UPDATE A03 THE 2016 REGISTRATION DOCUMENT

Transcription

1 UPDATE A03 OF THE 2016 REGISTRATION DOCUMENT FINANCIAL REVIEW AT 30 JUNE 2017

2 Disclaimer The financial information for the second quarter and first half-year period 2017 for Crédit Agricole S.A. and the Crédit Agricole Group comprises this quarterly financial report and the attached press release and presentation, available at This report may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, 10). This information was compiled from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly for the calculation of market values and asset impairments. Readers must take all of these risk factors and uncertainties into consideration before making their own judgement. Applicable standards and comparability The figures presented for the six-month period ended 30 June 2017 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting" and has not been audited. Note: Both Crédit Agricole S.A. and the Crédit Agricole group consolidation scopes have not materially changed since the registration with the AMF of the annual report of Crédit Agricole S.A. dated 21 March 2017 under the reference D and the update A.01 of the 2016 annual report which includes regulatory information for the Crédit Agricole group. The sum of the values contained in the tables and analyses may differ slightly from the totals due to rounding effects. Unlike publications for previous quarters, the income statements contained in this report show non-controlling interests with a minus sign such that the line item "net income Group share" is the mathematical addition of the line item "net income" and the line item "non-controlling interests". On 1 January 2017, Calit was transferred from Specialised financial services (Crédit Agricole Leasing & Factoring) to International retail banking-italy. Historical data have not been re on a pro forma basis. AMF Only the French version of this updates has been submitted to the Autorité des Marchés Financiers (AMF). It is therefore the only version that is binding by law. The original French version of this update was registered with the Autorité des Marchés Financiers on 10 August 2017 in accordance with article of the AMF s General Regulation. It updates the registration document registered with the AMF on 21 March 2017 under number D It may be used in support of a financial transaction if accompanied by a transaction circular approved by the AMF. This document was produced by the issuer and is binding upon its signatories. 2

3 Contents Disclaimer... 2 Applicable standards and comparability... 2 Highlights of the quarter... 6 Highlights:... 6 Crédit Agricole Group... 7 Crédit Agricole S.A Q2-2017: sustained activity in all businesses Strong growth in net income Financial robustness further strengthened this quarter Corporate social responsibility Economic and financial environment Review of first-half 2017: renewed optimism Outlook for the second half of 2017: a stronger economic cycle Information concerning the share capital and shareholders Change in share ownership Recent changes in share capital Changes to accounting principles and methods Changes in the scope of consolidation Related Parties Crédit Agricole S.A Consolidated results Result by business line Crédit Agricole S.A Asset gathering Insurance (CA Assurances) Asset management (Amundi) Wealth management (CA Indosuez Wealth) Retail Banking in France (LCL) International retail banking (IRB) Retail banking in Italy (IRB Italy) Other international retail banking (Other IRB) Specialised financial services (SFS) Consumer finance (CACF) Leasing & factoring (CAL&F) Large customers (CACIB and CACEIS) Corporate and investment banking (CIB) Asset servicing (CACEIS) Corporate centre Crédit Agricole Group Consolidated results Result by business line Crédit Agricole Group Regional Banks Financial structure Solvency Crédit Agricole S.A Crédit Agricole Group Liquidity and Funding Balance sheet Crédit Agricole S.A Breakdown of share capital Data per share and ROTE RWAs, capital allocation and profitability by business line Appendices Appendix 1 Specific items Crédit Agricole Group Crédit Agricole S.A Appendix 2 Crédit Agricole Group: and underlying income statement Appendix 3 Crédit Agricole Group: Consolidated income statement by business line

4 Appendix 4 Crédit Agricole S.A.: and underlying income statement Appendix 5 Crédit Agricole S.A.: Consolidated income statement by business line Appendix 6 By business lines: reconciliation between and underlying Appendix 7 Credit risk Appendix 8 Detail of net equity and subordinated debt Risk factors Credit risk Exposure and concentration Cost of risk Market risk Main changes: Exposure Sensitive exposures based on the Financial Stability Board recommendations Asset and Liability management Operational risks Legal risks Compliance risks Update of Crédit Agricole S.A. Group Pillar Regulatory background and scope Indicators and regulatory ratios Composition and change in regulatory capital Composition and changes in risk weighted assets I. Risk weighted assets by type of risks II. Risk weighted assets by business line III. Trends in risk weighted assets Credit and counterparty risk I. General overview of credit and counterparty risk II. Credit risk III. Counterparty risk IV. Credit and counterparty risk mitigation V. Equity exposures in the banking portfolio Market risk I. Risk weighted exposure using the standardised approach II. Exposure under the internal model method Interim condensed consolidated financial statements at 30 June GENERAL FRAMEWORK >> LEGAL PRESENTATION OF THE ENTITY >> RELATED PARTIES CONSOLIDATED FINANCIAL STATEMENTS >> INCOME STATEMENT >> NET INCOME AND OTHER COMPREHENSIVE INCOME >> BALANCE SHEET ASSETS >> BALANCE SHEET LIABILITIES >> STATEMENT OF CHANGES IN EQUITY >> CASH FLOW STATEMENT NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Group accounting policies and principles, assessments and estimates Major structural transactions and material events during the period Acquisition of Pioneer Investments Sale of Eurazeo Other structural transactions Home purchase savings plan provision Cheque Image Exchange litigation Crédit Agricole S.A. tax audit Consequences of early redemption of macro-hedged loans Optimising the debt of the Crédit Agricole S.A. group Notes to the income statement and other comprehensive income Interest income and expenses Net fees and commissions Net gains (losses) on financial instruments at fair value through profit or loss Net gains (losses) on available-for-sale financial assets Net income (expenses) on other activities

5 3.6 Operating expenses Depreciation, amortisation and impairment of property, plant & equipment and intangible assets Cost of risk Net gains (losses) on other assets Tax Changes in other comprehensive income Segment reporting Operating segment information Insurance specificities Notes to the balance sheet Financial assets and liabilities at fair value through profit or loss Available-for-sale financial assets Loans and receivables due from credit institutions and due from customers Impairment deducted from financial assets Exposure to sovereign risk Due to credit institutions and to customers Debt securities and subordinated debt Investment properties Property, plant & equipment and intangible assets (excluding goodwill) Goodwill Insurance company technical reserves Provisions Equity Commitments given and received Reclassification of financial instruments Fair value of financial instruments Fair value of financial assets and liabilities measured at cost Information about financial instruments measured at fair value Estimated impact of inclusion of the margin at inception Scope of consolidation at 30 June Events subsequent to 30 June Acquisition of Pioneer Investments group entities Statutory auditors report on the half year financial Information Other recent information Memorandum and Articles of Association Press releases Ratings evolution Developments in governance Composition of the Board of Directors Composition of the Board Committees Composition of the Executive Committee Composition of the Management committee Person responsible for the registration document Statutory Auditors Cross reference table

6 Highlights of the quarter Highlights: Q2-17: another quarter of strong growth in net income Crédit Agricole Group* Stated net income Group share Q2: 2,106m +8% Q2/Q2 H1: 3,706m +34% H1/H1 Stated revenues Q2: 7,928m -4% Q2/Q2 H1: 16,177m +5% H1/H1 Fully-loaded CET1 ratio 15.0% 550bp above the P2R 1 Acceleration in growth: retail banks, specialised businesses and Large customers Q2 underlying 2 NIGS 3 : 2,003m, +23% Q2/Q2 (H1 2 : 3,656m, +27% H1/H1) Q2 underlying revenues 2 : 7,940m, (H1 2 : 16,272m, +4% H1/H1) Fall in cost of credit risk to 21bp 4 net provision reversals at Regional Banks in Q2 * Crédit Agricole S.A. and 100% of Regional Banks Crédit Agricole S.A. Stated net income Group share Q2: 1,350m +17% Q2/Q2 H1: 2,195m +59% H1/H1 Stated revenues Q2: 4,708m -1% Q2/Q2 H1: 9,408m +10% H1/H1 Fully-loaded CET1 ratio 12.4% +55bp in Q2 Q2 underlying 2 NIGS 3 1,174m, +43% Q2/Q2 (H1 2 : 2,067m, +70% H1/H1), earnings per share 2 : 0.38 Positive contribution to growth from all business lines Q2 underlying 2 revenues +6.5% Q2/Q2 (H1 2 : +10.2%), prudent revenue externalisation policy in insurance Operating expenses 2 excluding SRF 5 quasi stable (Q2/Q2 +1.1% ; H1/H1 +0.9%), 3.3pp improvement in cost/income ratio excluding SRF 2 Q2/Q2 to 60.5% (H1: 61.6%, 5.7pp improvement) Firm grip on risk in all business lines: cost of credit risk 35bp 4, down -6bp Q2/Q2 95% of 2017 MLT market funding programme of Crédit Agricole SA completed at end-july, Note: target CET1 ratio of 11% in the Medium-term plan This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 56.6% of Crédit Agricole S.A. Please see p. 87 onwards of this document for details of specific items, which are re in the various indicators to calculate 1 Pro forma P2R for 2019 as notified in 2016 by the ECB 2 Underlying, excluding specific items. See p. 68 onwards for further details on specific items 3 Net income Group share 4 Average over last four rolling quarters, annualised 5 Contribution to Single Resolution Fund (SRF) 6

7 underlying results. A reconciliation between the income statement and the underlying income statement can be found on p. 91 onwards for Crédit Agricole Group and on p. 93 onwards for Crédit Agricole S.A. Crédit Agricole Group Once again this quarter, the Group's results reflect strong business momentum in its various components: retail banks, specialised business lines and Large customers business line, most of which delivered strong growth in business and market share gains. Continued tight control over costs led to an improved cost/income ratio in most business lines, except for the Regional Banks, which suffered from pressure on the interest margin due to low interest rates, although they continue to deliver business growth. Cost of risk was down once again, mainly due to a net provision reversal at the Regional Banks. Profitability therefore remains high, with net income Group share amounting to 2,106 million euros and underlying net income Group share to 2,003 million euros excluding this quarter's specific items. The fully-loaded Common Equity Tier 1 ratio at end-june 2017 improved by +50 basis points compared with end-march to 15.0%, among the best in the sector and well above the regulatory requirements 1. In line with its "Strategic Ambition 2020" medium-term plan (MTP), the Group is capitalising on its stable, diversified and profitable business model to support organic growth in all its business lines, largely through synergies between the specialised business lines and the retail networks, and to maintain a high level of operating efficiency while generating capacity to invest in business development. As announced at the end of 2016 at the time of Amundi's proposed acquisition of Pioneer Investments, the Group's asset management company completed the acquisition on 3 July Pioneer Investments will be consolidated in the Group's financial statements as of the third quarter of 2017 and therefore did not contribute to the financial statements for the second quarter reviewed in this press release. However, the initial integration costs, amounting to 32 million euros before tax, were recognised in the first half (including 26 million euros in the second quarter) and therefore affect the cost base as well as results. In addition, in parallel with the 1.4 billion euros rights issue made by Amundi at the end of March 2017 to finance the acquisition, Crédit Agricole Group sold part of its subscription rights to reduce its percentage interest in Amundi from 75.7% to 70%, including 68.5% held by Crédit Agricole S.A. (74.1% previously). Amundi's second quarter results have therefore been consolidated at the new percentage interest, affecting its contribution to net income Group share compared with previous quarters, and in particular the second quarter comparisons. The transaction had an initial positive impact on Crédit Agricole Group's fully-loaded CET1 ratio at end-june thanks to the positive impact of Amundi's rights issue (+9 basis points). However, it will have a negative impact upon the consolidation of Pioneer, estimated at -43 basis points for Crédit Agricole Group. On June 22nd, Crédit Agricole Group and CNP Assurances signed a memorandum of understanding on creditor insurance for the Regional Banks network. This signing followed Crédit Agricole Group s announcement, in its Medium-term plan published in March 2016, of its decision to insource, within its subsidiary Crédit Agricole Assurances, the group insurance contracts for the Regional Banks. CNP Assurances will continue to co-insure 50% of the outstanding contracts until their extinction. New business will be gradually taken over by Crédit Agricole Assurances from September 2017 to April Pro forma P2R for 2019 as notified in 2016 by the ECB: 9.50% as of 1 January

8 LCL is in exclusive negotiations to sell Banque Thémis, a provider of banking services for distressed companies or companies in receivership or liquidation. The disposal, if it takes place, have a very limited impact on the Group's results and on its CET1 ratio (about +1 basis point). 8

9 In the second quarter of 2017, Crédit Agricole Group's net income Group share came to 2,106 million euros versus 1,942 million euros in the second quarter of Excluding specific items, which increased net income Group share by +103 million euros in the second quarter of 2017 versus +314 million euros in the second quarter of 2016, underlying net income Group share came to 2,003 million euros, a year-on-year increase of +23.1%. Specific items this quarter comprised (i) the positive impact of the disposal of the Group's interest in Eurazeo (+107 million euros in share of net income of equity-accounted entities excluding transaction costs), (ii) the gain on a long-term liability management operation carried out in June (+26 million euros in net income Group share, +39 million euros before tax in revenues), (iii) the negative impact of the adjustment of liability costs for the Regional Banks (-148 million euros in net income Group share, -218 million euros before tax in revenues) and (iv) recurring volatile accounting items of +118 million euros in net income Group share, including issuer spread for -104 million euros before tax, Debit Valuation Adjustment (DVA) i.e. gains and losses on financial instruments related to the change in the Group's issuer spread for 13 million euros, loan portfolio hedges in Large customers for -16 million euros and provisions for home purchase savings plans (HPSP) for +300 million euros, including +125 million euros for the Regional Banks. As a reminder, in the second quarter of 2016, specific items included the capital gain on the disposal of VISA Europe shares for +337 million euros (+355 million euros before tax), a provision for optimisation of the LCL network for 27 million euros in net income Group share (-41 million euros before tax in operating expenses) and recurring volatile accounting items for +9 million euros in net income Group share (+16 million euros before tax in revenues). Table 1. Crédit Agricole Group - consolidated results in Q and Q m Q2-17 Q2-16 Q2/Q2 Q2-17 underlying Q2-16 underlying Q2/Q2 underlying Revenues 7,928 8,267 (4.1%) 7,940 7, % Operating expenses excl. SRF (4,987) (4,926) +1.2% (4,987) (4,885) +2.1% Contribution to Single Resolution Funds (SRF) (11) (44) (73.6%) (11) (44) (73.6%) Gross operating income 2,930 3,298 (11.1%) 2,942 2,976 (1.1%) Cost of credit risk (318) (704) (54,8%) (318) (704) (54.8%) Cost of legal risk - (50) (100%) - (50) (100%) Equity-accounted entities % (4.2%) Net income on other assets (1) 3 n.m. (1) 3 n.m. Income before tax 2,837 2, % 2,741 2, % Tax (654) (655) (0.3%) (657) (648) +1.4% Net income from discontinued or held-for-sale operations x, x,2.7 Net income 2,214 2, % 2,115 1, % Non-controlling interests (107) (85) +26.9% (111) (84) +31.7% Net income Group Share 2,106 1, % 2,003 1, % Cost income ratio excl. SRF (%) 62.9% 59.6% +3.3 pp 62.8% 61.8% +1.0 pp 9

10 Underlying revenues were up +0.5% year-on-year in the second quarter of 2017 to 7,940 million euros, the fall in revenues at the Regional Banks and, to a lesser extent, a fall in insurance revenues, offsetting a positive contribution to the growth of all other divisions. The Insurance business continued to strengthen its policyholder participation reserves by recognising only a very small portion of its financial margin this quarter. Consequently, insurance revenues were down -12.8%, even though business volumes and income increased. 10

11 Stated revenues of the Regional Banks were down -11.4% while underlying revenues excluding reversals of the provision for home purchase savings plans (+125 million euros) and the adjustment of liability costs for the Regional Banks (-218 million euros) were down -9.0%. Excluding the impact of the Eureka operation to simplify the Group's structure last year (negative impact of -174 million euros before tax), business revenues were down 4.1%, which better reflects the real underlying trend in a context of low interest rates, which continued to put pressure on the interest margin. This adverse change was only partially offset by a rise in fee and commission income (+1.7% year-on-year), which now accounts for more than half of business revenues. It should be noted that in the second quarter, the Regional Banks received 958 million euros in dividends from Crédit Agricole S.A. compared with 887 million euros in the second quarter of However, these dividends are eliminated in the Regional Banks' contribution to the Group's financial statements. The Group's other businesses, housed in Crédit Agricole S.A., delivered +6.5% growth in revenues. The contribution of the various business lines is detailed in the section on Crédit Agricole S.A. Underlying operating expenses remained well controlled, increasing by +1.4% year-on-year in the second quarter and by +2.1% excluding the contribution to the Single Resolution Fund (SRF). This change does not include the impact of a provision for optimisation of the LCL network recognised in the second quarter of 2016, which was classified as a specific item and therefore not included in the underlying figures. The underlying cost/income ratio excluding SRF increased by 1.0 percentage points to 62.8%. Underlying gross operating income fell by -1.1% to 2,942 million euros. Cost of credit risk decreased by -54.8% to 318 million euros versus 704 million euros in the second quarter of 2016, excluding the unallocated legal provision of 50 million euros recognised in The decrease was partly due to a net provision reversal of 35 million euros at the Regional Banks compared with a net charge of 260 million euros in the second quarter of The balance was due to Crédit Agricole S.A.'s specialised business lines, and in particular Specialised financial services and Large customers. Cost of credit risk relative to outstandings fell once again from an already low level, to 21 basis points 1, versus 30 basis points in the second quarter of Including the share of net income of equity-accounted entities, which was down by -4.2% to 119 million euros, and non-material gains or losses on disposals of other assets, underlying pre-tax income increased by +16.7% year-on-year in the second quarter to 2,741 million euros. The increase in underlying net income Group share was more substantial at +23.1% to 2,003 million euros, driven by a gain of 30 million euros on the disposal of CARE, Crédit Agricole Assurances' reinsurance subsidiary (recognised in "Gain/(loss) on discontinued operations"), and a +1.5% year-on-year decrease in the tax charge due mainly to gains in the Insurance business taxed at a reduced rate. In the first half of 2017, underlying net income Group share increased by +27.4% year-on-year, driven by a good performance in the first quarter (net income Group share up +33.3%) and the developments described above. Underlying revenues increased by +3.6%, operating expenses excluding SRF by +1.9% while cost of credit risk (excluding the unallocated legal provision of 40 million euros recognised in the first quarter of 2017 and 50 million euros in the second quarter of 2016) decreased by -36.7%. 1 Average over last four rolling quarters annualised 11

12 Table 2. Crédit Agricole Group - consolidated results in H and H m Q2-17 Stated Q2-16 Stated Q2/Q2 Stated Q2-17 underlying Q2-16 underlying Q2/Q2 underlying Revenues 7,928 8,267 (4.1%) 7,940 7, % Operating expenses excl. SRF (4,987) (4,926) +1.2% (4,987) (4,885) +2.1% Contribution to Single Resolution Funds (SRF) (11) (44) (73.6%) (11) (44) (73.6%) Gross operating income 2,930 3,298 (11.2%) 2,942 2,976 (1.1%) Cost of credit risk (318) (704) (54.8%) (318) (704) (54.8%) Cost of legal risk - (50) (100.0%) - (50) (100.0%) Equity-accounted entities % (4.2%) Net income on other assets (1) 3 n.m. (1) 3 n.m. Change in value of goodwill - - n.m. - - n.m. Income before tax 2,837 2, % 2,741 2, % Tax (654) (655) (0.3%) (657) (648) +1.5% Net income from discontinued operations x x 2.7 Net income 2,214 2, % 2,115 1, % Non controlling interests (107) (85) +26.9% (111) (84) +31.7% Net income Group Share 2,106 1, % 2,003 1, % Cost income ratio excl. SRF (%) 62.9% 59.6% +3.3 pts 62.8% 61.8% +1.0 pts The Regional Banks continued their good business momentum both in lending, up +5.6% year-on-year at end-june 2017, and in customer assets, up +4.7%, with both accelerating slightly compared with year-onyear growth at end-march Growth was particularly buoyant in home loans (+7.8%), consumer finance (+8.7%), business loans (+5.3%), and on the customer savings side, in demand deposits (+16.5%). By contrast, term accounts and deposits continued to fall, by -12.0%. Life insurance assets grew by +1.9% and the share of unit-linked business in gross inflows increased by +7.8 percentage points to 25.1% year-on-year in the first half. This commercial performance of the Regional Banks made a significant contribution to growth in Crédit Agricole S.A.'s business lines, many of whose products they distribute as the Group's leading distribution channel and leading retail bank in France. In the second quarter, the Regional Banks' contribution to Crédit Agricole Group's underlying net income Group share was 781 million euros, a year-on-year quasi-stability of -0.5%. Excluding the negative impact for the Regional Banks of the Group's simplification operations, ie the loss of the Switch 1 guarantee (- 115 million euros in the second quarter of 2016 in revenues) and the charge Interest on the loan granted by Crédit Agricole SA to finance the transaction (-59 million euros in revenues in the second quarter of 2017), net income Group share increased by +14.0%. In the first half, their contribution was 1,537 million euros, down -4.7%. The performance of the other Crédit Agricole Group business lines is described in detail in the section of this press release on Crédit Agricole S.A. 12

13 During the quarter, Crédit Agricole Group's financial solidity remained strong, with a fully-loaded Common Equity Tier 1 (CET1) ratio of 15.0%, up +50 basis points compared with end-march This ratio provides a substantial buffer above the distribution restriction trigger applicable to Crédit Agricole Group as of 1 January 2019, set at 9.5% by the ECB. The impact of consolidating Pioneer Investments is estimated at - 43 basis points, as of the third quarter of The TLAC ratio was 20.8% at 30 June 2017, excluding eligible senior preferred debt, versus 20.3% at end- December 2016 and 20.5% at end-march This level already exceeds the 2019 minimum requirement of 19.5%, whereas the regulatory calculation of this ratio allows for the inclusion of eligible senior preferred debt (up to 2.5%). The Group issued 4.9 billion euros equivalent of senior non-preferred debt in the first seven months of the year. It also launched in May 2017 a public offer to buy back six legacy Tier 1 instruments which was finalised in June, for a total amount of 1.24 billion euros equivalent. The phased-in leverage ratio stood at 5.8%, increased compared with end-march Crédit Agricole Group's liquidity position is robust. Its banking cash balance sheet, at 1,115 billion euros at 30 June 2017, showed a surplus of stable funding over LT applications of funds of 117 billion euros, up +1 billion euros compared with end-march 2017 and by +13 billion euros compared with the second quarter of This surplus is higher than the Medium Term Plan target of over 100 billion euros. The surplus of stable funds finances the HQLA (High Quality Liquid Assets) securities portfolio generated by the LCR (Liquidity Coverage Ratio) requirement for customer and customer-related activities. Liquidity reserves, including valuation gains and haircuts related to the securities portfolio, amounted to 246 billion euros and covered short-term debt more than three times over (80 billion euros). Crédit Agricole Group issuers raised 24.1 billion euros equivalent of debt in the first half of 2017, of which 58% was raised by Crédit Agricole S.A. (14 billion euros), versus just over 33 billion euros for the whole of Crédit Agricole Group also placed 1.9 billion euros of bonds in its retail networks (Regional Banks, LCL and CA Italia). At end-july, Crédit Agricole S.A. had issued a total of 15.2 billion euros since the beginning of the year, completing 95% of its 2017 market funding programme. * * * Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of Crédit Agricole S.A.'s Board of Directors, commented: "In the second quarter of 2017, Crédit Agricole Group's retail banks and business lines delivered strong business momentum and results, bearing out the robustness of the Group's business model and customer approach. This performance is perfectly in line with the course set out in our Strategic Ambition 2020 Plan". 13

14 Crédit Agricole S.A. Q2-2017: sustained activity in all businesses - New acceleration in activity in most businesses - Underlying revenues up +6.5% Q2/Q2 despite a prudent policy of recognising insurance revenues; retail banking resilient to pressure on interest margins, growth in other business lines and improvement in Corporate centre due to Eureka impacts Strong growth in net income - Underlying net income Group share: 1,174m, +43% vs Q2-16, with a strong contribution from all businesses, all of which delivered further growth this quarter vs Q Firm grip on underlying costs: +1% Q2/Q2 excluding SRF despite the initial Pioneer integration costs, continued improvement in cost/income ratio: +3.3 percentage points Q2/Q2 - Continued fall in cost of credit risk: -21% Q2/Q2; cost of risk relative to outstandings: 35 basis points - ROTE 1 of 11.3% in the first half of 2017; improvement of the RONE of most of the businesses compared to the full year Financial robustness further strengthened this quarter - Fully-loaded CET1 ratio of 12.4% for Crédit Agricole S.A. before acquisition of Pioneer Investments, up +55 bp in Q2 thanks to earnings contribution and a decrease in risk-weighted assets, well above the 11% MTP target Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 2 May 2017 to examine the financial statements for the second quarter and first half of In the second quarter of 2017, net income Group share came to 1,350 million euros versus 1,158 million euros in the second quarter of Specific items this quarter had an impact of +176 million euros on net income Group share, mainly comprising (i) the positive impact of the disposal of the Group's interest in Eurazeo 2 (+107 million euros in share of net income of equity-accounted entities excluding transaction costs), (ii) the gain on a long-term funding restructuring operation carried out in June 3 (+26 million euros in net income Group share, +39 million euros in revenues before tax) and (iii) recurring volatile accounting items of +44 million euros in net income Group share, including issuer spread for 97 million euros before tax, Debit Valuation Adjustment (DVA) i.e. gains and losses on financial instruments related to the change in the Group's issuer spread for -13 million euros, loan portfolio hedges in Large customers for -16 million euros and provisions for home purchase savings plans for +175 million euros. In the second quarter of 2016, specific items had an impact of +339 million euros on net income Group share, including the capital gain on the disposal of Visa Europe shares for +327 million euros (+355 million euros before tax), a provision for optimisation of the LCL network for 26 million euros in net income Group share (-41 million euros before tax in operating expenses), dividends received from the Crédit Agricole Regional Banks before the disposal of these holdings in August 2016 for +29 million euros (+30 million euros 1 See calculation details of ROTE (return on equity excluding intangibles) and RONE (return on adjusted equity) on p Disposal in June 2017 of the 15.42% interest accounted for by the equity method, see press release dated 6 June See press releases of 15, 22, 30 and 31 May and 14 June

15 before tax in revenues) and recurring volatile accounting items for +9 million euros in net income Group share (+16 million euros before tax in revenues). Excluding these specific items, underlying net income Group share for the second quarter of 2017 came to 1,174 million euros, an increase of +43.4% compared with the second quarter of Underlying earnings per share came to 0.38 euros per share, an increase of +41.3% compared with the second quarter of m Table 3. Crédit Agricole S.A. - consolidated results in Q and Q Q2-17 Q2-16 Q2/Q2 Q2-17 underlying Q2-16 underlying Q2/Q2 underlying Revenues 4,708 4,738 (0.6%) 4,619 4, % Operating expenses excl. SRF (2,795) (2,806) (0.4%) (2,795) (2,766) +1.1% Contribution to Single Resolution Funds (SRF) (10) (43) (77.2%) (10) (43) (77.2%) Gross operating income 1,903 1, % 1,814 1, % Cost of credit risk (351) (447) (21.3%) (351) (447) (21.3%) Cost of legal risk - (50) (100.0%) - (50) (100.0%) Equity-accounted entities % (3.6%) Net income on other assets 0 3 (97.2%) 0 3 (97.2%) Change in value of goodwill - - n.m. - - n.m. Income before tax 1,776 1, % 1,580 1, % Tax (321) (255) +25.8% (297) (244) +22.0% Net income from discontinued or held-forsale operations x, x,2.7 Net income 1,486 1, % 1, % Non-controlling interests (136) (114) +19.1% (139) (105) +32.8% Net income Group Share 1,350 1, % 1, % Earnings per share ( ) % % Cost/income ratio excl.srf (%) 59.4% 59.2% +0.2 pp 60.5% 63.8% -3.3 pp This excellent underlying performance, at more than one billion euros and the highest ever quarterly result since 2011, was, as in previous quarters, driven by good revenue growth and, more importantly, extremely tight control over costs, coupled with a continued decline in cost of risk in most business lines, such as Retail banking in Italy and consumer finance, or a continued low level in others. Revenue growth was driven by strong business momentum in all Crédit Agricole S.A. Group's business lines and distribution networks, as well as the Regional Banks which distribute their products. This momentum reflects an improvement in economic activity in the Group's core European markets, but above all, the robustness of the universal customer-focused banking model, which encourages cross-selling between the specialised business lines and the retail banks and between the specialised business lines themselves. Cross-selling is a core component of the "Strategic Ambition 2020" plan unveiled last year. Business momentum accelerated further during the quarter in all business lines: - In Insurance, 195,000 net new contracts were written during the quarter, bringing the total number of in-force contracts to almost 12.5 million at end-june. Premium income in property & casualty increased by +10.3% 1 compared with the second quarter of 2016, which is once more an outperformance compared with the French market. Net inflows in life insurance totalled 1.3 billion euros versus 1.8 billion euros in the second quarter of 2016 but with a much more favourable balance 1 At constant scope 15

16 between euro business (+0.1 billion euros net inflows versus +1.0 billion euros in the second quarter of 2016) and unit-linked business (UL, +1.2 billion euros versus +0.8 in the second quarter of 2016). The share of UL business in gross inflows reached a record high of 30.5%, an increase of +9.3 percentage points over one year and +2.3 percentage points over the quarter alone. - In Asset management (Amundi), assets under management increased by +11.7% over one year to 1,121 billion euros. Amundi suffered net outflows of -3.7 million euros in the quarter due to seasonal outflows from treasury products excluding JVs (-9.7 billion euros), but benefited from strong inflows in medium and long-term assets excluding JVs (+7.3 billion euros) and in the Retail segment excluding JVs (+7.5 billion euros). - The Retail banks, especially in France and Italy, delivered stronger growth in loans and customer assets than in previous quarters. At LCL, home loans grew by +10.6% over one year, business loans by +11.9%, demand deposits by +17.5% and the number of property & casualty insurance contracts increased by a net 35,000. Retail banking in Italy continued to outperform the market in home loans (+10.5%) and lending to large corporates (+22.5%) while off-balance sheet customer assets grew by +10.5% over one year, driven mainly by gross inflows in life insurance and mutual funds, which totalled +1.9 billion euros during the quarter. - Specialised financial services continued to grow, with billion euros of new managed consumer finance business (+4.1% compared with the second quarter of 2016), +1.4 billion euros of new leasing business (+19.7%) and +2.4% growth in factored receivables. - Large customers delivered good revenues in securitisation in a wait-and-see, low volatility market, as well as a good performance in advisory business in Investment Banking (no. 4 in M&A advisory in France 1 ). In the quarter, CACIB was world no. 2 in jumbo issues all currencies combined 2 (market share +1.6 percentage points to 9.1%), world no. 1 in green financing all currencies combined 3 and world no. 4 in syndicated credit in EMEA2 (market share 6.3%, +2 percentage points compared with the second quarter of 2016). Lastly, in Financing activities, the average primary syndication rate under the "Distribute to Originate" policy in the twelve months to June 2017 was 37%, 5 percentage points more than in the second quarter of 2016 and 10 percentage points more than in 2013, when the policy was first introduced. In Asset servicing (CACEIS), assets under custody increased by +13.7% and assets under administration by +12.3% compared with end-june It should be noted that Amundi's acquisition of Pioneer Investments was officially completed on 3 July 4. Crédit Agricole S.A. and Crédit Agricole Group recognised integration costs of 32 million euros before tax (including 26 million euros in the second quarter of 2017), but Pioneer will not be consolidated until the third quarter of It will have a negative impact of -76 basis points on the fully-loaded CET1 ratio, after the +11 basis points positive impact resulting from Amundi's rights issue. LCL is in exclusive negotiations to sell Banque Thémis, a provider of banking services for distressed companies or companies in receivership or liquidation. The disposal, if it materialises, will have a very limited impact on the Group's results and on its CET1 ratio (about +1 basis point). On June 22nd, the group Crédit Agricole and CNP Assurances signed a memorandum of understanding on creditor insurance for the Regional Banks network. This signing followed Crédit Agricole group s announcement, in its medium-term plan published in March 2016, of its decision to insource, within its 1 In market share (source: Thomson Financial at 30/06/2017) 2 Bookrunner (source: Thomson Financial at 30/06/2017) 3 Bookrunner all currencies combined (source: Thomson Financial at 30/06/2017) 4 See Amundi's press release dated 3 July

17 subsidiary Crédit Agricole Assurances, the group insurance contracts for the Regional Banks. CNP Assurances will continue to co-insure 50% of the outstanding contracts until their extinction. New business will be gradually taken over by Crédit Agricole Assurances from September 2017 to April

18 This excellent business momentum was not entirely reflected in the +6.5% year-on-year growth in underlying revenues in the second quarter, even though growth was boosted by the recurring impacts on Corporate centre of last year's Eureka operation to simplify the Group's structure (+174 million euros). This was due to the Insurance business's decision to continuing strengthening its policyholder participation reserves by recognising only a low percentage of its investment margin, while benefitting from a low tax rate due to the disposal of securities at a reduced rate of capital gains tax in order to ensure high level of net income. Consequently, insurance revenues were down -12.8%, even though business volumes increased. Excluding Insurance, Crédit Agricole S.A.'s revenues increased by +9.3% year-on-year in the second quarter, and by +4.1% excluding Insurance and Corporate centre. Underlying operating expenses remained more or less stable (-0.1% or +1.1% excluding SRF), generating strong jaws (+6.6%) between growth in underlying revenues and growth in underlying costs, thereby improving the underlying cost/income ratio excluding SRF by 3.3 percentage points year-on-year to 60.5%. All business lines contributed to this good performance, especially as underlying operating costs for the second quarter included 26 million euros of integration costs related to Pioneer Investments. Cost of risk fell to 351 million euros versus 497 million euros in the second quarter of 2016, which included an unallocated legal provision of 50 million euros. The cost of credit risk therefore decreased by -21.3% excluding the legal provision, representing 35 basis points, 1 a decrease of -2 percentage points quarter-onquarter and -6 percentage points year-on-year, and still below the Medium-term plan assumption of 50 basis points. Excluding the gain on disposal of the interest in Eurazeo, the contribution from equity-accounted entities amounted to 117 million euros, down -3.6% due mainly to the loss of the contribution from Eurazeo. Underlying 2 income before tax, discontinued operations and non-controlling interests increased by +36.7% to 1,580 million euros. The underlying effective tax rate was 20.3% (versus 23.6% in the second quarter of 2016) and the underlying tax charge increased by only +22.0% to 297 million euros, thanks to the low tax rate on the capital gains generated by the Insurance business and the tax credit related to Additional Tier 1 instruments (interest payments on which are deducted directly from equity, i.e. -96 million euros in the second quarter). Net income attributable to non-controlling interests was up significantly, by +32.8% to 139 million euros, due to the decrease in the percentage interest held in Amundi to 68.5% in the second quarter versus 74.1% in the second quarter of 2016 to the first quarter of 2017 inclusive. Underlying net income Group share for the second quarter of 2017 came to 1,174 million euros, representing a year-on-year increase of +43.4%. Including specific items, net income Group share came to 1,350 million euros versus 1,158 million euros in the second quarter of By business line, almost one third of the growth in underlying revenues (+282 million euros or +6.5%) came from the Corporate centre (+186 million euros), driven mainly by the positive impacts of Eureka (+174 million euros versus the second quarter of 2016), and one quarter from Large customers (+70 million euros or +5.2% compared with the second quarter of 2016). Retail banking made a more modest contribution of +10 million euros or +0.7%, as the resilience shown by both LCL and IRB 3 Italy to pressure on interest margins (underlying revenues +1.0% 4 and +5.6% respectively) was more than offset by the impact of the devaluation of the Egyptian pound on IRB's revenues in other countries (down -9.5%). Specialised financial services (+31 million euros or +4.6%) benefited from a return to growth in the consolidated loan book and buoyant fee and commission income. Asset gathering 1 Average over last four rolling quarters annualised 2 See p. 72 for further details on Crédit Agricole S.A.'s specific items 3 International retail banking 4 Excluding reversal of provisions for home purchase savings plans (+55 million) 18

19 was the only business to deliver a decrease in revenues (-1.2% or -14 million euros), due to the prudent policy referred to above for recognising the investment margin in the Insurance business (-12.8% or 70 million euros). By contrast, Amundi (+7.4%) and Wealth management (+13.2%) delivered further revenue growth driven by an increase in outstandings for Amundi and favourable market conditions for Wealth management. The weak growth in underlying operating expenses (+30 million euros or +1.1% year-on-year excluding SRF) reflects strong cost control in all business lines, the increase being mainly due to the initial Pioneer Investment integration costs incurred by Amundi (26 million euros). The business lines have covered their investment in business development by low increases in operating expenses, which were more than offset at Group level by productivity gains in Retail banking (-26 million euros or -2.6%), and in particular at LCL (-31 million euros or 4,9% excluding SRF). Cost of credit risk remains low and decreased by -96 million euros or -21.3% compared with the second quarter of The main contributors to the decrease were Large customers (-35 million euros or -29.8% year-on-year 2016) driven by reversals of provisions against certain exposures, and Specialised financial services (-41 million euros or 25.4%), in line with trends of previous quarters. Cost of risk relative to outstandings continued to fall, standing at 35 basis points 1 for the Group due to a decrease in the two main contributors to provisions, Specialised financial services (-10 basis points compared with the second quarter of 2016) and IRB Italy (-21 basis points year-on-year). At IRB Italy, new defaults were down - 52% 2 compared with the second quarter of 2016 and the impaired loans ratio decreased -1.1 percentage point to 12.5%2 (versus 13.6% at end-june 2016), while the coverage ratio improved to 48.2%2 (versus 46.3% at end- June 2016). Cost of risk remained stable year-on-year in the Large customer division's Financing activities (30 basis points versus 29 basis points in the second quarter of 2016) and rose slightly at LCL, although remaining low (18 versus 14 basis points). In the first half of 2017, net income Group share increased by +58.5% year-on-year to 2,195 million euros, with specific items having a positive impact of +128 million euros. Relative to the second quarter of 2016, the only change in the impact of specific items on net income Group share came from recurring specific items, comprising the issuer spread (-105 million euros before tax), DVA (-61 million euros), loan portfolio hedges in Large customers (- 40 million euros) and provision for home purchase savings plans (+177 million euros). In the first half of 2016, specific items had an impact of +172 million euros on net income Group share, mainly including the capital gain on Visa Europe shares and the provision against LCL already referred to for the second quarter of 2016, dividends received from the Regional Banks (+285 million euros and +286 million euros before tax in revenues), the balance of the long-term funding restructuring operation related to Eureka (-448 million euros, -683 million euros before tax in revenues) and recurring volatile accounting items (+34 million euros in net income Group share, +48 million euros before tax in revenues). 1 Average over last four rolling quarters annualised 2 Excluding Calit, the leasing subsidiary which was part of Specialised financial services until end

20 Excluding these specific items, underlying net income Group share came to 2,067 million euros, an increase of +70.4% compared with the first half of Underlying earnings per share reached 0.64 per share, up by +76.3% compared with the first half of The ROTE 1 (return on tangible equity) was 11.3% in the first half of 2017 annualised, up significantly compared to the full year 2016 thanks to an improvement in most of the businesses. Table 4. Crédit Agricole S.A. - consolidated results in H and H m H1-17 H1-16 H1/H1 H1-17 Underlying H1-16 Underlying H1/H1 Underlying Revenues 9,408 8, % 9,398 8, % Operating expenses excl. SRF (5,791) (5,781) +0.2% (5,791) (5,740) +0.9% Contribution to Single Resolution Funds (SRF) (242) (244) (0.8%) (242) (244) (0.8%) Gross operating income 3,375 2, % 3,365 2, % Cost of credit risk (711) (849) (16.3%) (711) (849) (16.3%) Cost of legal risk (40) (50) (20.0%) (40) (50) (20.0%) Equity-accounted entities % % Net income on other assets (0) 3 n.m. (0) 3 n.m. Income before tax 3,063 1, % 2,946 1, % Tax (663) (267) x,2.5 (670) (482) +39.2% Net income from discontinued or held-for-sale operations x, x,4 Net income 2,445 1, % 2,321 1, % Non-controlling interests (250) (219) +14.2% (253) (212) +19.8% Net income Group Share 2,195 1, % 2,067 1, % Earnings per share ( ) % % Cost/income ratio excl.srf (%) 61.6% 67.7% -6.2 pp 61.6% 67.3% -5.7 pp As in the second quarter, this performance was due to substantial growth in revenues, tight cost control and a decrease in cost of risk. Underlying revenues were up +10.2% year-on-year in the first half, to 9,398 million euros. All business lines contributed to the growth except for Insurance, for the reasons explained in the comments on second quarter results. Excluding Insurance, the Group's revenues increased by +12.4% year-on-year in the first half, and by +7.4% excluding Insurance and Corporate centre. Underlying operating expenses were more or less stable at 5,791 million euros, an increase of +0.9% excluding the SRF contribution, which was also more or less stable at 242 million euros versus 244 million euros in the first half of It should be noted that operating expenses in the first half, as in the second quarter, include the initial Pioneer Investments integration costs (32 million euros, or almost two thirds of the increase). All business lines contributed to this tight cost control. The most substantial jaws effect 2 came from Large customers (>20 percentage points), LCL (>10 percentage points) and Specialised financial services (6 percentage points). The underlying cost/income ratio excluding SRF improved by 5.7 percentage points compared with the first half of 2016 to 61.6%. 1 See calculation details of ROTE (return on equity excluding intangibles) and RONE (return on adjusted equity) on p Difference between growth in revenues and growth in operating expenses 20

21 Cost of credit risk, excluding unallocated legal provisions of 40 million euros in the first half of 2017 and 50 million euros in the first half of 2016, decreased by -16.3% year-on-year to 711 million euros. As in the second quarter, the main contributors are Specialised financial services (-24.2% compared with the first half 2016 at 210 million euros) and Large customers (-21.1% at 188 million euros). 21

22 At end-june 2017, Crédit Agricole S.A.'s capital ratios remained high, with a fully-loaded Common Equity Tier 1 (CET1) ratio of 12.4%, an increase of +55 basis points compared with end- March The change in the quarter stemmed from second quarter net income (+44 basis points) partially offset by the provision for dividend payout and AT1 coupon (-21 basis points), stability in AFS unrealised gains, the decrease in risk-weighted assets (+16 basis points) and other items (+14 basis points) including the disposal of Eurazeo (+13 basis points) and the positive effect from Amundi's rights issue (+11 basis points). Risk-weighted assets totalled 294 billion euros as of end-june versus 301 billion euros at end-december It should be noted that as of the end of June, the solvency ratios including the fullyloaded CET1 ratio were calculated using a dividend assumption of 50% of the first half year net income Group share, i.e euro per share, which corresponds to 0.19 euro for the second quarter (0.15 euro assumed for the calculation at end-march 2017). The acquisition of Pioneer Investments, completed on 3 July last, will have a negative impact on this ratio of 76 basis points, which will be recognised in the third quarter. The ratio pro forma of this transaction as of end-june is 11.7%. The phased-in leverage ratio stood at 4.7% at end-june 2017 as defined in the Delegated Act adopted by the European Commission. The average LCR ratio over twelve months of Crédit Agricole S.A. stood at 137% at end-june 2017 (131% for Crédit Agricole Group), a level exceeding the Medium Term Plan target of over 110%. At end-july 2017, Crédit Agricole S.A. had completed 95% of its medium- to long-term market funding programme of 16 billion euros for the year. It had raised 10.3 billion euros equivalent of senior preferred (unsecured) and senior secured debt and 4.9 billion euros equivalent of senior non-preferred debt. * * * Philippe Brassac, Chief Executive Officer of Crédit Agricole S.A., commented: "The second quarter was a new successful milestone in the implementation of our "Strategic Ambition 2020" medium-term plan. All businesses delivered improved business momentum, reflected in good revenue and earnings growth, boosted by exceptionally good control over costs and risk. Our financial robustness has been further strengthened thanks to our profitability and cautious capital management." 22

23 Corporate social responsibility At the annual shareholders' meeting last May, the Group unveiled its first integrated report 1, drawn up in accordance with the recommendations of the International Integrated Report Committee (IIRC), of which Crédit Agricole S.A. has been a member since It replaces the activity report and corporate social responsibility report. The integrated report provides a summary of the Group's financial and extra-financial information, giving an overview of its business model, strategy and key factors in its overall performance. It is a reflection of how corporate social responsibility is increasingly embedded in the strategy of the Group as a whole and of its various business lines. The Group also continues its action to support the energy transition. Amundi, its asset management subsidiary and Europe's leading asset manager, has forged a strategic partnership with the World Bank's International Finance Corporation. This partnership will lead to the creation of a fund investing in green bonds issued by the financial institutions of emerging and developing countries. It will have a capital of 2 billion dollars, making it the largest fund of its type to date: 325 million dollars will be invested directly by the IFC while Amundi will raise the balance from large institutional investors. Amundi will also select the emerging and developing country issuers and the IFC will support them. The fund will be fully invested within seven years. Amundi will therefore have innovated in all of the three green finance asset classes. In equities, with the development in 2015 of the first Low Carbon index solutions, which now represent assets of about 7 billion euros; in real assets, with the creation in 2016 of Amundi Transition Energétique, a joint venture with EDF; and in fixed income, with the existing green bond fund and the new partnership with the IFC. In keeping with their aggressive positioning in "climate finance", Amundi and Crédit Agricole CIB are founder members of Finance for Tomorrow, launched by Paris Europlace* 2 on 13 June last, which brings together some forty private, public and institutional investors in the Paris marketplace. This initiative aims to make Paris the leading international marketplace in green finance. It will seek to redirect financial flows to steer the economy towards a low carbon, inclusive model, in line with the Paris Agreement and the United Nations Sustainable Development Goals. As part of this initiative, Amundi will take part in several working groups including dialogue with the public authorities, promoting the initiative, and Green Bonds, which will be headed by Crédit Agricole CIB Organisation responsible for promoting and developing the financial market in Paris 23

24 Economic and financial environment Review of first-half 2017: renewed optimism The renewed optimism prevailing at the end of the first half of 2017 can be summed up by the remarks made by Mario Draghi in Tel Aviv last May: "The crisis is now behind us. The recovery in the euro area is resilient and is increasingly broad-based across countries and sectors. Domestic demand, supported by the ECB s monetary policy, is the mainstay of that recovery. [ ] Unemployment though still too high is at an eight-year low. Worldwide, the financial sector is now more resilient. The global economic outlook is also improving, and downside risks are moderating." The year nonetheless began in a climate of political turbulence. Although the initial shock was more or less absorbed, the "surprises" of 2016 Brexit and the US elections continued to rock the political and financial scene throughout the first half in line with various announcements and other twists and turns: in the US, Donald Trump's investiture speech, difficulties in getting his flagship measures through and personal setbacks; in the UK, triggering of Article 50 followed by the snap election in June. In Europe, fears over the survival of the European Union and the eurozone gradually began to recede, as the Europhobe parties gained less ground than expected in the Austrian elections at the end of 2016, the Dutch elections in March and, most importantly, in France where a resolutely pro-european President was elected. Europe seems to have gained a new lease of life and stands ever more united in the face of an unpredictable Donald Trump and the thorny issue of Brexit. Early in the year, these political uncertainties cast doubt on the robustness of the positive signals sent out by economic indicators at the end of 2016, especially in Europe. Yet, month after month, sentiment indicators continued to confirm the unmistakable resurgence of confidence and optimism and this improvement then began to show through in hard data (industrial production and retail sales for example). Growth proved robust and, more importantly, productive investment, until then the missing link in sustainable, self-sustaining growth, finally began to take off in Europe and the US. Consumption remained buoyant although the slight rise in oil prices, inflation and interest rates may have put a brake on consumer spending. By contrast, the stronger economic cycle had a more limited impact on inflation than expected. Movements in the financial markets reflected their changing perception of political events and then the growth and inflation indicators in the first half. The equity markets, which were initially boosted by Trump's election promises and then by consolidation of global growth, continued to rise throughout the first half. US long rates and, in their wake, European rates shot up at the end of 2016 driven by Donald Trump's election, the improved growth outlook and higher inflation. US rates finally eased due to strong doubts over Trump's ability to implement his programme, despite the Fed's cautious hikes in its key rates. Disappointment over the US economic policy coupled with strong European growth also drove the euro up significantly, even though short rate differentials were more in favour of the dollar. In Europe, German long rates and eurozone spreads moved erratically in line with inflation figures, election results, and the political shifts and banking sector difficulties in Italy. However, European rates ended the first half significantly up after Mario Draghi's speech at the end of June and the mere suggestion that the ECB might scale back its asset purchase programme. The markets, boosted by central bank liquidity, were therefore extremely nervous about the quantitative easing exit strategy. All in all, after a relatively positive start to the year, the key issues at the start of this second half are weak inflation relative to growth momentum and the exit from accommodative monetary policy. 24

25 Outlook for the second half of 2017: a stronger economic cycle The relatively positive surprises that peppered the first half led various organisations to up their growth forecasts. Growth in the developed countries is firming (from 1.6% on average in 2016 to 2% in 2017) and the employment market improving while salaries and prices are behaving surprisingly well. The cycle is therefore developing without any signs of the risks characteristic of a trend reversal. In the USA, no significant stimulus or protectionist measures are expected in 2017 despite Donald Trump's promises. Growth will nonetheless stay above its long-term trend: we expect to see growth of 2.25% vs 1.6% in Buoyant consumer spending will continue to drive growth thanks to virtually full employment, while investment is expected to improve moderately, with more stable oil prices leading to renewed investment in the oil sector. Against this backdrop, the Fed is expected to maintain its policy of a gradual exit from monetary easing by continuing to nudge up interest rates and beginning to scale back its balance sheet. This progressive tightening of US monetary policy is ultimately having little adverse impact on financial conditions in the emerging countries and their economic growth continues to accelerate (4.4% in 2017 vs 4.1% in 2016). Political risks and protectionist threats are receding, mainly thanks to strong exports, which should support investment decisions in many emerging countries. The Chinese economy should maintain its momentum, with 6.7% growth, while Brazil and Russia are emerging from recession and the oil producing countries are benefiting from the rise in oil prices. In Europe, growth should be more self-sufficient (2% in 2017 in the eurozone vs 1.8% in 2016) on the back of an improvement in investment (5% vs 3.4%) supported by better prospects for new business. Job creation is supporting consumer spending momentum despite purchasing power being eroded by price increases, albeit lower than expected (inflation is forecast to average 1.5% in 2017 vs 0.2% in 2016), and a less favourable interest rate environment. The ECB is not expected to change its monetary policy before the end of In this environment, long rates will edge up gradually (0.6% for 10-year Bund in Germany and 1% for the French 10-year OAT) and Italian spreads will remain high until the political uncertainty lifts in Spring The European markets will remain extremely sensitive to decisions made by the ECB, which is expected to be much more explicit between now and the year-end about how it will scale back its asset purchase programme, leading to tension in the bond markets. Other than that, political and geopolitical risks, and in particular the surprises sprung by the Trump administration, remain ever present, and the Chinese financial sector and oil prices are also sources of risk, although they should remain contained in

26 Information concerning the share capital and shareholders Change in share ownership 30/06/ /12/ /06/2016 Breakdown of share capital Number of shares % Number of shares % Number of shares % SAS Rue La Boétie 1,611,969, % 1,611,969, % 1,611,969, % Treasury shares* 2,351, % 2,765, % 6,170, % Employees (company investment fund, ESOP) 98,146, % 130,088, % 106,851, % Float 1,133,636, % 1,101,280, % 1,084,298, % Total shares in issue (period end) 2,846,104,526 2,846,104,526 2,809,290,815 Total shares in issue, excluding treasury shares (period end) 2,843,752,725 2,843,338,790 2,803,120,348 Total shares in issue, excluding treasury shares (average number) 2,843,140,718 2,736,877,451 2,661,765,779 Recent changes in share capital Date and type of transaction Amount of share capital (in euros) Number of shares Share capital at 31/12/2012 7,494,061,611 2,498,020,537 12/11/2013 Employee bonus shares (General Meeting of Shareholders of 18/05/2011) +10,708,380 +3,569,460 Share capital at 31/12/2013 7,504,769,991 2,501,589,997 24/06/2014 Share-based payment of dividend and loyalty dividend bonus (General Meeting of Shareholders of 21/05/2014) +224,327, ,775,777 Share capital at 31/12/2014 7,729,097,322 2,576,365,774 23/06/2015 Share-based payment of dividend and loyalty dividend bonus (General Meeting of Shareholders of 20/05/2015) 187,134,309 62,378,103 12/11/2015 Employee bonus shares (Minutes reporting decisions of 12/11/2015) +1,749, ,080 Share capital at 31/12/2015 7,917,980,871 2,639,326,957 21/06/2016 Share-based payment of dividend and loyalty dividend bonus (General Meeting of Shareholders of 19/05/2016) +509,891, ,963,858 16/12/2016 Capital increase reserved for employees +110,441, ,813,711 Share capital at 31/12/2016 8,538,313,578 2,846,104,526 Share capital at 30/06/2017 8,538,313,578 2,846,104,526 26

27 Since 16 December 2016, the share capital of Crédit Agricole S.A. has amounted to 8,538,313,578, divided into 2,846,104,526 shares with a par value of 3 each. Changes to accounting principles and methods Changes to accounting principles and methods are described in Note 1 to the interim condensed consolidated financial statements at 30 June Changes in the scope of consolidation Changes to the scope of consolidation are described in Notes 2 and 9 to the interim condensed consolidated financial statements at 30 June Related Parties The main related-party transactions entered into as of 30 June 2017 are described in the note relative to the General Framework in the interim condensed consolidated financial statements at 30 June

28 Consolidated results Crédit Agricole S.A. In the second quarter of 2017, net income Group share came to million euros. Specific items for the quarter had a positive impact of +176 million euros on net income Group share, comprising the positive impacts from the disposal of Eurazeo 1 (+107 million euros in Equity-accounted companies), from the liability management exercise completed in June 2 (+26 million euros on net income Group share, +39 million euros on profit before tax) and the net balance of +44 million euros from recurring volatile accounting items 3 (issuer spread -97 million euros before tax, DVA -13, loan hedges in Large customers -16 and provisions on Home Purchase Savings Plans +175 million euros). In the second quarter of 2016, specific items had an impact on net income Group share of +339 million euros, namely the capital gain from the disposal of the stake in Visa Europe for +327 million euros (+355 million euros before tax), a provision for network optimisation at LCL for 26 million euros ( 41 million euros before tax in operating expenses), dividends received from the Regional banks of Crédit Agricole before the disposal of these stakes completed in August 2016 for +29 million euros (+30 million euros before tax in revenues) and finally the net balance from recurring volatile accounting items for +9 million euros in net income Group share (+16 million euros before tax). Excluding specific items, underlying net income Group share for the second quarter of 2017 was million euros, up +43.4% compared to the second quarter of Underlying earnings per share came to 0.38 euro per share, up +41.3% year-on-year. 1 Disposal of the 15.42%-stake, consolidated under the equity method until the disposal in June 2017, see press release of 6 June Voir les communiqués de presse du 15, 22, 30, 31 mai et 14 juin See p. 63 for further details on Crédit Agricole S.A.'s specific items 28

29 m Table 5. Crédit Agricole S.A. Q2-17 and Q2-16 consolidated results and underlying Q2-17 Q2-16 Q2/Q2 Q2-17 underlying Q2-16 underlying Q2/Q2 underlying Revenues 4,708 4,738 (0.6%) 4,619 4, % Operating expenses excl.srf (2,795) (2,806) (0.4%) (2,795) (2,766) +1.1% SRF (10) (43) (77.2%) (10) (43) (77.2%) Gross operating income 1,903 1, % 1,814 1, % Cost of risk (351) (447) (21.3%) (351) (447) (21.3%) Cost of legal risk - (50) (100.0%) - (50) (100.0%) Equity-accounted entities % (3.6%) Net income on other assets 0 3 (97.2%) 0 3 (97.2%) Change in value of goodw ill - - n.m. - - n.m. Income before tax 1,776 1, % 1,580 1, % Tax (321) (255) +25.8% (297) (244) +22.0% Net income from discontinued or held-for-sale operations x x 2.7 Net income 1,486 1, % 1, % Non controlling interests (136) (114) +19.1% (139) (105) +32.8% Net income Group Share 1,350 1, % 1, % Earnings per share ( ) % % Cost/Income ratio excl.srf (%) 59.4% 59.2% +0.2 pp 60.5% 63.8% -3.3 pp Underlying revenues were up +6.5% compared with the second quarter of Underlying revenues of the business lines (excluding Corporate centre) increased by +2.1%. Growth was affected by a prudent policy of revenue booking in the Insurance business. Excluding the contributions from Insurance and the Corporate centre (CC), underlying revenues were up +4.1%. Operating expenses were again well controlled, down -0.1% year-on-year or up +1.1% excluding SRF. They include this quarter the first integration costs from the acquisition of Pioneer Investments, for 26 million euros, i.e. the main part of the growth excluding SRF. Cost of credit risk was down -21.3%, at 351 million euros versus 477 million euros in the second quarter of 2016, excluding a non-specific provision for legal risk of 50 million euros booked in the second quarter of Cost of credit risk was 35 basis points of consolidated outstandings 1 versus 41 basis points in the second quarter of 2016, still below the 50 basis points assumption in the Medium-Term Plan (MTP). The contribution from equity-accounted entities dropped slightly, by -3.6% to 117 million euros excluding the positive effect from the disposal of Eurazeo. Underlying pre-tax income before discontinued operations and non-controlling interests increased by +36.7% to 1,580 million euros. The underlying effective tax rate in the second quarter of 2017 was down to 20.7%, mainly thanks to the reduced tax rate applicable to divestments in the Insurance business. The underlying tax charge therefore increased less than the pre-tax income, to 297 million euros or +22.0% year-on-year. This effect, coupled with a 30 million euros gain on the disposal of CARE (the reinsurance subsidiary of CA Assurances), boosted the growth of the underlying net income to +42.2% year-on-year. Minority interests increased by +32.8%, mainly due to the reduction in the group s percentage of interest in Amundi, from 74.1% to 68.5%. Underlying net income Group share rose by +43.4% to 1,174 million euros, the highest quarterly posting since In the first half of 2017, net income Group share increased in an even more significant way, by +59% year-on-year, to 2,195 million euros. 1 Calculated on an average annualised basis over four rolling quarters 29

