Bond Banque Fédérale du Crédit Mutuel 7% ( XS0212581564 ) in EUR

Banque Fédérale du Crédit Mutuel

100 % ⇌

France

XS0212581564 ( in EUR )

7% per year ( payment 1 time a year)

Perpetual

Prospectus brochure of the bond Banque Federative du Credit Mutuel XS0212581564 en EUR 7%, maturity Perpetual

25/02/2026 ( In 236 days )

Crédit Mutuel's banking operations are conducted through a network of regional banks, each with its own distinct legal identity but operating under the Crédit Mutuel brand and overall group structure.

The Bond issued by Banque Fédérale du Crédit Mutuel ( France ) , in EUR, with the ISIN code XS0212581564, pays a coupon of 7% per year.
The coupons are paid 1 time per year and the Bond maturity is Perpetual

LISTING PARTICULARS

Euro 15,000,000,000
Euro Medium Term Notes
Due from 7 days from the original date of issue

Series No: 99
Tranche No: 1
250,000,000 Undated Deeply Subordinated Fixed to Floating Rate Notes

Issue Price: 100.00 per cent. of the Principal Amount of the Notes
The Notes are undated perpetual obligations in respect of which there is no fixed redemption date.

Joint Bookrunners
BNP PARIBAS
HSBC BANK PLC
Sole Structuring Adviser and Joint Bookrunner
LEHMAN BROTHERS INTERNATIONAL (EUROPE)
Joint Lead Manager
BANQUE FEDERATIVE DU CREDIT MUTUEL

The date of these Listing Particulars is 23 February 2005.
The Pricing Supplement and the Offering Circular contained herein together constitute the
prospectus for the Dutch Market.

TABLE OF CONTENTS

PRICING
SUPPLEMENT
3
OFFERING CIRCULAR

39

PRICING SUPPLEMENT

BANQUE FEDERATIVE DU CREDIT MUTUEL
Euro 15,000,000,000
Euro Medium Term Notes
Due from 7 days from the original date of issue

Series No: 99
Tranche No: 1
250,000,000 Undated Deeply Subordinated Fixed to Floating Rate Notes

Issue Price: 100.00 per cent. of the Principal Amount of the Notes
The Notes are undated perpetual obligations in respect of which there is no fixed redemption date.

Joint Bookrunners
BNP PARIBAS
HSBC BANK PLC
Sole Structuring Adviser and Joint Bookrunner
LEHMAN BROTHERS INTERNATIONAL (EUROPE)
Joint Lead Manager
BANQUE FEDERATIVE DU CREDIT MUTUEL

The date of this Pricing Supplement is 23 February 2005.

This Pricing Supplement, under which the Notes described herein (the Notes) are issued, is
supplemental to, and should be read in conjunction with, the offering circular (the Offering
Circular) dated 5 July 2004 issued in relation to the Euro 15,000,000,000 Euro Medium Term Note
Programme of Banque Fédérative du Crédit Mutuel. Terms defined in the Offering Circular have
the same meaning in this Pricing Supplement. The Notes will be issued on the terms of this Pricing
Supplement read together with the Offering Circular. The Issuer accepts responsibility for the
information contained in this Pricing Supplement which, when read together with the Offering
Circular, contains all information that is material in the context of the issue of the Notes.
The issue of the Notes has been authorised pursuant to a resolution of the Conseil d'Administration
of the Issuer adopted on 17 December 2004 and a decision of Mr Christian Klein, a Directeur of the
Issuer made on 23 February 2005.
This Pricing Supplement does not constitute, and may not be used for the purposes of, an offer of or
invitation by or on behalf of anyone to subscribe or purchase any of the Notes.
The articles of association (statuts) of the Issuer are incorporated by reference in this Pricing
Supplement.
There has been no significant change in the financial or trading position of the Issuer or of the
Group since 30 June 2004 and no material adverse change in the financial position or prospects of
the Issuer or of the Group since 31 December, 2003.

Signed:
Director/Duly Authorised Signatory

In connection with this issue, Lehman Brothers International (Europe) (the Stabilising Agent) or
any person acting for him may over-allot or effect transactions with a view to supporting the market
price of the Notes at a level higher than that which might otherwise prevail for a limited period after
the issue date. However, there may be no obligation on the Stabilising Agent or any agent of his to
do this. Such stabilising, if commenced, may be discontinued at any time and must be brought to an
end after a limited period and no later than 30 days after the Issue Date.

