Further to the preliminary agreement announced in January 2009, Société Générale and Crédit Agricole executed a final agreement on July 9, 2009 to combine their asset management operations. Crédit Agricole will hold 75% and Société Générale 25% of the combined entity. Société Générale will have, under group governance, the equivalent of one third of the voting rights.

The new entity will combine the asset management operations of Crédit Agricole and the fundamental investment activities of Société Générale, a 20% interest in TCW, its US asset management subsidiary, and its joint venture in India. The combined entity will have €591 billion of assets under management, and will be the 4th largest asset manager in Europe and the 8th worldwide in terms of assets under management.

The closing of the transaction is subject to the approval of the relevant regulatory and antitrust authorities, and is expected to occur during the 4th quarter of 2009.

Shearman & Sterling represented Société Générale in this transaction.