30 Specific items for the half year had a positive impact of +128 million euros on net income Group share, Compared to those of the second quarter 2017 mentioned above, the only change is the impact on net income Group share of recurring volatile accounting items, namely the issuer spread for 105 million euros before tax, DVA for -61 million euros, loan portfolio hedges of the Large customers business line for -40 million euros and provisions for Home Purchase Savings Plans for +177 million euros. In the first half of 2016, specific items had an impact on net income Group share of +172 million euros, namely the capital gain from the disposal of the stake in Visa Europe and the provision for network optimisation at LCL already mentioned for the second quarter of 2016, dividends received from the Regional Banks of Crédit Agricole for +285 million euros (+286 million euros before tax in revenues) upfront payments for liability management operations related to the Eurêka transaction for 448 million euros (-683 million euros before tax in revenues) and finally the net balance from recurring volatile accounting items for +34 million euros in net income Group share (+48 million euros before tax). Excluding specific items, underlying net income Group share for the first half of 2017 was 2,067 million euros, up +70% compared to the first half of Underlying earnings per share came to 0.64 euro per share, up +76.3% year-on-year. The group s return on tangible equity (ROTE) reached 11.3% in the first half of 2017, annualised, materially up compared to the full year 2016 thanks to an improvement in most business lines. Table 6. Crédit Agricole S.A. Q2-17 and H1-17 consolidated results and underlying m H1-17 H1-16 H1/H1 H1-17 underlying H1-16 underlying H1/H1 underlying Revenues 9,408 8, % 9,398 8, % Operating expenses excl.srf (5,791) (5,781) +0.2% (5,791) (5,740) +0.9% SRF (242) (244) (0.8%) (242) (244) (0.8%) Gross operating income 3,375 2, % 3,365 2, % Cost of risk (751) (849) (11.5%) (751) (849) (11.5%) Cost of legal risk - (50) (100.0%) - (50) (100.0%) Equity-accounted entities % % Net income on other assets (0) 3 n.m. (0) 3 n.m. Change in value of goodw ill - - n.m. - - n.m. Income before tax 3,063 1, % 2,946 1, % Tax (663) (267) x 2.5 (670) (482) +39.2% Net income from discontinued or held-for-sale operations x x 4 Net income 2,445 1, % 2,321 1, % Non controlling interests (250) (219) +14.2% (253) (212) +19.8% Net income Group Share 2,195 1, % 2,067 1, % Earnings per share ( ) % % Cost/Income ratio excl.srf (%) 61.6% 67.7% -6.2 pp 61.6% 67.3% -5.7 pp Underlying revenues were up +10.2% year-on-year at 9,398 million euros. They benefitted from the improvement of the Corporate centre thanks to the effects of the simplification operation of the Group s structure in the third quarter The underlying revenues of the business lines, excluding the Corporate centre, were up +6.0%. This increase was affected by a prudent policy of revenue booking in the Insurance business. Excluding Insurance and the Corporate centre, underlying revenues were up +7.4%. 30

31 Underlying operating expenses remained well under control, up by +0.8% at 6,033 million euros or +0.9% excluding SRF. They included this half-year the first integration costs of Pioneer Investments for 38 million euros, which account for a large part of the increase excluding SRF. The cost of risk was down -16.3% to 711 million euros compared with 849 million euros in the first half 2016, excluding non-specific provisions for legal risk of 40 million euros in the first quarter 2017 and 50 million euros in the second quarter The contribution from equity-accounted entities was up by +36.0% to 332 million euros excluding the positive effect of the disposal of the stake in Eurazeo, mainly thanks to a high level of contribution from this stake in the first quarter Underlying pre-tax income, before discontinued operations and minority interests, increased by +55.4% to 2,946 million euros. The underlying effective tax rate (excluding the contribution from equity-accounted entities which have already paid taxes, and non-specific provisions for legal risk which are non-deductible) was down in the first half 2017 to 25.2% compared with 28.3% in the first half 2016, mainly due to the low taxation rate on the disposal of a stake in Insurance in the second quarter The underlying tax charge therefore increased less than pre-tax income, at 670 million euros or soit +39.2% year-on-year. This effect was coupled with a capital gain of 30 million euros on the disposal of CARE, the reinsurance subsidiary of CA Assurances, resulting in a rise in underlying net income of +42.2% year-on-year. Minority interests were up +32.8% mainly due to the decrease in the Group s stake in Amundi from 74.1% to 68.5%. Consequently, net income Group share was up +43.4% at 1,174 million euros, the highest level of underlying quarterly net income Group share since Result by business line Crédit Agricole S.A. Crédit Agricole S.A.'s diversified, profitable universal customer-focused banking model has a low risk profile that guarantees a high level of recurring net income. The following diagram shows a breakdown of underlying 1 net income Group share by business line excluding Corporate centre: 1 See p. 72 for further details on Crédit Agricole S.A.'s specific items 31

32 Table 7. Crédit Agricole S.A. Underlying Net income Group share excl. Corporate centre, Q2-17 Underlying 1 net income Group share excluding Corporate centre, Q2-2017: 1,336 million euros, +19.5% year-on-year No business line represents more than 31% of underlying 1 net income Group share excluding Corporate centre, and no core business more than 35%. The largest contributor is Asset gathering with 35%, which comprises business lines with strong commercial momentum requiring little capital for their organic growth. Table 8. Crédit Agricole S.A. Underlying Net income Group share excl. Corporate centre, H1-17 Underlying net income Group share excluding Corporate centre, H1-2017: 2,485 million euros, +29.6% year-on-year The following sections discuss the activity and results of each of Crédit Agricole S.A.'s core businesses and business lines. 32

33 Asset gathering This business line encompasses insurance (Crédit Agricole Assurances), asset management (Amundi) and wealth management (Indosuez Wealth Management). m Table 9. Asset gathering Q2 and H income statement Q2-17 Q2-17 underlying Q2/Q2 underlying S1-17 Stated S1-17 underlying S1/S1 underlying Revenues 1,151 1,151 (1.2%) 2,401 2, % Operating expenses (570) (570) (49.2%) (1,196) (1,196) +6.6% SRF (0) (0) (44.0%) (2) (2) +41.2% Gross operating income (8.4%) 1,203 1,203 (1.3%) Cost of risk (2) (2) (68.0%) (1) (1) (87.0%) Equity-accounted entities % % Net income on other assets 0 0 (96.2%) (0) (0) ns Change in value of goodw ill - - ns - - ns Income before tax (7.6%) 1,217 1,217 (0.6%) Tax (100) (100) (43.8%) (292) (292) (16.7%) Net income from discontinued operations x x Net income % % Non controlling interests (51) (51) +23.5% (92) (92) +13.9% Net income Group Share % % Cost/income ratio excl. SRF (%) 49.5% 49.5% +4.0 pp 49.8% 49.8% +1.9 pp Underlying: no specific items this quarter, therefore underlying = Activity At 30 June 2017, assets under management stood at 1,551 billion euros, an increase of +9.3% or +133 billion compared with 30 June In the first half of 2017, assets under management increased by +48 billion euros, with net inflows contributing +33 billion euros (+29 billion euros for Amundi, +2 billion euros for life insurance and +2 billion euros for Wealth management). This represents annualised inflows equal to 4.4% of opening assets under management, confirming the business line's strong momentum. Apart from this solid commercial performance, the business recorded a positive market and currency effect of billion euros. Assets under management, after elimination of double counting, amounted to 1,277 billion euros at 30 June 2017, a year-on-year increase of +11.1%. Table 10. Asset gathering assets under management after elimination of double counting ( bn) bn M arch 15 June 15 Sept.15 Dec. 15 M arch 16 June 16 Sept.16 Dec. 16 M arch 17 June 17 June / June June / Dec. Asset management Amundi* , , , , , % +3.6% Savings/retirement % +1.9% Wealth management % +2.0% Assets under management - Total* 1, , , , , , , , , , % +3.1% AuM excl. double counting* 1, , , , , , , , , , % +3.7% * Including Smith Breeden from 30/09/2013 and Bawag Invest from 31/3/ Data including advised and distributed assets 33

34 Results Net income Group share for the Asset gathering business amounted to 466 million euros in the second quarter of 2017, an increase of +12.3%. There were no specific items in the second quarter of either 2017 or Insurance and wealth management delivered growth of +16.5% and 2.2x respectively, while Amundi posted a decrease of -12.1% including Pioneer Investments integration costs and the impact of the decrease of Crédit Agricole S.A.'s percentage interest from 74.1% to 68.5% during the period. Excluding those two items, Amundi's net income at 100% increased by +8.1% year-on-year in the second quarter. In the first half of 2017, net income Group share for the Asset gathering business was 864 million euros, a year-on-year increase of +8.8%. There were no specific items in the first half of either 2017 or Asset gathering contributed 35% of Crédit Agricole S.A.'s first half underlying net income Group share of the business lines (excluding Corporate centre) and 25% of underlying revenues. At 30 June 2017, capital allocated to Asset gathering was 9.2 billion euros, of which 2.2 billion euros for Asset management and Wealth management and 7 billion euros for Insurance. The business line's risk-weighted assets totalled 20.9 billion euros, of which 9.6 billion euros for Asset management and Wealth management and 11.3 billion euros for Insurance. Insurance (CA Assurances) The Insurance business line reflects the results of CA Assurances, a 100% subsidiary of Crédit Agricole S.A., which regroups all life insurance subsidiaries (Predica in particular), property & casualty, death & disability, creditor and group insurances (Pacifica in particular). Table 11. Insurance Q2 and H income statement m Q2-17 Stated Q2-17 underlying Q2/Q2 underlying S1-17 Stated S1-17 underlying S1/S1 underlying Revenues (12.8%) 1, (4.0%) Operating expenses (152) (152) (1.0%) (394) (394) +2.6% Gross operating expenses (17.5%) (7.3%) Income before tax (17.4%) (7.3%) Tax (12) (12) (88.0%) (132) (132) (36.6%) Net income from discontinued operations x x Net income Group share % % Cost/income ratio (%) 32.0% 32.0% +3.8 pp 35.6% 35.6% +2.3 pp Underlying: no specific items this quarter, therefore underlying = Activity In the second quarter of 2017, Crédit Agricole Assurances reported premium income of 7.5 billion euros (versus 7.9 billion euros in the second quarter of 2016), with strong growth in unit-linked inflows and continued diversification of the business mix. 34

35 In Savings/Retirement, premium income amounted to 5.8 billion euros. Crédit Agricole Assurances further diversified its product mix towards unit-linked business (UL), as illustrated by the strong growth in UL's contribution to gross inflows in the second quarter (30.5%, i.e. an increase of +9.3 percentage points yearon-year) and the sharp fall in euro business inflows compared with the second quarter of Net inflows in savings/retirement amounted to +1.3 billion euros in the second quarter of 2017, including +1.2 billion euros in UL contracts (+0.8 billion euros in the second quarter of 2016, or +50% year-on-year) and +0.1 billion euros in euro contracts (+1.0 billion in the second quarter of 2016). Assets under management 1 continued to grow, reaching 274 billion euros at end-june 2017, a year-on-year increase of +3.7% driven mainly by +14.3% growth in UL assets. At end-june 2017, UL contracts represented 20.8% of total assets under management (+1.9 percentage points compared with end-june 2016). Table 12. Savings/retirement assets under management ( bn) bn March 15 June 15 Sept. 15 Dec. 15 March 16 June 16 Sept. 16 Dec. 16 Mars 17 June 17 June / June Unit-linked % In Euros % Total % Share of unit-linked 19.7% 19.5% 19.0% 19.0% 18.6% 18.8% 19.1% 19.5% 20.3% 20.8% +1.9pp Table 13. Insurance Breakdown of investments (excl.unit-linked contrats) 1.0% 0,8% 0.7% 6,5% 6.3% 7.3% 5,9% 6,1% 6.1% Alternative investments Real estate (buildings, shares, shares in SCIs) Other shares net of hedging 82.2% 83.5% 81.1% Interest rate products (bonds, etc) Short term investments Other (private equity, convertible bonds, etc) 2,4% 0,9% 2.4% 2,0% 2,4% 2.4% Market Value June 16 Market Value Dec 16 Market Value June 17 In protection of assets and individuals (property & casualty, death & disability, creditor and group insurance), premium income increased by +8% in the second quarter 2017 year-on-year at 1.7 billion euros. 1 Savings/retirement/death & disability assets under management 35

36 As in previous quarters, premium income from Property & casualty insurance continued to enjoy abovemarket growth in France, supported by good momentum in new business, particularly in the motor and household segments. Premium income thus rose by +10.3% 1 year-on-year in the second quarter to 839 million euros. This represents an acceleration in year-on-year growth compared with the first quarter (+8.6%). The number of in-force contracts increased by +2% over the quarter, with more than 195,000 new contracts written in the second quarter of In the Death & disability/creditor/group insurance segment, premium income rose by +6.9% 1 year-on-year in the second quarter of 2017, to 868 million euros, driven by growth in all three business segments, including +8.9% growth for death & disability and a 1.8x increase in group insurance. Creditor insurance enjoyed buoyant momentum in the second quarter, driven by strong growth in new mortgage lending (+6.0% year-onyear). On 22 June last, Crédit Agricole Group and CNP Assurances signed a memorandum of agreement regarding their creditor insurance partnership for the Regional Banks network. CNP Assurances will continue to coinsure 50% of the contract portfolio until its extinction. Crédit Agricole Assurances will take over new business gradually from September 2017 until April Table 14. Protection of individuals and assets Premium income ( m) Table 15. Savings/retirement net inflows ( bn) 1, % 1, Q2-16 Q2-17 Property & Casualty Death & disability / Creditor / Group Q2-16 Q2-17 Contracts in Contracts in euro unit-linked Results There were no specific items in the second quarter or first half of either 2017 or For the second quarter of 2017, Crédit Agricole Assurances made again an increased contribution to Crédit Agricole S.A.'s results. Its net income Group share amounted to 341 million euros, up +16.5% year-onyear, including a 30 million euro gain generated on the disposal of its reinsurance subsidiary CARE (recognised in net gains or losses on discontinued operations and non-current assets held for sale). Re for this item, net income Group share increased by +6.3% over the period. In the second quarter of 2017, Crédit Agricole Assurances' revenues amounted to 476 million euros, a decrease of -12.8% year-on-year, even though business volumes increased. Crédit Agricole Assurances continued to strengthen its policyholder participation reserves by recognising a lower percentage of its 1 Excluding scope effect 36

37 investment margin this quarter, thereby benefiting from a low tax rate due to the disposal of securities taxable at the reduced rate. In non-life insurance, the combined ratio 1 remained stable at 98%, despite adverse weather events during the period (freeze, hail). Operating expenses remained well controlled, with a decrease of -1% compared with the second quarter of The cost/income ratio therefore stood at 32.0%. In the first half of 2017, Crédit Agricole Assurances' net income Group share was 610 million euros, a year-on-year increase of +9%. The cost/income ratio stood at 35.6%. Crédit Agricole Assurances contributed 24% of Crédit Agricole S.A.'s first-half underlying net income Group share of the business lines (excluding Corporate centre) and 12% of underlying revenues. At 30 June 2017, capital allocated to Insurance was 7 billion euros and risk-weighted assets totalled 11.3 billion euros. 1 Ratio of (claims + operating expenses + commissions) to premium income, net of reinsurance. Pacifica scope 37

38 Asset management (Amundi) Asset management comprises the results of Amundi, a subsidiary owned 70.0% by Crédit Agricole Group, including 68.5% held by Crédit Agricole S.A. At the time of Amundi's 1.4 billion euros rights issue at end-march 2017, Crédit Agricole Group sold some of its preferential rights to reduce its percentage interest in Amundi to 70.0%, including 68.5% held by Crédit Agricole S.A. This reduction in percentage interest is effective as of the second quarter of The financial statements for the second quarter of 2017 do not include any contribution from Pioneer Investments, Unicredit's asset management company, which was acquired on 3 July. The acquisition was completed on schedule and the integration plan has begun. In the first half, the only costs recognised in the financial statements of Crédit Agricole Group and Crédit Agricole S.A. were integration costs totalling 32 million euros before tax. Table 16. Asset management Q2 and H income statement m Q2-17 underlying Q2-16 underlying Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying Revenues % % Operating expenses* (262) (227) +15.4% (498) (498) +12.2% Gross operating income (0.9%) % Cost of risk (2) 0 n.m. (3) (3) n.m. Equity-accounted entities % % Tax (79) (76) +3.0% (144) (144) +7.1% Net Income (3.6%) n.m. Net Income Group share (12.1%) (2.5%) Cost/income ratio (%) 55.1% 51.3% +3.8 pts 54.8% 54.8% +1.9 pts Underlying: no specific items this quarter, therefore underlying = Activity Amundi's assets under management 1 amounted to 1,121 billion euros at end-june 2017, a year-on-year increase of +11.7%, driven by sustained net inflows1, particularly in the Retail segment, and a positive market effect (+9.5 billion euros). In the second quarter of 2017, net inflows in the Retail segment totalled +7.5 billion euros, while the Institutional segment saw seasonal net outflows of billion euros (including -9.7 billion euros in treasury products, excluding joint-ventures compared with -7.3 billion euros in the second quarter of 2016). All in all, net inflows in medium and long-term assets totalled +2.1 billion euros in the second quarter of 2017, with the French networks bringing in +1.4 billion euros. 1 Assets managed, advised and distributed including 100% of AuM and inflows of Asian JVs except Wafa in Morocco (AuM at percentage of ownership interest) 38

39 Table 17. Asset management Assets under management (in bn) 1, % Institutionals* Retail Market effect 1, , Net inflows: % in H1-17 Equities Treasury Fixed income June 16 Dec. 16 June 17 Real, alternative and structured assets Multi-assets * Institutionals, sovereigns and corporates (1) Assets managed and distributed including 100% of AuM and inflows of Asian JVs except Wafa in Morocco (AuM at percentage of ownership interest) Results There were no specific items in the second quarter or first half of either 2017 or In the second quarter of 2017, Amundi's net income Group share was 95 million euros, a year-on-year decrease of -2.5%. This decrease came firstly from the negative impact from the decrease in Crédit Agricole S.A.'s percentage interest from 74.1% to 68.5%, and secondly from the first Pioneer Investments integration costs (26 million euros before tax, 17 million euros after tax, recorded in expenses, at 100%). Amundi's net income at 100% (before minorities) was down -3.6% year-on-year to 141 million euros, but up +8.1% yearon-year at 158 million euros excluding integration costs. The cost/income ratio excluding SRF for the second quarter stood at 55.1%, but 49.6% excluding integration costs, an improvement of +1.4 percentage point year-on-year. In the first half of 2017, Amundi's net income Group share was 196 million euros, a year-on-year decrease of -2.5%. It included a 1 million euro contribution to the Single Resolution Fund (SRF). The cost/income ratio stood at 54.8%, but 50.6% excluding SRF and integration costs (38 million euros in the first half), i.e. an improvement by 1.7 percentage point year-on-year. The contribution of Amundi to Crédit Agricole S.A. underlying net income Group share (excluding Corporate centre) is 8% in the first half of 2017 and 9% of underlying revenues. 39

40 Wealth management (CA Indosuez Wealth) The Wealth management business reflects the results of Crédit Agricole S.A.'s wholly-owned subsidiary CA Indosuez Wealth (group), which itself owns 100% of its subsidiaries CA Indosuez (Switzerland) SA, CA Indosuez Wealth (France), CA Indosuez Wealth (Europe) and 70% of CFM Indosuez Wealth in Monaco. Table 18. Wealth management Q2 and H income statement m Q2-17 Q2-17 underlying Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying Revenues % % Operating expenses (156) (156) +4.0% (306) (306) +3.5% SRF - - ns (1) (1) ns Gross operating income % % Cost of risk 1 1 ns 2 2 ns Net income on other assets 0 0 (99.3%) % Income before tax x % Tax (10) (10) x 2.7 (17) (17) +95.9% Net income % % Non controlling interests (4) (4) +25.9% (8) (8) +19.8% Net income Group Share x % Cost/income ratio excl. SRF (%) 78.4% 78.4% -7.0 pp 79.1% 79.1% -5.1 pp Underlying: no specific items this quarter, therefore underlying = Activity Wealth management's assets under management increased by +2.5% over one year to billion euros at end-june 2017, a rise of +2.7 billion euros including +2 billion euros since the beginning of the year. Net inflows in the second quarter of 2017 amounted to 1 billion euros, a year-on-year increase of +192 million euros. This includes an acceleration of the refocusing policy for -100 million euros and the takeover of HSBC's customers in Monaco for 1.3 billion euros. Assets managed referred to in activity figures only include those of Indosuez Wealth Management group. As a reminder, LCL's private banking customer assets amounted to 43.5 billion euros at end-june 2017, up +5.9% June/June. The results generated by LCL s private banking are booked by LCL. Table 19. Wealth management breakdown of assets under management ( bn) bn March 15 June 15 Sept.15 Dec. 15 March 16 June 16 Sept.16 Dec. 16 March 17 June 17 June / June June / Dec. LCL Private Banking % +2.6% CAI Wealth Management % +1.8% Of which France % +5.6% Of which International % +0.5% Total % +2.0% Results There were no specific items in the second quarter or first half of either 2017 or

41 Net income Group share for the business line was up sharply in the second quarter of 2017, increasing by 2.2x to 29 million euros versus 14 million euros in the second quarter of This good performance was driven by buoyant business momentum in favourable markets, tight cost control and a decrease in cost of risk. In the first half of 2017, Wealth management's net income Group share was 58 million euros, a year-onyear increase of +75%. It included a 0.8 million euros contribution to the Single Resolution Fund (SRF) in the first half of Wealth management contributed 2% of Crédit Agricole S.A.'s first-half underlying net income Group share of the business lines (excluding Corporate centre) and 4% of underlying revenues. Retail Banking in France (LCL) For Crédit Agricole S.A., Retail banking in France only includes the results of its subsidiary LCL owned by 95.1%. The results of Crédit Agricole's Regional Banks have no longer been included in the Crédit Agricole S.A. scope since the beginning of Table 20. Retail Banking in France (LCL) Q2 and H income statement m Q2-17 Q2-17 underlying Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying Revenues % 1,816 1, % Operating expenses excl. SRF (591) (591) (4.9%) (1,219) (1,219) (4.5%) SRF 1 1 n.m. (15) (15) (21.5%) Gross operating income % % Cost of risk (56) (56) +6.0% (104) (104) +38.6% Tax (71) (52) (11.2%) (135) (116) +4.6% Net income Group share % % Cost/income ratio excl. SRF (%) 64.8% 69.0% -4.3 pp 67.1% 69.2% -6.5 pp Activity LCL continued to enjoy sustained business momentum in the second quarter. The loan book was up +10.7% year-on-year to billion euros at end-june Home loans grew by +10.6% year-on-year, consumer loans by +6.3% and business loans by +11.9%. Total customer assets grew by +5.1% to billion euros at end-june On-balance sheet deposits rose by +6.5% to billion euros at end-june 2017, driven by a +17.5% increase in demand deposits. LCL continued to deliver an excellent performance in P&C insurance products, with the number of in-force contracts rising by 35,000 in the second quarter of

42 Table 21. Retail Banking in France (LCL) Loans outstanding Loans outstanding ( bn) Jun. 15* Sept. 15 Dec. 15 Mar. 16 Jun. 16 Sept. 16 Dec. 16 Mar. 17 Jun. 17 Jun./Jun. SMEs and small businesses % Consumer credit % Home loans % TOTAL % * Including BFCAG outstandings as from Q2-15 Table 22. Retail Banking in France (LCL) Customer savings Customer savings ( bn)* Jun. 15* Sept. 15 Dec. 15 Mar. 16 Jun. 16 Sept. 16 Dec. 16 Mar. 17 Jun. 17 Jun./Jun. Securities 9,3 9,1 9,2 8,9 8,6 9,0 9,4 9,7 10,2 +18,2% Mutual funds and REITs 14,3 13,8 13,5 12,2 11,3 11,1 10,8 10,7 10,4 (8,2%) Life insurance 57,6 57,5 57,6 58,2 58,0 58,6 59,0 59,4 60,0 +3,4% Off-balance sheet savings 81,2 80,4 80,3 79,3 77,9 78,7 79,3 79,9 80,5 +3,4% Demand deposits 31,9 33,2 34,1 33,5 35,7 37,5 39,4 39,2 42,0 +17,5% Home purchase savings plans 8,7 8,7 8,8 9,1 9,1 9,2 9,1 9,4 9,4 +2,9% Bonds 2,7 2,4 2,7 2,8 3,6 3,7 3,6 3,5 3,5 (0,9%) Passbooks** 35,3 34,9 36,4 37,9 35,9 35,0 34,6 36,2 36,5 +1,6% Time deposits 12,3 11,7 12,8 13,6 13,3 13,3 13,1 12,7 12,5 (5,6%) On-balance sheet savings 90,9 90,9 94,8 96,8 97,6 98,7 99,8 101,0 103,9 +6,5% TOTAL 172,1 171,3 175,1 176,1 175,5 177,4 179,1 180,8 184,5 +5,1% Passbooks* o/w ( bn) Jun. 15* Sept. 15 Dec. 15 Mar. 16 Jun. 16 Sept. 16 Dec. 16 Mar. 17 Jun. 17 Jun./Jun. Livret A 7,6 7,5 7,5 7,6 7,7 7,8 7,8 8,1 8,3 +6,9% LEP 1,2 1,2 1,1 1,2 1,1 1,1 1,1 1,1 1,1 (2,3%) LDD 7,8 7,7 7,6 7,8 7,8 7,8 7,7 7,8 7,9 +1,0% * Including BFCAG outstandings as from Q2-15 ** Including liquid company savings Fixed-rate mortgage rates 1 on the French market rose to 1.57% in June. Renegotiations totalled 1.6 billion euros in the second quarter of 2017, a decrease of -66% compared with the first quarter of Since the start of 2017, renegotiated outstandings have declined steadily, from 2.1 billion euros in January to 0.4 billion euros in June Lastly, the volume of early repayments remained sustained at 1.8 billion euros in the second quarter of 2017, stable compared with the first quarter Source: Crédit Logement monthly observatory 42

43 Table 23. LCL Renegotiations and early repayments of home loans * Source: Crédit Logement; ** Source: Thomson Reuters/Datastream Results The change in the provision for home purchase savings plans is classified as a specific item in LCL's financial statements. In the second quarter of 2017, this item had an impact of +55 million euros on revenues and +39 million euros on net income Group share. In the second quarter of 2016, the only specific item for LCL was the network optimisation provision with an impact of -26 million euros in net income Group share (-41 million euros before tax in operating expenses). Excluding these specific items, LCL's underlying net income Group share for the second quarter of 2017 came to 152 million euros, an increase of +40.7% compared with the second quarter of Revenues amounted to 857 million euros, a year-on-year increase of +1.0%. This figure includes nonrecurring early repayment penalties of 18 million euros and renegotiation fees of 9 million euros, a total of 27 million euros (versus 14 million euros in the second quarter of 2016 and 46 million euros in the first quarter of 2017). Re for these positive items, revenues were down slightly by - 0.6% compared with the second quarter of Table 24. Changes in detailed revenues ( m) Revenues ( m) Q2-15* Q3-15 Q4-15 Q1-16 Q2-16 Q3-16** Q4-16 Q1-17 Q2-17 Q2/Q2 Q2/Q1 Net interest income % +0.9% Home purchase savings plans (PEL/CEL) 9 4 (3) (17) - 55 Net interest income excl. HPSP (2.3%) (10.0%) Fee and commission Income % +1.0% - Securities % +7.7% - Insurance % (2.5%) - Account management and payment instruments % +2.5% N.S. N.S. TOTAL % +1.0% TOTAL excl. HPSP % (5.2%) *Including BFCAG as from Q2-15 **Excluding adjustment of funding costs As reported in the first quarter of 2017, revenues had reached a historic low in the first quarter of 2016, before rising gradually in the following quarters (excluding home purchase savings plans), mainly due to 43

44 renegotiation fees and early repayment penalties. As a result, the increase of the second quarter of 2017 compared to the second quarter of 2016 is lower than the increase of the first quarter of 2017 compared to the first quarter of 2016, underlying revenues for the second quarter of 2017 are down 5.2% compared with the first quarter of 2017, of which 2.1 percentage points related to lower reimbursement fees and renegotiation fees (27 million euros compared to 46 million euros). Table 25. LCL Changes in revenues, from Q to Q (3) (17) Q2-15* Q3-15 Q4-15 Q1-16 Q2-16 Q3-16** Q4-16 Q1-17 Q2-17 Net interest income excl. HPSP Fee and commission Income Home purchase savings plans (PEL/CEL) * Including BFCAG as from Q2-15 ** Excluding adjustment of funding costs Operating expenses excluding SRF totalled 591 million euros in the second quarter of 2017, a year-on-year decrease of -4.9%. The cost/income ratio excluding SRF for the second quarter stood at 69.0%, an improvement of 4.3 percentage points year-on-year. Cost of risk was 56 million euros in the second quarter, up 6.%, an increase lower than that of the growth in outstandings (+10.7%), and remains well contained at 18 basis points of outstandings 1. In the first half of 2017, LCL's net income Group share was 292 million euros, a year-on-year increase of +51.0%. It included a 15 million euro contribution to the Single Resolution Fund (SRF). The cost/income ratio stood at 69.2%. The reconciliation of and underlying amounts is detailed in the appendix, p.95. LCL contributed 12% to Crédit Agricole S.A.'s underlying net income Group share of the business lines (excluding Corporate centre) in the second quarter of 2017 and 18% of underlying revenues (excluding Corporate centre). At 30 June 2017, capital allocated to LCL was 4.1 billion euros and RWA totalled 43 billion euros. RONE (return on adjusted allocated capital, annualised) of the business line was 12.9% compared with 11.9% for the full year Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters 44

45 International retail banking (IRB) International retail banking encompasses the local banking networks in Italy, grouped under the name "Gruppo Bancario Crédit Agricole Italia", notably Cariparma, Friuladria and Carispezia, as well as all of the Group's retail banks abroad, mainly Crédit Agricole Poland, Crédit Agricole Ukraine, Crédit Agricole Egypte and Crédit du Maroc. Crédit Agricole Leasing Italy (CALIT) was transferred from SFS/CAL&F to IRB Italy as of January Table 26. International retail banking Q2 and H income statement m Q2-17 Q2-17 underlying Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying Revenues % 1,246 1,246 (1.3%) Operating expenses (excl. SRF) (364) (364) (1.6%) (725) (725) (2.5%) SRF & Italian rescue plan (8) (8) n.m. (18) (18) +83.1% Gross operating income (0.3%) (3.0%) Cost of risk (107) (107) (5.1%) (212) (212) (11.7%) Net income on other assets 0 0 (92.0%) % Income before tax % % Tax (47) (47) (2.4%) (91) (91) +0.4% Net Income % % Non controlling interests (31) (31) +4.2% (57) (57) +0.6% Net Income Group Share % % Cost/income ratio (%) 57.0% 57.0% -1.1 pp 58.2% 58.2% -0.8 pp There were no specific items in the second quarter or first half of either 2017 or In the second quarter of 2017, IRB's net income Group share was 81 million euros, a year-on-year increase of +6.2%. The cost/income ratio excluding SRF for the second quarter stood at 58.3%, a slight deterioration of 1.5 percentage point year-on-year. In the first half of 2017, IRB s net income Group share was 142 million euros, a year-on-year increase of +9.1%. The cost-income ratio excluding SRF stood at 58.2%, and improvement of +0.8 point compared with the first half of IRB contributed 6% of Crédit Agricole S.A.'s second-quarter underlying net income Group share of the business lines (excluding Corporate centre) and 13% of underlying revenues. At 30 June 2017, capital allocated to IRB was 3.4 billion euros and risk-weighted assets totalled 35.5 billion euros. 45

46 Table 27. International Retail Banking Geographical breakdow Revenues Q2-17 by entity Outstanding loans Q2-17 by entity Outstanding on-b/s deposits Q2-17 by entity 8% 12% 7% 3%2% 68% Italy Poland Morocco Egypt Ukraine 8% 8% 2% 1% 2% 78% Italy Poland Morocco Egypt Ukraine 8% 2% 8% 4% 1% 76% Italy Poland Morocco Egypt Ukraine Other Other Other Italy, the second largest domestic market in the group after France, accounts for between two-thirds (for revenues) and four-fifths (for loans) of this business, followed by Ukraine and Egypt (8 to 10%). Although Italy is held by the Group at only 76.5% (61.2% for Carispezia as a percentage of interest), it accounts for 63% of the net income Group share. 46

47 Retail banking in Italy (IRB Italy) International retail banking in Italy encompasses the Gruppo Bancario Crédit Agricole Italia networks, which operates under the Crédit Agricole, Cariparma, Friuladria and Carispezia brands. NB: Crédit Agricole Leasing Italy (Calit) was transferred from SFS (CAL&F) to IRB-Italy as of January Table 28. IRB Italy Q2 and H income statement m Q2-17 Q2-17 underlying Underlying: no specific items this quarter, therefore underlying = Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying Revenues % % Operating expenses (excl. SRF) (243) (243) +2.1% (491) (491) +4.3% SRF & Italian rescue plan (8) (8) x 4.1 (18) (18) +83.1% Gross operating income % % Cost of risk (83) (83) +1.5% (159) (159) (5.0%) Tax (33) (33) (2.3%) (62) (62) +0.0% Net income Group share % % Cost/income ratio excl. SRF* (%) 55.7% 55.7% -1.9 pp 58.7% 58.7% +0.6 pp Activity Business momentum remained strong in the second quarter. Customer assets increased by +5.3% year-onyear to reach 63.5 billion euros at end-june 2017, excluding assets under custody. Growth in off-balance sheet assets was particularly strong, with an increase of +5.1% to 29.4 billion euros, excluding assets under custody. On-balance sheet deposits were stable year-on-year at 34.1 billion euros. Loans outstanding were up +9.4% at end-june 2017 to 37.7 billion euros, compared with +3.1% for the Italian market as a whole 1. Growth continued to be driven by home loans, which increased by +10.5% year-on-year. Loans to large corporates increased by +22.5% year-on-year. Table 29. IRB Italy Loans and customer savings outstanding Cariparma ( bn) June 15 Sept. 15 Dec. 15 Mar. 16 Jun. 16 Sept. 16 Dec. 16 March 17 June 17 June/June Total loans outstanding % o/w retail customer loans % o/w SMEs and small businesses (5.6%) o/w Large corporates % On-balance sheet customer assets(1) (0.1%) Off-balance sheet customer assets % Total assets ( bn) (8.3%) (1) Pro forma the reclassification in Q3-16 of financial clients deposits from on-b/s deposits to market funding 1 Source: ABI (Italian Banking Association) 47

48 Results There were no specific items in the second quarter or first half of either 2017 or In the second quarter, IRB Italy's net income Group share was 50 million euros, a year-on-year increase of +15.1% including Calit (+12.7% excluding Calit). Underlying revenues were 436 million euros in the second quarter, a year-on-year increase of +5.6%. Excluding the Calit scope effect, revenues were up +3.6%, with a +8.9% increase in fee and commission income on loans and asset inflows (370 million euros in the second quarter of 2017 versus 340 million euros in the first quarter of 2016). Operating expenses excluding SRF totalled 243 million euros, a year-on-year increase of +2.1% due to investments related to the Medium-Term Plan. The contribution to the Single Resolution Fund (SRF) and the bailout plan of Italian banks amounted to 8 million euros in the second quarter. Excluding these items, the cost/income ratio for the quarter stood at 55.7%, an improvement of a +1.9 percentage point year-on-year. Cost of risk increased by +1.5% to 83 million euros compared with the second quarter of 2016 but decreased by -2.8% excluding Calit. Cost of risk relative to outstandings came to 87 basis points, 1 down 21 percentage points over one year (108 basis points in the first quarter of 2016). This fall was due to an improvement in the quality of IRB Italy's portfolio, with a further -52% decrease in new defaults in the second quarter compared with the same period of The impaired loans ratio 2 stood at 12.5% versus 13.1% at end-december 2016 and 13.6% at end-june The coverage ratio 2 including collective reserves improved to 48.2% versus 46.5% at end-december 2016 and 46.3% at end-june 2016 (+1.9 percentage point over one year). In the first half of 2017, IRB Italy's net income Group share was 90 million euros, a year-on-year increase of +11.5%. It included an 18 million euros contribution to the Single Resolution Fund (SRF) and the Italian bank bailout plan. Apart from these elements, the cost/income ratio stood at 58.7%. RONE (return on adjusted allocated capital, annualised) of the business line was 10.9% compared with 11.7% for the full year Average loan loss reserves over last four rolling quarters, annualised 2 Excluding Calit 48

49 Other international retail banking (Other IRB) Table 30. IRB excluding Italy Q2 and H income statement m Q2-17 Q2-17 underlying Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying n.m. Revenues (9.5%) (9.2%) Operating expenses (excl. SRF) (121) (121) (8.2%) (253) (253) (7.5%) Gross operating income (11.3%) (11.8%) Cost of risk (24) (24) (22.5%) (53) (53) (27.2%) Non controlling interests (12) (12) (10.2%) (34) (23) (14.2%) Net Income Group Share (5.6%) % Cost/income ratio (%) 59.7% 59.7% +0.8 pp 61.8% 61.8% +1.1 pp Activity International retail banking excluding Italy (Other IRB) also delivered strong business momentum and a sustained financial performance this quarter. When expressed in euros, though, the business's performance was affected by a negative currency effect, mainly due to the devaluation of the Egyptian pound last November. On-balance sheet deposits increased by +9.3% 1 over one year to 10.6 billion euros at end-june 2017, driven mainly by strong growth in Egypt (+8% in local currency and +15% in USD) and Poland (+11%). Total customer assets increased by +14.5%1 year-on-year to 11.9 billion euros (including the currency impact). Loans outstanding stood at 10 billion euros at end-june 2017, a year-on-year increase of +6.6% 2. The surplus of deposits over loans amounted to 1.4 billion euros at end-june Table 31. IRB excluding Italy Customer assets and loans IRB Others ( bn) June 15 Sept. 15 Dec. 15 Mar. 16 Jun. 16 Sept. 16 Dec. 16 March 17 June 17 June/June Total loans outstanding (0.9%) o/w retail customer loans (2.3%) o/w SMEs and small businesses % o/w Large corporates (0.4%) On-balance sheet customer assets(1) (2.5%) Off-balance sheet customer assets % Total assets ( bn) (3.1%) Results There were no specific items in the second quarter or first half of either 2017 or Other IRB's net income Group share was 31 million euros in the second quarter of 2017, a yearon-year decrease of -5.6% but an increase of 30% 1 excluding the currency impact. In the second quarter of 2017, underlying revenues were down -9.5% year-on-year to 203 million euros, but up +4.4% excluding the currency impact. Operating expenses were up +1.6% 1 over the same period. The cost/income ratio stood at 59.7%. Cost of risk decreased by -22.5% year-on-year to 24 million euros and by -19.9% excluding the currency impact. 1 Excluding currency impact 49

50 More particularly: - Egypt saw a rebound in activity (revenues up +36% 1 ) in a challenging environment due to the devaluation of the Egyptian pound; - Poland enjoyed strong business momentum (40,000 new customers with an active current account). Operating expenses were down -11% and cost of risk remained low; - Ukraine posted a cost/income ratio of 40.7% and a low cost of risk; - Crédit du Maroc delivered a further decrease in cost of risk and a sharp increase of +58% in net income 1. In the first half of 2017, Other IRB's net income Group share was 52 million euros, a year-on-year increase of +5.2%. The cost/income ratio stood at 61.8%. 1 Excluding currency impact 50

51 Specialised financial services (SFS) Specialised financial services business line includes consumer credit (CA Consumer Finance - CACF) and leasing and factoring (CA Leasing & Factoring - CAL&F). It should be noted that Crédit Agricole Leasing Italy (CALIT) was transferred from SFS/CAL&F to IRB-Italy as of 1 January Table 32. Specialised financial services Q2 and H income statement m Q2-17 Stated Q2-17 underlying Q2/Q2 underlying H1-17 Stated H1-17 underlying H1/H1 underlying Revenues % 1,375 1, % Operating expenses excl. SRF (332) (332) +1.3% (684) (684) +1.1% SRF (1) (1) (82.4%) (14) (14) +9.3% Gross operating income % % Cost of risk (117) (117) (25.4%) (210) (210) (24.2%) Equity-accounted entities (2.3%) % Net income on other assets 0 0 ns (0) (0) (88.9%) Income before tax % % Tax (70) (70) +46.2% (144) (144) +37.3% Net income from discontinued operations - - ns ns Net income % % Non-controlling interests (31) (31) +78.2% (64) (64) +34.2% Net income Group share % % Cost/Income ratio excl. SRF (%) 48.1% 48.1% -1.6 pp 49.7% 49.7% -2,0 pp Underlying: no specific items this quarter, therefore underlying = There were no specific items in the second quarter or first half of either 2017 or SFS's net income Group share was 188 million euros in the second quarter of 2017, a year-on-year increase of +21.6%. The cost/income ratio excluding SRF for the second quarter stood at 48.1%, a 1.6 percentage point improvement year-on-year. In the first half of 2017, net income Group share amounted to 389 million euros, up +37.4% compared with the first half of The cost/income ratio excluding SRF was 49.7%, a 2.0 percentage point improvement compared with the first half of SFS represented 16% of Crédit Agricole S.A.'s first-half underlying net income Group share of the business lines (excluding Corporate centre) and 14% of underlying revenues. At 30 June 2017, capital allocated to SFS was 5.2 billion euros and risk weighted assets totalled 55 billion euros. RONE (return on adjusted allocated capital, annualised) of the business line was 15.2% compared with 11.7% for the full year

52 Consumer finance (CACF) Table 33. CA Consumer Finance Q2 and H income statement m Q2-17 Stated Q2-17 underlying Q2/Q2 underlying H1-17 Stated H1-17 underlying H1/H1 underlying Revenues % 1,108 1, % Operating expenses excl. SRF (265) (265) +2.3% (541) (541) +2.6% SRF (0) (0) (85.7%) (8) (8) (0.7%) Gross operating income % % Cost of risk (107) (107) (24.8%) (189) (189) (23.6%) Equity-accounted entities (2.3%) % Net income on other assets 0 0 ns 0 0 ns Income before tax % % Tax (52) (52) +56.5% (113) (113) +47.0% Net income from discontinued operations - - ns ns Net income % % Non-controlling interests (31) (31) +78.2% (64) (64) +34.6% Net income Group share % % Cost/Income ratio excl. SRF (%) 48.3% 48.3% -1.3 pp 48.8% 48.8% -3,1 pp Underlying: no specific items this quarter, therefore underlying = Activity CACF's business momentum continued to trend up during the second quarter of New lending was up +4.1% year-on-year to 10.7 billion euros, driven by a good performance from the Group's retail banks (+7%), particularly in France, and the car finance partnerships (+4.6%). The managed loan book increased by +8.9% year-on-year at end-june 2017 to 80.8 billion euros. The consolidated loan book also increased after four quarters of stability, amounting to 32.6 billion euros at 30 June 2017 versus 32.4 billion euros at 30 June 2016 (+0.7%). Table 34. CACF Consumer finance gross managed loans ( bn) (1/2) +8.9% (1) Other Crédit Agricole Group Car finance partnerships Consolidated loan book June 16 Sept. 16 Dec. 16 March 17 June 17 (1) The geographical breakdown was 38% in France, 31% in Italy and 31% in other countries (2) Disposal of 380m of doubtful loans by Agos (consolidated loan book) in December

53 Table 35. CACF Consumer finance gross managed loans (2/2) bn Mar. 15 Jun. 15 Sept. 15 Dec. 15 * Mar. 16 Jun. 16 Sept. 16 Dec. 16 * Mar. 17 Jun. 17 Jun./Jun. Consolidated loan book % Car finance partnerships % Crédit Agricole Group % Other % Total % O/w Agos (total managed loan (1.8%) * Disposal of doubtful loans by Agos for 579m in 2015 and for 380m in 2016 (consolidated loan book) Results There were no specific items in the second quarter or first half of either 2017 or CACF's net income Group share was 143 million euros in the second quarter of 2017, a year-on-year increase of +22.3%. Revenues amounted to 549 million euros, a year-on-year increase of +5.1%, driven by an improvement in the net interest margin as well as buoyant growth in insurance revenues during the quarter. Operating expenses excluding SRF increased by +2.3% due to IT investment and marketing expenditure. The cost/income ratio excluding SRF for the second quarter stood at 48.3%, an improvement of 1.3 percentage point year-on-year. Cost of risk was down sharply by -24.8% year-on-year in the second quarter. The cost of risk on outstandings amounted to 123 basis points, down -10 points compared with the second quarter of In the first half of 2017, CACF's net income Group share was 323 million euros, a year-on-year increase of +45%. It included a 8 million euro contribution to the Single Resolution Fund (SRF). The cost/income ratio excluding SRF stood at 48.8%, a +3.1 points improvement year-on-year. Leasing & factoring (CAL&F) Crédit Agricole Leasing Italy (Calit) was transferred from SFS/CAL&F to IRB Italy as of January

54 Table 36. statement Crédit Agricole Leasing & Factoring Q2 and H income m Q2-17 Stated Q2-17 underlying Q2/Q2 underlying H1-17 Stated H1-17 underlying H1/H1 underlying Revenues % (0.1%) Operating expenses excl. SRF (67) (67) (2.7%) (143) (143) (1.3%) SRF (0) (0) (75.5%) (6) (6) +18.6% Gross operating income % % Cost of risk (10) (10) (31.4%) (21) (21) (28.8%) Equity-accounted entities - - ns - - ns Net income on other assets 0 0 (70.7%) (0) (0) ns Income before tax % % Tax (18) (18) +23.2% (32) (32) +11.1% Net income from discontinued operations - - ns - - ns Net income % % Non-controlling interests (0) (0) +49.3% (0) (0) (67.1%) Net income Group share % % Cost/Income ratio excl. SRF (%) 47.7% 47.7% -2.5 pp 53.6% 53.6% -0,9 pp Underlying: no specific items this quarter, therefore underlying = Activity The leasing book decreased by -9.4% compared with 30 June Excluding the contribution from Crédit Agricole Leasing Italy (Calit), which was transferred from IRB as of 1 January 2017, it was up +3.9% on the same period. Factored receivables increased by +2.4% compared with the second quarter of 2016 to 18.3 billion euros, with new business of 1.7 billion euros during the quarter. Table 37. Crédit Agricole Leasing & Factoring Leasing book and factored receivables bn Mar. 15 Jun. 15 Sept. 15 Dec. 15 Mar. 16 Jun. 16 Sept. 16 Dec. 16 Mar. 17 * Jun. 17 Jun./Jun. Leasing portfolio (9.4%) incl. France % Factored turnover % incl. France % * Contribution of Crédit Agricole Leasing Italy transferred in IRB-Italy business line Results There were no specific items in the second quarter or first half of either 2017 or CAL&F's net income Group share was 45 million euros in the second quarter of 2017, a year-on-year increase of +19.5%. Revenues amounted to 141 million euros in the second quarter of 2017, a year-on-year increase of +2.5%, driven mainly by growth in the leasing book in Poland and factored receivables in France. Operating expenses excluding SRF were down -2.7% to 67 million euros. The cost/income ratio (excluding SRF) for the second quarter improved to 47.7%, up +2.5 points compared with the second quarter of Cost of risk was down -31.4% compared with the second quarter of

55 In the second half of 2017, CAL&F's net income Group share was 66 million euros, a year-on-year increase of +9.3%. It included a -6 million euros contribution to the Single Resolution Fund (SRF). The cost/income ratio excluding SRF stood at 53.6%. 55

56 Large customers (CACIB and CACEIS) The Large customers business line includes Capital markets, Investment banking, Structured finance and Commercial banking within Crédit Agricole Corporate & Investment Bank (CACIB) and Asset servicing (CACEIS). Table 38. Large customers Q2 and H income statement m Q2-17 Q2-17 underlying Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying Revenues 1,370 1, % 2,791 2, % Operating expenses excl. SRF (730) (730) +0.2% (1,543) (1,543) +1.9% SRF (6) (6) -76.5% (138) (138) -6.9% Gross operating income % 1,110 1, % Cost of credit risk (81) (81) (29.8%) (188) (188) (21.1%) Cost of legal risk (40) (40) (20.0%) Equity-accounted entities (2.5%) % Tax (166) (176) +62.5% (250) (286) +54.6% Non-controlling interests (16) (15) +45.3% (26) (26) +52.7% Net Income Group share % % o/w CIB % % o/w Asset Servicing % % Cost/income ratio excl. SRF (%) 52.9% 52.2% -0.8 pp 50.3% 53.4% -0.5 pp Underlying: re for accounting impacts (loan hedges, DVA), see page 87 In the second quarter of 2017, the Large customers business line delivered net income Group share of 431 million euros, a year-on-year increase of +18.8%. Specific items 1 in the quarter were: - DVA (Debt Valuation Adjustment): -13 million euros in revenues and -8 million euros in net income Group share recognised in CIB/ Capital markets and investment banking; - Loan portfolio hedges: -16 million euros in revenues and -10 million euros in net income Group share recognised in CIB/ Financing activities. Re for these items, underlying net income Group share for the Large customers business line amounted to 450 million euros, a year-on-year increase of +23.2%. In the first half of 2017, underlying net income Group share was 799 million euros, a year-on-year increase of +54.1%. It included a -138 million euros contribution to the Single Resolution Fund (SRF) (-149 million euros in the first half of 2016) and a legal provision of -40 million euros (-50 million euros in the first half of 2016). The underlying cost/income ratio excluding SRF stood at 53.4%, a 0.5 percentage point improvement year-on-year. The specific P&L items for the first halves of 2017 and 2016 are of the same nature as for the second quarters of 2017 and Their impact before tax was -64 million euros in the first half of 2017 and +7 million euros in the first half of The reconciliation of and underlying amounts is detailed in the appendix, p See p. 71 for details of specific items in the second quarter of 2017 and 2016 and first half of 2017 and

57 Large customers represented 32% of Crédit Agricole S.A.'s underlying net income Group share of the business lines (excluding the Corporate centre) in the first half of 2017 and 30% of underlying revenues (excluding the Corporate centre). At 30 June 2017, capital allocated to Large customers was 11.1 billion euros, of which 6.4 billion euros for Financing activities, 3.8 billion euros for Capital markets and investment banking and 0.9 billion euros for Asset servicing. Risk-weighted assets totalled billion euros, of which 67.5 billion euros for Financing activities, 39.9 billion euros for Capital markets and investment banking and 9.9 billion euros for Asset servicing. RONE (return on adjusted allocated capital, annualised) of the business line was 12.8% compared with 9.7% for the full year Corporate and investment banking (CIB) Table 39. statement Corporate and investment banking Q2 and H income m Q2-17 Q2-17 underlying Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying Revenues 1,160 1, % 2,387 2, % Operating expenses excl. SRF (585) (585) +0.6% (1,238) (1,238) +1.6% SRF (7) (7) -69.1% (138) (138) -0.5% Gross operating income % 1,012 1, % Cost of credit risk (81) (81) (29.8%) (188) (188) (21.1%) Cost of legal risk (40) (40) (20.0%) Equity-accounted entities (2.5%) % Tax (149) (159) +69.0% (225) (260) +59.6% Non-controlling interests (8) (7) +65.3% (14) (14) +84.3% Net Income Group share % % Cost/income ratio excl. SRF (%) 49.9% 49.3% -0.3 pp 46.1% 49.7% -0.5 pp Underlying: re for accounting impacts (DVA, loan hedges), see p. 61 In the second quarter 2017, CIB's net income Group share was 389 million euros. Excluding the above-mentioned specific items, underlying net income Group share was 407 million euros, up +22.4% compared with the second quarter Underlying revenues were 1,188 million euros in the second quarter, up +5.3% year-on-year thanks to good commercial momentum in all businesses. 57

58 Table 40. Corporate and investment banking underlying revenues by business +5.2% Fin Mkts Asset servicing Commercial banking and other Structured finance Investment banking Capital markets 1, , , , , Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Underlying: re for accounting impacts (DVA, loan hedges), see p. 68 Operating expenses totalled -592 million euros in the second quarter of 2017, down -1.9% year-on-year, including a -7 million euros contribution to the SRF (down -69.1% year-on-year). Excluding SRF, operating expenses were stable (+0.6% year-on-year) at -585 million euros. The underlying cost/income ratio excluding SRF stood at 49.3%, an improvement of 0.3 of a percentage point year-on-year. Cost of credit risk was down sharply by -29.8% compared with the second quarter of 2016, due to significant provision reversals this quarter following asset disposals. Cost of risk to outstandings 1 for Financing activities remained low at 30 basis points. Share of income from equity-accounted entities amounted to 60 million euros, reflecting a good performance by Banque Saudi Fransi. CIB's underlying net income Group share is composed of the contribution from Financing activities for 259 million euros (+18.4% year-on-year) and from Capital markets and investment banking for 148 million euros (+30.1%). In the second half of 2017, CIB's underlying net income Group share was 739 million euros, a year-onyear increase of +56.8%. It included a -138 million euro contribution to the Single Resolution Fund (SRF) and an unallocated legal provision of -40 million euros. The underlying cost/income ratio excluding SRF stood at 49.7%, an improvement of 0.5 of a percentage point year-on-year. The specific P&L adjustments made to reconcile and underlying amounts and changes for the second quarter and first half of 2017 and comparable data for 2016 are detailed in the appendix, p Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters 58

59 MAY 2017 JUNE 2017 APRIL 2017 Crédit Agricole S.A. Update of the registration document 2016 A03 Financing activities Table 41. Financing activities Q2 and H income statement m Q2-17 Q2-17 underlying Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying Revenues % 1,164 1, % Operating expenses excl. SRF (217) (217) +1.2% (473) (473) +2.1% SRF (2) (2) -71.7% (33) (33) -6.6% Gross operating income % % Cost of credit risk (74) (74) (45.4%) (194) (194) (21.4%) Cost of legal risk (20) (20) n.m. Equity-accounted entities (2.5%) % Tax (91) (97) +88.2% (118) (132) +37.2% Non-controlling interests (5) (5) (0.6%) (10) (9) +9.5% Net Income Group share % % Cost/income ratio excl. SRF (%) 37.2% 36.5% -0.0 pp 37.8% 39.3% +0.2 pts Structured finance delivered +6% year-on-year growth in revenues in the second quarter, to 326 million euros. Growth was driven mainly by acquisition finance and aircraft and rail sector financing while conditions were still difficult in the oil & gas and shipping sectors. Since the first half of 2016, CACIB has also gained 2.2 percentage points of market share in the syndicated credit market in EMEA region, where it ranked no. 4 with 6.3% of the market at end June In Financing activities, the average primary syndication rate under the "Distribute to Originate" model was 37% in the twelve months to June 2017, +5 percentage points more than at end-june 2016 and +10 points compared with 2013, the year in which this policy was intensified. Major deals completed by Financing activities during the quarter were: GROUPE ARNAULT EUR 8,962,000,000 Bridge Facility, Term Loans & RCF Acquisition of 25% of Christian Dior MLA & Bookr unner, Under wr iter, Fac ility Agent and Offer Guar antor s Brand Energy & Infrastructure Services USD 3,325,000,000 Senior Secured Facilities USD 700,000,000 Senior Unsecured Notes Sector: Industrials Services JLA & Joint Bookrunner 459 MM & 342MM Bank Debt and Private Placements Debt advisor, Placement Agent, MLA & Facility Agent Commercial banking posted +2.3% year-on-year underlying revenue growth this quarter, excluding loan portfolio hedges for -16 million euros. Growth was driven mainly by investment fund financing activities thanks to improved synergies between CACIB, CACEIS and Indosuez Wealth, in line with the previous quarter, while all business lines performed well as a whole. In the second quarter of 2017, Financing activities as a whole delivered net income Group share of 249 million euros. Excluding the only specific item, i.e. loan portfolio hedges of -10 million euros, underlying net income Group share was 259 million euros, a year-on-year increase of +18.4%. 1 Bookrunner (source: Thomson Financial at 30/06/2017) 59

60 In the first half of 2017, underlying net income Group share was 472 million euros, up +27.3% year-onyear. It included a -33 million euro contribution to the Single Resolution Fund (SRF) and a -26 million euro charge related to the loan portfolio hedges. The underlying cost/income ratio excluding SRF stood at 39.3%, stable year-on-year. The specific P&L adjustments made to reconcile and underlying amounts and changes for the second quarter and first half of 2017 and comparable data for 2016 are detailed in the appendix, p. 87. Capital markets and investment banking Table 42. statement Capital markets and investment banking Q2 and H income m Q2-17 Q2-17 underlying Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying Revenues % 1,223 1, % Operating expenses excl. SRF (368) (368) +0.3% (764) (764) +1.3% SRF (5) (5) -68.1% (105) (105) +2.0% Gross operating income % x 2.1 Cost of credit risk (7) (7) n.m. 6 6 (29.8%) Cost of legal risk (20) (20) (60.0%) Tax (58) (62) +45.8% (107) (128) +91.7% Non-controlling interests (3) (3) n.m. (5) (5) n.m. Net Income Group share % x 2.7 Cost/income ratio excl. SRF (%) 62.5% 62.0% -0.9 pp 53.9% 59.5% -2.3 pp Revenues from Capital markets excluding DVA amounted to 506 million euros in the second quarter, up +10% year-on-year. Revenues were shaped by sustained activity in securitisation, a decrease in customer transactions in forex and fixed-income business in a wait-and-see, low volatility market and positive xva effects. In the year to June 2017, CACIB's market share of jumbo bond issues, all currencies, gained +1.6 percentage point to reach 9.1%. 1 Lastly, VaR was extremely low this quarter, at 9 million euros on average across the quarter. Investment banking delivered a good performance this quarter in M&A advisory business. CACIB ranked fourth in the French M&A advisory market in the first half of 2017 with 24 deals completed during the period. 2 However, ECM business was down year-on-year compared with a very high level of revenues in the second quarter of 2016, reflected in an -11% decrease in investment banking revenues to 88 million euros. In green financing, CACIB remains global leader in Green bonds, with 23 deals in the first half. 3 Major mandates won by Capital markets and investment banking in the second quarter of 2017 were: 1 Bookrunner (source: Thomson Financial at 30/06/2017) 2 Market share (source: Thomson Financial at 30/06/2017) 3 Bookrunner all currencies (source: CACIB at 30/06/2017) 60

