Ventas

Consolidated entities are presented according to the sectors 31.12.2010 31.12.2009 Comments

used for preparing segment information under IFRS 8.

Accordingly, for example, entities included under Retail Banking % Method % Method do not necessarily have the legal status of credit institutions

Control Interest + Control Interest +

A. Retail Banking

CM5 (*)

Banca Popular di Milano 4.99 4.88 EM 4.99 4.88 EM Banco Popular Hipotecario 50.00 50.00 PM - - NC Created Banque de l'Economie du Commerce et de la Monétique 100.00 100.00 FC 100.00 100.00 FC Banque de l'Economie du Commerce et de la Monétique - Frankfurt 100.00 100.00 FC 100.00 100.00 FC Banque de l'Economie du Commerce et de la Monétique - St Martin 100.00 100.00 FC 100.00 100.00 FC Banque de Tunisie 20.00 20.00 EM 20.00 20.00 EM Banque du Crédit Mutuel Ile-de-France (BCMI) 100.00 100.00 FC 100.00 100.00 FC

Banque Marocaine du Commerce Exterieur (BMCE) 24.64 24.64 EM - - NC Consolidated for first time Banque Transatlantique Singapore Private Ltd 100.00 97.61 FC - - - Created

C2C 99.98 34.17 FC 100.00 34.17 FC CIC Banque Nord-Ouest (formerly CIC Banque Scalbert Dupont - CIN) 100.00 97.61 FC 100.00 97.52 FC CIC Est 100.00 97.61 FC 100.00 97.52 FC CIC Iberbanco 100.00 100.00 FC 100.00 100.00 FC CIC Ouest (formerly CIC Banque CIO - BRO) 100.00 97.61 FC 100.00 97.52 FC CIC Sud Ouest (formerly Société Bordelaise de CIC - SBCIC) 100.00 97.61 FC 100.00 97.52 FC CM-CIC Asset Management 99.98 99.42 FC 99.98 99.39 FC CM-CIC Bail 99.99 97.63 FC 99.99 97.53 FC CM-CIC Covered Bonds 100.00 100.00 FC 100.00 100.00 FC CM-CIC Epargne Salariale 100.00 97.62 FC 100.00 97.52 FC CM-CIC Gestion 100.00 97.61 FC 100.00 97.52 FC CM-CIC Laviolette Financement 100.00 97.61 FC 100.00 97.51 FC CM-CIC Lease 100.00 98.71 FC 100.00 98.66 FC CM-CIC Leasing Benelux 100.00 97.63 FC 100.00 97.53 FC CM-CIC Leasing GmbH 100.00 97.63 FC 100.00 97.53 FC Cofidis Argentine 66.00 22.55 FC 66.00 22.55 FC Cofidis Belgique 100.00 34.17 FC 100.00 34.17 FC Cofidis Espagne 100.00 34.17 FC 100.00 34.17 FC Cofidis France 100.00 34.17 FC 100.00 34.17 FC Cofidis Hongrie 100.00 34.17 FC 100.00 34.17 FC Cofidis Italie 100.00 34.17 FC 100.00 34.17 FC Cofidis Portugal 100.00 34.17 FC 100.00 34.17 FC Cofidis République Tchèque 100.00 34.17 FC 100.00 34.17 FC Cofidis Roumanie 100.00 34.17 FC 100.00 34.17 FC Cofidis Slovaquie 100.00 34.17 FC 100.00 34.17 FC Creatis 100.00 34.17 FC 100.00 34.17 FC

Créfidis - - NC 100.00 34.17 FC Absorbed by Cofidis France Factocic 100.00 97.97 FC 66.00 64.73 FC FCC Libravou 100.00 34.17 FC 100.00 34.17 FC FCT Cofititrisation 100.00 34.17 FC 100.00 34.17 FC Gesteurop 100.00 97.61 FC 100.00 97.52 FC Lyonnaise de Banque (LB) 100.00 97.61 FC 100.00 97.52 FC Monabanq 100.00 34.17 FC 66.00 22.55 FC Monabanq Belgique 100.00 34.17 FC 100.00 22.55 FC Saint Pierre SNC 100.00 97.61 FC 100.00 97.52 FC SCI La Tréflière 100.00 100.00 FC 100.00 100.00 FC

