CA AND SOCGEN LOGOS

MOODY’S DECISION ABOUT SOCGEN AND CREDIT AGRICOLE CREDIT RATINGS.

MOODY’S DECIDED ON SEPTEMBER 13 TO DOWNGRADE THE CREDIT RATINGS OF SOCIETE GENERALE AND CREDIT AGRICOLE SA BECAUSE OF THEIR EXPOSURE TO GREECE’S DEBT, HIGHLIGHTING GROWING RISKS TO EUROPE’S FINANCIAL SECTOR FROM A DEEPENING EUROZONE SOVEREIGN DEBT CRISIS.

BNP NOT YET CONCERNED BY THAT DECISION MAKING PROCESS BUT STILL ON THE WATCH LIST.

IT IS OUR UNDERSTANDING THAT THE 3 BANKS TOGETHER HOLD NEARLY $57 BILLION IN GREEK SOVEREIGN AND PRIVATE DEBT, VERSUS $34 BILLION HELD BY THE LARGEST GERMAN BANKS, AND $14 BILLION AT BRITISH BANKS.

ALSO REGARDING SPAIN, FRENCH BANKS HELD MORE THAN $140 BILLION IN TOTAL SPANISH DEBT AND ALMOST $400 BILLION IN ITALIAN DEBT AS OF DECEMBER ACCORDING TO THE LATEST FIGURES FROM THE BANK FOR INTERNATIONAL SETTLEMENTS.

PHLDUCX