61 MAY 2017 MAY 2017 JUNE 2017 MAY 2017 APRIL 2017 Crédit Agricole S.A. Update of the registration document 2016 A03 CK HUTCHISON CAPITAL SECURITIES (17) LTD USD 1,000,000, % Subordinated Unsecured Due 2100 Joint Bookrunner BANCO NACIONAL DE DES ENVOLVIMENTO ECONOMICO E SOCIAL BNDES USD 1,000,000, % Green Bond Offering Due 2024 Joint Bookrunner VOLKSWAGEN AG EUR 1,500,000, % Corporate Hybrid PerpNC5.5 EUR 2,000,000, % Corporate Hybrid PerpNC10 Joint Bookrunner SUEZ EUR 750,000,000 Capital increase w/o Rights Joint Bookrunner Sell side advisor In the second quarter of 2017, Capital markets and investment banking's net income Group share was 140 million euros. Excluding the DVA (-8 million euros), underlying net income Group share was 148 million euros, a year-on-year increase of +30.1%. In the first half of 2017, underlying net income Group share was 267 million euros, a 2.7 fold increase year-on-year. This half-year included a -105 million euros contribution to the Single Resolution Fund (SRF), DVA of - 39 million euros and a non-specific legal provision of -40 million euros recorded in the first quarter. The underlying cost/income ratio excluding SRF was 59.5% for the first half, an improvement of 2.3 percentage points year-on-year. The specific P&L adjustments made to reconcile and underlying amounts and changes for the second quarter and first half of 2017 and comparable data for 2016 are detailed in the appendix on p. 87. Asset servicing (CACEIS) Table 43. Asset servicing Q2 and H income statement m Q2-17 Q2-17 underlying Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying Revenues % % Operating expenses excl. SRF (145) (145) (1.5%) (305) (305) (0.6%) SRF 1 1 ns (0) (0) -95.6% Gross operating income % % Cost of risk (0) (0) x 2.3 (0) (0) +24.1% Tax (17) (17) +20.0% (26) (26) +17.9% Non-controlling interests (8) (8) +30.3% (11) (11) +25.5% Net Income Group share % % Cost/income ratio excl. SRF (%) 68.2% 68.8% -4.4 pp 75.8% 75.7% -4.0 pp Underlying: no specific items this quarter, therefore underlying = Activity In the second quarter of 2017, CACEIS delivered strong growth in both assets under custody and funds under administration, driven by good business momentum coupled with a positive market effect, as the adverse conditions in the fixed-income markets did not totally wipe out the equity market effect. Assets under custody grew by +64 billion euros quarter-on-quarter to 2,647 billion euros, driven by the gaining of new customers as well as growth in assets of existing ones. Funds under administration increased by +35 billion euros over the same period to 1,678 billion euros at end-june

62 Table 44. Asset servicing Assets under custody and administration bn June 16 Dec. 16 June 17 June/June Assets under custody 2,329 2,522 2, % Funds under administration 1,494 1,568 1, % Results There were no specific items in the second quarter or first half year of either 2017 or 2016: the underlying net income Group share is therefore identical to the. In the second quarter of 2017, CACEIS' net income Group share was 42 million euros, a year-on-year increase of +32.0%. Revenues were up +4.8% year-on-year to 211 million euros due to business development driven by an increase in administration and distribution fees and growth in the customer margin. Operating expenses excluding SRF were down -1.5% year-on-year in the second quarter to 145 million euros, with a 1 million euros net reversal of the SRF contribution. The cost/income ratio excluding SRF therefore improved by 4.4 percentage points year-on-year to 68.8%. In the first half of 2017, CACEIS' net income Group share was 61 million euros, a year-on-year increase of +27.5%. Revenue growth of +4.6% coupled with a slight decrease in operating expenses excluding SRF (-0.6%) led to a 4.0 percentage points improvement in the cost/income ratio to 75.7% in the first half. 62

63 Corporate centre Table 45. Corporate centre Q2 and H income statement m Q2-17 Q2-17 underlying Underlying: re for accounting impacts (issuer spread), see p. 78 Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying Revenues (54) (116) (61.6%) (220) (276) (54.0%) Operating expenses excl. SRF (201) (201) +6.7% (417) (417) n.m. SRF (3) (3) (72.1%) (61) (61) +17.3% Gross operating income (258) (320) (36.1%) (698) (754) (29.4%) Cost of risk n.m. 4 4 n.m. Equity-accounted entities 107 (0) n.m x 6.4 Net income on other assets (0) (0) n.m. (0) (0) n.m. Pre-tax income (139) (308) (38.0%) (515) (678) (36.4%) Net income Group share (2) (163) (45.8%) (260) (418) (40.8%) The Corporate centre's second-quarter results were affected by a number of different specific items: - issuer spread (-97 million euros in revenues, -51 million euros in net income Group share), - reversal of the provision for home purchase savings plans (+120 million euros in revenues, +79 million euros in net income Group share), - non-recurring impact of repurchase of perpetual notes (+39 million euros in revenues, +26 million euros in net income Group share) - and gain on the disposal of Eurazeo (+107 million euros in contribution from equity-accounted entities). The total impact of specific items on Corporate centre in the second quarter of 2017 was +161 million euros. In the second quarter of 2016, specific items totalled +367 million euros after tax (+404 million euros before tax) comprising the gain on disposal of VISA Europe shares for +327 million euros (+355 million euros before tax), dividends received from the Regional Banks before the disposal of these holdings in August 2016 for +29 million euros (+30 million euros before tax in revenues) and recurring volatile accounting items for +11 million euros in net income Group share (+19 million euros before tax in revenues). Re for these items, the Corporate centre s underlying net income Group share incurred an underlying net loss of -163 million euros, representing a reduction of -45.8%/+137 million euros compared with the second quarter of Corporate centre revenues benefited this quarter from the interest income on the loan granted to the Regional Banks as part of the operation to simplify the Group's structure - Eureka - (+59 million euros) and elimination of the Switch 1 cost (+115 million euros), i.e. a total amount of +174 million euros for these two items, or +115 million euros in net income Group share. Underlying revenues were therefore -116 million euros, representing a reduction of -61.6%/+186 million euros compared with the second quarter of 2016, essentially due to the Eureka impacts. The contribution from equity-accounted entities was affected by the disposal of Eurazeo which no longer contributes to underlying income (excluding positive effect of disposal). 63

64 In the first half of 2017, the Corporate centre's underlying net income Group share was -418 million euros, a year-on-year reduction of -40.8%/+288 million euros. It included a 61 million euros contribution to the Single Resolution Fund (SRF). The specific P&L adjustments made to reconcile and underlying amounts and changes for the second quarter and first half of 2017 and comparable data for 2016 are detailed in the appendix on p. 87. At 30 June 2017, RWAs for the Corporate centre totalled 21.8 billion euros. 64

65 Consolidated results Crédit Agricole Group Table 46. Crédit Agricole Group consolidated results m Q2-17 Stated Specific items Q2-17 underlying Q2-16 Stated Specific items Q2-16 underlying Q2/Q2 underlying Revenues 7,928 (12) 7,940 8, , % Operating expenses excl. SRF (4,987) - (4,987) (4,926) (41) (4,885) +2.1% Contribution to Single Resolution Funds (SRF) (11) - (11) (44) - (44) (73.6%) Gross operating income 2,930 (12) 2,942 3, ,976 (1.1%) Cost of credit risk (318) - (318) (704) - (704) (54.8%) Cost of legal risk (50) - (50) (100.0%) Equity-accounted entities (4.2%) Net income on other assets (1) - (1) 3-3 n.m. Income before tax 2, ,741 2, , % Tax (654) 4 (657) (655) (7) (648) +1.5% Net income from discontinued operations x 2,7 Net income 2, ,115 2, , % Non controlling interests (107) 4 (111) 84 (0) (84) +31.7% Net income Group Share 2, ,003 1, , % Cost income ratio excl. SRF (%) 62.9% 62.8% 59.6% 61.8% +1.0 pts In the second quarter of 2017, net income Group share was 2,106 million euros compared with 1,942 million euros in the second quarter of Excluding specific items 1 which represented +103 million euros in net income Group share in the second quarter of 2017 compared with +314 million euros in the second quarter of 2016, underlying net income Group share was 2,003 million euros, up +23,1% year-onyear. The usual specific items of accounting volatility represented this quarter a net impact of -79 million euros in net income Group share: -60 million euros for the revaluation of debt due to the changes in issuer spreads (versus +11 million euros in the second quarter of 2016), -8 million euros for DVA (Debt Valuation Adjustment) versus - 3 million euros a year earlier and -10 million euros for loan portfolio hedges in Large customers (versus +1 million euros). Other items are home purchase savings plans in French retail banking and the Corporate centre for +197 million euros (versus -5 million euros in the second quarter of 2016), the negative effect of the adjustment of liability costs for the Regional Banks (-148 million euros in net income Group share, -218 million euros in revenues before tax), the liability management operation for +26 million euros and the capital gain on the disposal of Eurazeo shares for +107 million euros. In the second quarter of 2016, specific items included a capital gain on the disposal of VISA Europe shares for +337 million euros and a provision for the optimisation of the LCL network for -27 million euros. Specific items therefore come to a total of +103 million euros in the second quarter of 2017 versus +314 million euros in the second quarter of At 7,940 million euros this quarter, the Group s underlying revenues are up +0.5% year-on-year, as the decrease of net interest income of the Regional Banks, and to a lesser extent the decrease in Insurance revenues, are offset by a positive contribution to growth of all the other business lines. 1 See p. 70 for detail of specific items of Credit Agricole Group 65

66 Operating expenses remained well controlled, excluding the contribution to the Single Resolution Fund (SRF) of -11 million euros (vs. -44 million euros in the second quarter of 2016), they increased by +2.1% year-on-year. Cost of credit risk decreased by -54.8% to 318 million euros versus 704 million euros in the second quarter of 2016, excluding the unallocated legal provision of 50 million euros recognised in the second quarter of The decrease was partly due to a net provision reversal of +35 million euros at the Regional Banks compared with a net charge of -260 million euros in the second quarter of The balance was due to Crédit Agricole S.A.'s specialised business lines, and in particular Specialised financial services and Large customers. Cost of credit risk relative to outstandings fell once again from an already low level, to 21 basis points 1 versus 30 basis points in the second quarter of Including the share of net income of equity-accounted entities, and non-material gains or losses on disposals of other assets, underlying pre-tax income increased by +16.7% year-on-year in the second quarter to 2,741 million euros. A capital gain on the disposal of CARE, Crédit Agricole Assurances' reinsurance subsidiary, for +30 million euros (in "Net income from discontinued operations"), as well as a more limited increase in tax expense (+ 1.5% compared to the second quarter of 2016), namely due to low-taxed capital gains in the insurance business, explain the more substantial increase of %, from the underlying net income Group share of 2,003 million euros. In the first half of 2017, underlying net income Group share rose by % compared with the first half of 2016 to 3,656 million euros, due to the strong performance of the first quarter (underlying net income Group share up 33.3%) and the changes described above. Underlying revenues were up 3.6%, underlying operating expenses excluding SRF increased by +1.9% and the cost of credit risk (excluding unallocated legal provisions of 40 million euros in the first quarter of 2017 and of 50 million euros in the second quarter of 2016). 1 Average of the last four quarters of cost of risk over loans outstanding, annualised 66

67 Result by business line Crédit Agricole Group Crédit Agricole Group's diversified, profitable universal customer-focused banking model has a low risk profile that guarantees a high level of recurring net income. The following diagram shows a breakdown of underlying 1 net income Group share by business line excluding Corporate centre: Table 47. Crédit Agricole Group underlying 1 net income Group share in Q (excl. Corporate centre) Large customers (19%) Asset servicing 1% Leasing & Factoring 1% CIB 18% Asset gathering (21%) Specialised financial services (10%) Wealth management 2% Consumer Finance 9% Insurance 14% Asset management 5% Regional banks 39% French retail banking 8% International retail banking 4% Retail banks (50%) Underlying 1 net income Group share (excluding Corporate centre), Q : million euros, +10.7% year-on-year The first contributor is the Retail banking business line which represents 50% of the underlying net income Group share (excluding the Corporate centre), of which 39% from the Regional Banks. 1 See p. 70 for further details on Crédit Agricole Group's specific items 67

68 Regional Banks Activity The Regional Banks continue to develop their universal customer-focused banking model. Customer assets rose by 4.7% year-on-year to billion euros. Growth was driven by on-balance sheet deposits (up +5.8% over one year to 399 billion euros at end-june 2017), while off-balance sheet customer assets rose by +2.9% to 256 billion euros at end-june. Growth in on-balance sheet deposits continued to be driven by demand deposits (+16.5% year-on-year) as well as home purchase savings plans (+5.9%) and passbook accounts (+5.7%). In parallel, life insurance business remained sustained, including UL business, with the share of UL in gross inflows amounting to 25.1% at end-june 2017, a year-on-year increase of +7.8 percentage points. Loans outstanding rose by +5.6% year-on-year, to billion euros at end-june Growth in the loan book continued to be driven by home loans and consumer finance (+7.8% and +8.7% respectively, year-onyear), while business loans increased by +5.3%. Table 48. Regional Banks customer assets and loans Customer assets ( bn)* June 15 Sept.15 Dec. 15 Mar. 16 June 16 Sept.16 Dec. 16 Mar. 17 June 17 June/June Securities % Mutual funds and REITs % Life insurance % Off-balance sheet assets % Demand deposits % Home purchase savings schemes % Passbook accounts % Time deposits (12.0%) On-balance sheet assets % TOTAL % Passbooks, o/w ( bn) June 15 Sept.15 Dec. 15 Mar. 16 June 16 Sept.16 Dec. 16 Mar. 17 June 17 June/June Livret A % LEP (0.5%) LDD % Mutual shareholders passbook account % * including customer financial instruments Loans outstanding ( bn) June 15 Sept.15 Dec. 15 Mar. 16 June 16 Sept.16 Dec. 16 Mar. 17 June 17 June/June Home loans % Consumer credit % SMEs and small businesses % Farming loans % Local authorities (5.1%) TOTAL % 68

69 Results Table 49. Regional Banks Q2 and H income statement m Q2-17 Q2-17 underlying Q2/Q2 underlying H1-17 H1-17 underlying H1/H1 underlying Revenues 3,117 3,210 (9.0%) 6,647 6,739 (5.0%) Operating expenses excl. SRF (2,122) (2,122) +1.6% (4,299) (4,299) +2.4% Contribution to Single Resolution Funds (SRF) (2) (2) x 4.2 (43) (43) +13.9% Gross operating income 994 1,087 (24.5%) 2,304 2,397 (16.1%) Cost of risk ns (81) (81) (80.1%) Equity-accounted entities % % Net income on other assets (1) (1) ns (0) (0) ns Change in value of goodw ill - - ns - - ns Income before tax 1,029 1,122 (5.0%) 2,227 2,320 (6.4%) Tax (314) (341) (14.0%) (756) (783) (9.7%) Net income Group Share (0.5%) 1,471 1,537 (4.7%) N.B. Underlying: no specific items for this business line, therefore underlying = The Regional Banks' underlying net income Group share was 781 million euros in the second quarter of 2017, representing a year-on-year decrease of -0.5%. It has been re for the change in the provision for home purchase savings plans, which amounted to +125 million euros in revenues in the second quarter of 2017 (versus -8 million euros in the second quarter of 2016) and +82 million euros in net income Group share (versus -5 million euros) and also for the adjustment of financing cost which amounted to -148 million euros in net income Group share (-218 million euros in revenues before tax). In addition, the second quarter also includes the impacts of the operation to simplify the Group's structure completed in the third quarter of Re for these items, net income Group share was up +14.0% year-on-year in the second quarter. The revenues of the Regional Banks decreased by -11.4% in the second quarter, on a year-on-year basis. On an underlying basis (excluding the change in the provision for home purchasing savings plans for +125 million euros and the adjustment of financing costs for -218 million euros) it decreased by -9.0%. Re for the impacts of the operation to simplify the Group's structure last year (Eurêka), of which the negative impact was million euros before tax, revenues decreased by -4.1%. The low interest rate environment still put pressure on the interest margin, this effect was partially offset by the growth of fee and commission (+1.7% in the second quarter). They represent now more than half of the business revenues 1 of the Regional Banks. It should be noted that, within their own scope of consolidation, the Regional Banks also receive dividends from Crédit Agricole S.A. (944 million euros in aggregate in the second quarter of 2017 up +6.4% year-onyear). These revenues are eliminated in the Regional Banks contribution to Group results. Operating expenses, excluding the additional contribution to the Single Resolution Fund, increased by +1.6%, mainly due to IT investments scheduled in the Group's Medium-Term Plan. Cost of risk recorded a net reversal of +35 million euros in the second quarter (versus a charge of -259 million euros in the second quarter of 2016). 1 Revenues excluding invstment portfolio revenues. 69

70 Table 50. Regional Banks Breakdown of customer fees and commissions, Q to Q m Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q2/Q2 Services and other banking transactions(1) % Securities (7.5%) Insurance (0.4%) Account management and payment instruments % Net fees & commissions from other customer ac (5.2%) TOTAL (1)(2) 1,416 1,400 1,499 1,617 1,479 1,421 1,592 1,670 1, % (1) 2015 data pro forma for the transfer of gains and losses on forward currency purchases from net interest income to fee and commission income (~ 25m a year) 2) Revenues generated by the Regional Banks' subsidiaries, mainly finance and operating lease fees In the first half of 2017, the underlying Regional Banks' net income Group share was 1,537 million euros, a year-on-year decrease of -4.7%. Re for the impacts of the operation to simply the Group's structure, net income Group share increased by +9.7% year-on-year. The specific P&L adjustments made to reconcile and underlying amounts and changes for the first half of 2017 and comparable data for 2016 are detailed in the appendix p

71 Solvency Crédit Agricole S.A. Financial structure At end June 2017, Crédit Agricole S.A. s financial robustness was reflected in its fully-loaded CET1 ratio, which stood at 12.4%, versus 11.2% at end-june 2016, 12.1% at end-december 2016 and 11.9% at end- March 2017, showing an increase of +53 basis points on the second quarter The change in the CET1 ratio is structured around the following items: - +23bp with the retained earnings of the quarter ; - A zero impact of the net contribution 1 of the AfS (Available for sale) on the period; - +16bp with the decline of RWAs; - Some other impacts for +14bp (sale of Eurazeo for +13bp, Amundi capital increase for +11bp). The impact of the integration of Pioneer Investment is estimated at -76bp from the third quarter The proforma CET1 ratio amounts to 11.7%. The phased-in total ratio stands at 19.7% at end-june Table 51. Crédit Agricole S.A.'s solvency in bn Fully loaded Phased in 30/06/ /12/ /06/ /12/2016 EQUITY, GROUP SHARE (ACCOUNTING AMOUNT) Expected dividend payment on result of year Y (1.0) (1.7) (1.0) (1.7) Filtered unrealised gains / (losses) (issuer spread, cash flow hedge ) (0.3) (0.5) (0.3) (0.5) Transitional treatment of AFS unrealised gains and losses (0.3) (0.9) AT1 instruments included in accounting equity (5.0) (5.0) (5.0) (5.0) Other regulatory adjustments (0.3) (0.5) (0.3) (0.5) CAPITAL AND RESERVES GROUP SHARE (REGULATORY AMOUNT) Minority interests (after partial derecognition) Prudent valuation (0.6) (0.5) (0.6) (0.5) Deductions of goodwill and other intangible assets (15.1) (15.1) (15.1) (15.1) Amount exceeding the exemption threshold for CET1 instruments of significant financial stakes either >10% or equityaccounted and for DTA carry-forward (0.4) (0.4) (0.3) (0.3) Other regulatory adjustments 1 (0.3) (0.2) (0.2) (0.1) COMMON EQUITY TIER 1 (CET1) ADDITIONAL TIER 1 (AT1) TOTAL TIER TIER TOTAL CAPITAL RWAs CET1 ratio 12.4% 12.1% 12.5% 12.1% Tier 1 ratio 14.2% 13.9% 15.2% 15.1% Total capital ratio 18.5% 18.6% 19.7% 20.1% Finally, the phased-in leverage ratio is down at 4.7% at end-june 2017 as defined in the Delegated Act adopted by the ECB. 1 Amount of unrealised gains in CET1 capital after deduction of the effect of RWAs of Insurance reserves 71

72 Crédit Agricole Group At end June 2017, Crédit Agricole Group s financial robustness was reflected in its fully-loaded CET1 ratio, which stood at 15.0%, versus 14.2% at end-june 2016, 14.5% at end-december 2016 and at end-march 2017, showing an increase of +45 basis points on the second quarter The change in the CET1 ratio is structured around the following items: - +33bp with the retained earnings of the quarter; - +1bp of the net contribution 1 of the AfS (Available for sale) on the period; - +5bp with the decline of RWAs; - some other impacts for +6bp (sale of Eurazeo for +9bp, Amundi capital increase for +9bp). The impact of the integration of Pioneer Investment is estimated at -43bp from Q3-17. The proforma CET1 ratio amounts to 14.6%. The phased-in total ratio stands at 19.2% at end-june Table 52. Crédit Agricole Group's solvency bn Fully loaded Phased-in 30/06/ /12/ /06/ /12/2016 EQUITY, GROUP SHARE (ACCOUNTING AMOUNT) Expected dividend payment on result of year Y (0.5) (1.0) (0.5) (1.0) Filtered unrealised gains / (losses) (issuer spread, cash flow hedge) (0.1) (0.4) (0.1) (0.4) Transitional treatment of AFS unrealised gains and losses (0) (0) (0.1) (0.1) AT1 instruments included in accounting equity (5.0) (5.0) (5.0) (5.0) Other regulatory adjustments (0.5) (0.6) (1.0) (1.9) CAPITAL AND RESERVES GROUP SHARE (REGULATORY AMOUNT) Minority interests (after partial derecognition) Prudent valuation (1.1) (0.8) (1.1) (0.8) Deductions of goodwill and other intangible assets (15.7) (15.8) (15.7) (15.8) Amount exceeding the exemption threshold for CET1 instruments of significant financial stakes either >10% or equityaccounted and for DTA carry-forward (0) (0) (0) - Other regulatory adjustments 1 (0.5) (0.6) (0.5) (0.5) COMMON EQUITY TIER 1 (CET1) ADDITIONAL TIER 1 (AT1) TOTAL TIER TIER TOTAL CAPITAL RWAs CET1 ratio 15.0% 14.5% 15.0% 14.4% Tier 1 ratio 16.0% 15.5% 16.5% 16.1% Total capital ratio 18.6% 18.6% 19.2% 19.3% 72

73 Finally, the phased-in leverage ratio is stable at 5.8% at end-june 2017 as defined in the Delegated Act adopted by the ECB (fully loaded leverage ratio at 5.6%) Crédit Agricole Group's financial robustness is also reflected in its TLAC and MREL ratios. TLAC The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating the adequacy of the bail-in and recapitalisation capacity of Globally Systemically Important banks (G-SIB). This new Total loss absorbing capacity (TLAC) ratio, which will enter into force from 2019, will provide resolution authorities with the means to assess whether G-SIBs have sufficient bail-in capacity before and during resolution. The elements that could absorb losses consist of equity, subordinated notes and debts to which the Resolution Authority can apply the bail-in. Crédit Agricole Group will have to comply with a TLAC ratio in excess of 19.5% of risk-weighted assets (including a capital conservation buffer of 2.5% and a G-SIB buffer of 1%) from 2019, then 21.5% from This minimum level could be increased by the resolution authorities through the MREL requirement. At 30 June 2017, Crédit Agricole Group's TLAC ratio stood at 20.8% excluding eligible senior preferred debt, compared with a minimum requirement of 19.5% at end-2019 including eligible senior preferred debt. The Group is on track to meet the Medium-Term Plan TLAC target ratio of 22% by end-2019 excluding eligible senior preferred debt. The Group intends to protect its existing senior preferred creditors and to continue to issue senior non-preferred debt. 73

74 Table 53. TLAC ratio at 30/06/17 Crédit Agricole Group Excl. 2.5% eligible senior preferred debt Systemic buffer Conservation buffer 19.5% 1.0% 2.5% 20.8% 4.8% 1.0% 22.0% ~5% ~1% Senior non pref., T2, T1 under Basel 2 Additional T1 Additional TLAC 8.0% Tier 2 2.0% 15.0% 16.0% CET1 Additional T1 1.5% CET1 (Pillar 1) 4.5% 2019 requirements (1), (2) Estimate as % of RWA at Target structure 2019 (1) Assuming that the current overall SREP requirement (Pillar 1, Pillar 2 and capital conservation buffer) remains unchanged over the period. As a reminder, the ECB performs an analysis of the SREP requirements on at least an annual basis and may impose additional requirements at any time. This hypothesis should not be construed as any form of guarantee in respect of the expected CET1 ratios and buffers going forward. It corresponds to the position of the EBA and the ECB, and to Crédit Agricole S.A. s interpretation of the relevant texts. According to the FSB TLAC final Term Sheet, the minimum TLAC ratio requirement will increase to 21.5% in 2022 (2) Countercyclical buffer set at 0% 74

75 MREL The MREL (Minimum Requirement for Own Funds and Eligible Liabilities) ratio is defined in the European Bank Recovery and Resolution Directive (BRRD). This Directive establishes a framework for the resolution of banks throughout the European Union, with the aim to provide resolution authorities with shared instruments and powers to pre-emptively tackle banking crises, preserve financial stability and reduce taxpayers exposure to losses. The MREL ratio corresponds to the minimum requirement of own funds and eligible liabilities in order to absorb losses in the event of resolution. It is calculated as the amount of own funds and eligible liabilities expressed as a percentage of the institution s total liabilities and capital. Regulatory capital, as well as subordinated notes, senior non-preferred debt instruments and certain senior preferred debt instruments with residual maturities of more than one year qualify for inclusion in the MREL. At 30 June 2017, Crédit Agricole Group's MREL ratio excluding potentially eligible senior preferred debt with a maturity of over one year reached 8.5%, allowing for the potential recourse to the Single Resolution Fund (SRF), subject to the decision of the Single Resolution Authority. The denominator of this ratio could potentially converge with that of the TLAC ratio, based on risk-weighted assets, providing for a MREL ratio including potentially eligible senior preferred debt with a maturity of more than one year of around 37.5% at end-june 2017, instead of around 15% based on the prudential balance sheet. Table 54. MREL ratio at 30/06/17 Crédit Agricole Group ~37.5% ~16.7% Potentially eligible senior pref. debt >1 ~15% ~6.5% ~4.8% ~1% Senior non pref., T2, T1 under Basel 2 Additional T1 15.0% CET1 8.0% 8.5% MREL possibly allowing recourse to SRF (1) Estimate as % of prudential B/S at (1) Estimate as % of RWA at (1) Estimate based on Crédit Agricole S.A. s understanding of texts; recourse to SRF subject to decision of the Resolution Authority 75

76 Liquidity and Funding Liquidity is measured at Crédit Agricole Group level. In order to provide simple, relevant and auditable information on the Group s liquidity position, the banking cash balance sheet long-term sources surplus is calculated quarterly. The cash balance sheet is derived from Crédit Agricole Group s IFRS financial statements. It is based on the definition of a mapping table between the Group s IFRS financial statements and the sections of the cash balance sheet as they appear below; their definition is commonly accepted in the market place. It relates to the banking scope, insurance activities being managed in accordance with their own specific regulatory constraints. Further to the breakdown of the IFRS financial statements in sections of the cash balance sheet, netting calculations are carried out. They relate to certain assets and liabilities that have a symmetrical impact in terms of liquidity risk. Such nettings were applied to deferred tax, the impact of JVs, collective impairments, short-selling transactions and other assets and liabilities for a total amount of 40 billion euros at end-june Similarly, 82 billion euros in repos/reverse repos were eliminated insofar as these outstandings reflect the activity of the securities desk carrying out securities lending/borrowing operations that offset each other. Other nettings carried out for the construction of the cash balance sheet relate to derivatives, margin calls, adjustment/settlement/liaison accounts and to non-liquid securities held by the corporate and investment bank (CIB), included in the Customer-related trading assets section, for an amount totalling 175 billion euros at end It should be noted that the CDC centralisation is not netted in the construction of the cash balance sheet; the amount of centralised savings (42 billion euros at end-june) is included in assets in Customer-related trading assets and in liabilities in Customer-related funds. In a final stage, other restatements reassign any amounts that accounting standards would allocate to one section, when they are economically related to another. As such, senior issues placed through the banking networks and EIB, CDC and other similar refinancing transactions backed by customer loans, which accounting standards would classify as Long term market funds, are reclassified as Customer-related funds. Note that for Central Bank refinancing operations, outstandings related to the T-LTRO (Targeted Longer Term Refinancing Operation) are included in Long term market funds. In fact, the new T-LTRO II operations do not allow for early redemption at the ECB s option; given their four year contractual maturity, they are deemed equivalent to long term secured refinancing, identical in liquidity risk terms to a secured issue. Medium-to long term repos are also included in Long term market funds. Finally, the CIB s bank counterparties with which we have a commercial relationship are considered as customers in the construction of the cash balance sheet. 76

77 Table 55. Construction of the banking cash balance sheet at 30/06/2017 Crédit Agricole Group Assets Liabilities Other netted balance sheet items Reverse repos Derivative instruments - assets & other necessary elements for the activity Accruals, prepayments & sundry assets CDC centralisation Cash & Central Bank deposits (incl. mandatory reserves) Interbank assets Reverse repos & other ST Securities portfolio Customer-related trading assets 1,741bn 1,741bn o/w o/w Repos Derivative instruments - liabilities & other necessary elements for the activity Accruals, deferred income & sundry liabilities ST market funds LT market funds Customer assets Customer-related funds Tangible & intangible assets Capital & similar items Transition from statutory to prudential scope (exclusion of insurance activity) Nettings The liquidity position of Crédit Agricole Group is solid. The banking cash balance sheet of the Group, amounting to 1,115 billion euros at 30 June 2017, showed a surplus of stable resources over long term applications of funds of 117 billion euros, up by +1 billion euros compared with end-march 2017 and by +13 billion euros compared with end-june The surplus of 117 billion euros, known as stable resources position, allows the Group to cover the LCR deficit generated by long-term assets and stable liabilities (customer, tangible and intangible assets, longterm funds, own funds). It exceeded the Medium Term Plan target of over 100 billion euros. The ratio of stable funding sources over long-term applications of funds was unchanged versus the previous quarter at 113%. 77

78 Table 56. Banking cash balance sheet at 30/06/2017 Crédit Agricole Group Cash & central bank deposits (incl. mandatory reserves) Interbank assets Reverse repos (net) & other ST Securities portfolio Customer-related trading assets ASSETS LIABILITIES 1,116 1,115 Surplus: 1,115 1, bn ST market funds Tangible & intangible assets /03/ /06/ /06/ /03/2017 Equity & similar items (1) LT market funds include T-LTRO drawings Medium-to long term market funds outstanding amounted to 197 billion euros at 30 June They included senior secured debt of 78 billion euros, senior preferred (unsecured) debt of 88 billion euros, senior nonpreferred debt for 6 billion euros, Tier 2 securities amounting to 22 billion euros and Tier 1 securities for 3 billion euros. Medium- to long term market funds decreased by 2 billion euros during the quarter. Subordinated debt and senior non-preferred debt instruments are actively managed. During the second quarter 2017, Crédit Agricole S.A. bought back six legacy Tier 1 instruments totalling 1.24 billion euros equivalent. The expected recurring impact on full-year revenues is 10 to 15 million euros before tax. The stock of senior non-preferred debt issued also continued to increase, from 4 to 6 billion euros equivalent. 78

79 Table 57. Breakdown of stock of medium-to long term market funds Crédit Agricole Group Senior secured Senior preferred Senior non-preferred Tier 2 (1) Tier 1 (1) /03/17 30/06/17 AT1 (2) Notional amount At 30 June 2017, the Group s liquidity reserves including valuation gains and haircuts related to the securities portfolio amounted to 246 billion euros, down by 9 billion compared with end-march 2017 and up by 19 billion euros compared with 30 June They covered short-term debt more than three times over and HQLA securities also covered more than three times over short term debt net of Central Bank deposits. The average LCR ratios over 12 months of Crédit Agricole Group and of Crédit Agricole S.A. stood at respectively 131% and 137%. They exceeded 110%, in line with the Medium Term Plan target. 79

80 Table 58. Liquidity reserves at 30/06/2017 Crédit Agricole Group Reverse repos & other ST Assets eligible to Central Banks after ECB haircut (immediate access) Self-securitisations eligible to Central Banks Other non-hqla securities (1) Securities portfolio Cash and Central Bank deposits 54 o/w cash 3 o/w mandatory reserves valuation gains / losses & haircuts Cash balance sheet - assets Central Bank deposits 42 (excl. cash & mandatory 42 reserves) Liquidity reserves HQLA (High Quality Liquid Assets) securities(1) portfolio ST debt ST debt net of Central Bank deposits Central Bank deposits (excl. cash & mandatory reserves) (1) Available liquid market securities after haircut The Group continues to follow a prudent policy, as regards medium-to long term funding, with a very diversified access to the market in terms of investor base and products. During the first half of 2017, Group issuers raised 24.1 billion euros equivalent of medium-to long term debt in the market, of which 58% was raised by Crédit Agricole S.A. (14 billion euros equivalent), against just over 33 billion euros equivalent over the full year Moreover, debt securities amounting to 1.9 billion euros were also placed by the Group in its retail networks (Regional Banks, LCL and CA Italia) during the quarter. 80

81 Table 59. Medium- to long term senior market issues Crédit Agricole Group Breakdown by issuer: 24.1bn at 30/06/2017 CACF 19% EFL 1% CACIB 16% Crédit Agricole S.A. 58% CA Italia 6% As the main issuer of the Group, Crédit Agricole S.A. raised medium- to long term debt on the markets in the amount of 14 billion euros equivalent in the first half of At end-july, its 2017 medium- to long term market funding programme of 16 billion euros was 95% completed, Crédit Agricole S.A. having issued a total of 15.2 billion euros equivalent since the beginning of the year, i.e billion euros equivalent of senior preferred (unsecured) and senior secured debt and 4.9 billion euros equivalent of senior non-preferred debt. Table 60. Medium- to long term senior market issues Crédit Agricole S.A. Breakdown by segment: 14bn at 30/06/2017 Senior nonpreferred 31% Senior preferred and senior secured 9.6 bn Average maturity: 10.4 years Spread vs 3m Euribor: 39 bps Senior preferred 23% Senior secured 46% 81

82 Balance sheet Table 61. ( bn) Consolidated balance sheet at 30/06/2017 Crédit Agricole Group Assets 30/06/ /12/2016 Liabilities 30/06/ /12/2016 Cash and Central banks Central banks Financial assets at fair value through profit or loss Financial liabilities at fair value through profit or loss Available for sale financial assets Due to banks Due from banks Customer accounts Loans and advances to customers Debt securities in issue Financial assets held to maturity Accruals and sundry liabilities Accrued income and sundry assets Liabilities associated with non-current assets held for sale Non-current assets held for sale Insurance Company technical reserves Investments in equity affiliates Contingency reserves and subordinated debt Fixed assets Shareholder's equity Goodwill Non-controlling interests Total assets 1, ,722.8 Total liabilities 1, ,722.8 Table 62. Consolidated balance sheet at 30/06/2017 Crédit Agricole S.A. ( bn) Assets 30/06/ /12/2016 Liabilities 30/06/ /12/2016 Cash and Central banks Central banks Financial assets at fair value through profit or loss Financial liabilities at fair value through profit or loss Available for sale financial assets Due to banks Due from banks Customer accounts Loans and advances to customers Debt securities in issue Financial assets held to maturity Accruals and sundry liabilities Accrued income and sundry assets Liabilities associated with non-current assets held for sale Non-current assets held for sale Insurance Company technical reserves Investments in equity affiliates Contingency reserves and subordinated debt Fixed assets Shareholder's equity Goodwill Non-controlling interests Total assets 1, ,524.2 Total liabilities 1, ,

83 Breakdown of share capital Crédit Agricole S.A. Table 63. Crédit Agricole S.A. breakdown of share capital 30/06/ /12/ /06/2016 Breakdown of share capital Number of shares % Number of shares % Number of shares % SAS Rue La Boétie 1,611,969, % 1,611,969, % 1,611,969, % Treasury shares* 2,351, % 2,765, % 6,170, % Employees (company investment fund, ESOP) 98,146, % 130,088, % 106,851, % Float 1,133,636, % 1,101,280, % 1,084,298, % Total shares in issue (period end) 2,846,104,526 2,846,104,526 2,809,290,815 Total shares in issue, excluding treasury shares (period end) 2,843,752,725 2,843,338,790 2,803,120,348 Total shares in issue, excluding treasury shares (average number) 2,843,140,718 2,736,877,451 2,661,765,779 Data per share and ROTE Table 64. Crédit Agricole S.A. data per share ( m) Q2-17 H1-17 Q2-16 H1-16 Net income Group share 1,350 2,195 1,158 1,385 - Interests on AT1, before tax, including issuance costs (96) (237) (97) (241) Net income Group share attributable to ordinary shares [A] 1,254 1,958 1,061 1,143 Average number shares in issue, excluding treasury shares (in millions) [B] 2, , , ,661.8 Net earnings per share [A]/[B] Underlying net income Group share 1,174 2, ,213 Underlying net income Group share attributable to ordinary shares [C] 1,078 1, Underlying net earnings per share [C]/[B] ( m) 30/06/ /12/2016 Shareholder's equity Group share 57,371 58,277 - AT1 issuances (5,011) (5,011) - Unrealised gains and losses on AFS - Group share (3,268) (3,779) - Payout assumption on annual resuts* (1,716) Net not revaluated asset attributable to ordinary shares [D] 49,092 47,771 - Goodwill & intangibles** - Group share (15,637) (15,479) Net tangible not revaluated asset attributable to ordinary shares [E] 33,455 32,292 Total shares in issue, excluding treasury shares (period end) [F] 2, ,843.3 Net asset value per share, after deduction of dividend to pay ( ) [D]/[F] Dividend to pay for the year ( ) [H] 0.60 Net asset value per share, dividend to pay included ( ) Net tangible asset value per share, after deduction of dividend to pay ( ) [G] = [E]/[F] Net tangible asset value per share, dividend to pay included ( ) [G]+[H] * dividend proposed to the Board meeting to be paid ** including goodwill in the equity-accounted entities 30/06/2017 Underlying net income Group share attributable to ordinary shares (annualised basis) [I] 3,660 Average net tangible not revaluated asset attributable to ordinary shares*** [J] 32,388 Underlying RoTE (%) [I]/[J] 11.3% *** including assumption of dividend for the current exercise 83

84 RWAs, capital allocation and profitability by business line Table 65. Crédit Agricole S.A. fully-loaded Basel 3 RWAs by business line bn June 17 March 17 Dec 16 French retail banking (LCL) International retail banking Asset gathering Savings management Insurance* Specialised financial services Large customers Financing activities Capital markets and investment banking Asset servicing Corporate Centre TOTAL o/w credit risk o/w Credit Valuation Adjustment (CVA) risk o/w market risk o/w operational risk * Implementation at 02/01/2014 of the Switch guarantees transferring to the Regional Banks 34bn of RWAs related to Crédit Agricole S.A. s stake in Crédit Agricole Assurances 84

85 Table 66. Crédit Agricole S.A. Capital allocation by business line bn June 17 March 17 Dec 16 French retail banking (LCL) International retail banking Asset gathering Savings management Insurance* Specialised financial services Large customers Financing activities Capital markets and investment banking Asset servicing * Solvency 2 requirements as of 31/12/2016 for the calculation of allocated capital of December 2016 and March 2017; Solvency 2 requirements as of 30/06/2017 for the calculation of June 2017 Methodology : 9.5% of RWAs for each business line except Asset gathering Asset management: 9.5% of RWAs, plus needs for Seed Money as well as stakes and investments Insurance: 80% of Solvency 2 capital requirements, reduced by 9.5% of RWAs transferred by the Switch 2 guarantee to the Regional Banks 85

86 Table 67. Crédit Agricole S.A. Underlying RoNE (annualised) H1-17 by business line and 2019 target in % >25% Target 2019 Underlying FY-2016 Underlying H1-17 annualised 22.2% 19.4% >16% >16% >13% 15.2% 11.9% 12.9% 11.7% 10.9% 11.7% >11% >10% 12.8% 9.7% 11.3% 8.6% Asset gathering LCL Cariparma SFS Large customers RoTE underlying Crédit Agricole S.A. Methodology: The RoNE corresponds to the ratio between the underlying net income (before allocation to minority interests and after AT1 coupons) and the average normalised capital allocated to each business line. 86

87 Appendix 1 Specific items Crédit Agricole Group Appendices Table 68. Crédit Agricole Group Specific items, Q2-17 and Q2-16 Specific items of Q2-17 Specific items of Q2-16 m Gross impact Impact on NIGS Gross impact Impact on NIGS Issuer spreads (Corporate centre) (104) (60) DVA running (LC) (13) (8) (4) (3) Loan portfolio hedges (LC) (16) (10) 1 1 HPSP provisions (FRB/LCL) HPSP provisions (FRB/RBs) (8) (5) HPSP provisions (Corporate centre) VISA EUROPE capital gain (Corporate centre) Adjustment of funding costs (FRB/RBs) (218) (148) Liability management upfront payments (Corp. centre) Total impact on revenues (12) (4) LCL network optimisation cost - - (41) (27) Total impact on expenses - - (41) (27) Disposal of Eurazeo Total impact on equity affiliates Total impact of specific items Asset gathering Retail banking (38) (30) (49) (32) Specialised financial services Large customers (29) (19) (3) (2) Corporate centre * Impacts before tax (except item "Impact on taxes") and minority interests 87

88 Table 69. Crédit Agricole Group Specific items, H1-17 and H1-16 Specific items H1-17 Specific items H1-17 m Gross impact* Impact on NIGS Gross impact* Impact on NIGS Issuer spreads (Corporate centre) (118) (67) DVA (LC) (61) (40) 8 6 Loan hedges (LC) (40) (26) 1 1 HPSP (FRB/LCL) HPSP (FRB/RBs) (8) (5) HPSP (Corporate centre) VISA EUROPE capital gain Adjustment of funding costs (FRB/RBs) (218) (148) Liability management upfront payments (Corporate centre) (683) (448) Total impact on revenues (95) (57) (289) (83) LCL network optimisation cost (FRB/LCL) - - (41) (27) Total impact on operating expenses - - (41) (27) Eurazeo disposal (Corporate centre) Total impact on Net income from discontinued or held-for-s Total impact of specific items (330) (110) Asset gathering Retail banking (38) (30) (49) (32) Specialised financial services Large customers (101) (66) 9 6 Corporate centre (290) (84) * Impact before tax (except line "impact on tax") and before minority interests 88

89 Crédit Agricole S.A. Table 70. Crédit Agricole S.A. Specific items, Q2-17 and Q2-16 Specific items of Q2-17 Specific items of Q2-16 m Gross impact Impact on NIGS Gross impact Impact on NIGS Issuer spreads (CC) (97) (51) DVA running (LC) (13) (8) (4) (3) Loan portfolio hedges (LC) (16) (10) 1 1 Home Purchase Savings Plans (FRB) Home Purchase Savings Plans (CC) Liability management upfront payments (CC) Capital gain on VISA EUROPE (CC) Regional Banks' dividends (CC) Total impact on revenues LCL network optimisation cost (FRB) - - (41) (26) Total impact on operating expenses - - (41) (26) Eurazeo sale (CC) Total impact on equity affiliates Total impact of specific items Asset gathering - - Retail banking (41) (26) Specialised financial services - - Large customers (29) (18) (3) (2) Corporate centre * Impact before tax (except line "impact on tax") and before minority interests 89

90 Table 71. Crédit Agricole S.A. Specific items, H1-17 and H1-16 Specific items H1-17 Specific items H1-16 m Gross impact* Impact on NIGS Gross impact* Impact on NIGS Issuer spreads (CC) (105) (55) DVA running (LC) (61) (39) 9 6 Loan portfolio hedges (LC) (40) (25) 1 1 Home Purchase Savings Plans (FRB) Home Purchase Savings Plans (CC) Liability management upfront payments (CC) (683) (448) Capital gain on VISA EUROPE (CC) Regional Banks' dividends (CC) Total impact on revenues LCL network optimisation cost (FRB) - - (41) (26) Total impact on operating expenses - - (41) (26) Eurazeo sale (CC) Total impact on equity affiliates Total impact of specific items (35) 172 Asset gathering - - Retail banking (41) (26) Specialised financial services - - Large customers (101) (64) 10 7 Corporate centre (4) 191 * Impact before tax (except line "impact on tax") and before minority interests 90

91 Appendix 2 Crédit Agricole Group: and underlying income statement Table 72. Crédit Agricole Group Reconciliation between the and the underlying results, Q2-17 and Q2-16 m Q2-17 Stated Q2-16 Stated Q2/Q2 Stated Q2-17 underlying Q2-16 underlying Q2/Q2 underlying Revenues 7,928 8,267 (4.1%) 7,940 7, % Operating expenses excl. SRF (4,987) (4,926) +1.2% (4,987) (4,885) +2.1% Contribution to Single Resolution Funds (SRF) (11) (44) (73.6%) (11) (44) (73.6%) Gross operating income 2,930 3,298 (11.2%) 2,942 2,976 (1.1%) Cost of credit risk (318) (704) (54.8%) (318) (704) (54.8%) Cost of legal risk - (50) (100.0%) - (50) (100.0%) Equity-accounted entities % (4.2%) Net income on other assets (1) 3 n.m. (1) 3 n.m. Change in value of goodwill - - n.m. - - n.m. Income before tax 2,837 2, % 2,741 2, % Tax (654) (655) (0.3%) (657) (648) +1.4% Net income from discontinued operations x x 2.7 Net income 2,214 2, % 2,114 1, % Non controlling interests (107) (85) +26.9% (111) (84) +31.7% Net income Group Share 2,106 1, % 2,003 1, % Cost income ratio excl. SRF (%) 62.9% 59.6% +3.3 pts 62.8% 61.8% +1.0 pts Table 73. Crédit Agricole Group Reconciliation between the and the underlying results, H1-17 and H1-16 m H1-17 Stated Specific items H1-17 underlying H1-16 Stated Specific items H1-16 underlying H1/H1 underlying Revenues 16,177 (95) 16,272 15,425 (289) 15, % Operating expenses excl. SRF (10,193) - (10,193) (10,044) (41) (10,003) +1.9% Contribution to Single Resolution Funds (SRF) (285) - (285) (285) - (285) - Gross operating income 5,699 (95) 5,794 5,096 (330) 5, % Cost of credit risk (796) - (796) (1,258) - (1,258) (36.7%) Cost of legal risk (40) - (40) (50) - (50) (20.0%) Equity-accounted entities % Net income on other assets (1) - (1) n.m. Income before tax 5, ,293 4,066 (330) 4, % Tax (1,442) 36 (1,478) (1,143) 219 (1,361) +8.6% Net income from discontinued operations x 4 Net income 3, ,860 2,934 (111) 3, % Non controlling interests (202) 2 (204) (176) +15.7% Net income Group Share 3, ,656 2,760 (110) 2, % Cost income ratio excl. SRF (%) 63.0% 62.6% 65.1% 63.7% -1.0 pp 91

92 Appendix 3 Crédit Agricole Group: Consolidated income statement by business line Table 74. Q2-16 Crédit Agricole Group Income statement by business line, Q2-17 and Retail banking in France (RBs) French retail banking (LCL) International retail banking Asset gathering Specialised financial services Large customers Corporate centre Total m Q2-17 Q2-16 Q2-17 Q2-16 Q2-17 Q2-16 Revenues 3,117 3, ,145 1, ,370 1, ,928 8,267 Operating expenses excl. SRF (2,122) (2,088) (591) (663) (387) (383) (570) (531) (332) (328) (729) (729) (255) (204) (4,987) (4,926) SRF (2) (0) 1 (3) (0) (2) (0) 0 (1) (3) (7) (24) (3) (11) (11) (44) Gross operating income 994 1, (232) (131) 2,930 3,298 Cost of credit risk 35 (260) (56) (53) (109) (110) (2) (6) (117) (158) (81) (116) 13 (2) (318) (704) Cost of legal risk (50) (50) Equity-accounted entities Net income on other assets (1) (2) 0 0 (0) 3 (1) 3 Income before tax 1,029 1, (113) (128) 2,837 2,671 Tax (314) (394) (70) (44) (50) (51) (100) (179) (70) (48) (166) (108) (654) (655) Net income from discontinued operations (0) Net income ,214 2,027 Non controlling interests (0) (0) (0) (0) (25) (24) (48) (39) (31) (17) (7) (3) 3 (1) (107) (85) Net income Group Share ,106 1,942 Q2-17 Q2-16 Q2-17 Q2-16 Q2-17 Q2-16 Q2-17 Q2-16 Q2-17 Q2-16 Table 75. H1-16 Crédit Agricole Group Income statement by business line, H1-17 and Retail banking in France (RBs) French retail banking (LCL) International retail banking Asset gathering Specialised financial services Large customers Corporate centre Total m H1-17 H1-16 H1-17 H1-16 H1-17 H1-16 Revenues 6,647 7,082 1,816 1,684 1,302 1,312 2,392 2,339 1,375 1,307 2,791 2,549 (145) (848) 16,177 15,425 Operating expenses excl. SRF (4,299) (4,197) (1,219) (1,317) (767) (766) (1,195) (1,122) (684) (676) (1,542) (1,515) (486) (454) (10,193) (10,047) SRF (43) (38) (15) (19) (10) (10) (2) (2) (14) (13) (140) (149) (61) (52) (285) (282) Gross operating income 2,304 2, ,194 1, , (691) (1,354) 5,699 5,096 Cost of credit risk (81) (408) (104) (75) (215) (241) (1) (7) (210) (277) (188) (238) 3 (13) (796) (1,258) Cost of legal risk (40) (50) - - (40) (50) Equity-accounted entities Net income on other assets (0) (0) 1 (0) (2) (0) 1 (1) 3 (1) 28 Income before tax 2,227 2, ,209 1, , (510) (1,352) 5,305 4,066 Tax (756) (864) (134) (97) (96) (95) (292) (351) (144) (105) (250) (188) (1,442) (1,143) Net income from discontinued operations Net income 1,471 1, (279) (795) 3,908 2,935 Non controlling interests (1) (0) (0) (0) (45) (46) (86) (76) (64) (47) (11) (6) 4 2 (202) (175) Net income Group Share 1,471 1, (274) (793) 3,706 2,760 H1-17 H1-16 H1-17 H1-16 H1-17 H1-16 H1-17 H1-16 H1-17 H

93 Appendix 4 Crédit Agricole S.A.: and underlying income statement m Table 76. Crédit Agricole S.A. Reconciliation between the and the underlying results, Q2-17 and Q2-16 Q2-17 Specific items Q2-17 underlying Q2-16 Specific items Q2-16 underlying Q2/Q2 underlying Revenues 4, ,619 4, , % Operating expenses excl. SRF (2,795) - (2,795) (2,806) (41) (2,766) +1.1% Contribution to Single Resolution Funds (SRF) (10) - (10) (43) - (43) (77.2%) Gross operating income 1, ,814 1, , % Cost of credit risk (351) - (351) (447) - (447) (21.3%) Cost of legal risk (50) - (50) (100.0%) Equity-accounted entities (3.6%) Net income on other assets (97.2%) Change in value of goodwill n.m. Income before tax 1, ,580 1, , % Tax (321) (23) (297) (255) (11) (244) +22.0% Net income from discontinued or held-for-sale operations x 2.7 Net income 1, ,313 1, % Non controlling interests (136) 4 (139) (114) (9) (105) +32.8% Net income Group Share 1, ,174 1, % Earnings per share ( ) % Cost/income ratio excl.srf (%) 59.4% 60.5% 59.2% 63.8% -3.3 pp m Table 77. Crédit Agricole S.A. Reconciliation between the and the underlying results, H1-17 and H1-16 H1-17 Specific items H1-17 underlying H1-16 Specific items H1-16 underlying H1/H1 underlying Revenues 9, ,398 8, , % Operating expenses excl. SRF (5,791) - (5,791) (5,781) (41) (5,740) +0.9% Contribution to Single Resolution Funds (SRF) (242) - (242) (244) - (244) (0.8%) Gross operating income 3, ,365 2,512 (35) 2, % Cost of credit risk (711) - (711) (849) - (849) (16.3%) Cost of legal risk (40) - (40) (50) - (50) (20.0%) Equity-accounted entities % Net income on other assets (0) - (0) 3-3 n.m. Change in value of goodwill n.m. Income before tax 3, ,946 1,860 (35) 1, % Tax (663) 7 (670) (267) 215 (482) +39.2% Net income from discontinued or held-for-sale operations x 4 Net income 2, ,321 1, , % Non controlling interests (250) 4 (253) (219) (7) (212) +19.8% Net income Group Share 2, ,067 1, , % Earnings per share ( ) % Cost/income ratio excl.srf (%) 61.6% 61.6% 67.7% 67.3% -5.7 pp 93

94 Appendix 5 Crédit Agricole S.A.: Consolidated income statement by business line Table 78. Q2-16 Crédit Agricole S.A. Income statement by business line, Q2-17 and m Asset gathering Q2-17 Q2-16 French retail banking (LCL) Q2-17 Q2-16 International retail banking Q2-17 Q2-16 Specialised financial services Q2-17 Q2-16 Large customers Corporate centre Total Revenues 1,151 1, ,370 1,326 (54) 102 4,708 4,738 Operating expenses excl. SRF (570) (532) (591) (663) (372) (367) (332) (328) (729) (728) (201) (189) (2,795) (2,806) SRF (0) 1 1 (3) (0) (2) (1) (3) (7) (24) (3) (11) (10) (43) Gross operating income (258) (98) 1,903 1,889 Cost of credit risk (2) (5) (56) (53) (107) (113) (117) (158) (81) (166) 12 (2) (351) (497) Cost of legal risk Equity-accounted entities Net income on other assets (2) 0 1 (0) Change in value of goodw ill Income before tax (139) (94) 1,776 1,516 Tax (100) (179) (71) (44) (47) (48) (70) (48) (166) (107) (321) (255) Net income from discontinued or held-forsale operations (0) Net income (5) 77 1,486 1,272 Non controlling interests (51) (42) (10) (4) (31) (30) (31) (17) (16) (11) 3 (10) (136) (114) Net income Group Share (2) 67 1,350 1,158 Q2-17 Q2-16 Q2-17 Q2-16 Q2-17 Q2-16 Table 79. H1-16 Crédit Agricole S.A. Income statement by business line, H1-17 and m Asset gathering H1-17 H1-16 French retail banking (LCL) H1-17 H1-16 International retail banking H1-17 H1-16 Specialised financial services H1-17 H1-16 Large customers Corporate centre Total Revenues 2,401 2,343 1,816 1,684 1,246 1,262 1,375 1,306 2,791 2,546 (220) (604) 9,408 8,537 Operating expenses excl. SRF (1,196) (1,122) (1,219) (1,317) (733) (734) (684) (676) (1,542) (1,515) (417) (417) (5,791) (5,781) SRF (2) (2) (15) (19) (10) (10) (14) (13) (139) (149) (61) (52) (242) (244) Gross operating income 1,203 1, , (698) (1,073) 3,375 2,512 Cost of credit risk (1) (7) (104) (75) (212) (240) (210) (277) (188) (238) 4 (12) (711) (849) Cost of legal risk (40) (50) - - (40) (50) Equity-accounted entities Net income on other assets (0) (0) (2) (0) 1 (0) 3 (0) 3 Change in value of goodw ill Income before tax 1,217 1, , (515) (1,071) 3,063 1,860 Tax (292) (351) (135) (97) (91) (91) (144) (105) (250) (187) (663) (267) Net income from discontinued or held-forsale operations Net income (266) (507) 2,445 1,604 Non controlling interests (92) (81) (17) (9) (57) (57) (64) (47) (26) (17) 6 (8) (250) (219) Net income Group Share (260) (515) 2,195 1,385 H1-17 H1-16 H1-17 H1-16 H1-17 H

95 Appendix 6 By business lines: reconciliation between and underlying In the second quarter 2017 and first half 2017, as well as in second quarter 2016 and first half 2016, Large customers, French retail banking business line and the Corporate centre posted specific items. Table 80. Retail banking in France (LCL) Reconciliation between and underlying results m Q2-17 Specific items Q2-17 underlying Q2-16 Specific items Q2-16 underlying Q2/Q2 Q2/Q2 underlying Revenues % +1.0% Operating expenses (590) - (590) (666) (41) (625) (11.4%) (5.6%) Gross operating income (41) % +19.3% Cost of risk (56) - (56) (53) - (53) 6.0% 6.0% Equity-accounted entities ns ns Net income on other assets ns ns Change in value of goodwill ns ns Income before tax (41) 171 x % Tax (71) (19) (52) (44) 14 (58) +60.3% (11.2%) Net income from discontinued operations ns ns Net income (27) 113 x % Non controlling interests (10) (2) (8) (4) 1 (5) x % Net income Group Share (26) 108 x % m H1-17 Specific items H1-17 underlying H1-16 Specific items H1-16 underlying H1/H1 H1/H1 underlying Revenues 1, ,761 1,684-1, % +4.6% Operating expenses (1,234) - (1,234) (1,336) (41) (1,295) (7.6%) (4.7%) Gross operating income (41) % +35.4% Cost of risk (104) - (104) (75) - (75) 38.6% 38.6% Equity-accounted entities ns ns Net income on other assets ns ns Change in value of goodwill ns ns Income before tax (41) % +34.5% Tax (135) (19) (116) (97) 14 (111) +39.6% +4.6% Net income from discontinued operations ns ns Net income (27) % +50.8% Non controlling interests (17) (2) (15) (9) 1 (10) +93.3% +50.2% Net income Group Share (26) % +51.0% 95

96 Table 81. results Large customers Reconciliation between and underlying m Q2-17 Specific items Q2-17 underlying Q2-16 Specific items Q2-16 underlying Q2/Q2 Q2/Q2 underlying Revenues 1,370 (29) 1,399 1,326 (3) 1, % +5.2% Operating expenses (736) - (736) (752) - (752) (2.2%) (2.2%) Gross operating income 634 (29) (3) % +15.0% Cost of risk (81) - (81) (166) - (166) (51.0%) (51.0%) Equity-accounted entities (2.5%) (2.5%) Net income on other assets % -98.9% Change in value of goodwill n.m. n.m. Income before tax 613 (29) (3) % +35.8% Tax (166) 10 (176) (107) 1 (108) +55.1% +62.5% Net income from discontinued or held-for-sale operations % % Net income 447 (19) (2) % +24.1% Non controlling interests (16) (0) (15) (11) - (10) +49.1% +45.3% Net income Group share 431 (18) (2) % +23.2% o/w CIB 389 (18) (2) % +22.4% o/w Asset Servicing % +32.0% m H1-17 Specific items H1-17 underlying H1-16 Specific items H1-16 underlying H1/H1 H1/H1 underlying Revenues 2,791 (101) 2,892 2, , % +14.0% Operating expenses (1,681) - (1,681) (1,663) - (1,663) +1.1% +1.1% Gross operating income 1,110 (101) 1, % +38.7% Cost of risk (228) - (228) (288) - (288) (20.9%) (20.9%) Equity-accounted entities % +4.6% Net income on other assets (0) - (0) 1-1 n.m. n.m. Change in value of goodwill n.m. n.m. Income before tax 1,011 (101) 1, % +56.8% Tax (250) 35 (286) (187) (3) (185) +33.5% +54.6% Net income from discontinued or held-for-sale operations % % Net income 761 (66) % +54.3% Non controlling interests (26) (0) (26) (17) - (17) +52.7% +52.7% Net income Group share 735 (64) % +54.1% o/w CIB 674 (64) % +56.8% o/w Asset Servicing % +27.5% 96

