HALF-YEARLY FINANCIAL REPORT JUNE 30, 2008

HALF-YEARLY FINANCIAL REPORT JUNE 30, 2008 Copies of this document are available at no expense from the headquarters of Banque Fédérative du Crédit Mutuel. The document may also be downloaded electronically from the issuer s website http://www.bfcm.creditmutuel.fr. Banque Fédérative du Crédit Mutuel Société Anonyme (Public limited company) with a capital of 302,192,250 Headquarters: 34 rue du Wacken B.P. 412 67002 Strasbourg Cedex Telephone: 03 88 14 88 14 Telegraph address: CREDIMUT Telex: CREMU X 880 034 F Fax: 03 88 14 67 00 SWIFT address: BFCM FR 2A R.C.S. Strasbourg B 355 801 929-1 -

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CONTENTS Chapter I Responsible persons... 4 1.1. Responsible for the half-yearly financial report... 4 1.2. Certificate of responsible person... 4 Chapter II INFORMATION ON TRENDS... 5 2.1. The forward looking declaration on the BFCN prospects... 5 2.2. Known trends, uncertainty or request or any engagement or event reasonably likely to materially influence the prospects of the issuer for at least the current financial year... 5 Chapter III HALF-YEARLY FINANCIAL STATEMENTS... 6 3.1. Intermediate half yearly information...6 3.1.1 Half yearly activity report... 6 3.1.2 Condensed consolidated financial statements... 9 Chapter IV REPORT OF THE STATUT ORY AUDITORS ON THE FINANCIAL STATEMENTS AFTER LIMITED EXAMINATION OF THE HALF-YEARLY ACCOUNTS...32 Chapter V DOCUMENTS AVAILABLE TO THE PUBLIC... 35 5.1. Documents available to the public... 35 5.2. Person responsible for information...35-3 -

Chapter I Responsible persons 1.1. Responsible person for the half-yearly financial report Mr. Michel LUCAS, Director General, Banque Fédérative du Crédit Mutuel. 1.2. Certificate of responsible person I certify that to the best of my knowledge the condensed financial statements for the past six months have been drawn up in accordance with the applicable accounting standards, and give a faithful image of the assets, financial situation, and earnings of the company and of the companies included in the consolidation, and that the half-yearly activity report attached is a faithful representation of the important events occurring in the first six months of the financial year, of their effect on the financial statements, of the main transactions between the related parties and a description of the major risks and uncertainties for the remaining six months of the financial year. Signed in Strasbourg, August 4, 2008 Managing Director Michel LUCAS - 4 -

Chapter II INFORMATION ON TRENDS 2.1. Forward-looking declaration on BFCN prospects Outlook for 2008: During the last twelve months, the crisis in the financial markets has had increasingly extensive effects. Tensions in the inter-bank market and on interest rates have made for tougher general terms for financing economic activity, to an extent such that the crisis has now spread to segments beyond the North American residential property market and its mechanisms of finance. The financial markets more generally have been affected. Share prices have fallen almost every where, and reduced liquidity affects a number of trading compartments. These factors had a highly unfavorable impact on the CIC branch in New York, and on the group's market activities, which reported negative net banking income. Such unfavorable trends, if they persist or become more pervasive, are liable to lead to lower earnings for the group in 2008. 2.2. Known trends, uncertainties, demands, engagements or events reasonably likely to materially influence the prospects of the issuer for the current financial year and possibly beyond In this context, the main risk factors liable to influence the level of earnings for the financial year in progress are: Increase in counter party risks for customers and banks; Tougher terms of access by the group to refinancing (lack of liquidity in the inter-bank markets and higher interest rates); Loss of value in market positions. These elements are in greater part due to the macro-economic developments characteristic of the crisis in the financial markets, and which are difficult at this point in time to identify with precision. - 5 -

Chapter III HALF-YEARLY FINANCIAL STATEMENTS 3.1. Intermediate half yearly information 3.1.1 Half yearly activity report BFCM Group comment on activity and results of 1 st half 2008 Difficult economic environments for the banking industry The crisis in the financial markets, which originally affected only the sub prime compartment, has gradually become more pervasive and multiform. The extremely adverse conditions in the financial markets have been accompanied by a contraction in lending, while inflationary risks have come to the fore again. This environment has caused great difficulty to the banks in their trading activity and operations. The difficulties they face in refinancing and their substantial asset write-downs have further adversely affected the levels of earnings and the equity of the banking sector. In the United States, the Federal Reserve has had to use all the instruments available to it to avoid a systemic crisis in the financial markets, and has done so by directly organizing the rescue of certain banks and by injecting liquidity into the markets. The conditions under which the banks conduct their business have continued to deteriorate. Inter-bank lending rates remain high, and the costs of long term finance are rising. BFCM activity on behalf of the CM4-CIC group The Banque Fédérative du Crédit Mutuel (BFCM) acts as a holding company and a central point of refinance for the CM4-CIC group. This mission is performed in the first instance on behalf of the four branch networks of the Crédit Mutuel, namely Crédit Mutuel Centre Est Europe, Crédit Mutuel Sud-Est, Crédit Mutuel Ile-de-France and Credit Mutuel Savoie Mont-Blanc(CM4). The sources of funds available to BFCM from deposits of 37.9 billion,* increased by 3.7% compared to year end 2007. At the same time, the refinancing of the lending of these networks increased by 6.2% to 53.1 billion*. On the other hand, the deposits held by CIC and its regional banks as up to June 30 amounted to 9.1 billion* and refinance granted amounted to 31.6 billion.* To perform its role as a source of finance for the network, the BFCM issues bonds on the security of its subsidiary CM-CIC Covered Bonds, which are AAA rated by the three main rating agencies. The outstanding debt is 6 billion*, after a further issuance of 1.5 billion* in the first half (* excluding attached receivables or payables). Retail Banking Operations June 30, 2008 June 30, 2007 Change Net banking income 1,636 1,544 +6% Income 249 237 +5% (in millions) The retail banking business is mainly in the hands of the CIC group, which continued to develop its network, resulting in: - 6 -

