Kepler Cheuvreux Autumn conference, Paris, 12 September 2018

Transcription

1 Kepler Cheuvreux Autumn conference, Paris, 12 September 2018

2 DISCLAIMER Financial information on Crédit Agricole S.A. and Crédit Agricole Group for the second quarter and first half 2018 comprises this presentation and the attached press release and financial report which are available on the website This presentation 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 developed 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 in calculating market value and asset impairment. Readers must take all these risk factors and uncertainties into consideration before making their own judgement. The figures presented for the six-month period ending 30 June 2018 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: the scopes of consolidation of groups Crédit Agricole S.A. and Crédit Agricole have not changed materially since the registration with the French market watchdog AMF of the 2017 Registration Document of Crédit Agricole S.A. on 22 March 2018 under the registration number D and the A.01 update of this 2017 Registration Document including all regulatory information relative to Crédit Agricole Group. The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding. On 1 January 2017, Calit was transferred from Specialised Financial Services (Crédit Agricole Leasing & Factoring) to Retail Banking in Italy. Historical data have not been restated on a proforma basis. Since 3 July 2017, Pioneer has been included in the scope of consolidation of Crédit Agricole Group as a subsidiary of Amundi. Historical data have not been restated on a proforma basis. Pioneer Investments integration costs in both the first and second quarters have been restated in specific items, contrarily to the treatment applied in both publications made previously. Group net income Group share has been adjusted for both quarters. Since 26 September 2017, Banque Saudi Fransi (BSF) has been excluded from the scope of consolidation of Crédit Agricole Group further to the disposal of a majority of the holding (16.2% out of the 31.1% held prior to disposal). This subsidiary was consolidated using the equity method. Historical data have not been restated on a proforma basis. Since 21 December 2017, Cassa di Risparmio (CR) di Cesena, CR di Rimini and CR di San Miniato have been included in the scope of consolidation of Crédit Agricole Group as subsidiaries of Crédit Agricole Italy. Historical data have not been restated on a proforma basis. Since 26 December 2017, Crédit Agricole S.A.'s stake in CACEIS has increased from 85% to 100%, further to the acquisition of the 15% stake in the company held by Natixis before that date. Since 3 May 2018, Banca Leonardo has been included in the scope of consolidation of Crédit Agricole Group as a subsidiary of Indosuez Wealth Management. Historical data have not been restated on a proforma basis. Note: The Crédit Agricole Group scope of consolidation comprises: the Regional Banks, the Local Banks, Crédit Agricole S.A. and their subsidiaries. This is the scope of consolidation that has been privileged by the competent authorities to assess the Group s situation, notably in the 2016 stress test exercise. Crédit Agricole S.A. is the listed entity. It notably owns the subsidiaries of its business lines (French Retail Banking, International Retail Banking, Asset Gathering, Specialised Financial Services and Large Customers). 2 l ROADSHOW PRESENTATION SEPTEMBER 2018

3 STRATEGY AND MTP UPDATE Q2-18 RESULTS SOLVENCY AND CAPITAL PLANNING CONCLUSION APPENDIX p. 3 p. 17 p. 35 p. 39 p l ROADSHOW PRESENTATION SEPTEMBER 2018

4 KEY MESSAGES A hybrid structure (mutual+listed), combining a strong retail franchise with European leaders + 39 REGIONAL BANKS A LISTED ENTITY Egypt Romania Morocco Serbia Poland Ukraine ( ) 21m customers #1 market share Largest retail distribution base in Europe Cooperative status (one man-one vote, mutual shares) One brand, retail banking distribution in France Strong franchise in the widest range of banking, insurance and financial products and services History of innovation in distribution: branch setup, remote banking, etc. = 7,000 branches #1 digital bank in France #1 banking app in Europe #1 asset manager in Europe #1 insurer in France, personal lines Top 3 consumer finance group in Europe #1 aircraft financing worldwide A central body with successful product factories Running all CA s product factories, international retail banking and large customers businesses Key leading positions in Europe in Asset management, bancassurance, consumer finance, world leader in structured finance In charge of Group s marketing coordination and cost mutualisation effort A French retail giant and European leaders in most business lines, addressing the largest retail distribution base in Europe #1 green bonds arranger worldwide 4 l ROADSHOW PRESENTATION SEPTEMBER 2018

5 KEY MESSAGES Shareholder-friendly structure Strong distribution franchise, in one of the most diversified and competitive banking markets Wide range of product offering, Market features similar to other European markets (eg Italy) Distribution fixed cost base in France mostly in the cooperative part of the Group Strong launchpad for Crédit Agricole SA businesses Strong critical size and market experience in France Culture of partnership, services and innovation with demanding retail distribution networks Culture of cross selling and external partnerships Cost efficiency thanks to size and organisation Mutualisation of IT, marketing, innovation/digitalisation, risk management, funding/alm etc. Market-efficient capital structure Strong capital base at Group level, highly capital-generative thanks to high profitability/low capital return at Regional banks Solidarity mechanism: the listed entity and each Regional bank benefit from best-in-class solvency for the size of the Group Listed entity: not a systemic bank, therefore can be run at lower-than-peers CET1 targets, while benefiting from low funding costs A universal customer-focused banking model, optimising cross selling and cost efficiency CRÉDIT AGRICOLE GROUP #1 bancassurer in Europe + 1bn cross selling target % H1-18 cost income ratio 11% target CET1 ratio for CASA 5 l ROADSHOW PRESENTATION SEPTEMBER 2018

6 RESULTS A stable, diversified and profitable business model Synergies between business lines are maximising Group ROTE Good level of diversification in terms of business lines' contribution to Group Net income, with no business line accounting for more than 30% of Net income (excl. Corporate Centre), which will provide stability in the future Predominance of business lines related to Retail, notably Asset Gathering including Insurance (28% of revenues, 37% of H1-18 Net income) More than 92% of net income in controlled cash, vs. only two-thirds in 2015 Underlying H1-18 revenues by business line (excluding CC) (%) Underlying H1-18 Net income by business line (excluding CC) (%) Leasing & Factoring 3% Asset servicing 4% CIB 24% Consumer Finance 11% LC 28% SFS 14% AG 28% RB 30% FRB 17% IRB 13% Wealth management 4% Asset management 13% Insurance 11% Underlying Net income Group share excluding the contribution of equity-accounted entities, net of dividends received by them Leasing & Factoring 3% Asset servicing 3% CIB 27% Consumer Finance 13% LC 30% SFS 16% RB 17% FRB 11% AG 37% IRB 6% Wealth management 2% Insurance 23% Asset management 12% AG: Asset Gathering, including Insurance; RB: Retail Banking; SFS: Specialised financial services; LC: Large customers; CC: Corporate centre 6 l ROADSHOW PRESENTATION SEPTEMBER 2018