97 Table 82. results Corporate centre Reconciliation between and underlying m Q2-17 Specific items Q2-17 underlying Q2-16 Specific items Q2-16 underlying Q2/Q2 Q2/Q2 underlying Revenues (54) 62 (116) (302) n.m. (61.6%) Operating expenses (204) - (204) (200) - (200) +2.2% +2.2% Gross operating income (258) 62 (320) (98) 404 (502) x 2.6 (36.1%) Cost of risk (2) - (2) n.m. n.m. Equity-accounted entities (0) 3-3 x 35.6 n.m. Net income on other assets (0) - (0) 3-3 n.m. n.m. Change in value of goodwill n.m. n.m. Income before tax (139) 170 (308) (94) 404 (498) +47.5% (38.0%) Tax 134 (14) (26) 197 (21.9%) (25.2%) Net income from discontinued or held-for-sale operations n.m. n.m. Net income (5) 155 (160) (300) n.m. (46.5%) Non controlling interests 3 5 (2) (10) (10) 0 n.m. x 10.9 Net income Group share (2) 161 (163) (300) n.m. (45.8%) m H1-17 Specific items H1-17 underlying H1-16 Specific items H1-16 underlying H1/H1 H1/H1 underlying Revenues (220) 56 (276) (604) (4) (600) (63.6%) (54.0%) Operating expenses (478) - (478) (469) - (469) +1.9% +1.9% Gross operating income (698) 56 (754) (1,073) (4) (1,069) (35.0%) (29.4%) Cost of risk 4-4 (12) - (12) n.m. n.m. Equity-accounted entities x 16.3 x 6.4 Net income on other assets (0) - (0) 3-3 n.m. n.m. Change in value of goodwill n.m. n.m. Income before tax (515) 163 (678) (1,071) (4) (1,067) (51.9%) (36.4%) Tax 250 (9) (55.7%) (28.1%) Net income from discontinued or held-for-sale operations n.m. n.m. Net income (266) 154 (419) (507) 199 (706) (47.6%) (40.6%) Non controlling interests (8) (8) 0 n.m. x 3.9 Net income Group share (260) 158 (418) (515) 191 (706) (49.6%) (40.8%) Table 83. results Regional banks Reconciliation between and underlying m Q2-17 Specific items Q2-17 underlying Q2-16 Specific items Q2-16 underlying Q2/Q2 Q2/Q2 underlying Revenues 3,117 (93) 3,210 3,520 (8) 3,528 (11.4%) (9.0%) Operating expenses excl. SRF (2,122) - (2,122) (2,089) - (2,088) +1.6% +1.6% Contribution to Single Resolution Funds (SRF) (2) - (2) (0) - (0) x 4.2 x 4.2 Gross operating income 994 (93) 1,087 1,431 (8) 1,439 (30.5%) (24.5%) Cost of risk (259) - (260) n.m. n.m. Equity-accounted entities % -34.9% Net income on other assets (1) - (1) n.m. n.m. Change in value of goodw ill n.m. n.m. Income before tax 1,029 (93) 1,122 1,174 (8) 1,182 (12.3%) (5.0%) Tax (314) 27 (341) (394) 3 (396) (20.2%) (14.0%) Net income from discontinued or held-for-sale operations n.m. n.m. Net income 715 (66) (5) 785 (8.3%) (0.5%) Non controlling interests (0) - (0) - - (0) +20.7% +20.7% Net income Group Share 715 (66) (5) 785 (8.3%) (0.5%) Cost/income ratio excl.srf (%) 68.1% 66.1% 59.3% 59.2% +8.7 pp +6.9 pp m H1-17 Specific items H1-17 underlying H1-16 Specific items H1-16 underlying H1/H1 H1/H1 underlying Revenues 6,647 (93) 6,739 7,083 (8) 7,090 (6.2%) (5.0%) Operating expenses excl. SRF (4,299) - (4,299) (4,197) - (4,197) +2.4% +2.4% Contribution to Single Resolution Funds (SRF) (43) - (43) (38) - (38) +13.9% +13.9% Gross operating income 2,304 (93) 2,397 2,848 (8) 2,856 (19.1%) (16.1%) Cost of credit risk (81) - (81) (407) - (408) (80.1%) (80.1%) Equity-accounted entities % -17.7% Net income on other assets (0) - (0) n.m. n.m. Change in value of goodw ill n.m. n.m. Income before tax 2,227 (93) 2,320 2,471 (8) 2,479 (9.9%) (6.4%) Tax (756) 27 (783) (864) 3 (866) (12.5%) (9.7%) Net income from discontinued or held-for-sale operations n.m. n.m. Net income 1,471 (66) 1,537 1,607 (5) 1,612 (8.5%) (4.7%) Non controlling interests (1) - (1) 1-1 n.m. n.m. Net income Group Share 1,471 (66) 1,537 1,606 (5) 1,612 (8.5%) (4.7%) Cost/income ratio excl.srf (%) 64.7% 63.8% 59.3% 59.2% +5.4 pp +4.6 pp 97

98 Appendix 7 Credit risk Table 84. Crédit Agricole Group change in credit risk outstanding m June 16 Dec. 16 June 17 Gross customer loans outstanding 857, , ,896 of which: impaired loans 25,878 25,783 25,011 Loans loss reserves (incl. collective reserves) 20,996 20,760 20,287 Impaired loans ratio 3.0% 3.0% 2.8% Coverage ratio (excl. collective reserves)* 56.7% 56.3% 57.6% Coverage ratio (incl. collective reserves)* 81.1% 80.5% 81.1% * Calculated on the basis of outstandings not netted for available collateral and guarantees Principal amounts, excluding finance lease with customers Table 85. Regional banks change in credit risk outstanding Regional Banks (aggregate individual accounts French GAAP) m June 16 Dec. 16 June 2017 Gross customer loans outstanding 406, , ,503 of which: impaired loans 9,914 9,960 9,969 Loans loss reserves (incl. collective reserves) 10,247 10,129 9,869 Impaired loans ratio 2.5% 2.4% 2.3% Coverage ratio (excl. collective reserves)* 64.2% 63.4% 63.3% Coverage ratio (incl. collective reserves)* 103.4% 101.7% 99.0% Table 86. Crédit Agricole S.A. change in credit risk outstanding m June 16 Dec. 16 June 17 Gross customer and interbank loans outstanding 434, , ,064 of which: impaired loans 15,755 15,591 14,806 Loans loss reserves (incl. collective reserves) 10,695 10,564 10,374 Impaired loans ratio 3.6% 3.5% 3.4% Coverage ratio (excl. collective reserves)* 52.3% 52.1% 54.0% Coverage ratio (incl. collective reserves)* 67.9% 67.7% 70.1% * Calculated on the basis of outstandings not netted for available collateral and guarantees Principal amounts, excluding finance lease with customers, excluding intragroup transactions within Crédit Agricole and accrued interest 98

99 Table 87. Crédit Agricole S.A. credit risk exposure By geographic region June 2017 Dec.16 France (excl. retail banking) 32% 33% France (retail banking) 18% 17% Western Europe (excl. Italy) 14% 15% Italy 12% 11% North America 9% 9% Asia and Oceania excl. Japan 5% 6% Africa and Middle-East 4% 4% Japan 3% 2% Eastern Europe 2% 2% Central and South America 2% 2% Total 100% 100% By business sector June 2017 Dec Retail banking 28% 28% Non-merchant service / Public sector / Local authorities 15% 13% Energy 8% 8% Other non banking financial activities 7% 7% Banks 6% 6% Real estate 4% 4% Retail and consumer goods 4% 2% Automotive 4% 4% Others 3% 4% Heavy industry 3% 3% Aerospace 3% 3% Construction 2% 3% Food 3% 3% Shipping 2% 3% Other transport 2% 2% Other industries 2% 2% Telecom 1% 2% Healthcare / pharmaceuticals 1% 2% Insurance 1% 1% Tourism / hotels / restaurants 1% 1% IT / computing 1% 1% Total 100% 100% Table 88. Crédit Agricole S.A. market risk exposure Change in the risk exposure of Crédit Agricole S.A. s capital market activities m VAR (99% - 1 day) 1 st January to 30 June 2017 Minimum Maximum Average 30/06/ /12/2016 Fixed income Credit Foreign Exchange Equities Commodities Mutualised VaR forcrédit Agricole S.A Crédit Agricole S.A. s VaR (99% - 1 day) is computed by taking into account the impact of diversification between the Group s various entities. The VaR now includes the contribution made by CVA desk foreign exchange and interest rate hedges 99

100 Appendix 8 Detail of net equity and subordinated debt Table 89. Crédit Agricole S.A. Net equity and subordinated debt m Group share Non-controlling interests Total Subordinated debt At 31 December ,276 5,661 63,937 29,327 Capital increase Dividends paid out in 2016 (1,716) (298) (2,014) Dividends received from Regional Banks and subsidiaries Issue of undated deeply subordinated Additional Tier 1 net of issuance costs Interests paid to the holders of the undated deeply subordinated Additional Tier 1 Impact of acquisitions/disposals on noncontrolling interests (237) (6) (243) Change in other comprehensive income (1,051) (9) (1,060) Change in share of reserves of equity affiliates (206) (8) (214) Result for the period 2, ,445 Other At 30 June ,371 6,472 63,843 28,

101 Risk factors The organisation, principles and tools used to manage and monitor these risks are described in detail in the risk factors section of the management report (pages 210 to 252) in the 2016 Registration Document. The main categories of risk to which Crédit Agricole Group S.A. is exposed are: credit risks, market risks (interest rate risk, foreign exchange risk, price risk) and structural risks associated with asset and liability management (global interest rate risk, foreign exchange risk, liquidity risk). The main changes noted in the first half of 2017 are shown below but do not include Eurozone sovereign risks considered to be significant, changes to which are shown in Note 5.5 to the financial statements. Credit risk The principles, methodologies and systems used to manage credit risk are described in detail in pages 214 to 223 of the 2016 Registration Document. There were no significant changes in the first half of Exposure and concentration Maximum exposure The maximum exposure to credit risk ( 1,291 billion at 30 June 2017 versus 1,305 billion at 31 December 2016) was assessed before the impact of netting and collateralisation. It fell 1.07% in the first half of Concentration An analysis of the concentration of credit risk by geographical area and by business sector focuses on commercial lending commitments excluding Crédit Agricole Group internal transactions and collateral given by the Crédit Agricole S.A. Group as part of repurchase agreements ( 726 billion at 30 June 2017 versus 711 billion at 31 December 2016). In particular, this scope excludes derivative instruments which are primarily monitored using VaR (see section on "Market Risks") and financial assets held by insurance companies. Diversification by geographic area and by business sector 101

102 By geographic region June 17 Dec. 16 France (excl. retail banking) 31% 33% France (retail banking) 18% 17% Western Europe (excl. Italy) 14% 15% Italy 12% 11% North America 9% 9% Asia and Oceania (excl. Japan) 5% 5% Africa and Middle-East 4% 4% Japan 3% 2% Central and South America 2% 2% Eastern Europe 2% 2% TOTAL 100% 100% By business sector June 17 Dec. 16 Retail banking 28% 28% Non-market service / Public sector / Local authorities 15% 13% Energy 8% 8% Other non banking financial activities 7% 7% Banks 6% 6% Retail / Consumer goods 4% 2% Real estate 4% 4% Automotive 3% 4% Others 3% 3% Heavy industry 3% 3% Aerospace 3% 3% Agriculture and Food processing 3% 3% Construction 2% 3% Shipping 2% 3% Other transport 2% 2% Other industries 2% 2% Telecom 1% 2% Insurance 1% 1% Healthcare / pharmaceuticals 1% 1% IT 1% 1% Tourism / Hotels / Restaurants 1% 1% Total 100% 100% Breakdown of loans and receivables by business sector The breakdown of impaired loans and receivables by business sector is provided in Note 5.3 to the financial consolidated financial statements. Cost of risk The cost of risk of Crédit Agricole S.A. and its subisidiaries,and detailed operations affecting the cost of risk are provided in Note 3.8 to the consolidated financial statements. Market risk Risk management systems and market risk measurement and supervision methodology are specified on pages 223 to 229 of the 2016 Registration Document. 102

103 Main changes: Risk policy and management L organisation du dispositif de contrôle des risques de marché ainsi que les méthodologies de mesure de VaR n ont pas subi d évolution majeure au cours du premier semestre Exposure VaR Group VaR incorporates the impacts of diversification between the different Group entities. This mutualised VaR was 8 million at 30 June The change in VaR on the capital markets activities of Crédit Agricole S.A. between 31 December 2016 and 30 June 2017, broken down by major risk factor, is shown in the table below: Change in risk exposure of Crédit Agricole S.A.'s capital market activities VAR (99% - 1 day) m 1st January to 30 June Dec. 16 Minimum Maximum Average 30 June 17 Fixed income Credit Foreign exchange Equities Commodities Mutualised VaR for Crédit Agricole S.A N.B.: the VaR now includes the contribution made by CVA desk foreign exchange and interest rate hedges Stressed Var The stressed VaR is calculated on the scope of Crédit Agricole CIB. The table below shows the change in the regulatory stressed VaR on the capital market activities of Crédit Agricole CIB, between 31 December 2016 and 30 June 2017: Change in the stressed Var (99 %, one day) (in millions of euros) 30/06/2017 Minimum Maximum Average 31/12/2016 Stressed VaR of CA-CIB The stressed VaR was down in the first half of 2017, averaging 16 million versus 20 million in

104 Capital requirements related to the IRC (Incremental Risk Charge) IRC is calculated on the so-called linear (i.e. excluding correlation portfolio in run-off mode managed on a back-to-back basis) scope of Crédit Agricole Corporate and Investment Bank s positions. The table below shows the change in the IRC for the market activities of Crédit Agricole CIB between 31 December 2016 and 30 June 2017: (en millions d'euros) 30/06/2017 Minimum Maximum Moyenne 31/12/2016 IRC Capital requirements related to CVA The table below shows the change in the CVA for the market activities of Crédit Agricole CIB, between 31 December 2016 and 30 June 2017: (in millions of euros) 30/06/2017 Minimum Maximum Moyenne 31/12/2016 CVA Sensitive exposures based on the Financial Stability Board recommendations The following exposures correspond to Financial Stability Board recommendations. This information forms an integral part of the Crédit Agricole S.A. interim condensed consolidated financial statements at 30 June In this respect, it is covered by the Statutory Auditors report based on their partial audit of the halfyearly financial information. Summary schedule of exposures at 30 June 2017 En m Assets under loans and receivables Assets at fair value Accounting Gross Collective Gross Discount Net exposure category Discount Net exposure exposure provisions exposure RMBS (1) CMBS Unhedged super senior CDOs (2) Unhedged mezzanine CDOs Unhedged CLOs Protection acquired from monolines Protection acquired from CDPC Accounting category (3) (4) (1) Loans and receivables to credit institutions and to customers securities not listed on an active market (see Note 5.3 to the consolidated financial statements) (2) Loans and receivables to customers securities not listed on an active market (see Note 5.3 to the consolidated financial statements) (3) Financial assets at fair value through profit or loss bonds and other fixed income securities and derivatives (see Note 5.1 to the consolidated financial statements) (4) Financial assets at fair value through profit or loss derivative instruments (see Note 5.1 to the consolidated financial statements) 104

105 Asset and Liability management The organisation and management principles and the monitoring of asset and liability management are described pages 232 to 239 of the 2016 registration document. No significant change occurred in the first half of Operational risks A description of the system for the oversight and management of operational risk is given on pages 248 to 250 of the 2016 registration document. No significant change occurred in the first half of Legal risks The main legal and tax proceedings outstanding at Crédit Agricole S.A. and its fully consolidated subsidiaries are described in the 2016 management report. In respect of the exceptional events and the litigations displayed in this document, the only evolution to mention, in comparison to their version updated in the Update A-02 (31 March 2017), are in part «CIE case (Cheque Image Exchange)», last paragraph (postponement to 28 September 2017 of the decision of Paris Court of Appeal). «As a reminder, please note that the only evolution mentioned in the previous Update of the Registration Document (Update A-02, 31 March 2017) is related to the Euribor/Libor and other indexes litigation with the «Sullivan» class action». Strauss/Wolf/Faudem US citizens and members of their families who were victims of terrorist attacks attributed to Hamas and committed in Israel between 2001 and 2004 have brought proceedings against National Westminster Bank and Crédit Lyonnais before a New York court. They claim that these banks gave support to terrorists as they each kept an account opened (in 1990 in the case of Crédit Lyonnais) by a charity providing aid to Palestinians. The plaintiffs allege that the account was used to transfer funds to Palestinian entities accused of financing Hamas. The plaintiffs, who have not put a figure on the damages they have suffered, are claiming compensation for injury, anguish and emotional pain. As the matter and the proceedings currently stand, the plaintiffs have not provided proof that the charity was actually linked to terrorists, nor that Crédit Lyonnais was aware that its client could have been involved (if it were to be proven) in financing terrorism. The Court nonetheless demanded that this be demonstrated by the plaintiffs if they are to win their case. LCL vigorously denies the plaintiffs allegations. Under a ruling made on 28 February 2013, the judge issued a Summary Judgement referring LCL and the plaintiffs to a jury trial on the merits. In January 2014, the US Supreme Court ruled that the American courts cannot claim jurisdiction over foreign defendants that do not have a principal place of business in the territory of the United States. Accordingly, LCL filed a new motion in June 2014 seeking to establish that the American judge does not have jurisdiction 105

106 in this matter. On 31 March 2016, the court handling the case decided to partly allow LCL s motion, holding that it did not have general jurisdiction over LCL, a foreign corporation that did not have a principal place of business in the United States. However, the court held that it did have specific jurisdiction over the plaintiffs claims. A trial on the merits will now be held at an as yet unspecified date CIE case (Cheque Image Exchange) In March 2008, LCL and Crédit Agricole S.A. and ten other banks were served notice of grievances on behalf of the Conseil de la concurrence i.e. the French Competition Council (now the Autorité de la concurrence). They are accused of colluding to implement and apply interchange fees for cashing cheques, since the passage of the Cheque Image Exchange system, i.e. between 2002 and In the opinion of the Autorité de la concurrence, these fees constitute anti-competitive price agreements in the meaning of Articles 81 paragraph 1 of the treaty establishing the European Community and Article L of the French Commercial Code, and allegedly caused damage to the economy. In their defense, the banks categorically refuted the anticompetitiveness of the fees and contested the legality of the proceedings. In a decision published on 20 September 2010, the Autorité de la concurrence that the Cheque Image Exchange fee (CEIC) was anti-competitive by its very aim and that it artificially increased the costs borne by remitting banks, which resulted in an unfavourable impact on the prices of banking services. Concerning one of the fees for related services, the fee for cancellation of wrongly cleared transactions (AOCT), the Autorité de la concurrence called on the banks to revise their amount within six months of the notification of the decision. The accused banks were sanctioned for an overall amount of million. LCL and Crédit Agricole were respectively sentenced to pay 20.7 million and 82.1 million for the CEIC and 0.2 million and 0.8 million for the AOCT. All of the banks appealed the decision to the Paris Court of Appeal. By a decree of 23 February 2012, the Court overruled the decision, stating that the Autorité de la concurrence had not proven the existence of competition restrictions establishing the agreement as having an anti-competitive purpose. The Autorité de la concurrence filed an appeal with the Supreme Court on 23 March On 14 April 2015, the French Supreme Court (Cour de cassation) overruled the Paris Court of Appeal s decision dated 23 February 2012 and remanded the case to the Paris Court of Appeal with a change in the composition of the Court on the sole ground that the Paris Court of Appeal declared the UFC-Que Choisir and ADUMPE s interventions in the proceedings devoid of purpose without having considered their arguments. The Supreme Court did not rule on the merits of the case and Crédit Agricole has brought the case before the Paris Court of Appeal. The hearing before the Paris Court of Appeals was held on 3 and 4 November The decision was expected on 11 May 2017, but it has been postponed to 28 September Office of Foreign Assets Control (OFAC) In October 2015, Crédit Agricole S.A. and its subsidiary Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) reached agreements with the US and New York authorities that had been conducting 106

107 investigations regarding US dollar transactions with countries subject to US economic sanctions. The events covered by this agreement took place between 2003 and Crédit Agricole CIB and Crédit Agricole S.A., which cooperated with the US and New York authorities in connection with their investigations, have agreed to pay a total penalty amount of $787.3 million (i.e million). The payment of this penalty has been allocated to the pre-existing reserve that had already been taken and, therefore, has not affected the accounts for the second half of The agreements with the Board of Governors of the Federal Reserve System (Federal Reserve) and the New York State Department of Financial Services (NYDFS) are with CASA and Crédit Agricole CIB. The agreement with the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury is with Crédit Agricole CIB. Crédit Agricole CIB also entered into separate deferred prosecution agreements (DPAs) with the United States Attorney s Office for the District of Columbia (USAO) and the District Attorney of the County of New York (DANY), the terms of which are three years. The USAO and DANY have agreed to take no further action against Crédit Agricole CIB, CASA, or any of Crédit Agricole CIB s subsidiaries or affiliates regarding the conduct subject to this investigation if Crédit Agricole CIB complies with its obligations under the DPAs. Within the framework of the implementation of these agreements, Crédit Agricole continues to strengthen its internal procedures and its compliance programs regarding laws on international sanctions and will continue to cooperate fully with the US and New York authorities regarding this matter, with its home regulators, the European Central Bank and the French Regulatory and Resolution Supervisory Authority (ACPR), and with the other regulators across its worldwide network. Pursuant to the agreements with NYDFS and the US Federal Reserve, Crédit Agricole s compliance program will be subject to regular reviews to evaluate its effectiveness, including a review by an independent consultant who will be appointed by NYDFS for a term of one year and annual reviews by an independent consultant approved by the Federal Reserve. Euribor/Libor and other indexes Crédit Agricole S.A. and its subsidiary Crédit Agricole CIB, in their capacity as contributors to a number of interbank rates, have received requests for information from a number of authorities as part of investigations into: (i) the calculation of the Libor (London Interbank Offered Rates) in a number of currencies, the Euribor(Euro Interbank Offered Rate) and certain other market indices; and (ii) transactions connected with these rates and indices. These demands covered several periods from 2005 to As part of its cooperation with the authorities, Crédit Agricole S.A. and its subsidiary Crédit Agricole CIB carried out investigations in order to gather the information requested by the various authorities and in particular the American authorities the DOJ (Department of Justice) and CFTC (Commodity Future Trading Commission) with which they are in discussions. It is currently not possible to know the outcome of these discussions, nor the date when they will be concluded. Furthermore, Crédit Agricole CIB is currently under investigation opened by the Attorney General of the State of Florida on both the Libor and the Euribor. Following its investigation and an unsuccessful settlement procedure, on 21 May 2014, the European Commission sent a notification of grievances to Crédit Agricole S.A. and to Crédit Agricole CIB pertaining to agreements or concerted practices for the purpose and/or effect of preventing, restricting or distorting competition in derivatives related to the Euribor. In a decision dated 7 December 2016, the European Commission jointly fined Crédit Agricole S.A. and Crédit Agricole CIB 114,654,000 for participating in a cartel in euro interest rate derivatives. Crédit Agricole S.A. 107

108 and Crédit Agricole CIB are challenging this decision and have asked the European Court of Justice to overturn it. Additionally, the Swiss competition authority, COMCO, is conducting an investigation into the market for interest rate derivatives, including the Euribor, with regard to Crédit Agricole S.A. and several Swiss and international banks. Moreover, in June 2016 the South Korean competition authority (KFTC) decided to close the investigation launched in September 2015 into Crédit Agricole CIB and the Libor index on various currencies, Euribor and Tibor indices. The KFTC investigation into certain foreign exchange derivatives (ABS- NDF) is ongoing. Concerning the two class actions in the United States of America in which Crédit Agricole S.A. and Crédit Agricole CIB have been named since 2012 and 2013 along with other financial institutions, both as defendants in one ( Sullivan for the Euribor) and only Crédit Agricole S.A. as defendant for the other ( Lieberman for Libor), the Lieberman class action is at the preliminary stage that consists in the examination of its admissibility; proceedings are still suspended before the US District Court of New York State. Concerning the Sullivan class action, Crédit Agricole S.A. and Crédit Agricole CIB introduced a motion to dismiss the applicants claim. The US District Court of New York State upheld the motion to dismiss regarding Crédit Agricole SA and CA-CIB in first instance. This decision is subject to appeal. Since 1 July 2016, Crédit Agricole S.A. and Crédit Agricole CIB, together with other banks, are also party to a new class action suit in the United States ( Frontpoint ) relating to the SIBOR (Singapore Interbank Offered Rate) and SOR (Singapore Swap Offer Rate) indices. Crédit Agricole S.A. and Crédit Agricole CIB have filed a motion to dismiss. These class actions are civil actions in which the plaintiffs claim that they are victims of the methods used to set the Euribor, Libor, SIBOR and SOR rates, and seek repayment of the sums they allege were unlawfully received, as well as damages and reimbursement of costs and fees paid. AWSA II On 5 June 2015, action was brought against Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) in the Nanterre commercial court by Polish companies Autostrada Wielkopolska II SA (AWSA II) and Autostrada Wielkopolska SA (AWSA). On 30 August 2008, AWSA and the Polish Infrastructure Minister signed an Agreement for the Construction and Operation of section 2 of the A2 motorway in Poland. AWSA II, to which AWSA assigned the rights to this concession until March 2037, claims to have suffered financial loss caused by Crédit Agricole CIB due to way in which the transaction financing was structured and is claiming million zlotys (PLN) in damages, the equivalent of about million. At the 19 October 2016 hearing, thenanterre Commercial Court ordered a stay of proceedings pending the final decision of the Polish courts in the case between AWSA II and the company that audited the financial model. Bonds SSA Several regulators have demanded information to Crédit Agricole CIB for inquiries relative to activities of different banks involved on Bonds SSA market (Supranational, Sub-Sovereign and Agencies). Crédit Agricole S.A. and Crédit Agricole CIB are included with other banks in various consolidated class actions before the United States District Court for the Southern District of New York. Through the cooperation with these regulators, Crédit Agricole CIB has been proceeding to intern inquiries to gather the required information. This work will continue in It is not possible at this stage to predict the outcome of these investigations or class actions or the date on which they will end. 108

109 Switzerland/US Programme Within the framework of the agreement entered into between Switzerland and the United States of America in August 2013 that grants to the US authorities a right to investigate on the business behaviour of Swiss banks towards American taxpayers, Crédit Agricole Suisse, which accepted in December 2013 to participate in the US Tax Program, signed a Non-Prosecution Agreement with the US Department of Justice on 15 December Pursuant to this Non-Prosecution Agreement, Crédit Agricole Suisse paid a penalty of US$99,211,000. The payment of this penalty was fully covered by reserves. Crédit Agricole Switzerland has also taken the commitment to respect several obligations and to cooperate with the American authorities. Compliance risks The prevention and control of non-compliance risks are dealt with in the 2016 registration document page

110 Update of Crédit Agricole S.A. Group Pillar 3 Regulation (EU) No.575/2013 of 26 June 2013 requires relevant financial institutions (notably credit institutions and investment companies) to disclose quantitative and qualitative information on their risk management activities. Crédit Agricole S.A. Group s risk management system and exposure levels are presented in this section and in the section entitled Risk Factors. The Crédit Agricole S.A. Group has chosen to disclose its Pillar 3 Prudential information in a separate section from its Risk Factors in order to isolate the items that meet the regulatory publication requirements. The main objective of the Group s solvency management is to assess its own funds and verify at all times that the Group has sufficient own funds to cover the risks to which it is or could be exposed in view of its activities, thereby securing the Group s access to financial markets on the desired terms. To achieve this objective, the Group relies on an internal ICAAP (Internal Capital Adequacy and Assessment Process), which includes (i) measurements of regulatory capital and economic capital requirements and (ii) management of those requirements. 110

111 The ICAAP is developed in accordance with the interpretation of the main regulatory texts specified below (Basel agreements, guidelines of the European Banking Authority, prudential expectations of the European Central Bank). More specifically, it includes: governance of the management of share capital, adapted to the specificities of the Group s subsidiaries, that allows centralised and coordinated monitoring at the Group level; a measurement of regulatory capital requirements (Pillar 1); a measurement of economic capital requirements based on the risk identification process and valuation using an internal approach (Pillar 2); the management of regulatory capital, which is based on short-term and medium-term prospective measures, consistent with budgetary projections, on the basis of a central economic scenario; the management of ICAAP stress tests that aim to simulate the destruction of capital after a threeyear adverse economic scenario (see Chapter 5 of the registration document Different types of stress tests section ); the management of economic capital (see Part III "Measurement of the economic capital requirement" and; a qualitative ICAAP that formalizes in particular the major areas for risk management improvement. ICAAP is also an integrated process that interacts with the Group s other strategic processes (ILAAP, risk appetite, budget process, recovery plan, risk identification, etc.). The EDTF cross-reference table is presented in the consolidated report on Risk factors and Pillar 3 available on the website: 1. Regulatory background and scope 1.1. Scope of application of the capital requirements for the purposes of regulatory supervision The scope of application of capital requirements for the purposes of regulatory supervision is described on page 256 of the Crédit Agricole S.A Registration Document Regulatory scope Difference between the accounting and regulatory scopes of consolidation Entities consolidated for accounting purposes, but excluded from the regulatory scope of consolidation of credit institutions on a consolidated basis predominantly comprise insurance companies and several ad hoc entities that are equity-accounted for regulatory purposes. In addition, entities consolidated on an accounting basis using proportional consolidation at 31 December 2013 and now equity-accounted in accordance with IFRS 11, are still consolidated proportionally for regulatory purposes. Information on these entities and their consolidation method for accounting purposes is provided in the consolidated financial statements, Scope of consolidation at 30 June

112 TABLE 1 DIFFÉRENCES IN THE TREATMENT OF EQUITY INVESTMENTS BETWEEN THE ACCOUNTING AND PRUDNETIAL SCOPES Type of equity investment Accounting treatment Fully loaded Basel 3 regulatory treatment Subsidiaries with financial operations Jointly held subsidiaries with financial operations Subsidiaries with insurance operations Equity investments of over 10% with operations that are financial in nature Equity investments of 10% with financial or insurance operations ABCP business securitisation vehicles Fully consolidated Equity Accounted Fully consolidated Equity accounted Equity investments in credit institutions Equity investments and available-for-sale securities Full Full consolidation generating capital requirements for the subsidiary's operations. Proportionate consolidation. Regulatory treatment of these equity investments using equity accounting, since the Group is identified as being a financial conglomerate : CET1 instruments weighted at 370%, with EL equity at 2.4%; AT1 and T2 instruments deducted from the respective equity capital. In turn, as in the past, Crédit Agricole S.A. Group and Crédit Agricole Group are subject to additional capital requirements and capital adequacy ratios applying to financial conglomerates. Deduction of CET1 instruments from CET1, beyond an exemption threshold of 17.65% of CET1. This exemption threshold, applied after calculation of a 10% threshold, is common to the non-deducted portion of deferred tax assets that rely on future profitability arising from temporary differences. AT1 and T2 instruments deducted from the respective equity capital. Deduction of CET1, AT1 and T2 instruments, beyond an exemption threshold of 10% of CET1. Risk weighting of the equity-accounted value and commitments on these structures (liquidity facilities and letters of credit). In addition, please note that, in 2016, Crédit Agricole S.A. had finalised an operation to simplify its structure. This operation, called Eurêka, notably included the transfer of the 25% non-voting interest held by Crédit Agricole S.A. since its listing in 2001 in each Regional Bank (through cooperative investment certificates (Certificats coopératifs d investissement) and cooperative associate certificates (Certificats coopératifs d associés) to a company wholly owned by the Regional Banks. This transaction had resulted in the unwinding of the Switch guarantee mechanism that the Regional Banks had granted to Crédit Agricole S.A Regulatory framework (CRR/CRD 4) A summary of the major changes introduced by Basel 3 (CRR/CRD 4) compared with Basel 2 is described on page 258 and 259 of the Crédit Agricole S.A Registration Document Transitional implementation phase To facilitate compliance by credit institutions with the CRR/CRD 4, less stringent transitional provisions have been provided for, notably with the progressive introduction of new capital components: these less stringent provisions are described on page 259 of the Crédit Agricole S.A Registration Document. The phasing percentages are, as explained in the aforementioned document, amended on a yearly basis Minimum requirements The requirements with regard to Pillar 1 are ruled by the Regulation (EU) no. 575/2013 of the European Parliament and of the Council of 26 June 2013 (CRR). The legislator also fixes on a discretionary basis, the minimum requirements, within the framework of Pillar

113 Minimum requirements for Pillar 1 Capital ratios before buffers: the minimum phased-in CET1 requirements moved to 4.5% from Likewise, the minimum phased-in Tier 1 requirement rose to 6% in 2015 and for the following years (5.5% in 2014). Lastly, the minimum phased-in total capital requirement stood at 8% as in 2014, and remains at that level for the following years. Capital buffers are added to these ratios, to be applied progressively: the capital conservation buffer (2.5% of risk-weighted assets in 2019); the countercyclical buffer (in principle within a range of 0 to 2.5%): the buffer for the Group being an average weighted by exposure at default (EAD (1) ) of the buffers defined for each country in which the Group operates; the buffers for systemic risk (0 to 3% in general, up to 5% after agreement from the European Commission, and more exceptionally above that figure) and for Global Systemically Important Banks (G- SIB) (between 0% and 3.5%) or Other Financial Institutions (O-SII) (between 0% and 2%). These buffers are not cumulative, and in general, subject to exceptions, it is the highest that applies. Only Crédit Agricole Group is a systematic institution and has a buffer of 1% phased-in at 0.25% in 2016 and 0.50% in Crédit Agricole S.A. does not fall within these categories. These buffers come into force on an incremental basis from 2016 to 2019 (0% in 2015, 25% of the required buffer in 2016, 50% in 2017, etc.). When the countercyclical buffer rate is calculated by one of the national authorities, the application date is at least 12 months after the date of publication. The progressive increments above apply at the end of the 12-month advance notice period. At the end of June 2017, counter-cyclical buffers for Norway, Sweden and Hong Kong were recognised by the Financial Stability Board (FSB). These buffers must be covered by phased-in CET1. 1 er january Common Equity Tier % 4.5 % 4.5 % 4.5 % 4.5 % Tier 1 (CET1 + AT1) 6.0 % 6.0 % 6.0 % 6.0 % 6.0 % Tier 1 + Tier % 8.0 % 8.0 % 8.0 % 8.0 % Capital conservation buffer % % % 2.50 % Contracycal buffer (between 0 and 2.5 %) % 0.018% Systemic risk buffer (between 0 and 5 %) 0 % 0 % 0 % 0 % Minimum requirements with regard to Pillar 2 published on 21 December 2016 Crédit Agricole Group and Crédit Agricole S.A. have been notified by the European Central Bank (ECB) of the new minimum capital requirements following the results of the Supervisory Review and Evaluation Process (SREP). For 2017, the ECB is changing the methodology used, dividing the prudential requirement into two parts: a Pillar 2 Requirement (P2R). This requirement concerns each level of own funds and must be made up entirely of Common Equity Tier 1. Failure to comply with this requirement automatically results in restrictions on distributions (AT1 coupons, dividends, bonuses). Accordingly, this requirement is public; a Pillar 2 Guidance (P2G). At this stage, this requirement is not public. Crédit Agricole S.A. will therefore have to comply in 2017 with a consolidated minimum CET1 ratio of 7.27% phased in or 8.52% fully loaded. These levels include the requirements under Pillar 1, Pillar 2 P2R, the capital conservation buffer that is subject to phasing and the countercyclical buffer: ( 1 ) The exposure at default is the exposure amount in the event of default. It encompasses balance sheet assets plus a proportion of off-balance sheet commitments. 113

114 Phased-in Fully Loaded 12.02% 10.77% 7.27% 1.25% 0.02% 1.50% 8.52% 2.50% 0.02% 1.50% 1.25% 0.02% 1.50% 2.50% 0.02% 1.50% 8.00% 8.00% 4.50% 4.50% CET 1 Total capital CET 1 Total capital Pillar 1 P2 Requirement Contracycal buffer Capital conservation buffer At end june 2017, CET1 phased-in ratio was 12.5%. Crédit Agricole S.A. as the central body of Crédit Agricole Group fully benefits from the solidarity mechanism as well as internal flexibility on capital circulation within the very strongly capitalised Crédit Agricole Group. 2. Indicators and regulatory ratios 2.1 Solvency ratios The following table shows the regulatory capital of Crédit Agricole S.A. 114

115 (in millions of euros) 30/06/ /12/2016 Phased-in Fully loaded Phased-in Fully loaded Capital and reserves Group share (1) 50,478 50,769 49,727 50,554 (+) Minority interests (1) 2,643 2,181 2,575 1,951 (-) Prudent valuation (591) (591) (472) (472) (-) Deductions of goodwill and other intangible assets (15,052) (15,052) (15,074) (15,074) (-) Deferred tax assets that rely on future profitability not arising from temporary differences after deduction of the associated tax liabilities (-) Shortfall in adjustments for credit risk relative to expected losses under the internal ratings-based approach deducted from the CET1 (-) Amount exceeding the exemption threshold for CET1 instruments of financial stakes in w hich the institution ow ns a significant holding and of the deductible deferred tax assets that rely on future profitability arising from temporary differences (2) (38) (47) (32) (53) (239) (239) (179) (179) (342) (427) (251) (418) Transitional adjustments and other deductions applicable to CET1 capital 30 (8) 64 (7) COMMON EQUITY TIER 1 (CET1) 36,889 36,586 36,358 36,302 Equity instruments eligible as AT1 capital 5,292 5,292 5,616 5,616 Ineligible AT1 equity instruments qualifying under grandfathering clause 3, ,508 0 Tier 1 or Tier 2 instruments of entities operating mainly in the insurance sector in w hich the institution has a significant investment deducted from Tier 1 capital (411) (1) (808) 0 Transitional adjustments and other deductions (153) (74) (229) (75) ADDITIONAL TIER 1 CAPITAL 7,824 5,217 9,087 5,541 TIER 1 CAPITAL 44,713 41,803 45,445 41,843 Equity instruments and subordinated borrow ings eligible as Tier 2 capital 16,414 16,414 17,808 17,808 Ineligible equity instruments and subordinated borrow ings Surplus provisions relative to expected losses eligible under the internal ratings based approach and general credit risk adjustments under the standardised approach (3) Tier 2 instruments of entities operating mainly in the insurance sector in w hich the institution has a significant investment deducted from Tier 2 capital (3,693) (3,864) (3,231) (3,799) Transitional adjustments and other deductions (322) (279) (323) (240) TIER 2 CAPITAL 13,158 12,626 15,067 14,151 TOTAL CAPITAL 57,871 54,429 60,512 55,994 TOTAL RISK WEIGHTED ASSETS 293, , , ,740 CET1 ratio 12.5% 12.4% 12.1% 12.1% Tier 1 Ratio 15.2% 14.2% 15.1% 13.9% Total capital ratio 19.7% 18.5% 20.1% 18.6% (1) This line is detailed in the table below Reconciliation of accounting and regulatory capital. (2) Financial-sector CET1 instruments in w hich the institution holds a significant stake account for 4,128 million, and the deferred taxes that rely on future profitability arising from temporary differences amount to 578 million on a fully loaded basis as at 30 June (3) The transfer to Tier 2 of the surplus provisions relative to eligible expected losses determined in accordance w ith the internal ratings-based approach is limited to 0.6% of risk-weighted assets under IRB. In addition, general credit risk adjustments gross of tax effects may be included up to 1.25% of risk-weighted assets under the standardised approach. The fully loaded Common Equity Tier 1 (CET1) capital amounted to 36.6 billion at 30 June 2017, up 0.3 billion compared with year-end The non-recurring events that affected CET1 in the first half of 2017 firstly concern the Amundi capital increase intended to fund the acquisition of Pioneer Investments, Unicredit's asset management subsidiary (the acquisition will be finalised in the third quarter), and the disposal of Crédit Agricole S.A.'s entire holding in Eurazeo. The first transaction had an impact of billion on CET1. The disposal of Eurazeo generated a positive impact of 0.1 billion. For recurring changes (and so excluding Eurazeo), the retained prudential net income amounted to 1.2 billion. Details of residual changes are shown under detailed ratios categories. 115

116 The detail of fully loaded Common Equity Tier 1 (CET1) capital is as follows: capital and reserves on a fully loaded basis rose by 0.2 billion compared with 2016 year-end, to 50.8 billion, mainly due to retained prudential net income amounting to 1.3 billion ( 1.2 billion in recurring profit excluding the Eurazeo capital gain) and to the 0.1 billion impact of the acquisition of Pioneer Investments on the reserves. Conversely, the drop in unrealised gains and losses stood at 0.6 billion, translation adjustments, net of the foreign currency impact of AT1 issues, had a negative impact of 0.3 billion and AT1 coupons represented an expense of just over 0.2 billion for CET1; fully loaded non-controlling interests amounted to 2.2 billion, up 0.2 billion, mainly due to the effect of the acquisition of Pioneer Investments (for 0.2 billion); the deduction for prudent valuation amounted to 0.6 billion, up 0.1 billion; deductions of goodwill and other intangible assets were stable at 15.1 billion; deferred tax assets (DTA) which are dependent on future profitability related to tax loss carryforwards were stable and amounted to less than 0.1 billion; the provision deficit in relation to the expected loss on IRB exposures amounted to just over 0.2 billion at 30 June 2017, representing an increase of 0.1 billion from 31 December 2016; CET1 instruments of significant financial stakes (over 10%) were stable and amounted to 4.1 billion. They are the subject of an exemption threshold that exceeds 0.4 billion. Deferred tax assets (DTA) that rely on future profitability arising from temporary differences amounted to 0.6 billion at 30 June 2017, down 0.1 billion on 31 December The latter are subject to the calculation of an exemption threshold and are treated as risk-weighted assets and weighted at 250%. The phased-in Common Equity Tier 1 (CET1) capital stood at 36.9 billion at 30 June 2017, or 0.3 billion higher than the fully loaded amount. In summary, the negative impact from the 0.3 billion phasing on unrealized capital gains and losses was offset by the positive impact of the reinstatement of non-controlling interests of 0.5 billion and of the phasing of the exemption threshold of 0.1 billion. Fully loaded Tier 1 capital came in at 41.8 billion, unchanged from 31 December 2016, with additional Tier 1 capital down 0.3 billion. This change was attributable to: the hybrid securities included in Tier 1 capital eligible under Basel 3, which amounted to 5.3 billion, down 0.3 billion due to an unfavourable foreign currency impact; the entire stock prior to 1 January 2014, or 3.1 billion, was ineligible; the deductions include the redemption ceiling for AT1 instruments of 0.1 billion, unchanged from 31 December Phased-in Tier 1 capital amounted to 44.7 billion and was down 0.7 billion on 31 December 2016 with additional Tier 1 capital down 1.3 billion. This change comprises the fully loaded changes detailed above and the phased-in changes. The latter was mainly attributable to: "grandfathered" securities, which fell by 1.4 billion, mainly due to partial redemptions of 1.3 billion in the context of a liability management transaction and a negative foreign currency impact of 0.1 billion. The total amount of grandfathered securities thus remains below the level authorised by the grandfathering provision, which makes it possible to include, in addition to the CRR/CRD 4-eligible instruments, an amount of debt equivalent to a maximum of 50% of the base at 31 December 2012; subordinated loans and receivables from credit institutions and insurance companies, all representative of Tier 2 instruments, which are deducted for their share of the deduction from Tier 1. This item, impacted by the change in the phasing percentage, amounted to 0.4 billion at 30 June 2017, representing a decrease of 0.4 billion from 31 December

117 Fully loaded Tier 2 capital amounted to 12.6 billion, down 1.5 billion from 31 December This change was attributable to: the hybrid securities included in category 2 capital eligible under Basel 3, which amounted to 16.4 billion, or 1.4 billion lower than at 31 December A number of redemptions were completed in the half year, amounting to 0.5 billion. Regulatory haircuts had an impact of 0.7 billion, and the foreign exchange impact was negative to the tune of 0.2 billion; surplus provisions relative to expected losses under the internal ratings-based approach and adjustments for the gross general credit risk of tax effects under the standardised approach was stable at 0.4 billion at 30 June 2017; subordinated loans and receivables from credit institutions and insurance companies, all representative of Tier 2 instruments, were deducted in full from Tier 2 in the amount of 3.9 billion on a fully loaded basis, up nearly 0.1 billion on 31 December 2016; the other deductions now include a deduction from the redemption ceiling for Tier 2 instruments of 0.3 billion, unchanged from 31 December 2016; Phased-in Tier 2 capital was 13.2 billion, down 1.9 billion from 31 December This change comprises the fully loaded changes above and the phased-in changes. The latter was mainly attributable to: 0.4 billion of non-eligible instruments, unchanged from 31 December 2016; subordinated loans and receivables from credit institutions and insurance companies, for their share allocated as a Tier 2 deduction, which amounted to 3.7 billion, an increase of 0.5 billion on 31 December 2016, due mainly to the change in the phasing percentage. In all, fully loaded total capital at 30 June 2017 stood at 54.4 billion, down 1.6 billion on 31 December At 57.9 billion, phased-in total capital was 2.6 billion lower than at 31 December This regulatory capital does not take into account the non-preferred senior debt issues that are discussed in paragraph 2.4. MREL/TLAC ratio. 2.2 Ratio conglomérat The conglomerate ratio is defined in the 2016 Crédit Agricole S.A. annual report on page 270. As of 30 june 2017, the conglomerate ratio of Crédit Agricole S.A. based on Solvency 2 adequacy was 204% on a phased-in basis, a level far above the required 100%. The group therefore has more than twice the level of capital minimum requirements for both banking and insurance activities. 2.3 Ratio de levier Leverage ratio calculation and publication method is defined in the 2016 Crédit Agricole S.A. annual report on page 270. As of 30 june 2017, the leverage ratio of Crédit Agricole S.A. was 4.7% based on a phased-in Tier As defined in the Delegated Act. Subject to ECB autorisation, assumption of exemption of intragroup transactions with an impact of +120 bps 117

118 CRR leverage ratio exposures 1 On-balance sheet items (excluding derivatives, SFT) 945,005 2 (Asset amounts deducted in determining Tier 1 capital) (17 572) 3 Total on-balance sheet exposures (excluding derivatives, SFTs and fiduciary assets) (sum of lines 1 and 2) 927,433 Derivative exposures 4 Replacement cost associated with all derivatives transactions (ie net of eligible cash variation margin) 16,177 5 Add-on amounts for PFE associated w ith all derivatives transactions (mark-to-market method) 30,833 5a Exposure determined under Original Exposure Method 0 6 Gross-up for derivatives collateral provided w here deducted from the balance sheet assets pursuant to the applicable accounting framew ork 3,841 7 (Deductions of receivables assets for cash variation margin provided in derivatives transactions) (19 383) 8 (Exempted CCP leg of client-cleared trade exposures) (1 419) 9 Adjusted effective notional amount of w ritten credit derivatives 16, (Adjusted effective notional offsets and add-on deductions for w ritten credit derivatives) (11 048) 11 Total derivative exposures (sum of lines 4 to 10) 35,070 Securities financing transaction exposures 12 Gross SFT assets (with no recognition of netting), after adjusting for sales accounting transactions 315, (Netted amounts of cash payables and cash receivables of gross SFT assets) ( ) 14 Counterparty credit risk exposure for SFT assets 5,882 14a Derogation for SFTs: Counterparty credit risk exposure in accordance w ith Article 429ter and 222 of Regulation (EU) No 575/ Agent transaction exposures 15a (Exempted CCP leg of client-cleared SFT exposure) 16 Total securities financing transaction exposures (sum of lines 12 to 15a) 154,277 Other off-balance sheet exposures 17 Off-balance sheet exposures at gross notional amount 260, (Adjustments for conversion to credit equivalent amounts) ( ) 19 Other off-balance sheet exposures (sum of lines 17 to 18) 141,109 Exempted exposures in accordance with CRR Article 429 (7) and (14) (on and off balance sheet) 19a (Exemption of intragroup exposures (solo basis) in accordance with Article 429(7) of Regulation (EU) No 575/2013 (on and off balance sheet)) ( ) 19b (Exposures exempted in accordance w ith Article 429 (14) of Regulation (EU) No 575/2013 (on and off balance sheet)) Capital and total exposures 20 Tier 1 capital 44, Total leverage ratio exposures (sum of lines 3, 11, 16, 19, EU-19a and EU-19b) 946,671 Leverage ratio 22 Leverage ratio 4.72% Choice on transitional arrangements and amount of derecognised fiduciary items 23 Choice on transitional arrangements for the definition of the capital measure Transitory 24 Amount of derecognised fiduciary items in accordance w ith Article 429(11) of Regulation (EU) NO 575/

119 Applicable Amounts 1 Total assets as per published financial statements Adjustment for entities w hich are consolidated for accounting purposes but are outside the scope of regulatory consolidation ( ) 3 Table LRSum: Summary reconciliation of accounting assets and leverage ratio exposures (Adjustment for fiduciary assets recognised on the balance sheet pursuant to the applicable accounting framew ork but excluded from the leverage ratio exposure measure in accordance w ith Article 429(13) of Regulation (EU) No 575/2013 ''CRR'') 4 Adjustments for derivative financial instruments ( ) 5 Adjustments for securities financing transactions''sfts'' 33,101 6 Adjustment for off-balance sheet items (ie conversion to credit equivalent amounts of off-balance sheet exposures) 141,109 6a (Adjustment for intragroup exposures excluded from the leverage ratio exposure measure in accordance w ith Article 429 (7) of Regulation (EU) No 575/2013) ( ) 6b (Adjustment for exposures excluded from the leverage ratio exposure measure in accordance w ith Article 429 (14) of Regulation (EU) No 575/2013) 0 7 Other adjustments (17 572) 8 Total leverage ratio exposure 946,671 et exposures (excluding derivatives and SFTs) CRR leverage ratio exposures 1 Total on-balance sheet exposures (excluding derivatives, SFTs, and exempted exposures), of w hich: 641,869 2 Trading book exposures 8,106 3 Banking book exposures, of w hich: 633,764 4 Covered bonds 4,629 5 Exposures treated as sovereigns 160,828 6 Exposures to regional governments, MhB, international organisations and PSE NOT treated as sovereigns 1,693 7 Institutions 41,953 8 Secured by mortgages of immovable properties 5,808 9 Retail exposures 163, Corporate 175, Exposures in default 13, Other exposures (eg equity, securitisations, and other non-credit obligation assets) 66,

120 Table LRQua: Free text fields for declaring qualitative elements 1 Description of the procedures used to manage the risk of excessive leverage The leverage ratio is not sensitive to risk factors and, on this basis, it is considered to be a measurement that supplements the solvency and liquidity risk management system (solvency ratio/resolution ratio) already limiting the size of the balance sheet. Within the framework of monitoring excessive leverage, controls at Group level set limits on the size of the balance sheet for some businesses that use few riskweighted assets. 2 Description of factors which had an impact on the leverage ratio during the period to which the leverage ratio reported by the institution relates 2.4 MREL/TLAC RATIO MREL ratio The MREL ratio and its application by the Crédit Agricole Group are described on page 266 of the Crédit Agricole S.A Registration Document. Since September 2015, Crédit Agricole Group has already reached an MREL ratio of 8% excluding preferred senior debt, which, in the event of resolution, would enable recourse to the European resolution fund before applying the bail-in to preferred senior debt, creating an additional level of protection for preferred senior investors. Crédit Agricole Group, like Crédit Agricole S.A., will be subject to a MREL target defined by the resolution authority, which could be different from the target goal of 8% retained by the Group. The Group had set itself the objective of reaching the ratio of 8% excluding preferred senior debt by the end of In 2016, the CRU only sent the Group an indicative MREL target, which included potentially eligible preferred senior debt (1), which is non-binding at the consolidated level. By the end of 2017, the CRU could set a MREL requirement for the Group at the consolidated level and take its first MREL decisions at the individual level. At 30 June 2017, Crédit Agricole Group posted a MREL ratio estimated at 8.5% excluding potentially eligible preferred senior debt. TLAC ratio The TLAC ratio and its application by the Crédit Agricole Group are described on page 266 of the Crédit Agricole S.A Registration Document. Crédit Agricole Group must comply with a TLAC ratio in excess of 19.5% (including a capital conservation buffer of 2.5% and a G-SIB buffer of 1%) from 2019, then 21.5% from Crédit Agricole Group aims to comply with these TLAC requirements, excluding eligible preferred senior debt, subject to changes in methods of calculating risk-weighted assets. At 30 June 2017, the TLAC ratio relative to risk weighted assets was estimated at 20.8% (1) for the Crédit Agricole Group, not including eligible preferred senior debt. ( 1 ) Estimate based on our current understanding of the texts. 120

121 3. Composition and change in regulatory capital 3.1 COMPOSITION OF CAPITAL Ow n funds disclosure as of 30 June 2017 Numbering (Phased-in) (in millions of euros) Phased-in Fully-loaded Common Equity Tier 1 capital : instruments and reserves 1 Capital instruments and the related share premium accounts 20,767 20,767 of w hich : Crédit Agricole S.A. shares 20,767 20,767 of w hich : Regional Banks' mutual shares (CCI/CCA) - - of w hich : Local Banks' mutual shares Retained earnings Accumulated other comprehensive income (and other reserves, to include unrealised gains and losses under the applicable accounting standards) 30 JUNE ,335 29,335 3a Funds for general banking risk Amount of qualifying items referred to in Article 484 (3) and the related share premium accounts subject to phase out from CET1 - - Public sector capital injections grandfathered until 1 January Minority interests (amount allow ed in consolidated CET1) 2,534 2,045 5a 6 Independently review ed interim profits net of any foreseeable charge or dividend Common Equity Tier 1 (CET1) capital before regulatory adjustments Common Equity Tier 1 capital : regulatory adjustments ,637 52,148 7 Additional value adjustments (negative amount) Intangible assets (net of related tax liability) (negative amount) - 15,052-15,052 9 Empty set in the EU Deferred tax assets that rely on future profitability excluding those arising from temporary differences (net of related tax liability w here the conditions in Article 38 (3) are met) (negative amount) Fair value reserves related to gains or losses on cash flow hedges Negative amounts resulting from the calculation of expected loss amounts Any increase in equity that results from securitised assets (negative amount) Gains or losses on liabilities valued at fair valur resulting from changes in ow n credit standing Defined-benefit pension fund assets (negative amount) Direct and indirect holdings by an institution of ow n CET1 instruments (negative amount) Holdings of the CET1 instruments of financial sector entities w here those entities have reciprocal cross holdings w ith the institution designed to inflate artificially the ow n funds of the institution (negative amount) Direct and indirect holdings by the institution of the CET1 instruments of financial sector entities w here the institution does not have a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) Direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities w here the institution has a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) Empty set in the EU

122 Numbering (Phased-in) 20a 20b (in millions of euros) Phased-in Fully-loaded Exposure amount of the follow ing items w hich qualify for a RW of 1250%, w here the institution opts for the deduction alternative of w hich: qualifying holdings outside the financial sector (negative amount) c of w hich: securitisation positions (negative amount) d of w hich: free deliveries (negative amount) Deferred tax assets arising from temporary differences (amount above 10% threshold, net of related tax liability w here the conditions in Article 38 (3) are met) (negative amount) Amount exceeding the 15% threshold (negative amount) of w hich: direct and indirect holdings by the institution of the CET1 instruments of financial sector entities w here the institution has a significant investment in those entities Empty set in the EU of w hich: deferred tax assets arising from temporary differences a Losses for the current financial year (negative amount) b Foreseeable tax charges relating to CET1 items (negative amount) a 26b Regulatory adjustments applied to Common Equity Tier 1 in respect of amounts subject to pre-crr treatment Regulatory adjustments relating to unrealised gains and losses pursuant to Articles 467 and Of w hich: unrealised gains (phase out) Of w hich: unrealised losses (phase out) - - Of w hich: unrealised gains linked to exposures to central administrations (phase out) Of w hich: unrealised losses linked to exposures to central administrations (phase out) Amount to be deducted from or added to Common Equity Tier 1 capital w ith regard to additional filters and deductions required pre CRR Qualifying AT1 deductions that exceed the AT1 capital of the institution (negative amount) Total regulatory adjustments to Common Equity Tier 1 (CET1) ,274-17, Common Equity Tier 1 (CET1) capital 35,362 34,994 Additional Tier 1 (AT1) capital: instruments 30 Capital instruments and the related share premium accounts 5,292 5, of w hich: classified as equity under applicable accounting standards 5,292 5, of w hich: classified as liabilities under applicable accounting standards Amount of qualifying items referred to in Article 484 (4) and the related share premium accounts subject to phase out from AT , Public sector capital injections grandfathered until 1 January Qualifying Tier 1 capital included in consolidated AT1 capital (including minority interests not included in row 5) issued by subsidiaries and held by third parties of w hich: instruments issued by subsidiaries subject to phase out Additional Tier 1 (AT1) capital before regulatory adjustments 8,389 5,