- Winning 170,121 new customers (+4.4%), raising its private, professional and corporate customer base to 4,079,399 accounts on June 30, 2008 from 3,909,278 on June 30, 2007; - 16% rise in the total loans to customers ( 88,724 million on June 30, 2008 as against 76,511 million on June 30, 2007); - 16% rise in deposits ( 53,939 million on June 30, 2008 as against 46,376 on June 30, 2007); - 15.8% increase in the number of contracts in the insurance business from 1,923,696 on June 30, 2007 to 2,227,053 on June 30, 2008 with further growth in services. The Banque de l Economie du Commerce et de la Monétique is a BFCM subsidiary specializing in services to industrial and other players in the real estate sector. In spite of the difficult environment, particularly in the field of financing real estate professionals, business volumes grew strongly in the first half. The development of the corporate market offset the reduction in lending to the real estate markets more generally. The loan book increased by 14% over 6 months, and sources of funds by 11%. Against this backdrop, BECM was able to increase its NBI by 7% as compared to the first half of 2007. Overall, the increase in NBI and well-controlled general expenses (+1% compared to first half of 2007), resulted in retail banking sector earnings increasing by 5% to 249.1 million. Finance Banking and trading activity June 30, 2008 June 30, 2007 Change Net banking income -88 464 ns Income -133 222 ns (in millions) The finance banking businesses reported a rise in their NBI from 154 million on June 30, 2007 to 207 million on June 30, 2008. Against the backdrop of the crisis in the financial markets, the NBI of the market activities of the BFCM and the CIC stood at 310 million on June 30, 2007 and at - 295 million on June 30, 2008. Positions have been valued under IFRS at market prices, which were adversely affected by falling stock prices and by the rise in credit spreads in a market whose continuing characteristic has been restricted liquidity, and where prices are not necessarily a reflection of the value of the underlying assets. A return in the market to the conditions and liquidity for securities trading which obtained at year-end 2007, would result in positive NBI. The NBI of the market-related activities of the New York subsidiary of the CIC fell to a negative 224 million on June 30, 2008 as against 11 million in surplus on June 30, 2007. This branch possesses a RMBS 1 portfolio of 2.8 billion, 95% comprised of AAA rated securities, of which 37% are guaranteed by the American Federal agencies. The steep deterioration in the conditions of market trading has adversely affected the value of its holdings in securities when marked to market by reference to external broker prices, in a market qualified as "illiquid." Insurance June 30, 2008 June 30, 2007 Change Income 243 237 +2% The insurance business is operated by the Groupe des Assurances du Crédit Mutuel (GACM) and its subsidiaries. Income stated under IFRS from the insurance business was broadly unchanged as compared to the first half of 2007, in spite of premium income easing down by 13.4%. 1 RMBS: Residential mortgage backed securities. - 7 -

The decline in consolidated premium income was more especially the consequence of lower inflows of life assurance premiums, which fell by 23.4%. At the same time, GACM reported excellent progress in its other insurance businesses. Its property and casualty insurance business premium income rose by 12.2%. Growth was supported in the first half by the transfer, from Suravenir Assurance to ACM IARD SA, of the non-life business of the Fédération de Crédit Mutuel de Loire Atlantique and the Centre Ouest. The transfer was approved by the Comité des Entreprises d'assurance (Comittee of Insurance Companies) on the June 19, 2008, and took effect on January 1, 2008. Correlatively, GACM withdrew as a shareholder of Suravenir Assurance, a company in which it had held a 34% stake. The value of the financial assets and the shadow accounting as provided for under IAS 39 and IFRS 4 negatively affected earnings in the amount of 30 million. General expenses increased by 8.1% overall. The technical results of the various branches were good and contributed to stable levels of income, further supported by sound trends in the fundamentals of the business. Other sectors and results of the BFCM group Private banking NBI increased slightly to 225 million as at June 30, 2008, from 223 million on June 30, 2007. In the financial markets, which were affected by a crisis of confidence, the group's asset management businesses on behalf of high net worth individuals continued to achieve organic growth in the first six months of 2008. As a result of the completion of extraordinary non-recurrent transactions in the previous financial year, private equity NBI, which stood at 318 million on June 30, 2007, fell to 77 million on June 30, 2008, On June 30, 2008, the all-inclusive NBI of the BFCM group stood at 2,143 million as against 3,010 million on June 30, 2007. Operational expenses fell to 1,595 million on June 30, 2008 from 1.605 million in June 2007. The cost of risk rose from 64 million to 142 million. Overall net income was 354 million (as against 990 million in the first half of 2007), of which 273 million attributable. Consolidated book shareholder's equity was 10.7 billion (not including super subordinated securities). Given this financial solidity, BFCM was able early in July 2008 to enter into an exclusive contract for the acquisition at year-end 2008 of the Citibank German banking network, and early in June, to acquire Banco Popular France. CIC was also able, at the end of March 2008, to raise its business profile in Morocco by increasing its stake in Banque Marocaine du Commerce Extérieur (BMCE) from 10% to 15%. - 8 -

3.1.2 Condensed consolidated financial statements The consolidated financial statements presented below were drawn up under IAS 34. - 9 -

FINANCIAL STATEMENTS BALANCE SHEET Notes in millions of euros Cash, cash equivalent due from central Banks 4 7 066 6 083 Financial assets at fair value through profit or loss 5 92 739 97 349 Derivative hedging instruments - Assets 6 4 876 3 165 Available-for-sale financial assets 7 53 087 51 063 Loans to and receivables from credit institutions 4 96 935 96 977 Loans to and receivables from customers 8 131 461 121 660 Interest rate hedged portfolio - revaluation difference 9-390 -63 Financial assets held to maturity 10 6 079 6 085 Current taxation 12a 554 454 Deferred taxation 12b 658 383 Regularization accounts and other assets 13 10 124 8 992 Shareholdings in companies consolidated by equity method 14 425 447 Investment properties 15 971 928 Tangible assets and real estate leasing 16 1 548 1 520 Intangible assets 17 247 202 Goodwill 18 686 664 Total assets 407 065 395 910 10

BALANCE SHEET LIABILITIES Notes in millions of euros Due to central Banks 19 663 59 Financial liabilities at fair value through profit or loss 20a 62 904 65 563 Hedging instruments - liabilities 6 3 961 2 857 Due to credit institutions 19 76 906 82 100 Customer deposits 21 73 949 69 980 Securitized debt payables 22 112 771 99 770 Interest rate hedged portfolio revaulation difference 9 568 201 Current taxation 12a 110 151 Deffered taxation 12b 408 527 Regularization accounts and other liabilities 23 11 606 10 701 Technical provisions for insurance contracts 24 44 512 45 355 Provisions for contingencies and liabilities 25 637 620 Subordinated debt 26 7 369 6 748 Shareholders' equity 27 10 701 11 277. Shareholders' equity - Group share 8 964 9 493 - Capital paid up 1 302 1 302 - Additional paid-in capital 578 578 - Consolidated reserves 6 908 5 644 - Unrealized or deferred gains or losses -97 505 - Profit for financial year 273 1 464. Shareholders' equity - Minority interests 1 737 1 785 Total liabilities 407 065 395 910 11