Sodelem - - NC 100.00 100.00 FC Absorbed by CMC-CIC Bail Sofemo (Société Fédérative Européenne de Monétique

et de Financement) 100.00 99.20 FC 100.00 99.17 FC Sofim 100.00 97.61 FC 100.00 97.52 FC Targo Finanzberatung GmbH 100.00 100.00 FC 100.00 100.00 FC Targobank AG & Co, KGaA 100.00 100.00 FC 100.00 100.00 FC Method: FC = Full Consolidation, PM = Proportional Method, EM = Equity Method, NC = Not Consolidated

(*) Presentation by majority-owned Crédit Mutuel group

Composition of the consolidation scope

The following entities were included in the Crédit Mutuel group's consolidation scope at 31 December 2010:

FINANCIAL REPORT

Consolidated entities are presented according to the sectors 31.12.2010 31.12.2009 Comments

used for preparing segment information under IFRS 8.

Accordingly, for example, entities included under Retail Banking % Method % Method do not necessarily have the legal status of credit institutions

Control Interest + Control Interest +

CM Arkéa (*)

Bail Entreprises 100.00 100.00 FC 100.00 100.00 FC Banque Commerciale pour le Marché de l'Entreprise (BCME) 100.00 100.00 FC 100.00 100.00 FC Banque Privée Européenne (BPE) 100.00 100.00 FC 100.00 100.00 FC Caisse de Bretagne de CMA 92.59 92.59 FC 92.44 92.44 FC

Camefi Banque - - NC 100.00 100.00 FC Absorbed by BCME CM Arkea Covered Bonds 100.00 100.00 FC 100.00 100.00 FC

Crédit Foncier et Communal d'Alsace et de Lorraine Banque 78.87 78.87 FC Acquired Crédit Foncier et Communal d'Alsace et de Lorraine SCF 100.00 78.86 FC Acquired Crédit Mutuel Arkéa Public Sector SCF 100.00 100.00 FC Created Fédéral Equipements 100.00 100.00 FC 100.00 100.00 FC Fédéral Service 97.02 96.99 FC 96.80 96.77 FC Financo 100.00 100.00 FC 100.00 100.00 FC Foncière Investissement 100.00 100.00 FC 100.00 100.00 FC Fortunéo 100.00 99.99 FC 100.00 99.98 FC GICM 100.00 97.00 FC 100.00 96.87 FC Leasecom 100.00 95.00 FC - - NC Acquired Leasecom Car 100.00 95.00 FC - - NC Acquired Leasecom Financial Assets 100.00 95.00 FC - - NC Acquired Leasecom Group 95.00 95.00 FC - - NC Acquired Monext 100.00 100.00 FC - - NC Acquired Monext Holding 100.00 100.00 FC - - NC Acquired Procapital 99.98 99.98 FC 99.98 99.98 FC Procapital Banking Services 100.00 100.00 FC - - NC Acquired SCI Interfédérale 100.00 100.00 FC 100.00 100.00 FC

CMNE(*)