7 BUSINESS MODEL A stable, diversified and profitable business model Annualised H1-18 RoNE by business line and 2019 targets in % 13.1% Annualised RoTE % >25% 25.2% After tax and AT1 coupons allocated to business lines (2) >16% >16% 10.8% 12.3% 9.1% 9.0% >13% 16.0% 14.1% 2019 MTP target 2017 H1-18 annualised >11% >10% 12.8% 11.2% 11.1% 13.1% Asset gathering LCL Cariparma SFS Large customers RoTE CASA RoTE above MTP target, showing a material improvement compared to 2016 RoNE in the different business lines on track with MTP targets In line with MTP target of RoTE >10% Annualised RoNE and RoTE calculated without restatement of IFRIC 21 expenses 7 l ROADSHOW PRESENTATION SEPTEMBER 2018

8 MAJOR ACHIEVEMENTS SINCE LAUNCH OF MTP Value-creating acquisitions and partnerships Pioneer investments (closed 3 July 2017) Acquisition by Amundi of 100% of Pioneer Investments, Unicredit s AM subsidiary, for 3,545m Strong synergy potential 180m before tax thanks to Amundi s diversified model and industrial platform First integration of Pioneer in Q3-17 results, impact on fully-loaded CET1 ratio: -60bp (2) CIC s private banking operations in Singapore and Hong Kong (announced 6 June 2017) Through this acquisition, Indosuez Wealth Management strengthens its position in a strategic region Acquisition of 3 small savings banks in Italy (closed 21 December 2017) Impact on Crédit Agricole S.A. s and Crédit Agricole Group s CET1 ratios: c. -10bp Acquisition of Banca Leonardo, a leading wealth manager in Italy (closing announced 3 May 2018) Acquisition of 94% stake in Banca Leonardo in Italy for a CET1 impact -1bp Acquisition of 15% of CACEIS from Natixis (closing announced 26 December 2017) CACEIS now 100% held by Crédit Agricole S.A.; CET1 impact of c. -10bp New partnership agreements announced in various business lines Partnership agreement in consumer loans with Bankia in Spain (4 th Spanish bank, 8.1m customers) Partnership agreement in bancassurance with Credito Valtellinese (1m customers) In line with the MTP targets and the Group s strict acquisition criteria (ROI>10%) References to Pioneer Investments excluding its Polish operations (2) For Crédit Agricole Group: -35bp 8 l ROADSHOW PRESENTATION SEPTEMBER 2018

9 ZOOM ON PIONEER TRANSACTION Integration of Pioneer on 3 July 2017 CRÉDIT AGRICOLE GROUP Amundi: AuM of 1,466bn at end-june 2018, No.1 in Europe, in the top 10 asset manager worldwide Leadership strengthened in Europe thanks to 4 major markets A customer mix rebalanced in favour of Retail A full range of expertise reinforced in equities and multi-asset Strong first results after integration (H1-18 figures) France No.1 Germany 2 nd foreign player Italy Top 2* Austria Top 3 Institutional 62% 5% 3% Retail 38% 12% 4% Retail : from 28% for Amundi alone (30/06/17) to 37% pour Amundi + Pioneer (31/12/17) 28% Real, alternative & structured assets 71bn Bonds 657bn 31% 45% 5% 17% 16% 18% Equities 244bn Multi-asset 267bn Treasury 228bn Equities + multi-asset: from 27% for Amundi alone (30/06/17) to 34% pour Amundi + Pioneer (31/12/17) Net inflows > 40bn in H1 Driven by Retail ( 80% of total) and MLT assets ( 85% of total) H1 net income at 100%: 452m Up +29.8% H1/H1 at constant scope (2) Revenues +18.1%, costs +17,4% H1/H1 at constant scope (2) Cost/income ratio 53.1% (-0.3 pp H1/H1) Sources: Amundi financial reports, IPE * on open ended-funds (2) Combining contribution of both Amundi and Pioneer including distribution agreement amortisation in l ROADSHOW PRESENTATION SEPTEMBER 2018

10 CRÉDIT AGRICOLE GROUP ZOOM ON ACQUISITION IN ITALY Acquisition of 3 regional banks in Italy enabling growth of the franchise and results Market shares: 0% Market shares in Italy post transaction 0-2% Market share in Emilia-Romagna > 10% Market share in Tuscany > 6% +1pp market share at national level (from 2.8% à 3.7%) +~20% customers +~220 branches (post rationalisation) 5-10% 2-5% 10-20% Integration to International Retail Banking Italy Merger of all 3 legal entities with Cariparma before end-september Finalisation of the IT migration planned in H2-18 Ongoing termination of external business partnerships Strong momentum and good contribution to results Contribution to IRB Italy: Expanding the customer base of Cariparma with 2.1million new clients, up by +10K in Q2-18 Very dynamic growth in home loan origination: +61% Q2/Q Total customer savings reached 76.1bn (+19,8%) at end-june 2018 and total loans outstanding rose to 42,9bn (+13,6%) Cost/income ratio at 80.0% in Q2-18 vs 95% in Q1-18 and 118% in Q4-17 Impact on Group net income of + 8m in Q2-18 Financial criteria in line with the Medium Term Plan targets Break-even reached in Q2-18, ahead of schedule Full effect of Group synergies in 2020: around 20% of total revenues for revenues synergies, around 25% of costs for costs synergies ROI significantly above 10% over 3 years EPS accretion at Crédit Agricole S.A. level at least 1% over 3 years(2) Aggregation of the 3 banks, Q4 annualised (2) Based on the consensus collected by Crédit Agricole S.A. for l ROADSHOW PRESENTATION SEPTEMBER 2018

11 MAJOR ACHIEVEMENTS SINCE LAUNCH OF MTP Disposal of non-core assets Disposal of interest in Eurazeo (6 June 2017) Disposal of a 15.42% interest in the listed holding company for a total of 790.5m Hedging mechanism against changes in share price for mandatory convertibles issued in September 2016 (redeemable in September 2019) Positive impact of +13bp on CET1 ratio, of which positive impact of + 103m on 2017 net income Group share Disposal of part of the stake in Bank Saudi Fransi (BSF) (Q3-17) Disposal of a 16.2% interest (out of total 31.1% stake) in the listed Saudi bank for a total of 1.3bn, deconsolidation of the remaining stake Revaluation of the total residual stake (14.9%) at the sale price, added to the capital gain in the P&L 2017: positive impact of +17bp on CET1 ratio, positive impact on net income Group share of + 99m Disposal of smaller, non-core subsidiaries (H1-17) CARE: reinsurance business in Luxembourg, sold by the insurance business line (CAA) Banque Themis: bank for companies under administration and creditor protection, sold by LCL Credicom: consumer finance in Greece, sold by CA Consumer finance Selectivity, RWA reduction and optimisation in line with the MTP Excluding transaction costs and contribution from BSF until its deconsolidation date : 46m 11 l ROADSHOW PRESENTATION SEPTEMBER 2018