PROFIT AND LOSS STATEMENT Notes June 30, 2008 June 30, 2007 Dec 31, 2007 in millions of euros Interest,income and equivalent 29 8 357 7 097 14 763 Interest,expense and equivalent 29-8 294-7 625-14 666 Commissions (income) 30 1 134 1 123 2 303 Commissions (expenses) 30-403 -413-828 Net profit on financial operations 827 2 255 2 768 Net gains or losses on portfolios at fair value through profit or loss 31 780 2 085 2 576 Net gains or losses on available-for-sale financial assets 32 47 170 192 Income from other activities 33 522 574 1 047 Net banking income 2 143 3 010 5 388 General operating expenses 34-1 519-1 535-2 940 Depreciation and amortization 35-76 -70-145 Gross operating profit 548 1 404 2 303 Cost of risk 36-142 -64-128 Operating profit 406 1 341 2 176 Interest on net profit of companies consolidated by equity method 14 24 18 64 Net gains or losses on other assets 37 4 3 13 Profit before tax 434 1 362 2 253 Corporate income tax 38-80 -372-549 Total net profit 354 990 1 704 Consolidated profit - Minority interest 81 128 239 NET PROFIT 273 862 1 464 12

CASH FLOW STATEMENT In millions of euros 1st half 1st half Full year 2008 2007 2007 Net profit 354 990 1 704 Tax 80 372 549 Profit before tax 434 1 362 2 253 Plus or minus net allowance for amortisation of tangilble and intangible assets 77 70 149 Minus impairment of goodwill and depreciation of other fixed assets 5 5 6 Plus or minus net provisions 79-105 -234 Plus or minus share in profit of companies consolidated by the equity method -11-12 -36 Net gains or losses on investment activities -7-85 -102 (Plus) or minus (Income) / expenses of financing activities Plus or minus other movements 538 1 556 2 317 Equals Total non-monetary items included in net profit before tax and other adjustments 682 1 431 2 102 Cash inflow/outflow relatiing to interbank transactions (*) -7 104 13 084-15 686 Cash inflow/outflow relating to customer transactions (*) -6 675-10 239-13 218 Cash inflow / outflow relating to transactions related to other financial assets or liabilities (*) 11 492 292 28 731 Cash inflow/outlfow relating to transactions related to other non-financial assets or liabilities -132 4 167 1 425 Minus tax paid -272-420 -752 Equals net decrease/(increase) in cash related to operating assets and liabilities -2 691 6 884 500 NET CASH FLOW RELATED TO OPERATING ACTIVITIES (A) -1 575 9 677 4 855 Cash inflow/outflow relating to aquisition and disposal of financial assets and long term investments (*) -312-177 -548 Cash inflow/outflow relating to investments in real estate (*) -48 9 46 Cash inflow/outflow relating to tangible and intangible assets (*) -120-86 -214 NET CASH FLOW RELATED TO INVESTMENT ACTIVITIES (B) -480-254 -715 Cash flow from / to shareholders (*) -240-185 -183 Other net cash flows arising from financing activities (*) 1 499 3 601 5 862 TOTAL NET CASH FLOW RELATED TO FINANCING ACTIVITIES ( C ) 1 259 3 417 5 679 EFFECT OF CHANGES IN FOREIGN CURRENCY ON CASH AND CASH EQUIVALENTS ( D ) 39-5 13 Net inlfow (outflow) in cash and cash equivalents (A + B + C + D) -757 12 835 9 831 Net cash flow generated by operating activities (A) -1 575 9 677 4 855 Net cash flow generated by investment activities (B) -480-254 -715 Net cash flow related to financing activites ( C ) 1 259 3 417 5 679 Effect of change in foreign currency on cash and cash equivalent (D) 39-5 13 Cash and cash equivalents at start of year 10 765 934 934 Cash accounts and accounts with central banks (assets and liabilities) 6 023 3 634 3 634 Net balance of accounts, demand deposits and loans with banks 4 742-2 699-2 699 Cash and cash equivalent at end of year 10 008 13 769 10 765 Net balance of cash accounts and accounts with central banks 6 403 12 402 6 023 Net balance of cash accounts, demands/deposits and loans with banks 3 605 1 367 4 742 NET CASH FLOW VARIATION -757 12 835 9 831 13

CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY Shareholders' equity, group share Capital Additional Reserves + / - deferred Profit Total paid-in (1) values of capital AFS assets Minority interests (2) Balance as at January 1, 2007 1 302 578 4 150 686 1 642 8 358 1 584 Consolidated profit 1 464 1 464 239 Appropriation of profit from previous financial year 1 642-1 642 Dividend distribution -140-140 -43 Capital increase Change in foreign currency translation -34-34 -3 Change in fair value of AFS assets (2) -182-182 -27 Effects of change of scope of consolidation 26 26 34 Balance as at December 31, 2007 1 302 578 5 644 505 1 464 9 493 1 785 Balance as at January 1, 2008 1 302 578 5 644 505 1 464 9 493 1 785 Consolidated profit 273 273 81 Appropriation of profit from previous financial year 1 464-1 464 Dividend distribution -195-195 -45 Capital increase Change in foreign currency translation -5-5 1 Change in fair value of AFS assets (2) -601-601 -84 Effects of changes in scope of consolidation -1-1 0 Solde au 30.06.2008 1 302 578 6 908-97 273 8 964 1 737 (1) Reserves as of December 31, 2007 in the amount of 108 million for the legal reserve, of 891 million for reserves required by company statutes (objects and articlesof association), and 5,909 million other reserves. (2) AFS: Available for sale 14

