2005 Annual Report / Crédit Agricole (Suisse) SA

2005 Annual Report / Crédit Agricole (Suisse) SA – 01The spheres ofMonica Guggisbergand Philip BaldwinWe wanted to illustrate the theme of growth by drawingon the work of the glass artists Monica Guggisberg andPhilip Baldwin who, in the early 1980s, established themselvesin Switzerland as independent designers, revivingbattuto, the ancient Venetian technique of faceted engravingon multi-layered glass. Today, they are among theworld’s foremost glass artists.Their aim is to celebrate the sphere – a primordial shapeof the universe and a symbol of the human community –and to replicate it. In a play of juxtaposition of spheres ofvarying colour, size and texture, the artists create newshapes that, without limitation, “grow” on their metal shaft.This approach echoes the world of art and its market andevokes the banking business through the references tothe Chinese abacus that it brings to mind.

Contents

2005 Annual Report / Crédit Agricole (Suisse) SA – 03The Crédit Agricole Group 04Crédit Agricole (Suisse) SA 06Message from the Chairman andthe Chief Executive Officer 08Management bodies 10The economic climate in 2005 12Business report 14Consolidated financial statements : 19Balance sheet as at 31 December 2005 20Income statement 22Cash flow statement 24Notes to the financial statements 26Auditors’ report 55Parent company financial statements : 57Balance sheet as at 31 December 2005 58Income statement 60Notes to the financial statements 62Auditors’ report 74Proposal to the General Meeting 75Head office and main branches 76

Crédit Agricole, a unified and decentralised groupCrédit Agricole is the largest banking organisation in France with apresence across the entire spectrum of banking and finance activities.It is the European leader in terms of domestic market position andranks number two in Europe and fifth in the world in terms of capital.Crédit Agricole S.A. is responsible for ensuring a consistent developmentstrategy and financial unity throughout the Crédit Agricole group.Crédit Agricole pursues a strategy of sustainable, profitable growththrough a unified approach between the Regional Banks and theGroup’s specialist business line subsidiaries.The Crédit Agricole groupAt 31/12/2005The Crédit Agricole groupcomprises Crédit Agricole S.A.and all the Regional and LocalBanks.FédérationNationale duCrédit AgricoleThe Crédit Agricole group2583 Local Banks5.7 millionmembers41 Regional Banks Float **25 % *54,7 %via SAS Rue La Boétie45,3 %** includingtreasurysharesCrédit Agricole S.A.Crédit Agricole S.A. S holds 25% of each of the*Regional Banks* and 100% of its subsidiaries.It has six core business lines:French retailbanking –RegionalBanks*French retailbanking – LCLSpecialisedfinancialservicesSofinco, Finaref,Crédit AgricoleLeasing, EurofactorAsset management,insuranceand privatebankingCAAM, Predica,Pacifica, BGPI,CA (Suisse) S.A.Corporateand investmentbankingCalyonInternationalretail banking* Except for Caisse régionale de la Corse

Operations in 66 countriesAt 31/12/2005Crédit AgricoleCréditgroupAgricole S.A.Net banking income €25.9 billion €13.7 billionNet income, Group share €6.0 billion €3.9 billionShareholders’ equity, Group share €51.2 billion €30.7 billionEmployees (full-time equivalents) 134 300 62 11241 Regional BanksNormandieFinistèreCôtes-d'ArmorRéunionIlle-et-VilaineMorbihanVal de FranceAnjou MaineAtlantiqueVendéeNormandieSeineNord de FranceBriePicardieOiseParisIle-de-FranceTouraine Centre LoireetPoitouCentre-OuestNord EstChampagne-BourgogneLorraineFrancheComtéAlsaceVosgesN°1high streetbank in France21millioncustomersGuadeloupeMartiniqueCharente-MaritimeDeux-SèvresAquitainePyrénéesGascogneCharentePérigordNordMidi-PyrénéesToulouseCentreFranceLoireHaute LoireMidiSud MéditérranéeCentre-EstSudRhône AlpesHauteSavoieProvenceGard Côte d'AzurAlpesProvenceCorse9 100branches134 300employeesthroughoutthe world

06 – 2005 Annual Report / Crédit Agricole (Suisse) SACrédit Agricole (Suisse) SAFollowing the period from 1999 to 2004, which featurednumerous acquisitions, Crédit Agricole Indosuez (Suisse) SAentered a new development phase on 19 March 2005 withthe merger with Crédit Lyonnais (Suisse) SA.Crédit Agricole (Suisse) SA, the new entity formed by themerger of the two banks, has strengthened its position andis now one of the leading foreign banks in Switzerland.With its head office in Geneva, the Bank now employsmore than 1 000 staff in Switzerland. It has five branches– in Basel, Lausanne, Lugano, Zurich and Singapore – anda banking subsidiary in Nassau.It is a wholly-owned subsidiary of Calyon, Crédit Agricole’scorporate and investment bank, one of the most powerfulinternational banking groups, with a rating of AA- fromStandard & Poor's.Long established in regions offering a variety of culturesand languages, Crédit Agricole (Suisse) SA has developeda keen sense of awareness and the human touch that isvital in understanding clients’ expectations and being ableto offer them the solutions and strategies that are best suitedto their needs. Thanks to the wide range of expertiseavailable within Crédit Agricole and its subsidiary Calyon,present in 66 countries, Crédit Agricole (Suisse) SA canoffer an extensive range of solutions.Having spent much time abroad, most of the Bank’sadvisors are multilingual and hail from a variety of culturalbackgrounds, giving true meaning to the notion of personalrelationships.• structured products, advised or under mandate• mutual funds• foreign exchange transactions• precious metals• estate planning• financial engineering and specialised finance(including property loans)• commercial transactionsCrédit Agricole (Suisse) SA is one of the Group’s leadinginternational entities and the main centre of expertise ofthe international Private Banking network.Capital Markets activitiesThis team offers private and institutional clients an innovativerange of tailor-made products and services :• management of deposits in all currencies• tailor-made foreign exchange strategies for spot andforward currency trading• derivatives (strategies based on options on currenciesor precious metals)• advisory trading services• leveraged foreign exchange• structured products, with or without capital protection• purchase and sale of precious metalsThe Bank has four core areas of expertise :Private BankingAs the Bank’s main activity, Private Banking hadCHF 42.7 billion of assets under management at 31December 2005. The Bank offers its clients a traditionalselection of investment products and a range of personalisedservices adapted to the specific expectationsof each client :• discretionary management mandates• advisory

2005 Annual Report / Crédit Agricole (Suisse) SA – 07Corporate Bankingcovers two complementary activities :• Transactional Commodity FinanceBased in Geneva, Crédit Agricole (Suisse) SA ensuresthe global responsibility for developing this business linethrough a dedicated team of managers and a documentarycredits department, both with extensive experiencein this sector.As part of this traditional activity for the Geneva marketplace, the Bank serves a clientele consisting of majorinternational trading companies in well-established sectors :energy (mainly oil and oil products), ferrous (steel) andnon-ferrous metals, and agricultural products (cereals,cotton and oil-producing products).Drawing on its knowledge of the markets and with thesupport of Calyon’s international network, spanning60 countries, with sites dedicated to this activity (Paris,Hong Kong, Singapore and Moscow), the Bank providesshort-term financing for trade flows between producingand consuming countries.• Commercial BankingCrédit Agricole (Suisse) SA provides its clients with adedicated service for processing documentary transactions(letters of credit, surety and guarantees, andconfirmations of country risk) and offers to performtransactions with the dealing room’s foreign exchangetraders (cash deposits, foreign exchange, hedging ofinterest rate risk and precious metals transactions). Italso provides Private Banking clients with a full range ofcommercial products and services, including propertyfinancing.The Logistics DivisionInternational Private Banking operations. Quality of serviceis also reliant on clear and accurate reporting. As theprompt execution of client orders is a key factor, theBank has developed top-quality administrative resourcesand ISO 9001 : 2000 certified state-of-the-art technology.On the strength of this logistics infrastructure, CréditAgricole (Suisse) SA provides its clients with an internettool called , which, in a fully secure environment,offers a large number of banking services : accountenquiry, analysis and placing of orders. Launched in2000, this additional communication channel illustratesthe Bank’s determination to maintain quality relationshipswith its clients and meet their information and transactionneeds.Independent asset managers can also rely on the supportof an efficient logistics structure (S2i, intranet productsand secure e-mail service) in Switzerland or abroad, tomake account enquiries, input individual or overallorders, manage their investments, generate high-qualityreports and monitor portfolios.These skills enable Crédit Agricole (Suisse) SA to offerexternal banks a comprehensive logistics service :2 000 users and 6 banks have already opted for thisplatform, which is continually enhanced to meet theirneeds and those of their clients.Finally, the strength and quality of the cross-disciplinaryunits (general secretariat – compliance, legal and clientdocumentation – human resources, finance department,internal control, credit and risk, internal audit) is aguarantee of sound growth.Crédit Agricole (Suisse) SA offers its clients the benefitsof a Swiss bank with an international outlook, togetherwith the financial expertise and strength of one of theworld’s largest banking groups.The Logistics Division of Crédit Agricole (Suisse) SAprovides vital support to these three activities. It acts asa processing and back office centre for the Group’s

08 – 2005 Annual Report / Crédit Agricole (Suisse) SAMessage from the Chairman andthe Chief Executive OfficerWhile the highlight of the year was the merger, on19 March, of Crédit Agricole Indosuez (Suisse) SA andCrédit Lyonnais (Suisse) SA, 2005 has proved to be arecord year for the new Group entity, Crédit Agricole(Suisse) SA, in terms of both revenues and overall netprofit.Achieved during a merger period, often synonymouswith instability, these good performances reflect thestrong support of the staff who prepared for and implementedthe operation, the good integration of CréditLyonnais (Suisse) SA's staff within the organisation, themanagerial principles of Crédit Agricole (Suisse) SA, andthe implementation of both firms’ best practices withinthe various business lines. This performance demonstratesthe complementary nature and gearing up of theproduct units, the improved geographical coverage andthe synergies realised by the Logistics service centre.After four years of major transformation, this new phasewill enable Crédit Agricole (Suisse) SA to focus henceforthon its creation of value objectives : controlledgrowth outside Switzerland through access to broaderdistribution networks and the development of productplatforms. These projects must be accompanied by adynamic management of human resources so as tomobilise the means needed to ensure their success.The implementation of the merger with Crédit Lyonnais(Suisse) SA also paved the way for realising the firstbenefits from synergies between the two firms.Consolidated net profit after depreciation and amortisation,exceptional income and charges, tax and provisionstotalled CHF 154.5 million, an increase of CHF 49.5 million(up 47.1%) compared with the previous year based onequal consolidation scope.The Bank’s assets under management totalledCHF 47.2 billion at 31 December 2005.The group’s three main business lines – Private Banking,Corporate Banking and Capital Markets – all contributedto this excellent performance.Private Banking had a lacklustre first half due to theUS dollar’s weakness, the hesitancy shown by financialmarkets and merger preparations. However, the secondhalf proved to be far more positive, thanks to the beneficialeffects of the merger, the strengthening of the US dollaragainst the Swiss franc and the euro, and better conditionsin the stock markets in Europe and emerging markets.These developments are taking place in a fast-changingenvironment that, for Crédit Agricole (Suisse) SA, impliesan increased presence in emerging markets (Asia, LatinAmerica and Central and Eastern Europe) and theMiddle East.We note that Crédit Agricole (Suisse) SA's good performancein 2005 was achieved in a climate of uncertaintyfor investors – devastating hurricanes, an inordinate risein oil prices, fears of renewed inflation – although conditionswere generally favourable : good performancesfrom stock markets in Europe and emerging marketsand the strengthening of the US dollar in the secondhalf of the year.

