States full 100.00 100.00 100.00 100.00Crédit Agricole Cheuvreux North America. Inc United States full 100.00 100.00 100.00 100.00Crédit Agricole Cheuvreux Espana S.A. Spain full 100.00 100.00 100.00 100.00Crédit Agricole Cheuvreux International Ltd United Kingdom full 100.00 100.00 100.00 100.00Crédit Agricole Cheuvreux Nordic AB SB Sweden full 100.00 100.00 100.00 100.00Crédit Agricole Cheuvreux S.A. France full 100.00 100.00 100.00 100.00Crédit Lyonnais Securites Asia BV (group) Hong Kong full 100.00 100.00 98.88 98.88Cheuvreux/CLSA/Global Portfolio Trading Pte Ltd. E Singapore full 100.00 100.00SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 209

4CONSOLIDATED FINANCIAL STATEMENTSSubsidiaries. joint-ventures andassociates (a) Country Method31.12.2010% control % interest31.12.200931.12.201031.12.2009Investment companiesAmundi Ibérica SGIIC SA Spain equity 45.00 45.00 45.00 45.00CAAM Distribution AV SO Spain equity 45.00 45.00CAAM Espana Holding SO Spain equity 45.00 45.00CAFI Kedros France full 100.00 100.00 100.00 100.00CAI BP Holding France full 100.00 100.00 100.00 100.00Crédit Agricole CIB Air Finance SA N France full 100.00 100.00 100.00 100.00Crédit Agricole CIB Capital Market Asia BV N Netherlands full 100.00 100.00 100.00 100.00Calyon Capital Market International France full 100.00 100.00 100.00 100.00Compagnie Française de l’Asie (CFA) France full 100.00 100.00 100.00 100.00Crédit Agricole CIB Holdings Limited N United Kingdom full 100.00 100.00 100.00 100.00Crédit Agricole CIB UK IH N United Kingdom full 100.00 100.00 100.00 100.00Crédit Agricole CIB Global Partners Inc. (group) N United States full 100.00 100.00 100.00 100.00Crédit Agricole Securities Asia BV (Tokyo) N Japan full 100.00 100.00 100.00 100.00Doumer Finance SAS France full 100.00 100.00 100.00 100.00Doumer Philemon SO France full 100.00 100.00Fininvest France full 98.27 98.27 98.27 98.27Fletirec (group) France full 100.00 100.00 100.00 100.00IPFO France full 100.00 100.00 100.00 100.00Mescas France full 100.00 100.00 100.00 100.00SAFEC Switzerland full 100.00 100.00 100.00 100.00Leasing companiesCardinalimmo France full 49.61 49.61 49.61 49.61Financière Immobilière Crédit Agricole CIB N France full 100.00 100.00 100.00 100.00InsuranceCAIRS Assurance SA France full 100.00 100.00 100.00 100.00OtherAguadana SL Spain full 100.00 100.00 100.00 100.00Aylesbury BV United Kingdom full 100.00 100.00 100.00 100.00Bletchley Investments Ltd United Kingdom full 82.22 82.22 100.00 100.00CA Brasil DTVM Brazil full 100.00 100.00 100.00 100.00CA Conseil SA Luxembourg full 99.99 99.99 99.99 99.99Calixis Finance France full 100.00 89.80 100.00 89.80Calliope srl Italy full 100.00 90.00 67.00 60.30Calyce PLC United Kingdom full 100.00 100.00 100.00 100.00Crédit Agricole Asia Shipfi nance Ltd N Hong Kong full 99.99 99.99 99.99 99.99Crédit Agricole CIB Global Banking N France full 100.00 100.00 100.00 100.00Chauray Contrôle SAS nm France proportional 34.00 34.00CLIFAP France full 100.00 100.00 100.00 100.00CLINFIM France full 100.00 100.00 100.00 100.00210SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4Subsidiaries. joint-ventures andassociates (a) Country Method31.12.2010% control % interestCrédit Agricole CIB Financial Products GuerneseyLtdUnited Kingdom full 99.90 99.90 99.90 99.90Crédit Agricole CIB Financial Solutions N France full 99.72 99.72 99.72 99.72Crédit Agricole CIB LP N France full 100.00 100.00 100.00 100.00Crédit Agricole CIB Preferred Funding II LLC N United States full 100.00 100.00 100.00 100.00Crédit Agricole CIB Preferred Funding LLC N United States full 100.00 100.00 100.00 100.00Crédit Agricole Private Banking Levante Spain full 100.00 100.00 100.00 100.00Crédit Agricole Private Banking Norte Spain full 100.00 100.00 100.00 100.00DGAD International SARL Luxembourg full 100.00 100.00 100.00 100.00EDELAAR EESV L Netherlands full 90.00 80.00Ester Finance Titrisation France full 100.00 99.99 100.00 99.99European NPL S.A. Luxembourg full 60.00 60.00 67.00 67.00Fonds Alcor Hong Kong full 98.76 98.76 98.76 98.76Himalia PLC United Kingdom full 100.00 100.00 100.00 100.00Immobilière Sirius SA Luxembourg full 100.00 100.00 100.00 100.00INCA Sarl Luxembourg full 65.00 65.00 65.00 65.00Indosuez Finance Ltd United Kingdom full 100.00 100.00 100.00 100.00Indosuez Holding SCA II Luxembourg full 100.00 100.00 100.00 100.00Indosuez Management Luxembourg II Luxembourg full 100.00 100.00 100.00 100.00Island Refi nancing Srl Italy full 100.00 100.00 67.00 67.00Korea 21st Century Trust South Korea full 100.00 100.00 100.00 100.00LDF 65 (SPV) Luxembourg full 64.94 65.00 64.94 65.00LSF Italian Finance Company SRL Italy full 100.00 100.00 67.00 67.00Lyane BV Netherlands full 65.00 65.00 65.00 65.00MERISMA France full 100.00 100.00 100.00 100.00Sagrantino BV Netherlands full 100.00 100.00 67.00 67.00Sagrantino Italy srl Italy full 100.00 100.00 67.00 67.00SNC Doumer France full 99.94 99.94 99.94 99.94SNC Shaun France full 100.00 100.00 100.00 100.00(a) « E » means that the company has entered the scope of consolidation.Companies removed from the scope of consolidation are fl agged with « nm » (not meaningful), « SO » (spun off), « L » liquidated, « S »(sold or transferred out), « CBL » (consolidation by level), « CC » (companies that no longer fulfi l the consolidation criteria), « M » (changein the consolidation method), « N » (denomination change).31.12.200931.12.201031.12.2009SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 211

4CONSOLIDATED FINANCIAL STATEMENTS STATUTORY AUDITORS’ REPORTON THE CONSOLIDATED FINANCIALSTATEMENTSYear ended 31 December 2010This is a free translation into English of the Statutory Auditors’ report issued in the French language and is provided solely for the convenienceof English speaking readers.The Statutory Auditors’ report includes information specifi cally required by French law in all audit reports, whether qualifi ed or not, andthis is presented below the opinion on the consolidated fi nancial statements. This information includes an explanatory paragraph discussingthe auditors’ assessments of certain signifi cant accounting and auditing matters. These assessments were considered for thepurpose of issuing an audit opinion on the consolidated fi nancial statements taken as a whole and not to provide separate assuranceon individual account captions or on information taken outside of the consolidated fi nancial statements.This report should be read in conjunction with, and construed in accordance with French law and professional auditing standards applicablein France.To the Shareholders,In compliance with the assignment entrusted to us by your Shareholders’ Meeting, we hereby submit our report for the year ended 31December 2010 on:• our audit of Crédit Agricole Corporate and Investment Bank’s consolidated fi nancial statements as attached to this report,• the substantiation of our opinion,• the specifi c procedures and disclosures required by law.The consolidated fi nancial statements are the responsibility of the Board of Directors. Our role is to express an opinion on these fi nancialstatements based on our audit.OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTSWe have conducted our audit in accordance with professional standards applicable in France. Those standards require that we plan andperform our audit to obtain reasonable assurance that the consolidated fi nancial statements are free of material misstatement. An auditconsists of examining, on the basis of tests and other selection methods, evidence supporting the amounts and disclosures in the consolidatedfi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made in the preparationof the fi nancial statements and evaluating their overall presentation. We believe that the evidence we have collected is relevant andsuffi cient for the formation of our opinion.In our opinion, the consolidated fi nancial statements give a true and fair view of the assets, liabilities, fi nancial position and results of thecompanies and entities included in the consolidated Group in accordance with the IFRS standards as adopted in the European Union.Without prejudice to the opinion expressed above, we draw your attention to the note 1.1 to the fi nancial statements, which describes thechange in accounting method relating to actuarial gains and losses on the post-employment-benefi ts of the defi ned-benefi t plans as wellas the new standards and interpretations applied, inter alia revised IAS 27 « Consolidated and parent-company fi nancial statements« andIFRS 3 «Business combinations«.SUBSTANTIATION OF OUR OPINIONPursuant to the provisions of Article L.823-9 of the Code de Commerce [French Commercial Code] concerning the substantiation of ouropinion, we bring to your attention the following items:212SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

CONSOLIDATED FINANCIAL STATEMENTS 4Accounting estimates• The Group books impairment reserves to cover credit risks which are inherent to its business activities. We have reviewed the arrangementsput in place by management to identify and evaluate these risks and to determine the amount of impairment it considers necessary,and we have verifi ed that these accounting estimates were based on documented methods that complied with the principles describedin note 1.3 to the consolidated fi nancial statements.• As stated in note 1.3 and 10.2 to the fi nancial statements, your Group uses internal models to assess the fair value of certain fi nancialinstruments not listed in an active market. Our work entailed reviewing the control system applied to the models used, the underlyingassumptions and the methods for taking into account the risks associated with such instruments.• As stated in note 1.3 to the fi nancial statements, your Group has made estimates in order to take into account changes in its own creditrisk into the measurement of debt issues recognised at fair value through profi t and loss. We have verifi ed that the parameters used forthis purpose were appropriate.• As stated in note 1.3 and 2.5 to the fi nancial statements, your Group carried out impairment tests on goodwill. We have reviewed thecondition of implementation of these tests as well as the main parameters and assumptions used and we have satisfi ed ourselves thatthe presentation in the notes to the fi nancial statements is appropriate.• The Group has made a number of other accounting estimates as explained in note 1.3 to the consolidated fi nancial statements, notably regardingthe valuation and impairment of non-consolidated equity securities, the pension provision and future employee benefi ts, reservesfor operational risks, reserves for legal risks and deferred tax assets. Our work consisted of examining the methods and assumptions usedand verifying that the resulting accounting estimates are based on documented methods in accordance with the principles described innote 1.3. to the fi nancial statements.Our assessments were made, taken as a whole, and therefore assisted us in reaching our unqualifi ed opinion as expressed in the fi rst partof this report.SPECIFIC VERIFICATIONWe also carried out, in accordance with professional standards applicable in France, the specifi c verifi cation, required by law, of informationrelating to the Group in the management report.We are satisfi ed that the information is fairly stated and agrees with the consolidated fi nancial statements.Neuilly-sur-Seine, March 16, 2011Statutory AuditorsPRICEWATERHOUSECOOPERS AUDITCatherine Pariset et Pierre ClaviéERNST & YOUNG ET AUTRESPierre HurstelSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 213


PARENT-COMPANYSTATEMENTS(French GAAP)approved by the Board of Directors in its meeting of 22 February 2011and put to shareholders for their approval in the 11 May 2011 shareholder’s meetingCRÉDIT AGRICOLE CIB (SA) FINANCIAL STATEMENTS ............................ 216NOTES TO THE PARENT-COMPANY FINANCIAL STATEMENTS ................. 220AUDITORS’ GENERAL REPORT ON THE PARENT-COMPANYFINANCIAL STATEMENTS ...................................................................... 250SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 215

5PARENT-COMPANY STATEMENTS CRÉDIT AGRICOLE CORPORATE ANDINVESTMENT BANK (SA) FINANCIALSTATEMENTS€ million Notes 31.12.2010 31.12.2009Interbank and similar items 153,720 150,151Cash due from central banks and French postal system 18,882 22,924Treasury bills and similar items 4, 4.2, 4.3 and 4.4 33,563 43,294Due from banks 2 101,275 83,933Customer items 3, 3.1, 3.2, 3.3. and 3.4 121,829 111,423Securities portfolios 62,933 59,650Bonds and other fi xed-income securities 4, 4.2, 4.3 and 4.4 47,944 45,880Equities and other variable-income securities 4 and 4.2 14,989 13,770Non-current assets 8,439 8,664Participating interests and other long-term investments 5, 5.1 and 6 735 627Investments in non-consolidated companies 5, 5.1 and 6 7,338 7,748Intangible assets 6 91 97Property, plant and equipment 6 275 192Treasury sharesAccruals, prepayments and sundry assets 309,237 317,175Other assets 7 78,014 86,024Accruals and prepayments 7 231,223 231,151Total assets 656,158 647,063216SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 5• ASSETS€ million Notes 31.12.2010 31.12.2009Interbank and similar items 113,268 116,666Due to central banks and current accounts with Frenchpostal systems757 1,536Due to banks 9 112,511 115,130Customer accounts 131,694 109,897Government-regulated savings plansOther liabilities 10.1, 10.2 and 10.3 131,694 109,897Debt securities in issue 11.1 and 11.2 78,275 78,958Accruals, deferred income and sundry liabilities 311,757 322,026Other liabilities 12 86,850 95,922Accruals and deferred income 12 224,907 226,104Reserves and subordinated debt 12,065 11,801Impairment for risks and expenses 13 2,932 3,327Subordinated debt 14 9,133 8,474Fund for general banking risks 105 105Shareholders' equity (excl. FGBR) 15 8,993 7,610Share capital 6,056 6,056Share premiums 502 502Reserves 350 314Excess of restated assets over historical costRegulated reserves and investment grants 13 18Retained earnings 684Net income for the year 1,388 720Total liabilities and shareholders' equity 656,158 647,063SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 217