The terms of the Notes and additional provisions relating to their issue are as follows:
Provisions appearing on the face of the Notes
1
Series No:
99
2
Tranche No:
1
3
ISIN: XS0212581564
4
Currency:
Euro or EUR ()
5
Principal Amount of Tranche:
250,000,000
6
Issue Date:
25 February 2005
Provisions appearing on the back of the

Notes
7
Form: Bearer
8
Denomination(s):
1,000
9
Status
The Notes are Undated Deeply Subordinated Notes
(obligations) issued in accordance with condition
2(b)(iii) as amended in Annex 1 hereto. The
subordination provisions are governed by article L.
228-97 of the French Code de Commerce, as amended
(see Annex 1 hereto for further particulars).
10
Interest Commencement Date:
25 February 2005
11
Interest Rate:
Fixed to Floating Rate Notes as specified in paragraph
12.
12
Interest Payment Date(s):
Each Note bears interest on its then Principal Amount
at:

(i) a fixed rate of 7.00 per cent. per annum from (and
including)
25 February
2005 to (but excluding)
25
February 2006 (the Fixed Rate Period), payable
annually in arrear on or about 25 February 2006, and

(ii) thereafter (the Floating Rate Period) at a variable
rate (the Floating Rate) per annum payable annually in
arrear on or about
25 February in each year,
commencing on or about 25 February 2007.

The Floating Rate will be the lesser of (i) the
Benchmark plus the Margin and (ii) 8.00 per cent.
13
Relevant Time (Floating Rate
11.00 am (Central European Time)
Notes):
14
Interest Determination Date
2 TARGET Business Days prior to the first day in each
(Floating Rate Notes):
Interest Period
15
Primary Source for Floating Rate:
Reuters Page "ISDAFIX2" under the heading
"EURIBOR BASIS"

16
Reference Banks:
Not applicable
17
Relevant Financial Centre (Floating
Not applicable
Rate Notes):
18
Benchmark (Floating Rate Notes):
EUR CMS10. (10 year mid swap rate in EUR (annual
30/360) versus Euribor 6 month (semi-annual,
Act/360)). In the event that the Benchmark does not
appear on the relevant screen page set out in paragraph
15 above, the Calculation Agent shall determine the
applicable rate based on quotations of five reference
banks (to be selected by the Calculation Agent and the
Issuer) for the Benchmark. The highest and lowest (or,
in the event of equality, one of the highest and/or
lowest) quotations so determined shall be disregarded
by the Calculation Agent for the purpose of determining
the Benchmark which will be the arithmetic mean
(rounded if necessary to the fifth decimal place with
0.000005 being rounded upwards) of such provided
quotations.

If, for any reason, the Benchmark is no longer

published or if fewer than three quotations are provided
to the Calculation Agent in accordance with the above
paragraph, the Benchmark will be determined by the
Calculation Agent in its sole discretion, acting in good
faith and in a commercial and reasonable manner.

19
Representative Amount (Floating
Not applicable
Rate Notes):
20
Relevant Currency (Floating Rate
Not applicable
Notes):
21
Effective Date (Floating Rate
Not applicable
Notes):
22
Specified Duration (Floating Rate
Not applicable
Notes):
23
Margin (if applicable):
+0.10 per cent. per annum
24
Rate Multiplier (if applicable):
Not applicable
25
Maximum/Minimum Interest Rate (if The Maximum Interest Rate during the Floating Rate
applicable):
Period is 8.00 per cent.
26
Maximum/Minimum Instalment
Not applicable
Amount (if applicable):
27
Maximum/Minimum Redemption
Not applicable
Amount (if applicable):
28
Interest Amount (Floating Rate
Not applicable
Notes):
29
Day Count Fraction:
30/360 (unadjusted for both the Fixed Rate Period and
the Floating Rate Period)

30
Determination Date(s) (Condition
Not applicable
4(h)):
31
Early Redemption Amount:
Original Principal Amount.
32
Maturity Date:
The Notes are undated perpetual obligations in respect
of which there is no fixed redemption date subject that

the Notes may be early redeemed in accordance with
paragraph 35 below and as set out in paragraph 7 of
Annex 1.
33
Redemption for Taxation Reasons
No
permitted on days other than Interest
Payment Dates:
34
Amortisation Yield (Zero Coupon
Not applicable
Notes):
35
Terms of redemption at the option of
Conditions 5(c)(i), 5(c)(ii) and paragraphs 5 and 6 of
the Issuer or description of any other
Annex 1.
Issuer's option (if applicable):
36
Issuer's Option Period (if
Not applicable
applicable):
37
Terms of redemption at the option of
Not applicable
the Noteholders or description of any
other Noteholders' option (if
applicable):
38
Noteholders' Option Period (if
Not applicable
applicable):
39
Instalment Date(s) (if applicable):
Not applicable
40
Instalment Amount(s) (if applicable): Not applicable
41
Unmatured Coupons to become void
Yes
upon early redemption:
42
Talons to be attached to Notes and, if No
applicable, the number of Interest
Payment Dates between the maturity
of each Talon (if applicable):
43
Business Day Jurisdictions for
TARGET Business Day
Condition 6(g) (jurisdictions
required to be open for payment):
44
Additional steps that may only be
Not applicable
taken following approval by an
Extraordinary Resolution in
accordance with Condition 10(a) (if
applicable):
45
Details of any other additions or
See Annex 1
variations to the Conditions (if
applicable):