2005 Annual Report / Crédit Agricole (Suisse) SA – 09For Corporate Banking, the highlight of 2005 remainsthe centralisation of the Transactional CommodityFinance business line in Switzerland, with satellite operationsin Hong Kong, Singapore, Paris and Moscow. Thisdevelopment facilitated a more coherent businessapproach and accelerated the development of highertransaction volumes. For Transactional CommodityFinance, 2005 was a record year due to the volatilitydisplayed by commodity prices, especially oil. Attentionfocused on consumer growth in China, then on theconsequences of the hurricanes and finally on oil,transport and refining capacities offered by productionfacilities worldwide. Excluding energy, growth remainedcentred on metals, with copper being the mainstay.The successful integration of the staff of Crédit Lyonnais(Suisse) SA brought new business relations andimproved portfolio diversification. The credit linesof our major clients were increased.We have every reason to look forward to the future withgreat confidence. The far-reaching changes of recentyears, carried out with great success, have enabled usto amass a body of successful experience to face arapidly changing environment. Our staff have shown thatthey can mobilise around the Group’s plans and haveproven their ability to rise to the challenges and adaptto new circumstances.Our knowledge and experience of the business lines inwhich we operate shows that the relationship with ourclients is above all a personal relationship to be cultivatedover the long term. We are convinced that our longhistory – 130 years in 2006 – is a significant factor in theconfidence that our clients place in us. The changes inour Group mean that we are now in a position to offerour clients a range of products and services of the veryhighest level.Commercial Banking also shone : the definition of asales and marketing strategy with Calyon, the qualityof its portfolio and the development of existing clientrelationships paved the way for an improvement inresults compared with the previous year.The revenues of the Capital Markets activities increasedsharply, boosted in particular by Treasury. The distributionof structured products to institutional clients, a new activityin Geneva, began following the relocation of a team tothis city at the end of 2004. Its good results reflect thestrengthening of production teams at Calyon.Jean BOUYSSETChairman of the Boardof DirectorsAlain MASSIERAChief Executive OfficerThese three business lines once again benefited from theprogress made by the Logistics division, whose effortsfocused on three main areas : productivity, transactionprocessing quality – key element for a high-quality serviceoffering – and operational risk control.The merger with Crédit Lyonnais (Suisse) SA enabled usto enter an important new phase in our development,both in terms of critical mass and market share. We nowrank as one of the leading foreign banks in Switzerlandbased on assets under management.

10 – 2005 Annual Report / Crédit Agricole (Suisse) SABoard of DirectorsManagementChairmanJean BOUYSSETDeputy ChairmenMaurice MONBARONAdvisor to the Chief Executive OfficerEdmond TAVERNIERAttorney-at-law, GenevaTavernier TschanzDirectorsEmmanuel DUCRESTAttorney-at-law, GenevaDucrest, Nerfin, Berta, Bory VillaAriberto FASSATISenior Country Officer of the Crédit Agricole Groupfor ItalyCamille FROIDEVAUXAttorney-at-law, GenevaBudin & AssociésIvo GERSTERJacques HAFFNERHead of Private Banking for France and International,Crédit Agricole GroupJean-François MARCHALGlobal Head of Export, Trade and CommodityFinance, CalyonBernard MIGNUCCIHead of International Division, CalyonChristoph R. RAMSTEINAttorney-at-law, ZurichPestalozzi, Lachenal & PatryExecutive CommitteeAlain MASSIERAChief Executive OfficerJacques BOURACHOTLogistics,General ManagerPierre GLAUSERTransactional Commodity Financeand Commercial Banking,General ManagerGilles MARTINENGOMarketing and Investments, Private Banking,General ManagerGuillaume LEJOINDREHead of Clientele, Private BankingJean BRANDENBURGHead of Clientele, Private BankingJean-Pierre DELAHAIEHead of Transactional Commodity Financeand Commercial BankingBertrand DUPERREXHead of Financial ReportingRoland FESERHead of Capital Markets ActivitiesDominique GALLENHead of Credit and Risk ManagementMichel TERRAPONHead of Human ResourcesGeorges ZECCHINGeneral SecretaryCompliance, Legal, Client documentationFabio SOLDATIAttorney-at-law, LuganoCabinet Felder, Riva, Soldati

2005 Annual Report / Crédit Agricole (Suisse) SA – 132005 : inflation, oil, rate hikes and hurricanesWith oil trading at $70 per barrel, Hurricanes Katrina andRita battering the US Gulf Coast, and General Motorsand Ford teetering on the verge of bankruptcy, 2005 wascertainly an eventful year. Although speculation over asharper than expected economic slowdown unsettledthe financial markets, world GDP growth merely returnedto more normal levels. In real terms, it is set to expandby a wholly satisfactory 4%, following 4.8% in 2004.Another source of investor concern was a surge in consumerprice inflation. Those fears were fanned by risingcommodity prices, pressure on producer prices andsome comments from US and European centralbankers. So far, though, the fears seem exaggerated,especially since the Federal Reserve has stayed alertand continued to tighten policy throughout the year.US Treasury yields fluctuated in a range of 4%-4.4%for most of 2005 and did not start rising significantlyuntil autumn. In the euro zone, government bondyields followed a similar pattern, oscillating between3% and 3.5%.Among the other key markets, Japan rallied thanks to amarked improvement in economic prospects during theyear and heightened interest from foreign investors.The Tokyo stock exchange outperformed other majorexchanges, surging more than 40% by December.Investors also snapped up emerging market equities,attracted by higher economic and earnings growth,low multiples and healthier corporate balance sheets.Oil prices initially continued on the uptrend that beganin early 2002, with the US benchmark WTI appreciatingfrom $42/bbl in January to $61/bbl at the end ofDecember.In 2006 we can expect a continuation of the events of2005. From a macro-economic standpoint, the moderateslowdown of worldwide activity should continue. Globalgrowth should thus be slightly lower than 4%, but withnew opportunities for private investors on the financialmarkets.The dollar rebounded on a more advantageous shortterminterest rate differential, an appealing valuation andpersistently high capital inflows. Between 1 January and1 December 2005, it gained some 15% against the euro,from $1.35 to $1.17 ; and against the Swiss franc itclimbed from CHF 1.15 to more than CHF 1.32. Thedollar’s strength bolstered European equity markets,which were also sustained by attractive multiples andrelatively high earnings growth estimates. Europeanequities rallied 15%-30% over the period. Americanstock markets basically moved sideways, partlybecause of mounting short-term interest rates.

Business report

2005 Annual Report / Crédit Agricole (Suisse) SA – 152005 was devoted to implementing the merger with CréditLyonnais (Suisse) SA and validating the good fit of thebusiness lines and networks resulting from this operation.This step comes after several years in which, through aseries of mergers, the dimensions and sphere of activitiesof Crédit Agricole (Suisse) SA have changed.Crédit Agricole (Suisse) SA is now one of the leading foreignbanks in Switzerland based on assets under management.The merger with Crédit Lyonnais (Suisse) SA has enabledCrédit Agricole (Suisse) SA to broaden its branch networkin Switzerland and its international network. The bank hasambitious development plans involving more efficient useof complementary skills.Crédit Agricole (Suisse) SA has continued to benefit fromthe financial strength of the Crédit Agricole Group and thequality of its AA- rating (Standard & Poor’s).Private BankingThe Private Banking division had a mixed first half, with themerger inevitably bringing a period of uncertainty. This periodwas followed by a very sharp improvement as from thesummer, in keeping with the markets and the strengtheningof the US dollar against the euro and the Swiss franc.Assets under management increased, especially in marketsoutside Europe, but most particularly in emerging markets,Asia and the Middle East. The Advisory segment recordedsignificant revenues. Discretionary management once againrecorded strong growth. Crédit Agricole (Suisse) SA’s abilityto provide an offer combining asset management in itsstrict sense, legal and tax expertise and credit means it iswell placed to meet particularly complex needs andensures that it now ranks among the most sophisticatedplayers in the market. Keen to operate close to its clients,Crédit Agricole (Suisse) SA now has a branch in Singaporeand a subsidiary in Nassau. Work has commenced onestablishing new sites in Beirut and Montevideo.In terms of income, revenues reached CHF 364.9 millionin 2005 compared with CHF 213.6 million in 2004. Grossoperating profit came to CHF 112.6 million in 2005 comparedwith CHF 55.2 million in 2004.Corporate Banking2005 was a decisive year for Corporate Banking, whichcomprises two business lines: Transactional CommodityFinance and Commercial Banking.Transactional Commodity Finance benefited from exceptionalmarket conditions in 2005, especially in the energysector, due to production constraints combined with asharp increase in demand, mainly in Asia and the UnitedStates. The price of oil with the US benchmark WTIappreciated from $42/bbl in January to USD 70.85 perbarrel in New York on 30 August 2005. This high degreeof volatility favoured arbitrage transactions by clients. In2005, Geneva confirmed its role as the global centre ofexcellence for the business lines and now draws supportfrom the structures in Paris, Hong Kong, Singapore andMoscow. The client portfolio was consolidated in theCommercial Bank’s three areas : import/export, corporateand property.Merging the portfolios and the teams of Crédit Lyonnais(Suisse) SA and Crédit Agricole Indosuez (Suisse) SA hasenabled Crédit Agricole (Suisse) SA to position itself as amajor player in the Swiss market. This developmentforms part of the long-term approach, which favours theenergy sector, while at the same time maintaining theoverall balance of the portfolio and strengthening theglobal nature of the business.With revenues of CHF 98.8 million in 2005 comparedwith CHF 47.3 million in 2004 and a gross operatingprofit of CHF 66.1 million compared with CHF 29.5 millionin 2004, Corporate Banking posted excellent results in2005 thanks to the momentum displayed by the marketsand the dynamism of its staff.Capital Markets activitiesThe dollar’s weakness dampened activity for CapitalMarkets in the first quarter, but its appreciation in thesecond quarter and the highly volatile foreign exchangemarkets paved the way for a new cycle of good results,which continued into the third and fourth quarters.The treasury activity benefited from very low CHF interestrates that remained stable throughout the year. AnAsset/ Liability Management activity was established incoordination with the parent company, Calyon. The marketingof Structured Products to institutional clients inSwitzerland and Liechtenstein and to independent assetmanagers soared in Switzerland. The developmentobjectives were met and the merger of the teams wasaccomplished in a positive manner.Capital Markets generated revenues of CHF 54.4 millionin 2005 compared with CHF 26.7 million in 2004. Grossoperating income came to CHF 37.3 million in 2005compared with CHF 15.5 million in 2004.

16 – 2005 Annual Report / Crédit Agricole (Suisse) SALogistics DivisionAchievements in 2005 include :• IT migrations in Switzerland, the Bahamas andSingapore as a result of the merger between CréditAgricole Indosuez (Suisse) SA and Crédit Lyonnais(Suisse) SA ;• the IT migration of Crédit Lyonnais Luxembourg ontothe S2i platform following its merger with Crédit AgricoleIndosuez Luxembourg SA in July 2005, thus creatinga new entity ;• implementation of major regulatory projects (EuropeanUnion Ecofin Tax, Basel II, etc.) ;• various changes in field of customer service, productivityand risk control ;• the development of software for Crédit AgricoleFinancements (Suisse) SA to improve customer service.Switzerland. A special effort was made to understand thetasks of each individual and to remain aware of their needsin order to ensure that the merger of the teams was completedwhile providing the maximum level of information.As regards training, priority was given to projects dedicatedto the merger process. Crédit Agricole (Suisse) SA also putin place a course, including a qualification, for its youngaccount managers.For several years now, the Human Resources departmenthas strived to create an environment that facilitates theintegration of new employees, and supports and encouragestheir professional and personal development withinthe Bank. This role remains central in a fast-growingcompany such as Crédit Agricole (Suisse) SA.The Human Resources department is ISO 9001 :2000-certified and the high-quality approach is continuallyevolving with the development of new procedures.ComplianceAs part of the merger with Crédit Lyonnais (Suisse) SA,the Bank had to put in place a consolidated risk monitoringmechanism, i.e. a multi-site compliance risk managementsystem. This approach required changes to be made in2005 with regard to the organisation, directives andreporting processes of the functional business lines.Human ResourcesThe merger with Crédit Lyonnais (Suisse) SA increasedheadcount by almost 50%. This growth mainly concernedthe Geneva offices and the teams based outsideBranchesIn Zurich, Crédit Agricole (Suisse) SA’s presence wasstrengthened by the merger with Crédit Lyonnais (Suisse)SA and through the establishment of a unit dedicated toCapital Markets activities and specialising in structuredproducts. A commercial momentum was developedaround several geographic divisions. Boosted by itsenlargement, the Zurich branch obtained excellent results,in terms of both revenues and assets under management.The merger with Crédit Lyonnais (Suisse) SA enabledCrédit Agricole (Suisse) SA to add to its branch networkwith a new site in Basel, where Crédit Lyonnais had been513Evolution of Staff *727 7326926481 119277.5Operating Incomein millions of CHF *560.0304.5267.7 295.6 312.7200020012002200320042005200020012002200320042005