5PARENT-COMPANY STATEMENTS• LIABILITIES AND SHAREHOLDERS’ EQUITYOFF-BALANCE SHEET ITEMS€ million 31.12.2010 31.12.2009Commitments given 224,515 231,934Financing commitments 105,319 105,426Guarantee commitments 78,858 90,256Securities commitments 1,893 2,893Other commitments given (1) 38,445 33,359Commitments received 147,520 43,298Financing commitments (2) 33,029 26,332Guarantee commitments (2)(3) 110,272 12,002Securities commitments 1,751 2,787Other commitments received 2,467 2,177(1)Including a €5,719 million asset to support Crédit Agricole S.A. involvement in the fi nancing granted by SFEF (Société de Financement de l’Economie Française)to the French economy.At 31.12.09, these assets had an impact of €5,823 million on guarantee commitments.(2)At 31.12.10, fi nancing and guarantee commitments received include those received from customers (not taken into account until 31.12.2009).(3)Including €4,671 million of guarantee commitments received from Crédit Agricole S.A.Off-balance sheet items: other informationForeign exchange transactions and amounts payable in foreign currency: note 17Transactions involving forward fi nancial instruments: notes 18, 18.1, 18.2 and 18.3218SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 5• INCOME STATEMENT€ million Notes 2010 2009Net interest and similar income 1,371 1,667Interest and similar income 19 and 20 4,311 6,335Interest and similar expenses 19 (2,940) (4,668)Income from variable-income securities 20 319 410Net commission and fee income 21 and 21.1 902 955Net income from financial transactions 520 1,116Net gain/(loss) from trading portfolios 22 341 909Net gain/(loss) from investment portfolios and similar 23 179 207Other net banking income 227 220Net banking income 3,339 4,368Operating expenses 24 (2,123) (1,912)Personnel costs 24.1 and 24.2 (1,313) (1,151)Other operating expenses 24.3 (810) (761)Depreciation and amortisation (78) (83)Gross operating income 1,138 2,373Cost of risk 25 (594) (1,691)Net operating income 544 682Net gain/(loss) on disposal of non-current assets 26 (335) (19)Pre-tax income on ordinary activities 209 663Net extraordinary items (2) 0Corporate income tax 27 1,176 45Net allocation to the FGBR and regulated reserves 5 12Net income 1,388 720SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 219

5PARENT-COMPANY STATEMENTS NOTES TO THE PARENT-COMPANYFINANCIAL STATEMENTS• NOTE 1:ACCOUNTING PRINCIPLES AND POLICIESCrédit Agricole CIB (SA) prepares its fi nancial statements in accordancewith French accounting standards applicable to banksin France.The presentation of Crédit Agricole CIB’s fi nancial statementscomplies with CRB (Comité de la Réglementation Bancaire) regulation91-01, as amended by CRC (Comité de la RéglementationComptable) regulation 2000-03 relating to the preparation andpublication of parent-company fi nancial statements of companiesgoverned by the CRBF (Comité de la Réglementation Bancaire etFinancière) amended mostly in 2010 by regulation ANC N° 2010-08 dated 7 October 2010 relative to the disclosure of credit institutions’parent-company fi nancial statements.The following changes have been made to accounting methodsand to the presentation of the fi nancial statements relative to2009:RegulationsCRC Regulation on the recognition of commissions andfees incomes received by a credit institution and incrementaltransaction costs related to the granting or the acquisition ofa loan.ANC’s regulation for credit institutions relative to transactionsbetween related parties and off-balance-sheet arrangements.Date of publication by theFrench State3 December 2009N° 2009-037 October 2010N° 2010-04Date of the first-time application:financial years commencing on1 January 20101 January 2010The application of these new regulations did not have a signifi cant impact on Crédit Agricole CIB’s net income or shareholders’ equity in2010.As regards transactions between related parties, Crédit Agricole CIB doesn’t carry out transactions that not correspond to the usual marketconditions.ReceivablesReceivables on credit institutions, Crédit Agricole Group entitiesand customers are governed by Regulation 2002-03 of 12December 2002, as amended, issued by the French AccountingRegulations Committee (Comité de la Réglementation Comptable– CRC).They are analysed based on their initial term or the type ofreceivable:- current and term receivables, for credit institutions,- current accounts, term accounts and term advances, for internalCrédit Agricole transactions,- commercial and other receivables and sight accounts, forcustomers.In accordance with regulatory requirements, the «customers«category also includes transactions with fi nancial customers.Receivables are recognised initially at nominal value. Interestaccrued on receivables is recognised in a receivables-relatedaccount and in the income statement.In application of CRC Regulation 2009-03, fees and commissionsreceived, as well as marginal transaction costs borne, are nowamortised over the effective term of the credit. Accordingly,they are shown as part of the outstanding amount of the creditconcerned.The application of CRC Regulation 2002-03, as amended,concerning the accounting treatment of credit risk resulted inCrédit Agricole CIB recognising receivables with a risk of nonpaymentin accordance with the following rules:Restructured loansRestructured loans are loans to counterparties experiencingfi nancial diffi culties such that the credit institutions decides to alterthe initial characteristics of the contract (term, interest rate etc.)in order to enable the counterparties to honour their repaymentschedules.As a result, the following are excluded from restructured loans:• loans whose characteristics have been renegotiated on acommercial basis and whose counterparties do not show anysolvency problems;• loans whose repayment schedule has been altered due to theapplication of an option or contractual clause initially includedin the contract (e.g.: payment holiday and extension of the loanterm).220SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 5Bad and doubtful debtsLoans and advances of all kinds, even those that are guaranteed,are classifi ed as doubtful if they carry an identifi ed credit risk on anindividual basis arising from one of the following events:• the loan or advance is at least:* six months in arrears for mortgage loans taken out by personalcustomers in France and the EU (three months for personalcustomers outside France and the EU);* six months in arrears for property leases taken out by personalcustomers in France and the EU (three months for personalcustomers outside France and the EU);* six months in arrears for loans to local authorities in Franceand the EU (three months for local authorities outside Franceand the EU);* three months in arrears for loans to central governments, regionalgovernments and public-sector entities (all territories);* three months in arrears for all other loans (all territories);• the borrower’s fi nancial position is such that an identifi ed riskexists regardless of whether the loan or advance is in arrears;• the bank and borrower are in legal proceedings.For overdrafts, the length of arrears is beginning when the debtorhas exceeded an authorised limit and has been made aware ofthis by the institution or when the debtor has been warned thatits borrowings exceed a internal control limit set by the institution,or when the debtor has drawn amounts without an overdraftauthorisation.Instead of using these criteria, the length of arrears may be beginwhen the credit institution has requested that the debtor repaysome or all of the overdraft.Crédit Agricole CIB makes the following distinction betweendoubtful and bad debts:• Doubtful debtsAll doubtful debts and advances which do not fall into the baddebt category are classifi ed as doubtful debts.• Bad debtsBad debts are those for which the prospects of recovery are highlyimpaired and which are likely to be written off in time.Contractual interest is no longer recognized after the loan hasbeen transferred to bad debts.Impairment resulting fromindividually assessed credit riskOnce a loan is classifi ed as doubtful, an impairment charge isdeducted from the asset in an amount equal to the probable loss.This impairment corresponds to the difference between the bookvalue of the receivable and the present value of estimated futurecash fl ows at the contractual interest rate, taking into accountthe counterparty’s fi nancial position, economic outlook and anycollateral minus realisation costs.For outstandings comprising minor receivables presenting similarcharacteristics, the counterparty-by-counterparty review may bereplaced by a statistical estimate of projected losses.Probable losses in respect of off-balance sheet items are coveredby reserves on the liabilities side of the balance sheet.Treatment of discounts andimpairmentDiscounts in respect of restructured loans and impairmentcharges against doubtful debts are recognised in profi t and lossunder cost of risk. For restructured loans classifi ed as performing,the discount is amortised to profi t and loss in net interest incomeover the remaining life of the loan. For doubtful debts, whetherrestructured or not, impairment charges and write-backs are recordedunder cost of risk. The rise in the book value related to theimpairment write-backs and the amortisation of discounts arisingfrom the passage of time are recorded under net interest income.Impairment for credit risk not individuallyimpairedCrédit Agricole CIB also books reserves on the liabilities side ofthe balance sheet to cover customer risks that are not individuallyallocated to loans.Collective reserves are booked for sets of counterparties andcountries under surveillance and sectors showing identifi ed risk.These reserves are designed to cover specifi c risks on loans classified as performing or not individually impaired, for which there isa statistical or historical probability of partial non-recovery.• Country RiskCountry risk (or international commitment risk) comprises «the totalamount of non-compromised commitments, both on- and offbalancesheet, carried by an institution either directly or throughso-called defeasance structures on private or public debtors residentin the countries listed by the French Prudential SupervisoryAuthority (Autorité de Contrôle Prudentiel), or for which the successfulsettlement depends on the situation of private or publicdebtors resident in such countries«. (French Banking Commission(Commission Bancaire) memorandum of 24 December 1998).When these receivables are not doubtful they remain in their originalaccounts.Securities transactionsThe rules on recognising securities transactions are defi ned byCRBF regulation 90-01 as amended by CRC regulations 2005-01, 2008-07 and 2008-17 and the CRC amended regulation2002-03, as regards identifi cation and impairment relating to creditrisk on fi xed-income securities.Securities are presented in the fi nancial statements by type: Treasurybills and similar, bonds and other fi xed-income securities(negotiable debt instruments and interbank market securities),equities and other variable-income securities.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 221

5PARENT-COMPANY STATEMENTSThey are classifi ed in the portfolios specifi ed by regulations (trading,available-for-sale, held-to-maturity, portfolio, other securitiesheld over the long term, investments in non-consolidated subsidiaries)depending on the initial ownership intention relating tothe securities identifi ed in the accounting IT system on purchase.Trading securitiesTrading securities are securities that were originally:• bought with the intention of selling them in the near future, orsold with the intention of repurchasing them in the near future;• or held by the bank as a result of its market-making activity. Theclassifi cation of these securities as trading securities dependson the effective turnover of the securities and signifi cant tradingvolume taking into account market opportunities.These securities must be tradable on an active market and marketprices must represent real transactions taking place regularlyin the market in normal competitive conditions.Trading securities also include:• securities bought or sold as part of specialist management ofthe trading portfolio, including forward fi nancial instruments, securitiesor other fi nancial instruments that are managed togetherand on which there is an indication of recent short-term profi ttaking;• securities on which there is a commitment to sell as part ofan arbitrage transaction on an organised market for fi nancialinstruments or similar.Except where provided for by CRC regulation 2008-17 (see«Reclassifi cation of securities« section below), securities heldfor trading cannot be reclassifi ed into another category, and arepresented and measured as securities held for trading until theyleave the balance sheet through being sold, fully redeemed orwritten off.Securities held for trading are recognized on the date they arepurchased in the amount of their purchase price, excluding incidentalpurchase costs and including accrued interest.Liabilities relating to securities sold short are recognized on theliabilities side of the seller’s balance sheet in the amount of theselling price excluding incidental purchase costs.At each period-end, securities are measured at the most recentmarket price. The overall balance of differences resulting fromprice variations is taken to profi t and loss and recorded in the«Net gain/ (loss) from trading portfolios« item.Available-for-sale securitiesThis category consists of securities that do not fall into any othercategory.The securities are recorded at their purchase price, excluding incidentalpurchase costs.• Bonds and other fi xed-incomesecuritiesThese securities are recorded at their purchase price includingaccrued interest. The difference between the purchase price andthe redemption value is spread over the security’s remaining lifeaccording to an actuarial method.Revenue is recorded in the income statement under: «Interest andsimilar income from bonds and other fi xed-income securities«.• Equities and other variable-incomesecuritiesEquities are recorded on the balance sheet at purchase priceexcluding incidental acquisition costs. Dividend revenues fromequities are taken to the income statement under «Income fromvariable-income securities«.At the end of the period, available-for-sale securities are measuredat the lower of purchase cost and market value. If the currentvalue of an item or a homogeneous set of securities (calculatedfrom the trading sessions on the reporting date, for example) islower than its carrying value, an impairment loss is recorded in theamount of the unrealized capital losses, with no netting of gainsrecognized on other categories of securities.Gains from hedging, within the meaning of article 4 of CRB regulation88-02, in the form of purchases or sales of forward fi nancialinstruments, are taken into account when calculating impairment.Possible gains are not recognized.In addition, for fi xed-income securities identifi ed as doubtful,impairment intended to take into account counterparty risk andrecognised under cost of risk is booked as follows:• in the case of listed securities, impairment is based on marketvalue, which intrinsically refl ects credit risk. However if particularinformation available to Credit Agricole CIB on the fi nancialsituation of the issuer is not refl ected in the market value, a specific impairment is booked.• in the case of unlisted securities, impairment is carried out in thesame way as on loans and advances to customers based onidentifi ed probable losses (cf. previous subdivision of «loans tocustomers«; «Credit risk reserves«).Sales of securities are deemed to take place on a fi rst-in fi rst-outbasis.Impairment charges and write-backs and disposal gains or losseson available-for-sale securities are recorded under «Net gain/(loss)from investment portfolios and similar«. Income from equitiesand other variable-income securities is recorded on the incomestatement under «Income from variable-income securities«.Held-to-maturity securitiesHeld-to-maturity securities are fi xed-income securities with afi xed maturity date that have been acquired or transferred to thiscategory with the manifest intention of holding them until maturity.This category only includes securities for which Crédit AgricoleCIB has the necessary fi nancial capacity to continue holdingthem until maturity and that are not subject to any legal or otherconstraint that could threaten its plan to hold them until maturity.Held-to-maturity securities are recognised at acquisition price,excluding incidental purchase costs, and including coupons.The difference between the purchase price and the redemptionprice is spread over the security’s remaining life.Impairment is not booked for held-to-maturity securities if theirmarket value falls below cost. However, if impairment is relatedto a risk specifi c to the security’s issuer, impairment is booked inaccordance with CRC regulation 2002-03 relating to credit risk; itis recorded in the «cost of risk« item.222SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 5In the event that held-to-maturity securities are sold or transferredto another category of securities, in a signifi cant amount relativeto the total amount of held-to-maturity securities held by theentity, the entity is no longer authorised to classify securities previouslyacquired and to be acquired as held-to-maturity securitiesduring that year and for two subsequent years, in accordancewith CRC regulation 2005-01, excluding the exceptions specifi edby this regulation and by CRC regulation 2008-17.Portfolio securitiesIn accordance with CRC regulation 2000-02 and with the 2000-12 Autorité de Contrôle Prudentiel instructions, securities in thiscategory comprise investments made on a regular basis with thesole aim of securing a capital gain in the medium term, with nointention of investing in the longer term in the development of theinvestee company’s business or of becoming actively involved inits operational management.In addition, securities can only be transferred to this portfolio ifthe signifi cant and permanent activity is carried out within a structuredframework and generates regular income, mainly comingfrom disposal gains.Crédit Agricole CIB meets these conditions and can classify someof these securities in this category.Portfolio securities are recorded at acquisition price, excludingincidental purchase costs.On the accounts closing date, these securities are measured atthe lower of cost or value in use, which is determined by takinginto account the issuer’s general prospects and the estimatedremaining term of ownership.For listed companies, value in use is usually the average marketprice assessed over a suffi ciently long period (taking into accountthe planned term of ownership) to offset the effect of temporarysharp variations in the share price.Any unrealised capital losses are calculated for each security, andare subject to impairment without netting of unrealised capitalgains. Unrealised gains are not recognised. They are recorded inthe «Net gain/(loss) from investment portfolios and similar« item.Unrealised gains are not recognised.Investments in affiliates, nonconsolidatedsubsidiaries andother long-term securities• Investments in affi liates are shares in companies over whichCrédit Agricole CIB (SA) has sole control and that are or may befully consolidated in the same consolidated whole.• Investments in non-consolidated subsidiaries are securities(other than shares in a related company) of which the otherthan-temporaryownership is deemed useful for the businessof a credit institution, including because it allows it to exert influence or control over the issuer.• Other long-term securities consist of securities held with theintention of promoting long-term business relations by creatinga special relationship with the issuer, but with no infl uence onthe issuer’s management due to the small percentage of votingrights held.These securities are recognized at their purchase price includingincidental purchase costs in accordance with CRC regulation2008-07.At period-end, the securities are measured individually on thebasis of their fair value, and are stated on the balance sheet at thelower of cost or fair value.The fair value of these securities is the sum the bank would agreeto pay to acquire them, taking into account its ownership objectives.Fair value can be estimated on the basis of various factors suchas the profi tability and earnings outlook of the issuing company,its shareholders’ equity, the economic situation, the average listedprice in the last few months and the security’s mathematical value.Where the fair value of a security is lower than acquisition cost,the unrealised loss is recognised through impairment, with no offsetagainst unrealised gains.Additions and releases from impairment, together with disposalgains and losses, relating to these securities are recorded under«Net gain/(loss) on disposal of non-current assets«.Market priceThe market price at which the various categories of securities aremeasured is determined as follows:• securities traded on an active market are measured at the latestprice,• if the market on which the security is traded is not or no longerconsidered active or if the security is unlisted, Crédit AgricoleCIB determines the likely value at which the security concernedwould be traded using valuation techniques. In the fi rst instance,these techniques take into account recent transactionscarried out in normal competition conditions. If required, CréditAgricole CIB uses valuation techniques commonly used bymarket participants to price these securities, when it has beendemonstrated that these techniques provide reliable estimatesof prices obtained in actual market transactions.Recording datesCrédit Agricole CIB records securities classifi ed as held-to-maturitysecurities on the settlement date. Other securities, regardlessof type or classifi cation, are recorded on the trade date.Reclassification of securitiesIn accordance with CRC regulation 2008-17 of 10 December2008, the following reclassifi cations of securities are now authorized:• from the «held-for-trading« portfolio to the «held-to-maturity« or«available-for-sale« portfolios in an exceptional market situationor in the case of fi xed-income securities that are no longer tradableon an active market, and if the institution intends and isable to hold them for the foreseeable future or until maturity;• from the «available-for-sale« to the «held-to-maturity« portfolioin an exceptional market situation or in the case of fi xed-incomesecurities that are no longer tradable on an active market.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 223