Actéa Environnement 100.00 100.00 FC 100.00 100.00 FC Bail Actea 100.00 100.00 FC 100.00 100.00 FC Bail Immo Nord 100.00 100.00 FC 100.00 100.00 FC Banque Delubac 20.98 20.98 EM 20.98 20.98 EM Bâtiroc 100.00 100.00 FC 100.00 100.00 FC BCMNE 100.00 100.00 FC 100.00 100.00 FC BKCP SCRL 95.57 95.57 FC 95.41 95.41 FC CMN Environnement SNC 100.00 100.00 FC 100.00 100.00 FC CPSA 100.00 100.00 FC 100.00 100.00 FC FCP Nord Europe Gestion 100.00 100.00 FC 100.00 100.00 FC FCP Richebé Gestion 100.00 99.81 FC 99.73 99.53 FC Fininmad SA 100.00 100.00 FC 100.00 100.00 FC Immobilière du CMN 100.00 100.00 FC 100.00 100.00 FC La Française des Placements Gestion Privée 99.98 99.60 FC 100.00 100.00 FC LFP-Sarasin AM 100.00 99.62 FC 100.00 100.00 FC Mobilease 100.00 100.00 FC 100.00 100.00 FC Oostvlaamse Invest Company - - NC 99.96 95.37 FC Sold Pythagore Investissement BP 42.36 42.20 EM 43.04 43.04 EM SA Sofimpar 100.00 100.00 FC 100.00 100.00 FC SCI Centre Gare 100.00 100.00 FC 100.00 100.00 FC SCI CMN 100.00 100.00 FC 100.00 100.00 FC SCI CMN 1 100.00 100.00 FC 100.00 100.00 FC SCI CMN 2 100.00 100.00 FC 100.00 100.00 FC SCI CMN 3 100.00 100.00 FC 100.00 100.00 FC SCI CMN Location 100.00 100.00 FC 100.00 100.00 FC SCI CMN Location 2 100.00 100.00 FC 100.00 100.00 FC SCI CMN Richebé Inkerman 100.00 100.00 FC 100.00 100.00 FC Sofimmo3 100.00 100.00 FC 100.00 100.00 FC Transactimmo 100.00 100.00 FC 100.00 100.00 FC UFG Property Management 100.00 99.67 FC 100.00 100.00 FC

UFG Transaction - - NC 100.00 100.00 FC Absorbed by UFG-LFP France UFG LFP France 100.00 99.62 FC 100.00 100.00 FC

UFG LFP Private Bank 100.00 99.77 FC 100.00 100.00 FC Method: FC = Full Consolidation, PM = Proportional Method, EM = Equity Method, NC = Not Consolidated

Consolidated entities are presented according to the sectors 31.12.2010 31.12.2009 Comments

used for preparing segment information under IFRS 8.

Accordingly, for example, entities included under Retail Banking % Method % Method do not necessarily have the legal status of credit institutions

Control Interest + Control Interest +

CMLACO (*)

Agence de l'Hotel de Ville 100.00 100.00 FC 100.00 100.00 FC Agerim 100.00 100.00 FC 100.00 100.00 FC Amofi (formerly ERIF) 100.00 100.00 FC 100.00 100.00 FC Amofi B 100.00 100.00 FC 100.00 100.00 FC Ataraxia Distribution 100.00 100.00 FC 100.00 100.00 FC Ataraxia Finance 100.00 100.00 FC 100.00 100.00 FC Ataraxia Gestion 100.00 100.00 FC 100.00 100.00 FC Ataraxia Production 100.00 100.00 FC 100.00 100.00 FC

Ataraxia Sud Aménagement - - NC 100.00 100.00 FC Absorbed by Ataraxia Finance BEDE 100.00 100.00 FC 99.99 99.99 FC

Ermaxia - - NC 50.00 50.00 PM Deconsolidated as immaterial Filaction 100.00 100.00 FC 100.00 100.00 FC

Golfimmo - - NC 25.00 25.00 EM Deconsolidated as immaterial Habitat Gestion 100.00 100.00 FC 100.00 100.00 FC

IFT Immobilier 90.00 90.00 FC 90.00 90.00 FC Immobilière des Marsauderies 100.00 100.00 FC 100.00 100.00 FC Investlaco 100.00 100.00 FC 100.00 100.00 FC Lacocim 100.00 100.00 FC 100.00 100.00 FC SA Ataraxia 100.00 100.00 FC 100.00 100.00 FC SCI des Antons 100.00 100.00 FC 100.00 100.00 FC Selaco 100.00 100.00 FC 100.00 100.00 FC SI du Vivier 100.00 100.00 FC 100.00 100.00 FC

