Credit Agricole S.A.: Sharp Increase in 2004 Results.

PARIS -- Credit Agricole S.A.:

--  Pre-tax ordinary income                 EUR 4.376 billion (+24.4%)

--  Net income (Group share):
        before goodwill and integration-
         related costs                      EUR 3.157 billion (+31.5%)
        after goodwill and integration-
         related costs                      EUR 2.203 billion (+93.2%)

--  ROE(1): 13.6% versus 10.6% (+3 percentage points)

--  Earnings per share(1): EUR 2.14 (+19.6%)

--  Proposed dividend: EUR 0.66 per share (+20%)

(1) based on net income before goodwill amortisation and
    integration-related costs

These results were up sharply compared to 2003, reflecting excellent performances by all the Group's business lines.

These performances are particularly impressive, as they were achieved in the year that saw the completion of the Credit Lyonnais integration process, resulting in a major restructuring of most of the Group's business lines.

Net income (Group share) came in at EUR 2.203 billion, rising very steeply by 93.2% compared to 2003. Before goodwill amortisation and integration-related costs, net income was up 31.5% to EUR 3.157 billion, giving an ROE of 13.6% versus 10.6% in 2003. Earnings per share were EUR 2.14, up 19.6%.

The Board of Directors will propose to the shareholders, at the Annual general meeting:

--a rights issue reserve for the Credit Agricole Group employees, of an amount not exceeding EUR 400 million, which could be launched towards the end of the first semester of 2005;

--a dividend of EUR 0.66 per share. This represents a 20% increase on the dividend paid for 2003.

CREDIT AGRICOLE S.A. CONSOLIDATED RESULTS

Net income (Group share) before goodwill amortisation and integration-related costs came to EUR 3.157 billion in 2004, up 31.5% on 2003.

This strong increase stems from a virtually stable gross operating income (down 1.9%), a sharp 48.6% reduction in risk-related costs, a 30% increase in the contribution from equity affiliates, and a 32% decrease in integration-related costs.

Gross operating income amounted to EUR 3.761 billion. This decrease is due to exceptional circumstances in 2004, which saw the integration of Credit Lyonnais' business activities with Credit Agricole SA's specialist subsidiaries. However, despite significant organisational changes, staff relocations and systems harmonisation efforts, all business lines delivered a robust commercial performance, except for the corporate and investment banking business, which was more adversely affected by staff integration. If we exclude corporate and investment banking, gross operating income(2) was up 11.2% in 2004 compared to 2003, driven by 6.0% growth in net banking income and an increase in expenses capped at 4%.

Risk-related costs amounted to EUR 576 million, down 48.6% versus 2003.

The contribution from equity affiliates was up 30.0% year-on-year to EUR 1.113 billion.

Pre-tax ordinary income came to EUR 4.376 billion, up 24.4% year-on-year.

Net income (Group share), before goodwill amortisation and integration-related costs, rose 31.5% year-on-year to EUR 3.157 billion, giving an ROE of 13.6%, up three percentage points on 2003.

Integration-related costs for Credit Agricole S.A. and Credit Lyonnais, booked in the 2004 income statement, totalled EUR 349 million versus EUR 513 million in 2003.

Net income (Group share), after goodwill amortisation (EUR 729 million) and integration-related costs, came to EUR 2.203 billion in 2004, up 93.2% on 2003.

In fourth-quarter 2004, net income (Group share) before goodwill amortisation and integration-related costs totalled EUR 750 million, remaining virtually unchanged (down 0.9%) compared to fourth-quarter 2003. This performance was based on a decrease in gross operating income (which was at a two-year peak in fourth-quarter 2003), offset by much lower risk-related costs and a sharp increase in income from equity affiliates.

(2) indicates data based on a like-for-like scope of consolidation and on comparable methods. Unaudited data