Supervision

Therefore, CM-CIC Covered Bonds is governed as a limited liability company, by the "Code de commerce" - particularly L 225-2 and Seq of this code - and as a credit institution, by the "Code monétaire et financier" - the provisions of articles L 515-1 and Seq of this code.

As a credit institution, CM-CIC Covered Bonds is under permanent supervision and control of the "Banque de France" :

• "Comité des Etablissements de Crédit et des Entreprises d’Investissement "(CECEI) – the French regulatory authority in charge of delivering the credit institution’s licenses - which delivered its agreement on the 6 of July 2007.



• "Commission Bancaire" - the French regulatory authority in charge of controling the compliance by the credit institutions of the legal and regulatory framework.

Please refer to the following CECEI website’s address for the exhaustive list of Credit institution duly licensed in France and published at the "Journal Officiel" of the French Republic: http://www.banque-france.fr/fr/supervi/agrement/popetscred/1i.htm

In addition, the Medium Term Notes Programme of CM-CIC Covered Bonds is under the supervision of the "Commission de Surveillance du Secteur Financier"(CSSF). Therefore, the CSSF has approved the Base Prospectus in its capacity as competent authority in Luxembourg. For further information on the Luxembourg’s stock exchange and an up-dated version of the Base Prospectus, please refer to: http://www.bourse.lu.