2005 Annual Report / Crédit Agricole (Suisse) SA – 17present since 1991. The branch operates exclusively in thePrivate Asset Management business, with a client basecoming mainly from Northern Europe. Its areas for developmentare centred on Northern and Eastern Europe and theprovision of services to independent asset managers.The Lausanne branch had a record year in terms ofresults. Business was very buoyant, especially with regardto sales of structured products and investment funds. Thebranch achieved further growth through its Swiss clientsand clients who have relocated to Switzerland. The salesteam was strengthened and these developments look setto continue.2005 was a year of consolidation for Lugano, whosegross operating profit virtually doubled. The arrival ofCrédit Lyonnais (Suisse) SA staff enabled the branch tobroaden its client base and confirm its importance in theLugano market place. To better meet the needs of itsclients, the relocated team of product specialists wasstrengthened and now provides private investors with amore diversified product offer. In parallel, to improve thequality of the advice given to clients, a new staff trainingprogramme was introduced.Following the merger, the customer portfolio of theNassau subsidiary was strengthened. It has thusconsolidated its position completing the internationaloffering of Crédit Agricole (Suisse) SA.2005 resultsConsolidated gross profit reached CHF 224.7 million in2005. The net profit of Crédit Agricole (Suisse) SAincreased from CHF 62.5 million in 2004 to CHF 154.5million in 2005 following the merger with Crédit Lyonnais(Suisse) SA. Consolidated shareholders’ equity, as definedby Article 11 of Switzerland’s Banking Ordinance, of theCrédit Agricole (Suisse) SA Group came to CHF 1 519million at 31 December 2005, after appropriation of profit.At the parent company level, the Bank posted a grossprofit of CHF 218.7 million in 2005 and a net profit ofCHF 154.2 million following the merger with CréditLyonnais (Suisse) SA. The Bank’s shareholders’ equityat 31 December 2005 came to CHF 1 478.1 million, afterappropriation of profit (within the meaning of Article 11 ofSwitzerland’s Banking Ordinance).The Singapore branch developed considerably due to theeffects of the merger of the teams and the strong growthof assets under management, reflecting the economicdynamism of the Asian region.Total Assetsin millions of CHF *24 512Total Client Assetsin millions of CHF *47 2425 6576 775 6 907 8 235 10 40126 037 25 64724 70022 28720 011200020012002200320042005200020012002200320042005* Consolidated Financial Statements

2005 Annual Report / Crédit Agricole (Suisse) SA – 19ConsolidatedFinancial Statements

20 – 2005 Annual Report / Crédit Agricole (Suisse) SABalance sheet as at 31/12/2005Consolidated Financial StatementsAssets(in thousands of CHF) 31.12.2005 31.12.2004Liquid assets 18 629 17 790Money market instruments 1 369 709 107 182Due from banks 14 852 771 6 103 406Due from clients 6 881 655 3 626 019Mortgages 291 639 75 748Securities and precious metals trading portfolio 8 878 7 278Financial investments 30 875 12 778Non-consolidated holdings 46 875 41 810Fixed assets 262 701 137 518Intangible assets 2 476 3 714Accrued income and prepaid expenses 76 136 32 672Other assets 669 792 234 785Total assets 24 512 136 10 400 700Total subordinated amounts receivable 7 770 8 310Total amounts due from non-consolidated participating interestsand holders of qualified participations 6 729 193 3 053 795

2005 Annual Report / Crédit Agricole (Suisse) SA – 21Liabilities(in thousands of CHF)31.12.2005 31.12.2004Money market instruments 2 695 2 519Due to banks 10 569 425 7 616 171Due to clients 11 793 559 1 627 352Accrued expenses and deferred income 192 248 92 479Other liabilities 570 992 294 770Valuation adjustments and provisions 62 772 38 913Reserve for General Banking Risks 88 944 62 724Share capital 579 371 353 913Capital reserves 414 826 173 161Revenue reserves 82 795 76 178Group share of net profit 154 509 62 520Total liabilities 24 512 136 10 400 700Total subordinated amounts due 400 000 120 000Total due to non-consolidated participating interestsand holders of qualified participations 4 226 439 3 067 650Off balance sheet transactions(in thousands of CHF)31.12.2005 31.12.2004Contingent liabilities 7 152 030 3 232 105Irrevocable commitments 437 364 203 207Commitments to capital and supplementary payments – 556Confirmed credits 23 779 12 133Derivative instruments:Positive replacement value 652 888 217 772Negative replacement value 558 752 290 666Contract volume 38 041 086 14 325 893Fiduciary transactions 10 798 475 10 546 125Consolidated Financial Statements

22 – 2005 Annual Report / Crédit Agricole (Suisse) SAIncome statementConsolidated Financial Statementsfor the year ended 31 December 2005Income and expenses from ordinarybanking operations(in thousands of CHF) Year 2005 Year 2004Interest income and expensesInterest and discount income 564 388 162 069Interest and dividend income from trading portfolios 433 156Interest and dividend income from financial investments 1 094 659Interest expense - 410 403 - 106 466Net interest income (sub-total) 155 512 56 418Commission income and service feesCommission income on loans 50 855 28 964Commission income from securities trading and investments 247 146 151 510Commission income from other services 44 141 18 628Commission expense - 41 246 - 18 594Net income from commissions and services (sub-total) 300 896 180 508Trading income 76 018 51 824Other ordinary incomeLoss on sale of financial investments 244 1 961Total income from participating interests 1 123 246– of which participating interests accountingfor using the equity method 923 246– of which participating interests amounted for on the equity basis 200 –Income from buildings 1 168 960Other ordinary income 30 014 20 901Other ordinary expenses - 4 973 - 127Other ordinary income (sub-total) 27 576 23 941Operating expensesPersonnel expenses - 249 870 -157 773Other operating expenses - 85 463 - 57 537Operating expenses (sub-total) - 335 333 - 215 310Gross profit 224 669 97 381

2005 Annual Report / Crédit Agricole (Suisse) SA – 23Group share of net profit(in thousands of CHF) Year 2005 Year 2004Gross profit 224 669 97 381Depreciation and write-off of fixed assets - 13 548 - 15 523Valuation adjustments, provisions and losses - 2 703 - 5 339Result before extraordinary items and taxes 208 418 76 519Extraordinary income 5 029 11 279Extraordinary expenses - 261 - 9Taxes - 58 677 - 25 269Group share of net profit 154 509 62 520Consolidated Financial Statements

24 – 2005 Annual Report / Crédit Agricole (Suisse) SACash flow statementConsolidated Financial Statementsfor the year ended 31 December 2005(in thousands of CHF)Sourceof fundsYear 2005 Year 2004Applicationof fundsSourceof fundsApplicationof fundsCash flow from operations(internal sources)Net profit for the period 154 509 62 520Depreciation and write-off of fixed assets 13 548 15 523Valuation adjustments and provisions 23 859 14 345Net income from participating interests (equity method) 923 246Accrued income and prepaid expenses 43 464 4 839Accrued expenses and deferred income 108 788 54 762Other assets 435 007 139 111Other liabilities 276 222 112 717Current taxes 9 019 25 507Sub-total 576 926 488 413 271 916 157 654Total 88 513 114 262Cash flow from shareholders’ equity transactionsIncrease in share capitalmerger contribution from the Crédit Lyonnais (Suisse) SA Group 225 458Increase in capital reservesmerger contribution from the Crédit Lyonnais (Suisse) SA Group 241 665Increase in Reserve for General Banking Risksmerger contribution from the Crédit Lyonnais (Suisse) SA Group 26 220Dividend payment of previous year 58 396 31 852Translation difference and changes in consolidation scope 2 493 86Sub-total 495 836 58 396 86 31 852Total 437 440 31 766Cash flow from transactions with fixed assetsLong-term financial investments 18 097 41 575Non consolidated participating interests 4 415 12 000Building used by the Bank 118 536 12Other fixed assets 18 676 6 331Intangible assets 8Sub-total 159 732 41 587 18 331Total 159 732 23 256

2005 Annual Report / Crédit Agricole (Suisse) SA – 25(in thousands of CHF)Sourceof fundsYear 2005 Year 2004Applicationof fundsSourceof fundsApplicationof fundsCash flow from banking transactionsMedium and long-term transactions (>1 year)Due to banks 368 815 67 565Due to clients 727 7 793Receivables relating to money market instruments 1 655 2 521Due from banks 874 830 48 740Due from clients 80 484 76 915Mortgage loans 21 290 7 108Short-term transactionsDue on money-market instruments 176 38Due to banks 2 584 439 2 108 655Due to clients 10 166 934 199 542Due from money-market instruments 1 260 872 24 924Due from banks 7 874 535 2 031 713Due from clients 3 175 152 357 444Mortgage loans 194 601 6 226Securities and precious metals trading portfolio 1 600 3 638Sub-total 13 120 364 13 485 746 2 419 665 2 523 157Total 365 382 103 492Liquidity positionNet change in cash 839 2 260Consolidated Financial Statements

26 – 2005 Annual Report / Crédit Agricole (Suisse) SANotes to the Consolidated Financial Statements1. Comments on the Group’soperations and workforceCrédit Agricole (Suisse) SA (hereinafter “the Group”) isactive in Private Banking, Commercial Banking andTransactional Commodity Finance, as well as spot andforward trading in money-market instruments, currenciesand precious metals, both as an intermediary and on aproprietary basis.In 2005, the Group increased its shareholders’ equity byCHF 461,883,000, including CHF 225,458,000 of sharecapital, following the merger by absorption of the CréditLyonnais (Suisse) SA Group. This operation was completedon 19 March, with retroactive effect from 1 January 2005.On this same date, Crédit Agricole Indosuez (Suisse) SAwas renamed Crédit Agricole (Suisse) SA.Through the acquisition of Crédit Lyonnais (Suisse) SA,the Group strengthened its international presence,notably with a branch in Singapore and a subsidiary inthe Bahamas. Its position in Switzerland was also reinforcedby a branch in Basel.The Group has three business lines, which give riseprimarily to counterparty risk, market risk, operationalrisk, legal risk and reputation risk.Counterparty riskCounterparty risk, or credit risk, represents the loss borneby the Group in the event of default by a counterparty.Loans are granted according to a system of authoritydelegation and are subject to a rating system.A credit committee examines loan applications, grantingauthorisations on the basis of the aforementioned delegationsand policy. This policy encompasses the commitmentsof the Group’s customers and correspondents that resultfrom lending activities, issuance of guarantees, and tradingin currencies, derivatives and securities. Risks areregularly monitored by the Credit and Risk divisionaccording to stringent procedures. Management and theBoard of Directors are kept informed on a regular basis.At 31 December 2005, the Group had a workforce of1 119 (on a full-time equivalent basis), compared with732 at 31 December 2004.Risk managementGeneral risk policyThe Board of Directors establishes the risk policy on thebasis of statutory requirements and head-office directives.Responsibility for implementing the policy lies withManagement.

2005 Annual Report / Crédit Agricole (Suisse) SA – 27Market riskMarket risk measures the potential loss on the Group’sportfolio caused by fluctuations in exchange rates,interest rates and the prices of securities.Managing market risk involves identifying, measuring andmonitoring open positions. The trading portfolio is valuedand compliance with assigned limits is monitored on adaily basis. The main risks faced by the Group are :• Foreign exchange riskForeign exchange risk relates to changes in the value ofpositions denominated in foreign currencies as a resultof fluctuations in the exchange rates of the said currenciesagainst the Swiss franc.Positions in foreign currencies are adjusted as soon asthe transaction is initiated. They are revalued severaltimes a day at regular intervals. In addition, limits areset for each currency in order to limit the risk.• Interest rate riskInterest rate risk measures the loss of value on positions,other than those in the trading portfolio, caused by interestrate movements. It mainly encompasses the capital loansand acceptances business (net outstanding loans toclients and banks).been created to cater for the collection and analysis ofany incidents which may occur. This new database willalso enable the Group to prepare for implementation ofthe Basel Committee’s recommendations relating to thehedging of operational risk by equity capital.Compliance and legal riskCompliance and legal risk relates to the loss, whetherfinancial or in terms of reputation, that could result fromfailing to comply with regulations or with due diligenceduties specific to financial intermediaries.The Group has a compliance and legal departmentwhose role is to monitor compliance with regulations,notably in relation to the prevention of money laundering,the financing of terrorism and fraud. This departmentalso ensures that in-house directives are consistentwith new legislation and regulations.Outsourcing of activitiesThe Group does not outsource any of its activities asdefined by circular 99/2 of the Swiss Federal BankingCommission (Commission Fédérale des Banques).The Group assesses interest rate risk using asset-liabilitymanagement techniques in order to evaluate maturitystructures and the impact of possible interest rate movementsaffecting on- and off-balance sheet loans andcommitments.Operational riskOperational risk is defined as the risk resulting from inadequaciesin the design, procurement or implementationof procedures for recording data relating to Groupoperations in information systems in general, and inaccounting systems in particular.This risk is limited through the use of highly automatedprocesses and an internal control department. TheGroup has an internal control unit that ensures proceduralcompliance and analyses data flows. A database hasConsolidated Financial Statements

