PRESS RELEASE. Paris, 6 June 2017 The Shareholders Meeting held on 31 May took note of the following points:

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1 PRESS RELEASE 2016 Results Show that Crédit Immobilier de France has Taken Up the Challenges of its Radical Transformation Over the Past Several Months Background: Crédit Immobilier de France (CIF), which is owned by 53 SACICAPs (cooperative home loan companies), is a century-old financial group which used to promote home ownership among low-income households. When its refinancing model was jeopardized in 2012, it was forced to apply for a guarantee from the Republic of France. It received a permanent State guarantee in 2013, with the consent of the European Commission, on the condition that CIF cease all loan originations and undertake an orderly resolution plan organizing its extinctive management over the period to Following a period of conflict among stakeholders (September 2012 to May 2015), the appointment of a new chief executive officer eased tensions, restored confidence, and revived the execution of the plan. * Paris, 6 June 2017 The Shareholders Meeting held on 31 May took note of the following points: Results in 2016, which corresponded to expectations, showed a sharp increase in the solvency ratio and the outcome of excellent risk management. They also revealed decisive advances in recent months in all of the Group s transformation projects, corresponding to commitments undertaken and the timeline set forth in the orderly resolution plan. Altogether, these results confirm CIF s valuation as estimated last year following an indepth analysis, as well as the Group s ability to honor all of its commitments to its stakeholders. Under these circumstances, the terms of the Chairman, Yannick Borde, and members of the Board of Directors, as well as those of the Chief Executive Officer, Jérôme Lacaille and the Deputy Chief Executive Officer, Thierry Gillouin, were renewed for a period of six years. *

2 1) Results in 2016, which corresponded to expectations, showed a sharp increase in the solvency ratio and the outcome of excellent risk management. millions Net banking income Operating expenses (177.2) (189.9) Gross operating income (loss) (14.9) 27.2 Provisions for risk (55.1) (406.5) Net nonrecurring items (11.4) (4.2) Net income (loss) (104.7) (390.1) Customer loans outstanding at 31 December 19,135 22,829 Common Equity Tier 1 (CET 1) ratio 13.8% 12.3% The sharp increase in solvency with respect to 2015, measured by the Common Equity Tier 1 (CET 1) ratio, is primarily the result of three factors: a sizable (16.2%) decrease in loans outstanding and the related consumption of shareholders equity. This reduction reflects the cessation of loan originations since 2013, when the Group entered resolution, and the amortization of loans outstanding, which accelerated under the impact of early repayments that affected CIF in 2016 along with all French banks. a high degree of control over credit risks thanks to effective collection policies implemented following the late-2015 revision of valuation methods and management of writedowns. As a result of this revision, CIF s level of doubtful loan allowances, which stands at over 40%, makes it one of France s best protected banks against credit risk 1. 1 The average provisionning rate in France for doubtfull housing loans was 29% in 2015 (source ACPR-Banque de France, Analyse et Synthèse, No 71, july 2016, Le financement de l'habitat en 2015) Crédit Immobilier de France Développement (CIFD) S.A. au capital de euros rue de Madrid PARIS CEDEX 08 Tél Fax RCS PARIS B TVA FR N ORIAS

3 a significant (6.5%) reduction in operating expenses, resulting from staff departures in the period to June 2016 under the second job-saving plan ( PSE2 ), involving the elimination of 209 positions. This reduction will accelerate in 2017 with the implementation of a third job-saving plan scheduled for September, entailing the elimination of over 400 positions. 2) This situation reflects decisive advances in recent months in all of the Group s transformation projects. The strategic plan that the Board of Directors adopted late in 2015 made it possible to revive the execution of the orderly resolution and to restore confidence among CIF s various stakeholders. It entailed 14 projects covered in four themes: Simplified, efficient units: The Group s 10 finance companies and credit institutions have been merged with the central entity, CIFD, in a record time of 24 months. At the same time, the Group shifted from a highly decentralized organization of autonomous operational entities toward a centralized organization of more nimble administrative sectors. The Group has clearly defined the timetable and conditions for closing sites. It will move from 25 sites today to two by year-end 2021, and it intends to rely to an increasing extent on its partner MCS to handle the management and collection of most of its receivables. Adaptation of human resources: In accordance with the restructuring measures unveiled in the second half of 2016, CIF will reduce its staff by half over the period from year-end 2016 to early It will undertake an assertive outplacement plan in the months ahead. Employees destined to remain with the Group will continue to benefit from ambitious training programs and efforts to promote quality of working life and collective efficiency. Optimized management: The Group has completely revised its conditions for renegotiating loans. It has radically simplified its funding organization and made its cash management more effective. It has rationalized its operating expenses through centralization. Initial loan sales have taken place with a favorable impact on CIF s net assets. It has organized a highly professional administrative sector to ensure the highest conditions of expertise, management, and commercialization of CIF s real estate assets.

4 Risk management: The Group has reformulated its methods for assessing credit risk allowances on a uniform basis at all entities. These methods correspond to best practices and are adapted to the specificities of extinctive management. The major consequences of this reformulation have impacted accounting and operations, appreciably increasing the efficiency of collection procedures. Lastly, the Group has rewritten all the procedures for its administrative functions in order to provide a solid, updated foundation for its permanent and periodic control organization and to ensure the successful execution of the orderly resolution. 3) Altogether, these results confirm CIF s valuation as estimated last year following an in-depth analysis, as well as the Group s ability to honor all of its commitments to its stakeholders. These commitments concern: the Republic of France, which has received 735 million in remuneration since 2013 for its guarantee covering CIF s refinancing CIF s employees, for whom the staff/management agreement on restructuring measures, signed in 2013, has been extended the European Commission, which can note the Group s strict compliance with the conditions and timetable set forth in the orderly resolution plan CIF s shareholders, who may now count on a significant initial repayment of their investment as of next year, as established in the documents governing the orderly resolution, on the condition that the 2017 results confirm the tendencies observed in Under these circumstances, the Shareholders Meeting voted to renew for another six-year period the terms of the Board members (nine out of 11) that had expired. At the close of the Meeting, the Board of Directors voted to reappoint Yannick Borde as its Chairman, and to reappoint for sixyear terms Jérôme Lacaille and Thierry Gillouin as Chief Executive Officer and Deputy Chief Executive Officer, respectively.

5 Jérôme Lacaille remarked that these decisions, in addition to expressing renewed confidence in the execution of the resolution process, pay tribute to the professionalism and excellence of CIF s staff members, who have successfully completed an exceptional amount of work in a few months time under particularly demanding conditions. Contact at Crédit Immobilier de France: Caroline Verstaen, Head of Communication Phone: +33 (0) caroline.verstaen@creditimmobilierdefrance.com