123 Numbering (Phased-in) (in millions of euros) Phased-in Fully-loaded Additional Tier 1 (AT1) capital: regulatory adjustments Direct and indirect holdings by an institution of ow n AT1 instruments (negative amount) Holdings of the AT1 instruments of financial sector entities w here those entities have reciprocal cross holdings w ith the institution designed to inflate artificially the ow n funds of the institution (negative amount) Direct and indirect holdings by the institution of the AT1 instruments of financial sector entities w here the institution does not have a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) Direct and indirect holdings by the institution of the AT1 instruments of financial sector entities w here the institution has a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) Regulatory adjustments applied to Additional Tier 1 in respect of amounts subject to pre-crr treatment and transitional treatments subject to phase out as prescribed in Regulation (EU) No 575/2013 (i.e. CRR residual amounts) a 41b Residual amounts deducted from Additional Tier 1 capital w ith regard to deduction from Common Equity Tier 1 capital during the transitional period pursuant to article 472 of Regulation (EU) No 575/2013 Residual amounts deducted from Additional Tier 1 capital w ith regard to deduction from Tier 2 capital during the transitional period pursuant to article 475 of Regulation (EU) No 575/ c Amount to be deducted from or added to Additional Tier 1 capital w ith regard to additional filters and deductions required pre CRR Qualifying T2 deductions that exceed the T2 capital of the institution (negative amount) Total regulatory adjustments to Additional Tier 1 (AT1) capital Additional Tier 1 (AT1) capital 7,809 5, Tier 1 capital (T1=CET1+AT1) 43,171 40,211 Tier 2 (T2) capital: instruments and provisions 46 Capital instruments and the related share premium accounts 16,414 16, Amount of qualifying items referred to in Article 484 (5) and the related share premium accounts subject to phase out from T Public sector capital injections grandfathered until 1 January Qualifying ow n funds instruments included in consolidated T2 capital (including minority interests and AT1 instruments not included in row s 5 and 34) issued by subsidiaries and held by third parties of w hich: instruments issued by subsidiaries subject to phase out Credit risk adjustments Tier 2 (T2) capital before regulatory adjustments 17,174 16,

124 Numbering (Phased-in) (in millions of euros) Phased-in Fully-loaded Tier 2 (T2) capital: regulatory adjustments Direct and indirect holdings by an institution of ow n T2 instruments and subordinated loans (negative amount) Holdings of the T2 instruments and subordinated loans of financial sector entities w here those entities have reciprocal cross holdings w ith the institution designed to inflate artificially the ow n funds of the institution (negative amount) Direct and indirect holdings by the institution of the T2 instruments and subordinated loans of financial sector entities w here the institution does not have a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount) a Of w hich new holdings not subject to transitional arrangements b Of w hich holdings existing before 1 January 2013 and subject to transitional arrangements - - Direct and indirect synthetic holdings by the institution of the T2 instruments and subordinated loans of financial sector entities w here - the institution has a significant investment in those entities (net of 3,864-3,864 eligible short positions) (negative amount) Regulatory adjustments applied to Tier 2 in respect of amounts subject to pre-crr treatment and transitional treatments subject to phase out as prescribed in Regulation (EU) No 575/2013 (i.e. CRR residual amounts) 56a Residual amounts deducted from Tier 2 capital w ith regard to deduction from Common Equity Tier 1 capital during the transitional period pursuant to article 472 of Regulation (EU) No 575/ b Residual amounts deducted from Tier 2 capital w ith regard to deduction from Additional Tier 1 capital during the transitional period pursuant to article 475 of Regulation (EU) No 575/ c Amount to be deducted from or added to Tier 2 capital w ith regard to additional filters and deductions required pre CRR Total regulatory adjustments to Tier 2 (T2) capital - 4,030-4, Tier 2 (T2) capital 13,144 12, Total capital (TC=T1+T2) 56,315 52,837 59a Risk w eighted assets in respect of amounts subject to pre- CRR treatment and transitional treatments subject to phase out as prescribed in Regulation (EU) No 575/2013 (i.e. CRR residual amounts) 14,179 14,179 Of w hich: CET1 instruments of financial sector entities not deducted from CET1 (Regulation (EU) No 575/2013 residual amounts) 12,607 12,607 Of w hich: Deferred tax assets that rely on future profitability and arising from temporary differences not deducted from CET1 (Regulation (EU) No 575/2013 residual amounts) Of w hich: AT1 instrument of financial sector entities not deducted from AT1 (Regulation (EU) No 575/2013 residual amounts) Of w hich: Tier 2 instrument of financial sector entities not deducted from Tier 2 (Regulation (EU) No 575/2013 residual amounts) 1,444 1, Total risk w eighted assets 293, ,

125 Numbering (Phased-in) Capital ratios and buffers (in millions of euros) Phased-in Fully-loaded 61 Common Equity Tier 1 (as a percentage of risk exposure amount) 12.04% 11.92% 62 Tier 1 (as a percentage of risk exposure amount) 14.70% 13.70% 63 Total capital (as a percentage of risk exposure amount) 19.18% 18.00% 64 Institution specific buffer requirement (CET1 requirement in accordance w ith article 92 (1) (a) plus capital conservation and countercyclical buffer requirements, plus systemic buffer, plus the systemically important institution buffer (G-SII or O-SII buffer), expressed as a percentage of risk exposure amount) 1.27% 2.52% 65 of w hich: capital conservation buffer requirement 1.25% 2.50% 66 of w hich: countercyclical buffer requirement 0.02% 0.02% 67 of w hich: systemic risk buffer requirement 0.00% 0.00% 67a of w hich: Global Systemically Important Institution (G-SII) or Other Systemically Important Institution (O-SII) buffer 0.00% 0.00% 68 Common Equity Tier 1 available to meet buffers (as a percentage of risk exposure amount) 7.54% 7.42% 69 [non relevant in EU regulation] [non relevant in EU regulation] [non relevant in EU regulation] - - Amounts below the thresholds for deduction (before risk w eighting) Direct and indirect holdings of the capital of financial sector entities w here the institution does not have a significant investment in those entities (amount below 10% threshold and net of eligible short positions) Direct and indirect holdings by the institution of the CET1 instruments of financial sector entities w here the institution has a significant investment in those entities (amount below 10% threshold and net of eligible short positions) 1,562 1,562 3,557 3, Empty set in the EU Deferred tax assets arising from temporary differences (amount below 10% threshold, net of related tax liability w here the conditions in Article 38 (3) are met) Applicable caps on the inclusion of provisions in Tier Credit risk adjustments included in Tier 2 in respect of exposures subject to standardized approach (prior to the application of the cap) Cap on inclusion of credit risk adjustments in T2 under standardized approach Credit risk adjustments included in Tier 2 in respect of exposures subject to internal ratings-based approach (prior to the application of the cap) Cap on inclusion of credit risk adjustments in T2 under internal ratingsbased approach Capital instruments subject to phase-out arrangements (only applicable between 1 Jan 2013 and 1 Jan 2022) 1,085 1, Current cap on CET1 instruments subject to phase out arrangements Amount excluded from CET1 due to cap (excess over cap after redemptions and maturities) Current cap on AT1 instruments subject to phase out arrangements 4, Amount excluded from AT1 due to cap (excess over cap after redemptions and maturities) Current cap on T2 instruments subject to phase out arrangements 2, Amount excluded from T2 due to cap (excess over cap after redemptions and maturities)

126 Tier 1 Capital This includes Common Equity Tier 1 (CET1) and Additional Tier 1 capital (AT1): Common Equity Tier 1 (CET1) The definition of CET1 is given on page 268 of the Crédit Agricole S.A Registration Document. Fonds propres additionnels de catégorie 1 (AT1) Additional Tier 1 capital eligible on a fully loaded basis under Basel 3 The definition of fully loaded AT1 capital eligible under Basel 3 is given on page 268 of the Crédit Agricole S.A Registration Document. The five Basel 3 eligible AT1 issues have two bail-in mechanisms that are triggered if: Crédit Agricole S.A. Group s phased-in CET1 ratio drops below 5.125%; Crédit Agricole Group s phased-in CET1 ratio falls below 7%. At 30 June 2017, the phased-in ratios of Crédit Agricole S.A. and of Crédit Agricole Group were 12.5% and 15.0% respectively. Thus, they represent capital buffers of 21.8 billion (for Crédit Agricole S.A. s threshold) and 41.5 billion (for Crédit Agricole Group s threshold) relative to the bail-in thresholds. At 30 June 2017, there were no applicable restrictions on the payment of coupons. At 30 June 2017, the potentially distributable items of Crédit Agricole S.A. totalled 38.1 billion, including 25.9 billion in distributable reserves and 12.2 billion in share premiums. Additional Tier 1 capital eligible on a phased-in basis During the transitional phase, the amount of Tier 1 included in the ratios represents: additional Tier 1 capital eligible under Basel 3 (AT1); and a fraction of the ineligible Tier 1, equal to the lower of: the regulatory amount of ineligible Tier 1 instruments on the closing date (after amortisation, any calls, redemptions, etc.), including preferred shares, 50% (threshold for 2017) of the Tier 1 stock at 31 December The Tier 1 stock at 31 December 2012 stood at 9,329 million, with a maximum possible amount of 4,665 million being recognised. The amount of Tier 1 capital exceeding this regulatory threshold is included in phased-in Tier 2, up to the regulatory threshold applicable to Tier 2. Tier 2 Capital The definition of Tier 2 capital is given on page 268 of the Crédit Agricole S.A Registration Document. The subordinated debt is presented below with the distinction existing at 31 December 2013 between undated subordinated debt and participating securities, on the one hand, and dated subordinated notes, on the other hand. The amount of Tier 2 included in the ratios represents: on a fully loaded basis: CRD 4 eligible Tier 2; on a phased-in basis: CRD 4 eligible Tier 2, plus the lower of: regulatory ineligible Tier 2 securities at the closing date and, as applicable, the remainder of Tier 1 securities exceeding the 50% threshold (threshold for 2017) of ineligible Tier 1 securities, 50% (threshold for 2017) of the CRD 4 ineligible Tier 2 stock at 31 December The CRD 4 ineligible Tier 2 stock at 31 December 2012 stood at 4,118 million, or a maximum recognisable amount of 2,059 million. The detailed characteristics of Common Equity Tier 1 capital, components of Additional Tier 1 capital and components of Tier 2 Capital are available on the website: under the heading Pillar 3 and other regulatory information. 126

127 3.2 RECONCILIATION OF ACCOUNTING AND REGULATORY CAPITAL (in millions of euros) Phased-in Fully loaded Phased-in Fully loaded Equity, Group share (carrying amount) 57,371 57,371 58,277 58,277 Expected dividend payment on result of year Y (973) (973) (1,716) (1,716) Filtered unrealised gains/(losses) on change in ow n credit risk on structured products Filtered unrealised gains/(losses) on change in ow n credit risk on derivatives 30/06/ /12/ (17) (22) (41) (69) Filtered unrealised gains/(losses) on cash flow hedges (463) (463) (578) (578) Transitional regime applicable to unrealised gains/(losses) (298) 0 (859) 0 AT1 instruments included in equity (carrying amount) (5,011) (5,011) (5,011) (5,011) Other regulatory adjustments (459) (461) (564) (568) Capital and reserves Group share (1) 50,478 50,769 49,727 50,554 Minority interests (carrying amount) 6,472 6,472 5,661 5,661 (-) items not recognised under regulatory framew ork (2) (3,829) (4,291) (3,086) (3,710) Minority interests (1) 2,643 2,181 2,575 1,951 (-) Prudent valuation (591) (591) (472) (472) Deductions of goodwill and other intangible assets (15,052) (15,052) (15,074) (15,074) Deferred tax assets that rely on future profitability not arising from temporary differences Shortfall in adjustments for credit risk relative to expected losses under the internal ratings-based approach deducted from the CET1 Amount exceeding the exemption threshold for CET1 instruments of financial stakes in w hich the institution ow ns a significant holding and of the deductible deferred tax assets that rely on future profitability arising from temporary differences (38) (47) (32) (53) (239) (239) (179) (179) (342) (427) (251) (418) Other CET1 components 30 (8) 64 (7) Total CET1 36,889 36,586 36,358 36,302 AT1 equity instruments (including preferred shares) 8,388 5,292 10,124 5,616 Tier 1 or Tier 2 instruments of financial-sector entities in w hich the institution holds a significant investment deducted fromtier 1 capital (411) (1) (808) 0 Transitional adjustments and deductions (116) (74) (159) (75) Other components of Tier 1 capital (37) 0 (70) 0 Total Additional Tier 1 7,824 5,217 9,087 5,541 TOTAL TIER 1 44,713 41,803 45,445 41,843 Tier 2 equity instruments 16,818 16,414 18,239 17,808 Surplus provisions relative to expected losses eligible under the internal ratings based approach General credit risk adjustments under the standardised approach Tier 2 instruments of entities operating mainly in the insurance sector in which the institution has a significant investment deducted from Tier 2 capital (3,693) (3,864) (3,231) (3,799) Transitional adjustments and deductions (322) (279) (323) (240) Total Tier 2 13,158 12,626 15,067 14,151 Total capital 57,871 54,429 60,512 55,994 (1) This item can be found in the table of ratios, section Indicators and regulatory ratios, item 1: solvency ratio. (2) Of w hich 1.7 billion of hybrid securities issued by Crédit Agricole Assurances. 127

128 3.3 MEASUREMENT OF THE ECONOMIC CAPITAL REQUIREMENT See p.271 of the annual report of Crédit Agricole S.A. 3.4 CHANGE IN REGULATORY CAPITAL IN THE FIRST HALF OF 2017 Phased-in : (en millions d'euros) 30/06/2017 vs 31/12/2016 Common Equity Tier 1 capital at 31/12/ ,358 Capital increase (payment of the dividend in non-group shares in respect of year n-1 earnings) and capital increase Accounting attributable net income/loss for the year before dividend 1,918 Expected dividend (972) Change in unrealised gains and losses (1) (34) Foreign currency impact (341) Minority interests (1) 68 Change in goodwill and other intangible assets 22 Shortfall in adjustments for credit risk relative to expected losses under the internal ratingsbased approach deducted from the CET1 Amount exceeding the exemption threshold (1) (91) Other regulatory adjustments 21 Common equity Tier 1 capital at 30/06/ ,889 Additional Tier 1 capital at 31/12/2016 9,087 Issues 0 Redemptions and foreign currency impact on the debt stock (2) (1,736) Change in the regulatory adjustments to Additional Tier 1 capital 473 Additional Tier 1 capital at 30/06/2017 7,824 Tier 1 capital at 30/06/ ,713 Tier 2 capital at 31/12/ ,067 Issues 0 Redemptions and foreign currency impact on the debt stock(2)(3) (1,421) Change in the regulatory adjustments to Tier 2 capital (488) Tier 2 capital at 30/06/ ,158 Total capital at 30/06/ ,871 (1) including the impact of the change in the phasing percentage (2) including the impact of deductions of AT1 and T2 repruchase instruments and the applicable cap to these instruments (3) Tier 2 instruments are subject to a haircut during the 5-years prior to their maturity date 0 (60) 128

129 Composition and changes in risk weighted assets The risk-weighted assets in respect of credit risk, market risk and operational risk were 294 billion at 30 June 2017 compared with billion at 31 December I. Risk weighted assets by type of risks RWA Minimum capital requirements (in millions of euros) 30/06/ /12/ /06/2017 Credit risk (excluding counterparty credit risk) (CCR) 227, ,731 18,184 of w hich standardised approach (SA) 93,365 92,757 7,469 of w hich the foundation IRB (FIRB) approch 21,873 21,284 1,750 of w hich the advance IRB (AIRB) approch 92,353 94,824 7,388 of which Equity IRB under the Simple risk- weight or the internal models approach 19,714 21,866 1,577 Counterparty credit risk 17,966 20,267 1,437 of w hich Marked to market 6,404 5, of which original exposure of w hich standardised approach for counterparty credit risk of which internal model method (IMM) 7,959 10, of which: Risk exposure amount for contributions to the default fund of a CCP of w hich: CVA 3,240 3, Settlement risk Securitisation exposures in banking book (after cap) 5,678 5, of w hich IRB ratings-based approach (RBA) 1,528 1, of w hich IRB Supervisory Formula Approach (SFA) 1,176 1, of which Internal assessment approach (IAA) 2,570 2, of w hich Standardised approach (SA) Market risk 6,775 7, of w hich standardised approach (SA) of which internal model approaches (IM) 5,791 6, Large exposures Operational risk 27,682 27,548 2,215 of w hich Basic Indicator Approach of w hich Standardised Approach 5,655 5, of w hich Advanced Measurement Approach 22,027 22,124 1,762 Amounts below the thresholds for deduction (subject to 250% risk weight) 8,561 8, Floor adjustment Total 293, ,740 23,517 II. Risk weighted assets by business line 30 june 2017 in million of euros Standardised approach Credit risk Weighting IRB approach approach IRB Contributions to a CCP default fund Credit risk Credit valuation adjustment risk Operational risk Market risk Total risk w eighted assets French retail banking 6,338 2,015 32, , , ,002 International retail banking 28, , , , ,479 Asset gathering 4,599 11, , , ,418 Specialised financial services 35, , , , ,035 Large customers 18,167 7,234 66, ,575 2,711 15,846 6, ,241 Corporate centre 5,888 5,808 9, , ,793 TOTAL risk weighted assets 98,696 28, , ,271 3,240 27,682 6, , december 2016 in million of euros Standardised approach Credit risk Weighting IRB approach approach IRB Contribution s to a CCP default fund Credit risk Credit valuation adjustment risk Operational risk Market risk Total risk w eighted assets French retail banking 6,392 2,101 30, , , ,576 International retail banking 26, , , , ,214 Asset gathering 5,283 11, , , ,676 Specialised financial services 37, , , , ,862 Large customers 18,158 7,933 74, ,742 3,644 16,173 7, ,643 Corporate centre 4,228 7,165 7, , ,769 TOTAL risk weighted assets 97,541 30, , ,612 3,885 27,548 7, ,

130 III. Trends in risk weighted assets The table below shows the change in Crédit Agricole S.A. Group s risk weighted assets on the first half of (RWA in MEUR) 31 dec 2016 foreign exchange effects Organic changes and optimisation actions Equity accounted insurances Scope Total change june 2017 Credit risk 261,612-3, ,786-5, ,271 of which equity risk 30, ,773-2,364 28,266 CVA 3, ,240 Market risk 7, ,775 Operational risk 27, ,682 TOTAL 300,740-3,128-1, ,786-6, ,968 Risk-weighted assets totalled billion at 30 June 2017, down 6.8 billion (-2.3%) mainly due to: foreign currency impact (- 3.1 billion) arising from the depreciation of the US Dollar; organic change in particular arising from the fall in market risk (- 0.9 billion); the drop in the equity-accounted value of the equity stake in insurance companies of 0.2 billion due to the rise in interest rates; a scope effect of billion, mainly associated with the disposal of Eurazeo. Credit and counterparty risk Section I provides an overview of changes in credit and counterparty risk followed by a more detailed look at credit risk (in section II) by regulatory approach: standardised approach (in section 2.1) and using the IRB (in section 2.2) approach. Counterparty risk is covered in section III. I. General overview of credit and counterparty risk The table below shows Crédit Agricole S.A. Group s exposure to global risk (credit, counterparty, dilution and settlement and delivery) by exposure class for the standardised and internal ratings-based approaches at 30 June 2017 and at 31 December The 17 exposure classes under the standardised approach are grouped together to ensure the presentation aligns with the IRB exposures. 130

131 30/06/2017 Standardised IRB Total Gross Gross Gross Gross Gross Gross Capital (in billions of euros) exposure after EAD RWA exposure after EAD RWA exposure after EAD RWA exposure(1) exposure(1) exposure(1) requirement CRM(2) CRM(2) CRM(2) Central governments and central banks Institutions Corporates Retail customers Loans to individuals o/w secured by property o/w revolving o/w other Loans to small and medium businesses o/w secured by real estate assets o/w other Equities Securitisations Assets other than credit obligation TOTAL /12/2016 Standardised IRB Total Gross Gross Gross Gross Gross Gross Capital (in billions of euros) exposure after EAD RWA exposure after EAD RWA exposure after EAD RWA exposure(1) exposure(1) exposure(1) requirement CRM(2) CRM(2) CRM(2) Central governments and central banks Institutions Corporates Retail customers Loans to individuals o/w secured by property o/w revolving o/w other Loans to small and medium businesses o/w secured by real estate assets o/w other Equities Securitisations Assets other than credit obligation TOTAL The main portfolio remains the Institutions category, which included billion in exposures linked to Crédit Agricole Group internal transactions at end-june 2017 ( billion at end-december 2016). Excluding these internal transactions, gross exposure for the loan book was billion at end-december 2016, up 0.8% year-on-year. II. Credit risk 1. Exposures under the standardised approach : Breakdown of exposures and exposures at default under reglementary exposure categories 30/06/2017 (in millions of euros) Asset classes Exposures before CCF and CRM Exposures post-ccf and CRM RWA and RWA density On-balance sheet amount Off-balance sheet amount On-balance sheet amount Off-balance sheet amount RWA RWA density 1 Central governments or central banks 29, , , % 2 Regional governments or local authorities % 3 Public sector entities % 4 Multilateral developments banks % 5 International organisations % 6 Institutions 23,879 3,152 40,574 1,866 7, % 7 Corporate 59,327 15,972 42,925 5,808 43, % 8 Retail 24,161 5,482 23,577 1,261 17, % 9 Secured by mortgages on immovable property 5, , , % 10 Equity exposure 1, , , % 11 Exposure in default 3, , , % 12 Items associated w ith particularly high risk % 13 Covered bonds % 14 Claims on institutions and corporate w ith a short-term credit assessment % 15 Claims in the form of CIU 2,390 17,220 2,390 3,444 2, % 16 Other items 12, , , % 17 Total 162,589 42, ,325 12,925 93, % 131

132 31/12/2016 (in millions of euros) Exposures before CCF and CRM Exposures post-ccf and CRM RWA and RWA density Asset classes On-balance sheet amount Off-balance sheet amount On-balance sheet amount Off-balance sheet amount RWA RWA density 1 Central governments or central banks 30, , , % 2 Regional governments or local authorities % 3 Public sector entities % 4 Multilateral developments banks % 5 International organisations % 6 Institutions 38,242 3,172 54,297 2,032 7, % 7 Corporate 65,563 18,948 49,798 6,405 44, % 8 Retail 22,753 5,532 22,311 1,389 16, % 9 Secured by mortgages on immovable property 5, , , % 10 Equity exposure 1,004 1,004 1, % 11 Exposure in default 3, , , % 12 Items associated w ith particularly high risk % 13 Covered bonds % 14 Claims on institutions and corporate w ith a short-term credit assessment 15 Claims in the form of CIU 3,626 16,123 3,626 3,226 2, % 16 Other items 9, , , % 17 Total 180,369 44, ,329 13,873 92, % Credit risk by reglementary exposure categories and by risk weighting at 30/06/2017 Risk weight Total credit 30/06/2017 of which exposures Exposures classes 0% 2% 4% 10% 20% 35% 50% 70% 75% 100% 150% 250% 370% 1250% Others Deducted unrated amount (in millions of euros) 1 Central governments or central banks 25, , ,835 29,823 2 Regional governments or local authorities Public sector entities Multilateral developments banks International organisations Institutions 23, , , , ,439 38,157 7 Corporate , , ,790 1, ,732 35,440 8 Retail , ,838 24,836 9 Secured by mortgages on immovable property , ,646 5, Equity exposure ,173 1, Exposure in default ,775 1, ,205 3, Items associated with particularly high risk Covered bonds Claims on institutions and corporate with a short-term credit Claims in the form of CIU 2, , , ,834 5, Other items 1, , ,298 12, Total 53, ,301 3,862 14, ,209 58,010 3, , ,624 Credit risk by reglementary exposure categories and by risk weighting at 31/12/2016 Risk weight Total credit 31/12/2016 of which exposures Exposures classes unrated 0% 2% 4% 10% 20% 35% 50% 70% 75% 100% 150% 250% 370% 1250% Others Deducted amount (in millions of euros) 1 Central governments or central banks 26, , ,552 30,530 2 Regional governments or local authorities Public sector entities Multilateral developments banks International organisations Institutions 35,196 1,730 9,750 7,352 2, ,328 46,582 7 Corporate 6, ,498 5,849 39,109 1, ,203 40,930 8 Retail ,700 23, ,614 9 Secured by mortgages on immovable property 3, ,278 5, Equity exposure ,004 1, Exposure in default 1,949 1, ,192 3, Items associated with particularly high risk Covered bonds Claims on institutions and corporate with a short-term credit assessment Claims in the form of CIU 2, ,853 6, , , Other items 1, , ,113 10, Total 72,234 1, ,639 3,768 13,814 24,131 58,167 2, , , Credit risk under the internal rating-based approach 2.1. QUALITY OF EXPOSURES UNDER THE INTERNAL RATINGS-BASED APPROACH Credit risk exposures by portfolio and probability of default (PD) range at 30 June 2017 FOUNDATION INTERNAL RATINGS-BASED APPROACH 132

133 30/06/2017 (in millions of euros) PD scale Original on-balance sheet gross exposure Off-balance sheet exposures pre CCF Average CCF EAD post CRM and post-ccf Average PD Number of obligors Average LGD Average maturity RWA RWA density EL Provisions Central governments and central banks 0.00 to < , % 80, % % % 1 Institutions Corporates - Other Corporates - SME Corporates - Specialised Lending 0.15 to < % % % % to < % % % % to < % % % % to < % % % % to < % % % % to < % % % % (Default) % % % % 0 Sub-total 81, % 81, % % 0 1, % to < ,619 2, % 302, % % 0 1, % to < % % % % to < % % % % to < % % % % to < % % % % to < % % % % to < % % % % (Default) % % % % 1 Sub-total 301,534 2, % 303, % % 0 2, % to <0.15 8,248 6, % 14, % % 0 2, % to <0.25 2,427 2, % 4, % % 0 1, % to <0.50 2,896 2, % 4, % % 0 2, % to <0.75 2,096 1, % 3, % % 0 2, % to <2.50 2,653 1, % 4, % % 0 4, % to < % % % % to < % % % % (Default) % % % % 163 Sub-total 19,106 16, % 31, % % 0 15, % to < % % % % to < % % % % to < % % % % to < % % % % to <2.50 1, % 2, % % 0 1, % to < % % % % to < % % % % (Default) % % % % 99 Sub-total 2, % 3, % % 0 2, % to < % % % % to < % % % % to < % % % % to < % % % % to < % % % % to < % % % % to < % % % % (Default) % % % % 0 Sub-total % % % % 0 0 Total (all portfolios) 404,739 19, % 419, % % 0 21, % ADVANCED INTERNAL RATINGS-BASED APPROACH 133

134 30/06/2017 (in milions of euros) PD scale Original on-balance sheet gross exposure Off-balance sheet exposures pre CCF Average CCF EAD post CRM and post-ccf Average PD Number of obligors Average LGD Average maturity RWA RWA density EL Provisions Central governments and central banks 0.00 to < , % 57, % 0.00% 1.16% % 0 Institutions Corporates - Other Corporates - SME Corporates - Specialised Lending Retail - Secured by immovable property non SME Retail - Other SME Retail - Qualifying revolving Retail - Secured by immovable property SME Retail - Other non-sme 0.15 to < % % 0.00% 10.00% % to <0.50 1, % 1, % 0.00% 10.52% % to < % % 0.00% 10.00% % to < % % 0.00% 53.02% % to < % % 0.00% 60.00% % to < % % 0.00% 68.07% % (Default) % % 0.00% 45.00% % 14 Sub-total 52,011 2, % 59, % 0.00% 1.65% % to < ,224 3, % 33, % 0.00% 8.78% 0 1, % to < % % 0.00% 38.22% % to <0.50 1, % 1, % 0.00% 46.33% % to <0.75 1, % 1, % 0.00% 54.81% % to < % % 0.00% 33.64% % to < % % 0.00% 69.56% % to < % % 0.00% 74.70% % (Default) % % 0.00% 45.06% % 403 Sub-total 29,862 5, % 37, % 0.00% 12.59% 0 2, % to < ,421 54, % 46, % 0.00% 34.39% 0 7, % to <0.25 7,227 15, % 13, % 0.00% 44.80% 0 5, % to <0.50 6,112 12, % 9, % 0.00% 49.73% 0 5, % to <0.75 7,427 8, % 8, % 0.00% 49.77% 0 6, % to <2.50 9,661 9, % 11, % 0.00% 48.12% 0 10, % to < % % 0.00% 41.82% % to < ,005 3, % 1, % 0.00% 44.36% 0 3, % (Default) 2, % 2, % 0.00% 45.09% % 1,330 Sub-total 54, , % 93, % 0.00% 41.04% 0 38, % 1,524 2, to < % % 0.00% 40.68% % to < % % 0.00% 34.63% % to < % % 0.00% 45.47% % to < % % 0.00% 41.35% % to < % % 0.00% 28.17% % to < % % 0.00% 35.62% % to < % % 0.00% 30.10% % (Default) % % 0.00% 45.06% % 11 Sub-total % % 0.00% 36.47% % to <0.15 2,466 1, % 9, % 0.00% 4.47% % to <0.25 7,513 1, % 8, % 0.00% 9.44% % to < ,728 3, % 12, % 0.00% 12.76% 0 2, % to <0.75 7,073 2, % 6, % 0.00% 12.80% 0 1, % to <2.50 9,726 2, % 8, % 0.00% 15.60% 0 3, % to < , % % 0.00% 10.31% % to < , % 2, % 0.00% 13.45% 0 1, % (Default) 1, % 1, % 0.00% 38.57% % 638 Sub-total 42,755 12, % 50, % 0.00% 11.87% 0 10, % to < ,656 1, % 32, % 0.00% 11.80% % to <0.25 3, % 3, % 0.00% 17.42% % to < , % 18, % 0.00% 11.41% 0 1, % to < % % 0.00% 0.00% % to < ,278 1, % 18, % 0.00% 11.20% 0 3, % to < , % 7, % 0.00% 11.45% 0 3, % to < % % 0.00% 0.00% % (Default) 1, % 1, % 0.00% 44.29% % 466 Sub-total 77,563 4, % 81, % 0.00% 12.15% 0 9, % to < , % 1, % 0.00% 69.13% % to < % % 0.00% 55.85% % to < , % 1, % 0.00% 64.37% % to < % % 0.00% 0.00% % to < , % 1, % 0.00% 60.39% % to < , % 2, % 0.00% 60.63% 0 1, % to < % % 0.00% 61.35% % (Default) % % 0.00% 86.02% % 306 Sub-total 3,449 6, % 7, % 0.00% 64.40% 0 3, % to < , % 12, % 0.00% 12.56% % to <0.25 1, % 1, % 0.00% 26.96% % to <0.50 4, % 4, % 0.00% 38.12% 0 1, % to < % % 0.00% 0.00% % to < , % 12, % 0.00% 47.70% 0 7, % to < , % 9, % 0.00% 51.49% 0 7, % to < , % 1, % 0.00% 21.35% 0 1, % (Default) 2, % 2, % 0.00% 71.70% 0 1, % 1,728 Sub-total 42,805 1, % 44, % 0.00% 37.18% 0 19, % 2,245 1, to < % % 0.00% 17.71% % to < % % 0.00% 16.92% % to < % % 0.00% 16.92% % to < % % 0.00% 0.00% % to < % % 0.00% 16.95% % to < % % 0.00% 16.91% % to < % % 0.00% 9.25% % (Default) % % 0.00% 53.63% % 147 Sub-total 3, % 3, % 0.00% 19.80% % to < % % 0.00% 25.58% % to <0.25 2, % 2, % 0.00% 31.81% % to <0.50 4, % 4, % 0.00% 32.56% 0 1, % to < % % 0.00% 0.00% % to <2.50 4, % 4, % 0.00% 30.54% 0 1, % to < , % 4, % 0.00% 31.71% 0 2, % to < % % 0.00% 0.00% % (Default) 1, % 1, % 0.00% 82.02% % 1,371 Sub-total 17, % 18, % 0.00% 35.08% 0 6, % 1,525 1,094 Total (all portfolios) 324, , % 396, % 0.00% 22.16% 0 92, % 7,626 7,437 Credit risk exposures by portfolio and probability of default (PD) range at 31 December 2016 FOUNDATION INTERNAL RATINGS-BASED APPROACH 134

135 Original Off-balance sheet EAD on-balance Average Average Number Average Average PD scale exposures post CRM and RWA RWA density EL Provisions sheet gross CCF PD of obligors LGD maturity pre CCF post-ccf 31/12/2016 exposure (en millions d'euros) Central governments and central banks 0,00 à < 0,15 78, % 78, % 45.00% % 1 0,15 à < 0, % 45.00% % 0 0,25 à < 0, % 45.00% % 1 0,50 à < 0, % 45.00% % 0 0,75 à < 2, % 45.00% ,50 à < 10, % 0 10,00 à < 100,00 100,00 (défaut) Sub-total 79, % 79, % 45.00% 1, % 2 0 Institutions 0,00 à < 0,15 295,124 3, % 297, % 1.17% 1, % 1 0,15 à < 0, % % 31.40% % 0 0,25 à < 0, % % 31.53% % 1 0,50 à < 0, % % 45.00% % 0 0,75 à < 2, % % 45.00% % 0 2,50 à < 10, % % 44.99% % 0 10,00 à < 100, % % 45.02% % 0 100,00 (défaut) % 44.99% 1 Sub-total 296,179 3, % 298, % 1.28% 2, % 3 1 Corporates - Other 0,00 à < 0,15 7,335 6, % 13, % 44.97% 2, % 2 0,15 à < 0,25 2,460 2, % 4, % 44.95% 1, % 3 0,25 à < 0,50 2,450 2, % 4, % 44.87% 2, % 6 0,50 à < 0,75 2,217 1, % 3, % 44.86% 2, % 10 0,75 à < 2,50 2,611 1, % 3, % 44.64% 4, % 21 2,50 à < 10, % % 44.53% % 4 10,00 à < 100, % % 44.81% % ,00 (défaut) % % 44.87% 188 Sub-total 17,714 16, % 30, % 44.89% 15, % Corporates - SME 0,00 à < 0, % % 45.00% % 0 0,15 à < 0, % % 43.58% % 0 0,25 à < 0, % % 44.59% % 0 0,50 à < 0, % % 44.56% % 1 0,75 à < 2,50 1, % 1, % 44.09% 1, % 12 2,50 à < 10, % % 43.73% % 4 10,00 à < 100, % % 44.33% % 8 100,00 (défaut) % % 44.12% 103 Sub-total 2, % 3, % 44.20% 2, % Corporates - Specialised Lending 0,00 à < 0,15 0,15 à < 0,25 0,25 à < 0,50 0,50 à < 0,75 0,75 à < 2,50 2,50 à < 10,00 10,00 à < 100,00 100,00 (défaut) Sub-total Total 395,832 20, % 411, % 13.26% 21, % 392 ADVANCED INTERNAL RATINGS-BASED APPROACH 135

136 31/12/2016 (in milions of euros) PD scale Original on-balance sheet gross exposure Off-balance sheet exposures pre CCF Average CCF EAD post CRM and post-ccf Average PD Number of obligors Average LGD Average maturity RWA RWA density EL Provisions Central governments and central banks 0.00 to < , % 51, % 1.15% % 0 Institutions Corporates - Other Corporates - SME Corporates - Specialised Lending Retail - Secured by immovable property non SME Retail - Other SME Retail - Qualifying revolving Retail - Secured by immovable property SME Retail - Other non-sme 0.15 to < % % 10.00% % to <0.50 1, % 1, % 10.81% % to < % % 10.02% % to < % % 53.16% % to < % % 71.21% % to < % % 62.90% % (Default) % 45.00% % 15 Sub-total 47,066 1, % 54, % 1.80% % to < ,956 3, % 18, % 14.81% 1, % to < % % 34.88% % to <0.50 1, % 1, % 42.33% % to < % 1, % 47.18% % to < , % % 37.62% % to < % % 51.17% % to < % % % % (Default) % % 45.03% 432 Sub-total 15,067 6, % 22, % 19.77% 2, % to < ,750 49, % 39, % 39.66% 7, % to <0.25 7,323 17, % 15, % 43.57% 5, % to <0.50 7,010 13, % 11, % 45.30% 6, % to <0.75 6,892 9, % 16, % 49.18% 6, % to < ,106 10, % 5, % 46.19% 11, % to < , % % 42.05% 1, % to < , % 2, % 43.27% 3, % (Default) 2, % 2, % 45.05% % 1,579 Sub-total 48, , % 93, % 43.04% 42, % 1,780 2, to < % % 38.90% % to < % % 38.03% % to < % % 45.87% % to < % % 30.36% % to < % % 33.89% % to < % % 36.00% % to < % % 8.70% % (Default) % % 44.86% % 5 Sub-total % % 37.78% % to <0.15 3,176 1, % 10, % 4.40% % to <0.25 7,513 2, % 9, % 10.85% 1, % to < ,570 3, % 12, % 12.75% 2, % to <0.75 7,383 3, % 7, % 13.86% 1, % to <2.50 9,511 2, % 9, % 14.29% 3, % to < , % 1, % 19.55% % to < , % 1, % 18.67% 1, % (Default) 1, % 1, % 39.21% % 567 Sub-total 45,476 13, % 53, % 12.38% 11, % to < ,513 1, % 30, % 11.89% % to <0.25 3, % 3, % 17.42% % to < , % 17, % 11.51% 1, % to < to < ,798 1, % 17, % 11.32% 3, % to < ,115 1, % 7, % 11.46% 3, % to < % % % (Default) 1, % 1, % 45.04% 0.00% 471 Sub-total 73,094 5, % 78, % 12.26% 9, % to < , % 1, % 62.96% % to < % % 55.74% % to < , % 1, % 61.63% % to < to < , % 1, % 56.96% % to < , % 2, % 58.76% 1, % to < % % 60.81% % (Default) % % 85.69% % 286 Sub-total 3,475 6, % 7, % 61.17% 3, % to < , % 11, % 14.30% % to <0.25 2, % 2, % 29.23% % to <0.50 4, % 4, % 38.07% 1, % to < to < , % 11, % 47.58% 6, % to < , % 9, % 51.19% 7, % to < , % 1, % 21.02% 1, % (Default) 2, % 2, % 71.78% % 1,771 Sub-total 42,169 1, % 43, % 37.81% 17, % 2,369 2, to < % % 17.44% % to < % % 17.19% % to < % % 16.96% % to < to < % % 17.05% % to < % % 17.09% % to < % % 7.91% % (Default) % 52.18% 0.00% 161 Sub-total 3, % 3, % 19.97% % to < % % 26.78% % to <0.25 2, % 2, % 31.83% % to <0.50 4, % 4, % 32.20% 1, % to < to <2.50 4, % 4, % 31.08% 1, % to < , % 4, % 30.55% 2, % to < % % % (Default) 1, % 1, % 81.36% % 1,321 Sub-total 17, % 17, % 34.84% 6, % 1,470 1,063 Total (all portfolios) 296, , % 375, % 23.89% 94, % 7, USE OF CREDIT DERIVATIVES FOR HEDGING PURPOSES Effect of credit derivatives used for credit risk mitigation (CRM) on risk weighted assets (RWA) under the internal ratings-based approach at 30/06/

137 In millions of euros Pre-credit derivatives RWA Actual RWA 1 Exposure under Foundation IRB 2 Central governments and central banks 3 Institutions 4 Corporates - SMEs 5 Corporates - Specialised Lending 6 Corporates - Other 7 Exposure under Advanced IRB 8 Central governments and central banks Institutions Corporates - SMEs 4,124 1, Corporates - Specialised Lending Corporates - Other 13 Retail - Secured by SMEs' real estate 14 Retail - Secured by non-smes' real estate 15 Retail - Qualifying revolving 16 Retail - Other SMEs Retail - Other non-smes Equity IRB Other non credit-obligation assets 17 Total 4,154 1, CHANGE IN RWA a RWA b Minimum capital requirements 1 RWA as at the end of the previous reporting period 146,738,507,835 11,739,080,627 2 Asset size -1,927,414, ,193,147 3 Asset quality 2,266,346, ,307,690 4 Model updates 192,000,000 15,360,000 5 Methodology and policy Acquisitions and disposals -1,094,768,989-87,581,519 7 Foreign exchange movements -3,353,308, ,264,686 8 Other -683,332,512-54,666,601 9 RWA as at the end of the reporting period 142,138,029,541 11,371,042,363 III. Counterparty risk 1. Analysis of exposure to counterparty risk Exposure to counterparty risk by approach at 30/06/2017 Standardised IRB Total 30/06/2017 (in billions of euros) Gross exposure EAD RWA Gross exposure EAD RWA Gross exposure(1) EAD RWA Capital requirement Central governments and central banks Institutions Corporates Retail customers Equities Securitisations Assets other than credit obligation TOTAL Exposure to counterparty risk by approach at 31/12/

138 31/12/2016 (in billions of euros) Gross exposure EAD RWA Gross exposure EAD RWA Gross exposure(1) EAD RWA Capital requirement Central governments and central banks Institutions Corporates Retail customers Equities Securitisations Assets other than credit obligation TOTAL Exposure to counterparty risk under the standardised approach Counterparty risk exposure using the standardised approach by regulatory portfolio and by risk weighting at 30/06/ /06/2017 Regulatory profolio (in millions of euros) 0% 2% 4% 10% 20% 35% 50% 70% 75% 100% 150% Others 1 Central governments or central banks 2, ,219 3,219 2 Regional governments or local authorities Public sector entities Multilateral developments banks 5 International organisations 6 Institutions 0 10,829 2,974 2, ,968 14,671 7 Corporate , ,027 2,540 8 Retail 9 Secured by mortgages on immovable property 10 Equity exposure 11 Exposure in default Items associated with particularly high risk 13 Covered bonds 14 Claims on institutions and corporate with a short-term credi 15 Claims in the form of CIU 16 Other items 17 Total 2,774 10,829 3,501 2,250 2, ,223 20,430 Risk weight Total counterparty credit risk exposure of which unrated Counterparty risk exposure using the standardised approach by regulatory portfolio and by risk weighting at 31/12/ /12/2016 Regulatory profolio (in millions of euros) 0% 2% 4% 10% 20% 35% 50% 70% 75% 100% 150% Others 1 Central governments or central banks 1, ,642 1,642 2 Regional governments or local authorities Public sector entities Multilateral developments banks 5 International organisations Institutions 23 11,138 4,120 1, ,549 14,951 7 Corporate , ,624 2,446 8 Retail 9 Secured by mortgages on immovable property 10 Equity exposure 11 Exposure in default 12 Items associated with particularly high risk 13 Covered bonds 14 Claims on institutions and corporate with a short-term credi 15 Claims in the form of CIU 16 Other items 17 Total 1,874 11,138 4,251 1,265 2, ,216 19,323 Risk weight Total counterparty credit risk exposure of which unrated 3. Exposure to counterparty risk under the advanced approach Counterparty risk exposures by portfolio and probability of default (PD) range, supervisory portfolio for foundation internal ratings-based approach at 30/06/

139 30/06/2017 PD scale EAD post-crm average PD Number of obligors Average LGD Average maturity RWA RWA density (in millions of euros) Central governments and central banks 0.00 to < to < to < to < to < to < to < (Default) Sub-total Institutions 0.00 to < % 0.96% % 0.15 to < to < % 32.76% % 0.50 to < to < % 45.00% % 2.50 to < to < (Default) Sub-total % 2.36% % Corporates - Other 0.00 to < % 44.98% % 0.15 to < % 44.93% % 0.25 to < to < to < to < to < (Default) Sub-total % 44.98% % Corporates - SME 0.00 to < to < to < to < to < % 44.23% % 2.50 to < to < (Default) Sub-total % 44.23% % Corporates - Specialised lending 0.00 to < to < to < to < to < to < to < (Default) Sub-total Total % 3.98% % Counterparty risk exposures by portfolio and probability of default (PD) range, supervisory portfolio for advanced internal ratings-based approach at 30/06/

140 PD scale EAD post-crm average PD Number of obligors Average LGD Average maturity RWA RWA density 30/06/2017 (in millions of euros) Central governments and central banks 0.00 to <0.15 7, % 1.04% % 0.15 to < % 10.00% % 0.25 to < % 10.52% % 0.50 to < % 10.00% % 0.75 to < % 46.42% % 2.50 to < to < % 57.18% % (Default) Sub-total 7, % 2.59% % Institutions 0.00 to < , % 15.75% % 0.15 to <0.25 1, % 38.22% % 0.25 to <0.50 1, % 46.33% % 0.50 to < % 54.81% % 0.75 to < % 37.81% % 2.50 to < % 69.56% % to < % 47.10% % (Default) % 45.06% % Sub-total 20, % 21.12% 3, % Corporates - Other 0.00 to <0.15 9, % 39.31% % 0.15 to <0.25 2, % 44.80% % 0.25 to <0.50 1, % 49.73% % 0.50 to <0.75 1, % 49.77% % 0.75 to <2.50 1, % 48.29% % 2.50 to < % 41.82% % to < % 43.48% % (Default) % 45.09% % Sub-total 15, % 42.65% 4, % Corporates - SME 0.00 to < % 39.16% % 0.15 to < % 34.63% % 0.25 to < % 45.47% % 0.50 to < % 41.35% % 0.75 to < % 32.44% % 2.50 to < % 35.62% % to < % 30.34% % (Default) % 45.06% Sub-total % 36.59% % Corporates - Specialised lending 0.00 to < % 10.05% % 0.15 to < % 9.44% % 0.25 to < % 12.76% % 0.50 to < % 12.80% % 0.75 to < % 12.95% % 2.50 to < % 10.31% % to < % 13.85% % (Default) % 38.57% % Sub-total 3, % 11.33% % Retail - Secured by immovable property non SME 0.00 to < to < to < to < to < to < to < (Default) Sub-total Retail - Other SME 0.00 to < to < to < to < to < to < to < (Default) Sub-total Retail - Qualifying revolving 0.00 to < to < to < to < to < to < to < (Default) Sub-total Retail - Secured by immovable property SME 0.00 to < to < to < to < to < to < to < (Default) Sub-total Retail - Other non-sme 0.00 to < to < to < to < to < to < to < (Default) Sub-total Total (sum of portfolios) 46, % 24.54% 9, % 140

141 Counterparty risk exposures by portfolio and probability of default (PD) range, supervisory portfolio for foundation internal ratings-based approach at 31/12/2016 PD scale EAD post-crm average PD Number of obligors Average LGD Average maturity RWA RWA density 31/12/2016 (in millions of euros) Central governments and central banks 0.00 to < to < to < to < to < to < to < (Default) Sub-total Institutions 0.00 to < % 0.90% % 0.15 to < to < % 31.53% % 0.50 to < % 45.00% % 0.75 to < % 45.00% % 2.50 to < to < (Default) Sub-total % 1.51% % Corporates - Other 0.00 to < % 44.97% % 0.15 to < % 44.95% % 0.25 to < to < to < to < to < (Default) Sub-total % 44.97% % Corporates - SME 0.00 to < to < to < to < to < to < to < (Default) Sub-total Corporates - Specialised lending 0.00 to < to < to < to < to < to < to < (Default) Sub-total Total % 6.29% % Counterparty risk exposures by portfolio and probability of default (PD) range, supervisory portfolio for advanced internal ratings-based approach at 31/12/

142 PD scale EAD post-crm average PD Number of obligors Average LGD Average maturity RWA RWA density 31/12/2016 (in millions of euros) Central governments and central banks Institutions Corporates - Other Corporates - SME Corporates - Specialised lending Retail - Secured by immovable property non SME Retail - Other SME Retail - Qualifying revolving Retail - Secured by immovable property SME Retail - Other non-sme Total (sum of portfolios) 0.00 to < % 1.03% % 0.15 to < % 10.00% % 0.25 to < % 10.81% % 0.50 to < % 10.02% % 0.75 to < % 46.86% % 2.50 to < % 71.21% % to < % 70.44% % (Default) Sub-total % 2.77% % 0.00 to < % 15.88% % 0.15 to < % 34.88% % 0.25 to < % 42.33% % 0.50 to < % 47.18% % 0.75 to < % 37.37% % 2.50 to < % 51.17% % to < % 49.73% % (Default) Sub-total % 21.65% % 0.00 to < % 38.39% % 0.15 to < % 43.57% % 0.25 to < % 45.30% % 0.50 to < % 49.18% % 0.75 to < % 45.62% % 2.50 to < % 42.05% % to < % 37.22% % (Default) % 45.05% % Sub-total % 41.55% % 0.00 to < % 38.87% % 0.15 to < % 38.03% % 0.25 to < % 45.87% % 0.50 to < % 30.36% % 0.75 to < % 32.61% % 2.50 to < % 36.00% % to < % 9.36% % (Default) % 44.86% % Sub-total % 36.52% % 0.00 to < % 9.64% % 0.15 to < % 10.85% % 0.25 to < % 12.75% % 0.50 to < % 13.86% % 0.75 to < % 11.85% % 2.50 to < % 19.55% % to < % 20.37% % (Default) % 39.21% % Sub-total % 11.93% % 0.00 to < to < to < to < to < to < to < (Default) Sub-total 0.00 to < to < to < to < to < to < to < (Default) Sub-total 0.00 to < to < to < to < to < to < to < (Default) Sub-total 0.00 to < to < to < to < to < to < to < (Default) Sub-total 0.00 to < to < to < to < to < to < to < (Default) Sub-total 51, % 11, % 142

143 4. Change in RWA under the internal model method (IMM) approach during the first halfyear 2017 (in million of euros) Montants 1 RWA at end of prior period 10,120 2 Total assets -5,348 3 Counterparty credit rating 4 4 Model updates (IMM only) 0 5 Method and policy (IMM only) 0 6 Acquisitions and disposals 0 7 Currency movements 3,183 8 Other 0 9 RWA at end of current period 7, CVA Capital requirement for credit valuation adjustment (CVA) at 30/06/ /06/2017 (in millions of euros) EAD post-crm 1 Total portfolios subject to the Advanced CVA capital charge 17,067 2,137 2 (i) VaR component (including the 3 multiplier) 26 3 (ii) Stressed VaR component (including the 3 multiplier) All portfolios subject to the Standardised CVA capital charge 10,798 1,103 EU4 Based on Original Exposure Method 0 5 Total subject to the CVA capital charge 27,866 3,240 RWA Capital requirement for credit valuation adjustment (CVA) at 31/12/ /12/2016 (in millions of euros) EAD post-crm 1 Total portfolios subject to the Advanced CVA capital charge 20,566 2,958 2 (i) VaR component (including the 3 multiplier) (ii) Stressed VaR component (including the 3 multiplier) All portfolios subject to the Standardised CVA capital charge 7, EU4 Based on Original Exposure Method Total subject to the CVA capital charge 28,371 3,885 RWA IV. Credit and counterparty risk mitigation Credit derivatives used for hedging purposes at 30 June

144 a b In millions of euros Protection purchased Protection sold Notional amounts Single-issuer credit default sw aps 5, Credit default sw ap indices Total return sw aps Credit options Other credit derivatives Total notional amounts 5, Fair value Positive fair value (asset) 183 Negative fair value (liability) (1) (0) V. Equity exposures in the banking portfolio GROSS EXPOSURE AND EXPOSURE AT DEFAULT UNDER THE INTERNAL RATINGS- BASED APPROACH AT 30/06/ /06/2017 Catégories (in millions of euros) On-balance sheet amount Off-balance sheet amount Risk weighting coefficients Exposure amount RWA Capital requirements Exchange-traded equity exposures % 763 1, Private equity exposures % Other equity exposures 14, % 4,848 17,936 1,435 Total 15, ,724 19,714 1,577 GROSS EXPOSURE AND EXPOSURE AT DEFAULT UNDER THE INTERNAL RATINGS- BASED APPROACH AT 31/12/ /12/2016 Catégories (in millions of euros) On-balance sheet amount Off-balance sheet amount Risk weighting coefficients Exposure amount RWA Capital requirements Exchange-traded equity exposures % 791 1, Private equity exposures % 728 2, Other equity exposures 14, % 4,933 18,253 1,460 Total 15, ,452 21,866 1,749 Market risk I. Risk weighted exposure using the standardised approach 30/06/2017 (in millions of euros) RWA Outright products 1 Interest rate risk (general and specific) Equity risk (general and specific) 3 Foreign exchange risk Commodity risk Options 5 Simplified approach 6 Delta-plus method Scenario approach Securitisation Total

145 31/12/2016 (in millions of euros) RWA Outright products 1 Interest rate risk (general and specific) Equity risk (general and specific) 3 Foreign exchange risk Commodity risk Options 5 Simplified approach 6 Delta-plus method Scenario approach Securitisation Total II. Exposure under the internal model method RISK-WEIGHTED ASSETS AND CAPITAL REQUIREMENTS 30/06/2017 (in millions of euros) RWA Capital requirements 1 VaR (higher of values a and b) 1, (a) Previous day's VaR (Article 365(1) (VaRt-1)) 24 (b) Average of the daily VaR (Article 365(1)) on each of the preceding sixty business days (VaRavg) x multiplication factor ((mc) in accordance w ith Article 366) SVaR (higher of values a and b) 2, (a) Latest SVaR (Article 365(2) (svart-1)) 49 (b) Average of the SVaR (Article 365(2) during the preceding sixty business days (svaravg) x multiplication factor (ms) (Article 366) Incremental risk charge -IRC (higher of values a and b) 1, (a) Most recent IRC value (incremental default and migration risks section 3 calculated in accordance w ith Section 3 articles 370/371) 142 (b) Average of the IRC number over the preceding 12 w eeks Comprehensive Risk Measure CRM (higher of values a, b and c) (a) Most recent risk number for the correlation trading portfolio (article 377) (b) (c) Average of the risk number for the correlation trading portfolio over the preceding 12-w eeks 8 % of the ow n funds requirement in SA on most recent risk number for the correlation trading portfolio (Article 338(4)) 6 Total 5,

146 31/12/2016 (in millions of euros) RWA Capital requirements 1 VaR (higher of values a and b) 2, (a) Previous day's VaR (Article 365(1) (VaRt-1)) 39 (b) Average of the daily VaR (Article 365(1)) on each of the preceding sixty business days (VaRavg) x multiplication factor ((mc) in accordance w ith Article 366) SVaR (higher of values a and b) 3, (a) Latest SVaR (Article 365(2) (svart-1)) 55 (b) Average of the SVaR (Article 365(2) during the preceding sixty business days (svaravg) x multiplication factor (ms) (Article 366) Incremental risk charge -IRC (higher of values a and b) 1, (a) Most recent IRC value (incremental default and migration risks section 3 calculated in accordance w ith Section 3 articles 370/371) 77 (b) Average of the IRC number over the preceding 12 w eeks Comprehensive Risk Measure CRM (higher of values a, b and c) (a) Most recent risk number for the correlation trading portfolio (article 377) (b) Average of the risk number for the correlation trading portfolio over the preceding 12-w eeks (c) 8 % of the ow n funds requirement in SA on most recent risk number for the correlation trading portfolio (Article 338(4)) 6 Total 6, VALUES RESULTING FROM USE OF INTERNAL MODELS 30/06/2017 (In millions of euros) VaR (10 day 99%) Maximum value Average value Minimum value Value at end of period VaR during periods of stress (10 day 99%) Maximum value Average value Minimum value Value at end of period IRC capital requirement (99.9%) Maximum value Average value Minimum value Value at end of period Comprehensive risk capital charge (99.9%) Maximum value Average value Minimum value Value at end of period Floor (standardised measurement method)

147 Jul-16 Aug-16 Sep-16 Nov-16 Dec-16 Jan-17 Mar-17 Apr-17 Jun-17 Crédit Agricole S.A. Update of the registration document 2016 A03 31/12/2016 (In millions of euros) VaR (10 day 99%) Maximum value Average value Minimum value Value at end of period SVaR (10 day 99%) Maximum value Average value Minimum value Value at end of period IRC (99.9%) Maximum value Average value Minimum value Value at end of period Comprehensive risk capital charge (99.9%) Maximum value Average value Minimum value Value at end of period Floor (standardised measurement method) Back-testing of the model of VaR One exception was noted in the half year (level of loss higher than the VaR). 30 Backtesting CACIB REG (in M ) Theoretical P&L VaR 99% VaR 1% Clean P&L 147

148 Interim condensed consolidated financial statements at 30 June 2017 Approved by the Crédit Agricole S.A. Board of Directors on 2 August 2017 GENERAL FRAMEWORK >> LEGAL PRESENTATION OF THE ENTITY Since the Extraordinary General Meeting of Shareholders of 29 November 2001, the Company s name has been: Crédit Agricole S.A. Since 1 July 2012, the address of the Company s registered office has been: 12, place des États- Unis, Montrouge Cedex, France. Registration number: Nanterre Trade and Companies Register NAF code: 6419Z Crédit Agricole S.A. is a French Public Limited Company (Société Anonyme) with a Board of Directors governed by ordinary company law and more specifically by Book II of the French Commercial Code. Crédit Agricole S.A. is also subject to the provisions of the French Monetary and Financial Code and more specifically Articles L et seq. thereof. Crédit Agricole S.A. was licensed as an authorised lending institution in the mutual and cooperative banks category on 17 November As such, it is subject to oversight by the banking supervisory authorities, and more particularly by the French Regulatory and Resolution Supervisory Authority (ACPR) and the European Central Bank. Crédit Agricole S.A. shares are admitted for trading on Euronext Paris. Crédit Agricole S.A. is subject to the prevailing stock market regulations particularly with respect to public disclosure obligations. 148

149 >> RELATED PARTIES The related parties of Crédit Agricole S.A. Group are the consolidated companies, including companies accounted for using the equity method, the Group s Senior Executives and the Regional Banks, given the Group s legal structure and due to fact that Crédit Agricole S.A. is the central body of the Crédit Agricole network. In accordance with the internal financial mechanisms at Crédit Agricole, transactions between Crédit Agricole S.A. and the Regional Banks 1 are presented on the balance sheet and income statement as Crédit Agricole internal transactions (Note 3.1 «Interest income and expenses», Note 3.2 «Net fees and commissions», Note 5.3 «Loans and receivables due from credit institutions and due from customers» and Note 5.6 «Due to credit institutions and to customers»). Other shareholders agreements Shareholder agreements signed during the year are detailed in Note 2 «Major structural transactions and material events during the period». Relationships between controlled companies affecting the consolidated balance sheet A list of Crédit Agricole S.A. Group companies can be found in Note 9 «Scope of consolidation at 30 June 2017». Since the transactions and outstandings at year-end between the Group s fully consolidated companies are eliminated on consolidation, only transactions with companies consolidated by the equity method affect the Group s consolidated financial statements. The main corresponding outstandings and commitments in the consolidated balance sheet at 30 June 2017 relate to transactions with companies consolidated by the equity method for the following amounts: loans and receivables due from credit institutions: 3,843 million; loans and receivables due from customers: 2,452 million; amounts due to credit institutions: 1,725 million ; amounts due to customers: 270 million; commitments given on financial instruments: 2,614 million; commitments received on financial instruments: 5,133 million. The transactions entered into with these entities did not have a material effect on the income statement for the period. 1 Except for the Caisse Régionale de la Corse, which is fully consolidated. 149

