Crédit Agricole S.A. — M&A Activity 2011

Feb 28, 2011

FonciËre des Murs and Predica are stepping up their partnership with a new major hotel property deal

²⁸ February ^{2011 ó} Predica, ^a CrÈdit Agricole Assurances subsidiary, and FonciËre des Murs have signed ^a memorandum of understanding with the Louvre HÙtels group to acquire ^a portfolio of 33Campanile hotels. The

total investment (including renovation work) amounts to ¹⁷³ million euros, split ^{80 ñ 20} per cent betweenPredica and FonciËre des Murs, respectively. All

the hotels are located in France (45 per cent in the Paris metropolitan area, ³² per cent in southern France and²³ per cent in the north), offering ^a total of 2,453 rooms. The

Louvre HÙtels group will continue to own the business rights and to operate the hotels under the Campanile brand (Campanile is the groupís leading brand, positioned in the two-star segment and present in nine European countries). ^A firm 12-year lease, renewable six times, with triple-net rents calculated based on revenues will be signedfor the deal. The

deal includes an extensive ³⁸ million euro programme to renovate all the hotels. Dubbed Nouvelle GÈnÈration, the programme will cover the rooms and common areas, and also feature new-concept dining facilities.^A guaranteed minimum rent will be charged on the entire portfolio throughout the work. Predica

and FonciËre des Murs are stepping up their partnership in hotel investments in Europe. This latest deal, to be finalised in the second quarter of 2011, confirms that hotel operators are intent on seeking the support of top-flightreal estate partners capable of offering tailor-made services to help them withtheir development plans. Once

the acquisition is complete, FonciËre des Murs will have established special partnerships with the top three hotelgroups in the French market: Accor, Louvre HÙtels and B&B.

About CrÈdit Agricole Assurances CrÈditand

Agricole Assurances is now the European leader in bancassurance and handles all the CrÈdit Agricole Groupís French foreign insurance activities. Set up in January 2009, CrÈdit Agricole Assurances comprises Predica, ^a life insurer; Pacifica, specialised in non-life insurance; CACI for creditor insurance; the international insurance activity; CrÈdit Agricole Assurances Gestion, Informatique et Services (Caagis) since January 2010. Key figures for CrÈdit Agricole Assurances (at ³¹ December 2009) -

Ä25.9 billion in premiums -

• Ä203 billion in underwriting reserves -
• Ä951 million in net income, Group share -
• 2,700 employees www.ca-assurances.com

About FonciËre des Murs FonciËrebusiness

des Murs SCA, ^a subsidiary of FonciËre des RÈgions, is ^a listed real estate investment trust (SIIC) specialising in premises, primarily in the hotel, restaurants, health and leisure sectors. The companyís investment policy focuses on partnering with leading firms in each sector so as to offer shareholders ^a regular yield on investment. FonciËredes Murs is listed on Euronext Paris, Compartment ^B of the Eurolist market (FR0000060303 - FMU). www.foncieredesmurs.fr

Press contacts

CrÈdit Agricole Assurances EliseCamille

Bouteiller - ^{+ 33} (0)1 ^{43 23 80 71} Langevin - ^{+ 33} (0)1 ^{57 72 73 36} service.presse@ca-assurances.fr

FonciËre des Murs Dominique

Ozanne ^ñ Executive General Manager : ^{+ 33} (0)1 ^{58 97 54 20} dominique.ozanne@fdr.fr