28 – 2005 Annual Report / Crédit Agricole (Suisse) SA2. Accounting and valuation principles2.1 Principles for preparation of the Groupfinancial statementsGeneral principlesThe Group’s accounting and consolidation principlescomply with Swiss standards for the preparation offinancial statements by banks.Consolidation scopeCompanies in the banking and financial sector that makematerial contributions to the Group financial statementsare all included in the scope of consolidation. Thesesubsidiaries are fully consolidated when Crédit Agricole(Suisse) SA holds, directly or indirectly, the majority of thevoting rights or share capital. Holdings of 20% to 50% inthe banking and financial sector are accounted for usingthe equity method (proportional share of net assets andresults).Companies of minor importance or those held purely forlater sale are stated in the balance sheet at their acquisitioncost less appropriate depreciation. Companies inliquidation are excluded from the consolidation scopeafter a period of 12 months following the final call todebtors.The list of fully consolidated holdings, holdings accountedfor using the equity method, non-consolidated holdingsand changes in the consolidation scope, are provided innote 3.3.Changes in the scope of consolidationIn the year to 31 December 2005, the scope of consolidationchanged as follows :First-time consolidation following the merger by absorptionof the Crédit Lyonnais (Suisse) SA Group :Year end date of the consolidated financialstatementsThe consolidation period corresponds to the calendaryear. The year end of all the companies included withinthe consolidation scope is 31 December.Consolidation methodCompanies in the banking and financial sector in whichthe Group directly or indirectly holds the majority of thevoting rights are consolidated according to the purchasemethod. The acquisition cost of the holding is offset bythe amount of the shareholders’ equity at the time theGroup took control.Holdings of 20% to 50% in the banking and financialsectors are accounted for using the equity method.They are stated in the balance sheet at the proportionalvalue of their net assets, including earnings.Depending on its nature, negative goodwill is attributedeither to earnings reserves or to provisions. Positivegoodwill is carried in the balance sheet and amortisedover its economic life.For holdings acquired prior to the end of December1999, the acquisition date of 1 January 2000 is applied(date of the Group’s creation).Translation for consolidation purposes of individualcompany accounts expressed in a foreign currencyThe balance sheets of companies domiciled outsideSwitzerland and drawn up in foreign currency are translatedinto Swiss francs at the year-end exchange rate. Theincome statements of these companies are translated atthe average rate for the year. The currency gains andlosses arising on this translation are recognised directlyin Group shareholders’ equity.• Crédit Agricole Suisse (Bahamas) Ltd.Deconsolidation of companies with no material influenceon the objectives covered by the Group’s financialstatements :• SFAP SA• S.I. La Coasta SA• Indosuez Trust Company Ltd.

2005 Annual Report / Crédit Agricole (Suisse) SA – 292.2 Accounting principlesGeneral principlesAssets, liabilities and off-balance sheet items reportedunder the same heading are always valued individually.The accounting and valuation principles comply withthe requirements of the Swiss Code of Obligations,the Swiss Federal Banking Act and the correspondingImplementing Ordinance, as well as the Swiss FederalBanking Commission’s directives governing the preparationof financial statements.Recording of transactions and presentationin the balance sheetTransactions are recorded in the books on their executiondate and are valued thereafter according to the principlesset out below. Until their settlement date, executedtransactions are presented as off-balance sheet transactions,except for spot forex and money markettransactions, which are directly recognised in thebalance sheet.Translation of foreign currency itemsThe group uses a multi-currency accounting system andbalance sheet items denominated in foreign currency aretranslated at the closing exchange rate.Interest on fixed-term transactions and commissions onfiduciary operations in foreign currency are recorded inthe income statement on a daily basis, at the exchangerate prevailing on that day. All other income and expensesare recorded on the day they occur, using the rateprevailing at the time of the transaction.The exchange rates against the Swiss franc used fortranslating foreign currency items are as follows :Currency2005Closing rateAverage ratefor the year2004Closing rateAverage ratefor the yearEUR 1.554 1.548USD 1.315 1.249JPY 0.011190 0.0113101.543 1.5441.132 1.23670.010961 0.011497Consolidated Financial Statements

30 – 2005 Annual Report / Crédit Agricole (Suisse) SACash, receivables relating to money marketinstruments and commitmentsThese items are carried in the balance sheet at theirnominal value. Specific provisions are raised for anyreceivables deemed doubtful and are charged directlyagainst the assets concerned. Discounts on moneymarket instruments are allocated to the income statementon an accruals basis through adjustment accounts.Accounting receivables are carried in the balance sheetat their book value, which is based on an accrual methodvaluation.Amounts due from banks and customers,mortgagesDoubtful receivables, i.e. receivables for which it isunlikely that the debtor will be able to meet his commitments,are valued individually and the write-down iscovered by valuation adjustments.When a receivable is deemed to be wholly or partiallyirrecoverable, it is written down by debiting the correspondingvaluation adjustment.A receivable is no longer deemed to be doubtful whenthe arrears (principal plus interest) have been settled,servicing of the debt has returned to normal and othersolvency criteria are met.Securities and precious metals trading portfoliosSecurities acquired in the course of trading activities aremarked to market.Long-term financial investmentsFixed-income debt instruments to be held until maturityare valued according to the accrual method. The correspondingpremiums and discounts are apportioned overthe residual period to maturity. These adjustments arerecorded as additions to or deductions from book value.Participating interests and other debt instruments arevalued at the lower of cost and market value. Adjustmentsto the value resulting from solvency conditionsare not treated separately. The net impact of changesin value is recognised as ordinary income or expenses.Gains and losses arising on interest alienated beforematurity or repaid early are spread over the remaining lifeof the transaction, i.e. until the initial expected maturity.Borrowing / lending of securities and repurchaseagreementsBorrowing and lending of securities and repurchaseagreements are recorded in the same way as sales andpurchases. These transactions may be recorded underthe following headings :• Money market instruments (assets and liabilities)• Securities and precious metals trading portfolios• Long-term financial investments.These transactions are valued in the same way assecurities held directly by the Group.

2005 Annual Report / Crédit Agricole (Suisse) SA – 31Non-consolidated holdingsThese holdings are recorded in the balance sheet at theiracquisition cost. Provisions for diminution in value arerecorded under “valuation adjustments and provisions”.Tangible fixed assetsFixed assets are recognised at their acquisition cost anddepreciated on a straight-line basis over their estimateduseful life as follows :• vehicles and IT equipment3 years• fixtures and fittings5 years• mainframe IT system5 years• fitting-out of premises occupiedunder a long-term lease10 years• buildings used by the Bank(1.5% per annum) 66.5 yearsUpon subsequent revaluation, tangible fixed assets arecarried in the balance sheet at their acquisition cost, lesscumulative depreciation. The depreciation calculation isbased on the asset’s entire estimated useful life. Theaccounting value is reviewed regularly to ensure it is notimpaired.Intangible assetsWhen the total cost of an acquisition is higher than thenet assets acquired, valued in accordance with Groupprinciples, the difference is treated as goodwill acquiredand is capitalised. Intangible assets are recorded under“intangible assets” and amortised on a straight-line basisover 5 years.Valuation adjustments and provisionsThe Bank’s credit activity is limited mainly to Lombardloans and transactional commodity finance. The particularityof these transactions is that repayment capacity islinked to the collateral put up during the transactions(self liquidating transactions) as well as to the solvencyof the debtor.When there is doubt as to a debtor’s ability to honour hiscommitments, the Group raises adequate provisions forthe principal and interest, taking into account existingguarantees and collateral, as well as the economic environment.These valuation adjustments, which are made onan individual basis for each position, are charged directlyagainst the balance sheet assets concerned. Interestdeemed doubtful under this rule is provisioned from thedate on which serious doubts first arise.In accordance with the prudence principle, other identifiablerisks are covered by provisions recognised in the balancesheet under “valuation adjustments and provisions”.The tax impact of timing differences between the balancesheet value and the tax value of assets and liabilities isrecognised as a deferred tax liability in the balance sheet.Deferred tax assets on the timing differences or on taxlosses carried forward are recognised only if they are likelyto be realised in the future through the existence of sufficienttaxable profits. Deferred tax expenses and incomeare recognised in the income statement.Accrued income and expensesCut-off is applied to interest income and expense, lendingcommissions considered as a component of interest,personnel and other operating expenses, safe-keepingfees, commissions on fiduciary transactions and assetmanagement commissions. Ordinary taxes still outstandingat the year end are included under this heading.Consolidated Financial Statements

32 – 2005 Annual Report / Crédit Agricole (Suisse) SAReserves for General Banking RisksFree provisions, included in valuation adjustments andprovisions in the individual accounts, are transferred tothe reserves for general banking risks after deductionof a tax provision.Valuation adjustments that are not recognised in theincome statement at the closing date are recorded ina netting account, which is included in “other assets”or “other liabilities” depending on the balance on theaccount.Pension and benefit commitmentsThe Group fulfils its legal obligation to insure employees,in application of pension laws, through the CréditAgricole (Suisse) SA Pension Plan. Crédit Lyonnais(Suisse) SA has a separate pension plan. These twopension schemes are defined contribution plans asrequired under Swiss recommendations for the presentationof accounts no. 16 (RPC 16). Crédit Agricole(Suisse) SA’s pension plan will take over that of CréditLyonnais (Suisse) SA so that their services are combinedas from 1 January 2006. The pension commitments andthe assets covering these commitments are held by alegally independent foundation. Contributions are includedin personnel costs. Furthermore, the foundations managetheir assets through the Group, hence the related positionsare recorded in the latter’s balance sheet.Contingent commitments, irrevocable commitments,commitments to discharge and make supplementarypayments, and confirmed creditsOff-balance sheet items are stated at their nominal value.A provision is raised for identifiable risks and recordedunder liabilities in the balance sheet.Layout of the notes to the consolidated financialstatementsThe numbering of the notes follows the layout stipulatedby the Swiss Federal Banking Commission in its directivesgoverning the preparation of financial statements(DEC-CFB).Changes in accounting principles• Corporation tax is no longer determined based on theconsolidated income statement. Henceforth, provisionsfor consolidated current tax are the sum of the taxcharges determined at the level of each Group entity.The net profit for the year ended 31 December 2005has been reduced by CHF 2,739,000 accordingly.• Capital reserves and revenue reserves are now reportedseparately in the balance sheet. The previous year hasbeen restated to reflect this change.Financial derivativesThe Group uses financial derivatives to manage its balancesheet structure and for trading purposes on behalf of itscustomers.The positive or negative replacement values of all derivativeinstruments outstanding at the balance-sheet date arerecorded gross under “other assets” and “other liabilities”respectively.Trading transactions are marked to market, whereasbalance sheet management transactions are valuedin the same way as the hedged positions.

2005 Annual Report / Crédit Agricole (Suisse) SA – 333. Balance sheet Information3.1 Summary of collateral for loans and off balance sheet transactions(in thousands of CHF)LoansMortgageguaranteesCollateralSecured bycollateral Unsecured TotalDue from clients 69 827 4 098 542 2 713 286 6 881 655MortgagesResidential buildings 291 639 – – 291 639Total loansReference year 361 466 4 098 542 2 713 286 7 173 294Previous year 127 958 2 603 195 970 614 3 701 767Off balance sheet transactionsContingent liabilities 682 1 419 960 5 731 388 7 152 030Irrevocable commitments – 351 876 85 488 437 364Commitments to capitaland supplementary payments – – – –Confirmed credits – 110 23 669 23 779Total off balance sheet transactionsReference year 682 1 771 946 5 840 545 7 613 173Previous year 136 1 111 991 2 335 874 3 448 001(in thousands of CHF)Gross amountEstimatedliquidationvalue ofcollateralNet amountIndividualvaluationadjustmentsImpaired loans / receivablesReference year 284 760 87 002 197 758 197 758Previous year 136 879 18 089 118 790 118 790Consolidated Financial Statements

34 – 2005 Annual Report / Crédit Agricole (Suisse) SA3.2 Trading portfolio of securities and precious metals, financial investmentsand participating interests(in thousands of CHF)Securities and precious metals trading portfolios– Interest-bearing securities and rights– listed*– unlisted– Participating interestsof which own participating interestsTotal securities and precious metals trading portfoliosof which securities acceptable for discount or pledge with central bank –Book value(in thousands of CHF) Reference year Previous yearFinancial investments– Interest bearing securities 23 747 10 785– own bonds and bank-issued medium-term notes– of which held-to-maturity securities – 551– of which assets carried in the balance sheet using the lowerof cost or market value method 23 747 10 234– Participating interests 7 128 1 993qualified holdings – –Total financial investments 30 875 12 778securities acceptable for discount or pledge by central bank 15 532 1 347Long-term investments on loan (due from banks) – –(in thousands of CHF)Participating interestsunlistedTotal holdings –* listed = admitted to trading on a recognised stock exchange

2005 Annual Report / Crédit Agricole (Suisse) SA – 35Reference yearPrevious year1 571 1 5571 571 1 557– –7 307 5 721– –8 878 7 278– –Reference yearFair valuePrevious year24 057 11 33524 057 567– 10 7687 305 2 093– –31 362 13 42815 558 1 529– –Reference yearPrevious year46 875 41 81046 875 41 810Consolidated Financial Statements

36 – 2005 Annual Report / Crédit Agricole (Suisse) SA3.3 Information relating to the main participating interestsCompany name Registered Office ActivityParticipating interests accounted for using the equity method :Crédit Agricole Suisse (Bahamas) Ltd, Nassau Bahamas BankingCrédit Agricole Suisse Conseil SA, Geneva Switzerland Advisory and entities managementFinanziaria Indosuez International SA, Lugano Switzerland Investment and asset managementSafec, Société Anonyme d'Entreprises FinancièresInvestments, commercialet Commerciales, Lausanne Switzerland operations and representationSogea, Société de Gestion etInformation technology providerd’Administration SA – Lausanne Switzerland for the banking industryParticipating interest accounted for using the equity method :Crédit Agricole Financements (Suisse) SA, Geneva Switzerland Banking - Mortgage lendingOther non-consolidated holdings:Banque Française de l'Orient (in liquidation), Paris France BankingCAPB Servicios y Representaciones SA, Montevideo Uruguay RepresentationCLGP Belgium SA, Crédit Lyonnais Gestion Privée, Brussels Belgium Private banking and asset managementCrédit Lyonnais Leasing (Suisse) SA (in liquidation), Geneva Switzerland LeasingIndosuez Trust Company Cayman Ltd, Georgetown Cayman Islands Fiduciary operationsLa Coasta S.A.R.L., Luxembourg Luxembourg Real estate companyS.I. La Coasta SA – Lausanne Switzerland Property transactionsSociété Financière d’Administrationde Patrimoines, SFAP SA, Geneva Switzerland Investment and asset managementSociété Financière du Vieux Collège SA, in liquidation – Geneva Switzerland Investment and asset managementMain changes in 2005 :– First-time consolidation of Crédit Agricole Suisse (Bahamas) Ltd, a company contributed by the Crédit Lyonnais (Suisse) SA Group.– Companies that have no impact on the objectives covered by the consolidated financial statements have been removed fromthe Group's consolidation scope. This change mainly concerns SFAP SA, S.I. La Coasta SA and Indosuez Trust Company Cayman Ltd.