46
Rating of the Notes:
The Notes have been assigned a rating of A- by
Standard & Poor's Ratings Services, A2 by Moody's
Investors Services Limited and A+ by Fitch Ratings
Ltd.
A credit rating is not a recommendation to buy, sell or
hold securities and may be subject to revision,
suspension or withdrawal at any time by the relevant
rating agency. A suspension, withdrawal or reduction
of the ratings assigned to the Notes may adversely
affect the market price of the Notes.
47
The Agents appointed in respect of
(i) Fiscal Agent, Principal Paying Agent and Listing
the Notes are:
Agent in Luxembourg:
BNP Paribas Securities Services, Luxembourg Branch
(Luxembourg Listing Agent)
23 avenue de la Porte Neuve
L-2085 Luxembourg;

(ii) Calculation Agent:
BNP Paribas
10 Harewood Avenue
London NW1 6AA
United Kingdom;

(iii) Paying Agent in the Netherlands:
ABN AMRO Bank N.V.
Kemelstede 2, 4817 ST Breda
Netherlands;
(iv) Listing Agent in the Netherlands:
ABN AMRO Bank N.V. (Amsterdam Listing Agent)
Gustav Mahlerlaan 10, 1082 PP Amsterdam
Netherlands
Provisions applicable to Global Notes

48
Notes to be represented on issue by:
Temporary Global Note
49
Applicable TEFRA exemption:
D Rules
50
Temporary Global Note
Applicable
exchangeable for interests in a
Permanent Global Note
(exchangeable for Definitive Notes
in the limited circumstances
specified therein):
51
Permanent Global Note
No
exchangeable for Definitive Notes at
the request of the holder:

Provisions relating only to the sale and

listing of the Notes
52
Details of any additions or variations Selling restrictions additional to those set out in the
to the selling restrictions:
Offering Circular:
Belgium
Each Dealer represents and agrees that it will not:
(a)
offer for sale, sell or market, directly or
indirectly, the Notes in Belgium by means of a
public offer within the meaning of the Law of
22nd April, 2003; or
(b)
sell Notes to any person qualifying as a
consumer within the meaning of Article 1.7 of
the Belgian Law of 14th July, 1991 on
consumer protection and trade practices unless
such sale is made in compliance with this law
and its implementing regulations.
Italy
The offer and issue of the Notes is not being made in
the Republic of Italy and has not been submitted to the
clearance procedure of Commissione Nazionale per le
Società e la Borsa (CONSOB) or the Bank of Italy
pursuant to Italian laws and regulations. Accordingly,
Italian residents or persons located in the Republic of
Italy may not subscribe or purchase, directly or
indirectly, the Notes nor may the Notes be offered, sold
or delivered directly or indirectly, in the Republic of
Italy and the Pricing Supplement, the Offering Circular,
or any other offering material relating to the offer and
issue of the Notes may not be distributed or made
available in the Republic of Italy.
Spain
The Notes will not be offered or sold directly or
indirectly, in Spain by means of a public offer as
defined and construed by Spanish law and restated, and
Royal Decree 291/1992 of 27th March, on issues and

public offers for the sale of securities (``RD 291/92''),
as amended and restated, and other applicable
regulations. Accordingly, the Notes have not been
offered and will not be offered, directly or indirectly, to
persons in the Kingdom of Spain in any way that would
constitute an offer to the public.
This Pricing Supplement and the Offering Circular have
not been registered with the Comision Nacional del
Mercado de Valores (the Spanish securities
commission) and therefore it is not intended for any
public offer of the Notes in Spain.
Switzerland
Each Dealer will comply with any laws, regulations or
guidelines in Switzerland from time to time including,
but not limited to, any regulations made by the Swiss
National Bank, in relation to the offer, sale, delivery or
transfer of Notes or the distribution of this Pricing
Supplement or the Offering Circular or any other
offering material in respect of such Notes.
53
Listing:
Luxembourg Stock Exchange and Euronext
Amsterdam.
54
Issue Price:
100.00 per cent. of the Principal Amount of the Notes.
55
Net proceeds:
The net proceeds of this issue are expected to be
approximately 246,500,000 after deduction of
commission and expenses.
56
Method of issue of Notes:
Syndicated Issue
57
The following Dealer(s) are
Banque Fédérative du Crédit Mutuel, BNP Paribas,
subscribing the Notes for their own
HSBC Bank plc and Lehman Brothers International
account or for the account of eligible
(Europe)
investors:
58
Common Code:
021258156
59
Details of any additions or variations Addition of selling restrictions set out in paragraph 52.
to the Dealer Agreement:
60
In the case of Notes listed on the
Not applicable
Paris Stock Exchange:
61
The aggregate Principal Amount of

Notes has been translated into euro
at the rate of [ ], producing a sum of Not applicable
(for Notes not denominated in Euro):
62
Additional Information:
See Annexes 1, 2 and 3.