INFORMATION ON BALANCE SHEET AND PROFIT AND LOSS STATEMENT The notes are presented in millions of euros NOTE 1 - Principles and accounting methods The principles and accounting methods are identical to those applied in the close-out of the financial year ending December 31, 2008. They have been drawn up in line with the accounting framework of the International Financial Reporting Standards (IFRS) as adopted by the European Union on June 30, 2008. This IFRS framework inclcludes standards IAS 1 to 41, IFRS 1 to 7 and their SIC and IFRIC interpretations adopted on the same date. The summary documents are presented according to the recommendation CNC 2004-R.03. The European Union did not adopt any new standards in the first half of 2008. The following new standards and interpretations were adopted in 2007, but were not applied in the first half of 2008: IFRS 8 "Operating segments" whose mandatory date of application is January 1, 2009 and IFRIC 11 to be applied from January 1, 2009, being without effect on the financial statements. These intermediate financial statements have been drawn up in accordance with the standard IAS 34 relating to intermediate financial information enabling the publication of condensed financial statments. These financial statements are supplementary to the financial statements for the financial year ending December 31, 2007 presented in the reference document 2007. The group's business is not seasonal or cyclical in nature. Estimates and hypotheseses may have been made at the time of assessment of elements in the balance sheet. NOTE 2 - Breakdown of balance sheet and profit and loss statement by activity and geographical zone Activities are as follows: The retail bank includes the network of regional banks and CIC Ile-de-France, as well as all the specialist businesses selling products through the network, including real estate and equipment leasing, factoring, mutual fund management, employee trust fund (épargne salariale ) and real estate. The insurance business is handled by the Crédit Mutuel insurance group. The finance and market activities include: a) financing major companies and institutional customers, specialist finance, international and foreign subsidiaries; b) market activities in the wider sense of the word, i.e. including interest rate and foreign exchange transactions and equities, whether exercised on behalf of customers or on own account, including market intermediation. Private banking activities including companies whose primary purpose is private banking, both in France and abroad. Private equity exercised on own account and financial engineering make up a separate arm of the business. The holding structure covers elements not allocated to specific business lines and logistics organizations, including intermediate holding companies, real estate occupied by the bank for its business use, lodged in specific entities, as well as IT entities. The consolidated entities are shown as wholly attached to their main business lines, and by their contiribution to their consolidated financieal statements. The only exceptions are two entities, CIC and BFCL, which operate across several business lines. In this case, parent company financial statements reflect these analytically under differentiated headings, the same principles applying to the balance sheet. Breakdown of profit and loss statement by activity June 30, 2008 retail insurance finance private private structure inter Total banking and markets banking equity and holding activities Net Banking Income 1 636 491-88 225 77-178 -19 2 143 General expenses -1 145-151 -130-136 -20-32 19-1 595 Gross operating profit 491 340-218 89 56-210 0 548 Cost of risk -138-5 0 0 0-142 Gain on other assets* 6 13 0 10 28 Profit before tax 359 353-223 90 56-201 0 434 Corporate income tax -110-110 90-18 6 62-80 Net book profit 249 243-133 72 63-140 0 354 Minority interests 81 Attributable net profit 273 June 30, 2007 retail insurance finance private private structure inter Total pro forma banking and markets banking equity and holding activities Net Banking Income 1 544 490 464 223 318-34 5 3 010 General expenses -1 135-140 -141-127 -29-29 -5-1 605 Gross operating profie 409 350 323 96 289-63 0 1 404 Cost of risk -56 0-3 -4 0-64 Gain on other assets* 5 6 0 10 21 Profit before tax 357 357 320 92 289-53 0 1 362 Corporate income tax -121-120 -98-22 -10-2 -372 Net book profit 237 237 222 70 279-55 0 990 Minority interests 128 Attributable net profit 862 * including net profit of entities consolidated by the equity method and goodwill impairment June 30, 2007 retail insurance finance private private structure inter Total published banking and markets banking equity and holding activities Net Banking Income 1 543 510 464 223 318-34 -14 3 010 General expenses -1 134-159 -141-127 -29-29 14-1 605 Gross operating profie 409 351 323 96 289-63 0 1 405 Cost of risk -56-3 -5-64 Gain on other assets* 4 6 1 10 21 Profit before tax 357 357 320 92 289-53 0 1 362 Corporate income tax -120-120 -98-22 -10-2 -372 Net book profit 237 237 222 70 279-55 0 990 Minority interests 128 Attributable net profit 862 * including net profit of entities consolidated by the equity method and goodwill impairment 15

Breakdown of balance sheet by geographical zones ASSETS France Europe Other Total France Europe Other Total outside France coutnries* outside France countries* Cash and cash equivalent, due from Central Banks 6 638 419 9 7 066 5 723 355 5 6 083 Financial assets at fair value through profit or loss 90 732 234 1 772 92 739 94 824 232 2 293 97 349 Financial hedging instruments - Assets 4 624 252 0 4 876 2 973 192 1 3 165 Available-for-sale financial assets 39 329 11 779 1 979 53 087 37 652 10 833 2 577 51 063 Loans to and borrowing from credit institutions 94 443 1 309 1 183 96 935 93 789 1 804 1 385 96 977 Loans to and liabilities with respect to customers 121 773 6 859 2 828 131 461 112 760 6 421 2 479 121 660 Financial assets held to maturity 5 764 316 0 6 079 5 719 366 0 6 085 Shareholdings in companies consolidated by the equity method 207 0 218 425 230 0 217 447 Liabilities France Europe Other Total France Europe Other Total outside France coutnries* outside France countries* Due to Central Banks 0 663 0 663 0 59 0 59 Fiancial liabilities at fair value through profit and loss 59 569 3 149 186 62 904 61 505 3 900 159 65 563 Derivative hedging instruments - Liabilities 3 860 102 0 3 961 2 693 164 0 2 857 Due to credit institutions 71 540 1 606 3 759 76 906 74 030 4 030 4 041 82 100 Customer deposits 58 463 14 918 569 73 949 55 485 13 914 581 69 980 Securitized debt payables 95 316 13 930 3 526 112 771 82 302 13 588 3 880 99 770 * USA, Singapore, Tunisia and Morocco Breakdown of profit and loss statement by geographical zone June 30, 2008 June 30, 2007 France Europe Other Total France Europe Other Total outside France coutnries* outside France countries* Net Banking Income 2 112 226-194 2 143 2 756 208 46 3 010 General expense -1 460-112 -22-1 595-1 477-108 -21-1 605 Gross operating profit 651 114-217 548 1 279 101 25 1 404 Cost of risk -140 4-7 -142-62 -2 0-64 Gains on other assets** 15 0 13 28 19 0 2 21 Net book profit 526 118-210 434 1 236 99 27 1 362 Overall net profit 385 87-119 354 899 74 17 990 Attributable net profit 301 81-109 273 777 69 16 862 * USA, Singapore, Tunisia and Morocco ** including net profit of entities consolidated by the equity method and goodwill impairment 16