CMO (*)

SCI Merlet Immobilier 100.00 100.00 FC 100.00 100.00 FC Union Immobilière Océan SCI 100.00 100.00 FC 100.00 100.00 FC CMMABN (*) Acman 100.00 100.00 FC 100.00 100.00 FC CMSEM (*) Actimo 100.00 100.00 FC 100.00 100.00 FC Ensemble Victor Hugo 99.96 99.96 FC 99.96 99.96 FC France Luxembourg Invest Holding - - NC 100.00 100.00 FC Wound-up Groupe Victor Hugo 99.96 99.96 FC 99.96 99.96 FC SCI Astrée 100.00 100.00 FC 100.00 100.00 FC SCI Cafimmo Gap 100.00 100.00 FC 100.00 100.00 FC SCI Cafimmo Marseille 100.00 100.00 FC 100.00 100.00 FC SCI CMDV 100.00 100.00 FC 100.00 100.00 FC SCI DVPT CMM 100.00 100.00 FC 100.00 100.00 FC SCI Familia 99.96 99.96 FC 100.00 100.00 FC SCI Fontainebleau 100.00 100.00 FC 100.00 100.00 FC SCI Gambetta Immob 100.00 100.00 FC 100.00 100.00 FC SCI Gueydan 100.00 100.00 FC 100.00 100.00 FC SCI Jeanne d'Arc 100.00 100.00 FC 100.00 100.00 FC SCI Les Trois Rues 100.00 100.00 FC 100.00 100.00 FC SCI Maurice Faure 99.96 99.96 FC 99.96 99.96 FC SCI Mende 100.00 100.00 FC 100.00 100.00 FC SCI Nice Avenue 100.00 100.00 FC 100.00 100.00 FC SCI Nice Joffre 100.00 100.00 FC 100.00 100.00 FC SCI Nice République 100.00 100.00 FC 100.00 100.00 FC SCI Palais de la Mer 100.00 100.00 FC 100.00 100.00 FC SCI Provence Languedoc 100.00 100.00 FC 100.00 100.00 FC SCI Puget 100.00 100.00 FC 100.00 100.00 FC SCI SCMDV 100.00 100.00 FC 100.00 100.00 FC SCI Sud-Est Gestion Immobilière 99.96 99.96 FC 99.96 99.96 FC SCI Vercoulor 100.00 100.00 FC 100.00 100.00 FC Sud-Est Transactions Immobilières 99.96 99.96 FC 99.96 99.96 FC Method: FC = Full Consolidation, PM = Proportional Method, EM = Equity Method, NC = Not Consolidated

(*) Presentation by majority-owned Crédit Mutuel group

FINANCIAL REPORT

Consolidated entities are presented according to the sectors 31.12.2010 31.12.2009 Comments

used for preparing segment information under IFRS 8.

Accordingly, for example, entities included under Retail Banking % Method % Method do not necessarily have the legal status of credit institutions

Control Interest + Control Interest +

CMA (*)

GIE CMA 100.00 100.00 FC 100.00 100.00 FC GIEMAT 100.00 100.00 FC 100.00 100.00 FC SCI Plantagenets 100.00 100.00 FC 100.00 100.00 FC SNC Crédit Mutuel Anjou Immobilier 100.00 100.00 FC 100.00 100.00 FC B. Corporate and Investment Banking

CM5 (*)

Banque Fédérative du Crédit Mutuel - Frankfurt 100.00 100.00 FC 100.00 100.00 FC CIC Banque de Vizille 97.69 95.35 FC 97.69 95.35 FC CIC Finance 99.99 97.60 FC 99.99 97.50 FC CIC Investissement 100.00 97.60 FC 100.00 97.50 FC