12 CRÉDIT AGRICOLE GROUP MTP UPDATE Progress on the MTP - Synergy initiatives, strengthening client positioning Reinforced collaboration between the business lines and the Group networks, in line with their strategic targets Strengthened cooperation between CACF and the Group's retail banks: increase in consumer credit origination managed by CACF on behalf of the Group's networks (+8% 2017/2016 with the French networks, +27% with IRB-Italy) Deployment of the new value-sharing model between the Regional Banks and CAL&F, which is implementing its asset light strategy (24 Regional Banks at end-2017) New shared initiatives between CACIB and the Regional Banks for large client financing and supporting SMEs and ISEs in partnership with the EIB Gradual integration of the offer for remote monitoring systems of Nexecur, the Group s protection and security subsidiary, within property and casualty insurance products Structural initiatives to insource activities within the Group Agreement with CNP (June 2017): insourcing of new business in creditor insurance (payment protection insurance) of the Regional Banks, launched in September 2017 Insourcing of the most part of the Group entities group insurance contracts within CAA New and distinctive shared products & services, strengthened cross-selling Proven success of the single, comprehensive platform for corporate group savings of Amundi and CAA (employee savings, employee shareholding and group pensions) with SBF 120 corporates Deployment of the Premium Client Solutions integrated offering by the Large Customers business line: financing, advisory, custodian banking and market solutions for large customers, especially in private equity Progress in revenue synergies + 1bn +5% target Crédit Agricole S.A. Regional Banks 12 l ROADSHOW PRESENTATION SEPTEMBER 2018

13 CRÉDIT AGRICOLE GROUP DIGITAL Success of new products and digital services and development of usage New services and digitalisation 50,000 customers since launch, 80% of whom were not previously customers 74% opened in-branch; in 13% of cases the process was started online and completed in-branch Digitalisation rate of all our offerings: 80% end-2018, 100% target by end-2019 Account aggregator: 70K clients in 3 months available to BforBank and Regional Bank customers, in H2 for LCL clients Smart TPE Magasin and Smart TPE Mobilité : 35K target by end-2020 Payment peer-to-peer : launch of Paylib entre amis service scheduled in Q in MaCarte app Rise of new applications 228m connections per month all customer spaces and mobile apps Contactless payments: +88%, a very sharp increase vs. H with 237m payments in the Regional Banks Online insurance/policy purchases 31% vs 27% in 2017 MaCarte app: 760K customers at end-june (vs. 430K at end-june 2017) >10,000 customers, >27,000 transactions, 194m financed 100% human, 100% digital 13 l ROADSHOW PRESENTATION SEPTEMBER 2018

14 CRÉDIT AGRICOLE GROUP MTP UPDATE Progress in MTP - Innovation at the heart of the Group s strategy Create & develop by CA Launch of a start-up studio, La Fabrique by CA, for the creation and growth of start-ups with dedicated financial resources and the ability to invest in start-ups capital and assist with financing Provision of expertise for the strategic and operational guidance of start-ups Leveraging on the innovation ecosystem of the Group (Mobile Center, Digital Hive, the Villages by CA Experiment & learn Around 30 POCs in progress surrounding artificial intelligence Collective experimental approach to blockchain with the creation of a joint venture between CACEIS and six stock exchange partners Experimenting with blockchain technology with Ripple for money transfers Experimenting with connected vehicles, connected homes and IoT (2) within the insurance business Support & grow Rollout of 21 Villages by CA throughout France 400 start-ups supported; 300 official partnerships Creation of banking solutions for start-ups by the Regional Banks Connecting companies to start-ups internationally with the help of CACIB's international desks, which support and host start-ups (Shanghai, NYC) Innovate & invest Establishment of two innovation funds: CA Innovation et Territoire and Fintech Insurtech Venture ( 150m in total) in partnership with external asset management companies Access to deal flow from several thousands of start-ups to enrich and develop the Group's ecosystem Equal participation in more than 10 start-ups and business partnerships for various entities of the Group POC: «proof of concept»: evidence of feasability of a proposed product or service (2) IoT: Internet of Things, (connected objects) 14 l ROADSHOW PRESENTATION SEPTEMBER 2018

15 CRÉDIT AGRICOLE GROUP MTP UPDATE Progress on the MTP Cross-functional operational efficiency programmes Convergence of IT production within a joint entity for Crédit Agricole Group A top-tier mutual technology hub with a Group Cloud and DevOps automation platform Implementation of the targeted new structure (2) in Q2-18: transfer of the most part of IT productions of Regional banks, LCL, CAA, CACIB, CA-CF and Crédit Agricole S.A. scheduled on 1 January 2019 Five-year investment plan of approximately 260m; eventual annual savings of 185m Positive results one year after the launch of the purchasing optimisation programme 210m savings plan in 2019 carried out through 85 different initiatives ( 107m signed at end-2017) New organisational structure and governance to optimise and streamline operations Deployment of the Group purchasing information system for a strict management and harmonisation of processes Launch of a series of savings programmes in Crédit Agricole S.A. group 300m savings plan in 2019 in support functions Crédit Agricole S.A. (corporate entity): well advanced programme, 55m estimated at end-2017 out of 72m expected 24 cross-functional projects undertaken, leveraging automation, the pooling of operations, interaction optimisation and eliminating excess spending (in progress) LCL, CACIB and CACEIS: improvement of back-office efficiency via the automation of activities (60 robots in production) Lean management programme launched at CAIWM and CAPS Development of new working methods for CACF (more widespread use of agile methodology and teleworking) Estimates based on signed and annualised savings costs (2) pending information and consultation of employee representative bodies 15 l ROADSHOW PRESENTATION SEPTEMBER 2018

16 MTP UPDATE Progress on the MTP Update of financial targets Crédit Agricole Group Crédit Agricole S.A Targets Targets 31, %(*) > +1,5% Underlying revenues CAGR(**) 17,379(**) +3.9%(*) > +2,5% 62.9% 63.4% < 60% Cost / income ratio 68.6% 62.8% <60% < 35 Cost of risk / outstandings (bp) < > 7.2 Underlying NIGS ( bn) % 14.9% 16.0% Fully-loaded CET1 ratio** 11% 11.7% 11% 19.7% 20.6% 22.0% TLAC (%) excl. eligible senior debt Underlying ROTE (%) 7.8% 11.1% >10% Dividend*** 0.60 (scrip option) 0.63 in cash 50% in cash (min. 0.60) (*) CAGR ; (**) in 2015, proforma the operation of simplification of the Group s structure (***) dividend to be proposed at the AGM 16 l ROADSHOW PRESENTATION SEPTEMBER 2018

17 STRATEGY AND MTP UPDATE Q2-18 RESULTS SOLVENCY AND CAPITAL PLANNING CONCLUSION APPENDIX p. 3 p. 17 p. 35 p. 39 p l ROADSHOW PRESENTATION SEPTEMBER 2018

18 KEY MESSAGES Highest quarterly profits since IPO CRÉDIT AGRICOLE GROUP Highest quarterly profit since IPO for CASA and for CAG Contribution from all of CASA s business lines and Corporate Centre, in particular high level of profit in Corporate & Investment Banking Very strong and high quality activity across all business lines Positive jaws effect Q2/Q2, significant improvement in C/I ratio Sharp decrease in the cost of risk, fall in the NPL ratio, coverage up Stable in Q2 in a high business momentum, remaining well above the MTP target (CASA), up for CAG Underlying, see details of specific elements on slide p.39 (Crédit Agricole S.A.) and 42 (Crédit Agricole Group) 18 l ROADSHOW PRESENTATION SEPTEMBER 2018