NOTE 3 - Scope of consolidation In accordance with the opinion of the Banking Commission, the group parent company is made up of the companies in the scope of consolidation. The entities making up the group are: - Fédération du Crédit Mutuel Centre Est Europe (FCMCEE), - Fédération du Crédit Mutuel du Sud-Est (FCMSE), - Fédération du Crédit Mutuel d'ile-de-france (FCMIDF), - Fédération du Crédit Mutuel de Savoie-Mont Blanc (FCMSMB), - Caisse Fédérale du Crédit Mutuel Centre Est Europe (CFCMCEE), - Caisse Régionale du Crédit Mutuel Sud-Est (CRCMSE), - Caisse Régionale du Crédit Mutuel Ile-de-France (CRCMIDF), - Caisse Régionale du Crédit Mutuel de Savoie-Mont Blanc (CRCMSMB), - Caisses de Crédit Mutuel adhérentes à la Fédération du Crédit Mutuel Centre Est Europe, - les Caisses de Crédit Mutuel adhérentes à la Fédération du Crédit Mutuel Sud-Est. - les Caisses de Crédit Mutuel adhérentes à la Fédération du Crédit Mutuel Ile-de-France - les Caisses de Crédit Mutuel adhérentes à la Fédération du Crédit Mutuel de Savoie-Mont Blanc - le Cautionnement Mutuel de l'habitat (CMH) Par rapport au 31 décembre 2007, les changements concernant le périmètre de consolidation sont : entrées du périmètre : Banco Popular France, Agefor SA Genève, Alternative Gestion SA Genève, Calypso Management Company, IPO Ingénierie, LRM Advisory SA, Pasche SA Montevideo, Serficom Family Office Inc, Valeroso Management Ltd sorties du périmètre : CM-CIC Mezzanine, Suravenir Assurances fusions : Financière Armen avec IPO Sociétés Percentage Method Percentage Method Control Interest * Control Interest * A. Banking network Banque de l'economie du Commerce et de la Monétique 99 99 FC 99 99 FC Banque du Crédit Mutuel Ile-de-France (BCMI) 100 100 FC 100 100 FC CIC Banque CIO - BRO CIC 100 92 FC 100 92 FC CIC Banque Scalbert Dupont - CIN CIC 100 92 FC 100 92 FC CIC Bonnasse Lyonnaise de Banque (BLB) CIC 100 92 FC 100 92 FC Crédit Industriel et Commercial (CIC) CIC 92 92 FC 92 92 FC CIC Lyonnaise de Banque (LB) CIC 100 92 FC 100 92 FC CIC Société Bordelaise (SBCIC) CIC 100 92 FC 100 92 FC CIC Est (ex Société Nancéienne Varin Bernier) CIC 100 92 FC 100 92 FC Banco Popular France 100 100 FC NC B. Subsidiaries of banking network SCI La Tréflière 46 46 EM 46 46 EM SOFEMO - Société Fédérative Europ.de Monétique et de Financement 100 97 FC 100 97 FC Banque de Tunisie CIC 20 18 EM 20 18 EM CM-CIC Asset Management (ex Crédit Mutuel Finance) 74 72 FC 74 72 FC CM-CIC Epargne salariale (ex CIC Epargne salariale) CIC 100 92 FC 100 92 FC CM-CIC Bail (ex Bail Equipement) CIC 99 91 FC 99 91 FC CM-CIC Bail Belgium CIC 100 91 FC 100 91 FC CM-CIC Gestion CIC 100 92 FC 100 92 FC CM-CIC Lease CIC 100 96 FC 100 96 FC Factocic CIC 51 47 FC 51 47 FC CM-CIC Laviolette Financement CIC 100 92 FC 100 92 FC Saint-Pierre SNC CIC 100 92 FC 100 92 FC SNVB Financements CIC 100 92 FC 100 92 FC Sofim CIC 100 92 FC 100 92 FC CM-CIC Covered Bonds 100 100 FC 100 100 FC C. Finance, banking and trading activities Ventadour Investissement 100 100 FC 100 100 FC Cigogne Management CIC 100 96 FC 100 96 FC CM-CIC Mezzanine CIC NC 90 81 FC CM-CIC Securities CIC 100 92 FC 100 92 FC D. Private banking Agefor SA Genève CIC 70 65 FC NC Alternative Gestion SA Genève CIC 62 57 FC NC CIC Suisse (ex Banque CIAL Suisse) CIC 100 92 FC 100 92 FC Banque de Luxembourg CIC 100 94 FC 100 94 FC Banque Pasche (Liechtenstein) AG CIC 53 49 FC 53 49 FC Banque Pasche Monaco SAM CIC 100 92 FC 100 92 FC CIC Private Banking - Banque Pasche CIC 100 92 FC 100 92 FC CIC Banque Transatlantique CIC 100 92 FC 100 92 FC Banque Transatlantique Belgium CIC 100 90 FC 100 90 FC Banque Transatlantique Jersey CIC 100 92 FC 100 92 FC BLC gestion CIC 100 92 FC 100 92 FC Calypso Management Company CIC 70 65 FC NC Dubly-Douilhet CIC 62 57 FC 62 57 FC GPK Finance CIC 88 81 FC 87 80 FC LRM Advisory SA CIC 70 65 FC NC Pasche (International) Services Ltd Gibraltar CIC 100 92 FC 100 92 FC Pasche Bank & Trust Ltd Nassau CIC 100 92 FC 100 92 FC Pasche Finance SA Fribourg CIC 100 92 FC 100 92 FC Pasche Fund Management Ltd CIC 100 92 FC 100 92 FC Pasche International Holding Ltd CIC 100 92 FC 100 92 FC Pasche SA Montevideo CIC 100 92 FC NC 17