CIC Investissement Alsace - - NC 100.00 97.50 FC Absorbed by CIC Finance CIC Investissement Est - - NC 100.00 97.50 FC Absorbed by CIC Investissement CIC Investissement Nord - - NC 100.00 97.50 FC Absorbed by CIC Investissement CIC Vizille Participation 100.00 95.35 FC 100.00 96.41 FC

Cigogne Management 100.00 98.70 FC 100.00 98.65 FC CM-CIC Securities 100.00 97.61 FC 100.00 97.52 FC CM-CIC Securities London Branch 100.00 97.61 FC - - NC Created Diversified Debt Securities SICAV - SIF 100.00 98.27 FC - - NC Created Divhold 100.00 98.27 FC - - NC Created FCT CM-CIC Home Loans 100.00 100.00 FC 100.00 100.00 FC Financière Voltaire 100.00 97.60 FC 100.00 97.51 FC Institut de Participations de l'Ouest (IPO) 100.00 97.61 FC 100.00 97.52 FC IPO Ingénierie 100.00 97.61 FC 100.00 97.51 FC Sudinnova 63.32 60.38 FC 57.21 54.55 FC Vizille Capital Finance 100.00 95.35 FC 100.00 95.35 FC Vizille Capital Innovation 100.00 95.35 FC 100.00 95.35 FC

CM Arkéa (*)

CEOI 100.00 100.00 FC 100.00 100.00 FC

Sobrepar - - NC 100.00 100.00 FC Absorbed by Synergie Finance Synergie Finance 100.00 100.00 FC 100.00 100.00 FC CMNE (*) BKCP Securities 100.00 100.00 FC 100.00 100.00 FC FCP Richebé 2011 100.00 100.00 FC 100.00 100.00 FC FCP Richebé Recovery 100.00 100.00 FC 100.00 100.00 FC Normandie Partenariat 99.65 99.63 FC 99.65 99.63 FC SDR de Normandie 99.79 99.79 FC 99.79 99.79 FC UFG Siparex 66.00 65.75 FC 100.00 100.00 FC CMO (*) Océan Participations 100.00 100.00 FC 100.00 100.00 FC CMMABN (*) Volney Développement 99.99 99.99 FC 100.00 100.00 FC CMSEM (*) Actimut 100.00 100.00 FC 100.00 100.00 FC C. Asset Management and Private Banking

CM5*

Agefor SA Genève 70.00 68.26 FC 70.00 68.26 FC Alternative Gestion SA Genève 45.00 60.46 EM 45.00 60.46 EM Banque de Luxembourg 100.00 98.27 FC 100.00 98.20 FC Banque Pasche (Liechtenstein) AG 52.50 51.25 FC 52.50 51.20 FC Banque Pasche Monaco SAM 100.00 97.61 FC 100.00 97.51 FC Banque Transatlantique 100.00 97.61 FC 100.00 97.52 FC Method: FC = Full Consolidation, PM = Proportional Method, EM = Equity Method, NC = Not Consolidated

Consolidated entities are presented according to the sectors 31.12.2010 31.12.2009 Comments

used for preparing segment information under IFRS 8.

Accordingly, for example, entities included under Retail Banking % Method % Method do not necessarily have the legal status of credit institutions

Control Interest + Control Interest +

Banque Transatlantique Belgium 100.00 95.79 FC 100.00 95.69 FC Banque Transatlantique Londres 100.00 97.61 FC 100.00 97.52 FC Banque Transatlantique Luxembourg