2005 Annual Report / Crédit Agricole (Suisse) SA – 37CurrencyShare capital(in thousands) Voting rights %Holding %USD 10 000 100.0 100.0CHF 1 000 100.0 100.0CHF 1 800 100.0 100.0CHF 650 100.0 100.0CHF 50 100.0 100.0CHF 160 000 20.0 20.0EUR 76 690 0.5 0.5UYU 3 000 100.0 100.0EUR 4 300 100.0 100.0CHF 100 100.0 100.0USD 500 100.0 100.0EUR 4 903 100.0 100.0CHF 100 100.0 100.0CHF 100 100.0 100.0CHF 600 100.0 100.0Consolidated Financial Statements

38 – 2005 Annual Report / Crédit Agricole (Suisse) SA3.4 Analysis of capital assets(in thousands of CHF)Participating interestsAcquisitioncostWrite-offs/cumulativedepreciationBook valueas at end ofprevious year– Partially consolidated (equity method) 32 816 – 32 816– Other holdings 8 994 – 8 994Total participating interests 41 810 – 41 810Buildings used by the Bank 139 001 - 12 056 126 945Other fixed assets 26 325 -15 752 10 573Total fixed assets 165 326 - 27 808 137 518Start-up costs – – –Goodwill 6 190 - 2 476 3 714Total intangible assets 6 190 -2 476 3 714Fire insurance value of buildings 57 719Fire insurance value of other fixed assets 34 100Commitments : future leasing terms arising from operating leases –* including merger contribution from the Crédit Lyonnais (Suisse) SA Group3.5 Other assets and other liabilitiesReference yearPrevious year(in thousands of CHF) Other assets Other liabilities Other assets Other liabilitiesReplacement valuesof derivative instruments– Trading portfolio 553 575 529 464 214 230 215 637– Balance sheet management 98 327 25 437 2 967 71 375Indirect taxes 616 11 867 465 3 003Offset account 12 619 – 15 038 –Other assets and liabilities 4 655 4 224 2 085 4 755Total 669 792 570 992 234 785 294 770

2005 Annual Report / Crédit Agricole (Suisse) SA – 39Reference yearChanges inconsolidationscopeAcquisitions Disposals Write-offsContributionto results of equityaccounted companiesBook valueas at end offinancial year– – – – 923 33 7394 371 44 – - 273 – 13 1364 371 44 – -273 923 46 875118 594* – - 58 - 4 368 – 241 11311 267* 7 435 - 26 - 7 661 – 21 588129 861 7 435 -84 - 12 029 – 262 7018* – – - 8 – –– – – - 1 238 – 2 4768 – – - 1 246 – 2 476138 68571 5841 084Consolidated Financial Statements

40 – 2005 Annual Report / Crédit Agricole (Suisse) SA3.6 Assets pledged or assigned as security for own commitments,and assets subject to reservation of title clausesReference yearPrevious year(in thousands of CHF)Book valueor amount ofpledged assetsEffectiveliabilitiesBook valueor amount ofpledged assetsEffectiveliabilitiesMoney-market instruments – – – –Financial assets 7 829 – 1 147 –Other assets 104 – 62 –Total 7 933 – 1 209 –Lending of securities and repurchase transactions Reference year Previous yearFair value of securities received as a guarantee under a securities loanand securities received under a securities borrowing transactionand by means of reverse repos, for which the right to make a subsequentalienation or pledge has been granted without restriction – 9 915of which, fair value of above securities alienated or pledged to a third party as a guarantee – 7 0933.9 Valuation adjustments and provisions, fluctuations reserve for credit risks,reserves for General Banking Risks(in thousands of CHF)Balance as at the end ofthe previous financial yearSpecific usageProvisions for related tax 13 682 –Valuation adjustments and provisions for default risk and other risks– Valuation adjustments and provisions for loan losses(credit risk and country risk) 118 790 - 9 151– Valuation adjustments for other operating risks 24 740 - 7 404of which, restructuring provisions 8 667 - 4 092Total valuation adjustments and provisions 157 212 - 16 555Less:Valuation adjustments directly netted against assets - 118 299 –Total valuation adjustments and provisions as per balance sheet 38 913 - 16 555Reserves for General Banking Risks 62 724 –* including merger contribution from the Crédit Lyonnais (Suisse) SA Group

2005 Annual Report / Crédit Agricole (Suisse) SA – 413.7 Liabilities to own pension fundThe Group's pension plan manages its assets through Crédit Agricole (Suisse) SA. As at 31 December 2005, total liquidassets deposited with this company amounted to CHF 23.45 million, compared with CHF 24.12 million at 31 December2004.In addition, following the merger with Crédit Lyonnais (Suisse) SA in March 2005, the pension fund of Crédit Lyonnais(Suisse) SA will be taken over by the current pension fund of the Crédit Agricole (Suisse) SA Group on 1 January 2006.At 31 December 2005, commitments to the Foundation of Crédit Lyonnais (Suisse) SA amounted to CHF 32.0 million,compared with CHF 24.3 million at 31 December 2004.Changes inconsolidationscope *Recoveries,overdue interest,currencydifferencesNew provisioncharged toincomestatementReversals creditedto income statementBalance as at the end ofthe reference financial year8 280 – – – 21 96299 753 - 7 795 14 035 - 17 874 197 75817 673 55 6 686 - 1 174 40 57615 487 – – – 20 062125 706 - 7 740 20 721 -19 048 260 296– – – – - 197 524125 706 - 7 740 20 721 - 19 048 62 77226 220 – – – 88 944Consolidated Financial Statements

42 – 2005 Annual Report / Crédit Agricole (Suisse) SA3.10 Share capital and shareholders holding more than 5% of all voting rightsReference year(in thousands of CHF)Nominal valueNumber of shares(in thousands)Dividend-bearingcapitalShare capital 579 371 579 579 371Total share capital 579 371 579 579 371Previous year(in thousands of CHF)Nominal valueNumber of shares(in thousands)Dividend-bearingcapitalShare capital 353 913 354 353 913Total share capital 353 913 354 353 913Reference yearPrevious yearSignificant shareholdersand groups of shareholdersbound by voting agreementsNominalHolding %NominalHolding %With voting rightsCALYON, Paris(subsidiary of Crédit Agricole SA) 579 371 100 353 913 100

2005 Annual Report / Crédit Agricole (Suisse) SA – 433.11 Proof of equity(in thousands of CHF)Shareholders’ equity at the start of the reference financial yearPaid-in capital 353 913Capital reserves 173 161Revenue reserves 76 178Reserves for General Banking Risks 62 724Group net profit 62 520Total shareholders’ equity at the start of the reference financial year(before dividend distribution) 728 496- Dividend distribution - 58 396+ Increase in share capital following the takeover of the assets of the Crédit Lyonnais (Suisse) SA Group 225 458+ Allocation to capital reservesfollowing the takeover of the assets of the Crédit Lyonnais (Suisse) SA Group 241 665+ Allocation to reserves for General Banking Risksfollowing the takeover of the assets of the Crédit Lyonnais (Suisse) SA Group 26 220- Translation difference and changes in consolidation scope 2 493+ Group share of net profit for the reference financial year 154 509Total shareholders’ equity at end of financial year(before profit appropriation) 1 320 445o/w Paid-in capital 579 371Capital reserves 414 826Revenue reserves 82 795Reserves for General Banking Risks 88 944Group net profit 154 509Consolidated Financial Statements

44 – 2005 Annual Report / Crédit Agricole (Suisse) SA3.12 Maturity structure of current assets,financial investments and third-party liabilities(in thousands of CHF)At sightRedeemableon noticeCurrent assetsCash 18 629 –Money-market instruments 16 041 –Due from banks 1 061 576 3 395 985Due from clients – 1 853 046Mortgage loans – 2 677Securities and precious metals trading portfolios 8 878 –Financial investments 7 128 –Total current assets Reference year 1112 252 5251 708Previous year 704 115 4 049 465Borrowed fundsMoney-market instruments 2 695 –Due to banks 788 336 3 395 985Other amounts due to clients 4 030 756 –Total borrowed funds Reference year 4 821 787 3 395 985Previous year 1 945 540 3 063 6223.13 Indication of aggregate amount of receivables and payablesto affiliated companies as well as to governing bodies(in thousands of CHF)Reference yearPrevious yearReceivables from affiliated companies 7 930 833 2 989 027Due to affiliated companies 3 887 899 2 785 541Loans to directors and members of the Group’s governing bodies 5 117 1 421

2005 Annual Report / Crédit Agricole (Suisse) SA – 45Residual termUp to 3 months 3 to 12 months 1 to 5 years Over 5 years Total– – – – 18 6291 189 676 156 903 7 089 – 1 369 7098 120 280 1 130 566 669 656 474 708 14 852 7714 035 617 883 587 98 560 10 845 6 881 655113 736 138 738 33 557 2 931 291 639– – – – 8 878– 7 238 15 846 663 30 87513 459 309 2 317 032 824 708 489 147 23 454 1563 461 036 1 407 304 287 453 40 828 9 950 201– – – – 2 6955 108 115 767 954 84 035 425 000 10 569 4257 525 819 227 711 6 273 3 000 11 793 55912 633 934 995 665 90 308 428 000 22 365 6793 489 452 597 208 29 720 120 500 9 246 0423.13 Transactions with related companiesThe parent company ensures the Group's liquidity by entering into lending and borrowing transactions as necessary.These transactions are concluded at market conditions. The other positions recorded in the balance sheet, whetheras assets or liabilities in respect of Group companies or qualified participants, are not material.The Group provides financing for the activities of Crédit Agricole Financements (Suisse) SA. The Group has a 20%shareholding in this company, the remaining 80% being ultimately owned by the Crédit Agricole SA, Paris Group.At the balance sheet date, receivables relating to this company amounted to CHF 3.233 billion.Calyon Madrid and Calyon Paris, Luxembourg branch, have granted the Group subordinated loans of CHF 120.0 millionand CHF 280.0 million respectively. These loans are subject to arm's length conditions with respect to their subordination.The other transactions with related companies are capital loans granted or received under normal market conditions.Consolidated Financial Statements