19 RESULTS Key figures CREDIT AGRICOLE GROUP Q2-18 H1-18 Q2-18 H1-18 2,076m 3,505m Net income Group share - stated 1,436m 2,292m -1.4% Q2/Q2-5.4% H1/H1 +6.4% Q2/Q2 +4.4% H1/H1 2,056m 3,408m Net income Group share - (2) 1,418m 2,205m +2% Q2/Q2-7.2% H1/H % Q2/Q2 +5.9% H1/H1 +4.1% Q2/Q2-2.1% H1/H1 at constant scope and forex (3) +23.8% Q2/Q % H1/H1 +4.8% Q2/Q2 +3% H1/H1 at constant scope and forex and excl. SRF (3) +23.4% Q2/Q % H1/H1 Earnings per share (2) % Q2/Q2 +7.2% H1/H1 Underlying ROTE (%) 13.1% 14.8% Fully-loaded CET1 ratio (%) 11.4% See slides 39 (Crédit Agricole S.A.) and 42 (Crédit Agricole Group) for further details on specific items (2) After deduction of AT1 coupons, charged to net equity - see slide 45 (3) Combining the contributions to income of Amundi and Pioneer and taking account of the amortisation of distribution agreements in Q1, Q2 and H1-17, excluding the contributions of the three Italian banks in Q2 and H1-18 and those of BSF and Eurazeo in Q1, Q2 and H1-17 and excluding forex effect 19 l ROADSHOW PRESENTATION SEPTEMBER 2018

20 RESULTS Strong dynamics in all activities in Q2-18 CRÉDIT AGRICOLE GROUP RETAIL BANKING ASSET GATHERING & INSURANCE SPECIALISED FINANCIAL SERVICES LARGE CUSTOMERS Strong credit activity: pick-up in corporate and business lending and slowdown in home lending both confirmed Asset gathering: resilience of MLT assets and retail inflows, seasonal outflows on treasury products P&C insurance: continued market share gains in France and growth in equipment rates Strong activity in all businesses Senior positions in several major financing deals Positive effect of rising oil prices on Trade finance +9% June/June increase in corporate lending for both the Regional Banks and LCL + 8.4bn inflows in MLT assets in Q2 in Asset Management +5.6% June/June increase in managed consumer loans outstanding 36% Distribute to originate: 12-month average primary syndication rate 20 l ROADSHOW PRESENTATION SEPTEMBER 2018

21 RESULTS Net income Group share: sharp rises Q2/Q2 and H1/H1 Q2/Q2 and H1/H1 change in Net income Group share, by business line +19.6% 1,350 Q2-17 stated 2, Specific items ,185 < 2, % (41) (7) 1,418 1, Q2-17 Asset gathering Retail banking SFS Large Customers Corporate centre Q2-18 Specific items Q2-18 stated 2,205 2, % Q2/Q2 increase in Net profit at constant scope and forex (2) +16.1% H1/H1 increase in Net profit at constant scope and forex (2) All business lines and CC contributed to Q2/Q2 growth LC: sharp rise in net profit Q2/Q2 (vs. a high base in Q2-17) and Q2/Q1 Q2/Q2 scope effect contribution: Pioneer (AG) equivalent to + 34m, 3 Italian banks (RB) + 7m, BSF (LC) - 57m; forex effect - 27m Significant H1/H1 increase in SRF: net income impact of - 286m in H1-18, or +22.6%/- 53m/H1-17 H1-17 stated Specific items H1-17 Asset Retail SFS Large Corporate H1-18 Specific gathering banking Customers centre items H1-18 stated Underlying: see slide 39 for further details on specific items (2) Q1,Q2 and H1-18: excluding the contributions of the three Italian banks; Q1,Q2 and H2-17: excluding the contributions to Net income of BSF and Eurazeo, combining the contributions to income of Amundi and Pioneer and taking account of the amortisation of distribution agreements and excluding forex effect, see slides 40 & 41 AG: Asset Gathering, including Insurance; RB: Retail Banking; SFS : Specialised Financial Services; LC: Large Customers; CC: Corporate Centre 21 l ROADSHOW PRESENTATION SEPTEMBER 2018

22 RESULTS Revenues: up sharply Q2/Q2 despite a challenging market environment Q2/Q2 and H1/H1 change in revenues, by business line 4, ,619 Q2-17 stated 9,408 H1-17 stated Specific items % , ,171 Q2-17 Asset Retail SFS Large Corporate Q2-18 Specific gathering banking Customers centre items +10 9,398 Specific items < H (65) Asset gathering Retail banking +6.9% SFS Large Corporate Customers centre 10,046 H Specific items Q2-18 stated 10,081 H1-18 stated +7.1% Q2/Q2 increase in revenues at constant scope and forex (2) +3.1% H1/H1 increase in revenues at constant scope and forex (2) All business lines and CC contributed to Q2/Q2 growth at constant scope and forex (2) LC: strong Q2/Q2 increase +11% excluding forex effect, vs. a high base in Q2-17 AG and RB: Q2/Q2 growth at constant scope and forex (2) (+4.1% and + 1.0% respectively), amplified by acquisitions Underlying: see slide 39 for further details on specific items (2) constant scope and forex: combining the contributions to income of Amundi and Pioneer and taking account of the amortisation of distribution agreements in Q1, Q2 and H1-17, excluding the contributions of the three Italian banks in Q1, Q2 and H1-18 and excluding forex effect, see slides 40 & 41 AG: Asset Gathering, including Insurance; RB: Retail Banking; SFS : Specialised Financial Services; LC: Large customers; CC: Corporate centre 22 l ROADSHOW PRESENTATION SEPTEMBER 2018

23 RESULTS Costs: C/I ratio down 2 points excl. SRF Q2/Q2 despite scope effects Q2/Q2 change in costs, by business line 2,805 2, Q2-17 stated Specific items 6,033 H1-17 stated Specific items % (22) (17) +5.5% 2,974 2, (8) , , (16) (42) SRF H1-17 Asset gathering Retail banking SFS Large Customers Corporate centre H1-18 Specific items SRF +71 SRF Q2-17 Asset gathering Retail banking SFS Large Customers Corporate centre Q2-18 SRF Specific items Q2-18 stated 6,075 6,377 H1-18 stated +1.9% Q2/Q2 increase in costs excl. SRF, at constant scope and forex (2) +0.5% H1/H1 increase in costs, excl. SRF, at constant scope and forex (2) Gross operating income grew across all business lines and CC Scope effect contribution: Pioneer - 123m Q2/Q2, - 255m H1/H1, 3 Italian banks - 46m Q2/Q2 and - 97m H1/H1 Q2/Q2 at constant scope and forex (2), RB another sharp fall (0.6%), AG moderate growth making it possible to finance development (+2.1%) Underlying: see slide 39 for further details on specific items (2) constant scope and forex: combining the contributions to income of Amundi and Pioneer in Q1, Q2 and H1-17, excluding the contributions of the three Italian banks in Q1, Q2 and H1-18 and excluding forex effect, see slides 40 & 41 AG: Asset Gathering, including Insurance; RB: Retail Banking; SFS : Specialised financial services; LC: Large customers; CC: Corporate centre 23 l ROADSHOW PRESENTATION SEPTEMBER 2018