5PARENT-COMPANY STATEMENTSSecurities bought or sold under repurchase agreements, loaned andborrowedSecurities bought or sold underrepurchase agreementsAssets sold under repurchase agreements continue to be recordedon the balance sheet. The amount received is recordedas a liability. In the other party’s books, assets bought underrepurchase agreements are not recorded on the balance sheet,although the amount paid is recorded as an amount due.The corresponding income and expenses are taken to profi t andloss on a prorate basis.Securities sold under repurchase agreements continue to besubject to the accounting principles applicable to the securitiescategory from which they originate.Securities loaned and borrowedIn the accounts of the lender, a receivable is recorded in the balancesheet representing the market price of the loaned securitieson the date of the loan, in place of the loaned securities. At eachperiod end, the receivable is valued using the rules applicable toloaned securities, including the recognition of accrued interest onavailable-for-sale securities and held-to-maturity securities.In the accounts of the borrower, the security is recorded as anasset under trading securities at the market price prevailing onthe date the security was borrowed. A liability to the lender isrecorded on the balance sheet under «Liabilities relating to stocklendingtransactions«. At each period-end, securities are measuredat the most recent market price.Non-current assetsCrédit Agricole CIB applies CRC regulation 2002-10 relating tothe depreciation, amortisation and impairment of assets.As a result, Crédit Agricole CIB applies component accounting forall of its property, plant and equipment. In accordance with thisregulation, the depreciable amount takes account of the potentialresidual value of assets.In accordance with CRC regulation 2004-06, the cost of fi xedassets comprises, in addition to the purchase price, associatedexpenses, i.e. costs related directly or indirectly to the acquisitionto bring use of the asset up to standard.Land is recorded at cost.Buildings and equipment are measured at cost less accumulateddepreciation and impairment charges.Purchased software is measured at cost less accumulated depreciationand impairment charges.Proprietary software is measured at production cost less accumulateddepreciation and impairment charges.With the exception of software, intangible assets are not amortized.Intangible assets may be subject to impairment if required.Non-current assets are depreciated over their estimated usefullives.The following components and depreciation periods have beenadopted by Crédit Agricole CIB following the application of componentaccounting for non-current assets. These depreciationperiods are adjusted according to the type of asset and its location:ComponentLandStructural worksNon-structural worksPlant and equipmentFixtures and fi ttingsComputer equipmentDepreciation periodNot depreciable30 to 80 years8 to 40 years5 to 25 years5 to 15 years3 to 7 years (accelerated or straightline)4 to 5 years (accelerated or straightline)Specialist equipmentBased on available information on the value of its non-current assets,Crédit Agricole CIB has concluded that impairment testingwould not lead to any change in the depreciable amount.Due to banks and customer accountsAmounts due to banks and customer accounts are presented inthe fi nancial statements according to the initial term and natureof the liabilities:• Demand or forward debts for credit institutions;• Ordinary accounts, forward accounts and advances for CréditAgricole internal transactions;• Special savings accounts and other debts for clients (includingfi nancial clients in particular).Repurchase transactions in the form of stocks or securities areincluded in these various categories depending on the type ofcounterparty.Accrued interest on these debts is recognized under accruedinterest payable in the income statement.224SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 5Debt securities in issueDebt securities in issue are presented according to their type:short-term notes, interbank market securities and negotiable debtsecurities and bonds, except subordinated debt securities whichare included in liabilities under «subordinated debt«.Interest accrued but not yet due is recognised under accruedinterest and taken to profi t and loss.Bond issue share and redemption premiums are depreciated overthe life of the bond; the corresponding expense is entered under«interest and similar charges on bonds and other fi xed-incomesecurities«.Crédit Agricole CIB also defers and amortizes borrowing expensesin its parent-company fi nancial statements.Commissions and fees on fi nancial services paid to RegionalBanks are registered in «Fee and commission expense«.ReservesCrédit Agricole CIB applies the Comité de Réglement Comptableregulation N°2000-06 relating to liabilities as regards the recognitionand measurement of reserves.Reserves items include any reserves relating to fi nancing commitments,retirement and end-of-career employee benefi ts commitments,disputes and other risks.Reserve for general banking risks (F.R.B.G.)In accordance with the fourth European directive and the CRBFregulation 90-02 of 23 February 1990 relating to shareholders’equity and to the 90-01 instruction of the Commission Bancaire,this reserve is maintained by Crédit Agricole CIB at the discretionof its management, to meet any charges or risks relating to bankingoperations but whose incidence is not certain.Reserves are written back to cover any incidence of these risksduring a given period.Transactions on forward fi nancial instruments and optionsHedging and market transactions involving forward interest-rate,exchange-rate or equity instruments are recorded in accordancewith CRB modifi ed regulations 88-02 and 90-15 and with 2003-03 instruction of the Commission Bancaire.Commitments relating to these transactions are recorded offbalancesheet, the amount recorded being the nominal value ofthe contracts: this amount represents the volume of transactionsoutstanding.Gains and losses from these transactions are recorded by type ofinstrument and strategy.Where instruments are measured at market value, that value isdetermined:• on the basis of available prices, if an active market exists;• with the help of valuation methods and modelsInterest rate and foreign exchangetransactions (swaps, FRAs, caps,floors, collars and swaptions)Crédit Agricole CIB uses interest-rate and currency swaps mainlyfor the following purposes:1. to maintain individual open positions in order, when possible, totake advantage of interest rate movements;2. to hedge interest rate risks affecting one item or a set of homogeneousitems;3. to hedge and manage the group’s overall interest rate risk,except for transactions described in [2] and [4];4. to carry out specialist management of a trading portfolioconsisting of interest-rate or currency swaps, other forwardinterest-rate instruments, debt instruments or similar fi nancialtransactions.Income and expenses related to transactions mentioned in theabove section are recognized in the income statement as follows:1. income and expenses are taken to profi t and loss on a proratebasis, and reserves are booked for unrealised losses,2. income and expenses are taken to profi t and loss symmetricallyto the recognition of income and expenses on the hedged itemor set of items,3. income and expenses are taken to profi t and loss on a proratebasis, and unrealised gains and losses are not recognised,4. income and expenses are taken to profi t and loss at marketvalue, adjusted through a reserve to take into account counterpartyrisks and future administrative expenses related to thesecontracts.Market value is determined by discounting future cash fl ows usingthe zero coupon method.As a rule, instruments cannot be reclassifi ed between categories,except for transfers from category [2] to category [1] or [4] in theevent of an interrupted hedge. Transfers are valued at the netbook value of the instrument, which is then subject to the rules ofthe portfolio to which it is transferred.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 225

5PARENT-COMPANY STATEMENTSUp-front and termination fees regarding interest rate or foreignexchange contracts are spread over the remaining maturity ofthe transaction or hedged item, except in the case of marked-tomarketcontracts, for which they are taken directly to the incomestatement.Other interest-rate or equitytransactionsCrédit Agricole CIB uses various instruments such as interestratefutures and equity derivatives for trading or specifi c hedgingpurposes.Contracts concluded for trading purposes are stated at marketvalue, and the corresponding gains or losses are taken to theincome statement.Gains or losses, realised or unrealised, resulting from the markto-marketvaluation of specifi c hedging contracts are spread overthe maturity of the hedged instrument.Credit derivativesCrédit Agricole CIB uses credit derivatives mainly for hedgingpurposes, in for of Credit Default Swaps (CDS). CDSs are recognisedas forward fi nancial instruments, and premiums paid arerecorded on a prorate basis in the income statement. Contractsconcluded for trading purposes are stated at market value, andthe corresponding gains or losses are taken to the income statement.Complex transactionsA complex transaction is a synthetic combination of instrumentsof identical or different types and valuation methods. These transactionsare recognised as a single batch or as a transactionwhose recognition is not governed by any explicit regulations,with the result that it is up to Crédit Agricole CIB to choose anaccounting policy. The purpose of this choice is to refl ect the economicreality of the transaction in accordance with the principlesof fair presentation and substance over form.Foreign exchange transactionsForeign currency-denominated assets and liabilities are translatedat year-end exchange rates. The resulting gains and losses,together with gains and losses arising from exchange rate differenceson transactions during the period, are taken to the incomestatement.Monetary receivables and payables, along with forward foreignexchangecontracts that appear as foreign-currency off-balancesheet commitments, are translated at the market rate in force atthe balance-sheet date or at the market rate on the nearest previousdate.Spot and forward foreign exchangecontractsAt each period end, spot foreign exchange contracts are valuedat the spot exchange rate of the currency concerned.Forward foreign exchange transactions categorised as tradingtransactions are recognised at market value using the forwardrate applicable to the remaining period of the contract. Recordednet gains or losses are entered in the income statement under«Net gain/(loss) from trading portfolios – foreign exchange andsimilar fi nancial instruments«.Net gains and losses on forward foreign exchange transactionsthat are categorised as spot exchange transactions in connectionwith loans and borrowings, are recognised on a prorate basisover the period of the contracts.Currency futures and optionsCurrency futures and options are used for trading purposes aswell as to hedge specifi c transactions.Contracts concluded for trading purposes are stated at marketvalue, and the corresponding gains or losses are taken to theincome statement.Gains or losses, realised or unrealised, resulting from the markto-marketvaluation of specifi c hedging contracts are recognisedsymmetrically to the hedged transaction.Integration of branches outside FranceBranches keep their own accounts in accordance with accountingrules in force in the countries in which they are located.At accounts closing, the balance sheets and income statementsof branches are adjusted according to French accounting rules,translated into euros and included in the head-offi ce accountsafter eliminating reciprocal transactions.The balance sheets and income statements of foreign branchesare translated into euros at year-end exchange rates.The gains or losses that may result from this translation are recordedon the balance sheet under «Accruals, prepayments andsundry assets and liabilities«.226SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 5Financing commitmentsOff-balance sheet items include any undrawn portion of fi nancingcommitments as well as guarantees given and received.If a commitment given appears likely to be used, leading to a lossfor Crédit Agricole CIB, a reserve is recorded under liabilities.Publishable off-balance sheet items do not mention commitmentsrelating to fi nancial futures or foreign exchange transactions. Theyalso do not include commitments received concerning treasurybills, similar securities and other securities given as guarantees.However, details of these items are provided in Note 17 (Outstandingforeign exchange transactions) and Note 18 (Transactions infi nancial futures).Employee profi t-sharing and incentive plansEmployee profi t-sharing and incentive plans are recognised in theincome statement under «personnel costs« in the year in whichthe employees’ rights are earned.Post-employment benefi tsRetirement and early retirementbenefits – defined benefit plansCrédit Agricole CIB applies CNC recommendation 2003-R.01 of1 April 2003 relating to the recognition and measurement of commitmentsrelating to pensions and similar benefi ts.As a result, Crédit Agricole CIB sets aside reserves to cover its liabilitiesfor retirement and similar benefi ts falling within the categoryof defi ned-benefi t plans.Since actuarial gains and losses are taken immediately to profi tand loss, the amount of the reserve is equal to:• the present value of the obligation to provide the defi ned benefits as of the balance sheet date, calculated in accordance withthe recommended actuarial method;• less the fair value of any plan assets. These assets may be inthe form of an eligible insurance policy. In the event that 100%of the obligation is fully covered by such a policy, the fair value ofthe policy is deemed to be the value of the corresponding obligation(i.e. the amount of the corresponding actuarial liability).Pension plans – definedcontributionplansThere are various mandatory pension plans to which «employer«companies contribute. The funds are managed by independentorganisations and the contributing companies have no legal orimplied obligation to pay additional contributions if the funds donot have suffi cient assets to provide all the benefi ts correspondingto the services rendered by staff during the current and previousyears.As a consequence, Crédit Agricole CIB has no liability in this respectother that the contributions to be paid for the year ended.The amount of the contributions with respect to these pensionplans is recognised under «personnel costs«.Extraordinary income and expensesThese comprise income and expenses that are extraordinary innature and relate to transactions that do not form part of CréditAgricole CIB’s ordinary activities.Corporate income taxIn general, only tax due is recorded in the parent-company fi nancialstatements.The tax charge stated on the income statement corresponds to corporateincome tax due by Crédit Agricole CIB (SA) with respect tothat period. It also includes the 3.3% social-security contribution.Crédit Agricole CIB is 100%-owned by Crédit Agricole S.A. and isan integral part of the Crédit Agricole S.A. tax consolidation group.The tax consolidation gain/loss is the difference between the tax dueby the Crédit Agricole CIB tax sub-group to Crédit Agricole S.A. andthe sum of individual tax amounts of subsidiaries forming an integralpart of the Crédit Agricole CIB sub-group. This gain/loss is recordedas an income or expense under «Corporate income tax«.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 227