Companies Percentage Method Percentage Method Control Interest * Control Interest * Banque Transatlantique Luxembourg (ex Mutual Bank Luxembourg) CIC 90 85 FC 90 85 FC Serficom Family Office Inc CIC 100 92 FC NC Serficom Family Office SA CIC 100 92 FC 100 92 FC Serficom Maroc SARL CIC 100 92 FC 100 92 FC Transatlantique Finance CIC 100 92 FC 100 92 FC Valeroso Management Ltd CIC 62 57 FC NC E. Private equity CIC Finance CIC 100 92 FC 100 92 FC CIC Investissement (ex CIC Capital Développement) CIC 100 92 FC 100 92 FC CIC Investissement Alsace (ex Finances et Stratégies) CIC 100 92 FC 100 92 FC CIC Investissement Est (ex SNVB Participations) CIC 100 92 FC 100 92 FC CIC Investissement Nord (ex CIC Régions Expansion ) CIC 100 92 FC 100 92 FC CIC Vizille Participation (ex CIC Lyonnaise de Participations) CIC 100 91 FC 100 91 FC Financière Ar men CIC MER 100 92 FC Financière Voltaire CIC 81 75 FC 100 92 FC Institut de Participations de l'ouest (IPO) CIC 81 75 FC 77 71 FC IPO Ingénierie CIC 81 75 FC NC Sudinnova CIC 50 45 FC 50 45 FC CIC Banque de Vizille CIC 98 90 FC 98 90 FC Vizille Capital Finance CIC 100 90 FC 100 90 FC Vizille Capital Innovation CIC 100 90 FC 100 90 FC F. Structure and logistics CMCP - Crédit Mutuel Cartes de Paiement 45 46 EM 45 46 EM Euro-Information 27 26 EM 27 26 EM Adepi CIC 100 92 FC 100 92 FC CIC Migrations CIC 100 92 FC 100 92 FC CIC Participations CIC 100 92 FC 100 92 FC Cicor CIC 100 92 FC 100 92 FC Cicoval CIC 100 92 FC 100 92 FC Efsa CIC 100 92 FC 100 92 FC Gesteurop CIC 100 92 FC 100 92 FC Gestunion 2 CIC 100 92 FC 100 92 FC Gestunion 3 CIC 100 92 FC 100 92 FC Gestunion 4 CIC 100 92 FC 100 92 FC Impex Finance CIC 100 92 FC 100 92 FC Marsovalor CIC 100 92 FC 100 92 FC Pargestion 2 CIC 100 92 FC 100 92 FC Pargestion 3 CIC 100 92 FC 100 92 FC Pargestion 4 CIC 100 92 FC 100 92 FC Pargestion 5 CIC 100 92 FC 100 92 FC Placinvest CIC 100 92 FC 100 92 FC Sofiholding 2 CIC 100 92 FC 100 92 FC Sofiholding 3 CIC 100 92 FC 100 92 FC Sofiholding 4 CIC 100 92 FC 100 92 FC Sofinaction CIC 100 92 FC 100 92 FC Ufigestion 2 CIC 100 92 FC 100 92 FC Ufigestion 3 CIC 100 92 FC 100 92 FC Ugépar Service CIC 100 92 FC 100 92 FC Valimar 2 CIC 100 92 FC 100 92 FC Valimar 4 CIC 100 92 FC 100 92 FC VTP 1 CIC 100 92 FC 100 92 FC VTP 5 CIC 100 92 FC 100 92 FC G. Insurance companies ACM IARD GACM 96 72 FC 96 72 FC ACM Nord IARD GACM 49 37 EM 49 37 EM ACM Vie GACM 100 75 FC 100 75 FC Serenis Assurances (ex Assurances du Sud) GACM 99 74 FC 99 74 FC Astree GACM 30 22 EM 30 22 EM Euro Protection Services GACM 100 75 FC 100 75 FC Foncière ACM (ex ACM Retraite) GACM 89 66 FC 89 66 FC Groupe des Assurances du Crédit Mutuel (GACM) GACM 76 75 FC 76 75 FC ICM Life GACM 100 75 FC 100 75 FC ICM Ré GACM 100 72 FC 100 72 FC Immobilière ACM GACM 100 75 FC 100 75 FC Partners GACM 100 75 FC 100 75 FC Procourtage GACM 100 75 FC 100 75 FC SCI Socapierre GACM 100 75 FC 100 75 FC Serenis Vie (ex Télévie) GACM 100 75 FC 100 75 FC Suravenir Assurances GACM NC 34 25 EM RMA-Watanya GACM 20 15 EM 20 15 NC 18

Companies Percentage Method Percentage Method Control Interest * Control Interest * H. Other companies ACM GIE GACM 100 75 FC 100 75 FC ACM Services GACM 100 75 FC 100 75 FC Massena Property GACM 100 75 FC 100 75 FC Massimob GACM 100 72 FC 100 72 FC SA Saint Germain GACM 100 75 FC 100 75 FC SCI ADS GACM 100 74 FC 100 74 FC SNC Fonciere Massena GACM 98 68 FC 98 68 FC CIC = Company belonging to the sub-group of Compagnie Financière CIC GACM = Company belng to the sub-group of Groupe des Assurances du Crédit Mutuel * Method: FC = Full Consolidation PC = Proportional Consolidation EM = Equity Method NC = Non Consolidated MER = Merged NOTE 4 - Cash, cash equivalent, Central Banks Loans to and receivables from credit institutions Cash, cash equivalent, Central Banks Central Banks 6 810 5 762 of which mandatory reserves 2 868 2 580 Cash, cash equivalent 256 321 TOTAL 7 066 6 083 Loans to and receivables from credit institutions Crédit Mutuel network accounts 268 253 Other ordinary accounts 5 080 2 259 Loans 85 219 91 841 Other receivables 1 479 1 056 Securities not listed in an active market 348 330 Loan of securities 4 321 983 Individually impaired receivables 8 12 Attached receivables 220 251 Provisions -8-8 TOTAL 96 935 96 977 NOTE 5 - Financial assets at fair value through profit or loss.securities 60 671 65 646 - Government securities 19 217 20 760 - Bonds and other fixed income securities 30 912 33 802. Listed 30 602 33 651. Unlisted 310 151 - Securities and other variable income securities 10 541 11 084. Listed 9 116 9 735. Unlisted 1 425 1 348. Derivative instruments 7 219 6 049. Other financial assets 24 849 25 655 of which securities loaned 0 0 TOTAL 92 738 97 349 NOTE 6 - Hedging derivative instruments Assets Liabilities Assets Liabilities. Cash flow Hedge 5 8 6 9 - value change recorded in shareholders' equity 0 0 0 0 - value change recorded in profit and loss 5 8 6 9. Fair value hedging (change recorded in P&L total) 4 871 3 953 3 160 2 847 TOTAL 4 876 3 961 3 165 2 857 19

Analysis of derivative instruments June 30, 2008 Dec 31, 2007 Notional Assets Liabilities Notional Assets Liabilities Derivative instruments Interest rate instruments Swaps 485 039 5 270 5 879 421 356 4 209 5 274 Other firm contracts 46 150 49 92 22 827 11 8 Options and conditional instruments 9 665 911 276 37 611 806 178 Forex instruments Swaps 35 38 45 51 Other firm contracts 588 453 455 183 258 209 Options and conditional instruments 54 181 127 124 6 632 82 79 Other than interest rate and forex swaps Swaps 42 191 38 44 37 529 125 40 Other firm contracts 3 281 0 11 2 718 0 11 Options and conditional instruments 9 516 335 291 13 892 513 528 Sub-total 650 611 7 219 7 212 542 749 6 049 6 377 Derivative hedging instruments Fair Value Hedge Swaps 30 758 4 777 3 953 19 896 3 071 2 847 Other firm contracts 0 0 0 0 0 0 Options and conditional instruments 13 94 21 89 Cash Flow Hedge Swaps 79 5 8 77 6 9 Other firm contracts 0 0 Options and conditional instruments 0 0 Sub-total 30 850 4 876 3 961 19 994 3 165 2 857 TOTAL 681 461 12 095 11 173 562 743 9 214 9 233 NOTE 7 - Available-for-sale financial assets. Government securities 3 877 2 602. Bonds and other fixed income securities 42 136 40 677 - Listed 41 665 40 169 - Unlisted 470 508. Equities and other variable income securities 4 536 5 172 - Listed 4 433 5 118 - Unlisted 103 53. Capitalized securities 2 283 2 358 - Securities held for sale 1 350 1 248 - Other long term securities 543 846 - Shares in affiliated companies 391 264. Attached receivables 255 254 TOTAL 53 087 51 063 Of which listed shareholdings 1 014 631 Some of the equity lines held have a market price substantially below their cost price. Given the current special conditions in the equity markets, the group has not yet considered that the observable fall in share prices was in practice of a long-term nature. This position will be re-examined between now and the end of the financial year, depending on the observed changes in the financial markets. NOTE 8 - Loans to and receivables from customers Sound loans and receivables 123 356 114 063. Commercial lending 4 720 4 902. Other lending to customers 118 219 108 686 - home purchase lending 53 090 49 682 - other lending and receivables including securities lending 65 129 59 004. Attached receivables 335 313. Securities not listed in an active market 82 162 Individually impaired receivables 3 353 3 204 Provisions -2 182-2 115 SUB TOTAL I 124 527 115 152 20