46 – 2005 Annual Report / Crédit Agricole (Suisse) SA3.14 Breakdown of domestic and foreign assets and liabilities(based on domicile)(in thousands of CHF)AssetsReference yearSwitzerland Abroad TotalPrevious yearSwitzerland Abroad TotalCash 11 203 7 426 18 629 17 724 66 17 790Money-market instruments 6 149 1 363 560 1 369 709 1 168 106 014 107 182Due from banks 3 244 245 11 608 526 14 852 771 2 623 984 3 479 422 6 103 406Due from clients 1 933 907 4 947 748 6 881 655 1 033 620 2 592 399 3 626 019Mortgages 144 892 146 747 291 639 49 786 25 962 75 748Securities and preciousmetals trading portfolio 7 307 1 571 8 878 5 717 1 561 7 278Financial investments 15 847 15 028 30 875 1 094 11 684 12 778Participating interests 42 037 4 838 46 875 33 296 8 514 41 810Tangible fixed assets 261 387 1 314 262 701 137 518 – 137 518Intangible assets 2 476 – 2 476 3 714 – 3 714Accrued income and prepaid expenses 64 935 11 201 76 136 32 672 – 32 672Other assets 668 782 1 010 669 792 51 857 182 928 234 785Total assets 6 403 167 18 108 969 24 512 136 3 992 150 6 408 550 10 400 700LiabilitiesMoney-market instruments 2 563 132 2 695 2 519 – 2 519Due to banks 1 166 583 9 402 842 10 569 425 1 015 360 6 600 811 7 616 171Other amounts due to clients 1 947 135 9 846 424 11 793 559 781 557 845 795 1 627 352Accrued expenses and deferred income 188 981 3 267 192 248 92 479 – 92 479Other liabilities 566 936 4 056 570 992 94 471 200 299 294 770Valuation adjustments and provisions 62 772 – 62 772 38 913 – 38 913Reserves for General Banking Risks 88 944 – 88 944 62 724 – 62 724Share capital 579 371 – 579 371 353 913 – 353 913Capital reserves 414 826 – 414 826 173 161 – 173 161Revenue reserves 82 795 – 82 795 76 178 – 76 178Group profit 154 509 – 154 509 62 520 – 62 520Total liabilities 5 255 415 19 256 721 24 512 136 2 753 795 7 646 905 10 400 700

2005 Annual Report / Crédit Agricole (Suisse) SA – 473.15 Total assets by country of regionReference yearPrevious year(in thousands of CHF)Amount %Amount %AssetsEuropeSwitzerland 6 403 167 26.1 3 992 150 38.4Germany 224 069 0.9 22 431 0.2France 8 238 733 33.6 3 256 579 31.3Great Britain 3 865 219 15.8 794 471 7.6Italy 284 065 1.2 232 419 2.2Spain 30 274 0.1 18 534 0.2Luxembourg 617 395 2.5 44 136 0.4Netherlands 163 916 0.7 70 027 0.7Other 1 231 527 5.0 635 745 6.1Africa 341 419 1.4 235 308 2.3North America 936 449 3.8 33 658 0.3South America 210 336 0.9 115 761 1.1Asia 1 748 860 7.1 861 003 8.3Caribbean 207 201 0.9 81 879 0.8Oceania 9 506 0.0 6 599 0.1Total assets 24 512 136 100.0 10 400 700 100.0Consolidated Financial Statements

48 – 2005 Annual Report / Crédit Agricole (Suisse) SA3.16 Assets and liabilities by currency(in thousands of CHF)CHFAssetsCash 11 202Money-market instruments –Due from banks 3 833 083Due from clients 1 285 974Mortgages 214 003Securities and precious metals trading portfolios 383Financial investments 15 848Participating interests 42 038Tangible fixed assets 261 388Intangible fixed assets 2 476Accrued income and prepaid expenses 33 924Other assets 666 684Total balance sheet assets 6 367 003Delivery claims from spot exchange deals, forward exchange deals and currency options transactions 2 285 588Total assets 8 652 591LiabilitiesMoney-market instruments 25Due to banks 2 163 922Other amounts due to clients 971 962Accrued expenses and deferred income 137 672Other liabilities 568 110Valuation adjustments and provisions 59 729Reserves for General Banking Risks 88 944Share capital 579 371Capital reserves 414 826Revenue reserves 82 795Group profit 154 509Total balance sheet assets 5 221 865Delivery claims from spot exchange deals, forward exchange deals and currency options transactions 3 342 674Total liabilities 8 564 539Net position by currency 88 052

2005 Annual Report / Crédit Agricole (Suisse) SA – 49EURCurrencies converted to CHFUSD JPY OthersTotal5 535 1 198 135 559 18 6291 056 040 298 306 – 15 363 1 369 7095 289 521 5 083 586 33 674 612 907 14 852 771833 807 3 739 085 697 962 324 827 6 881 65543 721 5 602 – 28 313 291 6395 755 2 531 – 209 8 87814 916 111 – – 30 8754 032 805 – – 46 875– 968 – 345 262 701– – – – 2 47611 306 26 346 952 3 608 76 1361 632 821 45 610 669 7927 266 265 9 159 359 732 768 986 741 24 512 1363 958 163 9 504 426 8 584 686 10 488 580 34 821 44311 224 428 18 663 785 9 317 454 11 475 321 59 333 5792 259 368 – 43 2 6954 159 261 3 940 720 31 638 273 884 10 569 4252 809 209 6 291 821 813 752 906 815 11 793 55915 650 34 884 15 4 027 192 248408 1 230 69 1 175 570 9922 462 389 – 192 62 772– – – – 88 944– – – – 579 371– – – – 414 826– – – – 82 795– – – – 154 5096 989 249 10 269 412 845 474 1 186 136 24 512 1364 230 583 8 405 056 8 474 194 10 294 401 34 746 90811 219 832 18 674 468 9 319 668 11 480 537 59 259 0444 596 - 10 683 - 2 214 - 5 216 74 535Consolidated Financial Statements

50 – 2005 Annual Report / Crédit Agricole (Suisse) SA4. Information regarding off balance sheet transactions4.1 Contingent liabilities(in thousands of CHF)Reference yearPrevious yearIrrevocable and similar guarantees 4 855 682 1 799 173Back-up guarantees and similar 275 997 125 473Irrevocable commitments 2 020 351 1 307 459Total 7 152 030 3 232 1054.2 Confirmed credits(in thousands of CHF)Reference yearPrevious yearCommitments under “deferred payments” 23 779 12 133Total 23 779 12 133

2005 Annual Report / Crédit Agricole (Suisse) SA – 514.3 Outstanding derivative instrumentsTrading instrumentsHedging instruments(in thousands of CHF)PositivereplacementvaluesNegativereplacementvaluesUnderlyingamountPositivereplacementvaluesNegativereplacementvaluesUnderlyingamountInterest-rate derivatives– Swaps 14 985 13 995 1 298 610 24 607 22 454 1 845 534– Options (OTC) 653 653 75 499 – – –Currencies / Precious metals– Forward contracts 387 787 367 571 23 454 712 73 720 2 983 1 441 139– Options (OTC) 151 136 151 096 9 925 592 – – –Total before impactof netting contractsReference year 554 561 533 315 34 754 413 98 327 25 437 3 286 673Previous year 214 804 219 291 12 190 893 2 968 71 375 2 135 000(in thousands of CHF)Total after impactof netting contractsPositive replacementvalues (aggregate)Negative replacementvalues (aggregate)Reference year 651 902 554 901Previous year 217 197 287 012Balance of offset accountReference year 12 619Previous year 15 038Consolidated Financial Statements

52 – 2005 Annual Report / Crédit Agricole (Suisse) SA4.4 Fiduciary investments(in thousands of CHF) CHF EURFiduciary investments with third-party banks 50 214 418 211Fiduciary investments with Group banks or affiliates 112 307 2 305 770Fiduciary loans and other fiduciary transactions 3 647 91 796Total 166 168 2 815 7774.5 Client assets(in millions of CHF)Type of client assetsAssets held by funds under own managementReference year164Previous year16Assets with management mandates 4 785 2 830Other client assets 42 293 22 801Total client assets (including amounts double counted) 47 242 25 647Of which, amounts double counted 164 16Net cash in / out flows 17 864* - 631* including merger contribution from theCrédit Lyonnais (Suisse) SA Group at 19.03.05 15 752The criteria used to determine "more-than-custody-only" other assets are defined by the link existing between the endclient and the Group. As a result, the assets held by the Group as part of its global custodian services provided to otherfinancial institutions are not indicated in the above figures.Net cash in/out flows do not include items relating to the return on assets. Items such as interest are thus excludedfrom this heading.5. Information regarding the income statement5.2 Net income from trading(in thousands of CHF)Reference yearPrevious yearForeign currency transactions 75 285 51 722Other 733 102Total 76 018 51 824

2005 Annual Report / Crédit Agricole (Suisse) SA – 53Currencies converted to CHFUSD JPY OthersReference yeartotalPrevious yeartotal1 297 044 – 391 642 2 157 111 316 2444 790 402 190 1 226 187 8 434 856 10 021 33288 734 11 750 10 581 206 508 208 5496 176 180 11 940 1 628 410 10 798 475 10 546 1255.3 Personnel expenses(in thousands of CHF)Reference yearPrevious yearSalaries 199 008 123 636Social security charges (AVS, AI, APG and other contributions required by law) 27 016 16 672Pension and benefit contributions 16 892 13 944Other personnel expenses 6 954 3 521Total 249 870 157 7735.4 Other operating expenses(in thousands of CHF)Reference yearPrevious yearCost of premises, light and heating 15 464 12 673Expenses relating to information technology, machinery,furnishings, vehicles and other equipment 19 617 13 035Postal and telephone expenses 5 865 3 515Travel and entertainment expenses 10 474 6 050Other operating expenses 34 043 22 264Total 85 463 57 537Consolidated Financial Statements

54 – 2005 Annual Report / Crédit Agricole (Suisse) SA5.5 Notes relating to extraordinary income and expenses, liquidation of underlyingreserves, reserves for General Banking Risks and unutilised valuation adjustmentsand provisions that are no longer requiredIn 2005, the extraordinary income of CHF 5.0 million arose from :– amounts recovered on bad or doubtful receivables written down in previous years (CHF 3.2 million),– net income from the reversal of valuation adjustments and provisions that exceeded the original amountsset aside (CHF 1.3 million),– income from non-operating transactions, such as gains on asset disposals (CHF 0.5 million).5.7 Income and expenses from the ordinary banking activity – breakdown between Switzerlandand other countries based on the principle of domicile of operationReference yearPrevious year(in thousands of CHF)Switzerland Other Total Switzerland Other TotalIncomeInterest income 146 167 9 345 155 512 56 418 – 56 418Commission income 295 357 5 539 300 896 180 508 – 180 508Trading income 75 017 1 001 76 018 51 824 – 51 824Other ordinary income 27 612 - 36 27 576 23 941 – 23 941Total income 544 153 15 849 560 002 312 691 – 312 691ExpensesPersonnel expenses - 243 979 - 5 891 - 249 870 - 157 773 – - 157 773Other operating expenses - 81 803 - 3 660 - 85 463 - 57 537 – - 57 537Total expenses - 325 782 - 9 551 - 335 333 - 215 310 – - 215 310

2005 Annual Report / Crédit Agricole (Suisse) SA – 55Auditor’s reportReport of the Group auditors to the Annual GeneralMeeting of Shareholders of Crédit Agricole(Suisse) SA, GenevaAs the group’s auditors, we have audited the consolidatedfinancial statements (balance sheet, income statement,cash flow statement and notes to the financial statementsset out on pages 20 to 54) of Crédit Agricole(Suisse) SA for the year ended 31 December 2005.These consolidated financial statements are the responsibilityof the Board of Directors. Our responsibility is toexpress an opinion on these consolidated financial statementsbased on our audit. We confirm that we meet thelegal requirements concerning professional qualificationand independence.Our audit was conducted in accordance with Swissauditing standards, which require that an audit beplanned and performed to obtain reasonable assuranceabout whether the consolidated financial statements arefree from material misstatement. We have examined ona test basis the evidence supporting the amounts anddisclosures in the consolidated financial statements.We have also assessed the accounting principles used,significant estimates made and the overall presentationof the consolidated financial statements. We believe thatour audit provides a reasonable basis for our opinion.In our opinion, the consolidated financial statements givea true and fair view of the financial position, the resultsof operations and the cash flows in accordance withthe guidelines governing the preparation of the financialstatements of banks, and comply with Swiss law.We recommend that the consolidated financialstatements submitted to you be approved.Geneva, 17 March 2006PricewaterhouseCoopers SAJ.-C. PernolletA. Lattafi

2005 Annual Report / Crédit Agricole (Suisse) SA – 57Parent CompanyFinancial Statements

58 – 2005 Annual Report / Crédit Agricole (Suisse) SABalance sheet as at 31/12/2005Parent Company Financial StatementsAssets(in thousands of CHF) 31.12.2005 31.12.2004Liquid assets 18 625 17 785Money market instruments 1 369 709 107 182Due from banks 11 921 677 6 075 518Due from clients 6 873 200 3 626 019Mortgages 291 639 75 748Securities and precious metals trading portfolio 8 878 7 278Financial investments 30 727 12 591Participating interests 49 178 34 475Fixed assets 261 580 137 475Accrued income and prepaid expenses 65 248 31 455Other assets 668 004 233 774Total assets 21 558 465 10 359 300Total subordinated amounts receivable 7 770 8 310Total amounts due from non-consolidated participating interestsand holders of qualified participations 5 148 479 3 053 795