24 RESULTS Cost of credit risk: still very low CRÉDIT AGRICOLE GROUP Cost of risk / outstandings (in basis points over a rolling four-quarter period) Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q m Crédit Agricole S.A. cost of risk in Q2-18, down -36.5% Q2/Q2 397m Crédit Agricole Group cost of risk Q2-18, up by +25.0% Q2/Q bp cost of credit risk / outstandings in Q bp cost of credit risk / outstandings in Q2-18 Crédit Agricole S.A. Significant Q2/Q2 decrease: -9bp Q2/Q2 Below MTP assumption of 50bp Charge to B1+B2 provisions: 0m Crédit Agricole Group Low and stable Below MTP assumption of 35bp Regional Banks: 9bp in Q2-18 (charges of - 176m in Q2-18 vs. net reversals of + 35m in Q2-17) Charges to B1+B2 provisions: - 58m Excluding non-specific provisions for legal risk in Q2-16 at 50m, Q3-16 at 50m, Q1-17 at 40m, Q3-17 at 38m and Q2-18 at 5m 24 l ROADSHOW PRESENTATION SEPTEMBER 2018

25 RESULTS Cost of risk on a declining trend in all business lines Cost of credit risk / outstandings (in basis points over a rolling four-quarter period) CACF: 115m in Q2-9bp year-on-year Favourable evolution linked to the normalisation of nonperforming loans disposals bp year-on-year CA Italia: 62m in Q2, Down considerably 223m cost of risk in Q2-18, down - 128m Q2/Q LCL: 57m in Q2-2bp year-on-year Stable, still at a low level Financing activities : -29bp year-on-year Net reversals of + 51m in Q m cost of risk in H1-18, down - 174m H1/H1 Other entities (2) : 40m in Q2 ( 31m in T2-17) Excluding additional provision for legal risk in Q2-16 for 25m, Q3-16 for 25m, Q1-17 for 20m and Q3-17 for 38m (2) Asset Gathering, International Retail Banking excluding Italy, Leasing and Factoring, Capital Markets and Investment Banking, Asset Servicing, Corporate Centre 25 l ROADSHOW PRESENTATION SEPTEMBER 2018

26 ACTIVITY AND RESULTS Asset Gathering Assets under management (AuM) ( bn) Contribution to Crédit Agricole S.A. s Net Income 1, , % 1, , Asset Life Wealth Market & 283 Scope effect management insurance management forex effects 1,426 1,466 m Q2-18 Q2/Q2 H1-18 H1/H1 Insurance 313 (8.3%) 589 (3.4%) Asset management % % Wealth management 17 (42.3%) 39 (33.1%) Net income Group Share % % June 17 Dec. 17 June 18 * Including advised and distributed assets Asset management* Life insurance Wealth management High-level and high-quality sales momentum: inflows, AuM and cross-selling Asset management: high net inflows driven by Retail, MLT assets and international activity, in a less favourable environment in Q2 Insurance: growth in savings/retirement and expansion of all activities and client equipment rates Wealth management (2) : AuM up +10.5% June/June, driven by the acquisition of Banca Leonardo (+ 5.1bn), CIC Asia (+ 3.4bn) and organic growth (+ 6.7bn) AuM mentioned include the scope impacts related to the integration of Pioneer on 3 July 2017, the Wealth Management activities of CM-CIC Asia in Q4-17 and the acquisition of Banca Leonardo in Q2-18 (2) Scope: Indosuez Wealth Management Group and LCL Private Banking Integration of Pioneer and cost control Asset management: integration of Pioneer and strong organic growth momentum; net income at 100% +11.1% Q2/Q2 at constant scope (3) thanks to excellent cost control Insurance : high base effect in Q2-17 because of the positive impact of disposal of a subsidiary (CARE : + 30m) Wealth management: non-recurring costs related to acquisitions and organic growth and to investments to meet regulatory requirements; increase in the tax rate (3) Combined contributions to income of Amundi and Pioneer taking into account the amortisation of distribution agreements in Q1 and Q2-17 Underlying: specific items include Pioneer integration costs: - 8m (- 4m in Net income) in Q2-18 vs - 32m in Q2-17 and - 18m (- 8m in Net income) in H1-18 vs - 26m in H l ROADSHOW PRESENTATION SEPTEMBER 2018

27 ACTIVITY AND RESULTS Insurance Protection of assets and individuals Premium income ( bn) Activity indicators Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Property & Casualty +7.8% Q2/Q2 Death & disability / Creditor / Group Savings/Retirement Net new inflows ( bn) +0, (0.4) (0.2) UL: +10.1% Q2/Q2 (0.1) Q2-16Q3-16Q4-16Q1-17Q2-17Q3-17Q4-17 Q1-18 Q2-18 Unit-linked In Euros Savings/Retirement: 31.5% from UL in Q2 gross inflows AuM: 283bn, +3.1% June/June, UL share: 21.7% Property & Casualty (P&C): further strong growth Premiums +7.4% Q2/Q2, further sustained growth in France among individuals (+7.4% Q2/Q2) and agri/pro clients (+8.0% Q2/Q2) 13m policies outstanding - a steady rise of +5.4% year-on-year Equipment rate :35.5% for Regional Bank customers (+1.5pp year-onyear) and 23.1% for LCL clients (+1.2pp year-on-year) Personal insurance: acceleration of growth Premiums +8.3% Q2/Q2, strong increase in the creditor and group segments Car, home, health, legal and personal accident insurance (2) Of which disposal of CARE subsidiary in Q2-17: + 30m m Contribution to Crédit Agricole S.A. P&L (3) Ratio of (claims + operating expenses + commissions) to premium income, net of reinsurance, Pacifica scope Underlying = stated Q2-18 Q2/Q2 H1-18 H1/H1 Revenues % 1, % Operating expenses (140) (8.3%) (369) (6.2%) Income before tax % % Tax (52) x 4.4 (173) +31.2% Net income from discont'd or held-for-sale ope. (0) n.m. n.m. Net income Group Share 313 (8.3%) 589 (3.4%) Cost/Income ratio excl.srf (%) 27.3% -4.7 pp 32.4% -3.2 pp Net Income +1.8% H1/H1 excl. discontinued operations (2) Life: prudent policy toward the management of financial margin P&C insurance: combined ratio (3) under control at 96.1%, an improvement of 1.9pp H1/H1 despite adverse weather events in 2018 (storms, hail, floods) Expenses: taxes and charges down, recurring expenses stable Prudential ratio of CA Assurances at 30 June 2018 >200% Development of third-party distribution: announcement of a partnership with Creval in Italy 15-year distribution agreement for CA Vita s savings and death & disability products through the Creval network (1m customers) 100% acquisition of Creval s insurance broker for 70-80m Partnership secured through CAA's acquisition of a 5% stake in Creval 27 l ROADSHOW PRESENTATION SEPTEMBER 2018