(formerly Mutual Bank Luxembourg) 100.00 98.57 FC 100.00 98.51 FC Calypso Management Company 70.00 68.33 FC 70.00 68.26 FC CIC Private Banking - Banque Pasche 100.00 97.61 FC 100.00 97.51 FC CIC Suisse (formerly Banque CIAL Suisse) 100.00 97.61 FC 100.00 97.52 FC Dubly-Douilhet 62.66 61.17 FC 62.61 61.05 FC GPK Finance 100.00 97.61 FC 88.58 86.38 FC LRM Advisory SA 70.00 68.33 FC 70.00 68.26 FC Pasche Bank & Trust Ltd Nassau 100.00 97.61 FC 100.00 97.51 FC Pasche Finance SA Fribourg 100.00 97.61 FC 100.00 97.51 FC Pasche Fund Management Ltd 100.00 97.61 FC 100.00 97.51 FC Pasche International Holding Ltd 100.00 97.61 FC 100.00 97.51 FC Pasche SA Montevideo 100.00 97.61 FC 100.00 97.51 FC Serficom Brasil Gestao de Recursos Ltda 50.42 49.22 FC - - NC Created Serficom Family Office Brasil Gestao de Recursos Ltda 51.98 50.74 FC 51.98 50.69 FC Serficom Family Office Inc 100.00 97.61 FC 100.00 97.51 FC Serficom Family Office SA 100.00 97.61 FC 100.00 97.51 FC Serficom Investment Consulting (Shangai) 100.00 97.61 FC 100.00 97.51 FC Serficom Maroc Sarl 100.00 97.61 FC 100.00 97.51 FC

Transatlantique Finance - - NC 100.00 97.52 FC Absorbed by Transatlantique Gestion Transatlantique Gestion (formerly BLC Gestion) 100.00 97.61 FC 100.00 97.52 FC

Valeroso Management Ltd 100.00 97.61 FC 45.00 60.46 EM

CM Arkéa (*)

Fédéral Finance Banque 100.00 100.00 FC 100.00 100.00 FC Fédéral Finance Gestion 100.00 100.00 FC 100.00 100.00 FC Synergie Finance Gestion 100.00 100.00 FC 100.00 100.00 FC

CMNE (*)

CM Habitat Gestion 99.98 99.90 FC 99.98 99.98 FC Financière Nord Europe 100.00 100.00 FC 100.00 100.00 FC Franklin Gérance 100.00 99.67 FC 100.00 100.00 FC La Francaise des Placements (LFP) 100.00 99.62 FC 100.00 100.00 FC UFG Courtage 100.00 99.62 FC 100.00 100.00 FC UFG REM (formerly Immobilier) 100.00 99.67 FC 100.00 100.00 FC UFG-LFP International 10.00 99.65 FC 100.00 100.00 FC

CMA (*)

Multi Financière de l'Anjou SA 100.00 100.00 FC 100.00 100.00 FC D. Multi-sectors

CM5 (*)

Banque Fédérative du Crédit Mutuel 100.00 100.00 FC 100.00 100.00 FC Crédit Industriel et Commercial (CIC) - IDF 97.61 97.61 FC 97.52 97.52 FC Crédit Industriel et Commercial (CIC) - London 100.00 97.61 FC 100.00 97.52 FC Crédit Industriel et Commercial (CIC) - New York 100.00 97.61 FC 100.00 97.52 FC Crédit Industriel et Commercial (CIC) - Singapore 100.00 97.61 FC 100.00 97.52 FC E. Insurance Companies

CM5 (*)

ACM Iard 100.00 99.53 FC 100.00 99.51 FC ACM Vie 100.00 99.51 FC 100.00 99.49 FC ACM Vie, Société d’Assurance Mutuelle 100.00 100.00 FC 100.00 100.00 FC Adepi 100.00 97.61 FC 100.00 97.52 FC Astrée 30.00 29.85 EM 30.00 29.85 EM Euro Protection Service 100.00 99.51 FC 100.00 99.49 FC Groupe des Assurances du Crédit Mutuel (GACM) 100.00 99.51 FC 100.00 99.49 FC Method: FC = Full Consolidation, PM = Proportional Method, EM = Equity Method, NC = Not Consolidated

(*) Presentation by majority-owned Crédit Mutuel group

FINANCIAL REPORT

Consolidated entities are presented according to the sectors 31.12.2010 31.12.2009 Comments

used for preparing segment information under IFRS 8.

Accordingly, for example, entities included under Retail Banking % Method % Method do not necessarily have the legal status of credit institutions

Control Interest + Control Interest +