5PARENT-COMPANY STATEMENTS• NOTE 2: DUE FROM BANKSAnalysis by residual maturity€ millionUnder 3months3 monthsto 1 year1-5years31.12.2010 31.12.2009Over5 yearsTotalprincipalAccruedinterestLoans and advances- Sight 5,442 5,442 5,442 4,421- Time 10,384 2,444 3,221 2,150 18,199 60 18,259 17,964Pledged securitiesSecurities bought underrepurchases agreements67,069 8,430 1,352 76,851 612 77,463 61,456Subordinated debt 341 290 631 2 633 551Total 82,895 10,874 4,914 2,441 101,123 674 101,797 84,392Impairment (467) (55) (522) (459)Net book value 100,656 619 101,275 83,933Among related parties, the main counterparty is Crédit Agricole S.A. (€16,468 million at 31.12.2010 and €11,635 million at 31.12.2009).TotalTotal• NOTE 3: CUSTOMER ITEMS3.1 Analysis by residual maturity€ millionUnder 3months3 monthsto 1 year1-5years31.12.2010 31.12.2009Over5 yearsTotalprincipalAccruedinterestBills discounted 1,087 280 198 12 1,577 1,577 1,987Other loans 20,091 10,926 42,501 22,068 95,586 337 95,923 88,101Securities bought underrepurchases agreements20,927 3,084 24,011 13 24,024 20,698Current accounts in debit 1,452 1,452 4 1,456 1,614Impairment (1,025) (126) (1,151) (977)Net book value 121,601 228 121,829 111,423TotalTotal228SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 53.2 Analysis by geographical zone of beneficiary€ million 31.12.2010 31.12.2009France (including overseas departments and territories) 24,148 23,345Other EU countries 42,341 40,137Other European countries 4,550 4,636North America 14,903 13,509Central and South America 12,501 10,233Africa and Middle-East 8,607 7,970Asia and Pacifi c (excluding Japan) 12,159 9,618Japan 3,417 2,621Total principal 122,626 112,069Accrued interest 354 331Impairment (1,151) (977)Net book value 121,829 111,4233.3 Bad and doubtful debts and impairment by geographical zone€ millionGrossoutstandingsOf whichdoubtfuldebtsOf whichbad debts31.12.2010Impairmenton doubtfuldebtsImpairmenton baddebtsCoverage%France (including overseas departmentsand territories)24,148 187 188 (53) (182) 62.62%Other EU countries 42,341 489 152 (75) (98) 26.98%Other European countries 4,550 57 10 (26) (6) 46.93%North America 14,903 31 237 (13) (170) 68.26%Central and South America 12,501 124 167 (52) (150) 69.37%Africa and Middle-East 8,607 362 93 (76) (84) 35.25%Asia and Pacifi c (excluding Japan) 12,159 49 25 (8) (17) 34.62%Japan 3,417 43 (15) 34.88%Accrued interest 354 36 90 (36) (90) 100.00%Book value 122,980 1,378 963 (354) (797) 49.18%€ millionGrossoutstandingsOf whichdoubtfuldebtsOf whichbad debts31.12.2009Impairmenton doubtfuldebtsImpairmenton baddebtsCoverage%France (including overseasdepartments and territories)23,345 170 113 (56) (106) 57.24%Other EU countries 40,137 1,036 119 (49) (94) 12.38%Other European countries 4,636 94 7 (20) (17) 36.63%North America 13,509 310 216 (103) (97) 38.02%Central and South America 10,233 344 60 (148) (54) 50.00%Africa and Middle-East 7,970 111 35 (50) (32) 56.16%Asia and Pacifi c (excluding Japan) 9,618 26 44 (4) (29) 47.14%Japan 2,621 7 (2) 28.57%Accrued interest 331 38 78 (38) (78) 100.00%Book value 112,400 2,136 672 (470) (507) 34.79%SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 229

5PARENT-COMPANY STATEMENTS3.4 Analysis by type of customer€ millionGrossoutstandingsOf whichdoubtful debts31.12.2010Of whichbad debtsImpairment ondoubtful debtsImpairment onbad debtsIndividuals 839 16 4 (8) (3)Farmers 202Other small businesses 53 55 17 (28) (14)Financial institutions 36,125 672 303 (87) (242)Corporates 79,895 599 527 (196) (424)Local authorities 3,765 24 (23)Other 1,747Accrued interest 354 36 90 (36) (90)Book value 122,980 1,378 963 (354) (797)€ millionGrossoutstandingsOf whichdoubtful debts31.12.2009Of whichbad debtsImpairment ondoubtful debtsImpairment onbad debtsIndividuals 795 152 (54)Farmers 152 2 (1)Other small businesses 100 1Financial institutions 34,512 1,319 113 (180) (94)Corporates 73,000 778 305 (252) (258)Local authorities 2,466 22 (22)Other 1,044Accrued interest 331 38 78 (38) (78)Book value 112,400 2,136 672 (470) (507)230SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 5• NOTE 4: SECURITIES – ANALYSIS BY TYPE€ millionTradingsecuritiesAvailablefor-salesecurities31.12.2010 31.12.2009PortfoliosecuritiesHeld-tomaturitysecuritiesTreasury bills and similar items 26,066 7,452 33,518 43,242- of which premiums to be amortised (10) (10) (12)- of which discounts to be amortised 1 1 1Accrued interest 45 45 52ImpairmentNet book value 26,066 7,497 0 0 33,563 43,294Bonds and other fi xed-income securitiesIssued by public-sector entities 252 811 20 1,083 2,362Other issuers 31,180 8,416 7,665 47,261 43,941- of which premiums to be amortised (262) (2,501) (2,764) (2,957)- of which discounts to be amortised 19 5 24 16Accrued interest 74 12 86 110Impairment (271) (215) (486) (533)Net book value 31,432 9,030 0 7,482 47,944 45,880TotalTotalEquities and other variable-incomesecurities14,665 261 132 15,058 13,857Accrued interest 3Impairment (17) (52) (69) (90)Net book value 14,665 244 80 14,989 13,770Total 72,163 16,771 80 7,482 96,496 102,944Estimated value 72,163 17,100 109 5,935 95,307 102,4274.1 ReclassificationCrédit Agricole CIB carried out reclassifi cations of securitiesto 1 October 2008 as permitted by CRC regulation 2008-17.Information about these reclassifi cations is provided below. Therewere no additional reclassifi cations of securities in 2009 and 2010.• Reclassifi cations: type, reason and amount€ millionBook Value31.12.2010Total reclassified assetsEstimated marketvalue at 31.12.2010From «held-for-trading« to «held-to-maturity« 6,362 5,805Trading book securities transferred to investment securitiescorrespond to those securities that, at the date of the transfer,can no longer be traded on an active market and for which CréditAgricole CIB has changed its investment intention, which is nowto hold the fi nancial assets for the foreseeable future or untilmaturity. The inactive nature of the market is assessed primarilyon the basis of a signifi cant reduction in the trading volume andlevel of activity, and/or signifi cant disparity in available prices overtime and between various market operators.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 231

5PARENT-COMPANY STATEMENTS• Income contribution of transferred assets since reclassifi cationThe contribution from assets transferred to net income for theyear since the date of reclassifi cation comprises all profi ts, losses,income and expenses recognised in the income statement andother comprehensive income or expenses.Pre-tax impact on 2009 earnings since reclassification (Assets reclassified before 2009)€ millionFrom «held-for-trading«to «held-to-maturity«Cumulative impact at31/12/2008Recognizedincome andexpensesIf the assethad been keptin its originalcategory(change in fairvalue)Recognizedincome andexpensesImpact 2009If the assethad been keptin its originalcategory(change in fairvalue)Cumulative impactat 31.12.2009Recognizedincome andexpensesIf the assethad been keptin its originalcategory(change in fairvalue)Recognizedincome andexpensesImpact 2010If the assethad been keptin its originalcategory(change in fairvalue)Cumulative impactat 31.12.2010Recognizedincome andexpensesIf the assethad been keptin its originalcategory(change in fairvalue)122 (622) (161) (181) (39) (803) 29 236 (10) (567)4.2 Breakdown of listed and unlisted securities between fixed-incomeand variable-income securities€ millionBonds andother fixedincomesecurities31.12.2010 31.12.2009Treasurybills andsimilaritemsEquitiesand othervariableincomesecuritiesTotalBonds andother fixedincomesecuritiesTreasurybills andsimilar itemsEquitiesand othervariableincomesecuritiesListed securities 35,451 33,518 14,857 83,826 33,950 43,242 13,638 90,830Unlisted securities 12,893 201 13,094 12,353 219 12,572Accrued interest 86 45 131 110 52 3 165Impairment (486) (69) (555) (533) (90) (623)Net book value 47,944 33,563 14,989 96,496 45,880 43,294 13,770 102,944Total4.3 Treasury bills, bonds and other fixed-income securities – Analysis byresidual maturity€ millionUnder3 months3 monthsto 1 year1-5years31.12.2010 31.12.2009Over5 yearsTotalprincipalAccruedinterestBonds and other fi xed-incomesecurities24,102 6,178 6,930 11,134 48,344 86 48,430 46,413Treasury bills and similaritems9,464 8,598 10,835 4,621 33,518 45 33,563 43,294Impairment (486) (533)Net book value 81,507 89,174TotalTotal232SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 54.4 Treasury bills, bonds and other fixed-income securities – Analysis bygeographical zone€ million 31.12.2010 31.12.2009France (including overseas departments and territories) 26,465 21,540Other EU countries 20,366 38,025Other European countries 1,807 1,239North America 5,170 3,413Central and South America 5,984 6,858Africa and Middle-East 178 230Asia and Pacifi c (excluding Japan) 11,715 8,255Japan 10,177 9,985Total principal 81,862 89,545Accrued interest 131 162Impairment (486) (533)Net book value 81,507 89,174SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 233

5PARENT-COMPANY STATEMENTS• NOTE 5: INVESTMENTS IN SUBSIDIARIES ANDAFFILIATESCOMPANYCurrencyShareCapitalPremiums,reserves andretainedearningsbeforeappropriationof earningsOwnershipBookvalueofinvestmentsLoans andadvancesoutstandinggranted byCrédit AgricoleCIBGuaranteesand othercommitmentsgivenby CréditAgricoleCIBRevenus fortheyear ended31/12/10excl. VAT(from auditedaccounts)Net incomeforthe yearended31/12/10Dividendsreceivedduring theyearIn millionsof localcurrencyunitsIn millionsof localcurrency units%In millionof EURIn millionsof local currencyunitsI. - DETAILED INFORMATION ON INVESTMENTS WHOSE BOOK VALUE EXCEEDED 1 % OF CACIB’S SHARE CAPITAL*A - BANKINS SUBSIDIARIES (more than 50% owned )In millionsof localcurrencyunitsIn millionsof local currencyunitsIn millionsof local currencyunitsCALYON ALGÉRIE DZD 10 74 99.99 97EUR 6DZD 1,050671 171USD 29CFA (CIE FRANÇAISE DE L’ASIE) EUR 183 18 100.00 252 0 23 22In millionof EURCRÉDIT AGRICOLE CHEUVREUX EUR 39 260 100.00 308CHF 26EUR 233SEK 93TRY 11USD 37145 16 16MESCAS EUR 31 6 100.00 83 0 2DGAD INTERNATIONAL EUR 6 246 100.00 253 0 11CRÉDIT AGRICOLE LUXEMBOURG EUR 465 41 93.70 650CRÉDIT AGRICOLE SUISSE CHF 579 880 71.24 704EUR 1,503JPY 650USD 1CHF 6EUR 1,349USD 500EUR 36USD 28786 37 30687 145 66CAI BP HOLDING EUR 93 11 100.00 93 CHF 623 0 31 29CALYON CAPITAL MARKETS INTL EUR 231 25 100.00 312JPY 14,000USD 2670 61CALYON GLOBAL BANKING EUR 145 136 100.00 311 USD 6, 0 29 29SAS MERISMA EUR 1,150 83 100.00 1,150 EUR 45 0 (1)CLIFAP EUR 110 4 100.00 113 EUR 615 0 1CACIB UK IH GBP 1 578 99.80 582 22 25BANCO CA BRASIL SA BRL 684 41 75.49 192 USD 10 USD 7 47 21 6CACIB CHINA LTD CNY 3,000 81 100.00 327 EUR 3 156 82Sub-total (1) 5,426B - BANKINGS AFFILIATES (10 and 50% owned )CACIB PREFERRED FUNDING LLC USD 392 (72) 50.00 173 4 4 1CACIB PREFERRED FUNDING2 LLCUSD 654 (207) 50.00 241 2 2 2BANQUE SAUDI FRANSI SAR 7,232 7,243 31.11 115 USD 100 4,295 2,468 28INMOBILIARIA COLONIAL EUR 2,711 34 19.68 156 272 (474) 0U.B.A.F. EUR 251 15 47.01 121 EUR 25 62 17 7CRÉDIT AGRICOLE EGYPT S.A.E EGP 1,148 539 13.06 75 JPY 350EGP 73EUR 4USD 1888 378 6NEWEDGE GROUP SA EUR 395 1,442 50.00 1,092 EUR 50Sub-total (2) 1,973II. - GENERAL INFORMATION RELATING TO OTHER SUBSIDIARIES AND AFFILIATESA - Subsidiaries not covered in I. above (3)a) French subsidiaries (aggregate)b) Foreign subsidiaries (aggregate)B - Affiliates not covered in I. above (4)a) French affi liates (aggregate)b) Foreign subsidiaries (aggregate)53618235413939100Total associates (1) + (2) + (3) + (4) 8,073EUR 214JPY 1,850,USD 1,484440 61 8234SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 55.1 Estimated value of participating interests31.12.2010€ millionBook ValueEstimated valueInvestments in non-consolidated companiesUnlisted securities 8,275 9,804Listed securitiesAdvances available for consolidationAccrued interestImpairment (937) 0Net book value 7,338 9,804Investments in non-consolidated companies and other long-term securitiesParticipating interestsUnlisted securities 505 788Listed securities 193 1,218Advances available for consolidation 3 3Accrued interestImpairment (6)Sub-total of investments 695 2,009Other long-term securitiesUnlisted securities 46 45Listed securities 0 0Advances available for consolidation 0Accrued interest 0Impairment (6)Sub-total of other long-term securities 40 45Net book value 735 2,055TOTAL OF INVESTMENTS 8,073 11,858The market value shown in the above table is the quoted price of the shares on their trading market at 31 December. It may not be representative of the realisablevalue of the securities.31.12.2010€ millionBook valueTotal gross valuesUnlisted securities 8,826Listed securities 193TOTAL 9,019SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 235