Finance leasing (net investment) 6 737 6 393. Equipment, plant machinery 4 591 4 297. Real estate 2 037 1 987. Individually impaired receivables 109 109 Provisions -79-79 SUB TOTAL II 6 657 6 314 Reinsurance receivables 276 195 TOTAL 131 461 121 660 of which equity loans 0 0 of which subordinated loans 171 21 Lease finance transactions with customers Operating Acquisition Disposal Other Close Gross book value 6 392 621-270 -7 6 737 Write-down of unrecoverable installments due -79-17 17 0-79 Net book value 6 313 605-254 -7 6 657 NOTE 9 - Interest rate hedged portfolio valuation difference Description of assets and liabilities hedged, and hedging instruments Fair value Change in fair value Fair value of interest rate risk by portfolio. Financial assets -390-63 -327. Financial liability 568 201 367 NOTE 10 - Financial assets held to maturity.securities 6 074 6 082 - Government securities 135 139 - Bonds and other fixed income securities 5 939 5 943. Listed 5 644 5 600. Unlisted 295 343. Attached receivables 5 6 TOTAL GROSS 6 079 6 088 Provisions for depreciation 0-3 TOTAL NET 6 079 6 085 NOTE 11 - Change in provisions for impairment Dec 31, 2007 Allowance Write-back Other June 30, 2008 Loans to and receivables from credit institutions -8 0 1 0-8 Loans to and receivables from customers -2 115-390 330-8 -2 182 Available-for-sale securities -221-221 6 12-423 Held-to-maturity securities -3 0 0 3 0 Total -2 347-611 337 7-2 613 NOTE 12 a - Current taxation Assets P/L 554 454 Liabilities P/L 110 151 NOTE 12 b - Deferred taxation Assets P/L 389 310 Assets (by shareholders' equity) 269 72 Liabilities P/L 388 447 Liabilities (by shareholders' equity) 19 80 21

NOTE 13 - Regularization account and other assets Regularization account assets Securities received on account of settlement 438 280 Foreign currency adjustment accounts 25 6 Accrued assets 613 543 Other regularization accounts 2 388 2 866 Sub-total 3 465 3 695 Other assets Other security settlements accounts / transaction accounts 214 164 Other receivables 6 106 4 789 Inventory and equivalent 1 0 Other uses -3-4 Sub-total 6 317 4 949 Other insurance assets Insurance and re-insurance receivables 342 347 TOTAL 10 124 8 992 NOTE 14 - Shareholdings in companies consolidated by the equity method Interest in net profit of companies consolidated by the equity method Equitable Profit percent Equitable Profit percent interest contribution interest contribution Banque de Tunisie 39 3 38 5 SCI Tréflière 12 1 12 0 CMCP 15 19 13 Euro Information 150 7 135 17 Subsidiaries of GACM sub-goup 209 13 243 28 Of which RMA Watanaya 179 10 179 14 Of which Suravenir* 31 7 Of which ACM Nord 18 2 21 5 Of which ASTREE 12 1 12 2 TOTAL 425 24 447 64 *Disposal outside group NOTE 15 - Investment properties Value at beginning of financial year Increase Decrease Other changes Value at end of financial year Historic cost 1 017 51-3 0 1 065 Amortization and depreciation -89-6 0 0-95 Net value 928 45-3 0 971 NOTE 16 - Tangible assets Basic accounting procedure Value at beginning of financial year Increase Decrease Other changes Value at end of financial year Historic cost Land for own business operations 327 1 0 5 332 Buildings for own business operations 1 934 69-13 17 2 007 Other tangible fixed assets 662 41-22 1 682 Total 2 923 111-35 23 3 021 Amortization and depreciation Land for own business operations 0 0 0 0 0 Buildings for own business operations -930-49 13-13 -980 Other tangible fixed assets -472-24 8-5 -493 Total -1 403-73 21-18 -1 473 Net value 1 520 38-14 5 1 548 NOTE 17 - Intangible assets Dec 31, 2007 Acquisitions Disposals Other changes June 30, 2008 Historic cost. Assets acquired 265 32-14 24 307 - software 0 0 0 2 2 - other 265 32-14 23 305 Total 265 32-14 24 307 Amortization and depreciation. Assets acquired -63-5 10-3 -60 - software 0 0 0-1 -2 - other -63-4 10-1 -58 Total -63-5 10-3 -60 Net value 202 27-4 22 247 22

NOTE 18 - Goodwill Subsidiaries Dec 31, 2007 Increase Decrease Other change June 30, 2008 Groupe CIC 505 505 IPO 21 21 Pérénnité 0 0 Banque du Luxembourg 13 13 Groupe ACM 8 8 Sous-groupe ACM 64 64 Banque Transatlantique 6 6 Banque Pasche 35 5 1 41 GPK Finance 5 1 6 Banco Popular France* 15 15 Other 7 7 TOTAL 664 21 0 1 686 (*) In accordance with IFRS 3, goodwill has been provisionally calculated on the basis of the net book value of the asset and will be readjusted on the basis of the fair value of assets and liabilities NOTE 19 - Central banks Due to credit institutions Central banks Central banks 663 59 CCP 0 0 Total 663 59 Debt to credit institutions Borrowing 2 304 4 719 Other debts 66 010 61 100 Securites lending 8 390 15 992 Attached debt 201 288 Total 76 906 82 100 NOTE 20 a - Financial liabilities on securities at fair value through profit or loss Financial liabilities on securities held for trading purposes 17 417 19 003 Financial liabilities on securities assessed by fair value through profit or loss 45 487 46 560 TOTAL 62 904 65 563 NOTE 20 b - Financial liabilities on securities held for trading purposes.short sale of securities - Government securities 0 0 - Bonds and other fixed income securities 9 193 11 102 - Equities and other variable income securities 531 897. Trading derivatives 7 212 6 377. Other financial liabilities held for trading purposes 481 628 TOTAL 17 417 19 003 NOTE 20 c - Financial liabilities on securities assessed by fair value hedges.securities issued - Bonds 0 0 - Certificates of deposit 0 0 - Other 1 449 1 759. Liabilities arising from securities loaned with obligation to repurchase 42 430 42 731. Subordinated debt 0 0. Liabilities 1 607 2 070 - inter-bank 1 607 2 069 - to customers 0 1. Other fair value hedge liabilities 0 0 TOTAL 45 487 46 560 23