150 CONSOLIDATED FINANCIAL STATEMENTS >> INCOME STATEMENT (in millions of euros) Notes 30/06/ /12/ /06/2016 Interest and similar income Interest and similar expenses 3.1 (6 461) (13 311) (7 453) Fee and commission income Fee and commission expenses 3.2 (2 515) (5 168) (2 566) Net gains (losses) on financial instruments at fair value through profit or loss Net gains (losses) on available-for-sale financial assets Income on other activities Expenses on other activities 3.5 (21 567) (37 244) (19 576) REVENUES Operating expenses 3.6 (5 692) (10 992) (5 696) Depreciation, amortisation and impairment of property, plant & equipment and intangible assets 3.7 (341) (702) (329) GROSS OPERATING INCOME Cost of risk 3.8 (751) (1 787) (899) OPERATING INCOME Share of net income of equity-accounted entities Net gains (losses) on other assets (52) 3 Change in value of goodwill (491) - PRE-TAX INCOME Income tax charge 3.10 (663) (695) (267) Net income from discontinued operations NET INCOME Non-controlling interests NET INCOME GROUP SHARE Earnings per share (in euros) (1) ,689 1,120 0,430 Diluted earnings per share (in euros) (1) ,689 1,120 0,430 #REF! #REF! (1) Corresponds to income including net income from discontinued operations. 150

151 >> NET INCOME AND OTHER COMPREHENSIVE INCOME (in millions of euros) Notes 30/06/ /12/ /06/2016 Net income Actuarial gains and losses on post-employment benefits 3.11 (25) (127) (170) Pre-tax other comprehensive income on items that will not be reclassified to profit and loss excluding equity-accounted entities Pre-tax other comprehensive income on items that will not be reclassified to profit and loss on equity-accounted entities Income tax related to items that will not be reclassified to profit and loss excluding equity-accounted entities Income tax related to items that will not be reclassified to profit and loss on equity-accounted entities Other comprehensive income on items that will not be reclassified to profit and loss from discontinued operations Other comprehensive income on items that will not be reclassified subsequently to profit and loss net of income tax (25) (127) (170) (9) (1) 3.11 (10) (1) 1 - (1) 33 - (15) (79) (122) Gains and losses on translation adjustements 3.11 (351) (245) (203) Gains and losses on available-for-sale financial assets 3.11 (644) Gains and losses on hedging derivative instruments 3.11 (212) (64) 555 Pre-tax other comprehensive income on items that may be reclassified to profit and loss excluding equity-accounted entities Pre-tax other comprehensive income on items that may be reclassified to profit and loss on equity-accounted entities, Group Share Income tax related to items that may be reclassified to profit and loss excluding equity-accounted entities Income tax related to items that may be reclassified to profit and loss on equityaccounted entities Other comprehensive income on items that may be reclassified to profit and loss from discontinued operations Other comprehensive income on items that may be reclassified subsequently to profit and loss net of income tax (1 207) (151) (184) 39 (95) (487) 3.11 (4) (16) (238) 3 (1 212) (174) 524 Other comprehensive income net of income tax (1 227) (253) 402 Net income and other comprehensive income Of which Group share Of which non-controlling interests

152 >> BALANCE SHEET ASSETS (in millions of euros) Notes 30/06/ /12/2016 Cash, central banks Financial assets at fair value through profit or loss Hedging derivative instruments Available-for-sale financial assets Loans and receivables due from credit institutions Loans and receivables due from customers Revaluation adjustment on interest rate hedged portfolios Held-to-maturity financial assets Current and deferred tax assets Accruals, prepayments and sundry assets Non-current assets held for sale and discontinued operations Investments in equity-accounted entities Investment property Property, plant and equipment Intangible assets Goodwill TOTAL ASSETS

153 >> BALANCE SHEET LIABILITIES (in millions of euros) Notes 30/06/ /12/2016 Central banks Financial liabilities at fair value through profit or loss Hedging derivative instruments Due to credit institutions Due to customers Debt securities Revaluation adjustment on interest rate hedged portfolios Current and deferred tax liabilities Accruals, deferred income and sundry liabilities Liabilities associated with non-current assets held for sale Insurance company technical reserves Provisions Subordinated debt Total liabilities Equity Equity - Group share Share capital and reserves Consolidated reserves Other comprehensive income Other comprehensive income on discontinued operations Net income/ (loss) for the year Non-controlling interests TOTAL EQUITY AND LIABILITIES

154 >> STATEMENT OF CHANGES IN EQUITY Share capital Share premium and consolidated reserves Elimination of treasury shares Other equity instruments Total capital and consolidated reserves Group share Other comprehensive income on items that may be reclassified to profit and loss Other comprehensive income on items that will not be reclassified to profit and loss Total other comprehensive income Other comprehensive income on items that may be reclassified to profit and loss Other comprehensive income on items that will not be reclassified to profit and loss Total other comprehensive income (in millions of euros) Equity at 1 january (147) (478) (23) Capital increase Change in treasury shares held - - (14) - (14) (14) (14) Issuance of equity instruments (1) - (8) st half-year 2016 Rremuneration of undated deeply subordinated notes - (233) - - (233) (233) (3) (3) (236) Dividends paid in the 1st half-year (1 590) - - (1 590) (1 590) (262) (262) (1 852) Dividends received from Regional Banks and subsidiaries Impact of acquisitions/disposals on non-controlling interests - (2) - - (2) (2) (7) (7) (9) Changes due to share-based payments Changes due to transactions with shareholders 510 (1 021) (14) (271) (271) 354 Changes in other comprehensive income (116) (53) (5) (58) (58) 497 Share of changes in equity-accounted entities - (16) - - (16) (92) (1) (93) - (109) - (2) - (2) (2) (111) Net income for 1st half-year Other changes (2) Equity at 30 June (161) (595) (28) Capital increase Change in treasury shares held Issuance of equity instruments nd half-year 2016 remuneration of undated deeply subordinated notes - (233) - - (233) (233) (4) (4) (237) Dividends paid in the 2nd half-year (24) (24) (24) Dividends received from Regional Banks and subsidiaries Impact of acquisitions/disposals on non-controlling interests - (26) - - (26) (26) (25) Changes due to share-based payments Changes due to transactions with shareholders 110 (76) (25) (25) 38 Changes in other comprehensive income (775) 47 (728) - (728) - (60) 3 (57) (57) (785) Share of changes in equity-accounted entities - (16) - - (16) 132 (7) Net income for 2nd half-year Other changes Equity at 31 December (132) (555) (13) (25) (38) Appropriation of 2016 net income (3 540) Equity at 1 january (132) (555) (13) (25) (38) Capital increase Change in treasury shares held Issuance of equity instruments st half-year 2017 remuneration of deeply subordinated notes - (237) - - (237) (237) (6) (6) (243) Dividends paid in the 1st half-year (1 716) - - (1 716) (1 716) (298) (298) (2 014) Dividends received from Regional Banks and subsidiaries Impact of acquisitions/disposals on non-controlling interests (3) Changes due to share-based payments Changes due to transactions with shareholders - (1 855) - - (1 855) (1 855) (1 337) Changes in other comprehensive income (1 014) (37) (1 051) - (1 051) - (9) - (9) (9) (1 060) Share of changes in equity-accounted entities - (45) - - (45) (183) 22 (161) - (206) (2) (6) - (6) (8) (214) Net income for 1st half-year Other changes EQUITY AT 30 JUNE (132) (570) (28) (25) (53) Net income Total equity Non-controlling interests Share capital and reserves Other comprehensive income Other comprehensive income Capital, associated reserves and income Total equity Total consolidated equity 154

155 (1) As part of efforts to increase the Group s regulatory capital, Crédit Agricole S.A. issued on 19 January 2016 Additional Tier 1 deeply subordinated undated bonds of $1,250 million. The balance of these issues represents 1,142 million, net of issuance costs. (2) The other changes at 31 December 2016 mainly concern the intra-group transaction adjustment with respect to the processing of backing unit-linked investments from the insurance business. This adjustment has no significant effect on the Group s indicators and ratios. (3) The acquisition of Pioneer Investments on 3 July 2017 was financed for 1,413 million from a capital increase (see Note 2 «Major structural transactions and material events during the period»). The impact of this transaction at 30 June 2017 is 98 million in shareholders equity Group share and 817 million in equity -non-controlling interests. 155

156 >> CASH FLOW STATEMENT The cash flow statement is presented using the indirect method. Operating activities show the impact of cash inflows and outflows arising from Crédit Agricole S.A. Group s income-generating activities, including those associated with assets classified as held-to-maturity financial assets. Tax inflows and outflows are included in full within operating activities. Investment activities show the impact of cash inflows and outflows associated with purchases and sales of investments in consolidated and non-consolidated companies, property, plant and equipment and intangible assets. This section includes strategic equity investments classified as available-for-sale financial assets. Financing activities show the impact of cash inflows and outflows associated with equity and long-term borrowing. The net cash flows attributable to the operating, investment and financing activities of discontinued operations are presented on separate lines in the cash flow statement. Net cash and cash equivalents include cash, debit and credit balances with central banks and debit and credit demand balances with credit institutions. 156

157 (in millions of euros) Notes 30/06/ /12/ /06/2016 Pre-tax income Net depreciation and impairment of property, plant & equipment and intangible assets Impairment of goodwill and other fixed assets Net depreciation charges to provisions Share of net income (loss) of equity-accounted entities (577) (627) (289) Net income (loss) from investment activities (399) (343) (360) Net income (loss) from financing activities Other movements (5 705) Total non-cash and other adjustment items included in pre-tax income Change in interbank items (7 928) (39 161) (15 299) Change in customer items (932) (7 554) Change in financial assets and liabilities (1 290) (7 373) (3 909) Change in non-financial assets and liabilities (2 325) Dividends received from equity-accounted entities (1) Tax paid Net change in assets and liabilities used in operating activities (3 979) (43 787) (25 047) Cash provided (used) by discontinued operations - (23) - TOTAL Net cash flows from (used by) operating activities (A) (22 706) (12 261) Change in equity investments (2) (862) Change in property, plant & equipment and intangible assets (409) (784) (320) Cash provided (used) by discontinued operations TOTAL Net cash flows from (used by) investment activities (B) (262) (1 182) Cash received from (paid to) shareholders (3) (1 430) Other cash provided (used) by financing activities (4) (3 247) Cash provided (used) by discontinued operations TOTAL Net cash flows from (used by) financing activities (C) (2 865) Impact of exchange rate changes on cash and cash equivalent (D) (888) Net increase/(decrease) in cash & cash equivalent (A + B + C + D) (3 801) (15 088) Cash and cash equivalents at beginning of period Net cash accounts and accounts with central banks * Net demand loans and deposits with credit institutions ** (3 213) (3 213) Cash and cash equivalents at end of period Net cash accounts and accounts with central banks * Net demand loans and deposits with credit institutions ** (1 924) (12 155) NET CHANGE IN CASH AND CASH EQUIVALENTS (3 801) (15 088) * Consisting of the net balance of the Cash and central banks item, excluding accrued interest and including cash of entities reclassified as discontinued operations. ** Consisting of the balance of Performing current accounts in debit and Performing overnight accounts and advances as detailed in Note 5.3 and Current accounts in credit and overnight accounts and advances as detailed in Note 5.6 (excluding accrued interest). 157

158 (1) Dividends received from equity-accounted entities: At 30 June 2017, this amount includes the payment of dividends from Insurance entities for 61 million, from Banque Saudi Fransi for 29 million, from Eurazeo for 13 million, from Amundi s subsidiaries for 13 million, and from Crédit Agricole Immobilier for 6 million. (2) Change in equity investments: This line shows the net effects on cash of acquisitions and disposals of equity investments. - The net impact on Group cash of acquisitions and disposals of consolidated equity investments (subsidiaries and equity-accounted entities) on 30 June 2017 is 333 million. The main transactions involve the sale of Eurazeo for 791 million, of Crédit Agricole Reinsurance for 186 million, of Finasic for 13 million, the partial sales of Altera for 52 million and of Korian for 24 million, as well as the acquisition of Icade for million, of SAS CAAGIS for - 15 million and of Amundi Global Servicing for - 3 million. - Over the same period, the net impact on Group cash of acquisitions and disposals of non-consolidated equity investments came to million, of which million from insurance company investments. (3) Cash received from (paid to) shareholders: This amount corresponds to the portion of Amundi s capital increase subscribed by third parties for 846 million to finance the Pioneer acquisition. In addition, 2,254 million in dividends, excluding dividends paid in shares, were paid by Crédit Agricole S.A. Group and can be analysed as: - Dividends paid by Crédit Agricole S.A. for - 1,716 million - Dividends paid by non-controlled subsidiaries for million; and - Interest, equivalent to dividends on undated financial instruments treated as equity for million. (4) Other net cash flows from financing activities: At 30 June 2017, bond issues totalled 18,958 million and redemptions - 8,328 million. Subordinated debt issues totalled 60 million and redemptions - 2,226 million. This line also includes cash flows from interest payments on subordinated debt and bonds for - 2,484 million. 158

159 NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Group accounting policies and principles, assessments and estimates. The condensed interim consolidated financial statements of Crédit Agricole S.A. group for the period ended 30 June 2017 were prepared and are presented in accordance with IAS 34 (Interim Financial Reporting), which defines the minimum information content and sets out the recognition and measurement principles that must be applied in an interim financial report. The standards and interpretations used to prepare the condensed interim consolidated financial statements are identical to those used by Crédit Agricole S.A. group in preparing the consolidated financial statements for the year ended 31 December Those statements were prepared, pursuant to EC regulation 1606/2002, in accordance with IAS/FRS standards and IFRIC interpretations as adopted by the European Union («carve out» version), and therefore some provisions regarding the application of IAS 39 in relation to macro-hedging were not applied. As long as the early application of standards and interpretations adopted by the European Union is optional for a period, this option is not selected by the Group, unless otherwise. This mainly concerns the following: Standards, amendments or interpretations IFRS 15 Revenue from contracts with customers Replacing IAS 11 on the recognition of construction contracts and IAS 18 on the recognition of revenue Date published by the European Union Date of firsttime mandatory application: financial years from Applicable in the Group 22 September 2016 (EU 2016/1905) 1 January 2018 Yes IFRS 9 Financial Instruments Replacing IAS 39 - Financial Instruments: classification and measurement, impairment methodology and hedge accounting 22 November 2016 (EU 2016/2067) 1 January 2018 Yes 159

160 Norme IFRS 15 Revenue from Contracts with Customers IFRS 15 Revenue from contracts with customers will become effective for years beginning on or after 1 January 2018 (in accordance with EU regulation 2016/1905). The «Clarifications to IFRS 15» amendment, which provides further clarification is in the course of being adopted by the European Union and should come into effect on the same date. For the first-time application of this standard, Crédit Agricole Group elected to apply the modified retrospective method, recognising the cumulative effect as of 1 January 2018, with no comparison for 2017, with any impact the standard has on the various items in the financial statements being detailed in the notes. IFRS 15 will replace IAS 11 Construction contracts and IAS 18 Revenue, along with all the related interpretations relating to IFRIC 13 Customer loyalty programs, IFRIC 15 Agreements for the construction of real estate, IFRIC 18 Transfers of assets from customers and SIC 31 Revenue - barter transactions involving advertising services. It brings into a single text the principles for recognising revenue for long-term sales contracts, sales of goods and the provision of services that do not fall within the scope of standards related to financial instruments (IAS 39), insurance contracts (IFRS 4) or leases (IAS 17). It introduces new concepts that may affect the accounting treatment of certain components of revenues. Une étude d impact de la mise œuvre de la norme dans le groupe Crédit Agricole est en cours de finalisation, avec des conclusions attendues d ici la fin du premier semestre Based on the findings of the impact assessment carried out in this half year, the Group considers that the adoption of IFRS 15 will have no material impact on opening equity at 1 January IFRS 9 Financial Instruments IFRS 9 Financial Instruments will replace IAS 39 Financial Instruments. It was adopted by the European Union on 22 November 2016 and published in the Official Journal of the European Union on 29 November It will be mandatory for fiscal years beginning on or after 1 January It sets new principles governing the classification and measurement of financial instruments, impairment of credit risk and hedge accounting, excluding macro-hedging transactions. 160

161 The main changes introduced by the standard Classification and measurement of financial assets Under IFRS 9, the classification and measurement criteria depend on the nature of the financial asset, namely whether it qualifies as a debt instrument (i.e. loan, advance, credit, bond, fund unit) or an equity instrument (i.e. share). In the case of debt instruments (loans and fixed or determinable income securities), IFRS 9 tests the business model and contractual terms to classify and measure financial assets. The three business models: o o o The collection only model where the intention is to collect the contractual cash flows over the life of the asset; The mixed model where the intention is to collect the contractual cash flows over the life of the asset and to sell the asset if an opportunity arises; and The selling only model where the intention is to sell the asset. The contractual terms («Solely Payments of Principal & Interest» [SPPI] test): This second criterion is applied to the contractual terms of the loan or debt security to finally determine the accounting classification and measurement category to which the instrument belongs. When the debt instrument has expected cash flows that are not solely payments of principal and interest (i.e. simple rate), its contractual terms are deemed too complex and as a result, the loan or debt security is recognised at fair value through profit or loss regardless of their business model. This involves the instruments that do not satisfy the conditions of the «SPPI» test. On this point, the Group is conscious that the IASB published an exposure draft in April on debt instruments with symmetric repayment options, and if necessary will take into account the conclusions of this amendment once it becomes final. On the basis of the foregoing criteria: o o o A debt instrument is recognised at amortised cost when it is held to collect cash flows that are solely payments of principal and interest (SPPI test). A debt instrument is recognised at fair value through other comprehensive income (items that can be reclassified) in the case of a mixed model to collect cash flows and sell where opportunities arise, provided its contractual terms also comprise solely payments of principal and interest (SPPI test). A debt instrument that does not qualify for the amortised cost or fair value through other comprehensive income category (items that can be reclassified) is recognised at fair value through profit or loss. The same applies to debt instruments where the business model is 161

162 selling only. This also includes non-consolidated UCITS units that are debt instruments that fail to satisfy the SPPI test regardless of the business model. In the case of equity instruments (investments such as shares), they must, by default, be recognised at fair value through profit or loss, except in the case of an irrevocable election to classify them at fair value through other comprehensive income on items that cannot be reclassified (provided these instruments are not held for trading). In summary, the Group s application of the classification and measurement criteria under IFRS 9 should lead to: o an increase in assets at fair value through profit or loss, given the reclassification of UCITS and the majority of equity instruments in this category, resulting in increased profit or loss volatility; o the classification at amortised cost of the vast majority of loans and receivables, those which pass the SPPI (Solely Payments of Principal and Interest) test; o the classification of debt instruments at fair value through other comprehensive income or at amortised cost, depending on the documented business model at the date of initial application. Impairment IFRS 9 introduces a new impairment model that requires the recognition of Expected Credit Losses (ECL) on credit and debt instruments measured at amortised cost or at fair value through other comprehensive income (items that can be reclassified), on loan commitments and financial guarantee contracts that are not recognised at fair value, as well as on lease receivables and trade receivables. This new ECL approach is designed to bring forward as much as possible the recognition of expected credit losses, whereas under the IAS 39 provisioning model, it is subject to there being objective evidence that an impairment loss has been incurred. ECL is defined as the weighted expected probable value of the discounted credit loss (principal and interest). It represents the present value of the difference between the contractual cash flows and the expected cash flows (including principal and interest). The formula includes the probability of default, loss given default and exposure at default parameters. These calculations are broadly based on the internal models used as part of the regulatory framework, but with adjustments to determine an economic ECL. IFRS 9 recommends a Point in Time analysis while having regard to historical loss data and forward looking macro-economic data, whereas the regulatory perspective is analysed Through The Cycle for probability of default and in a downturn for loss given default. The accounting approach also requires the recalculation of certain Basel parameters, in particular to eliminate internal recovery costs or floors that are imposed by the regulator in the regulatory calculation of loss given default (LGD). 162

163 The new credit risk provisioning model has three stages: o o o First stage: upon initial recognition of the financial instrument (credit, debt security, guarantee, etc.), the entity recognises the 12-month expected credit losses; Second stage: if the credit quality subsequently significantly deteriorates for a particular portfolio or transaction, the entity recognises the full lifetime expected credit losses; Third stage: at a later date, once one or more default events have occurred on the transaction or on a counterparty having an adverse effect on the estimated future cash flows, the entity recognises incurred credit losses at maturity. At the second stage, the monitoring and estimation of the significant deterioration in credit risk can be done on a transaction-by-transaction basis or collectively at portfolio level by grouping financial instruments on the basis of similar credit risk characteristics. The approach calls on a wide range of information, including historical data on observed losses, cyclical and structural adjustments, and loss projections based on reasonable scenarios. This deterioration depends on the risk level on the date of initial recognition and must be recognised before the transaction is impaired (third stage). In order to assess the significant deterioration, the Group employs a process built around two levels of analysis: o o The first level is based on absolute and relative criteria and rules applying to all Group entities; The second level is linked to local assessment of the qualitative criteria of the risk held by each entity in its portfolios that may result in a tightening of the deterioration criteria defined in the first level (switching a portfolio or sub-portfolio to ECL stage two at maturity). There is a rebuttable presumption of a significant deterioration in the event of a non-payment for over thirty days. The Group may rebut this presumption on the scope of outstanding amounts for which internal rating systems have been put in place, in particular exposures using the advanced approach, given that all the information incorporated into the rating systems allow for a more detailed assessment than just the non-payment for over thirty days criterion. In the absence of the internal rating model, the Group will use the absolute threshold of nonpayments for over thirty days as the maximum threshold for significant deterioration and classification in stage two. With respect to the scope of instruments subject to phase three provisioning, the Group will bring the definition of default into line with the one currently used in management for regulatory purposes. A debtor is, therefore, considered to be in default when at least one of the following conditions has been met: 163

164 o o A payment is generally more than ninety days past due, unless specific circumstances point to the fact that the delay is due to reasons beyond the debtor s control; The entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as the provision of collateral surety. In short, the new provisioning model in IFRS 9 may lead to an increase in the amount of impairment on loans and securities recognised on the balance sheet at amortised cost or at fair value through other comprehensive income (items that can be reclassified), and on off-balance sheet commitments as well as lease receivables and trade receivables. Hedge accounting With respect to hedge accounting (excluding fair value macro-hedging transactions), IFRS 9 makes limited changes from IAS 39. The standard's requirements apply to the following scope: o o All micro-hedging transactions; and Only cash flow macro-hedging transactions. Fair value macro-hedging transactions for interest rate risk are excluded and may remain subject to IAS 39 (option). Upon first time application of IFRS 9, there are two possibilities under the standard: o o Apply the «hedge accounting» requirements of IFRS 9; or Continue to apply IAS 39 until application of IFRS 9 for all hedging relationships (at the latest when the fair value macro-hedging for interest rate risk text is adopted by the European Union). After having carried out a feasibility study in the first half of 2015, the Group decided not to apply this aspect of the standard. Nevertheless, information must be provided in the notes to the financial statements with increased granularity on risk management and the effects of hedge accounting on the financial statements. 164

165 Others requirements relating to first-time application IFRS 9 allows the early adoption of requirements relating to specific credit risk relating to financial liabilities designated as at fair value through profit or loss, namely the recognition of changes in value attributable to specific credit risk in other comprehensive income (items that cannot be reclassified). The Group does not currently plan to apply these requirements early. In addition, the IASB published an amendment to IFRS 4 (Phase I) Insurance Contracts to give insurance undertakings two possible approaches to limit the effects of the gap between the application of IFRS 9 and IFRS 17 on the measurement of insurance liabilities. The Group will not employ these approaches and will apply IFRS 9 to its insurance activities from 1 January Project roll-out within Crédit Agricole Group In 2015, the Group began taking steps to implement IFRS 9 within the required timeframe, bringing together the accounting, finance, risk and IT functions along with all entities. Project milestones and achievements to date In the first half of 2015, work focused on: o o Examining the standard's requirements, with particular attention on the changes resulting from the new classification and measurement criteria for financial assets and the overhaul of the credit risk impairment model, which switches from provisioning for incurred credit losses to expected credit losses (ECL); The identification of the key questions and of the main areas of accounting interpretation on the basis of the initial high-level assessment of the impact of the standard. Following this review and assessment phase, the Group launched the project implementation phase in September 2015 by setting out the detailed timelines and road maps of the various areas of work, which were then applied at their level by all Group entities. In 2016, the main achievements were: o o o o The standardisation work with identification of the main areas of impact on the financial statements and the definition of the target provisioning through the drafting of a methodological framework shared with the entities; Methodological work to define the possible options regarding the provision calculation formula, significant deterioration and forward looking, as well as the methodology for calculating the fair value of credit; Provisional simulations of the impact of the new standard on the financial statements and regulatory capital, in particular to better address the requirements of the European Banking Authority. This work was done in the largest Group entities, on the basis of accounting data at 31 December 2015; IT-related work on the major areas of impact on the IT systems, involving the specifications of the Risk and Finance tools and choice of shared tools, namely: a central provisioning 165

166 tool and for listed debt securities a tool to analyse the contractual terms, making it possible to automate the SPPI test. All this implementation work will continue in It incorporates the impact assessment on the basis of the financial statements at 31 December 2016, first and foremost to satisfy the requirements of the European Banking Authority (EBA). This work will be finalised in Transition IFRS 9 is applied retrospective with a mandatory effective date of 1 January 2018 by adjusting the opening balance sheet on the date of first-time application, with no restatement of the 2017 comparative financial statements. As a result, the Group does not plan to restate the financial statements presented for comparative purposes with the 2018 financial statements. The standards and interpretations published by the IASB at 30 June 2017 but not yet adopted by the European Union are not applied by the Group. They will become mandatory only as from the date planned by the European Union and have not been applied by the Group at 30 June This concerns IFRS 16 and IFRS 17. IFRS 16 Leases will replace IAS 17 and all related interpretations (IFRIC 4 Determining Whether an Arrangement Contains a Lease, SIC 15 Operating Leases Incentives and SIC 27 Evaluating the Substance of Transactions in the Legal Form of a Lease). It will apply to reporting periods beginning 1 January The main change made by IFRS 16 relates to accounting for lessees. IFRS 16 will call for a model in respect of lessees that recognises all leases on the balance sheet, with a lease liability on the liability side representing commitments over the life of the lease and on the asset side, an amortisable right-to-use. An impact study on the implementation of the standard within Crédit Agricole Group is ongoing with initial results being expected by the end of IFRS 17 (Insurance Contracts) will replace IFRS 4. It will apply to reporting periods beginning 1 January The main change introduced by IFRS 17 concerns the measurement of insurance contracts. The Group has launched a project implementation phase to identify the issues and impacts of the standard. 166

167 Moreover, several amendments and one interpretation to existing standards were published by the IASB with no major impact on the Group. These apply from 1 January 2017 and 1 January 2018 respectively, subject to their adoption by the European Union. They consist of amendments to IAS 7 Statement of cash flows, IAS 12 Income taxes and IFRS 12 Disclosure of interests in other entities, on the one hand, and amendments to IFRS 2 Share-based payment, IAS 40 Investment property, IAS 1 Presentation of financial statements and IAS 28 Investments in associates and joint ventures, on the other, as well as IFRIC 22 Foreign currency transactions and advance consideration. The condensed interim consolidated financial statements are designed to update the information contained in Crédit Agricole S.A. s consolidated financial statements for the year ended 31 December 2016 and should be read in conjunction with the latter. As a result, only the most material information regarding the change in Crédit Agricole S.A. s financial position and performance is mentioned in these interim financial statements. By their nature, estimates have been made to prepare the consolidated financial statements. These estimates are based on certain assumptions and involve risks and uncertainties as to their actual achievement in the future. Accounting estimates that require the use of assumptions are applied mainly in measuring financial instruments at fair value, non-consolidated equity investments, equity-accounted entities, pension plans and other future employee benefits, permanent impairment of available-for-sale and held-to-maturity securities, irrecoverable debt write-downs, provisions, impairment of goodwill and deferred tax assets. 167

168 2. Major structural transactions and material events during the period The scope of consolidation and changes to it are shown in detail at the end of the notes in Note 9 «Scope of consolidation at 30 June 2017». 2.1 Acquisition of Pioneer Investments On 11 December 2016, Amundi and UniCredit signed a definitive agreement in view of Amundi s acquisition of Pioneer Investments, Unicredit s asset management subsidiary, for a cash consideration of 3,539 million. This acquisition was financed, for million, by Amundi s capital increase, completed in the first quarter of 2017, of which 578 million was subscribed by the Group, available capital of 1,481 million, and the issuance of senior and subordinated debt for 645 million subscribed by Crédit Agricole S.A. At 30 June 2017, the acquisition of Pioneer Investments was still subject to the usual closing conditions, and more specifically approval from the relevant regulatory and antitrust authorities. Given the actual transaction completion date (expected on 3 July 2017), the acquisition is not recognised in the Group s consolidated financial statements at 30 June The detailed impacts of the transaction are however described in Note 10 (Events subsequent to 30 June 2017). Impact of Amundi s capital increase in the consolidated financial statements of Crédit Agricole S.A. The Group has sold some of its preferential subscription rights for 65 million. As a result of this dilutive capital increase, Crédit Agricole Group holds 68,5% of Amundi s equity before restatement of Amundi s treasury shares. Under IFRS 3 (Revised), changes in an equity interest in a fully consolidated entity, without loss of control, are recognised in equity. The capital increase and the sale of the preferential subscription rights, considered as transactions between shareholders, are recognised in equity. This capital increase and the sale of the preferential subscription rights resulted in a 98 million increase in consolidated reserves and a 817 million increase in non-controlling interests. 168

169 2.2 Sale of Eurazeo On 16 June 2017, Crédit Agricole S.A. sold its entire stake in Eurazeo, representing 15.42% of the company s capital, to the Decaux family s investment company, JCDecaux Holding, for a total of million. In parallel, Crédit Agricole S.A. set up a mechanism which offsets the impact of fluctuations in the price of Eurazeo shares, used as collateral for the Crédit Agricole S.A. bonds exchangeable for Eurazeo shares issued in September The impact of this transaction on Crédit Agricole S.A. s net income Group share at 30 June 2017 is 104 million, including 107 million recognised in Share of net income of equity-accounted entities, the residual amount corresponding to disposal fees 2.3 Other structural transactions Additional acquisition of Icade shares An Icade shareholder since 2013, Crédit Agricole Assurances increased its 5.6% holding on 19 June 2017 by buying out Groupama s 12.9% stake in the company for a consideration of 715 million. The transaction is in line with the Insurance business policy of taking minority stakes in listed property companies. Icade is a property development and investment company that owns tertiary sector property and healthcare facilities and is also involved in office and residential property development when favourable market conditions arise. Icade is a major player in Paris and the surrounding suburbs and in other French cities. As a result of the transaction, Crédit Agricole Assurances is now Icade s second-largest shareholder. Accordingly, Icade s shareholding structure is as follows: 39% held by Caisse des Dépôts et Consignations and 18.5% by Crédit Agricole Assurances, with a free float of 42.5%. Since Crédit Agricole S.A. reiterated its commitment to exercise significant influence over Icade in the disclosure of share ownership filed with the French Financial Markets Authority (AMF) at the end of June 2017, this associate is consolidated using the equity method. The equity investment in Icade, recognised in investments in equity-accounted entities, was valued at 950 million at 30 June

170 Sale of CARE CARE, Crédit Agricole Group s reinsurance company based in Luxembourg and wholly owned by Crédit Agricole Assurances, was classified in Held-for-sale and discontinued operations in the fourth quarter of Its sale on 18 May 2017 for a consideration of 186 million generated a capital gain on disposal of 30 million, recognised in Net income from discontinued or held-for-sale operations in the consolidated financial statements to 30 June Proposed sale of Crédit Agricole Life The disposal of the life insurance company Crédit Agricole Life, a wholly owned subsidiary of Crédit Agricole Assurances located in Greece, which was considered in 2015, has been postponed; Crédit Agricole S.A. group has however not changed its intention to sell this subsidiary. Pursuant to IFRS 5, the assets and liabilities of Crédit Agricole Life were reclassified on the balance sheet at 31 December 2016 under Non-current assets held for sale and discontinued operations, in the amount of 285 million and in Liabilities associated with non-current assets held for sale and discontinued operations in the amount of 239 million, and the net income under Net income from discontinued operations, in an amount that was non significant. At 30 June 2017, the reclassifications made pursuant to IFRS 5 represented 275 million on the asset side of the balance sheet and 232 million on the liabilities and equity side operating income, reclassified as net income from discontinued operations, net of tax, is not material. Proposed sale of Banque Themis On 22 June 2017, LCL received a firm offer for the acquisition of Banque Themis, which is consolidated at 95% by Crédit Agricole S.A. group. This offer is currently before the European supervisory authorities. Given the firm offer received, the contribution of Banque ThEmis to the consolidated financial statements to 30 June 2017 is recognised in accordance with IFRS 5 relating to entities held for sale: the balance sheet items are reclassified under the appropriate items, i.e. 154 million in Noncurrent assets held for sale and discontinued operations and 116 million in Liabilities associated with non-current assets held for sale and discontinued operations. No consolidated unrealised loss on disposal is expected. Sale of Credicom This associate was sold on 21 February 2017 for 15 million net of transaction costs. The capital gain was recognised in Net income from discontinued or held-for-sale operations in the consolidated financial statements at 30 June

171 Exclusive talks to acquire the wealth management activities of Crédit Industriel et Commercial in Singapore and Hong Kong On 16 June 2017, Indosuez Wealth Management announced that it had entered into exclusive talks with Crédit Industriel et Commercial (CIC) to acquire its wealth management activities in Singapore and Hong Kong. The acquisition would further enhance Indosuez Wealth Management s footprint and position in Asia and would accelerate growth in its key markets in line with its strategic priorities, as part of its Shaping Indosuez 2020 corporate project which is part of Credit Agricole group s Medium- Term Plan. The transaction, which at this stage has no impact on the consolidated financial statements, is expected to be finalised by the end of the year following regulatory approvals and the customary consultation procedures with employee representative bodies in France. 2.4 Home purchase savings plan provision The Home purchase savings plan provision at 30 June 2017 was impacted by the change in various models. The extension to 18 years of the run-off model for the Home purchase savings plan led to a 132 million reversal, while the change in calculation method for the savings reference rate resulted in a 29 million reversal. The remaining 14 million reversal was essentially due to updated interest rates and cost of liquidity. 2.5 Cheque Image Exchange litigation In the ruling of 20 September 2010, 11 French banks including Crédit Agricole S.A. Group were convicted by the French Competition Authority of illegal collusion on the fees for processing cheques. The expense recognised for this fine was 103 million, of which 21 million was for LCL and 82 million for Crédit Agricole Group, split equally among the Regional Banks and Crédit Agricole S.A. On 23 February 2012, the Paris Court of Appeals struck down the French Competition Authority ruling of 20 September 2010, finding that collusion had not been proved. On 23 March 2012, the French Competition Authority filed a further appeal against this decision by the Paris Court of Appeal. Since the Court of Appeal s decision is final and the further appeal did not stay the decision, the fines previously paid by the credit institutions in 2010 were refunded on 11 April In light of the estimated likelihood of legal risk and of the decision by the other banks party to the litigation, the Group decided not to provision for a liability. Since the decision by the Paris Court of Appeals was overturned by the Court of Cassation on 14 April 2015 on procedural grounds and since the matter has been sent back before the same Court of Appeals, the Group gave back the amount received in 2012 and has decided to pursue the matter in the court to which it has been referred. The hearing before the Paris Court of Appeals was held on 3 and 4 November The decision, which was expected on 11 May 2017, was postponed until 28 September No provision has been made for this dispute. 171

172 2.6 Crédit Agricole S.A. tax audit Crédit Agricole S.A. underwent a tax audit covering the years 2012 and The tax authority issued a tax adjustment notice rejecting the tax deduction applied, following the loss on disposal of Emporiki shares resulting from the capital increase carried out on 28 January 2013, four days before Emporiki was sold to Alpha Bank. The tax authorities dispute the fact that the securities of this subsidiary were treated as investment securities. Although the French National Tax Commission ruled on 13 January 2017 that the tax adjustment should be written off, the French National and International Audit Office (DVNI) upheld the claim, issuing Crédit Agricole S.A. with a collection notice for 312 million on 15 March While a payment has been made, the decision will be appealed. In view of the favourable ruling by the French National Tax Commission, a corresponding amount was recorded in the 30 June 2017 financial statements Consequences of early redemption of macro-hedged loans Since 2016, Crédit Agricole S.A. has performed a detailed analysis of its macro-hedging to take into account the persistent environment of low interest rates as well as the impact of early repayments and the record renegotiations in home loans seen in late 2015 and The persistence of low rates at 30 June 2017 and the volume of early repayment and renegociations observed during the first half of 2017 led the Group to review the calculation assumptions set for the coming years to determine the impacts on its over-hedging position. In light of this, a non material impact of 0.6 million was recognised in revenues at 30 June 2017, corresponding to the derecognition of the revaluation of the loans, initially covered, which were repaid, and the inefficiency relative to the redesignation of hedging instruments.. 172

173 2.8 Optimising the debt of the Crédit Agricole S.A. group On 15 May 2017, Crédit Agricole S.A. simultaneous launched buy back offers in cash in respect of 6 outstanding undated deeply subordinated debt instruments. The transaction was conducted between 31 May and 16 June 2017 for a nominal amount of 1,224 million: Redemption of two issues for 207 million Redemption of two issues for 161 million ( 183 million) Redemption of two issues for $952 million ( 834 million) Net of the hedging effect, these redemptions generated income of 39 million before tax in the financial statements to 30 June

174 3. Notes to the income statement and other comprehensive income 3.1 Interest income and expenses (in millions of euros) Interbank transactions Crédit Agricole internal transactions Customer transactions Accrued interest receivable on available-for-sale financial assets Accrued interest receivable on held-to-maturity financial assets Accrued interest receivable on hedging instruments Finance leases Other interest income Interest and similar income (1) Interbank transactions Crédit Agricole internal transactions Customer transactions Debt securities Subordinated debt Accrued interest receivable on hedging instruments Finance leases Other interest expense Interest and similar expenses (1) Including 89 million on receivables impaired individually at 30 June 2017, compared with 78 million at 30 June 2016 and 149 million at 31 December Net fees and commissions 30/06/ /12/ /06/ (529) (870) (488) (554) (1 276) (737) (2 664) (5 072) (2 449) (1 611) (3 798) (2 201) (556) (1 380) (848) (446) (727) (634) (101) (188) (96) (6 461) (13 311) (7 453) 30/06/ /12/ /06/2016 (in millions of euros) Interbank transactions Crédit Agricole internal transactions Customer transactions Securities transactions Foreign exchange transactions Derivative instruments and other off-balance sheet items Payment instruments and other banking and financial services Mutual funds management, fiduciary and similar operations Net fees and commissions Income Expense Net Income Expense Net Income Expense Net 102 (20) (42) (21) (278) (765) (439) (19) 950 (104) (193) (72) (34) (9) 43 (83) (40) 22 (45) (23) 23 (20) 3 32 (34) (2) 16 (17) (1) 218 (133) (167) (77) (1 624) (577) (3 287) (1 205) (1 563) (549) (302) (597) (332) (2 515) (5 168) (2 566)

175 3.3 Net gains (losses) on financial instruments at fair value through profit or loss (in millions of euros) 30/06/ /12/ /06/2016 Dividends received Unrealised or realised gains (losses) on assets/liabilities held for trading Unrealised or realised gains (losses) on assets/liabilities designated at fair value through profit or loss Net gains (losses) on Foreign exchange transactions and similar financial instruments (excluding gains or losses on hedges of net investments in foreign operations) (891) (231) Gains (losses) from hedge accounting Net gains (losses) on financial instruments at fair value through profit or loss (17) (397) The impact of Crédit Agricole CIB s issuer spread on revenues resulted in an expense of 161 million at 30 June 2017, versus an expense of 158 million at 31 December 2016 and income of 63 million at 30 June Analysis of net gains (losses) from hedge accounting: 30/06/2017 (in millions of euros) Fair value hedges Change in fair value of hedged items attributable to hedged risks Change in fair value of hedging derivatives (including termination of hedges) Cash flow hedges Change in fair value of hedging derivatives - ineffective portion Hedges of net investments in foreign operations Change in fair value of hedging derivatives - ineffective portion Fair value hedge of the interest rate exposure of a portfolio of financial instruments (1) Change in fair value of hedged items Change in fair value of hedging derivatives Cash flow hedge of the interest rate exposure of a portfolio of financial instruments Change in fair value of hedging instrument - ineffective portion Total Gains (Losses) from hedge accounting Gains Losses Net (3 818) (47) (1 214) (2 604) (1 081) (8 602) (3 798) (4 804) (978) (12 420) (17) 175

176 (in millions of euros) Fair value hedges Change in fair value of hedged items attributable to hedged risks Change in fair value of hedging derivatives (including termination of hedges) Cash flow hedges Change in fair value of hedging derivatives - ineffective portion Hedges of net investments in foreign operations Change in fair value of hedging derivatives - ineffective portion Fair value hedge of the interest rate exposure of a portfolio of financial instruments Change in fair value of hedged items Change in fair value of hedging derivatives Cash flow hedge of the interest rate exposure of a portfolio of financial instruments Change in fair value of hedging instrument - ineffective portion 31/12/2016 Gains Losses Net (3 366) (1 492) (225) (1 874) (25 490) (401) (13 686) (2 101) (11 804) Total Gains (Losses) from hedge accounting (28 856) (397) (1) Impact of million related to the early redemption of macro-hedged loans 30/06/2016 (in millions of euros) Fair value hedges Change in fair value of hedged items attributable to hedged risks Change in fair value of hedging derivatives (including termination of hedges) Cash flow hedges Change in fair value of hedging derivatives - ineffective portion Hedges of net investments in foreign operations Change in fair value of hedging derivatives - ineffective portion Fair value hedge of the interest rate exposure of a portfolio of financial instruments Change in fair value of hedged items Change in fair value of hedging derivatives Cash flow hedge of the interest rate exposure of a portfolio of financial instruments Change in fair value of hedging instrument - ineffective portion Total Gains (Losses) from hedge accounting Gains Losses Net (3 904) (2 578) (1 401) (1 326) (12 649) (7 251) (2 008) (5 398) (1) (1) - (1) (1) (16 554) Net gains (losses) on available-for-sale financial assets (in millions of euros) Dividends received Realised gains (losses) on available-for-sale financial assets (1) Permanent impairment losses on equity investments Gains (losses) on disposal of held-to-maturity financial assets and on loans and receivables Net Gains (Losses) on available-for-sale financial assets 30/06/ /12/ /06/ (37) (267) (208) 3 (26) (3) (1) Excluding realised gains or losses on permanently impaired fixed income securities recognised as available-for-sale financial assets mentioned in Note 3.8 «Cost of risk». 176

177 3.5 Net income (expenses) on other activities (in millions of euros) Gains (losses) on fixed assets not used in operations Other net income from insurance activities (1) Change in insurance technical reserves (2) Net income from investment property Other net income (expense) 30/06/ /12/ /06/2016 (2) (3) (1) (7 563) (10 913) (5 289) Income (expense) related to other activities (3 401) (2 268) 23 (1) The 1,029 million decrease in other net income from insurance activities was mainly due to a fall in net inflows (- 645 million) and increase in benefits paid (- 428 million). (2) The 2,274 million increase in insurance company technical reserves is mainly due to the increase in mathematical reserves for backing unit-linked policies offset by a decrease in reserves of policies in euro due to a decrease in inflows. 3.6 Operating expenses 30/06/ /12/ /06/2016 (in millions of euros) Employee expenses (3 339) (6 591) (3 275) Taxes other than on income or payroll-related (1) (585) (693) (584) External services and other operating expenses (1 768) (3 708) (1 837) Operating expenses (5 692) (10 992) (5 696) (1) Of which 242 million recognised for the resolution fund ( 239 million at 31 December 2016 and 244 million at 30 June 2016). 3.7 Depreciation, amortisation and impairment of property, plant & equipment and intangible assets (in millions of euros) Depreciation charges and amortisation Property, plant and equipment Intangible assets Impairment losses (reversals) Property, plant and equipment Intangible assets Depreciation, amortisation and impairment of property, plant & equipment and intangible assets 30/06/ /12/ /06/2016 (342) (694) (323) (186) (381) (178) (156) (313) (145) 1 (8) (6) 1 (8) (6) (341) (702) (329) 177

178 3.8 Cost of risk (in millions of euros) 30/06/ /12/ /06/2016 Charge to provisions and impairment losses (1 742) (3 861) (2 008) Fixed income available-for-sale financial assets Loans and receivables (1 569) (3 390) (1 812) Held-to-maturity financial assets Other assets (11) (59) (37) Financing commitments (87) (87) (55) Risks and expenses (75) (325) (104) Reversal of provisions and impairment losses Fixed income available-for-sale financial assets Loans and receivables Held-to-maturity financial assets Other assets Financing commitments Risks and expenses Net charge to reversal of impairment losses and provisions (655) (1 707) (840) Realised gains (losses) on impaired fixed income available-for-sale financial assets (133) (13) - Bad debts written off, not impaired (80) (196) (96) Recoveries on bad debts written off Discounts on restructured loans (12) (23) (14) Losses on financing commitments Other losses (8) (27) (21) Other gains Cost of risk (751) (1 787) (899) 3.9 Net gains (losses) on other assets (in millions of euros) 30/06/ /12/ /06/2016 Property, plant & equipment and intangible assets used in operations (1) (45) 3 Gains on disposals Losses on disposals (2) (58) (3) Consolidated equity investments 1 (7) - Gains on disposals Losses on disposals - (7) - Net income (expense) on combinations Net gains (losses) on other assets - (52) 3 178

179 3.10 Tax The effective tax rate for the first half of 2017 was 25.3%, based on pre-tax income of 2,624 million (before share of net income of equity-accounted entities, impairment of goodwill and net income of discontinued operations), versus 20.9% at 31 December 2016 and 16.5% at 30 June

180 3.11 Changes in other comprehensive income BREAKDOWN OF TOTAL OTHER COMPREHENSIVE INCOME (in millions of euros) 30/06/ /12/ /06/2016 Other comprehensive income on items that may be reclassified subsequently to profit and loss Gains and losses on translation adjustements (351) (245) (203) Revaluation adjustment of the period (312) (245) (203) Reclassified to profit and loss Other variations (39) - - Gains and losses on available-for-sale financial assets (644) Revaluation adjustment of the period (408) Reclassified to profit and loss (236) (735) (476) Other variations Gains and losses on hedging derivative instruments (212) (64) 555 Revaluation adjustment of the period (212) (64) 555 Reclassified to profit and loss Other variations Pre-tax other comprehensive income on items that may be reclassified to profit and loss on equity-accounted entities (184) 39 (95) Income tax related to items that may be reclassified to profit and loss excluding equityaccounted entities (487) Income tax related to items that may be reclassified to profit and loss on equityaccounted entities (4) 4 1 Net other comprehensive income on Items that may be reclassified to profit and loss on equity-accounted entities on discontinued operations (16) (238) 3 Other comprehensive income on items that may be reclassified subsequently to profit and loss, net of income tax (1 212) (174) Other comprehensive income on items that will not be reclassified subsequently to profit and loss #REF! Actuarial gains and losses on post-employment benefits (25) (127) (170) Other comprehensive income on items that will not be reclassified to profit and loss on equity-accounted entities 22 (9) (1) Income tax related to items that will not be reclassified excluding equity-accounted entities (10) Income tax related to items that will not be reclassified on equity-accounted entities (1) 1 - Net other comprehensive income on Items that will not be reclassified to profit and loss on equity-accounted entities on discontinued operations (1) 33 - Other comprehensive income on items that will not be reclassified subsequently to profit and loss, net of income tax (15) (79) (122) - Other comprehensive income net of income tax (1 227) (253) 402 Of which Group share (1 212) (141) 462 Of which non-controlling interests (15) (112) (60) - 180

181 31/12/2016 Changes 30/06/2017 (in millions of euros) Other comprehensive income on items that may be reclassified subsequently to profit and loss Gross Income tax charges Net of income tax Net of income tax of which Group Share Gross Income tax charges Net of income Net of tax of which income tax Group Share Gross Income tax charges Net of income tax Net of income tax of which Group Share Gains and losses on translation adjustements 186 (1) (348) (3) (351) (346) (162) (4) (166) (76) Gains and losses on available-for-sale financial assets (1 196) (644) 133 (511) (511) (1 063) Gains and losses on hedging derivative instruments 981 (315) (212) 67 (145) (140) 769 (248) Other comprehensive income on items that may be reclassified to profit and loss excluding equity-accounted entities Other comprehensive income on items that may be reclassified to profit and loss on equity-accounted entities (1 512) (1 204) 197 (1 007) (997) (1 315) (184) (5) (189) (183) 177 (1) Other comprehensive income on Items that may be reclassified to profit and loss on equity-accounted entities on discontinued operations Other comprehensive income on items that may be reclassified subsequently to profit and loss (15) (1) (16) (17) 16 (1) (1 508) (1 403) 191 (1 212) (1 197) (1 317) Other comprehensive income on items that will not be reclassified subsequently to profit and loss Actuarial gains and losses on post-employment benefits Other comprehensive income on items that will not be reclassified to profit and loss excluding equity-accounted entities Other comprehensive income on items that will not be reclassified to profit and loss on equity-accounted entities Other comprehensive income on Items that will not be reclassified to profit and loss on equity-accounted entities on discontinued operations Other comprehensive income on items that will not be reclassified to profit and loss (755) 207 (548) (523) (25) (10) (35) (35) (780) 197 (583) (558) (755) 207 (548) (523) (25) (10) (35) (35) (780) 197 (583) (558) (35) 2 (33) (33) 22 (1) (13) 1 (12) (12) (1) - (1) (1) (1) - (1) (1) (790) 209 (581) (556) (4) (11) (15) (15) (794) 198 (596) (571) Other comprehensive income (1 299) (1 407) 180 (1 227) (1 212) (1 119)

182 01/01/2016 Changes 31/12/2016 (in millions of euros) Other comprehensive income on items that may be reclassified subsequently to profit and loss Gross Income tax charges Net of income tax Net of income tax of which Group Share Gross Income tax charges Net of income Net of tax of which income tax Group Share Gross Income tax charges Net of income tax Net of income tax of which Group Share Gains and losses on translation adjustements (203) - (203) (184) Gains and losses on available-for-sale financial assets (1 324) (297) (1 621) Gains and losses on hedging derivative instruments Other comprehensive income on items that may be reclassified to profit and loss excluding equity-accounted entities Other comprehensive income on items that may be reclassified to profit and loss on equity-accounted entities Other comprehensive income on Items that may be reclassified to profit and loss on equity-accounted entities on non-current assets held for sale Other comprehensive income on items that may be reclassified subsequently to profit and loss Other comprehensive income on items that will not be reclassified subsequently to profit and loss Actuarial gains and losses on post-employment benefits Other comprehensive income on items that will not be reclassified to profit and loss excluding equity-accounted entities Other comprehensive income on items that will not be reclassified to profit and loss on equity-accounted entities Other comprehensive income on Items that will not be reclassified to profit and loss on equity-accounted entities on non-current assets held for sale Other comprehensive income on items that will not be reclassified to profit and loss Other comprehensive income (355) (190) (545) (1 679) (487) (2 166) (1) (95) 1 (94) (92) (56) (56) (1 736) (486) (2 222) (630) 186 (444) (421) (170) 49 (121) (116) (800) 235 (565) (537) (630) 186 (444) (421) (170) 49 (121) (116) (800) 235 (565) (537) (26) 2 (24) (24) (1) - (1) (1) (27) 2 (25) (25) (50) 17 (33) (33) (50) 17 (33) (33) (706) 205 (501) (478) (171) 49 (122) (117) (877) 254 (623) (595) (1 531) (437) (1 968)

183 4. Segment reporting DEFINITION OF OPERATING SEGMENTS According to IFRS 8, information disclosed is based on the internal reporting that is used by the Executive Committee to manage Crédit Agricole S.A. Group, to assess performance and to make decisions about resources to be allocated to the identified operating segments. Operating segments according to the internal reporting consist of the business lines of the Group. At 30 June 2017, Crédit Agricole S.A. Group s business activities were organised into six operating segments: The following five business lines: Asset Gathering, French retail Banking - LCL, International retail banking, Specialised financial services, Large customers, as well as the Corporate centre. PRESENTATION OF BUSINESS LINES 1. Asset Gathering This business line encompasses: insurance activity: o life insurance and personal insurance, conducted mainly by Predica in France and CA Vita in Italy; o property & casualty insurance, conducted primarily by Pacifica; o creditor insurance, conducted by Crédit Agricole Creditor Insurance; the asset management activities of the Amundi Group, offering savings solutions for individuals and investment solutions for institutions; as well as wealth management activities conducted mainly by Crédit Agricole Indosuez Wealth Management subsidiaries (Crédit Agricole Suisse, Crédit Agricole Luxembourg, Crédit Foncier de Monaco, CA Indosuez Wealth, etc.). 183

184 2. French retail banking - LCL French retail banking network with a strong presence in urban areas. It is organised into four business lines: retail banking for personal customers, retail banking for small businesses, private banking and corporate banking. LCL offers a full range of banking products and services, together with asset management, insurance and wealth management products. 3. International retail banking This business line encompasses foreign subsidiaries and investments that are mainly involved in retail banking. These subsidiaries and equity investments are primarily located in Europe: with Cariparma Group in Italy, Crédit Agricole Polska in Poland and others in Ukraine and Serbia. Other subsidiaries operate around the Mediterranean through Crédit du Maroc and Crédit Agricole Egypt. Finally, this division also includes banks that are not significant in size. Note that Belgium CA SAS was liquidated on 18 March Foreign consumer credit, leasing and factoring subsidiaries (subsidiaries of Crédit Agricole Consumer Finance, Crédit Agricole Leasing & Factoring and EFL in Poland, etc.) are not included in this division but in Specialised financial services. 4. Specialised financial services Specialised financial service comprises the Group subsidiaries that provide financial products and services to individual customers, small businesses, corporates and local authorities in France and abroad. These include: consumer finance companies around Crédit Agricole Consumer Finance in France and through its subsidiaries or partnerships outside France (Agos, Forso, Credit-Plus, Ribank, Credibom, Interbank Group and FCA Bank); specialised financial services for companies such as factoring and lease finance (Crédit Agricole Leasing & Factoring Group, EFL). 5. Large customers The Large customers division includes the Corporate and Investment bank, which itself consists of two main lines of business most of which are carried out by Crédit Agricole CIB, and asset servicing for institutions (CACEIS):. 184

185 financing activities, which include corporate banking in France and internationally and structured finance. Structured Finance consists of originating, structuring and financing largescale operations in exporting and investing, often collateralised by physical assets (planes, boats, office buildings, raw materials, etc.) and complex and structured credit instruments; capital markets and investment banking activities bring together capital market activities (treasury, foreign exchange, interest rate derivatives, debt markets), and investment banking activities (mergers and acquisitions consulting and primary equity advisory); asset servicing: CACEIS Bank for custody and CACEIS Fund Administration for fund administration. 6. Corporate centre This segment mainly encompasses Crédit Agricole S.A. s central body function, asset and liability management and management of debt connected with acquisitions of subsidiaries or equity investments. It also includes: the results of the private equity business and results of various other Crédit Agricole S.A. Group companies (Uni-édition, Foncaris, etc.); the income from management companies, real-estate companies holding properties used in operations by several business lines and by activities undergoing reorganisation; the net impact of tax consolidation for Crédit Agricole S.A. as well as the revaluation of structured debt issued by Crédit Agricole CIB.. 185

186 4.1 Operating segment information Transactions between operating segments are effected at arm s length. (in millions of euros) Asset Gathering French Retail Banking - LCL International retail banking 30/06/2017 Specialised financial services Large customers Corporate centre (1) Revenues (221) Operating expenses (1 198) (1 234) (744) (698) (1 681) (478) (6 033) Gross operating income (699) Cost of risk (1) (104) (212) (210) (228) 4 (751) Operating income (695) Share of net income of equity-accounted entities Net gains (losses) on other assets Change in value of goodwill Pre-tax income (516) Income tax charge (292) (135) (91) (145) (250) 250 (663) Net gains (losses) on discontinued operations Net income (266) Non-controlling interests (6) 250 Net income Group share (260) (1) The Crédit Agricole CIB issuer spread is classified under the Corporate Centre for million in Revenues, + 55 million in Income tax charge, million in Net income including - 2 million in Non-controlling interests. Total (in millions of euros) Asset Gathering French Retail Banking - LCL International retail banking 31/12/2016 Specialised financial services Large customers Corporate centre (1) Revenues (1 349) Operating expenses (2 156) (2 539) (1 557) (1 384) (3 187) (871) (11 694) Gross operating income (2 220) Cost of risk (9) (182) (454) (558) (557) (27) (1 787) Operating income (2 247) Share of net income of equity-accounted entities Net gains (losses) on other assets (2) 1 (54) (52) Change in value of goodwill (491) (491) Pre-tax income (2 721) Income tax charge (773) (110) (157) (210) (370) 925 (695) Net gains (losses) on discontinued operations 23 - (3) Net income (524) Non-controlling interests (4) 415 Net income Group share (520) (1) The Crédit Agricole CIB issuer spread is classified under the Corporate Centre for million in Revenues, + 54 million in Income tax charge, million in Net income including - 2 million in Non-controlling interests. Total. 186

187 (in millions of euros) Asset Gathering French Retail International Banking - LCL retail banking 30/06/2016 Specialised financial services Large customers Corporate centre (1) Revenues (604) Operating expenses (1 124) (1 336) (744) (689) (1 663) (469) (6 025) Gross operating income (1 073) Cost of risk (7) (75) (240) (277) (288) (12) (899) Operating income (1 085) Share of net income of equity-accounted entities Net gains (losses) on other assets (2) Change in value of goodwill Pre-tax income (1 071) Income tax charge (351) (97) (91) (105) (187) 564 (267) Net gains (losses) on discontinued operations Net income (507) Non-controlling interests Net income Group share (515) (1) The Crédit Agricole CIB issuer spread is classified under the Corporate Centre for + 63 million in Revenues (including upfront payments), - 21 million in Income tax charge, and + 42 million in Net income including + 1 million in Noncontrolling interests. Total. 187