5PARENT-COMPANY STATEMENTS• NOTE 6: CHANGE IN NON-CURRENT ASSETS€ million 31.12.2009Changesin scopeMergerIncrease(Acquisitions)Decrease(Disposals)(Maturity)TranslationDifferenceOthermovements31.12.2010Participating interestsand investments in nonconsolidatedcompaniesGross value 8,990 391 (607) 200 8,973Impairment (655) (385) 93 5 (943)Other long-term securitiesGross value 42 3 1 46Impairment (5) (2) (6)Advances available forconsolidationGross value 3 3ImpairmentAccrued interestNet book value 8,375 7 (514) 206 8,073Intangible assets 97 (9) 3 91Gross value 313 23 (2) 6 340Amortisation (216) (32) 2 (3) (249)Property, plant andequipment192 78 5 275Gross value 646 126 (4) 17 785Depreciation (454) (48) 4 (12) (510)Net book value 289 69 3 5 366• NOTE 7: OTHER ASSETS, ACCRUALS ANDPREPAYMENTS€ million 31.12.2010 31.12.2009Sundry assets (1) 78,014 86,024Financial options bought 35,197 39,698CODEVI bondsMiscellaneous debtors 38,487 39,956Settlement accounts 4,331 6,370Due from shareholders – unpaid capitalPrepaid expenses 231,223 231,151Items in course of transmission to other banks 2,480 1,971Adjustment accounts 224,662 226,712Accrued income 477 374Prepaid expenses 484 48Unrealised gains and deferred losses on fi nancial instrumentsBond issue premiums and discounts 71 104Other 3,049 1,942Net book value 309,237 317,175(1)Amounts shown are net of impairment and include accrued interest236SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 5• NOTE 8: IMPAIRMENT DEDUCTED FROMASSETS€ million 31.12.2009 AdditionsWrite-back orutilisationTranslationdifferencesOthermovements31.12.2010Interbank loans 459 81 (35) 9 8 522Customer loans 977 420 (358) 38 74 1,151Securities (AFS, portfolio andHTM)623 174 (281) 32 7 555Participating interests andother long-term investments660 387 (93) (5) 949Other 33 6 (4) 0 (12) 23Total 2,752 1,068 (771) 74 77 3,200• NOTE 9: DUE TO BANKS – ANALYSIS BYRESIDUAL MATURITY31.12.2010 31.12.2009€ millionUnder 3months3 monthsto 1 year1-5yearsOver5 yearsTotalprincipalAccruedinterestTotalTotalDeposits- sight 9,064 0 0 0 9,064 2 9,066 11,158- time 34,944 4,501 15,694 3,750 58,889 97 58,986 53,354Pledged securities 0 0 0 0 0 0 0 1Securities sold underrepurchase agreements36,951 6,317 117 0 43,385 1,074 44,459 50,617Net book value (1) 112,511 115,130(1)Of which €16,297 million at 31 December 2010.• NOTE 10: CUSTOMER ACCOUNTS10.1 Analysis by residual maturity31.12.2010 31.12.2009€ millionUnder 3months3 monthsto 1 year1-5yearsOver5 yearsTotalprincipalAccruedinterestTotalTotalCurrent accounts in credit 20,601 20,601 22 20,623 18,685Other accounts 46,675 3,129 8,442 2,683 60,929 90 61,019 48,172Securities sold underrepurchase agreements47,212 2,306 463 54 50,035 17 50,052 43,040Net book value 131,694 109,897SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 237

5PARENT-COMPANY STATEMENTS10.2 Analysis by geographical zone€ million 31.12.2010 31.12.2009France (including overseas departments and territories) 26,226 23,982Other countries of the European Economic Area 47,623 43,342Other European countries 1,111 1,712North America 41,913 25,969Central and South America 3,337 3,685Africa and Middle-East 3,195 2,976Asia and Pacifi c (excluding Japan) 4,900 5,596Japan 3,259 2,515International organisations and othersTotal principal 131,565 109,777Accrued interest 129 120Net book value 131,694 109,89710.3 Analysis by type of customer€ million 31.12.2010 31.12.2009Individuals 5,112 1,267Farmers 2 13Other small businesses 21 44Financial institutions 84,709 69,304Corporates 35,318 28,657Local authorities 4,001 6,300Other 2,402 4,192Accrued interest 129 120Net book value 131,694 109,897• NOTE 11: DEBT SECURITIES IN ISSUE11.1 Analysis by residual maturity€ millionUnder 3months3 monthsto 1 year1-5years31.12.2010 31.12.2009Over5 yearsTotalprincipalAccruedinterestInterest-bearing notes 8 8 8 5Money market instrumentsNegotiable debt securities: 44,800 13,832 11,066 8,373 78,071 195 78,266 78,852- Issued in France 10,317 5,846 10,421 8,358 34,942 167 35,109 34,572- Issued abroad 34,483 7,986 645 15 43,129 28 43,157 44,280Bonds (note 11.2) 1 1 1 101Other liabilitiesNet book value 78,080 195 78,275 78,958TotalTotal238SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 511.2 Bonds (in currency of issue)€ millionMaturity schedule of the bonds at 31.12.2010 Bonds at Bonds atUp to 1 year 1-5 years Over 5 years 31.12.2010 31.12.2009Euro 1 1 1Fixed-rate 1 1 1Floating-rateOther currencies 97Fixed-rate 97Floating-rateTotal principal 1 1 98Fixed-rate 98Floating-rateAccrued interest 3Net book value 1 101• NOTE 12: OTHER LIABILITIES, ACCRUALS ANDDEFERRED INCOME€ million 31.12.2010 31.12.2009Sundry liabilities (1) 86,850 95,922Liabilities relating to trading securities 20,495 26,939Liabilities relating to borrowed securities 6,643 4,415Financial options sold 39,793 42,634Miscellaneous creditors 15,228 11,272Settlement accounts 4,691 10,661Payments yet to be made 0 1Other 0 0Accruals and deferred income 224,907 226,104Items in course of transmission to other banks 1,863 1,598Adjustment accounts 218,384 221,761Deferred income 908 501Accrued expenses 1,080 940Unrealised losses and deferred gains on fi nancial instruments 0 0Other 2,672 1,304Net book value 311,757 322,026(1)Amounts include accrued interest.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 239

5PARENT-COMPANY STATEMENTS• NOTE 13: RESERVES FOR RISKS ANDEXPENSES€ million 31.12.2009Changesin scopeChargesWritebacksandutilisationsTranslationdifferencesOthermovements31.12.2010Country risks 912 (240) 43 715Financing commitment execution risks 443 22 (453) 1 12Retirement and similar benefi ts 180 52 (27) 5 (21) 188Financial instruments 91 13 (10) 1 (4) 91Litigation (1) 315 110 (132) 15 309Other risks and expenses (2) 1,385 1,094 (935) 52 19 1,616Net book value 3,327 0 1,291 (1,797) 117 (6) 2,932(1)including €309 million: - tax cases: €69 million;- customer cases: €216 million;- employee cases: €24 million.(2)including, in relation to CACIB Paris: - sector risks: €1,404 million;- other risks and expenses: € 191 million• NOTE 14: SUBORDINATED DEBT – ANALYSISBY RESIDUAL MATURITY(in currency of issue)€ millionUnder 3months3 months to1 year31.12.2010 31.12.20091-5yearsOver5 yearsFixed-term subordinated debt 0 0 1,141 3,210 4,351 4,145* Euro 500 1,100 1,600 1,600* Other EU currencies* Dollar 641 2,110 2,751 2,545* Yen* Other currenciesPerpetual subordinated debt 4,625 4,625 4,325* Euro 620 620 620* Other EU currencies 0 0 0* Dollar 4,005 4,005 3,705* Yen* Other currenciesParticipating securities and loans 0 0 0Total principal 1,141 7,835 8,976 8,470Accrued interest 157 4Book value 9,133 8,474TotalTotal240SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 5• NOTE 15: CHANGES IN CAPITAL€ millionSharecapitalPremiumsandreservesReserves andexcess ofrestated assetsover historical costCapitaux propresRetainedearningsRegulatedimpairmentNetincome31 December 2008 3,715 2,110 31 (4,154) 1,702Dividends paid in 2009Increase/decrease 2,341 502 2,358 5,2012009 net income 720 720Appropriation of 2008 earnings (1,796) (2,358) 4,154Net charges/ write-backs (13) (13)31 December 2009 6,056 816 18 720 7,610Dividends paid in 2010Increase/decrease2010 net income 1,388 1,388Appropriation of 2009 earnings 36 684 (720)Net charges/ write-backs (5) (5)31 December 2010 6,056 852 684 13 1,388 8,993At 31 December 2010, share capital comprised 224,277,957 shares with a par value of €27.Total• NOTE 16: ANALYSIS OF THE BALANCE SHEETBY CURRENCY€ millionAssets31.12.2010 31.12.2009Liabilities andshareholders’equityAssetsLiabilities andshareholders’equityEuro 383,250 347,175 404,711 394,050Other EU currencies 17,847 22,566 38,232 39,416Dollar 154,332 186,778 134,120 148,330Yen 38,940 39,159 40,354 40,504Other currencies 61,789 60,480 29,646 24,763Total 656,158 656,158 647,063 647,063• NOTE 17: FOREIGN EXCHANGETRANSACTIONS AND AMOUNTS PAYABLE INFOREIGN CURRENCIES€ millionTo bereceived31.12.2010 31.12.2009To bedeliveredTo bereceivedTo bedeliveredSpot foreign-exchange transactions 25,967 25,930 19,898 19,877Foreign currencies 19,432 22,422 14,459 16,341Euro 6,535 3,508 5,439 3,536Forward currency transactions 365,463 342,707 336,528 336,366Foreign currencies 242,296 239,049 206,194 205,629Euro 123,167 103,658 130,334 130,737Lending and borrowing in foreign currencies 1,612 240 2,290 541Total 393,042 368,877 358,716 356,784SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 241

5PARENT-COMPANY STATEMENTS• NOTE 18: TRANSACTIONS INVOLVINGFORWARD FINANCIAL INSTRUMENTS€ millionHedgingtransactions31.12.2010 31.12.2009OthertransactionsTotal (2)HedgingtransactionsOthertransactionsFutures and forwards 7,687 10,998,527 11,006,214 10,131 11,520,329 11,530,460Exchange-traded (1) 0 394,940 394,940 0 317,992 317,992Interest-rate futures 365,631 365,631 300,253 300,253Currency futuresForward equity and index instruments 6,170 6,170 5,488 5,488Other 23,139 23,139 12,251 12,251Over-the-counter (1) 7,687 10,603,587 10,611,274 10,131 11,202,337 11,212,468Interest-rate swaps 2,847 7,235,040 7,237,887 6,391 7,971,805 7,978,196Forward rate agreements 986,102 986,102 1,190,402 1,190,402Forward equity and index instruments 62,001 62,001 68,229 68,229Other 4,840 2,320,444 2,325,284 3,740 1,971,901 1,975,641Options 18,668 4,801,534 4,820,202 44,643 5,190,084 5,234,727Exchange-traded 0 98,852 98,852 0 138,909 138,909Forward interest-rate instrumentsBought2,000 2,000 12,200 12,200Sold 1,000 1,000Equity and index instrumentsBought46,360 46,360 61,804 61,804Sold 48,095 48,095 63,849 63,849Forward currency instrumentsBoughtSoldOther forward instrumentsBought738 738 545 545Sold 659 659 511 511Over-the-counter 18,668 4,702,682 4,721,350 44,643 5,051,175 5,095,818Interest-rate swaptions Bought 921,396 921,396 305 1,028,230 1,028,535Sold 880,078 880,078 997,803 997,803Forward interest-rate instrumentsBought100 588,540 588,640 1 584,416 584,417Sold 100 724,482 724,582 1 701,822 701,823Equity and index instrumentsBought21,977 21,977 33,182 33,182Sold 22,248 22,248 34,237 34,237Forward currency instrumentsBought294,217 294,217 26 295,748 295,774Sold 396,162 396,162 27 356,061 356,088Other forward instruments Bought 3 15,253 15,256 6,748 6,748Sold 13,373 13,373 7,315 7,315Credit derivatives Bought 16,673 388,119 404,792 42,538 466,318 508,856Sold 1,792 436,837 438,629 1,745 539,295 541,040Total 26,355 15,800,061 15,826,416 54,774 16,710,413 16,765,187(1)The amounts stated under futures and forwards correspond to cumulative lending and borrowing positions (interest-rate swaps and swaptions) or to cumulativepurchases and sales of contracts (other contracts).(2)Including € 1,113,971 million with Crédit Agricole S.A. at 31 December 2010.Total242SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 518.1 Forward financial instruments – Fair value31.12.2010€ millionTotal fair valueAssetsLiabilitiesTotal NotionalFutures 1 365,631Currency options 9,854 (9,764) 690,379Exchange-traded currency optionsInterest-rate options 23,756 (25,355) 1,804,474Forward rate agreements 359 (333) 986,102Interest rate swaps 156,307 (152,045) 7,237,887Currency swaps 2,672 (2,373) 1,597,744Interest-rate forwardsCaps, fl oors and collars 13,573 (17,425) 1,313,222Equity, index and commodity derivatives 15,359 (13,529) 206,851Other 21,301 (21,398) 915,956Sub-total 243,182 (242,222) 15,118,246Forward currency transactions 10,961 (8,918) 708,170Total 254,143 (251,140) 15,826,41618.2 Forward financial instruments – Analysis by residual maturity€ millionNotional outstandingsUp to1 yearOver-the-counter Exchange-traded 31.12.2010 31.12.20091-5yearsOver5 yearsUp to1 year1-5yearsOver5 yearsInterest-rate instruments 3,305,398 3,662,735 4,370,552 306,878 61,753 11,707,316 12,812,420Futures 303,878 61,753 365,631 324,511Forward rate agreements 767,871 218,231 986,102 1,190,270Interest-rate-swaps 2,307,099 2,499,184 2,431,604 7,237,887 7,971,805Interest-rate options 41 366,472 1,434,961 3,000 1,804,474 2,038,538Caps, fl oors and collars 230,387 578,848 503,987 1,313,222 1,287,296Foreign currency and gold 1,330,010 715,714 242,399 2,288,123 1,892,808Currency futures 962,622 471,100 164,022 1,597,744 1,241,012Currency options 367,388 244,614 78,377 690,379 651,796Other Instruments 149,502 731,807 113,005 66,306 58,603 3,584 1,122,807 1,387,065Equity and index derivatives 35,349 59,454 11,423 48,160 48,938 3,527 206,851 266,789Precious metal derivativesCommodity derivatives 30,115 16,880 1,006 18,146 6,331 57 72,535 40,176Credit derivatives 84,038 655,473 100,576 3,334 843,421 1,080,100Sub-total 4,784,910 5,110,256 4,725,956 373,184 120,356 3,584 15,118,246 16,092,293Forward currency transactions (tradingbook)Forward currency transactions (bankingbook)648,526 51,678 6,516 706,720 670,8931,450 1,450 2,001Sub-total 649,976 51,678 6,516 708,170 672,894Total 5,434,886 5,161,934 4,732,472 373,184 120,356 3,584 15,826,416 16,765,187TotalTotalSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 243