2005 Annual Report / Crédit Agricole (Suisse) SA – 59Liabilities(in thousands of CHF) 31.12.2005 31.12.2004Money market instruments 2 695 2 519Due to banks 10 782 648 7 616 301Due to clients 8 692 530 1 632 469Accrued expenses and deferred income 180 113 92 130Other liabilities 571 054 294 297Valuation adjustments and provisions 127 985 77 986Reserve for General Banking Risks 19 400 19 400Share capital 579 371 353 913General legal reserve 446 943 206 376Retained earnings brought forward 1 443 423Net income for the period 154 283 63 486Total liabilities 21 558 465 10 359 300Total subordinated amounts due 400 000 120 000Total due to non-consolidated participating interestsand holders of qualified participations 4 439 710 3 073 346Off balance sheet transactions(in thousands of CHF) 31.12.2005 31.12.2004Contingent liabilities 7 148 570 3 232 105Irrevocable commitments 437 364 203 207Commitments to capital and supplementary payments – 556Confirmed credits 23 779 12 133Derivative instruments :Positive replacement value 652 888 217 772Negative replacement value 558 752 290 666Contract volume 38 041 086 14 325 893Fiduciary transactions 13 730 145 10 573 891Parent Company Financial Statements

60 – 2005 Annual Report / Crédit Agricole (Suisse) SAIncome statementParent Company Financial Statementsfor the year ended 31 December 2005Income and expenses from ordinarybanking activity(in thousands of CHF) Year 2005 Year 2004Interest income and expensesInterest and discount income 462 769 162 097Interest and dividend income from trading portfolios 433 156Interest and dividend income from financial investments 1 085 649Interest expense - 313 124 - 106 469Net interest income (sub-total) 151 163 56 433Commission income and service feesCommission income on loans 50 834 28 964Commission income on securitiestrading and investments 245 665 148 320Commission income on other services 39 941 18 681Commission expense - 43 302 - 20 356Commission income and service fees (sub-total) 293 138 175 609Results from trading operations 75 848 52 377Other ordinary incomeLoss on sale of financial investments 191 - 5Income from participating interests 4 500 3 500Income from buildings 1 168 960Other ordinary income 25 392 17 476Other ordinary expenses - 4 962 - 119Other ordinary income (sub-total) 26 289 21 812Operating expensesPersonnel expenses - 245 786 - 154 104Other operating expenses - 81 934 - 54 713Total operating expenses (sub-total) - 327 720 - 208 817Gross profit 218 718 97 414

2005 Annual Report / Crédit Agricole (Suisse) SA – 61Profit for the year(in thousands of CHF)Year 2005 Year 2004Gross profit 218 718 97 414Depreciation and write-off of fixed assets - 12 036 - 14 242Valuation adjustments, provisions and losses - 2 695 - 5 382Result before extraordinary items and taxes 203 987 77 790Extraordinary income 5 182 11 278Extraordinary expenses - 259 - 9Taxes - 54 627 - 25 573Net profit for the year 154 283 63 486Appropriation of profit(in thousands of CHF)Year 2005 Year 2004Net profit for the period 154 283 63 486Profit carried forward 1 443 423Retained earnings 155 726 63 909Distribution of profitDividend - 143 684 - 58 396Attribution to general legal reserve - 11 471 - 4 070Profit carried forward 571 1 443Parent Company Financial Statements

62 – 2005 Annual Report / Crédit Agricole (Suisse) SANotes to the Parent Company Financial Statements1. Comments on the Bank’soperations and workforceCrédit Agricole (Suisse) SA (hereinafter “the Bank”)is active in Private Banking, Commercial Banking andTransactional Commodity Finance, as well as spot andforward trading in money-market instruments, currenciesand precious metals, both as an intermediary and on aproprietary basis.In 2005, the Bank increased its shareholders’ equity byCHF 461,883,000, including CHF 225,458,000 of sharecapital, following the merger by absorption of CréditLyonnais (Suisse) SA. This operation was completed on19 March, with retroactive effect from 1 January 2005.On this same date, Crédit Agricole Indosuez (Suisse) SAwas renamed Crédit Agricole (Suisse) SA.Through the acquisition of Crédit Lyonnais (Suisse) SA,the Bank strengthened its international presence with abranch in Singapore and a subsidiary in the Bahamas.Its position in Switzerland was also reinforced by abranch in Basel.At 31 December 2005, the Bank had a workforce of1103 (on a full-time equivalent basis), compared with700 at 31 December 2004.Risk managementGeneral risk policyThe Board of Directors establishes the risk policy on thebasis of statutory requirements and head-office directives.Responsibility for implementing the policy lies withManagement.The Bank has three business lines, which give rise primarilyto counterparty risk, market risk, operational risk, legalrisk and reputation risk.Counterparty riskCounterparty risk, or credit risk, represents the lossborne by the Bank in the event of default by a counterparty.Loans are granted according to a system of authoritydelegation and are subject to a rating system.A credit committee examines loan applications, grantingauthorisations on the basis of the aforementioned delegationsand policy. This policy encompasses the commitmentsof the Bank’s customers and correspondentsthat result from lending activities, issuance of guarantees,and trading in currencies, derivatives and securities.Risks are regularly monitored by the Credit and Riskdivision according to stringent procedures.Management and the Board of Directors are keptinformed on a regular basis.

2005 Annual Report / Crédit Agricole (Suisse) SA – 63Market riskMarket risk measures the potential loss on the Bank’sportfolio caused by fluctuations in exchange rates,interest rates and the prices of securities.Managing market risk involves identifying, measuring andmonitoring open positions. The trading portfolio is valuedand compliance with assigned limits is monitored on adaily basis. The main risks faced by the Bank are :• Foreign exchange riskForeign exchange risk relates to changes in the value ofpositions denominated in foreign currencies as a result offluctuations in the exchange rates of the said currenciesagainst the Swiss franc.Positions in foreign currencies are adjusted as soon asthe transaction is initiated. They are revalued severaltimes a day at regular intervals. In addition, limits areset for each currency in order to limit the risk.• Interest rate riskInterest rate risk measures the loss of value on positions,other than those in the trading portfolio, caused by interestrate movements. It mainly encompasses the capital loansand acceptances business (net outstanding loans toclients and banks).incidents which may occur. This new database will alsoenable the Bank to prepare for implementation of theBasel Committee’s recommendations relating to thehedging of operational risk by equity capital.Compliance and legal riskCompliance and legal risk relates to the loss, whetherfinancial or in terms of reputation, that could result fromfailing to comply with regulations or with due diligenceduties specific to financial intermediaries.The Bank has a compliance and legal department whoserole is to monitor compliance with regulations, notably inrelation to the prevention of money laundering, thefinancing of terrorism and fraud. This department alsoensures that in-house directives are consistent withnew legislation and regulations.Outsourcing of activitiesThe Bank does not outsource any of its activities asdefined by circular 99/2 of the Swiss Federal BankingCommission (Commission Fédérale des Banques).The Bank assesses interest rate risk using asset-liabilitymanagement techniques in order to evaluate maturitystructures and the impact of possible interest ratemovements affecting on and off-balance sheet loansand commitments.Operational riskOperational risk is defined as the risk resulting frominadequacies in the design, procurement or implementationof procedures for recording data relating to Bankoperations in information systems in general, and inaccounting systems in particular.This risk is limited through the use of highly automatedprocesses and an internal control department. The Bankhas an internal control unit that ensures procedural complianceand analyses data flows. A database has beencreated to cater for the collection and analysis of anyParent Company Financial Statements

64 – 2005 Annual Report / Crédit Agricole (Suisse) SA2. Accounting and valuationprinciplesGeneral principlesThe accounting and valuation principles comply with therequirements of the Swiss Code of Obligations, the SwissFederal Banking Act and the corresponding implementingOrdinance, as well as the Swiss Federal BankingCommission’s directives governing the preparation offinancial statements.Cash, receivables relating to money marketinstruments and commitmentsThese items are carried in the balance sheet at their nominalvalue. Specific provisions are raised for any receivablesdeemed doubtful and are charged directly against theassets concerned. Discounts on money market instrumentsare allocated to the income statement on an accrualsbasis through adjustment accounts. Accounting receivablesare carried in the balance sheet at their book value, whichis based on an accrual method valuation.Recording of transactions and presentationin the balance sheetTransactions are recorded in the books on their executiondate and are valued thereafter according to the principlesset out below. Until their settlement date, executedtransactions are presented as off-balance sheet transactions,except for spot forex and money markettransactions, which are directly recognised in thebalance sheet.Translation of foreign currency itemsThe Bank uses a multi-currency accounting system, andbalance sheet items denominated in foreign currency aretranslated at the closing exchange rate.Amounts due from banks and customers,mortgagesDoubtful receivables, i.e. receivables for which it isunlikely that the debtor will be able to meet his commitments,are valued individually and the write-down iscovered by valuation adjustments.When a receivable is deemed to be wholly or partiallyirrecoverable, it is written down by debiting the correspondingvaluation adjustment.A receivable is no longer deemed to be doubtful whenthe arrears (principal plus interest) have been settled,servicing of the debt has returned to normal and othersolvency criteria are met.Interest on fixed-term transactions and commissions onfiduciary operations in foreign currency are recorded inthe income statement on a daily basis, at the exchangerate prevailing on that day. All other income and expensesare recorded on the day they occur, using the rateprevailing at the time of the transaction.Securities and precious metals trading portfoliosSecurities acquired in the course of trading activitiesare marked to market.The closing exchange rates against the Swiss franc usedfor translating the Bank’s main foreign currency positionsare as follows :Currency2005 2004EUR 1.554 1.543USD 1.315 1.132JPY 0.011190 0.010961

2005 Annual Report / Crédit Agricole (Suisse) SA – 65Long-term financial investmentsFixed-income debt instruments to be held until maturityare valued according to the accrual method. The correspondingpremiums and discounts are apportionedover the residual period to maturity. These adjustmentsare recorded as additions to or deductions from bookvalue.Participating interests and other debt instruments arevalued at the lower of cost and market value. Adjustmentsto the value resulting from solvency conditionsare not treated separately. The net impact of changesin value is recognised as ordinary income or expenses.Gains and losses arising on interest alienated beforematurity or repaid early are spread over the remaining lifeof the transaction, i.e. until the initial expected maturity.Borrowing / lending of securities and repurchaseagreementsBorrowing and lending of securities and repurchaseagreements are recorded in the same way as sales andpurchases. These transactions may be recorded underthe following headings :• Money market instruments (assets and liabilities)• Securities and precious metals trading portfolios• Long-term financial investmentsTangible fixed assetsFixed assets are recognised at their acquisition cost anddepreciated on a straight-line basis over their estimateduseful life as follows :• vehicles and IT equipment3 years• fixtures and fittings5 years• mainframe IT system5 years• fitting-out of premises occupiedunder a long-term lease10 years• buildings used by the Bank(1.5% per annum) 66.5 yearsUpon subsequent revaluation, tangible fixed assets arecarried in the balance sheet at their acquisition cost, lesscumulative depreciation. The depreciation calculation isbased on the asset’s entire estimated useful life. Theaccounting value is reviewed regularly to ensure it is notimpaired.Accrued income and expensesCut-off is applied to interest income and expense, lendingcommissions considered as a component of interest,personnel and other operating expenses, safe-keepingfees, commissions on fiduciary transactions and assetmanagement commissions. Ordinary taxes still outstandingat the year end are included under this heading.These transactions are valued in the same way assecurities held directly by the Bank.ShareholdingsParticipating interests are recorded in the balance sheetat their acquisition cost. Provisions for diminution invalue are recorded under “valuation adjustments andprovisions”.Parent Company Financial Statements

66 – 2005 Annual Report / Crédit Agricole (Suisse) SAValuation adjustments and provisionsThe Bank’s credit activity is limited mainly to Lombardloans and international trade financing. The particularityof these transactions is that repayment capacity is linkedto the collateral put up during the transactions (self liquidatingtransactions) as well as to the solvency of thedebtor.When there is doubt as to a debtor’s ability to honour hiscommitments, the Bank raises adequate provisions for theprincipal and interest, taking into account existing guaranteesand collateral, as well as the economic environment.These valuation adjustments, which are made on an individualbasis for each position, are charged directly againstthe balance sheet assets concerned. Interest deemeddoubtful under this rule is provisioned from the date onwhich serious doubts first arise.In accordance with the prudence principle, other identifiablerisks are covered by provisions recognised in the balancesheet under “valuation adjustments and provisions”.Reserves for General Banking RisksReserves for General Banking Risks are set aside as apreventive measure with the aim of covering underlyingrisks relating to the Bank’s activity. These reserves areconsidered as forming part of shareholders’ equity underSwiss banking law (Ordonnance Bancaire). Amountsallocated to or written back from the reserves for generalbanking risks are recognised as exceptional items. Nounderlying tax is taken into account on this item.Pension and benefit commitmentsThe Bank fulfils its legal obligation to insure employees,in application of pension laws, through the CréditAgricole (Suisse) SA Pension Plan. Crédit Lyonnais(Suisse) SA has a separate pension plan. These twopension schemes are defined contribution plans asrequired under Swiss recommendations for the presentationof accounts no. 16 (RPC 16). Credit Agricole(Suisse) SA’ s pension plan will take over that of CréditLyonnais (Suisse) SA so that their services are combinedas from 1 January 2006. The pension commitments andthe assets covering these commitments are held by alegally independent foundation. Contributions are includedin personnel costs. Furthermore, the foundations managetheir assets through the Bank, hence the related positionsare recorded in the latter’s balance sheet.Contingent commitments, irrevocable commitments,commitments to discharge and make supplementarypayments, and confirmed creditOff-balance sheet items are stated at their nominal value.A provision is raised for identifiable risks and recordedunder liabilities in the balance sheet.Financial derivativesThe Bank uses financial derivatives to manage its balancesheet structure and for trading purposes on behalf of itscustomers.The positive or negative replacement values of all derivativeinstruments outstanding at the balance-sheet date arerecorded gross under “other assets” and “other liabilities”respectively.Trading transactions are marked to market, whereasbalance sheet management transactions are valued inthe same way as the hedged positions.Valuation adjustments that are not recognised in theincome statement at the closing date are recorded ina netting account, which is included in “other assets”or “other liabilities” depending on the balance on theaccount.Layout of the notes to the financial statementsThe numbering of the notes follows the layout stipulatedby the Swiss Federal Banking Commission in its directivesgoverning the preparation of financial statements(DEC-CFB).