28 ACTIVITY AND RESULTS Asset management - Amundi Assets under management ( bn) Contribution to Crédit Agricole S.A. P&L 1, , , % +7.5% at constant perimeter Institutionals* Retail Market effect 646 Net inflows Treasury Bonds Real, alternative and structured assets Multi-assets Equities m Q2-18 Q2/Q2 H1-18 H1/H1 Revenues % 1, % Operating expenses excl.srf (348) +47.3% (690) +48.4% SRF 0 n.m % Gross operating income % % Cost of risk (6) x 2.6 (10) x 3.1 Equity-accounted entities % % Tax (85) (3.3%) (172) +11.0% Net income % % Net income Group Share % % Cost/Income ratio excl.srf (%) 53.0% +3.4 pp 53.1% +1.9 pp June 17 Dec. 17 June 18 * Institutionals, sovereigns and corporates High net inflows: bn in H1, driven by Retail Retail net inflows: bn, buoyant in the Asian joint ventures (+ 23.5bn) and in the networks in Italy (+ 4.4bn) and in France (+ 3.2bn); strong inflows from sovereign and other institutional clients Q2 net inflows positive: + 2.6bn despite a less favourable environment; good level of inflows on MLT assets (+ 8.4bn) and seasonal outflows in treasury products : - 5.7bn Assets managed, advised and distributed including 100% of AuM and inflows of Asian JVs. For Wafa in Morocco, AuM are reported on a proportional consolidation basis. (2) Medium/long-term assets: equities, multi-assets, real, alternative and structured assets, bonds Strong growth related to the integration of Pioneer Revenues: -1.8% Q2/Q2 at constant scope (3) reflecting the fall in financial income (almost zero in Q2-18), but a rise of +2.8% Q2/Q2 (3) in net management revenues Expenses down: -3.1% (3), reflecting synergies from the integration of Pioneer and good cost control Improved profitability of the Asian joint ventures Net income at 100%: +11.1% (3) Q2/Q2 (3) Combined AuM, inflows and contributions to income of Amundi and Pioneer taking account of the amortisation of distribution agreements in Q1 and Q2-17 Underlying: specific items include Pioneer integration costs: - 8m (- 4m in Net income) in Q2-18 vs - 32m in Q2-17 and - 18m (- 8m in Net income) in H1-18 vs - 26m in H l ROADSHOW PRESENTATION SEPTEMBER 2018

29 ACTIVITY AND RESULTS Retail banking France LCL Customer savings +2.0% Activity indicators ( bn) Loans outstanding +4.6% m Contribution to Crédit Agricole S.A. P&L Q2-18 Q2/Q2 H1-18 H1/H1 Revenues % 1,734 (1.6%) Operating expenses excl.srf (576) (2.6%) (1,189) (2.5%) SRF (2) n.m. (28) +87.7% Gross operating income % 517 (1.9%) Cost of risk (56) +1.2% (107) +2.7% Income before tax % 412 (2.5%) Tax (73) +41.7% (132) +14.2% Net income % 279 (9.1%) Net income Group Share % 267 (8.7%) Cost/Income ratio excl.srf (%) 65.8% -3.2 pp 68.6% -0.7 pp Jun. 17 Sept. 17 Dec. 17 Mar. 18 Jun. 18 On-B/S Off-B/S Jun. 17 Sept. 17 Dec. 17 Mar. 18 Jun. 18 Home loan Consumer credit Corporates Lending: strong growth in Corporates and professional businesses, normalisation of home loans business Rapid growth in the loan book in corporate (+10.0% June/June) and professionals (+7.9%) businesses; pick-up in new consumer credit loans: +8% Q2/Q2 Home loans +2.6% June/June Increase in cross-selling Property & casualty policies: +6.7% June/June, stock of ca. 1m policies Improving equipment rate in premium cards: +5.3% Increase in revenues and P&L, fall in the C/I ratio Underlying revenues excluding renegotiation fees and early repayment fees : +4.9% Q2/Q2, +2.1% Q2/Q1 Recurring interest revenues back to more normal levels; fees up (+3.0% Q2/Q2), driven by electronic payments and non-life insurance Decrease in expenses (-2.6%) and 3.2pp improvement in the C/I ratio Renegotiation fees and early repayment fees: 4m vs. 27m in Q2-17 (2) Underlying: no special items in Q2-18 and H1-18; + 55m in Q2-17 and H1-17 (home purchase savings plans) 29 l ROADSHOW PRESENTATION SEPTEMBER 2018

30 ACTIVITY AND RESULTS International retail banking Italy Activity indicators ( bn) Contribution to Crédit Agricole S.A. P&L Customer savings +19.8% June 17 Sept. 17 Dec. 17 Mar. 18 June 18 On-balance sheet Off-balance sheet* * Excluding assets under custody Loans outstanding +13.6% June Juin 17 Sept. 17 Déc. Dec. 17 Mars Mar. 18 June Juin 18 m Q2-18 Q2/Q2 H1-18 H1/H1 Revenues % % Operating expenses excl.srf (298) +18.7% (586) +22.0% SRF (5) x 17.6 (22) x 2.1 Gross operating income 174 (6.1%) 339 (1.8%) Cost of risk (62) (25.5%) (141) (11.5%) Income before tax % % Tax (34) +3.2% (66) +6.1% Net income % % Non controlling interests (22) +17.1% (37) +10.5% Net income Group Share % % Cost/Income ratio excl.srf (%) 62.5% +5.0 pp 61.9% +4.4 pp Solid growth in home loans and off-balance sheet savings Loans: +5.1% June/June across the historical scope, of which +8.9% for home loans; (vs.+2.7% for the market over the same period) Buoyant off-b/s inflows: +6.6% June/June Customer acquisition: +10K in Q2 total of 2.1m at end-june Strong sales growth in the 3 acquired banks Home loan origination +61% Q2/Q1 Merger of legal entities with Cariparma San Miniato on 23 June, Cesena on 22 July and Rimini scheduled for September Net income growth and integration of the 3 acquired banks Solid economic performance: net income stable at constant scope Sharp reduction in the cost of risk despite the scope effect C/I ratio: strong improvement for the three banks, from 118% in Q4-17 to 80% in Q2-18 Improvement of the quality of the portfolio: reduction of the impaired loan ratio (10.3% vs 11.5% at end-march 2018) mainly due to the disposal of non-performing loans ( 445m) Crédit Agricole S.A. Group in Italy (*) : Net income 286m in H1-18 * IRB, Large customers, Insurance, Specialised financial services (including FCA Bank at 25%) 30 l ROADSHOW PRESENTATION SEPTEMBER 2018