5PARENT-COMPANY STATEMENTS18.3 Forward financial instruments – Counterparty risk€ millionMarketvalue31.12.2010 31.12.2009Potentialcredit riskMarketvaluePotentialcredit riskOECD governments, central banks and similar institutions1,915 1,209 1,758 1,126OECD fi nancial institutions and similar 150,302 89,525 150,108 76,422Other counterparties 23,030 15,076 25,711 15,926Total by counterparty type 175,247 105,810 177,577 93,474By instrument- Interest rates, exchange rates and commodities 164,089 92,238 157,351 74,681- Equity and index derivatives 11,158 13,572 20,226 18,793Impact of netting agreements 148,099 58,985 148,605 47,939Total after impact of netting agreements 27,148 46,825 28,972 45,535Contracts between members of the network are not included, bescause they carry no risk.• NOTE 19: NET INTEREST AND SIMILAR INCOME€ million 31.12.2010 31.12.2009Interbank transactions 920 1,508Customer items 2,642 3,516Bonds and other fi xed-income securities (see note 20) 709 1,090Other interest and similar income 40 221Interest and similar income (1) 4,311 6,335Interbank transactions (1,359) (2,239)Customer items (720) (1,331)Bonds and other fi xed-income securities (784) (991)Other interest and similar expenses (77) (107)Interest and similar expense (2) (2,940) (4,668)Net interest and similar income 1,371 1,667(1)Including €95 million with Crédit Agricole S.A. at 31 December 2010.(2)Including €476 million with Crédit Agricole S.A. at 31 December 2010.• NOTE 20: INCOME FROM SECURITIES€ millionFixed-income securities Variable-income securities31.12.2010 31.12.2009 31.12.2010 31.12.2009Investments in non-consolidated subsidiaries and affi liates,302 391other long-term securitiesAvailable-for-sale and portfolio securities 464 514 17 19Held-to-maturity securities 245 576Other securities 0 0Income from securities 709 1,090 319 410244SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 5• NOTE 21: NET COMMISSION AND FEE INCOME€ million31.12.2010 31.12.2009Income Expense Net Income Expense NetInterbank transactions 458 (453) 5 417 (227) 190Customer transactions 398 (31) 367 361 (18) 343Securities transactions 60 (112) (52) 334 (225) 109Foreign exchange transactions 0 (6) (6) 0 (3) (3)Transactions involving forward fi nancialinstruments and other off-balance sheet528 (183) 345 443 (165) 278transactionsFinancial services (see note 21.1) 326 (83) 243 324 (286) 38Net commission and fee income (1) 1,770 (868) 902 1,879 (924) 955(1)Including - €78 million of commissions with Crédit Agricole S.A. at 31 December 2010.21.1 Banking and financial services€ million 31.12.2010 31.12.2009Net income from managing mutual funds and securities on behalf of customers 121 117Net income from payment instruments 12 10Other net fi nancial services income (expense) 110 (89)Financial services 243 38• NOTE 22: TRADING GAINS/(LOSSES)€ million 31.12.2010 31.12.2009Trading securities (1,283) 2,690Forward fi nancial instruments 2,873 (1,252)Foreign exchange and similar fi nancial instruments (1,249) (529)Net trading gains/(losses) 341 909SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 245

5PARENT-COMPANY STATEMENTS• NOTE 23: GAINS/LOSSES ON INVESTMENTPORTFOLIOS AND SIMILAR€ million 31.12.2010 31.12.2009Available-for-sale securitiesImpairment charges (44) (306)Impairment write-backs 228 507Net impairment (charge)/write-back 184 201Disposal gains 7 50Disposal losses (30) (46)Net disposal gain/(loss) (23) 4Net gain/(loss) from available-for-sale securities 161 205Investment portfoliosImpairment charges (6) (5)Impairment write-back 30 23Net impairment (charge)/write-back 24 18Disposal gains 0 6Disposal losses (6) (22)Net disposal gain/(loss) (6) (16)Net gain/(loss) from investment portfolios 18 2Net gain/(loss) from investment portfolios and similar 179 207• NOTE 24: OPERATING EXPENSES24.1 Average staff costs of the year€ million 31.12.2010 31.12.2009Salaries (947) (826)Social security expenses (301) (292)Incentive plans (32) 0Employee profi t-sharing 0 0Payroll-related tax (33) (33)Personnel costs (1) (1,313) (1,151)(1) Including €67 million of pension expenses at 31 December 2010 and 31 December 2009.246SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 524.2 HeadcountFTE: Full-Time Equivalent 31.12.2010 31.12.2009Managerial 3,346 3,267Non-managerial 690 719Managerial and non-managerial staff at foreign branches 3,419 3,406Total 7,455 7,392Of which:- France 4,036 3,986- Abroad 3,419 3,40624.3 Other administrative expenses€ million 31.12.2010 31.12.2009Taxes other than on income or payroll-related (15) (36)External services (667) (601)Other administrative expenses (128) (124)Total (810) (761)• NOTE 25: COST OF RISK€ million 31.12.2010 31.12.2009Charges to reserves and impairment (1,255) (1,970)Impairment on doubtful debts (564) (914)Other charges to reserves and impairment (691) (1,056)Write-backs from reserves and impairment 1,553 738Write-backs from doubtful debt impairment 370 488Other write-backs of reserves and impairment 1,183 250Changes in reserves and impairment 298 (1,232)Bad debts written off - not provided for (301) (151)Bad debts written off - provided for (607) (438)Recoveries on bad debts written off 16 130Cost of risk (594) (1,691)SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 247

5PARENT-COMPANY STATEMENTS• NOTE 26: NET GAIN/(LOSS) ON NON-CURRENTASSET DISPOSALS€ million 31.12.2010 31.12.2009Long-term investmentsImpairment chargesHeld-to-maturity securitiesInvestments in affi liates, non-consolidated subsidiaries and other long-termsecuritiesImpairment write-backsHeld-to-maturity securities(406) (48)Investments in affi liates, non-consolidated subsidiaries and other long-termsecurities93 51Net impairment (charge)/write-back (313) 3Held-to-maturity securitiesInvestments in affi liates, non-consolidated subsidiaries and other long-termsecurities(313) 3Disposal gainsHeld-to-maturity securities 3 8Investments in affi liates, non-consolidated subsidiaries and other long-termsecurities23 30Disposal lossesHeld-to-maturity securities (12)Investments in affi liates, non-consolidated subsidiaries and other long-termsecurities(49) (49)Net disposal gain/(loss) (23) (23)Held-to-maturity securities 3 (4)Investments in affi liates, non-consolidated subsidiaries and other long-termsecurities(26) (19)Gains/(losses) (336) (20)Property, plant and equipment and intangible assetsDisposal gains 1 3Disposal losses (2)Gains/(losses) 1 1Net gain/(loss) on disposal of non-current assets (335) (19)• NOTE 27: CORPORATE INCOME TAX€ million 31.12.2010 31.12.2009Current tax (1) 1,165 17Other tax 11 28Total 1,176 45(1)Buyback by Crédit Agricole S.A. of carry-forward of previous tax defi cits in accordance with the tax integration (€1,4 billion in 2010 compared with €135million in 2009).Crédit Agricole CIB is part of the Crédit Agricole S.A tax consolidation group. Crédit Agricole CIB can sell its tax defi cits in accordance with the tax agreementbetween Crédit Agricole CIB and Crédit Agricole S.A.248SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 5• NOTE 28: OPERATIONS IN NON-COOPERATIVECOUNTRIES OR TERRITORIES(Operations in non-cooperative countries or territories within the meaning of Article 238-0 A of the French General Tax Code).Investment processProjects to carry out acquisitions and disposals by all entities directly or indirectly controlled by Crédit Agricole S.A. must meet the strategicguidelines defi ned by the Board of Directors of Crédit Agricole S.A. and applied by the Group’s general management.A Group procedural memo sets out the framework for intervention for the business lines and central functions of Crédit Agricole S.A. Assuch, the Group Finance Division and Strategy and Development Division are consulted to ensure that the business and fi nancial resultsexpected from the project are met. They also determine whether the proposed transaction is a viable opportunity and whether it is consistentwith the Group’s strategic guidelines. The Risk Management and Permanent Controls function and of the Compliance and Legal AffairsDepartments are brought in to issue recommendations that fall within the scope of their respective responsibilities.This principle is applied across the subsidiaries, in respect of new products and new business activities, via special Committees.Risk monitoring proceduresThe following entities are included in the internal control scope of the Crédit Agricole S.A. Group and, as such, are covered by the Group’snon-compliance risk prevention and control procedures (which more specifi cally include rules on prevention of money-laundering andterrorism fi nancing). These are described in the Chairman’s Report to the Board of Directors in the Crédit Agricole S.A. shelf-registrationdocument (where applicable).Country Company name Event Activity Legal form% ofholding bythe groupPurpura Investments Corporation Liquidation * Shipping fi nancing Limited liability company 100%Netherton Holding Corp. Liquidation * Shipping fi nancing Limited liability company 100%LiberiaDell Shipping S.A. Liquidation * Shipping fi nancing Limited liability company 100%Pedestal Investments Corporation Liquidation * Shipping fi nancing Limited liability company 100%Solanum Shipping Corporation Liquidation * Shipping fi nancing Limited liability company 100%Panama Parklight International S.A. Liquidation ** Shipping fi nancing Limited company 100%FilipinasCLSA (Philippines) Inc Brokerage Limited company 100%CLSA Exchange Capital Inc Investment company Limited company 60%Crédit Agricole CIB - Succursalede ManilleBranch 100%Philippine Distressed Assets AsiaPacifi c (SPV-AMC) 1, IncPhilippine Distressed Assets AsiaPacifi c (SPV-AMC) 2, IncDistresses AssetsmanagementDistresses AssetsmanagementLimited company 100%Limited company 64%* Effective liquidation of these entities on 24 January 2011 following the 15 December 2010 shareholders’ meetings.** Effective liquidation on 13 January 2011 the 15 December 2010 shareholders’ meeting.The above list was drawn up in accordance with the decree of 12 February 2010 published by the Ministry of the Economy, Industry and Employment.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 249

5PARENT-COMPANY STATEMENTS AUDITORS’ GENERAL REPORT ONTHE PARENT-COMPANY FINANCIALSTATEMENTSYear ended 31 December 2010This is a free translation into English of the Statutory Auditors’ report issued in the French language and is provided solely for the convenienceof English speaking readers.The Statutory Auditors’ report includes information specifi cally required by French law in all audit reports, whether qualifi ed or not, andthis is presented below the opinion on the consolidated fi nancial statements. This information includes an explanatory paragraph discussingthe auditors’ assessments of certain signifi cant accounting and auditing matters. These assessments were considered for thepurpose of issuing an audit opinion on the consolidated fi nancial statements taken as a whole and not to provide separate assuranceon individual account captions or on information taken outside of the consolidated fi nancial statements.This report should be read in conjunction with, and construed in accordance with French law and professional auditing standards applicablein France.To the Shareholders,In accordance with the terms of our appointment at your Annual Meeting, we hereby submit our report for the year ended 31 December2010 on:• our audit of Crédit agricole CIB’s parent-company fi nancial statements as attached to this report,• the substantiation of our opinion,• the specifi c procedures and disclosures required by law.The parent-company fi nancial statements have been approved by the Board of Directors. Our role is to express an opinion on these fi nancialstatements based on our audit.I. OPINION ON THE PARENT-COMPANY FINANCIAL STATEMENTSWe have conducted our audit in accordance with professional standards applicable in France. Those standards require that we plan andperform our audit to obtain reasonable assurance that the parent-company fi nancial statements are free of material misstatement. An auditconsists of examining, on the basis of tests and other selection methods, evidence supporting the amounts and disclosures in the parentcompanyfi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made in thepreparation of the fi nancial statements and evaluating their overall presentation. We believe that the evidence we have collected is relevantand suffi cient for the formation of our opinion.In our opinion, the parent-company fi nancial statements give a true and fair view, according to French accounting principles, of the resultsof operations for the year ended 31 December 2010 and of the company’s fi nancial situation and assets at that date.Without prejudice to the opinion expressed above, we draw your attention to note 1 to the fi nancial statements, which describes the changein accounting methods and presentation relating to new texts and regulations applicable from 2010.II. SUBSTANTIATION OF OUR OPINIONPursuant to the provisions of Article L.823-9 of the Code de Commerce [French Commercial Code] concerning the substantiation of ouropinion, we bring to your attention the following items:Accounting estimates• As indicated in note 1 to the fi nancial statements, the company books impairment reserves to cover credit risks relating which are inherentto its business activities. Given the specifi c circumstances arising from the fi nancial crisis, we have reviewed the arrangements put in placeby management to identify and evaluate these risks and to determine the amount of impairment it considers necessary, and we haveverifi ed that these accounting estimates were based on documented methods that complied with the principles described in note 1 tothe fi nancial statements.250SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

PARENT-COMPANY STATEMENTS 5• Your company uses internal models to assess the fair value of certain fi nancial instruments not listed in an active market. Our work entailedreviewing the control system applied to the models used, the underlying assumptions and the methods for taking into account the risksassociated with such instruments.• As a usual part of the process of preparing fi nancial statements, the company’s management has made a number of other accountingestimates relating in particular to the valuation of investments in participating interests and other long-term investments , the measurementof recognised pension liabilities and provisions for legal disputes. We reviewed the assumptions made and verifi ed that these accountingestimates were based on documented methods that complied with the principles described in note 1 to the fi nancial statements.Our assessments were made in the context of our audit of the parent-company fi nancial statements, taken as a whole, and thereforeassisted us in reaching our unqualifi ed opinion as expressed in the fi rst part of this report.III. SPECIFIC PROCEDURES AND DISCLOSURESWe also carried out the specifi c verifi cations required by law, in accordance with professional standards applicable in FranceWe have non comments regarding the fair presentation and consistency with the parent company fi nancial statements of the informationprovided in the Board of Director’s Management Report, and in the documents addressed to the shareholders with respect to the Company’sfi nancial position and the fi nancial statements.We verifi ed the consistency of the information provided pursuant to article L. 225-102-1 of the Code de Commerce pertaining to compensationand benefi ts in kind paid to corporate offi cers and to commitments made to corporate offi cers, with the information containedin the accounts or with the data used to draw up these accounts and, where applicable, with the information collected by your Companyfrom companies that control your Company or are controlled by it. On the basis of our work, we attest to the fairness and accuracy of thisinformation.Neuilly-sur-Seine, March 16, 2011Statutory AuditorsPRICEWATERHOUSECOOPERS AUDITCatherine Pariset et Pierre ClaviéERNST & YOUNG ET AUTRESPierre HurstelSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 251


GENERALINFORMATIONINFORMATION ABOUT THE COMPANY .................................................... 254ADDITIONAL INFORMATION ................................................................... 257STATUTORY AUDITORS’ SPECIAL REPORT ON RELATEDPARTY AGREEMENTS AND COMMITMENTS ........................................... 258PERSON RESPONSIBLE FOR THE SHELF-REGISTRATION DOCUMENTAND FOR AUDITING THE ACCOUNTS ..................................................... 263CROSS-REFERENCE TABLE .................................................................. 265SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 253