2005 Annual Report / Crédit Agricole (Suisse) SA – 673. Balance sheet Information3.5 Other assets and other liabilitiesReference yearPrevious year(in thousands of CHF) Other assets Other liabilities Other assets Other liabilitiesReplacement valuesof derivative instruments– Trading portfolio 553 575 529 464 214 230 215 637– Balance sheet management 98 327 25 437 2 967 71 375Indirect taxes 258 11 748 454 3 128Offset account 12 619 – 15 038 –Other assets and liabilities 3 225 4 405 1 085 4 157Total 668 004 571 054 233 774 294 2973.6 Assets pledged or assigned as security for own commitments,and assets subject to reservation of title clauses(in thousands of CHF)Book valueor amount ofpledged assetsReference yearEffectiveliabilitiesBook valueor amount ofpledged assetsPrevious yearEffectiveliabilitiesMoney-market instruments – – – –Financial investments 7 829 – 1 147 –Other assets 104 – 61 –Total 7 933 – 1 208 –Lending of securities and repurchase transactionsReference yearPrevious yearFair value of securities received as a guarantee under a securities loanand securities received under a securities borrowing transactionand by means of reverse repos, for which the right to make a subsequentalienation or pledge has been granted without restriction – 9 915– of which, fair value of above securities alienated or pledged to a third party as a guarantee – 7 093Parent Company Financial Statements

68 – 2005 Annual Report / Crédit Agricole (Suisse) SA3.7 Liabilities to own pension fundThe Bank pension plan manages its assets through the Bank. As at 31 December 2005 total liquid assets deposited with the Bankamount to CHF 23.45 million, compared with CHF 24.12 million as at 31 December 2004.In addition, following the merger with Crédit Lyonnais (Suisse) SA in March 2005, the pension fund of Crédit Lyonnais (Suisse) SA willbe taken over by the current pension fund of Crédit Agricole (Suisse) SA on 1 January 2006.At 31 December 2005, commitments to the Foundation of Crédit Lyonnais (Suisse) SA amounted to CHF 32.0 million, compared withCHF 24.3 million at 31 December 2004.3.9 Valuation adjustments and provisions, fluctuations reserve for credit risks,reserves for General Banking Risks(in thousands of CHF)Balance as at theend of the previousfinancial yearSpecificusageChangein definition ofpurpose(reclassified)Valuation adjustments and provisions for default risk and other risks– Valuation adjustments and provisions for loan loss(credit risk and country risk) 118 790 - 9 151 –– Valuation adjustments for other operating risks 20 489 - 7 404 –of which, restructuring provisions 8 667 - 4 092 –– Other provisions 57 006 – –Total valuation adjustments and provisions 196 285 - 16 555 –Less :Valuation adjustments directly netted against assets - 118 299 – –Total valuation adjustments and provisions as per balance sheet 77 986 - 16 555 –Reserves for General Banking Risks 19 400 – –* including merger contribution from Crédit Lyonnais (Suisse) SA

2005 Annual Report / Crédit Agricole (Suisse) SA – 69Changes inconsolidationscope *Recoveries,overdue interestcurrencydifferencesNew provisionchargedto incomestatementReversalscreditedto incomestatementBalance as at theend of the referencefinancial year99 753 - 7 795 14 035 - 17 874 197 75817 686 55 6 486 - 1 067 36 24515 487 – 150 – 20 21234 500 – – – 91 506151 939 - 7 740 20 521 - 18 941 325 509– – – – - 197 524151 939 - 7 740 20 521 - 18 941 127 985– – – – 19 400Parent Company Financial Statements

70 – 2005 Annual Report / Crédit Agricole (Suisse) SA3.10 Share capital and shareholders holdingmore than 5% of all voting rights(in thousands of CHF)Nominal valueReference yearNumber of shares(in thousands)Dividend-bearingcapitalShare capital 579 371 579 579 371Total share capital 579 371 579 579 371(in thousands of CHF)Nominal valuePrevious yearNumber of shares(in thousands)Dividend-bearingcapitalShare capital 353 913 354 353 913Total share capital 353 913 354 353 913Significant shareholdersand groups of shareholdersbound by voting agreementsNominalReference yearHolding %NominalPrevious yearHolding %With voting rightsCALYON, Paris(subsidiary of Crédit Agricole SA) 579 371 100 353 913 100

2005 Annual Report / Crédit Agricole (Suisse) SA – 713.11 Proof of equity(in thousands of CHF)Shareholders’ equity at the start of the reference financial yearPaid-in capital 353 913General legal reserve 206 376Reserve for General Banking Risks 19 400Retained earnings 63 909Total shareholders’ equity at beginning of the reference financial year(before dividend distribution) 643 598- Dividend distribution - 58 396+ Increase in share capital following the takeover of the assets of Crédit Lyonnais (Suisse) SA 225 458+ Allocation to legal reserve following the takeover of the assets of Crédit Lyonnais (Suisse) SA 236 425+ Translation difference 72+ Share of net profit for the reference financial year 154 283Total shareholders’ equity at end of financial year(before profit appropriation) 1 201 440of which Paid-in capital 579 371General legal reserve 446 943Reserve for General Banking Risks 19 400Retained earnings 155 7263.13 Indication of aggregate amount of receivables and payables toaffiliated companies as well as to governing bodies(in thousands of CHF)Reference yearPrevious yearReceivables from affiliated companies 6 630 432 2 989 027Due to affiliated companies 3 887 899 2 785 541Loans to directors and members of the Group’s governing bodies 5 117 1 421Transactions with related compagnies :The parent company ensures the Bank's liquidity by entering into lending and borrowing transactions as necessary.These transactions are concluded at market conditions. The other positions recorded in the balance sheet, whetheras assets or liabilities in respect of Group companies or qualified participants, are not material.The Bank provides financing for the activities of Crédit Agricole Financements (Suisse) SA. The Bank has a 20%shareholding in this company, the remaining 80% being ultimately owned by the Crédit Agricole SA, Paris Group.At the balance sheet date, receivables relating to this company amounted to CHF 3.233 billion.Calyon Madrid and Calyon Paris, Luxembourg branch, have granted the Bank subordinated loans of CHF 120.0 millionand CHF 280.0 million respectively. These loans are subject to arm's length conditions with respect to their subordination.The other transactions with related companies are capital loans granted or received under normal market conditions.Parent Company Financial Statements

72 – 2005 Annual Report / Crédit Agricole (Suisse) SA4. Information regarding off balance sheet transactions4.4 Fiduciary investments(in thousands of CHF) CHF EURFiduciary investments with third-party banks 50 214 418 211Fiduciary investments with Group banks or affiliates 135 057 3 063 754Fiduciary loans and other fiduciary transactions 3 647 91 796Total 188 918 3 573 7614.5 Client assets(in millions of CHF)Type of client assetsAssets held by funds under own managementReference year164Previous year16Assets with management mandates 4 718 2 830Other client assets 41 907 22 801Total client assets (including amounts double counted) 46 789 25 647Of which, amounts double counted 164 16Net cash in / out flows 17 460* - 631* including merger contribution fromCrédit Lyonnais (Suisse) SA at 19.03.05 15 471The criteria used to determine "more-than-custody-only" other assets are defined by the link existing between the end client and theBank. As a result, the assets held by the Bank as part of its global custodian services provided to other financial institutions are notindicated in the above figures.Net cash in/out flows do not include items relating to the return on assets. Items such as interest are thus excludedfrom this heading.

2005 Annual Report / Crédit Agricole (Suisse) SA – 73Currencies converted to CHFUSD JPY OthersReference yeartotalPrevious yeartotal1 297 044 – 391 642 2 157 111 316 2446 733 259 190 1 434 266 11 366 526 10 049 09888 734 11 750 10 581 206 508 208 5498 119 037 11 940 1 836 489 13 730 145 10 573 8915. Information regarding the income statement5.2 Net income from trading(in thousands of CHF)Reference yearPrevious yearForeign currency transactions 75 115 52 275Other 733 102Total 75 848 52 3775.5 Notes relating to extraordinary income and expenses, liquidation of underlyingreserves,reserves for General Banking Risks and unutilised valuation adjustments andprovisions that are no longer requiredIn 2005, the extraordinary income of CHF 5.2 million arose from :– amounts recovered on bad or doubtful receivables written down in previous years (CHF 3.2 million),– net income from the reversal of valuation adjustments and provisions that exceeded the original amountsset aside (CHF 1.4 million),– income from non-operating transactions, such as gains on asset disposals (CHF 0.6 million).Parent Company Financial Statements

74 – 2005 Annual Report / Crédit Agricole (Suisse) SAAuditor’s reportReport of the statutory auditors to theAnnual General Meeting of Shareholdersof Crédit Agricole (Suisse) SA, GenevaAs statutory auditors, we have audited the accountingrecords and the financial statements (balance sheet,income statement and notes to the financial statementsset out on pages 58 to 73) of Crédit Agricole (Suisse) SAfor the year ended 31 December 2005.These financial statements are the responsibility of theBoard of Directors. Our responsibility is to express anopinion on these financial statements based on ouraudit. We confirm that we meet the legal requirementsconcerning professional qualification and independence.Our audit was conducted in accordance with Swissauditing standards, which require that an audit beplanned and performed to obtain reasonable assuranceabout whether the financial statements are free frommaterial misstatement. We have examined on a testbasis the evidence supporting the amounts and disclosuresin the financial statements. We have also assessedthe accounting principles used, significant estimatesmade and the overall presentation of the financial statements.We believe that our audit provides a reasonablebasis for our opinion.In our opinion, the accounting records and financialstatements, and the proposed appropriation of availableearnings, comply with Swiss law and the company’sarticles of incorporation.We recommend that the financial statements submittedto you be approved.Geneva, 17 March 2006PricewaterhouseCoopers SAJ.-C. PernolletA. Lattafi

2005 Annual Report / Crédit Agricole (Suisse) SA – 75Proposal to the General MeetingProposal of the Board of Directorsto the Ordinary General Meeting ofShareholdersAppropriation of available earnings(in thousands of CHF)The Board of Directors proposes to the Ordinary GeneralMeeting of shareholders held on 27 April 2006 thatthe profit for the year ended 31 December 2005 beappropriated as follows :Amount available to shareholders CHF 155 726Dividend CHF - 143 684Allocation to general legal reserve CHF - 11 471Amount to be carried forward CHF 571

Head office andmain branches

2005 Annual Report / Crédit Agricole (Suisse) SA – 77Head Office and General ManagementQuai Général-Guisan 41204 GenevaTel. + 41 58 321 90 00Fax + 41 58 321 91 00BranchesBaselAeschengraben 124051 BaselTel. + 41 58 321 20 00Fax + 41 58 321 21 00LausanneRue du Grand-Chêne 1-31003 LausanneTel. + 41 58 321 70 00Fax + 41 58 321 71 00SubsidiaryNassauBayside Executive ParkWest Bay Street & Blake RoadNassau – BahamasTel. + 1 242 327 50 00Fax + 1 242 327 41 44Logistics centreLausanneChemin de Bérée 46-481010 LausanneTel. + 41 58 321 50 00Fax + 41 58 321 51 00LuganoVia F. Pelli 36900 LuganoTel. + 41 58 321 30 00Fax + 41 58 321 31 00ZurichLintheschergasse 158001 ZurichTel. + 41 58 321 40 00Fax + 41 58 321 41 00Singapore168 Robinson Road#23-03 Capital TowerSingapore 068912Tel. + 65 6423 03 25Fax + 65 6423 14 77www.ca-suisse.com

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