31 ACTIVITY AND RESULTS International retail banking excl. Italy Customer savings +6.7% Activity indicators ( bn) Loans outstanding +4.0% m Contribution to Crédit Agricole S.A. P&L Q2-18 Q2/Q2 H1-18 H1/H1 Revenues % % Operating expenses (127) +5.2% (262) +3.7% Gross operating income % % Cost of risk (23) (3.4%) (38) (28.2%) Income before tax % % Tax (15) +4.7% (30) +2.3% Net income % % Net income Group Share % % Cost/Income ratio excl.srf (%) 60.1% +0.4 pp 62.6% +0.8 pp June 17 Sept. 17 Dec. 17 Mar. 18 June 18 On-balance sheet Off-balance sheet* Buoyant sales activity June 17 Sept. 17 Dec. 17 Mar. 18 June 18 * Excluding assets under custody On-balance sheet customer savings : +5% Q2/Q2, driven by strong increases in Ukraine (11%), Poland (+8%), Serbia (+5%) and Morocco (+3%) Loans : +4%Q2/Q2, growth in Egypt (+11%, including loans in local currency +16%), in Serbia (11%), Ukraine (+10%) and Morocco (+2%) Surplus of deposits over loans: + 1.4bn at 30/06/2018 Strong Q2/Q2 rise in profit +15% and revenues (+7%) Egypt (net income +7% Q2/Q2): revenues up +4% Q2/Q2 thanks to local currency loans, expenses contained below the rate of inflation and zero cost of risk Poland (stable net income Q2/Q2): revenues up +5% and the cost of risk continues to fall (-3% Q2/Q2). Ukraine (net income +31% Q2/Q2): continued strong results, thanks to rising revenues (+23% Q2/Q2) and a zero cost of risk Crédit du Maroc (net income +8%Q2/Q2): revenues +4% and sharp decline in the cost of risk (-27% Q2/Q2). Change excluding forex effect 31 l ROADSHOW PRESENTATION SEPTEMBER 2018

32 ACTIVITY AND RESULTS Specialised financial services CACF Consumer finance Gross managed loans ( bn) +5.6% ** 83.2 ** Jun. 17 Sept. 17 Dec. 17 Mar. 18 Jun. 18 * Consolidated loan book Car finance partnerships Crédit Agricole Group Other (*) The geographical breakdown was 38% in France, 31% in Italy and 31% in other countries. (**) Disposals of non-performing loans: 260m in Q4-17, 60m in Q1-18 CACF: very good level of activity Gross consolidated loans ( bn) CAL&F Leasing Jun. 17 Sept. 17 Dec. 17 Mar. 18 Jun. 18 Leasing France +3.6% Leasing international Strong activity: Group entities +10.6% and Auto JV +11.6% New partnerships: Aston Martin (FCA Bank), Bankia(Spanish JV), Ikea (Agos) GAC-Sofinco (China) > 1m clients CAL&F: strong improvement in loans outstanding and factored turnover Leasing: growing loan book in France (+2.8% June/June) and internationally (+7.3%) Factoring: Sharp improvement in factored turnover (+7.4% Q2/Q2) Cash in time : 9k clients; factored turnover 194m; 5.7m in revenues generated in 6 months m Contribution to Crédit Agricole S.A. P&L Q2-18 Q2/Q2 H1-18 Strong Q2/Q2 P&L growth for both business lines CACF: stabilisation of revenues (+0.4% Q2/Q2) through the preservation of margins and a sharp drop in expenses (-8% Q2/Q2) due to operational gains; cost/income ratio improved by 4.0pp Q2/Q2 ; increase in the cost of risk, but decline in the CoR / outstandings at 114bp (-9bp Q2 / Q2) CAL&F: positive jaw effects prompting an improvement in the cost/income ratio of 1.5pp Q2/Q2 H1/H1 Revenues % 1, % o/w CACF % 1,102 (0.5%) o/w CAL&F % % Operating expenses excl.srf (310) (6.5%) (668) (2.3%) SRF +4.6% (17) +19.9% Gross operating income % % Cost of risk (127) +8.3% (227) +7.9% Equity-accounted entities % % Income before tax % % Tax (76) +8.1% (141) (2.6%) Net income from discont'd or held-for-sale ope. - n.m. - n.m. Net income % % Net income Group Share % % o/w CACF % 314 (2.7%) o/w CAL&F % % Cost/Income ratio excl.srf (%) 44.7% -3.5 pp 48.3% -1.4 pp Calculated over a rolling four-quarter period, cf. slide l ROADSHOW PRESENTATION SEPTEMBER 2018

33 ACTIVITY AND RESULTS Large Customers Underlying revenues of Large Customers ( m) Contribution to Crédit Agricole S.A. P&L +7.6% m Q2-18 Q2/Q2 H1-18 H1/H1 Fin Mkts Asset servicing Commercial banking and other Structured finance Investment banking Capital markets 1,493 1,505 1, ,250 1,313 1, Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Revenues 1, % 2,827 (2.3%) Operating expenses excl.srf (801) +9.8% (1,583) +2.7% SRF (2) (70.1%) (170) +21.8% Gross operating income % 1,074 (11.3%) Cost of risk 45 n.m. (19) (89.8%) Cost of legal risk - n.m. - (100.0%) Equity-accounted entities (0) n.m. 1 (99.4%) Net income on other assets 13 n.m. 13 n.m. Income before tax % 1,069 (3.9%) Net income Group Share % 758 (5.2%) o/w Corporate & Investment Banking % 677 (8.4%) o/w Asset servicing % % Cost/Income ratio excl. SRF (%) 53.2% +1.1 pp 56.0% +2.7 pp Underlying revenues: +11% excl. forex effect Capital Markets (FICC) and Investment Banking +7.1% Q2/Q2 : improvement in Capital Markets activities driven by Securitisation, Forex and Rates; dynamic business momentum in Investment Banking Financing +17.3% Q2/Q2: increase in Structured Finance and Commercial Banking revenues, with upbeat performance in every product line and a concentration of major deals during the quarter Asset Servicing +4.1% Q2/Q2: solid growth in fees and commissions (+8%) and treasury activities (+13.5%) Excluding forex effect Sharp Q2/Q2 rise in profit, annualised RoNE 12.8% CIB: Net income +27.7%, highest level since Q2-2009, positive jaw effect at constant forex: Revenues +12.2% and Expenses excl. SRF +11.6%, cost/income ratio <50%, net reversal in Cost of risk (Buckets 1 and 2) Note: Net income H1/H1; +17,6% at constant forex and excl. BSF Asset servicing: Net income +43%, solid business activity, disposal of CACEIS North America (+ 13m) and increase in the stake from 85% to 100% on 26/12/17 RWA in CIB: 108.7bn (+7% June/March, +1% June/June) Forex effect: + 2bn June/March, +5% excluding forex effect Organic growth in relation with businesses strong activity Profitable new business: annualised Rev/RWA ratio: +50bp Q2/Q1 and +60bp Q2/Q2 Underlying: specific items include + 12m in loan portfolio hedges and + 7m in DVA booked under Net income 33 l ROADSHOW PRESENTATION SEPTEMBER 2018