6GENERAL INFORMATION INFORMATION ABOUT THE COMPANYCorporate’s nameCrédit Agricole Corporate and Investment BankRegistered office9 quai du Président Paul Doumer92920 Paris La Défense cedex - FranceTel.: 33 1 41 89 00 00Website: www.ca-cib.comFinancial yearThe company’s fi nancial year begins on 1 January and ends on 31 December each year.Date of incorporation and durationThe Company was incorporated on 23 November 1973. Its term ends on 25 November 2064, unless the term is extended or the companyis wound up before that date.Legal statusCrédit Agricole Corporate and Investment Bank is a French societé anonyme (joint stock corporation) with a Board of Directors governedby ordinary company law, in particular the Second Book of the Code de Commerce.Crédit Agricole Corporate and Investment Bank is a credit institution approved in France and authorised to conduct all banking operationsand provide all investment and related services referred to in the Code Monétaire et Financier. In this respect, Crédit Agricole CIB is subjectto oversight by French supervisory authorities, particularly the Autorité de contrôle prudentiel. In its capacity as a credit institution authorisedto provide investment services, the Company is subject to the Code Monétaire et Financier, particularly the provisions relating to the activityand control of credit institutions and investment service providers.Material contractsCrédit Agricole CIB has not entered into any material contracts conferring a signifi cant obligation or commitment on the Crédit Agricole CIBGroup, apart from those concluded within the normal conduct of its business.Recent trendsCrédit Agricole CIB’s prospects have not suffered any signifi cant deterioration since 31 December 2010, the date of its latest audited andpublished fi nancial statements (see Management report, «Recent trends and outlook« section).Significant changesSince the 22 February 2011 Board meeting that approved the 31 December 2010 fi nancial statements, there has been no exceptional eventor dispute likely to have a signifi cant effect on the fi nancial position, activity, results or assets of the Crédit Agricole CIB Company and Group.254SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

GENERAL INFORMATION 6Documents on displayAll reports, letters and other documents and all historical fi nancialinformation, assessments and statements made by an expert atthe issuer’s request, part of which has been included or mentionedin this document, and all fi nancial information for each ofthe two years preceding the publication of this document may beconsulted at Crédit Agricole CIB’s website: www.ca-cib.com orat its registered offi ce: 9 quai du Président Paul Doumer 92920Paris La Défense.A copy of the articles of association may be consulted at theregistered offi ce.Crédit Agricole CIB publicationsThe annual information report below lists the information publishedor made public by the Crédit Agricole CIB Group in thelast twelve months to meet legal or regulatory obligations applyingto fi nancial instruments, issuers of fi nancial instruments and fi nancialinstrument markets as required by article 222.7 of the AMF’sgeneral regulations.• Shelf-registration documentAvailable on the Crédit Agricole CIB website (www.ca-cib.com) and on the Autorité des Marchés Financiers website(www.amf-france.org)Publication dates Type of document23.03.2010 2009 shelf-registration document – AMF registration n°D.10-014231.08.2010 Update of the 2009 shelf-registration document – AMF D.10-0142-A01• Issue programs and prospectus as issuer or guarantorAvailable on the Bourse de Luxembourg website (www.bourse.lu) and approved by CSSFPublication dates Type of document21.07.2010 Prospectus relating to the warrant and certifi cate issue programs of Crédit Agricole Corporate and InvestmentBank (France), Crédit Agricole CIB Financial Products (Guernsey) Limited and Crédit Agricole CIBFinance (Guernsey) Limited27.07.2010 Prospectus relating to the €15 billion EMTN (Euro Medium Term Note) issue program of Crédit AgricoleCorporate and Investment Bank (France), Crédit Agricole CIB Financial Products (Guernsey) Limited, CréditAgricole CIB Finance (Guernsey) Limited and Crédit Agricole CIB Financial Solutions (France)27.07.2010 Prospectus relating to the €50 billion Structured Euro Medium Term Note issue program of Crédit AgricoleCorporate and Investment Bank (France), Crédit Agricole CIB Financial Products (Guernsey) Limited, CréditAgricole CIB Finance (Guernsey) Limited and Crédit Agricole Financial Solutions (France)06.10.2010 1 rst supplement to the 21.07.2010 and 27.07.2010 prospectus• Press releasesPublished on the Crédit Agricole CIB website (www.ca-cib.com)Publication dates Type of document03.05.2010 CITIC Securities and Crédit Agricole Corporate & Investment Bank to explore the combination of their equitybusinesses around the world07.05.2010 Details of Crédit Agricole’s global exposure to Greece17.05.2010 Jean-Claude Bassien appointed Chairman and CEO of Crédit Agricole Cheuvreux05.07.2010 World Bank Completes Sale of CERs with Credit Agricole CIB for the Adaptation Fund08.07.2010 Newedge Board of Directors Appoints New Chairman, Two Vice Chairmen and CEO23.07.2010 Results of the EU-wide stress test - «French banks among the strongest in Europe«04.11.2010 Crédit Agricole CIB establishes a commodities desk for the Japanese market01.12.2010 Appointments at the Crédit Agricole S.A. Group20.12.2010 CITIC Securities and Crédit Agricole Corporate & Investment Bank to create leading global brokerageplatform and Asia Pacifi c investment bank17.03.2011 Appointments Crédit Agricole CIB17.03.2011 Crédit Agricole S.A. - Commitment 2014: Strong and clear ambition, profi table organic growthSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 255

6GENERAL INFORMATION• Documents fi led with the Registrar of the Nanterre commercial courtAvailable at the: www.infogreffe.fr(Crédit Agricole CIB number: 304 187 701)Filing notice published in la Gazette du palais: 3 Boulevard du Palais 75004 ParisFiling date Filing number Type of document19.03.2010 8651 Minutes of the Board of Directors meeting- Resignation of Chairman of the Board ofDirectors, Appointment of Chairman of the Board of Directors07.06.2010 9931 2009 parent-company fi nancial statements07.06.2010 9932 2009 consolidated fi nancial statements15.06.2010 16747 Extract of minutes - Change of directors (Board of Directors)15.06.2010 16747 Extract of minutes – Change of director(s) (Ordinary General Meeting)20.09.2010 27564 Minutes of the Board of Directors meeting- Change of a deputy CEO20.09.2010 27564 Minutes of the Board of Directors meeting- Change of director(s)02.12.2010 35758 Minutes of the Board of Directors meeting- Appointment of directors14.12.2010 37268 Extract of minutes – Resignation of directors14.12.2010 37268 Extract of minutes – Change of CEO and deputy CEO• Publications in the Bulletin des Annonces Légales Obligatoires (BALO)Published on the www.journal-officiel.gouv.fr/baloPublication dates Type of document Article number11.06.2010 2009 annual fi nancial statements 100327123.06.2010 Quarterly fi nancial statements at 31 March 2010 100383820.09.2010 Quarterly fi nancial statements at 30 June 2010 100532617.12.2010 Quarterly fi nancial statements at 30 September 2010 1006386256SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

GENERAL INFORMATION 6 ADDITIONAL INFORMATION• FEES PAID TO STATUTORY AUDITORS (1)Crédit Agricole CIB’s college of auditors (2)ERNST & YOUNGPRICEWATERHOUSECOOPERSIn ‘000 €Amount(excluding VAT)%Amount(excluding VAT)%2010 2009 2010 2009 2010 2009 2010 2009AuditIndependent audit, certification, review of parent company and consolidated financial statementsIssuer 3,658 4,507 39.02% 69.52% 3,286 3,447 43.86% 44.10%Fully-consolidated subsidiaries 2,081 1,838 22.20% 28.35% 2,955 3,859 39.44% 49.37%Ancillary assignmentsIssuer 3,339 59 35.62% 0.91% 274 243 3.65% 3.11%Fully-consolidated subsidiaries 91 13 0.97% 0.20% 829 170 11.07% 2.18%Sub-total 9,170 6,417 97.81% 99% 7,344 7,719 98.02% 98.76%Other servicesLegal, tax, personnel-related 0 47 0.00% 0.72% 141 86 1.88% 1.10%Others to be disclosed(if >10% of audit fees)205 19 2.19% 0.29% 7 11 0.10% 0.14%Sub-total 205 66 2.19% 1.02% 148 97 1.98% 1.24%Total 9,375 6,483 100% 100% 7,492 7,816 100% 100%Other statutory auditors engaged in the audit of fully consolidated CréditAgricole CIB Group subsidiariesIn ‘000 €Mazars & Guerard Deloitte KPMG OthersAmount(excl.VAT)%Amount(excl.VAT)% Amount % Amount %2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009AuditIndependent audit, certifi cation, review of parent-company and consolidated fi nancial statements0 0 7 60 100% 100% 281 88 100% 100% 295 403 100% 100%Ancillary assignments0 0 0% 0% 0 0 0% 0% 0 0 0% 11% 0 0 0% 0%Total 0 0 7 60 100% 100% 281 88 100% 111% 295 403 100% 100%(1)These fi gures indicate the annual cost of Statutory Auditors’ fees.(2)Including fully consolidated Crédit Agricole CIB subsidiaries audited by the College of Auditors.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 257

6GENERAL INFORMATION STATUTORY AUDITORS’ SPECIALREPORTon related party agreements and commitmentsShareholders’ Meeting to approve the financial statements for the yearended 31 December 2010This is a free translation into English of the Statutory Auditors’ report issued in the French language and is provided solely for the convenienceof English speaking readers.This report should be read in conjunction with, and construed in accordance with French law and professional auditing standards applicablein France.To the shareholders,In our capacity as the Company’s statutory auditors, we hereby submit our report on regulated agreements and commitments.We are required to inform you, on the basis of the information provided to us, of the terms and conditions of the contractual agreementsor commitments indicated to us or that we may have identifi ed in the performance of our engagement. It is not our role to comment as towhether they are benefi cial or to ascertain the existence of any such agreements and commitments. It is your responsibility, in accordancewith Article R.225-31 of the French Commercial Code, to assess the benefi ts resulting from these agreements and commitments prior totheir approval.In addition, we are required to inform you in accordance with Article R.225-31 of the Code de commerce concerning the implementation ofthe agreements and commitments already approved by the shareholders’ meeting.We have taken the steps we consider necessary to comply with professional code of the Compagnie Nationale des Commissaires auxComptes (France’s national association of statutory auditors) relating to this assignment. These steps consisted of verifying that the informationprovided to us is consistent with the underlying documents from which it was taken.Agreements and commitments submitted for approval by the shareholders’meetingAgreements and commitments authorised during the past financial yearIn accordance with article L.225-40 of the French Commercial Code, we have been informed of the agreements and commitments that haveobtained prior approval from your Board of Directors.1. WITH NEWEDGE GROUPNATURE AND PURPOSEMr. Patrick Valroff, Chief Executive Offi cer until 1 December 2010 and Mr. Pierre Cambefort, Deputy Chief Executive Offi cer.NATURE AND PURPOSEOn 9 November 2010 your Board of Directors authorised your company to sign an agreement which deals with the subcontracting to NewedgeGroup of the back-offi ce services for derivative fi nancial instruments traded on regulated markets in France and abroad.The agreement covers the transactions carried out by your company and those carried out by Crédit Agricole S.A. and Indosuez FinanceUK Limited, a subsidiary of your company for which the back-offi ce process was entrusted to your company and the latter has recourse toNewedge Group for back-offi ce services.258SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

GENERAL INFORMATION 6TERMS AND CONDITIONSThe subcontracting agreement comprises the following main services provided by Newedge Group:• the recording of transactions on fi nancial instruments,• reconciliation of these transactions with those recognised by clearing houses,• fi nancial fl ow processing, input and interface of your Company’s accounting system.The fee due to Newedge Group for the services provided is defi ned as follows:• for your Company and Indosuez Finance UK Limited, a minimum annual amount with a tracking index revised upwards on the basis of thevolume of transactions entrusted to Newedge Group;• for Crédit Agricole S.A, a minimum monthly amount with a tracking index revised upwards on the basis of the volume of transactionsentrusted.These two scales are subject to an annual tracking index covenant on the basis of a benchmark indice. It is possible to reduce the minimumamounts if there is a decrease in the scope of the service entrusted, provided that it complies with a fi ve month notice.2. WITH MR PIERRE CAMBEFORT, DEPUTY CHIEF EXECUTIVE OFFICERNATURE AND PURPOSEOn 24 August 2010 your Board of Directors authorised the commitments made by Crédit Agricole S.A. to Mr Pierre Cambefort.TERMS AND CONDITIONSPensionMr Pierre Cambefort contributes to the pension, provident and mutual insurance plans in effect within your company.He benefi ts from a supplementary pension plan as part of his employment contract with Crédit Agricole S.A. and his assignment to yourcompany, whose cost – for the employer’s share – is assumed by your company during the exercise of Mr Pierre Cambefort’s functionswithin it.The supplementary pension plans comprise a combination of a defi ned-contribution plan and a defi ned-benefi t plan of the top-up type.Rights to the top-up plan are determined after deduction of the annuity constituted within the framework of the defi ned-contribution plan.The contributions to the defi ned-contribution plan are equal to 8% of the gross salary capped at eight times the Social Security ceiling (ofwhich 3% is at the benefi ciary’s charge). The top-up rights of the defi ned-benefi t plan are equal, on the condition of presence, for each yearof service, and as a function of the reference end-of-career fi xed salary, to 0.90% or 1.20% of fi xed compensation plus variable compensation(capped at 40% or 60% of fi xed compensation). Upon liquidation, the total pension annuity resulting from these plans and mandatorypension plans will be capped at 23 times the annual Social Security ceiling as at this date.End of contractAt the end of his assignment with your company, his contract provides that Mr Pierre Cambefort will rejoin Crédit Agricole S.A. or anotherCrédit Agricole Group entity.Agreements and commitments since the financial year-endWe have been informed of the following agreements and commitments authorised since the closing of the year ended, which were subjectto the prior approval of your Board of Directors.1. WITH NEWEDGE GROUPDIRECTORS CONCERNEDMr Duncan Goldie-Morrison, former Chief Executive Offi cer of your company’s New York branch, Chairman of the Newedge Group Boardof Directors.NATURE AND PURPOSEOn 26 July 2010, the Board of Directors of Newedge Group appointed Mr Duncan Goldie-Morrison as Chairman of the Board of Directors.For technical reasons and in agreement with Newedge Group, your company’s New York branch maintained Mr Duncan Goldie-Morrison’semployment contract and continued to ensure his compensation and the related benefi ts until 23 December 2010, date of the end of hisemployment contract with your company’s New York branch.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 259

