Institutional Investor ranks Crédit Agricole Cheuvreux No. 1 for Western European Country Research

By country, CA Cheuvreux ranked:

• No. 1 in France, for the fourth year in a row
• No. 3 in Spain (vs No. 6 in 2007), Italy (vs No. 6) and Benelux (vs No. 5),
• No. 4 in the Nordic Countries (vs No. 5),
• No. 5 in Switzerland (vs No. 8),

SRI research is ranked No. 3. ,and No. 1 of the Thomson Extel Focus France/ Agefi survey (December 2007).

CA Cheuvreux's Mid-Caps Research ranked No. 4 on a pan-European basis. The Mid-Caps team, comprised of 20 specialists in CA Cheuvreux's offices across Europe, covers 310 stocks (market capitalisation under EUR 3 bn), which gives it one of the broadest universes of coverage on the market. It ranked No. 2 in Europe and No. 2 in France in Thomson Extel's Pan-European and Focus France surveys (in June and December 2007, respectively).

In addition, CA Cheuvreux is the first French brokerage to rank in the Top 10 of Institutional Investor's overall ranking ("All Europe Research Team").