34 ACTIVITY AND RESULTS Corporate Centre Change in Net income ( m) Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 (300) (324) (238) (255) (163) Underlying Net income : - 95m, an improvement of + 68m Q2/Q2 Underlying revenues: improvement of + 110m mainly attributable to non- Group dividends and a sustained level in private equity activity Underlying costs excl. SRF improved by + 17m due to continued costcutting efforts at the parent company, Crédit Agricole S.A. (189) (287) Specific items in Q2-18: - 5m in Net income (213) (95) Contribution to Crédit Agricole S.A. P&L m Q2-18 Q2-17 Q2/Q2 (m ) S1-18 S1-17 S1/S1 (m ) Revenues (6) (54) +47 (119) (220) 101 Operating expenses excl. SRF (184) (201) +17 (375) (417) 42 SRF (3) +2 (62) (61) Gross operating income (192) (258) +66 (556) (698) 142 Cost of risk 5 12 (8) 3 4 Equity-accounted entities (0) 107 (107) (162) Net income on other assets (0) (0) () 16 (0) 17 Change in value of goodw ill Pre-tax income (193) (139) (54) (438) (515) 77 Tax (34) (24) Net income Group share stated (99) (2) (98) (247) (260) 13 Issuer spreads - (51) (55) 55 Home Purchase Savings Plans - 79 (79) - 80 (80) Liability management upfront payment - 26 (26) - 26 (26) Eurazeo sale (107) (107) BCE fine (5) - (5) (5) - (5) Change in value of goodw ill Net income Group share (95) (163) +68 (308) (418) 110 ECB fine for late notification of capital increases by Crédit Agricole S.A. and 2 of its subsidiaries See slide 39 for further details on specific items 34 l ROADSHOW PRESENTATION SEPTEMBER 2018

35 STRATEGY AND MTP UPDATE Q2-18 RESULTS SOLVENCY AND CAPITAL PLANNING CONCLUSION APPENDIX p. 3 p. 17 p. 35 p. 39 p l ROADSHOW PRESENTATION SEPTEMBER 2018

36 FINANCIAL SOLIDITY Change in RWA in Q2 reflecting business lines growth Change in risk-weighted assets by business lines ( bn) Increase in RWA: + 8bn June/March on the CET1 ratio Organic growth of the business lines: + 5.9bn Forex effect: + 1.6bn Integration of Banca Leonardo: + 0.6bn Others: - 0.1bn Profitable growth: rise in annualised Revenues/RWA ratio Crédit Agricole S.A. Group: +20bp Q2/Q1, +60bp Q2/Q2 CIB: +50bp Q2/Q1, +60bp Q2/Q2 Dec 15 Dec 16 Dec 17 March 18 LCL RB AG CC Others June 18 PF Eureka 36 l ROADSHOW PRESENTATION SEPTEMBER 2018

37 FINANCIAL SOLIDITY Fully-loaded CET1 ratio at 11.4% pro forma at end-june 2018, above target of 11% Change in fully-loaded CET 1 ratio (bp) +1.7pp 10.7% +0.8pp +0.0pp +0.7pp -0.5pp Eurazeo +13bp Pioneer -60bp 3 Italian banks -8bp BSF+17bp Caceis -9bp -0.0pp 11.7% +0.7pp -0.4pp -0.3pp -0.0pp -0.3pp 11.4% +0.0pp -1.0pp -0.5pp -0.3pp Net income and dividend impact: company-collected consensus Buffer: 0.4pp 11% 21.2% CA Group TLAC ratio, excl. eligible senior preferred 31/06/18 Dec.15 Retained earnings (excl. Eureka) AFS reserves Eureka Acquisitions & sales Other Dec. 17 Stated result (excl. GW/BW) Distribution Regulatory (divid., impacts AT1) OCI reserves RWA & others June 2018 Capital increase reserved for employees Net income Distribution (excl. AT1 coupons) Fully-loaded CET1 ratio at end-june 2018: 11.4% Retained earnings and dividend: +0.8pp based on consensus data Downward trend in OCI reserves estimated at -0.5pp due to rising rate assumption and time decay over the period to end-2019 Regulatory impacts: -0.3pp, notably for TRIM exercise Flexibility allowing organic growth of RWAs if GDP growth accelerates (under strict control and in line with MTP guidelines) OCI reserves Regulatory impacts Buffer: organic growth & flexibility 31 Dec target In line with MTP target of CET1 11% (CASA) and TLAC 22% (CA Group) 37 l ROADSHOW PRESENTATION SEPTEMBER 2018

38 FINANCIAL SOLIDITY Attractive dividend policy Reminder: dividend i.e. a yield of 4.5% based on 13 February 2018 share price From 2017 onwards Dividend payout of 50% of attributable net income (2) Cash only Intention not to lower dividend compared to 2016 level ( 0.60 floor) H1-18 dividend accrual: 0.35 Strong capital base and earnings visibility Strong capital base: fully-loaded CET1 ratio of 11.4% at end-june 2018, well above the 8.5% dividend restriction trigger applicable as of 1 January 2019 (3) (CET1 target ratio of 11% in the MTP) Excellent visibility on future earnings capacity thanks to a diversified combination of business activities with lower volatility than the sector average Enhanced cash earnings thanks to disposal of non-core equity-accounted stakes Excluding the loyalty bonus of 10% subject to nominative share registration for at least two calendar years (2) Net income group share minus coupons on Additional Tier 1 instruments (3) According to pro forma P2R from 2019 as notified by the ECB 38 l ROADSHOW PRESENTATION SEPTEMBER 2018

39 STRATEGY AND MTP UPDATE Q2-18 RESULTS SOLVENCY AND CAPITAL PLANNING CONCLUSION APPENDIX p. 3 p. 17 p. 35 p. 39 p l ROADSHOW PRESENTATION SEPTEMBER 2018

40 CONCLUSION Highest quarterly profits since IPO CRÉDIT AGRICOLE GROUP Highest quarterly profit since IPO for CASA and for CAG Contribution from all of CASA s business lines and Corporate Centre, in particular high level of profit in Corporate & Investment Banking Very strong and high quality activity across all business lines Positive jaws effect Q2/Q2, significant improvement in C/I ratio Sharp decrease in the cost of risk, fall in the NPL ratio, coverage up Stable in Q2 in a high business momentum, remaining well above the MTP target (CASA), up for CAG Underlying, see details of specific elements on slide p.39 (Crédit Agricole S.A.) and 42 (Crédit Agricole Group) 40 l ROADSHOW PRESENTATION SEPTEMBER 2018

41 STRATEGY AND MTP UPDATE Q2-18 RESULTS SOLVENCY AND CAPITAL PLANNING CONCLUSION APPENDIX p. 3 p. 17 p. 35 p. 39 p l ROADSHOW PRESENTATION SEPTEMBER 2018

42 APPENDIX Group structure ASSET GATHERING RETAIL BANKING SPECIALISED FINANCIAL SERVICES LARGE CUSTOMERS Via SAS Rue la Boétie. The Regional bank in Corsica, held at 99,9% by Crédit Agricole S.A, is a shareholder of Sacam Mutualisation. (2) see detail p.10 du of 2017 Registration document. As at 31/12/ l ROADSHOW PRESENTATION SEPTEMBER 2018