6GENERAL INFORMATIONTERMS AND CONDITIONSYour company’s New York branch invoiced Newedge Group for repayment on 21 January 2011 in the amount of $368,080 for the periodbetween 26 July and 23 December 2010.2. WITH MR JEAN-YVES HOCHER, CHIEF EXECUTIVE OFFICER, AND MR FRANCIS CANTERINI, DEPUTY CHIEF EXECUTIVEOFFICERNATURE AND PURPOSEOn 12 January 2011 your Board of Directors authorised the commitments made by Crédit Agricole S.A. with respect to the pension plansof Mr Jean-Yves Hocher and Mr Francis Canterini.TERMS AND CONDITIONSMr Jean-Yves Hocher and Mr Francis Canterini benefi t from a supplementary pension plan with Crédit Agricole S.A. for which your companywill participate in the payment of contributions – employer’s share – during the term of offi ce that they exercise within your company.The supplementary pension plans comprise a combination of a defi ned-contribution plan and a defi ned-benefi t plan of the top-up type.Rights to the top-up plan are determined after deduction of the annuity constituted within the framework of the defi ned-contribution plan.The contributions to the defi ned-contribution plan are equal to 8% of the gross salary capped at eight times the Social Security ceiling (ofwhich 3% is at the benefi ciary’s charge). The top-up rights of the defi ned-benefi t plan are equal, on the condition of presence, for each yearof service, and as a function of the reference end-of-career fi xed salary, to 0.90% or 1.20% of fi xed compensation plus variable compensation(capped at 40% or 60% of fi xed compensation). Upon liquidation, the total pension annuity resulting from these plans and mandatorypension plans will be capped at 23 times the annual Social Security ceiling at this date.3. WITH MR JEAN-YVES HOCHER, CHIEF EXECUTIVE OFFICER AND DEPUTY CHIEF EXECUTIVE OFFICER OF CRÉDITAGRICOLE S.A.NATURE AND PURPOSEAt its meeting on 12 January 2011 your Board of Directors confi rmed the commitments authorised on 18 May 2009 by the Board of Directorsof Crédit Agricole S.A. in favour of Mr Hocher in his capacity as Deputy Chief Executive Offi cer of Crédit Agricole S.A., in the event ofthe cessation of his corporate offi ce held at Crédit Agricole S.A.TERMS AND CONDITIONSFunctionCrédit Agricole S.A. has committed to proposing an equivalent or comparable function to that which Mr Jean-Yves Hocher exercised priorto becoming a corporate offi cer, by virtue of his employment contract, in his capacity as a member of the Executive Committee of the CréditAgricole S.A. Group. In this respect, he will benefi t from a proposal of at least two positions corresponding to the functions of members ofthe Executive Committee of the Crédit Agricole S.A. Group.CompensationMr Jean-Yves Hocher’s gross annual compensation with respect to his employment contract will be established by reference to his lastcontractual compensation prior to the starting date of his term of offi ce. Updated, this compensation will not be less than the averagecompensation paid to the members of the Executive Committee, excluding corporate offi cers, during the twelve months prior to the end ofhis term of offi ce.Non-competition commitmentBecause of the nature of his functions as Deputy Chief Executive Offi cer of Crédit Agricole S.A., Mr Jean-Yves Hocher commits, subsequentto the notifi cation of the interruption of his employment contract, for whatever reason, not to exercise directly or indirectly an activity at acompeting company whether on a voluntary basis or as an employee, corporate executive or independent professional. This commitment,valid for one year as from the notifi cation of the termination of his employment contract, is limited to the banking sector in France. As acounterpart to this commitment, Crédit Agricole S.A. will pay in accordance with the conditions specifi ed in the collective bargaining agreementan amount equal to 50% of his last annual gross compensation having been the object of a tax declaration after deducting benefi ts inkind. If Crédit Agricole S.A. decides to renounce this clause within the timeframe provided for in the collective bargaining agreement, it willnot have to pay this indemnity.Retirement bonus planThe re-activation of Mr Jean-Yves Hocher’s employment contract will result in his benefi ting from the retirement bonus plan provided for allemployees under the collective bargaining agreement of Crédit Agricole S.A. The total amount of this bonus cannot exceed six months offi xed salary plus variable compensation limited to 4.5% of the fi xed salary.260SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

GENERAL INFORMATION 6Agreements and commitments already approved by the shareholders’meetingAgreements and commitments approved in prior yearsa) which remained in force during the yearIn accordance with article R. 225-30 of the Code de commerce and in addition to the agreement enforced in April 2010 as it was provided inthe statutory auditors’ special report of 22 March 2010, we were informed that the execution of the following agreements and commitments,already approved by the shareholders’ meeting in prior years, was pursued in 2010.1. WITH CRÉDIT AGRICOLE S.A.Subscription for preference shares or deeply subordinated notesNATURE AND PURPOSEFurther to the link-up between the corporate and investment banking businesses of Crédit Agricole S.A. Group and Crédit Lyonnais, CréditLyonnais made a partial asset transfer to Crédit Agricole Indosuez (which became Crédit Agricole Corporate and Investment Bank).In view of the above transaction, it was deemed necessary to increase Calyon’s shareholders’ equity. Two issues of deeply subordinatednotes, in US dollars, were carried out in 2004. Crédit Agricole bought USD1,730 million of these notes.TERMS AND CONDITIONSInterest due by your company with respect to 2010 amounted to USD106.7 million.2. WITH CRÉDIT LYONNAISSale of Banque Française Commerciale Antilles-Guyane (BFC-AG) by your company to Crédit LyonnaisNATURE AND PURPOSEIn order that BFC-AG be provided with adequate supervision for its retail banking activity, Calyon sold its stake in BFC-AG to Crédit Lyonnais,which became its sole core shareholder, on 1 July 2005.The disposal agreement, which didn’t result in liability guarantees, contains a clawback clause that expired at the closing of the BFC-AG2008 accounts.TERMS AND CONDITIONSDiscussions between your company and Crédit Lyonnais for the application of the clawback clause in 2009 are still in progress in 2010.Acquisition by your company of Crédit Lyonnais’ stake in Union des Banques Arabes et Françaises (UBAF)NATURE AND PURPOSEOn 1 July 2005, your company signed an agreement with Crédit Lyonnais to acquire its holding in UBAF. Your company acquired the43.93% shareholding in UBAF for €236 million. In addition, your company assumed Crédit Lyonnais’ commitments with regard to MACOin return for Crédit Lyonnais’ payment to your company of a sum covering any loss resulting from the possible liquidation of MACO, asestimated on the date the agreement was signed.Your company undertook to repay to Crédit Lyonnais 80% of the difference between the loss actually borne and the sum paid to your companyin the event that the loss borne by your company upon liquidation of MACO should prove smaller than the amount of the payment.TERMS AND CONDITIONSFollowing the early redemptions of the loan covered by the agreement, a fi nal amount of €17,561,002 was paid by your company to CréditLyonnais with respect to 2010.SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 261

6GENERAL INFORMATION3. INDEMNITY AGREEMENT BY YOUR COMPANY FOR CRÉDIT LYONNAISNATURE AND PURPOSECrédit Lyonnais’ corporate and investment banking division (BFI) was transferred to your company on 30 April 2004 with retroactive effectfrom 1 January 2004 for accounting and legal purposes, except for short-, medium- and long-term commercial loans, which were transferredlater, with effect from 31 December 2004 at the latest.To comply with the principle of retroactive effect from 1 January 2004, your company undertook to indemnify Crédit Lyonnais for counterpartyrisks relating to those loans from 1 January 2004.TERMS AND CONDITIONSThe amount of the guarantee amounted to €18,721,000 at 31 December 2010 and remuneration for 2010 totalled €61,229.70.4. WITH SNC DOUMERLoan granted by your company to SNC DoumerNATURE AND PURPOSEThe building at 9, quai du Président Paul Doumer, the registered offi ce of your company, is owned by S.N.C Doumer. Your company hasgranted SNC Doumer a margin-free loan.TERMS AND CONDITIONSThe principal on the loan amounted to €6,594,785.66 at 31 December 2010 and interest paid with respect to 2010 totalled €51,089.83.Neuilly-sur-Seine, March 16, 2011Statutory AuditorsPRICEWATERHOUSECOOPERS AUDITCatherine Pariset et Pierre ClaviéERNST & YOUNG ET AUTRESPierre Hurstel262SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

GENERAL INFORMATION 6 PERSON RESPONSIBLE FOR THE SHELF-REGISTRATION DOCUMENT AND FORAUDITING THE ACCOUNTS• RESPONSABILITY STATEMENTI hereby certify that, to my knowledge and after all due diligence, the information contained in this registration document is true and accurateand contains no omissions likely to affect the import thereof.I certify that, to my knowledge, the fi nancial statements were prepared in accordance with applicable accounting principles and give a trueand fair view of the assets, fi nancial position and results of the company and all consolidated companies, and that the management reporton page 77 gives a true and fair view of the business activities, results and fi nancial position of the company and all consolidated companies,along with a description of the main risks and uncertainties they face.I have obtained a letter from the statutory auditors upon completion of their work in which they state that they have verifi ed the informationrelating to the fi nancial situation and fi nancial statements provided in this document and read the document as a whole.The historical fi nancial information presented in this document was covered by the statutory auditors in their reports which contain anobservation. Those reports are provided:• respectively in pages 212 to 213 and 250 to 251 of this document for the consolidated fi nancial statements and annual fi nancial statementsof the fi nancial year ended 31 December 2010.• in pages 202-203 of this document D10-0142 submitted to the AMF on 23 March 2010 for the consolidated fi nancial statements of thefi nancial year ended 31 December 2009.Courbevoie, 23 March 2011The Chief Executive Offi cer of Crédit Agricole CIBJean-Yves HOCHERSHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 263

6GENERAL INFORMATION• STATUTORY AUDITORSErnst & Young et AutresMember of the Ernst & Young networkMember of the Versailles regional associationof statutory auditors represented by:Pierre HurstelHead offi ce:41 Rue Ibry92576 Neuilly Sur SeinePRIMARY STATUTORY AUDITORSPricewaterhouseCoopers AuditMember of the PricewaterhouseCoopers networkMember of the Versailles regional associationof statutory auditors represented by:Catherine Pariset et Pierre ClaviéHead offi ce:63 Rue de Villiers92200 Neuilly Sur SeinePicarle et AssociésMember of the Versailles regional associationof statutory auditorsCompany represented by:Denis PicarleHead offi ce:Faubourg de l’Arche – 11 allée de l’Arche92400 CourbevoieALTERNATE STATUTORY AUDITORSM. Pierre CollMember of the Versailles regional associationof statutory auditors63 Rue de Villiers92208 Neuilly Sur Seine CedexErnst & Young et Autres (until 30 June 2006 known as Barbier Frinaultet Autres) was appointed Statutory Auditor for six fi nancialperiods by the Shareholders’ Meeting of 10 May 2000.This mandate was renewed for a period of six fi nancial periods atthe Shareholders’ Meeting of 16 May 2006.The shareholders’ meeting of 16 May 2006 appointed Picarle etAssocies as alternate auditors to Barbier Frinault et Autres (nowknown as Ernst & Young et Autres) for a period of six fi nancial periods(replacing Mr Peuch Lestrade whose mandate expired at theend of the 16 May 2006 Shareholders’ Meeting).LENGTH OF STATUTORY AUDITORS’ MANDATESLENGTH OF ALTERNATE AUDITORS’ MANDATESPricewaterhouseCoopers Audit was appointed Statutory Auditorby the Shareholders’ Meeting of 30 April 2004, to replace CabinetAlain Laine, which had been appointed at the Meeting of 10 May2000 for six fi nancial periods and has since resigned.This mandate was renewed for a period of six fi nancial periods atthe Shareholders’ Meeting of 16 May 2006.Pierre Coll was appointed Alternate Auditor to Pricewaterhouse-Coopers Audit by the Shareholders’ Meeting of 30 April 2004 forthe duration of the mandate of his predecessor, Mr Olivier Peronnet,who had been appointed by the Meeting of 10 May 2000 andhas since resigned. This mandate was renewed for a period of sixfi nancial periods at the Shareholders’ Meeting of 16 May 2006.264SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

GENERAL INFORMATION 6 CROSS-REFERENCE TABLEThe following table indicates the page references corresponding to the main information headings required by regulation EC 809/2004enacting the terms of the « Prospectus « Directive.Headings required by regulation EC°809/2004 (annex XI)Page number1. Person responsible 2632. Statutory auditors 2643. Risk management 94 à 121166 à 1771924. Information about the issuer4.1 History and development of the issuer 10 à 125. Business overview5.1 Main activities 14 à 175.1.3 Main markets 14 à 176. Organisational chart6.1 Brief description of the Group and the issuer’s position within the Group 2 à 36.2 Dependence relationships within the Group 1417. Recent trends 878. Profi t forecasts or estimates N/A9. Administrative, management and supervisory bodies 36 à 459.1 Information concerning members of the administrative and management bodies 57 à 759.2 Confl icts of interest in the administrative, management and supervisory bodies 7610. Major shareholders 19311. Financial information concerning the issuer’s assets and liabilities, fi nancial positionand profi ts and losses11.1 Historical fi nancial information (1) 139 à 25111.2 Financial statements 139 à 211215 à 24911.3 Auditing of historical annual fi nancial statements 212 à 213250 à 25111.4 Dates of the most recent fi nancial disclosures 13911.5 Interim fi nancial information N/A11.6 Legal and arbitration proceedings 120 ; 25411.7 Signifi cant change in the issuer’s fi nancial or commercial position 25412. Signifi cant contracts 25413. Third party information and statements by experts and declarations of any interest N/A14. Documents on display 255(1)In accordance with article 28 of EC regulation 809/2004 and article 212-11 of the AMF’s general regulations, the following are incorporated for referencepurposes: the consolidated fi nancial statements for the period ended 31 December 2010, the statutory auditors’ report on the consolidated fi nancial statementsfor the period ended 31 December 2010 and the Group’s management report as presented on pages 75 to 136, 137 to 212 of Crédit Agricole CIB’s2010 shelf-registration document registered by the AMF on 23 March 2011 under number D.11-0170 and available on the Crédit Agricole CIB website (www.ca-cib.com).SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 265

6GENERAL INFORMATIONRegulated information within the meaning of by Article 221-1 of the AMF General Regulation contained in thisregistration document can be found on the pages shown in the correspondence table belowPage numberThis registration document, which is published in the form of the 2008 annual report, includes allcomponents of the 2010 annual financial report referred to in paragraph I of Article L. 451-1-2 of the CodeMonétaire et Financier as well as in Article 222-3 of the AMF General Regulation:Parent company fi nancial statements and Statutory Auditors’ report 215Consolidated fi nancial statements and Statutory Auditors’ report 139Management report 77Statement by person responsible 263Pursuant to Articles 212-13 and 221-1 of the AMF General Regulation, this document also contains thefollowing regulatory information:Chairman’s report on corporate governance and internal control and Statutory Auditors’ report thereon 36Annual information document 255Description of share buyback programmesN/A266SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010

This document is environment friendly: it wasdesigned to optimize the amount of paper. It wasprinted frm sustainable managed forests (brandedPEFC). The printer is green certifi ed. It recycles thewaste due to printing.This document is recyclable.Design and production: Crédit Agricole Corporate and Investment Bank - Cover: Profi l Design - Printing : Bergame Print

This shelf-registration is available on theCrédit Agricole CIB website: www.ca-cib.comand on the Autorité des Marchés Financiers website: www.amf-france.orgCRÉDIT AGRICOLE CIB9, QUAI DU PRÉSIDENT PAUL DOUMER92920 PARIS LA DÉFENSE CEDEXTEL.: +33 (0)1 41 89 00 00www.ca-cib.com

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