188 4.2 Insurance specificities Gross margin and breakdown of insurance company investments are presented before elimination of issues underwritten by the Insurance business in connection with investments in euros and units of account. GROSS INCOME FROM INSURANCE ACTIVITIES (in millions of euros) 30/06/ /12/ /06/2016 Premium written Change in unearned premiums (561) (173) (474) Earned premiums Other operating income Investment income Investment expenses (325) (421) (296) Gains (losses) on disposals of investments net of impairment and amortisation reversals Change in fair value of investments at fair value through profit or loss (1 102) Change in impairment on investments (28) (248) (199) Investment income after expenses Claims paid (1) (19 408) (33 373) (16 592) Income on business ceded to reinsurers Expenses on business ceded to reinsurers (291) (603) (281) Net income (expense) on business ceded to reinsurers (51) (67) (26) Contract acquisition costs (1 008) (2 063) (1 019) Amortisation of investment securities and similar - (1) - Administration costs (960) (1 746) (888) Other current operating income (expense) (105) (243) (88) Other operating income (expense) (7) (12) (10) Operating income Financing costs (139) (226) (97) Share of net income of associates Income tax charge (132) (483) (208) Net income from discontinued operations Consolidated net income Non-controlling interests Net income Group share (1) Including - 12 billion in cost of claims at 30 June 2017 (- 22 billion at 31 December 2016 and - 11 billion at 30 June 2016), - 2 billion of changes in policyholder profit-sharing at 30 June 2017 (- 2 billion at 31 December 2016 and - 1 billion at 30 June 2016) and - 6 billion of changes in technical reserves at 30 June 2017 (- 9 billion at 31 December 2016 and - 4 billion at 30 June 2016).. 188

189 INSURANCE COMPANY INVESTMENTS Carrying amount Unrealised gains Unrealised losses Carrying amount Unrealised gains Unrealised losses (in millions of euros) Treasury bills and similar securities (262) (91) Bonds and other fixed income securities (572) (415) Equities and other equity variable income securities (245) (364) Non-consolidated equity investments (49) (62) Total available-for-sale financial assets (1 128) (932) Income tax charges (5 682) (6 035) 353 (6 207) (6 506) 299 Gains and losses on available-for-sale financial assets recognised in other comprehensive income (net of income tax) 30/06/ /12/ (775) (633) 30/06/ /12/2016 Carrying amount Fair value Carrying amount Fair value (in millions of euros) Bonds and other fixed income securities Treasury bills and similar securities Impairment Total held-to-maturity financial assets Loans and receivables Investment property Carrying amount (in millions of euros) Financial assets at fair value through profit or loss classified as held-for-trading or designated at fair value through profit or loss 30/06/ /12/ Assets backing unit-linked contracts Treasury bills and similar securities Bonds and other fixed income securities Equities and other equity variable income securities Derivative instruments Carrying amount (in millions of euros) Total insurance company investments 30/06/ /12/ Notes to the balance sheet. 189

190 5.1 Financial assets and liabilities at fair value through profit or loss STRUCTURED ISSUES OF CRÉDIT AGRICOLE CIB In accordance with IFRS 13, the Group values its structured issues, recognised at fair value, by taking as a reference the issuer spread that specialist participants agree to receive to acquire new Group issues. The change in issuer spread on structured issues issued by Crédit Agricole CIB, and valued on the basis of the last end-of-period share issue table, generated: At 30 June 2017: an expense of million in Revenues and an expense of million in Net income ; At 31 December 2016 : an expense of million in Revenues and an expense of million in Net income. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 30/06/ /12/2016 (in millions of euros) Financial assets held for trading Financial assets designated at fair value through profit or loss Carrying amount Of which lent securities HELD-FOR-TRADING FINANCIAL ASSETS (in millions of euros) 30/06/ /12/2016 Equity instruments Equities and other variable income securities Debt securities Treasury bills and similar securities Bonds and other fixed income securities Loans and advances Loans and receivables due from customers Securities bought under repurchase agreements Pledged securities - - Derivative instruments Carrying amount Securities acquired under repurchase agreements include those that the entity is authorised to use as collateral. FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS. 190

191 (in millions of euros) 30/06/ /12/2016 Equity instruments Equities and other variable income securities Debt securities Assets back ing unit-link ed contracts Treasury bills and similar securities Bonds and other fixed income securities Loans and advances - - Loans and receivables due from customers - - Loans ans recevables due from credit institutions - - Securities bought under repurchase agreements - - Pledged securities - - Carrying amount FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (in millions of euros) Financial liabilities held for trading Financial liabilities designated at fair value through profit or loss 30/06/ /12/ Carrying amount HELD-FOR-TRADING FINANCIAL LIABILITIES 30/06/ /12/2016 (in millions of euros) Securities sold short Securities sold under repurchase agreements Debt securities 1 1 Derivative instruments Carrying amount FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS. 191

192 30/06/ /12/2016 Fair value on the balance sheet Difference between carrying amount and due on maturity Fair value on the balance sheet Difference between carrying amount and due on maturity (in millions of euros) Deposits and subordinated liabilities Deposits from credit institutions Other deposits Subordinated liabilities Debt securities Other financial liabilities Total Financial liabilities designated at fair value through profit and loss Available-for-sale financial assets Carrying Unrealised Unrealised Carrying Unrealised Unrealised (in millions of euros) amount gains losses amount gains losses Treasury bills and similar securities (411) (254) Bonds and other fixed income securities (614) (505) Equities and other variable income securities (301) (420) Non-consolidated equity investments (155) (123) Total available-for-sale securities (1 481) (1 302) Available-for-sale receivables Total available-for-sale receivables Carrying amount of available-for-sale financial assets (1) (1 481) (1 302) Income tax charge (6 112) 419 (6 575) 388 Gains and losses on available-for-sale financial assets recognised in other comprehensive income (net of income tax) (2) 30/06/ /12/ (1 062) (914) (1) The net carrying amount of impaired available-for-sale fixed-income securities is 4 million ( 5 million at 31 December 2016) and the net carrying amount of impaired available-for-sale variable-income securities is 2,087 million ( 1,953 million at 31 December 2016). (2) For insurance companies, gains and losses on available-for-sale financial assets recognised in other comprehensive income (net of income tax) are offset by after-tax deferred policyholders profit-sharing liability of 8,053 million at 30 June 2017 and 12,248 million at 31 December 2016 (see Note 5.11 Insurance company technical reserves).. 192

193 5.3 Loans and receivables due from credit institutions and due from customers LOANS AND RECEIVABLES DUE FROM CREDIT INSTITUTIONS (in millions of euros) Credit institutions 30/06/ /12/2016 Debt securities Securities not traded in an active market Loans and receivables Loans and receivables of which performing current accounts in debit Pledged securities of which performing overnight accounts and advances Securities bought under repurchase agreements Subordinated loans Other loans and receivables Gross amount Impairment Net value of loans and receivables due from credit institutions (405) (435) Crédit Agricole internal transactions - - Debt securities - - Securities not traded in an active market - - Loans and advances Current accounts Term deposits and advances Subordinated loans Loans and receivables within Crédit Agricole Carrying amount

194 LOANS AND RECEIVABLES DUE FROM CUSTOMERS (in millions of euros) Loans and receivables due from customers 30/06/ /12/2016 Debt securities Securities not traded in an active market Loans and receivables Trade receivables Other customer loans Securities bought under repurchase agreements Subordinated loans Insurance receivables Reinsurance receivables Advances in associates current accounts Current accounts in debit Gross amount Impairment (10 338) (10 533) Net value of loans and receivables due from customers Finance leases - - Property leasing Equipment leases, operating leases and similar transaction Gross amount Impairment (286) (272) Net carrying amount of lease financing operations Carrying amount LOANS AND RECEIVABLES DUE FROM CREDIT INSTITUTIONS AND DUE FROM CUSTOMER BY CUSTOMER TYPE (EXCLUDING CRÉDIT AGRICOLE INTERNAL TRANSACTIONS) (in millions of euros) Central governments Central banks Credit institutions Large corporates Retail customers Total Loans and receivables due from credit institutions and due from customers (1) (1) Of which 11,512 million in restructured loans. Gross outstanding Of which gross loans and receivables individually impaired 30/06/2017 Individual impairment Collective impairment Total

195 (in millions of euros) Central governments Central banks Credit institutions Large corporates Retail customers Total Loans and receivables due from credit institutions and due from customers (1) (1) Of which 12,089 million in restructured loans. Gross outstanding Of which gross loans and receivables individually impaired 31/12/2016 Individual impairment Collective impairment Total Impairment deducted from financial assets (in millions of euros) Loans and receivables due from credit institutions Loans and receivables due from customers Finance leases Held-to-maturity securities 31/12/2016 Changes in scope Depreciation Reversals and utilisations Translation adjustment Transfers in noncurrent assets held for sale and discontinued operations Other movements 30/06/ (2) (26) - (3) (1 554) (197) - (15) Of which collective impairment (207) (72) Available-for-sale financial assets Other financial assets (102) (2) 38 (232) (5) - (2) (41) (4) - (14) 126 Total Impairment of financial assets (2) (1 931) (232) - (30) (in millions of euros) Loans and receivables due from credit institutions 01/01/2016 Changes in scope Depreciation Reversals and utilisations Translation adjustment Transfers in noncurrent assets held for sale and discontinued operations Other movements 31/12/ (42) Loans and receivables due from customers (3 383) 20 - (10) Of which collective impairment (479) 10 - (39) Finance leases (152) Held-to-maturity securities Available-for-sale financial assets (2) 267 (501) (3) (138) (8) Other financial assets (26) Total Impairment of financial assets (2) (4 104) 29 (138) (5)

196 5.5 Exposure to sovereign risk The scope of sovereign exposures recorded covers exposures to Governments, but does not include local authorities. Tax debt is excluded from these amounts. Exposure to sovereign debt corresponds to an exposure net of impairment (carrying amount) presented both gross and net of hedging. Crédit Agricole S.A. s significant exposure to sovereign risk is as follows : BANKING ACTIVITY 30/06/2017 (in millions of euros) Held-to-maturity financial assets Of which banking portfolio Available-for-sale financial assets Financial assets at fair value through profit or loss Exposures Banking activity net of impairment Loans and receivables Of which trading book (excluding derivatives) Total banking activity before hedging Hedging available-forsale financial assets Total banking activity after hedging Allemagne Arabie Saoudite Belgique (130) Brésil Chine Espagne (3) Etats-Unis (4) 685 France (829) Grèce Hong-Kong Irlande Italie (192) Japon Maroc Portugal (3) 96 Royaume-Uni Russie Syrie Ukraine Venezuela Yémen Total (1 161) Exposures Banking activity net of impairment Of which banking portfolio 31/12/2016 (in millions of euros) Held-to-maturity financial assets Available-for-sale financial assets Financial assets at fair value through profit or loss Loans and receivables Of which trading book (excluding derivatives) Total banking activity before hedging Hedging available-forsale financial assets Total banking activity after hedging Germany Saudi Arabia Belgium (168) Brazil China Spain (8) United States (7) 195 France (1 388) Greece Hong-Kong Ireland Italy (286) Japan Morocco Portugal (5) 100 United-Kingdom Russia Syria Ukraine Venezuela Yemen Total (1 862)

197 INSURANCE ACTIVITY For the insurance activity, exposure to sovereign debt is presented as net of impairment, before hedging, and corresponds to an exposure before application of sharing mechanisms between insurer and policyholder specific to life insurance. Gross exposure (in millions of euros) 30/06/ /12/2016 Germany Saudi Arabia - - Belgium Brazil - - China - - Spain United States France Greece - - Hong-Kong - - Ireland Italy Japan - - Morocco - - Portugal 5 3 United-Kingdom - - Russia - - Syria - - Ukraine - - Venezuela - - Yemen - - Total Exposure

198 5.6 Due to credit institutions and to customers DUE TO CREDIT INSTITUTIONS (in millions of euros) Credit institutions Accounts and borrowings 30/06/ /12/ Of which current accounts in credit Of which overnight accounts and deposits Pledged securities - - Securities sold under repurchase agreements TOTAL Crédit Agricole internal transactions Current accounts in credit Term deposits and advances TOTAL Carrying amount DUE TO CUSTOMERS (in millions of euros) Current accounts in credit Special savings accounts Other amounts due to customers Securities sold under repurchase agreements Insurance liabilities Reinsurance liabilities Cash deposits received from cedants and retrocessionaires against technical insurance commitments Carrying amount 30/06/ /12/

199 5.7 Debt securities and subordinated debt (in millions of euros) Debt securities Interest bearing notes Money-market instruments Negotiable debt securities Bonds (1) Other debt instruments Carrying amount Subordinated debt Dated subordinated debt (2) (1) Includes issues of Cover Bonds (2) Includes issues of dated subordinated notes TSR (3) Includes issues of deeply subordinated notes TSS and undated subordinated notes TSDI 30/06/ /12/ Undated subordinated debt (3) Mutual security deposits Participating securities and loans Carrying amount At 30 June 2017, deeply subordinated notes (excluding accrued interest) came into force totalled 3,096 million, down from 4,507 million at 31 December The debt instruments issued by Crédit Agricole S.A. and subscribed for by Crédit Agricole S.A. Group insurance companies were eliminated for euro contracts. They were eliminated for the portion backing unit-linked contracts with financial risk borne by the policyholder. 5.8 Investment properties (in millions of euros) 31/12/2016 Changes in scope Increases (acquisitions) Decreases (disposals and redemptions) Translation adjustments Other movements 30/06/2017 Gross amount (633) Amortisation and impairment (80) - (2) - - (2) (84) Net carrying amount (1) (633) (1) Including investment property let to third parties.. 199

200 (in millions of euros) 01/01/2016 Changes in scope Increases (acquisitions) Decreases (disposals and redemptions) Translation adjustments Other movements 31/12/2016 Gross amount (2 135) Amortisation and impairment (83) - (2) 11 - (6) (80) Net carrying amount (1) (2 124) (1) Including investment property let to third parties. FAIR VALUE OF INVESTMENT PROPERTIES The market value of investment properties recorded at amortised cost, as valued by expert appraisers, was 8,513 million at 30 June 2017 compared to 8,364 million at 31 December (in millions of euros) 30/06/ /12/2016 Quoted prices in active markets for identical instruments Level Valuation based on observable data Level Valuation based on unobservable data Level Market value All investment property are recognised at amortised cost in the balance sheet. 5.9 Property, plant & equipment and intangible assets (excluding goodwill) Increases Decreases Changes in (Acquisitions, Translation Other 31/12/2016 (disposals and 30/06/2017 scope business adjustments movements redemptions) (in millions of euros) combinations) Property, plant & equipment used in operations Gross amount (36) 207 (103) (30) Depreciation and impairment (1) (4 055) 25 (188) (18) (4 147) Carrying amount (11) 19 (33) (11) Intangible assets Gross amount (1) 218 (49) (7) (2) Amortisation and impairment (3 803) 1 (165) 36 7 (20) (3 944) Carrying amount (13) - (22) (1) Including depreciation on fixed assets let to third parties. (in millions of euros) 01/01/2016 Changes in scope Increases (Acquisitions, business combinations) (1) Including depreciation on fixed assets let to third parties. Decreases (disposals and redemptions) Translation adjustments Other movements 31/12/2016 Property, plant & equipment used in operations Gross amount (29) 386 (417) (65) Depreciation and impairment (1) (3 986) 10 (396) (44) (4 055) Carrying amount (19) (10) (85) (36) Intangible assets Gross amount (332) (12) (2) Amortisation and impairment (3 692) 3 (334) (44) (3 803) Carrying amount (76) (4) (46)

201 5.10 Goodwill (in millions of euros) 31/12/2016 GROSS 31/12/2016 NET Increases (Acquisitions) Decreases (Divestments) Impairment losses during the period Translation adjustments Other movements 31/12/2017 GROSS 31/12/2017 NET Asset Gathering (15) of which insurance of which asset management (4) of which international wealth management (11) French Retail Banking - LCL Group International retail banking of which Italy of which Poland of which Ukraine of which other countries (3) Specialised financial services of which Consumer finance of which Consumer finance - Agos of which Factoring Large Customers (1) of which Corporate and investment banking (1) of which Asset servicing Corporate centre Total (10) Group Share (10) (169) (1) Non-controlling interests (1) Due to Amundi s dilutive capital increase. As part of the interim accounts closing process and in accordance with Group principles, given the absence of objective indications of impairment, no impairment of goodwill was recorded at 30 June

202 5.11 Insurance company technical reserves BREAKDOWN OF INSURANCE TECHNICAL RESERVES 30/06/2017 (in millions of euros) Life Non-life International Creditor Total Insurance contracts Investment contracts with discretionary profit-sharing Investment contracts without discretionary profit-sharing Deferred participation benefits (liability) Total technical reserves Deferred participation benefits (asset) Reinsurers' share of technical reserves (873) (435) (55) (270) (1 633) Net technical reserves /12/2016 (in millions of euros) Life Non-life International Creditor Total Insurance contracts Investment contracts with discretionary profit-sharing Investment contracts without discretionary profit-sharing Deferred participation benefits (liability) Total technical reserves Deferred participation benefits (asset) Reinsurers' share of technical reserves (827) (342) (55) (261) (1 485) Net technical reserves Reinsurers share in technical reserves and other insurance liabilities is recognised under «Accruals, prepayments and sundry liabilities». The breakdown of insurance company technical reserves is presented before elimination of issues in euro and in units of account subscribed by insurance companies. Deferred policyholders profit sharing, before tax, at 30 June 2017 and 31 December 2016 breaks down as follows: (1) Note 5.2 «Available-for-sale financial assets» 30/06/2017 Deferred participation benefits in liabilities 31/12/2016 Deferred participation benefits in liabilities Deferred participation benefits Deferred participation on revaluation of held-for-sale securities and hedging derivatives of which deferred participation on revaluation of held-for-sale securities (1) of which deferred participation hedging derivatives Deferred participation on trading securities mark-to-market adjustment (75) (323) Other deferred participation (liquidity risk reserve cancellation) Total

203 5.12 Provisions (in millions of euros) 31/12/2016 Changes in scope Depreciation charges Reversals, amounts used Reversals, amounts not used Translation adjustments Other movements 30/06/2017 Home purchase savings plan risks (177) Financing commitment execution risks (7) (50) (12) Operational risks (119) (8) Employee retirement and similar benefits (81) (7) (10) Litigation (22) (37) (2) (1) 920 Equity investments (3) Restructuring (3) (2) Other risks (69) (58) (4) (37) 592 Total (304) (339) (28) (in millions of euros) 31/12/2015 Changes in scope Depreciation charges Reversals, amounts used Reversals, amounts not used Translation adjustments Other movements 31/12/2016 Home purchase savings plan risks Financing commitment execution risks 215 (1) 87 (1) (46) Operational risks (10) (14) Employee retirement and similar benefits (185) (84) (3) Litigation (103) (156) (2) (29) 895 Equity investments (2) - (1) 6 Restructuring (5) Other risks (158) (162) Total (462) (464) The legal risks outstanding at 30 june 2017 are classified within the legal risks section in the risk factors part. At 30 June 2017, employee retirement and similar benefits included 96 million ( 122 million at 31 December 2016 and 101 million at 30 June 2016) of provisions arising from social costs of the adaptation plans. The provision for restructuring includes the non-social costs of those plans. HOME PURCHASE SAVINGS PLAN PROVISION Deposits collected in home purchase savings accounts and plans during the savings phase. 203

204 (in millions of euros) 30/06/ /12/2016 Home purchase savings plans - - Under 4 years old Between 4 and 10 years old Over 10 years old Total home purchase savings plans Total home purchase savings accounts Total Deposits collected under home purchase savings contracts Age of plan is determined in accordance with CRC Regulation of 14 December Customer deposits outstanding, excluding government subsidies, are based on carrying amount at the end of May 2017 for the financial statements at 30 June 2017 and at the end of November 2016 for the financial statements at 31 December Outstanding loans granted to holders of home purchase savings accounts and plans (in millions of euros) 30/06/ /12/2016 Home purchase savings plans 8 10 Home purchase savings accounts Total Outstanding loans granted under home purchase savings contracts Provision for home purchase savings accounts and plans (in millions of euros) 30/06/ /12/2016 Home purchase savings plans - - Under 4 years old Between 4 and 10 years old 6 8 Over 10 years old Total home purchase savings plans Total home purchase savings accounts - - Total Provisions for home purchase savings contracts (in millions of euros) 31/12/2016 Depreciation charges Reversals Other movements 30/06/2017 Home purchase savings plans (177) Home purchase savings accounts Total Provisions for home purchase savings contracts (177)

205 Age plan is determined based on the date of the midway point in the generation of plans to which they belong. All of the home purchase savings plans and accounts collected by the Regional Banks are recognised at 100% as liabilities in the consolidated financial statements of Crédit Agricole S.A. Group. Half of the amount of outstanding loans related to home purchase savings plans and accounts is recognised by Crédit Agricole S.A. Group and the other half by the Regional Banks in the tables above. The amounts recognised under provisions represent the portion of risk borne by Crédit Agricole S.A. and LCL. Consequently, the ratio between the provision booked and the outstanding amounts shown on Crédit Agricole S.A. Group s balance sheet is not representative of the level of provisioning for home purchase savings risk Equity OWNERSHIP STRUCTURE AT 30 JUNE 2017 At 30 June 2017, to the knowledge of Crédit Agricole S.A., the distribution of capital and voting rights is as follows: Shareholders Number of shares at 30/06/2017 % of the share capital % of voting rights S.A.S. Rue La Boétie ,64% 56,68% Treasury shares ,08% - Employees (ESOP) ,45% 3,46% Public ,83% 39,86% TOTAL % 100% At 30 June 2017, Crédit Agricole S.A. s share capital stood at 8,538,313,578 divided into 2,846,104,526 ordinary shares each with a par value of 3. SAS Rue La Boétie is wholly owned by the Crédit Agricole Regional Banks. Concerning Crédit Agricole S.A. stock, a liquidity agreement was signed on 25 October 2006 with Crédit Agricole Cheuvreux S.A., purchased by Kepler, and renamed Kepler Cheuvreux in This agreement is automatically renewed every year. So that the operator can conduct the operations stipulated in the agreement with complete independence, the agreement has been allocated an amount of 50 million.. 205

206 To the Company s knowledge, no other shareholder owns 5% or more of the share capital or voting rights, either directly or indirectly or with others. EARNINGS PER SHARE 30/06/ /12/ /06/2016 Net income Group share during the period (in millions of euros) Net income attributable to undated deeply subordinated securities (237) (474) (241) Net income attributable to holders of ordinary shares Weighted average number of ordinary shares in circulation during the period Adjustment ratio Weighted average number of ordinary shares for calculation of diluted earnings per share ,00 1,00 1, Basic earnings per share (in euros) 0,689 1,120 0,430 Basic earnings per share from ongoing activities (in euros) 0,673 0,644 0,426 Basic earnings per share from discontinued operations (in euros) 0,016 0,476 0,004 Diluted earnings per share (in euros) 0,689 1,120 0,430 Diluted earnings per share from ongoing activities (in euros) 0,673 0,644 0,426 Diluted earnings per share from discontinued operations (in euros) 0,016 0,476 0,004 The earnings per share calculation includes the issuance costs and accrued interest on subordinated and deeply subordinated Additional Tier 1 debt issued in 2017 for the amount of million (- 474 million in 2016). Taking into consideration the change in the average price of Crédit Agricole S.A. share, all Crédit Agricole S.A. stock option plans are non-dilutive. Without any dilutive issue by Crédit Agricole S.A., the basic earnings per share are identical to the diluted earnings per share. DIVIDENDS In respect of 2016, the General Meeting of Shareholders of 24 May 2017 voted to pay a cash dividend of 0.60 per share, with a 10% loyalty bonus for eligible shares. (in euros) Ordinary dividend 0,60 0,60 0,35 0,35 - Loyalty dividend 0,660 0,660 0,385 0,385 - Dividends of 1,716 million are shown in the statement of changes in equity.. 206

207 UNDATED SUBORDINATED AND DEEPLY SUBORDINATED DEBT The main issues of undated subordinated and deeply subordinated debt classified in shareholders equity Group share are: Issue date Currency Amount in currency at 31 December 2016 Partial Amount in currency repurchases and at 30 June 2017 redemptions Amount in euros at inception rate Interests paid Group share Issuance costs net of taxes Shareholders equity Group share 23/01/2014 USD (409) (8) /04/2014 GBP (153) (4) /04/2014 EUR (208) (6) /09/2014 USD (206) (6) /01/2016 USD (132) (8) Crédit Agricole S.A. Issues (1 108) (32) /10/2014 EUR (68) (3) (71) 13/01/2015 EUR (85) (3) (88) Emissions Assurance (153) (6) (159) Issues subscribed in intern (Group share / Non controlling interests effect) (in millions of units) (in millions of euros) TOTAL (1 248) (38) The main issues of undated subordinated and deeply subordinated debt classified in shareholder s equity Non controlling interests share (insurance) are: Issue date Currency Amount in currency at 31 December 2016 Partial repurchases and redemptions Amount in currency at 30 June 2017 Amount in euros at inception rate (in millions of units) (in millions of euros) 14/10/2014 EUR /01/2015 EUR TOTAL Changes relating to undated subordinated and deeply subordinated debt affecting shareholders equity Group share are as follows: (in millions of euros) Undated deeply subordinated notes Interest paid accounted as reserves Income tax savings related to interest paid to security holders recognised in net income Issuance costs (net of tax) Undated subordinated notes Interest paid accounted as reserves Income tax savings related to interest paid to security holders recognised in net income Issuance costs (net of tax) 30/06/ /12/2016 (195) (390) (8) (42) (76)

208 6. Commitments given and received Financing and guarantee commitments and other guarantees include discontinued or held-for-sale operations. COMMITMENTS GIVEN AND RECEIVED (in millions of euros) 30/06/ /12/2016 Commitments given Financing commitments Commitments given to credit institutions Commitments given to customers Confirmed credit lines Documentary credits Other confirmed credit lines Other commitments given to customers Guarantee commitments Credit institutions Confirmed documentary credit lines Other Customers Property guarantees Other customer guarantees Commitments received Financing commitments. Commitments received from credit institutions. Commitments received from customers Guarantee commitments. Commitments received from credit institutions (1). Commitments received from customers Guarantees received from government bodies or similar institutions Other guarantees received (1) Of which 9.2 billion for the Insurance Switch guarantee set up on 1 July

209 FINANCIAL INSTRUMENTS GIVEN AND RECEIVED AS COLLATERAL (in millions of euros) 30/06/ /12/2016 Carrying amount of financial assets provided as collateral (including transferred assets) Securities and receivables provided as collateral for the refinancing structures (Banque de France, CRH, etc.) Securities lent Security deposits on market transactions Other security deposits - - Securities sold under repurchase agreements Total carrying amount of financial assets provided as collateral Carrying amount of financial assets received in guarantee - Other security deposits (1) Fair value of instruments received as reusable and reused collateral - Securities borrowed 15 5 Securities bought under repurchase agreements Securities sold short Total fair value of instruments received as reusable and reused collateral (1) The simplification of the equity structure, which gave rise to the disposal of CCI/CCA securities on 3 August 2016, went hand-in-hand with two amendments to the switch mechanism, which took effect on 1 July In this respect, the scope of the overall switch guarantee (CCI/CCA guarantee and Insurance guarantee) and the cash deposit were partly reduced. Accordingly, the maximum amount of the guarantee was reduced by the amount of the component linked to Crédit Agricole S.A. s equity investments in the Regional Banks (CCIs/CCAs) and the corresponding portion of the cash deposit was refunded. Following this transaction, the entity retains a 3.1 billion deposit relating to the regulatory requirements linked to the equity-accounting of the equity investments in Crédit Agricole Assurances held by Crédit Agricole S.A. RECEIVABLES PLEDGED AS COLLATERAL At 30 June 2017, Crédit Agricole S.A. deposited 68 billion of receivables (mainly on behalf of the Regional Banks) for refinancing transactions to the Banque de France, compared to 73.6 billion at 31 December 2016, and 16.5 billion of receivables were deposited directly by subsidiaries. At 30 June 2017, Crédit Agricole S.A. deposited 14.9 billion of receivables for refinancing transactions to the Caisse de Refinancement de l Habitat on behalf of the Regional Banks, down from 16.6 billion at 31 December 2016, and 3.2 billion of receivables were deposited directly by LCL. At 30 June 2017, 3.8 billion of Regional Banks and 1.4 billion of Crédit Agricole CIB receivables had been pledged as collateral for the covered bonds issued by European Secured Notes Issuer (ESNI), a French securitisation company formed by five banks including Crédit Agricole Group. At 30 June 2017, 36.5 billion of Regional Banks and LCL receivables had been pledged as collateral for the covered bond issues of Crédit Agricole Home Loan SFH, a financial company wholly owned by Crédit Agricole S.A.. 209

210 GUARANTEES HELD Guarantees held and assets received as collateral by Crédit Agricole S.A. Group which it is allowed to sell or to use as collateral are mostly within Crédit Agricole S.A. for 85 billion. The majority of these are receivables pledged as collateral by the Regional Banks to Crédit Agricole S.A., the latter acting as the central body with regard to the external refinancing organisations, in order to obtain refinancing. These receivables (property-related, or loans to businesses or local authorities) are selected and rated for their quality and retained on the balance sheet of the Regional Banks. The guarantees held and assets received as collateral mainly concern pensions and are held by Crédit Agricole CIB in the amount of 121 billion. The majority of these guarantees consist of mortgage liens, collateral or guarantees received, regardless of the quality of the assets guaranteed. They are mainly related to repurchase agreements and securities pledged to guarantee brokerage transactions. Crédit Agricole S.A. Group policy is to sell seized collateral as soon as possible. Crédit Agricole CIB and Crédit Agricole S.A. had no such assets at 30 June

211 7. Reclassification of financial instruments PRINCIPLES APPLIED BY CRÉDIT AGRICOLE S.A. GROUP Reclassifications outside the categories Financial assets held-for-trading and Available-for-sale financial assets were decided and performed in accordance with IAS 39 amended, adopted by the European Union on 15 October They were entered in the new accounting category at fair value on the reclassification date. RECLASSIFICATIONS PERFORMED BY CRÉDIT AGRICOLE S.A. GROUP Pursuant to the amendment to IAS 39 as published and adopted by the European Union on 15 October 2008, reclassifications were carried out as authorised by this amendment. Information on these and previous reclassifications is shown below. Nature, justification and amount of reclassifications For the first half of 2017, the Group implemented reclassifications from Financial assets at fair value through profit or loss to Loans and receivables. Reclassifications in prior years concern reclassifications from Available-for-sale financial assets and Financial assets at fair value through profit and loss to Loans and receivables. For assets reclassified during the first half of 2017, the table below shows their value on the reclassification date, as well as the value at 30 June 2017 and the value at 31 December 2016, of assets reclassified before this date and still included in the Group s assets at that date: Total reclassified assets Assets reclassified in 2017 Assets reclassified before (in millions of euros) Financial assets at fair value through profit or loss reclassified as loans and receivables Available-for-sale financial assets reclassified as loans and receivables Carrying amount 30/06/2017 Estimated market value at 30/06/2017 Reclassification value Carrying amount 30/06/2017 Estimated market value 30/06/2017 Carrying amount 30/06/2017 Estimated market value at 30/06/2017 Carrying amount 31/12/2016 Estimated market value 31/12/ Total reclassified assets

212 CONTRIBUTION OF RECLASSIFIED ASSETS TO NET INCOME SINCE THE RECLASSIFICATION DATE The contribution of the transferred assets since the date of reclassification to net income for the year includes all gains, losses, income and expenses recognised in profit or loss or in other comprehensive income. Analysis of the impact of the transferred assets: Reclassified assets in 2017 Assets reclassified before Impact at 30/06/2017 Cumulative impact at 31/12/2016 Impact in 2017 Cumulative impact at 30/06/2017 (in millions of euros) Actual income and expenses recognised If asset had been retained in its former category (change in fair value) Actual income and expenses recognised If asset had been retained in its former category (change in fair value) Actual income and expenses recognised If asset had been retained in its former category (change in fair value) Actual income and expenses recognised If asset had been retained in its former category (change in fair value) Financial assets at fair value through profit or loss reclassified as loans and receivables - - (38) (122) - - (38) (122) Available-for-sale financial assets reclassified as loans and receivables Total reclassified assets 1 1 (18) (102) - - (18) (102). 212

213 8. Fair value of financial instruments Fair value is the price that would be received at the sale of an asset or paid to transfer a liability in a standard transaction between market participants at the measurement date. Fair value is defined on the basis of the exit price. The fair values shown below are estimates made on the reporting date using observable market data wherever possible. These are subject to change in subsequent periods due to developments in market conditions or other factors. The calculations represent best estimates. They are based on a number of assumptions. It is assumed that market participants act in their best economic interest. To the extent that these models contain uncertainties, the fair values shown may not be achieved upon actual sale or immediate settlement of the financial instruments concerned. The fair value hierarchy of financial assets and liabilities is broken down according to the general observability criteria of the valuation inputs, pursuant to the principles defined under IFRS 13. Level 1 applies to the fair value of financial assets and liabilities quoted in active markets. Level 2 applies to the fair value of financial assets and liabilities with observable inputs. This agreement includes market data relating to interest rate risk or credit risk when the latter can be revalued based on Credit Default Swap (CDS) spread. Securities bought or sold under repurchase agreements with underlyings quoted in an active market are also included in Level 2 of the hierarchy, as are financial assets and liabilities with a demand component for which fair value is measured at unadjusted amortised cost. Level 3 indicates the fair value of financial assets and liabilities with unobservable inputs or for which some data can be revalued using internal models based on historical data. This mainly includes market data relating to credit risk or early redemption risk.. 213

214 In some cases, market values are close to carrying amounts. This applies primarily to: assets or liabilities at variable rates for which interest rate changes do not have a significant influence on the fair value, since the rates on these instruments frequently adjust themselves to the market rates; short-term assets or liabilities where the redemption value is considered to be close to the market value; instruments executed on a regulated market for which the prices are set by the public authorities; demand assets and liabilities; transactions for which there are no reliable observable data.. 214

215 8.1 Fair value of financial assets and liabilities measured at cost The amounts presented below include accruals and prepayments and are net of impairment. FINANCIAL ASSETS RECOGNISED AT COST AND MEASURED AT FAIR VALUE ON THE BALANCE SHEET (in millions of euros) Financial assets not measured at fair value on balance sheet Value at 30 june 2017 Estimated fair value at 30 june 2017 Quoted prices in active markets for identical instruments : Level 1 Valuation based on observable data : Level 2 Valuation based on unobservable data : Level 3 Loans and receivables Loans and receivables due from credit institutions Current accounts and overnight loans Accounts and term deposits Pledged securities Securities bought under repurchase agreements Subordinated loans Securities not listed on an active market Other loans and receivables Loans and receivables due from customers Trade receivables Other customer loans Securities bought under repurchase agreements Subordinated loans Securities not listed on an active market Insurance receivables Reinsurance receivables Advances in associates current accounts Current accounts in debit Held-to-maturity financial assets Treasury bills and similar securities Bonds and other fixed Income securities Total financial assets of which fair value is disclosed

216 (in millions of euros) Financial assets not measured at fair value on balance sheet Value at 31 December 2016 Estimated fair value at 31 December 2016 Quoted prices in active markets for identical instruments : Level 1 Valuation based on observable data : Level 2 Valuation based on unobservable data : Level 3 Loans and receivables Loans and receivables due from credit institutions Current accounts and overnight loans Accounts and term deposits Pledged securities Securities bought under repurchase agreements Subordinated loans Securities not listed on an active market Other loans and receivables Loans and receivables due from customers Trade receivables Other customer loans Securities bought under repurchase agreements Subordinated loans Securities not listed on an active market Insurance receivables Reinsurance receivables Advances in associates current accounts Current accounts in debit Held-to-maturity financial assets Treasury bills and similar securities Bonds and other fixed Income securities Total financial assets of which fair value is disclosed

217 FINANCIAL LIABILITIES RECOGNISED AT COST AND MEASURED AT FAIR VALUE ON THE BALANCE SHEET (in millions of euros) Financial liabilities not measured at fair value on balance sheet Value at 30 june 2017 Estimated fair value at 30 june 2017 Quoted prices in active markets for identical Instruments : Level 1 Valuation based on observable data : Level 2 Valuation based on unobservable data : Level 3 Due to credit institutions Current accounts and overnight loans Accounts and term deposits Pledged securities Securities sold under repurchase agreements Due to customers Current accounts in credit Special savings accounts Other amounts due to customers Securities sold under repurchase agreements Insurance liabilities Reinsurance liabilities Cash deposits received from cedants and retrocessionaires against technical insurance commitments Debt securities Subordinated debt Total financial liabilities of which fair value is disclosed (in millions of euros) Financial liabilities not measured at fair value on balance sheet Value at 31 December 2016 Estimated fair value at 31 December 2016 Quoted prices in active markets for identical Instruments : Level 1 Valuation based on observable data : Level 2 Valuation based on unobservable data : Level 3 Due to credit institutions Current accounts and overnight loans Accounts and term deposits Pledged securities Securities sold under repurchase agreements Due to customers Current accounts in credit Special savings accounts Other amounts due to customers Securities sold under repurchase agreements Insurance liabilities Reinsurance liabilities Cash deposits received from cedants and retrocessionaires against technical insurance commitments Debt securities Subordinated debt Total financial liabilities of which fair value is disclosed

218 8.2 Information about financial instruments measured at fair value VALUATION METHODS Financial instruments are valued by management information systems and checked by a team that reports to the Risk Management department and is independent from the market operators. Valuations are based on the following: prices or inputs obtained from independent sources and/or validated by the Market risk department using a series of available sources such as pricing service vendors, market consensus data and brokers; models validated by the Market risk department s quantitative teams. The valuation produced for each instrument is a mid-market valuation, which does not take account of the direction of the trade, the bank s aggregate exposure, market liquidity or counterparty quality. Adjustments are then made to the market valuations to incorporate those factors, as well as the potential uncertainties inherent in the models or inputs used. The main types of valuation adjustments are the following: Mark-to-market adjustments : these adjustments correct any potential variance between the midmarket valuation of an instrument obtained using internal valuation models and the associated inputs and the valuation obtained from external sources or market consensus data. These adjustments can be positive or negative; Bid/ask reserves: these adjustments incorporate the bid/ask spread for a given instrument in order to reflect the price at which the position could be reversed. These adjustments are always negative; Uncertainty reserves: these adjustments constitute a risk premium taken into account by potential acquirers. These adjustments are always negative: input uncertainty reserves seek to incorporate any uncertainty that might exist as regards one or more of the inputs used; model uncertainty reserves seek to incorporate any uncertainty that might exist due to the choice of model used. In addition, in accordance with IFRS 13 Fair value measurement, Crédit Agricole S.A. prices in to the fair value calculated for its OTC derivatives (i.e. those traded over the counter) various adjustments linked to the default risk and credit quality (Credit Valuation Adjustment, Debit Valuation Adjustment) and also to future funding costs and benefits (Funding Valuation Adjustment).. 218

219 Credit Valuation Adjustment (CVA) The Credit Valuation Adjustment (CVA) is a mark to market adjustment that aims to price into the value of the OTC derivatives the market value of our counterparties default risk (risk that amounts due to us are not repaid in the event of default or a deterioration in creditworthiness). This adjustment is calculated per counterparty based on the positive future exposure of the trading portfolio (taking into account any netting or collateral agreements, where such exist) weighted by the probabilities of default and losses given default. To the maximum extent possible, the methodology uses observable inputs (probabilities of default are derived in priority directly from listed CDS, proxies of listed CDS and other credit instruments where these are deemed sufficiently liquid). This adjustment is always negative and reduces the fair value of the OTC derivative assets held in the portfolio. DVA - Debit Valuation Adjustment The Debit Valuation Adjustment (DVA) is a mark to market adjustment that aims to price into the value of perfectly collateralised OTC derivatives the market value of our own default risk (potential losses to which Crédit Agricole S.A. may expose its counterparties in the event of default or a deterioration in its creditworthiness). This adjustment is calculated per type of collateral agreement based on the negative future exposure of the trading portfolio weighted by (Crédit Agricole S.A. s) probabilities of default and losses given default. The calculation aims to factor in the Margin Period of Risk (MPR, the time period from occurrence of Crédit Agricole S.A. s default until all positions have been closed out). To the maximum extent possible, the methodology uses observable inputs (use of the Crédit Agricole S.A. CDS to calculate the probabilities of default). This adjustment is always positive and reduces the fair value of the OTC derivative liabilities held in the portfolio. Funding Valuation Adjustment (FVA) The Funding Valuation Adjustment (DVA) is a mark to market adjustment that aims to price into the value of non- or imperfectly collateralised OTC derivatives the additional future funding costs and benefits based on ALM (Asset & Liability Management) funding costs. This adjustment is calculated per counterparty based on the positive future exposure of the trading portfolio (taking into account any netting or collateral agreements, where such exist) weighted by ALM funding spreads. The FVA may be either positive (described as a Funding Benefit Adjustment or FBA) or negative (described as a Funding Cost Adjustment or FCA).. 219

220 BREAKDOWN OF FINANCIAL INSTRUMENTS AT FAIR VALUE BY VALUATION MODEL Amounts presented below include accruals and prepayments and are net of impairment. Financial assets measured at fair value 30/06/2017 Quoted prices in active markets for identical instruments : Level 1 Valuation based on observable data : Level 2 Valuation based on unobservable data : Level 3 (in millions of euros) Financial assets held for trading Loans and recevables due from credit institutions Loans and receivables due from customers Securities bought under repurchase agreements Pledged securities Securities held for trading Treasury bills and similar securities Bonds and other fixed income securities Equities and other equity variable income securities Derivative instruments Financial assets designated at fair value through profit or loss Loans and receivables due from credit institutions Loans and receivables due from customers Assets backing unit-linked contracts Securities designated at fair value through profit or loss Treasury bills and similar securities Bonds and other fixed income securities Equities and other equity variable income securities Available-for-sale financial assets Treasury bills and similar securities Bonds and other fixed income securities Equities and other equity variable income securities (1) Available-for-sale receivables Hedging derivative instruments Total financial Assets measured at fair value Transfers from level 1 : Quoted prices in active markets for identical instruments Transfers from level 2 : Valuation based on observable data Transfers from level 3 : Valuation based on unobservable data Total transfers to each level (1) SAS Rue La Boétie shares, held by la Caisse régionale de Corse, have been included in Equities and other equity variable income securities in the Level 2 for 50 million. Level 1 to Level 2 transfers involve available-for-sale securities and bonds. Level 2 to Level 3 transfers mainly involve derivative instruments held for trading. Level 3 to Level 2 transfers mainly involve interest rate derivatives

221 31/12/2016 Quoted prices in active markets for identical instruments : Level 1 Valuation based on observable data : Level 2 Valuation based on unobservable data : Level 3 (in millions of euros) Financial assets held for trading Loans and receivables due from customers Securities bought under repurchase agreements Securities held for trading Treasury bills and similar securities Bonds and other fixed income securities Equities and other equity variable income securities Derivative instruments Financial assets designated at fair value through profit or loss Loans and receivables due from credit institutions Loans and receivables due from customers Assets backing unit-linked contracts Securities designated at fair value through profit or loss Treasury bills and similar securities Bonds and other fixed income securities Equities and other equity variable income securities Available-for-sale financial assets Treasury bills and similar securities Bonds and other fixed income securities Equities and other equity variable income securities (1) Available-for-sale receivables Hedging derivative instruments Total financial Assets measured at fair value Transfers from level 1 : Quoted prices in active markets for identical instruments Transfers from level 2 : Valuation based on observable data Transfers from level 3 : Valuation based on unobservable data Total transfers to each level (1) SAS Rue La Boétie shares have been included in Equities and other equity variable income securities in the Level 2 for 47 million. Level 1 to Level 2 transfers involve available-for-sale securities. Level 2 to Level 3 transfers mainly involve interest rate derivatives. Level 3 to Level 2 transfers mainly involve interest rate derivatives

222 Financial liabilities measured at fair value 30/06/2017 Quoted prices in active markets for identical instruments : Level 1 Valuation based on observable data : Level 2 Valuation based on unobservable data : Level 3 (in millions of euros) Financial liabilities held for trading Securities sold short Securities sold under repurchase agreements Debt securities Derivative instruments Financial liabilities designated at fair value through profit or loss Hedging derivative instruments Total financial liabilities measured at fair value Transfers from level 1 : Quoted prices in active markets for identical instruments Transfers from level 2 : Valuation based on observable data Transfers from level 3 : Valuation based on unobservable data Total transfers to each level Level 2 to Level 3 transfers mainly concern derivative instruments held for trading. Level 3 to Level 2 transfers mainly concern marketable debt securities accounted under the fair value option.. 222

223 31/12/2016 Quoted prices in active markets for identical instruments : Level 1 Valuation based on observable data : Level 2 Valuation based on unobservable data : Level 3 (in millions of euros) Financial liabilities held for trading Securities sold short Securities sold under repurchase agreements Debt securities Derivative instruments Financial liabilities designated at fair value through profit or loss Hedging derivative instruments Total financial liabilities measured at fair value Transfers from level 1 : Quoted prices in active markets for identical instruments Transfers from level 2 : Valuation based on observable data Transfers from level 3 : Valuation based on unobservable data Total transfers to each level Level 1 to Level 2 transfers mainly involve financial liabilities held for trading. Level 2 to Level 3 transfers involve negotiable debt securities accounted under the fair value option. Level 3 to Level 2 transfers mainly concern marketable debt securities accounted under the fair value option

224 Financial instruments classified in Level 1 Level 1 comprises all derivatives quoted in an active market (options, futures, etc.), regardless of their underlying (interest rate, exchange rate, precious metals, key stock indices), as well as equities and bonds quoted in an active market. A market is considered as being active if quoted prices are readily and regularly available from exchange, brokers, dealers, pricing services or regulatory agencies, and those prices represent actual and regularly occurring market transactions on an arm s length basis. Corporate and government and agency bonds that are valued on the basis of prices obtained from independent sources, deemed to be enforceable and updated regularly, are classified in Level 1. This covers the bulk of sovereign and agency and corporate bonds held. Issuers whose bonds are not quoted are classified in Level 3. Financial instruments classified in Level 2 The main financial instruments classified in Level 2 are: liabilities designated at fair value through profit or loss Financial liabilities designated at fair value are classified in Level 2 when their embedded derivative is deemed to be classified in Level 2: over-the-counter derivatives The main OTC derivatives classified in Level 2 are those valued using inputs considered to be observable and where the valuation technique does not generate any significant exposure to a model risk. Level 2 therefore mainly includes: linear derivative products such as interest rate swaps, currency swaps and forward FX. They are valued using simple models widely used in the market, based either on directly observable inputs (foreign exchange rates, interest rates), or inputs derived from observable market prices (currency swaps); non-linear vanilla instruments such as caps, floors, swaptions, currency options, equity options and credit default swaps, including digital options. They are valued using simple models widely used in the market, based either on directly observable inputs (foreign exchange rates, interest rates, share prices) or inputs that can be derived from observable market prices (volatilities); simple exotic single-underlying instruments such as cancellable swaps, currency baskets of major currencies. They are valued using models that are sometimes slightly more complex but still widely used in the market. The inputs are mainly observable inputs and market prices, obtained notably from brokers and/or market consensus data, which can be used to corroborate internal valuations;. 224

225 securities listed on a market deemed inactive and for which independent valuation data are available. Financial instruments classified in Level 3 Financial instruments classified in Level 3 are those, which do not meet the conditions for classification in Level 1 or 2. They are therefore mainly financial instruments with a high model risk whose valuation requires substantial use of unobservable inputs. The initial margin on all new transactions classified in Level 3 is reserved at the date of initial recognition. It is reintegrated in the profit or loss account either spread over the period during which the inputs are considered to be unobservable or in full on the date when the inputs become observable. Level 3 therefore mainly comprises: securities Level 3 securities mainly include: - unlisted shares or bonds for which no independent valuation is available, - ABSs and CLOs for which there are indicative independent quotes but which are not necessarily executable, - ABSs, CLOs and super senior and mezzanine CDO tranches where it cannot be demonstrated that the market is active; liabilities designated at fair value through profit or loss Financial liabilities designated at fair value are classified in Level 3 when their embedded derivative is deemed to be classified in Level 3; over-the-counter derivatives Income that is not observable due to the underlying items: some products, which are mostly classified in Level 2, may be considered to fall within Level 3 due to their underlying currency or maturity. An observability table defines the maximum maturity considered to be observable for each instrument/currency pair. Observability is a function of the input s liquidity and the availability of observable sources enabling its valuation. Level 3 mainly comprises: interest rate exposures or very long-dated currency swaps;. 225

226 equity exposures, mainly through products traded on shallow option markets or indexed to volatility and long-dated forward or futures contracts; exposures to non-linear long-dated products (interest rate or currency) on key currencies/indices. It also includes vanilla options and simple exotic derivatives such as cancellable swaps; non-linear exposures to emerging market currencies. Complex derivatives: complex derivatives are classified in Level 3 as their valuation requires the use of unobservable inputs. The main exposures involved are: products whose underlying is the difference between two interest rates, such as options, binary options or exotic products. These products are based on a correlation between the two rates, which is considered to be unobservable due to reduced liquidity. The valuation of these exposures is nonetheless adjusted at the month-end on the basis of correlation levels derived from market consensus data; products whose underlying is the forward volatility of an index (Euribor, CMS spread). These products are deemed unobservable as there is significant model risk and their thin liquidity prevents regular accurate estimates of inputs; securitisation swaps generating an exposure to the prepayment rate. The prepayment rate is determined on the basis of historical data on similar portfolios. The assumptions and inputs used are checked regularly on the basis of actual prepayments; hybrid long-term interest rate/fx products, such as Power Reverse Dual Currency notes, which mainly involve the USD/JPY currency pair or products whose underlying is a basket of currencies. The correlation parameters between interest rates and currencies as well as between the two interest rates are determined using an internal methodology based on historical data. Results are cross-checked against market consensus data to ensure that the overall method is coherent; multiple-underlying products generating an exposure to correlations, regardless of the underlyings concerned (interest rates, credit, FX, inflation). This category includes cross-asset products such as dual range, emerging market currency baskets and Credit Default Baskets. Correlations are determined conservatively as a function of the bank s aggregate exposure, based on historical data. If the diversity of correlations is high, exposures to each one remain measured; equity correlation and hybrid equity products, whose payoff depends on the relative performance of shares or indices in a basket (a basket which may sometimes include not just equities but other instruments such as indices or commodities). Measurements of these products are sensitive to the correlation between the basket components and may be classed as Level 3 depending on their maturity, hybrid nature and the composition of the underlying basket; interest rate derivatives whose coupon is indexed to forward volatility (Vol bonds);. 226

227 CDOs based on corporate credit baskets. The valuation model for these products uses both observable inputs (CDS prices) and unobservable inputs (default correlations). For the least liquid Senior tranches, Crédit Agricole CIB has introduced valuation inputs that are tailored to its assessment of the intrinsic risk of its exposures. Market risk of the CDO derivatives book was sold to a fund managed by JP Morgan Capital in 2016; Market risk on complex equity derivative portfolios was transferred to an external counterparty on 31 December

228 Comptes consolidés intermédiaires résumés de Crédit Agricole S.A. 30 juin 2017 NET CHANGE IN FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ACCORDING TO LEVEL 3 Financial assets measured at fair value according to Level 3 Financial assets held for trading Financial assets designated at fair value through profit or loss Available-for-sale financial assets (in millions of euros) Opening balance re (01/01/2017) Total Loans and receivables due from customers Bonds and other fixed income securities Securities held for trading Equities and other variable income securities Securities held for trading Derivative instruments Assets backing unitlinked contracts Bonds and other fixed income securities Equities and other variable income securities Securities designated at fair value through profit or loss Gains or losses during the period (497) (10) (314) (316) 1 Recognised in profit and loss (191) (314) (19) 1 Recognised in other comprehensive income (306) (10) (297) - Purchases Sales (1 326) (211) (1) - - (468) (468) - (7) (639) - Issues (9) (9) - Settlements (177) (27) (23) - (23) (98) (48) 19 - Reclassifications (19) - Changes associated with scope during the period (80) (80) (3) 3 - Transfers Transfers to Level Transfers from Level 3 (77) (65) (12) - - Closing balance (30/06/2017) Loans and receivables due from customers Securities designated as at fair value through profit or loss Treasury bills and similar securities Bonds and other fixed income securities Equities and other variable income securities Hedging derivative instruments 228

229 Interim condensed consolidated financial statements of Crédit Agricole S.A. 30 June 2017 Financial liabilities measured at fair value according to Level 3 Total Financial liabilities held for trading Securities sold short Securities sold under repurchase agreements Derivative instruments Financial liabilities designated at fair value through profit or loss Hedging derivative instruments (in millions of euros) Opening balance re (01/01/2017) Gains or losses during the period (593) - - (257) (313) (23) Recognised in profit and loss (593) - - (257) (313) (23) Recognised in other comprehensive income Purchases Sales (2) (2) Issues Settlements (527) (5) - (100) (422) - Reclassifications Changes associated with scope during the period Transfers (1 857) (55) - (693) (1 109) - Transfers to Level Transfers out of Level 3 (2 242) (55) - (1 046) (1 141) - Closing balance (30/06/2017) Estimated impact of inclusion of the margin at inception The deferred margin is the portion of the margin that is not booked upon initial recognition. It comprises the difference between the transaction price paid or received for a financial instrument upon initial recognition and its fair value on that date. It concerns Level 3 financial instruments for which fair value is determined on the basis of complex valuation models using unobservable inputs. The deferred margin is reintegrated in the profit or loss account either spread over the period during which the inputs are considered to be unobservable or in full on the date when the inputs become observable. (in millions of euros) 30/06/ /12/2016 Deferred margin at 1 st January Margin generated by new transactions during the period Recognised in net income during the period - - Amortisation and cancelled / reimbursed / matured transactions (6) (9) Profit-sharing and incentive plans - - Effects of inputs or products reclassified as observable during the period - - Deferred margin at the end of the period

230 Interim condensed consolidated financial statements of Crédit Agricole S.A. 30 June Scope of consolidation at 30 June 2017 Crédit Agricole S.A. Group Scope of consolidation Consolidation method Scope changes (a) Principal place of business Country of incorporation if different from the principal place of business Nature of control (b) % control % interest June 30th 2017 Dec 31st 2016 June 30th 2017 Dec 31st 2016 FRENCH RETAIL BANKING Banking and financial institutions Banque Thémis Full D4 France Subsidiary 100,0 100,0 95,1 95,1 Interfimo Full France Subsidiary 99,0 99,0 94,1 94,1 LCL Full France Subsidiary 95,1 95,1 95,1 95,1 LCL succursale de Monaco Full Monaco Branch 95,1 95,1 95,1 95,1 France Lease financing companies Investment companies Tourism - property development Other C.L. Verw altungs und Beteiligungsgesellschaft GmbH Full Germany Subsidiary 100,0 100,0 95,1 95,1 Crédit Lyonnais Développement Économique (CLDE) Full France Subsidiary 100,0 100,0 95,1 95,1 INTERNATIONAL RETAIL BANKING Banking and financial institutions Arc Broker Full Poland Subsidiary 100,0 100,0 100,0 100,0 Crédit Agricole Friuladria S.p.A. Full D1 Italy Subsidiary 80,9 80,7 61,9 61,7 Crédit Agricole Cariparma Full Italy Subsidiary 76,5 76,5 76,5 76,5 Crédit Agricole Carispezia S.p.A. Full D1 Italy Subsidiary 80,0 80,0 61,2 61,2 Crédit Agricole Group Solutions Full Italy Consolidated structured entity 100,0 100,0 74,8 74,8 CREDIT AGRICOLE BANK Full Ukraine Subsidiary 100,0 100,0 100,0 100,0 Crédit Agricole Bank Polska S.A. Full Poland Subsidiary 100,0 100,0 100,0 100,0 Crédit Agricole Banka Srbija a.d. Novi Sad Full Serbia Subsidiary 100,0 100,0 100,0 100,0 Crédit Agricole Egypt S.A.E. Full Egypt Subsidiary 60,5 60,5 60,2 60,2 Crédit Agricole Polska S.A. Full Poland Subsidiary 100,0 100,0 100,0 100,0 Credit Agricole Romania Full Romania Subsidiary 100,0 100,0 100,0 100,0 Credit Agricole Service sp z o.o. Full Poland Subsidiary 100,0 100,0 100,0 100,0 Crédit du Maroc Full Morocco Subsidiary 78,7 78,7 78,7 78,7 Lukas Finanse S.A. Full Poland Subsidiary 100,0 100,0 100,0 100,0 Other Crédit du Maroc Succursale de France Full D4 France Morocco Branch 78,7 78,7 78,7 78,7 IUB Holding Full France Subsidiary 100,0 100,0 100,0 100,0 SPECIALISED FINANCIAL SERVICES Banking and financial institutions Agos Full Italy Subsidiary 61,0 61,0 61,0 61,0 Alsolia Equity Accounted France Associate 20,0 20,0 20,0 20,0 Antera Incasso B.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 Crealfi Full France Subsidiary 51,0 51,0 51,0 51,0 Credibom Full Portugal Subsidiary 100,0 100,0 100,0 100,0 Crediet Maatschappij " De Ijssel" B.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 EUROFACTOR POLSKA S.A. Full Poland Subsidiary 100,0 100,0 100,0 100,0 Crédit Agricole Consumer Finance Full France Subsidiary 100,0 100,0 100,0 100,0 Crédit Agricole Consumer Finance Nederland Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 Creditplus Bank AG Full Germany Subsidiary 100,0 100,0 100,0 100,0 De Kredietdesk B.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 DE NEDERLANDSE VOORSCHOTBANK BV Full D1 Netherlands Subsidiary 100,0 100,0 100,0 100,0 EFL Services Full Poland Subsidiary 100,0 100,0 100,0 100,0 EUROFACTOR GmbH Full Germany Subsidiary 100,0 100,0 100,0 100,0 Eurofactor Italia S.p.A. Full Italy Subsidiary 100,0 100,0 100,0 100,0 EUROFACTOR NEDERLAND Full Netherlands Germany Branch 100,0 100,0 100,0 100,0 Eurofactor SA - NV (Benelux) Full Belgium Branch 100,0 100,0 100,0 100,0 Eurofactor S.A. (Portugal) Full Portugal Subsidiary 100,0 100,0 100,0 100,0 Eurofintus Financieringen B.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 FCA Capital France S.A. Equity Accounted France Joint venture 50,0 50,0 50,0 50,0 FCA Bank Equity Accounted Italy Joint venture 50,0 50,0 50,0 50,0 FCA Capital Danmark A/S Equity Accounted Denmark Joint venture 50,0 50,0 50,0 50,0 FCA Capital España EFC S.A. Equity Accounted Spain Joint venture 50,0 50,0 50,0 50,0 FCA BANK SPA, IRISH BRANCH Equity Accounted D1 Ireland Joint venture 50,0 50,0 50,0 50,0 FCA Capital Nederland B.V. Equity Accounted Netherlands Joint venture 50,0 50,0 50,0 50,0 FCA Capital Suisse S.A. Equity Accounted Sw itzerland Joint venture 50,0 50,0 50,0 50,0 FCA GROUP BANK POLSKA S.A. Equity Accounted Poland Joint venture 50,0 50,0 50,0 50,0 FCA Bank Germany GmbH Equity Accounted Germany Joint venture 50,0 50,0 50,0 50,0 FCA Bank GmbH Equity Accounted Austria Joint venture 50,0 50,0 50,0 50,0 FCA Bank Gmbh, Hellenic Branch Equity Accounted Greece Joint venture 50,0 50,0 50,0 50,0 FCA Capital Belgium S.A. Equity Accounted Belgium Joint venture 50,0 50,0 50,0 50,0 FGA Capital Danmark A/S, Finland Branch Equity Accounted Finland Joint venture 50,0 50,0 50,0 50,0 FCA Capital Hellas S.A. Equity Accounted Greece Joint venture 50,0 50,0 50,0 50,0 FCA Capital IFIC Equity Accounted Portugal Joint venture 50,0 50,0 50,0 50,0 FCA Capital Re Limited Equity Accounted Ireland Joint venture 50,0 50,0 50,0 50,0 FCA Automotive Services UK Ltd Equity Accounted United Kingdom Joint venture 50,0 50,0 50,0 50,0 FCA Dealer Services Portugal S.A. Equity Accounted Portugal Joint venture 50,0 50,0 50,0 50,0 FCA Insurance Hellas S.A. Equity Accounted Greece Joint venture 50,0 50,0 50,0 50,0 FCA Leasing GmbH Equity Accounted Austria Joint venture 50,0 50,0 50,0 50,0 FCA Leasing Polska Equity Accounted Poland Joint venture 50,0 50,0 50,0 50,0 FCA DEALER SERVICES ESPANA SA, Morocco Branch Equity Accounted Morocco Spain Joint venture 50,0 50,0 50,0 50,0 FCA Dealer Services UK Ltd Equity Accounted United Kingdom Joint venture 50,0 50,0 50,0 50,0 FERRARI FINANCIAL SERVICES GMBH Equity Accounted Germany Joint venture 50,0 50,0 25,0 25,0 Financierings Data Netw erk B.V. Equity Accounted Netherlands Joint venture 50,0 50,0 50,0 50,0 NL Findio B.V Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 Finata Bank N.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 Finata Zuid-Nederland B.V. Full Netherlands Subsidiary 97,9 97,9 97,9 97,9 FCA Leasing France Equity Accounted France Joint venture 50,0 50,0 50,0 50,0 FORSO Denmark Equity Accounted Denmark Joint venture 50,0 50,0 50,0 50,0. 230