NOTE 21 - Customer deposits. Special savings accounts 21 387 21 189 - instant access or on demand deposits 14 308 13 610 - term deposits 7 079 7 579. Liabilities attached to savings accounts 357 29 Sub-total 21 745 21 217. Ordinary accounts 28 391 28 613. Term accounts and borrowings 22 159 18 705. Securities lending 959 924. Reinsurance liabilities 203 80. Attached debt 493 441 Sub-total 52 205 48 763 TOTAL 73 949 69 980 NOTE 22 - Securitized debt payables Short term lending 61 39 TMI & TCN 79 151 68 542 Bonds 32 783 30 391 Attached liabilities 777 799 TOTAL 112 771 99 770 NOTE 23 - Regularization accounts and other liabilities Regularization accounts - liabilities Accounts unavailable due to debt recovery proceedings 167 176 Foreign exchange adjustment accounts 1 698 1 653 Expenses payable 649 665 Other regularization accounts 6 147 5 483 Sub-total 8 660 7 977 Other liabilities Accounts booking securities / transaction settlements 361 463 Settlements outstanding on securities transactions 77 47 Other creditors 2 400 2 114 Sub-total 2 838 2 624 Other insurance liabilities Other insurance liabilities 0 0 Insurance and reinsurance debt 0 0 Due to credit institutions, depostis and pledges received 108 100 Sub-total 108 100 TOTAL 11 606 10 701 NOTE 24 - Technical provisions on insurance contracts Life 37 141 37 289 Non-life 1 868 1 845 Units of account 5 273 6 023 Other 229 197 TOTAL 44 512 45 355 NOTE 25 - Provisions for contingencies and liabilities Opening balance Write-back for Allowance for financial year financial year (provisions used Write-back for financial year Other changes (provisions not used) Balance at close Provisions for counterparty risk - on commitments by signature 91 25-19 -14-14 83 - on finance and guarantee commitments 0 0 0 0 0 0 - on country risks 0 0 0 0 0 0 - provision for risk on other receivable 50 4-3 -2-10 41 - Other provisions for counterparty risk 3 1 0 0-1 3 Provisions for risks other than counterparty risks - provisions for post-employment benefits 118 3-3 -1 8 127 - provisions for disputes 23 19-1 -3 10 51 - provision épargne logement home purchase savings schemes 68 9-1 -2-2 75 - provision tax 116 9 0-1 -1 124 - provisions for other contingencies 45 8-9 -4-13 31 - Other provisions for contigneies and liabilities* 105 33-1 -36-36 101 TOTAL 620 112-36 -62-60 637 (*) Other provisions for contingences and liabilities include provisions on GIE enterprise groupings in the amount of 60 million 24

Commitments on post-employment benefits and similar Defined benefit pension commitments and equivalent, outside standard caisses de retraite Opening balance Allowance for Write-back for financial year financial year Other variations Balance at close pensions schemes End of career indemnity 38 3-2 0 40 Top-up pensions 47 0-1 0 46 Bonuses related to médailles du travail (Length of service bonus and other equivalents) 28 0 0 0 28 Sub-total 113 3-3 0 113 Defined benefit pension commitments provided by group pensions schemes Provisions for shortfalls in pension schemes and equivalent 4 0 0 9 13 Sub-total 4 0 0 9 13 Commitments with respect to early retirement of employees Commitments 1 0-1 0 0 Sub-total 1 0-1 0 0 TOTAL 118 3-4 9 127 In the calculation of post-employment benefits and equivalent, the assumption is made of a discount rate equal to the long tem yield on government bonds. These assumptions are reviewed annually and by country, taking into consideration regulatory conditions The AFB industry branch agreement of March 29, 2005 and the law on social security finance of 2007 promulgated on December 22, 2006 formed part of this review. NOTE 26 - Subordinated debt Subordinated debt 4 088 3 552 Equity loans 156 156 Non-fixed term subordinated debt 2 957 2 957 Other debt 0 0 Attached debt 169 84 TOTAL 7 369 6 748 Main subordianted debt Type Date Amount Amount Rate Maturity Issuance Issuance end of year Banque Fédérative du Crédit Mutuel TSR 50 M 50 M 5,40 29.06.2011 Banque Fédérative du Crédit Mutuel TSR 700 M 700M 6,50 19.07.2013 Banque Fédérative du Crédit Mutuel TSR 800 M 800 M 5,00 30.09.2015 Banque Fédérative du Crédit Mutuel TSS 1600 M 1600 M indéterminate Banque Fédérative du Crédit Mutuel TSR 19.12.06 1000 M 1000 M g 19.12.2016 Banque Fédérative du Crédit Mutuel TSR 18.12.07 300 M 300 M h 18.12.2015 Banque Fédérative du Crédit Mutuel TSR 16.06.08 300 M 300 M i 16.06.2016 CIC TSR 19.07.01 300 M 300 M a 19.07.2013 CIC TSR 30.09.03 350 M$ 350 M$ b 30.09.2015 CIC Participatif 28.05.85 137 M 137 M c d CIC TSDI 30.06.06 200 M 200 M e CIC TSDI 30.06.06 550 M 550 M f a Euribor 3 months + 89.5 basis points b Libor USD 6 months + 55 basis points c Minimum 85% (TAM+TMO)/2 Maximum 130% (TAM+TMO)/2 d Non amortizable, but reimbursable at borrower discretion with effect from May 28,1997 at 130% nominal revalued by 1.5% annually for subsequent years e Euribor 6 months + 167 basis points f Euribor 6 months increased by 107 basis points in the first ten years and for the following years and failing early redemption increased by 207 basis points. g Euribor 3 months + 25 basis points h Yield on state borrowing + 0.88 basis points i Yield on state borrowing plus + 1.20 basis points NOTE 27 - Shareholders' equity - attributable share. Capital 1 302 1 302. Consolidated reserves 7 486 6 222 - Reserves, regulated 7 7 - Reserves for foreign currency translation -49-44 - Other reserves (Including effects of first application) 7 529 6 259 - Retained earnings -2 0 TOTAL 8 788 7 524. Profit 273 1 464 Sub-total 273 1 464 Unrealised gains of losses or deferred gains or losses* related to: - Available-for-sale assets -97 505 - Hedging derivatives 0 0 Sub-total -97 505 TOTAL 8 964 9 493 * balance net of corporate income tax. 25