231 Interim condensed consolidated financial statements of Crédit Agricole S.A. 30 June 2017 Crédit Agricole S.A. Group Scope of consolidation Consolidation method Scope changes (a) Principal place of business Country of incorporation if different from the principal place of business Nature of control (b) % control % interest June 30th 2017 Dec 31st 2016 June 30th 2017 Dec 31st 2016 Forso Finance OY Equity Accounted Finland Joint venture 50,0 50,0 50,0 50,0 Forso Norge Equity Accounted Norw ay Joint venture 50,0 50,0 50,0 50,0 Forso Nordic A.B. Equity Accounted Sw eden Joint venture 50,0 50,0 50,0 50,0 GAC - Sofinco Auto Finance Co. Equity Accounted China Associate 50,0 50,0 50,0 50,0 GSA Ltd Full Mauritius Subsidiary 100,0 100,0 100,0 100,0 IDM Finance B.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 IDM Financieringen B.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 IDM lease maatschappij N.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 Iebe Lease B.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 FCA Capital Norge AS Equity Accounted Norw ay Joint venture 50,0 50,0 50,0 50,0 INTERBANK NV Full D1 Netherlands Subsidiary 100,0 100,0 100,0 100,0 FCA Capital Sverige Equity Accounted Sw eden Joint venture 50,0 50,0 50,0 50,0 Krediet '78 B.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 Mahuko Financieringen B.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 Menafinance Equity Accounted France Joint venture 50,0 50,0 50,0 50,0 Money Care B.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 INTERMEDIAIRE VOORSCHOTBANK BV Full D1 Netherlands Subsidiary 100,0 100,0 100,0 100,0 RIBANK NV Full D1 Netherlands Subsidiary 100,0 100,0 100,0 100,0 Ste Européenne de développement du financement Full France Subsidiary 100,0 100,0 100,0 100,0 Themis Courtage Equity Accounted Morocco Associate 49,0 49,0 49,0 49,0 VoordeelBank B.V. Full Netherlands Subsidiary 100,0 100,0 100,0 100,0 Wafasalaf Equity Accounted Morocco Associate 49,0 49,0 49,0 49,0 Lease financing companies Auxifip Full France Subsidiary 100,0 100,0 100,0 100,0 Crédit Agricole Leasing & Factoring, Sucursal en Espana Full D1 Spain France Branch 100,0 100,0 100,0 100,0 Carefleet S.A. Full Poland Subsidiary 100,0 100,0 100,0 100,0 Crédit Agricole Leasing & Factoring Full France Subsidiary 100,0 100,0 100,0 100,0 Crédit Agricole Leasing Italia Full Italy Subsidiary 100,0 100,0 80,0 80,0 Crédit du Maroc Leasing et Factoring Full Morocco Subsidiary 100,0 100,0 85,8 85,8 Europejski Fundusz Leasingow y (E.F.L.) Full Poland Subsidiary 100,0 100,0 100,0 100,0 LEASYS France S.A.S Equity Accounted D1 France Joint venture 50,0 50,0 50,0 50,0 FCA Dealer services España, S.A. Equity Accounted Spain Joint venture 50,0 50,0 50,0 50,0 FCA Fleet Services Uk Ltd Equity Accounted United Kingdom Joint venture 50,0 50,0 50,0 50,0 Finamur Full France Subsidiary 100,0 100,0 100,0 100,0 Leasys Equity Accounted Italy Joint venture 50,0 50,0 50,0 50,0 LEASYS SPA SUCURSAL ESPANA Equity Accounted E2 Spain Joint venture 50,0 50,0 Lixxbail Full France Subsidiary 100,0 100,0 100,0 100,0 Lixxcourtage Full France Subsidiary 100,0 100,0 100,0 100,0 Lixxcredit Full France Subsidiary 100,0 100,0 100,0 100,0 Ucafleet Equity Accounted France Associate 35,0 35,0 35,0 35,0 Unifergie Full France Subsidiary 100,0 100,0 100,0 100,0 Insurance ARES Reinsurance Ltd. Full Ireland Subsidiary 100,0 100,0 61,0 61,0 Other SMART PREPAID Equity Accounted France Associate 49,0 49,0 49,0 49,0 Crédit LIFT Full France Subsidiary 100,0 100,0 100,0 100,0 Green FCT Lease Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Ste Européenne de développement d'assurances Full France Subsidiary 100,0 100,0 100,0 100,0 EFL Finance S.A. Full Poland Subsidiary 100,0 100,0 100,0 100,0 Sofinco Participations Full France Subsidiary 100,0 100,0 100,0 100,0 SAVINGS MANAGEMENT Banking and financial institutions ABC-CA Fund Management CO Equity Accounted China Associate 33,3 33,3 22,8 24,7 AMUNDI ASSET MANAGEMENT Full France Subsidiary 100,0 100,0 68,5 74,1 AMUNDI (UK) Ltd. Full United Kingdom Subsidiary 100,0 100,0 68,5 74,1 AMUNDI ASSET MANAGEMENT BELGIUM Full Belgium Branch 100,0 100,0 68,5 74,1 AMUNDI ASSET MANAGEMENT DEUTSCHLAND Full Germany Branch 100,0 100,0 68,5 74,1 AMUNDI ASSET MANAGEMENT DUBAI BRANCH Full E2 United Arab Emirates Branch 100,0 68,5 Amundi Distributors Usa Llc Full United States Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Finance Full France Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Finance Emissions Full France Subsidiary 100,0 100,0 68,5 74,1 AMUNDI GLOBAL SERVICING Full Luxembourg Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Full France Subsidiary 68,6 74,3 68,5 74,1 AMUNDI Hellas MFMC S.A. Full Greece Subsidiary 100,0 100,0 68,5 74,1 AMUNDI ASSET MANAGEMENT HONG KONG BRANCH Full Hong Kong Branch 100,0 100,0 68,5 74,1 AMUNDI Hong Kong Ltd. Full Hong Kong Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Iberia S.G.I.I.C S.A. Full Spain Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Immobilier Full France Subsidiary 100,0 100,0 68,5 74,1 AMUNDI India Holding Full France Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Intermédiation Full France Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Issuance Full France Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Japan Full Japan Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Japan Holding Full Japan Subsidiary 100,0 100,0 68,5 74,1 AMUNDI ASSET MANAGEMENT LONDON BRANCH Full United Kingdom Branch 100,0 100,0 68,5 74,1 AMUNDI Luxembourg S.A. Full Luxembourg Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Malaysia Sdn Bhd Full Malaysia Subsidiary 100,0 100,0 68,5 74,1 AMUNDI ASSET MANAGEMENT NEDERLAND Full Netherlands Branch 100,0 100,0 68,5 74,1 AMUNDI Polska Full Poland Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Private Equity Funds Full France Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Real Estate Italia SGR S.p.A. Full Italy Subsidiary 100,0 100,0 68,5 74,1 AMUNDI SGR S.p.A. Full Italy Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Singapore Ltd. Full Singapour Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Smith Breeden Full United States Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Suisse Full Sw itzerland Subsidiary 100,0 100,0 68,5 74,1 AMUNDI Tenue de Comptes Full France Subsidiary 100,0 100,0 68,5 74,1 AMUNDI USA Inc Full United States Subsidiary 100,0 100,0 68,5 74,1. 231

232 Interim condensed consolidated financial statements of Crédit Agricole S.A. 30 June 2017 Crédit Agricole S.A. Group Scope of consolidation Consolidation method Scope changes (a) Principal place of business Country of incorporation if different from the principal place of business Nature of control (b) % control % interest June 30th 2017 Dec 31st 2016 June 30th 2017 Dec 31st 2016 AMUNDI Ventures Full France Subsidiary 100,0 100,0 68,5 74,1 Amundi Austria Full Austria Subsidiary 100,0 100,0 68,5 74,1 BFT INVESTMENT MANAGERS Full France Subsidiary 100,0 100,0 68,5 74,1 CA Indosuez Gestion Full France Subsidiary 100,0 100,0 97,8 97,8 CA Indosuez Wealth (France) Full France Subsidiary 100,0 100,0 97,8 97,8 CPR AM Full France Subsidiary 100,0 100,0 68,5 74,1 CA Indosuez Wealth (Europe) Full Luxembourg Subsidiary 100,0 100,0 97,8 97,8 CA Indosuez Wealth (Europe) Belgium Branch Full Belgium Luxembourg Branch 100,0 100,0 97,8 97,8 CA Indosuez Wealth (Europe) Spain Branch Full Spain Luxembourg Branch 100,0 100,0 97,8 97,8 CA Indosuez Wealth (Europe) Italy Branch Full Italy Luxembourg Branch 100,0 100,0 97,8 97,8 CA Indosuez (Sw itzerland) S.A. Full Sw itzerland Subsidiary 100,0 100,0 97,8 97,8 CA Indosuez (Suisse) S.A. Hong Kong Branch Full Hong Kong Sw itzerland Branch 100,0 100,0 97,8 97,8 CA Indosuez (Suisse) S.A. Singapore Branch Full Singapour Sw itzerland Branch 100,0 100,0 97,8 97,8 CFM Indosuez Wealth Full Monaco Subsidiary 70,1 70,1 67,4 67,4 Etoile Gestion Full France Subsidiary 100,0 100,0 68,5 74,1 CA Indosuez Finanziaria S.A. Full Sw itzerland Subsidiary 100,0 100,0 97,8 97,8 Fund Channel Equity Accounted Luxembourg Associate 50,0 50,0 34,3 37,1 IKS KB Full Czech Republic Subsidiary 100,0 100,0 68,5 74,1 KBI Global Investors Limited Full Ireland Subsidiary 87,5 87,5 68,5 74,1 KBI Fund Managers Limited Full Ireland Subsidiary 87,5 87,5 68,5 74,1 KBI Global Investors (North America) Limited Full Ireland Subsidiary 87,5 87,5 68,5 74,1 LCL Emissions Full France Subsidiary 100,0 100,0 68,5 74,1 NH-AMUNDI ASSET MANAGEMENT Equity Accounted South Korea Associate 30,0 30,0 20,5 22,2 Société Générale Gestion (S2G) Full France Subsidiary 100,0 100,0 68,5 74,1 State Bank of India Fund Management Equity Accounted India Associate 37,0 37,0 25,3 27,4 TOBAM HOLDING COMPANY Equity Accounted France Associate 25,6 25,6 17,5 18,9 TOBAM Equity Accounted France Associate 4,1 4,1 13,7 14,8 WAFA Gestion Equity Accounted Morocco Associate 34,0 34,0 23,3 25,2 Investment companies CA Indosuez Wealth (Brazil) S.A. DTVM Full Brazil Subsidiary 100,0 100,0 97,8 97,8 CA Indosuez Wealth (Group) Full France Subsidiary 100,0 100,0 97,8 97,8 Insurance ASSUR&ME Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CA Assicurazioni Full Italy Subsidiary 100,0 100,0 100,0 100,0 CACI DANNI Full Italy Ireland Branch 100,0 100,0 100,0 100,0 CACI LIFE LIMITED Full Ireland Subsidiary 100,0 100,0 100,0 100,0 CACI NON LIFE LIMITED Full Ireland Subsidiary 100,0 100,0 100,0 100,0 CACI NON VIE Full France Ireland Branch 100,0 100,0 100,0 100,0 CACI Reinsurance Ltd. Full Ireland Subsidiary 100,0 100,0 100,0 100,0 CACI VIE Full France Ireland Branch 100,0 100,0 100,0 100,0 CACI VITA Full Italy Ireland Branch 100,0 100,0 100,0 100,0 CALIE Europe Succursale France Full France Branch 100,0 100,0 100,0 100,0 CALIE Europe Succursale Pologne Full Poland Luxembourg Branch 100,0 100,0 100,0 100,0 Crédit Agricole Assurances (CAA) Full France Subsidiary 100,0 100,0 100,0 100,0 Crédit Agricole Creditor Insurance (CACI) Full France Subsidiary 100,0 100,0 100,0 100,0 Crédit Agricole Life Full Greece Subsidiary 100,0 100,0 100,0 100,0 D4 Crédit Agricole Life Insurance Company Japan Ltd. Full Japan Subsidiary 100,0 100,0 100,0 100,0 Crédit Agricole Life Insurance Europe Full Luxembourg Subsidiary 100,0 100,0 99,9 99,9 Crédit Agricole Reinsurance S.A. Full D4 ; S2 Luxembourg Subsidiary 100,0 100,0 Crédit Agricole Vita S.p.A. Full Italy Subsidiary 100,0 100,0 100,0 100,0 Finaref Assurances S.A.S. Full France Subsidiary 100,0 100,0 100,0 100,0 Finaref Risques Divers Full France Subsidiary 100,0 100,0 100,0 100,0 Finaref Vie Full France Subsidiary 100,0 100,0 100,0 100,0 GNB SEGUROS Full Portugal Subsidiary 50,0 50,0 50,0 50,0 Médicale de France Full France Subsidiary 100,0 100,0 100,0 100,0 Pacifica Full France Subsidiary 100,0 100,0 100,0 100,0 Predica Full France Subsidiary 100,0 100,0 100,0 100,0 Predica - Prévoyance Dialogue du Crédit Agricole Full Spain Branch 100,0 100,0 100,0 100,0 Space Holding (Ireland) Limited Full Ireland Subsidiary 100,0 100,0 100,0 100,0 Space Lux Full Luxembourg Subsidiary 100,0 100,0 100,0 100,0 Spirica Full France Subsidiary 100,0 100,0 100,0 100,0 UCITS ACACIA Full France Consolidated structured entity 100,0 100,0 68,5 74,1 ACAJOU Full France Consolidated structured entity 100,0 100,0 68,5 74,1 AMUNDI GRD 24 FCP Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Amundi Hk - Green Planet Fund Full S2 Hong Kong Consolidated structured entity 99,4 73,6 Amundi Performance Absolue Equilibre Full S2 France Consolidated structured entity 100,0 74,1 BFT opportunité Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA 2013 COMPARTIMENT 5 A5 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA 2014 COMPARTIMENT 1 PART A1 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA 2014 INVESTISSMENT PART A3 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA PRIV.FINANC.COMP.1 A1 FIC Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA PRIV.FINANC.COMP.2 A2 FIC Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAREPTA R 2016 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA SECONDAIRE IV Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CEDAR Full France Consolidated structured entity 100,0 100,0 68,5 74,1 RED CEDAR Full France Consolidated structured entity 100,0 100,0 68,5 74,1 Chorial Allocation Full France Consolidated structured entity 99,7 99,7 68,3 73,9 CNP ACP 10 FCP Equity Accounted France Structured joint venture 50,2 50,2 50,2 50,2 CNP ACP OBLIG Equity Accounted France Structured joint venture 50,2 50,2 50,2 50,2 CA-EDRAM OPPORTUNITES FCP 3DEC Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FPCI Cogeneration France I Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR CAA 2013 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA 2013 FCPR B1 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA 2013 FCPR C1 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA 2013 FCPR D1 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA 2016 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 IAA CROISSANCE INTERNATIONALE Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA INFRASTRUCTURE Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CAA INFRASTRUCTURE 2017 Full E2 France Consolidated structured entity 100,0 100,0 CAA PRIVATE EQUITY 2017 BIS Full D3 France Consolidated structured entity 100,0 100,0 CAA PRIVATE EQUITY 2017 FRANCE INVESTISSEMENT Full D3 France Consolidated structured entity 100,0 100,0 CAA PRIVATE EQUITY 2017 MEZZANINE Full D3 France Consolidated structured entity 100,0 100,0 CAA PRIVATE EQUITY 2017 TER Full D3 France Consolidated structured entity 100,0 100,0 CAA PRIVATE EQUITY 2017 Full D3 France Consolidated structured entity 100,0 100,0 CORSAIRE FINANCE IRELANDE 0.7% Full D3 France Consolidated structured entity 100,0 100,0 CORSAIRE FINANCE IRELAND 0.83% Full D3 France Consolidated structured entity 100,0 100,0 CORSAIRE FINANCE IRELAND 1.24 % Full D3 France Consolidated structured entity 100,0 100,0 CORSAIR 1.52% 25/10/38 Full D3 France Consolidated structured entity 100,0 100,0 GRD 44 Full D3 France Consolidated structured entity 100,0 100,0 GRD 44 N2 Full D3 France Consolidated structured entity 100,0 100,0. 232

233 Interim condensed consolidated financial statements of Crédit Agricole S.A. 30 June 2017 Crédit Agricole S.A. Group Scope of consolidation Consolidation method Scope changes (a) Principal place of business Country of incorporation if different from the principal place of business Nature of control (b) % control % interest June 30th 2017 Dec 31st 2016 June 30th 2017 Dec 31st 2016 GRD 54 Full D3 France Consolidated structured entity 100,0 100,0 PurpleProtAsset 1,36% 25/10/2038 Full D3 France Consolidated structured entity 100,0 100,0 PurpleProtAsset 1.093% 20/10/2038 Full D3 France Consolidated structured entity 100,0 100,0 UI CAP SANTE 2 Full E2 France Consolidated structured entity 100,0 100,0 CAA PR FI II C1 A1 Full E1 France Consolidated structured entity 100,0 100,0 CA VITA PRIVATE DEBT CHOICE FIPS cl.a Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR CAA COMP TER PART A3 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR CAA COMPART BIS PART A2 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR CAA COMPARTIMENT 1 PART A1 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR CAA France croissance 2 A Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR PREDICA 2007 A Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR PREDICA 2007 C2 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR PREDICA 2008 A1 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR PREDICA 2008 A2 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR PREDICA 2008 A3 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 ARTEMID Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR PREDICA SECONDAIRE I A1 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR PREDICA SECONDAIRE I A2 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR PREDICA SECONDAIRES II A Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR PREDICA SECONDAIRES II B Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR Roosevelt Investissements Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR UI CAP AGRO Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCPR UI CAP SANTE A Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCT BRIDGE Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCT CAREPTA - COMPARTIMENT Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CA VITA INFRASTRUCTURE CHOICE FIPS c.i.a. Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CA VITA PRIVATE EQUITY CHOICE Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCT CAREPTA - COMPARTIMENT Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCT CAREPTA - COMPARTIMENT RE Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCT CAREPTA Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCT MID CAP 2 05/12/22 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Federval Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Genavent Full France Consolidated structured entity 52,3 52,3 35,8 38,7 GRD TOBAM AB A Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD01 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD02 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD03 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD04 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD05 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD07 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD08 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD09 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD10 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD11 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD12 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD13 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD14 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD16 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD17 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD18 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD19 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD20 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCT CAREPTA - RE Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD21 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 GRD23 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Londres Croissance C16 Full France Consolidated structured entity 100,0 100,0 68,5 74,1 FEDERIS CORE EU CR 19 MM Full France Consolidated structured entity 43,6 43,6 43,6 43,6 LRP - CPT JANVIER /01A Full Luxembourg Consolidated structured entity 84,2 84,2 84,2 84,2 OBJECTIF LONG TERME FCP Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Peg - Portfolio Eonia Garanti Full France Consolidated structured entity 96,9 96,4 66,4 71,4 Predica 2005 FCPR A Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Predica 2006 FCPR A Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Predica FCPR Full France Consolidated structured entity 100,0 100,0 100,0 100,0 PREDICA 2010 A1 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 PREDICA 2010 A2 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 PREDICA 2010 A3 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 PREDICA SECONDAIRES III Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Predicant A1 FCP Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Predicant A2 FCP Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Predicant A3 FCP Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Prediquant Eurocroissance A2 Full France Consolidated structured entity 99,1 100,0 99,1 100,0 Prediquant opportunité Full France Consolidated structured entity 100,0 100,0 100,0 100,0 PREDIQUANT STRATEGIES Full France Consolidated structured entity 99,6 99,6 99,6 99,6 PREMIUM GR 0% 28 Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN 4.52%06-21 EMTN Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN 4.54% Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN %21 EMTN Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN 4.56%06-21 Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN 4.7% EMTN 08/08/21 Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN 4.72% Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN PLC 4.30%2021 Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN TV 06/22 Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN TV 07/22 Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN TV Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN TV 22 Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN TV 26/07/22 Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN TV06-16 EMTN Full S1 Ireland Consolidated structured entity 100,0 100,0 PREMIUM GREEN TV07-17 EMTN Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN TV2027 Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN TV23/05/2022 EMTN Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN4.33%06-29/10/21 Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN 1.55% Full D3 Ireland Consolidated structured entity 100,0 100,0 PREMIUM GREEN 0.63% Full D3 Ireland Consolidated structured entity 100,0 100,0 PREMIUM GREEN PLC 1.095% Full D3 Ireland Consolidated structured entity 100,0 100,0 PREMIUM GREEN 1.531% Full D3 Ireland Consolidated structured entity 100,0 100,0 PREMIUM GREEN 0.508% Full D3 Ireland Consolidated structured entity 100,0 100,0 CAA 2015 COMPARTIMENT 1 Full France Consolidated structured entity 100,0 100,0 100,0 100,0. 233

234 Interim condensed consolidated financial statements of Crédit Agricole S.A. 30 June 2017 Crédit Agricole S.A. Group Scope of consolidation Consolidation method Scope changes (a) Principal place of business Country of incorporation if different from the principal place of business Nature of control (b) % control % interest June 30th 2017 Dec 31st 2016 June 30th 2017 Dec 31st 2016 CAA 2015 COMPARTIMENT 2 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 CORSAIR % 25/04/35 Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 PREMIUM GREEN 1.24% 25/04/35 Full Ireland Consolidated structured entity 100,0 100,0 100,0 100,0 AGRICOLE RIVAGE DETTE Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Unit-linked funds (Fonds UC) 80 United-linked funds w ith a detention rate equal or above 95% Full France Consolidated structured entity > 95 % > 95 % > 95 % > 95 % AF EQUI.GLOB.AHE CAP Full Luxembourg Consolidated structured entity 90,7 88,3 90,7 88,3 AF INDEX EQ JAPAN AE CAP Full Luxembourg Consolidated structured entity 44,6 47,0 44,6 47,0 AF INDEX EQ USA A4E Full Luxembourg Consolidated structured entity 84,0 69,3 84,0 69,3 AMUNDI 3 M P Full S3 France Consolidated structured entity 77,6 77,6 AMUN.TRES.EONIA ISR E FCP 3DEC Full France Consolidated structured entity 81,9 87,6 76,8 84,6 AMUNDI ACTIONS FRANCE C 3DEC Full France Consolidated structured entity 59,7 50,3 59,7 50,3 AMUNDI AFD AV DURABL P1 FCP 3DEC Full France Consolidated structured entity 73,6 72,7 73,6 72,7 AMUNDI CRED.EURO ISR P FCP 3DEC Full S3 France Consolidated structured entity 62,0 62,0 AMUNDI EQ E IN AHEC Full Luxembourg Consolidated structured entity 54,8 58,6 54,8 58,6 AMUNDI GBL MACRO MULTI ASSET P Full France Consolidated structured entity 70,7 71,4 70,7 71,4 AMUNDI HORIZON 3D Full France Consolidated structured entity 65,7 65,2 65,7 65,2 AMUNDI PATRIMOINE C 3DEC Full France Consolidated structured entity 83,0 81,4 83,0 81,4 AMUNDI PULSACTIONS Full France Consolidated structured entity 57,5 57,0 57,5 57,0 AMUNDI VALEURS DURAB Full France Consolidated structured entity 57,1 52,3 57,1 52,3 AMUNDI 12 M P Full France Consolidated structured entity 74,0 79,8 74,0 79,8 ANTINEA FCP Full France Consolidated structured entity 62,4 53,9 62,4 53,9 ARAMIS PATRIM D 3D Full France Consolidated structured entity 42,0 44,4 42,0 44,4 ARC FLEXIBOND-D Full France Consolidated structured entity 59,5 60,7 59,5 60,7 ATOUT EUROPE C FCP 3DEC Full France Consolidated structured entity 81,8 81,4 81,8 81,4 ATOUT FRANCE C FCP 3DEC Full France Consolidated structured entity 41,8 41,1 41,8 41,1 AM.AC.MINER.-P-3D Full France Consolidated structured entity 43,7 44,6 43,7 44,6 ATOUT MONDE C FCP 3DEC Full France Consolidated structured entity 88,2 87,9 88,2 87,9 ATOUT VERT HORIZON FCP 3 DEC Full France Consolidated structured entity 35,4 35,1 35,4 35,1 TRIALIS 6 ANS N3 FCP Full France Consolidated structured entity 60,0 60,1 60,0 60,1 SOLIDARITE AMUNDI P Full France Consolidated structured entity 50,5 47,4 50,5 47,4 AXA EUR.SM.CAP E 3D Full France Consolidated structured entity 77,4 53,9 77,4 53,9 CA MASTER EUROPE Full France Consolidated structured entity 47,2 47,3 47,2 47,3 CONVERT.EUROP.AE Full S3 Luxembourg Consolidated structured entity 59,5 59,5 CPR CONSO ACTIONNAIRE FCP P Full France Consolidated structured entity 50,1 49,9 50,1 49,9 CPR EUROLAND P 3D Full S3 France Consolidated structured entity 50,1 50,1 CPR OBLIG 12 M.P 3D Full France Consolidated structured entity 52,1 41,2 52,1 41,2 CPR REFL.RESP P FCP 3DEC Full France Consolidated structured entity 61,7 61,5 61,7 61,5 CPR SILVER AGE P 3DEC Full France Consolidated structured entity 45,3 43,2 45,3 43,2 DNA 0% Full Luxembourg Consolidated structured entity 91,1 92,7 91,1 92,7 DNA 0% 21/12/20 EMTN Full Luxembourg Consolidated structured entity 70,2 71,1 70,2 71,1 DNA 0% 23/07/18 EMTN INDX Full Luxembourg Consolidated structured entity 77,7 77,5 77,7 77,5 DNA 0% 27/06/18 INDX Full Luxembourg Consolidated structured entity 83,9 82,9 83,9 82,9 DNA 0% INDX Full S1 Luxembourg Consolidated structured entity 77,7 77,7 DNA 0% INDX Full Luxembourg Consolidated structured entity 82,1 79,9 82,1 79,9 ECOFI MULTI OPPORTUN.FCP 3DEC Full France Consolidated structured entity 87,1 87,9 87,1 87,9 CPR CROIS.REA.-P Full France Consolidated structured entity 26,9 23,4 26,9 23,4 FONDS AV ECHUS N 2 Full S2 France Consolidated structured entity 97,9 97,9 FONDS AV ECHUS FIA A Full S2 France Consolidated structured entity 99,0 99,0 HMG GLOBETROTTER D Full S3 France Consolidated structured entity 57,3 57,3 IND.CAP EMERG.-C-3D Full France Consolidated structured entity 57,9 59,6 57,9 59,6 INDO.FLEX.100 -C-3D Full France Consolidated structured entity 92,9 92,7 92,9 92,7 INVEST RESP S3 3D Full France Consolidated structured entity 64,0 62,6 64,0 62,6 LCL AC.DEV.DU.EURO Full France Consolidated structured entity 51,4 49,3 51,4 49,3 LCL AC.EMERGENTS 3D Full France Consolidated structured entity 47,3 49,9 47,3 49,9 LCL ACT.IMMOBI.3D Full France Consolidated structured entity 47,6 75,5 47,6 75,5 LCL ACT.USA ISR 3D Full France Consolidated structured entity 51,8 49,7 51,8 49,7 LCL ACTIONS EURO C Full France Consolidated structured entity 80,0 68,1 80,0 68,1 LCL ALLOCATION DYNAMIQUE 3D FCP Full France Consolidated structured entity 94,7 94,4 94,7 94,4 LCL D.CAPT.JU.10 3D Full France Consolidated structured entity 84,4 84,3 84,4 84,3 LCL DEVELOPPEM.PME C Full France Consolidated structured entity 73,4 75,3 73,4 75,3 LCL FDS ECH.MONE.3D Full France Consolidated structured entity 83,9 84,6 83,9 84,6 INDOS.EURO.PAT.PD 3D Full France Consolidated structured entity 46,0 45,6 46,0 45,6 LCL FLEX 30 Full France Consolidated structured entity 70,0 67,0 70,0 67,0 LCL INVEST.EQ C Full France Consolidated structured entity 91,7 91,8 91,7 91,8 LCL INVEST.PRUD.3D Full France Consolidated structured entity 91,1 91,6 91,1 91,6 LCL MGEST 60 3DEC Full France Consolidated structured entity 84,3 83,9 84,3 83,9 LCL MGEST FL Full France Consolidated structured entity 80,8 81,0 80,8 81,0 LCL PHOENIX VIE 2016 Full France Consolidated structured entity 93,8 93,7 93,8 93,7 LCL PREMIUM VIE 2015 Full France Consolidated structured entity 94,8 94,8 94,8 94,8 LCL SEC 100 AV(JUIN08)FCP 3D Full S1 France Consolidated structured entity 99,5 99,5 LCL SECU.100(JUIL.11) Full France Consolidated structured entity 48,0 48,4 48,0 48,4 LCL TRIP HORIZ SEP16 Full France Consolidated structured entity 78,1 78,3 78,1 78,3 LCL VOCATION RENDEMENT NOV 12 3D Full France Consolidated structured entity 80,1 79,9 80,1 79,9 AMUN TRESO CT PC 3D Full E1 France Consolidated structured entity 80,9 80,9 AM.ACT.EMER.-P-3D Full E1 France Consolidated structured entity 49,4 49,4 LCL MONETAIRE -C- Full E1 France Consolidated structured entity 43,9 43,9 OBJECTIF PRUDENCE FCP Full France Consolidated structured entity 88,1 94,9 88,1 94,9 OPCIMMO LCL SPPICAV 5DEC Full France Consolidated structured entity 94,2 93,1 94,2 93,1 OPCIMMO PREM SPPICAV 5DEC Full France Consolidated structured entity 93,9 94,9 93,9 94,9 OPTIMIZ BES TIMING II 3DEC Full France Consolidated structured entity 94,0 87,3 94,0 87,3 SOLIDARITE INITIATIS SANTE Full France Consolidated structured entity 86,7 83,9 86,7 83,9 TRIALIS 6 ANS N2 C Full S1 France Consolidated structured entity 61,0 61,0 TRIALIS C Full France Consolidated structured entity 66,6 66,7 66,6 66,7 TRIANANCE 6 ANS Full France Consolidated structured entity 61,7 61,6 61,7 61,6 AMUNDI OBLIG EURO C Full France Consolidated structured entity 45,2 43,6 45,2 43,6 CPR RENAI.JAP.-P-3D Full France Consolidated structured entity 61,2 56,0 61,2 56,0 AM AC FR ISR PC 3D Full France Consolidated structured entity 50,2 46,2 50,2 46,2 BNP PAR.CRED.ERSC Full France Consolidated structured entity 68,3 64,7 68,3 64,7 VENDOME INV.FCP 3DEC Full France Consolidated structured entity 91,2 91,5 91,2 91,5 TRIALIS 6 ANS Full France Consolidated structured entity 68,1 68,0 68,1 68,0 Real estate collective investment fund (OPCI) OPCI Camp Invest Full France Consolidated structured entity 80,1 80,1 80,1 80,1 OPCI ECO CAMPUS SPPICAV Full France Consolidated structured entity 100,0 100,0 100,0 100,0. 234

235 Interim condensed consolidated financial statements of Crédit Agricole S.A. 30 June 2017 Crédit Agricole S.A. Group Scope of consolidation Consolidation method Scope changes (a) Principal place of business Country of incorporation if different from the principal place of business Nature of control (b) % control % interest June 30th 2017 Dec 31st 2016 June 30th 2017 Dec 31st 2016 OPCI Immanens Full France Consolidated structured entity 100,0 100,0 68,5 74,1 OPCI Immo Emissions Full France Consolidated structured entity 100,0 100,0 68,5 74,1 OPCI Iris Invest 2010 Full France Consolidated structured entity 80,1 80,1 80,1 80,1 OPCI KART Full France Consolidated structured entity 100,0 100,0 S4 OPCI MASSY Full France Consolidated structured entity 100,0 100,0 BUREAUX 100,0 100,0 OPCI Messidor Full France Consolidated structured entity 94,5 94,5 94,5 94,5 Nexus 1 Full Italy Consolidated structured entity 100,0 100,0 100,0 100,0 Predica OPCI Bureau Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Predica OPCI Commerces Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Predica OPCI Habitation Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Non-trading real estate investment company (SCI) SCI BMEDIC HABITATION Full France Subsidiary 100,0 100,0 100,0 100,0 SCI CAMPUS MEDICIS ST DENIS Full France Subsidiary 70,0 70,0 70,0 70,0 SCI CAMPUS RIMBAUD ST DENIS Full France Subsidiary 70,0 70,0 70,0 70,0 SCI CARGO PROPERTY HOLDING Equity Accounted E1 France Associate 31,3 31,3 SCI FEDERALE PEREIRE VICTOIRE Full France Subsidiary 99,0 99,0 99,0 99,0 SCI FEDERALE VILLIERS Full France Subsidiary 100,0 100,0 100,0 100,0 SCI FEDERLOG Full France Subsidiary 99,9 99,9 99,9 99,9 SCI FEDERLONDRES Full France Subsidiary 100,0 100,0 100,0 100,0 SCI FEDERPIERRE Full France Subsidiary 100,0 100,0 100,0 100,0 SCI GRENIER VELLEF Full France Consolidated structured entity 100,0 100,0 100,0 100,0 SCI IMEFA 001 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 002 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 003 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 004 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 005 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 006 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 008 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 009 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 010 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 011 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 012 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 013 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 016 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 017 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 018 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 020 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 022 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 025 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 SCI IMEFA 032 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 033 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 034 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 035 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 036 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 037 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 038 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 039 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 042 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 043 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 044 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 047 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 048 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 051 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 052 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 054 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 057 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 058 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 060 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 061 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 062 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 063 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 064 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 067 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 068 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 069 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 072 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 073 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 074 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 076 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 077 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 078 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 079 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 080 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 081 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 082 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 083 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 084 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 085 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 089 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 091 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 092 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 096 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 100 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 101 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 102 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 103 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 104 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 105 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 107 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 108 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 109 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 110 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 112 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 113 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 115 Full France Subsidiary 100,0 100,0 100,0 100,0. 235

236 Interim condensed consolidated financial statements of Crédit Agricole S.A. 30 June 2017 Crédit Agricole S.A. Group Scope of consolidation Consolidation method Scope changes (a) Principal place of business Country of incorporation if different from the principal place of business Nature of control (b) % control % interest June 30th 2017 Dec 31st 2016 June 30th 2017 Dec 31st 2016 SCI IMEFA 116 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 117 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 118 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 120 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 121 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 122 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 123 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 126 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 128 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 129 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 131 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 132 Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 140 Full France Consolidated structured entity 100,0 99,0 100,0 99,0 SCI IMEFA 148 Full France Subsidiary 100,0 99,0 100,0 99,0 SCI IMEFA 149 Full France Subsidiary 99,0 99,0 99,0 99,0 SCI IMEFA 156 Full France Subsidiary 90,0 90,0 90,0 90,0 SCI IMEFA 157 Full France Subsidiary 90,0 90,0 90,0 90,0 HDP BUREAUX Full France Subsidiary 95,0 95,0 95,0 95,0 HDP HOTEL Full France Subsidiary 95,0 95,0 95,0 95,0 HDP LA HALLE BOCA Full France Subsidiary 95,0 95,0 95,0 95,0 SCI IMEFA 169 Full France Subsidiary 100,0 99,0 100,0 99,0 SCI IMEFA 170 Full France Subsidiary 100,0 99,0 100,0 99,0 SCI IMEFA 171 Full France Consolidated structured entity 99,0 99,0 99,0 99,0 SCI IMEFA 172 Full France Consolidated structured entity 99,0 99,0 99,0 99,0 SCI IMEFA 173 Full France Subsidiary 99,0 99,0 99,0 99,0 SCI IMEFA 174 Full France Subsidiary 99,0 99,0 99,0 99,0 SCI IMEFA 175 Full France Subsidiary 99,0 99,0 99,0 99,0 SCI IMEFA 176 Full France Subsidiary 99,0 99,0 99,0 99,0 IMEFA 177 Full E1 France Subsidiary 99,0 99,0 IMEFA 178 Full E1 France Subsidiary 99,0 99,0 IMEFA 179 Full E1 France Subsidiary 99,0 99,0 SCI Holding Dahlia Full E1 France Subsidiary 100,0 100,0 DS Campus Full E1 France Subsidiary 100,0 100,0 Issy Pont Full E1 France Subsidiary 75,0 75,0 SCI LE VILLAGE VICTOR HUGO Full France Subsidiary 100,0 100,0 100,0 100,0 SCI MEDI BUREAUX Full France Subsidiary 100,0 100,0 100,0 100,0 SCI PACIFICA HUGO Full France Subsidiary 100,0 100,0 100,0 100,0 SCI PORTE DES LILAS - FRERES FLAVIEN Full France Subsidiary 100,0 100,0 100,0 100,0 SCI VALHUBERT Full France Subsidiary 100,0 100,0 100,0 100,0 SCI IMEFA 150 Full France Subsidiary 100,0 99,0 100,0 99,0 SCI IMEFA 155 Full France Subsidiary 100,0 99,0 100,0 99,0 SCI IMEFA 158 Full France Subsidiary 100,0 99,0 100,0 99,0 SCI IMEFA 159 Full France Subsidiary 100,0 99,0 100,0 99,0 SCI IMEFA 164 Full France Subsidiary 100,0 99,0 100,0 99,0 Other AMUNDI IT Services Full France Subsidiary 99,6 99,6 69,5 74,8 CACI Gestion Full France Subsidiary 99,0 100,0 99,0 100,0 CA Indosuez Wealth (Asset Management) Full Luxembourg Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole Assurances Solutions Full France Subsidiary 100,0 100,0 E2 FONCIERE HYPERSUD Accounted France Joint venture 51,4 51,4 Equity 51,4 51,4 Icade Equity Accounted France Associate 18,5 18,5 E3 SA RESICO Full France Subsidiary 100,0 100,0 100,0 100,0 SAS Caagis Full France Subsidiary 100,0 50,0 100,0 50,2 Via Vita Full France Subsidiary 100,0 100,0 100,0 100,0 ALTAREA Equity Accounted France Associate 24,7 26,6 24,7 26,6 EUROPEAN MOTORWAY INVESTMENTS 1 Full Luxembourg Subsidiary 60,0 60,0 60,0 60,0 EUROSIC Equity Accounted France Associate 18,3 24,3 18,3 24,3 FREY Equity Accounted France Associate 17,9 20,0 17,9 20,0 PREDIPARK Full France Subsidiary 100,0 100,0 100,0 100,0 RAMSAY GENERALE DE SANTE Equity Accounted France Associate 38,4 38,4 38,4 38,4 INFRA FOCH TOPCO Equity Accounted France Associate 36,9 36,9 36,9 36,9 KORIAN Equity Accounted France Associate 22,7 23,7 22,7 23,7 CORPORATE AND INVESTMENT BANKING Banking and financial institutions Banco Crédit Agricole Brasil S.A. Full Brazil Subsidiary 100,0 100,0 97,8 97,8 Banque Saudi Fransi - BSF Equity Accounted Saudi Arabia Associate 31,1 31,1 30,4 30,4 CACEIS S.A. Full France Subsidiary 85,0 85,0 85,0 85,0 CACEIS (USA) Inc. Full United States Subsidiary 100,0 100,0 85,0 85,0 CACEIS (Canada) Ltd. Full Canada Subsidiary 100,0 100,0 85,0 85,0 CACEIS Bank S.A., Germany Branch Full Germany Branch 100,0 100,0 85,0 85,0 CACEIS Bank Full France Subsidiary 100,0 100,0 85,0 85,0 CACEIS Bank, Luxembourg Branch Full Luxembourg Branch 100,0 100,0 85,0 85,0 CACEIS Bank, Netherlands Branch Full Netherlands Branch 100,0 100,0 85,0 85,0 CACEIS Bank, Belgium Branch Full Belgium Branch 100,0 100,0 85,0 85,0 CACEIS Bank, Ireland Branch Full Ireland Branch 100,0 100,0 85,0 85,0 CACEIS Bank, UK Branch Full United Kingdom Branch 100,0 100,0 85,0 85,0 CACEIS Bank, Italy Branch Full Italy Branch 100,0 100,0 85,0 85,0 CACEIS Bank, Switzerland Branch Full Sw itzerland Branch 100,0 100,0 85,0 85,0 CACEIS Belgium Full Belgium Subsidiary 100,0 100,0 85,0 85,0 CACEIS Corporate Trust Full France Subsidiary 100,0 100,0 85,0 85,0 CACEIS Fund Administration Full France Subsidiary 100,0 100,0 85,0 85,0 CACEIS Ireland Limited Full Ireland Subsidiary 100,0 100,0 85,0 85,0 CACEIS Sw itzerland S.A. Full Sw itzerland Subsidiary 100,0 100,0 85,0 85,0 Crédit Agricole CIB S.A. Full France Subsidiary 97,8 97,8 97,8 97,8 Crédit Agricole CIB (ABU DHABI) Full United Arab Emirates France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Hong-Kong) Full Hong Kong France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Allemagne) Full Germany France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Îles Caïmans) Full Cayman Islands France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Inde) Full India France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Italie) Full Italy France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Japon) Full Japan France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Luxembourg) Full Luxembourg France Branch 97,8 97,8 97,8 97,8 Crédit Agriciole CIB (Belgique) Full Belgium France Branch 97,8 97,8 97,8 97,8. 236

237 Interim condensed consolidated financial statements of Crédit Agricole S.A. 30 June 2017 Crédit Agricole S.A. Group Scope of consolidation Consolidation method Scope changes (a) Principal place of business Country of incorporation if different from the principal place of business Nature of control (b) % control % interest June 30th 2017 Dec 31st 2016 June 30th 2017 Dec 31st 2016 Crédit Agricole CIB (Canada) Full Canada France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Corée du Sud) Full South Korea France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Dubai) Full United Arab Emirates France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Dubai DIFC) Full United Arab Emirates France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Miami) Full United States France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (New-York) Full United States France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Royaume-Uni) Full United Kingdom France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Singapour) Full Singapour France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Suède) Full Sw eden France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Espagne) Full Spain France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Finlande) Full Finland France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Taipei) Full Taiw an France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB (Vietnam) Full Vietnam France Branch 97,8 97,8 97,8 97,8 Crédit Agricole CIB Algérie Bank Spa Full Algeria Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole CIB AO Full Russia Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole CIB Australia Ltd. Full Australia Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole CIB China Ltd. Full China Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole CIB Services Private Ltd. Full India Subsidiary 100,0 100,0 97,8 97,8 Ester Finance Titrisation Full France Subsidiary 100,0 100,0 97,8 97,8 UBAF Equity Accounted France Joint venture 47,0 47,0 46,0 46,0 UBAF (Corée du Sud) Equity Accounted South Korea France Joint venture 47,0 47,0 46,0 46,0 UBAF (Japon) Equity Accounted Japan France Joint venture 47,0 47,0 46,0 46,0 UBAF (Singapour) Equity Accounted Singapour France Joint venture 47,0 47,0 46,0 46,0 Stockbrokers Crédit Agricole Securities (USA) Inc Full United States Subsidiary 100,0 100,0 97,8 97,8 Credit Agricole Securities (Asia) Limited Hong Kong Full Hong Kong Subsidiary 100,0 100,0 97,8 97,8 Credit Agricole Securities (Asia) Limited Seoul Branch Full South Korea Branch 100,0 100,0 97,8 97,8 Investment companies Compagnie Française de l Asie (CFA) Full France Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole CIB Air Finance S.A. Full France Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole CIB Holdings Ltd. Full United Kingdom Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole Global Partners Inc. Full United States Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole Securities Asia BV Full Netherlands Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole Securities Asia BV (Tokyo) Full Japan Netherlands Branch 100,0 100,0 97,8 97,8 Doumer Finance S.A.S. Full France Subsidiary 100,0 100,0 97,8 97,8 Fininvest Full France Subsidiary 98,3 98,3 96,1 96,1 Fletirec Full France Subsidiary 100,0 100,0 97,8 97,8 I.P.F.O. Full France Subsidiary 100,0 100,0 97,8 97,8 Insurance CAIRS Assurance S.A. Full France Subsidiary 100,0 100,0 97,8 97,8 Other Acieralliage EURO FCC Full France Consolidated structured entity 100,0 100,0 0,0 0,0 Acieralliage USD FCC Full United States Consolidated structured entity 100,0 100,0 0,0 0,0 Atlantic Asset Securitization LLC Full United States Consolidated structured entity 100,0 100,0 0,0 0,0 Benelpart Full Belgium Subsidiary 100,0 100,0 95,3 95,3 Calixis Finance Full France Consolidated structured entity 100,0 100,0 97,8 97,8 Calliope SRL Full Italy Consolidated structured entity 100,0 100,0 97,8 97,8 Crédit Agricole CIB Pension Limited Partnership Full United Kingdom Consolidated structured entity 100,0 100,0 97,8 97,8 Clifap Full France Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole America Services Inc. Full United States Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole Asia Shipfinance Ltd. Full Hong Kong Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole CIB Finance (Guernsey) Ltd. Full Guernsey Consolidated structured entity 99,9 99,9 97,7 97,7 Crédit Agricole CIB Financial Prod. (Guernsey) Ltd. Full Guernsey Consolidated structured entity 99,9 99,9 97,7 97,7 Crédit Agricole CIB Financial Solutions Full France Consolidated structured entity 99,7 99,7 97,5 97,5 Crédit Agricole CIB Global Banking Full France Subsidiary 100,0 100,0 97,8 97,8 Crédit Agricole Leasing (USA) Corp. Full United States Subsidiary 100,0 100,0 97,8 97,8 DGAD International SARL Full Luxembourg Subsidiary 100,0 100,0 97,8 97,8 Elipso Finance S.r.l Equity Accounted Italy Structured joint venture 50,0 50,0 48,9 48,9 ESNI (compartiment Crédit Agricole CIB) Full France Consolidated structured entity 100,0 100,0 97,8 97,8 Eucalyptus FCT Full France Consolidated structured entity 100,0 100,0 0,0 0,0 FCT Cablage FCT Full France Consolidated structured entity 100,0 100,0 0,0 0,0 FIC-FIDC Full Brazil Consolidated structured entity 100,0 100,0 97,8 97,8 Financière des Scarabées Full Belgium Subsidiary 100,0 100,0 96,5 96,5 Financière Lumis Full France Subsidiary 100,0 100,0 97,8 97,8 Héphaïstos EUR FCC Full France Consolidated structured entity 100,0 100,0 0,0 0,0 Héphaïstos GBP FCT Full France Consolidated structured entity 100,0 100,0 0,0 0,0 Héphaïstos Multidevises FCT Full France Consolidated structured entity 100,0 100,0 0,0 0,0 Héphaïstos USD FCT Full France Consolidated structured entity 100,0 100,0 0,0 0,0 Indosuez Holding SCA II Full Luxembourg Consolidated structured entity 100,0 100,0 97,8 97,8 Indosuez Management Luxembourg II Full Luxembourg Consolidated structured entity 100,0 100,0 97,8 97,8 Investor Service House S.A. Full Luxembourg Subsidiary 100,0 100,0 85,0 85,0 Island Refinancing SRL Full Italy Consolidated structured entity 100,0 100,0 97,8 97,8 La Fayette Asset Securitization LLC Full United States Consolidated structured entity 100,0 100,0 0,0 0,0 Lafina Full Belgium Subsidiary 100,0 100,0 95,6 95,6 LMA SA Full France Consolidated structured entity 100,0 100,0 0,0 0,0 Merisma Full France Consolidated structured entity 100,0 100,0 97,8 97,8 Molinier Finances Full France Subsidiary 100,0 100,0 95,0 95,0 Pacific EUR FCC Full France Consolidated structured entity 100,0 100,0 0,0 0,0 Pacific IT FCT Full France Consolidated structured entity 100,0 100,0 0,0 0,0 Pacific USD FCT Full France Consolidated structured entity 100,0 100,0 0,0 0,0 Partinvest S.A. Full Luxembourg Subsidiary 100,0 100,0 85,0 85,0 Placements et réalisations immobilières (SNC) Full France Subsidiary 100,0 100,0 95,3 95,3 Sagrantino Italy SRL Full Italy Consolidated structured entity 100,0 100,0 97,8 97,8 Shark FCC Full France Consolidated structured entity 100,0 100,0 0,0 0,0 SNGI Full France Subsidiary 100,0 100,0 97,8 97,8 SNGI Belgium Full Belgium Subsidiary 100,0 100,0 97,8 97,8 Sococlabecq Full Belgium Subsidiary 100,0 100,0 95,6 95,6 Sofipac Full Belgium Subsidiary 98,6 98,6 93,9 93,9 TCB Full France Subsidiary 98,7 98,7 95,3 95,3 Triple P FCC Full France Consolidated structured entity 100,0 100,0 0,0 0,0 Vulcain EUR FCT Full France Consolidated structured entity 100,0 100,0 0,0 0,0 Vulcain GBP FCT Full France Consolidated structured entity 100,0 100,0 0,0 0,0. 237

238 Interim condensed consolidated financial statements of Crédit Agricole S.A. 30 June 2017 Crédit Agricole S.A. Group Scope of consolidation Consolidation method Scope changes (a) Principal place of business Country of incorporation if different from the principal place of business Nature of control (b) % control % interest June 30th 2017 Dec 31st 2016 June 30th 2017 Dec 31st 2016 Vulcain USD FCT Full France Consolidated structured entity 100,0 100,0 0,0 0,0 ItalAsset Finance SRL Full Italy Consolidated structured entity 100,0 100,0 97,8 97,8 CORPORATE CENTRE Crédit Agricole S.A. Crédit Agricole S.A. Parent France Structured Associate 100,0 100,0 100,0 100,0 Branch Credit Agricole SA Full United Kingdom France Branch 100,0 100,0 100,0 100,0 Banking and financial institutions Caisse régionale de Crédit Agricole mutuel de la Corse Full France Subsidiary 99,9 99,9 99,9 99,9 CL Développement de la Corse Full France Subsidiary 99,9 99,9 99,9 99,9 Crédit Agricole Home Loan SFH Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Foncaris Full France Subsidiary 100,0 100,0 100,0 100,0 Investment companies Crédit Agricole Capital Investissement et Finance (CACIF) Full France Subsidiary 100,0 100,0 100,0 100,0 Delfinances Full France Consolidated structured entity 100,0 100,0 100,0 100,0 Eurazeo Accounted France Associate 23,2 16,0 Equity S2 Sodica Full France Subsidiary 100,0 100,0 100,0 100,0 Other CA Grands Crus Full France Subsidiary 77,9 77,9 77,9 77,9 Crédit Agricole Payment Services Full France Consolidated structured entity 50,0 50,0 50,3 50,3 Crédit Agricole Immobilier Equity Accounted France Joint venture 50,0 50,0 50,0 50,0 Crédit Agricole Public Sector SCF Full France Consolidated structured entity 100,0 100,0 100,0 100,0 ESNI (compartiment Crédit Agricole S.A.) Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCT Evergreen HL1 Full France Consolidated structured entity 100,0 100,0 100,0 100,0 FCT Crédit Agricole Habitat 2015 Compartiment Corse Full France Consolidated structured entity 100,0 100,0 99,9 99,9 FCT Crédit Agricole Habitat 2017 Compartiment Corse Full France Consolidated structured entity 100,0 100,0 E2 Fia Net Europe Full Luxembourg Subsidiary 50,0 50,0 50,0 50,0 Finasic Full France Subsidiary 100,0 100,0 S2 IDIA Full France Subsidiary 100,0 100,0 100,0 100,0 S.A.S. Evergreen Montrouge Full France Consolidated structured entity 100,0 100,0 100,0 100,0 SCI D2 CAM Equity Accounted France Joint venture 50,0 50,0 50,0 50,0 SCI Quentyvel Full France Subsidiary 100,0 100,0 100,0 100,0 SILCA Full France Consolidated structured entity 100,0 100,0 97,8 93,9 SIS (Société Immobilière de la Full France Subsidiary 72,9 72,9 Seine) S3 SNC Kalliste Assur Full France Subsidiary 100,0 99,9 100,0 99,9 UI Vavin 1 Full France Subsidiary 100,0 100,0 S4 Uni-Edition Full France Subsidiary 100,0 100,0 100,0 100,0 Tourism - property development Crédit Agricole Immobilier Promotion Equity Accounted France Joint venture 50,0 50,0 50,0 50,0 Crédit Agricole Immobilier Services Equity Accounted France Joint venture 50,0 50,0 50,0 50,0 SNC Eole Equity Accounted France Joint venture 50,0 50,0 50,0 50,0 Branches are mentioned in italic. (a) Scope changes Inclusions (E) into the scope of consolidation : E1 : Breach of threshold E2 : Creation E3 : Acquisition (including controlling interests) Exclusions (S) from the scope of consolidation : S1 : Discontinuation of business (including dissolution and liquidation) S2 : Sale to non-group companies or deconsolidation following loss of control S3 : Deconsolidated due to non-materiality S4 : Merger or takeover S5 : Transfer of all assets and liabilities Other : D1 : Change of company name D2 : Change in consolidation method D3 : First time listed in the Note on scope of consolidation D4 : IFRS 5 entities (b) Nature of control Subsidiary Branch Consolidated structured entity Joint Venture Structured joint venture Joint operation Associate Structured associate. 238

239 Interim condensed consolidated financial statements of Crédit Agricole S.A. 30 June Events subsequent to 30 June Acquisition of Pioneer Investments group entities Description of the transaction On 3 July 2017, Amundi acquired companies in the Pioneer Investments group from Pioneer Global Asset Management S.p.A. ( PGAM ), a subsidiary of UniCredit, under an agreement signed in December 2016 (Share Purchase Agreement). Founded in 1928, Pioneer Investments is a global asset management company active in 27 countries. The Pioneer Investments group is mainly based in Milan, Boston, Dublin and London. It also has a significant presence in Germany, Austria and Eastern Europe, amongst other countries. It has around 1,800 employees, with almost 221 billion in assets under management at 30 June The transaction has created the eighth largest global player, with almost 1,342 billion under management at 30 June The combined entity will service all customer segments with a wide range of products and solutions coupled with unrivalled quality of service and commitment.. 239

240 Entities acquired from the Pioneer Investments group Entities acquired from the Pioneer Investments group Implantations Pioneer Investment Management S.p.A. Italy Pioneer Investments Kapitalanlage GmbH Germany Pioneer Invesments Austria GmbH Austria Pioneer Global Investments Limited Ireland Pioneer Global Investments Limited Madrid Branch Spain Pioneer Global Investments Limited Paris Branch France Pioneer Global Investments Limited London Branch United Kingdom Pioneer Global Investments Limited Buenos Aires Branch Argentina Pioneer Global Investments Limited Tokyo Branch Japan Pioneer Global Investments Limited Santiago Branch Chile Pioneer Global Investments Limited Mexico city Branch Mexico Pioneer Global Investments Limited Jelling Branch Denmark Pioneer Investment Management Limited Ireland Pioneer Investment Management Limited Singapore Branch Singapore Pioneer Investment Management Limited London Branch United Kingdom Pioneer Asset Management S.A. Luxembourg Pioneer Asset Management A.S. Bratislava Branch Slovakia Pioneer Asset Management A.S. Sofia Branch Bulgaria Pioneer Investment Management USA Inc United States Pioneer Asset Management A.S. Czech Republic Pioneer Investment Company A.S. Czech Republic Pioneer Investment Management Inc United States Pioneer Funds Distributor Inc United States Pioneer Institutional Asset Management Inc United States Vanderbilt Capital Advisors LLC United States Pioneer Global Investments (Australia) Pty Limited Australia Pioneer Global Investments (Taiw an) LTD Taïw an Pioneer Investment Fund Management Limited Hungary Pioneer Asset Management S.A.I SA (1) Romania Pioneer Investments (Schw eiz) GmbH Sw itzerland These companies will be fully consolidated, with the Group having a 100% controlling interest through its 68.5% stake. The companies in italics are branches. (1) At the date of preparation of these consolidated financial statements, the acquisition of the Romanian entity, Pioneer Asset Management S.A.I. SA, was still awaiting the fulfilment of conditions precedent (approval from the local regulator). This acquisition is the subject of a firm acquisition commitment and is expected to take place in the near future. For simplicity, and in view of its non-material nature, the information for this entity is included under net assets acquired and fair value of the consideration transferred.