Roadshow Presentation

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1 Roadshow Presentation November l ROADSHOW PRESENTATION NOVEMBER 2017

2 DISCLAIMER Financial information on Crédit Agricole S.A. and Crédit Agricole Group for the third quarter and first nine months period 2017 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 nine-month period ending 30 September 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: 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 2016 Registration Document of Crédit Agricole S.A. on 21 March 2017 under the registration number D and the A.01 update of this 2016 Registration document including all regulatory information about Crédit Agricole Group. The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding. As opposed to the publications of previous quarters, the profit and loss tables included in this document show minority interests («non-controlling interests» in the financial statements) signed negatively, so that the line «net income Group share» is the result of the algebric summing of lines «net income» and «minority interests». 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). As of January , the company Calit (Crédit Agricole Leasing & Factoring) was transferred from the business line Specialised financial services to the business line International retail banking (in Italy). No pro forma has been made on historical data. Since July , Pioneer is 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 first and second quarter have been restated in specific elements, contrarily to the treatment applied in both publications made previously. Group underlying net income Group share has been adjusted. 2 l ROADSHOW PRESENTATION NOVEMBER 2017

3 INTRODUCTION Major achievements in 2016 and 2017 New Medium Term Plan announced in March 2016: Strategic Ambition 2020 Focus on Group structure simplification, customer project, growth momentum via cross selling and enhanced operating efficiency Completion of the Group structure simplification Profitable and sustainable business model Progressive reduction of Corporate centre losses Strong business momentum and improvement of profitability metrics, in particular operating efficiency Profit trajectory fully in line with targets of the MTP Strengthening of the financial position CET1 11.9% at end-sept. 17 proforma of Italian banks and Banca Leonardo, materially above the MTP target of 11% and P2R requirement of 8.5% Clarification of the dividend policy, transforming Crédit Agricole S.A. into an income stock 50% payout, in cash only, with a minimum of 0.60 per share: 0.52 already set aside at 30 September 2017 Enhanced cash component in the profit generation capacity also thanks to the disposal of non-core equity-accounted assets Targeted M&A transactions in line with the MTP Disposals: Eurazeo, half of the stake in BSF, CARE, Banque Themis Acquisitions: Pioneer Investments, HSBC Monaco, CIC s Asian wealth management business, 3 Italian savings banks, Banca Leonardo 3 l ROADSHOW PRESENTATION NOVEMBER 2017

4 MAJOR ACHIEVEMENTS IN THE PAST 18 MONTHS Value-creating acquisitions 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) (of which -71bp in Q3-17) 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 (closing expected Q4-17) 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 (announced 7 November 2017) Acquisition of a minimum of 67.67% stake in Banca Leonardo in Italy for a CET1 impact <-5bp (closing expected in H1-18) 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 4 l ROADSHOW PRESENTATION NOVEMBER 2017

5 MAJOR ACHIEVEMENTS IN THE PAST 18 MONTHS 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 + 107m on Q2-17 NIGS Disposal of part of the stake in Bank Saudi Fransi (BSF) (Q3 2017) 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 Q3-17: positive impact of +17bp on CET1 ratio, positive impact on NIGS of + 114m, (2) Disposal of smaller, non-core subsidiaries (H1 2017) 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 See slide 23 for details of specific items (2) Excluding transaction costs and contribution from BSF until its deconsolidation date : 46m 5 l ROADSHOW PRESENTATION NOVEMBER 2017

6 ZOOM ON PIONEER TRANSACTION Integration of Pioneer Investments on 3 July 2017 CRÉDIT AGRICOLE GROUP Amundi-Pioneer : AuM of 1,400bn, 9 th asset manager worldwide, No.1 in Europe Leadership strengthened in Europe (2) 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 in Q3 after integration France No.1 Germany 1 st foreign player Italy Top 3 Austria Top 3 Institutional 64% 5% 3% Retail 36% 12% 4% Retail : from 29% for Amundi alone (30/06/17) to 36% pour Amundi + Pioneer (30/09/17) 28% Real, alternative & structured assets 67bn Bonds 644bn 31% 46% 5% 16% 16% 17% Equities 222bn Multi-asset 247bn Treasury 219bn Equities + multi-asset: from 27% for Amundi alone (30/06/17) to 33% pour Amundi + Pioneer (30/09/17) Net inflows > 30bn Driven by Retail (42% of total) and MLT assets (47% of total) Net income at 100% > 200m Up +12% YoY in T3-17 at unchanged scope (3) Revenues +4.6%, costs +1.4% YoY in T3-17 at unchanged scope (3) Cost/income ratio 55.8% (-1.8 pp Q3/Q3) Sources: Amundi, Pioneer, IPE, Top 400, June 2017 (2) Sources: Amundi, Pioneer, end-september 2017 data (3) Combining underlying net profit contribution of both Amundi and Pioneer and distribution agreement amortisation in 2016 and l ROADSHOW PRESENTATION NOVEMBER 2017

7 CRÉDIT AGRICOLE GROUP ZOOM ON ACQUISITION IN ITALY Acquisition of three regional banks in Italy enabling a 20% growth of the franchise Market shares in Italy post transaction 0% Market shares: 0-2% Market share in Emilia-Romagna > 10% 5-10% Market share in Tuscany > 6% +1pp market share at national level (from 2.8% to 3.7%) +430k customers +~220 branches (post rationalisation) A transaction based on 3 strategic pillars (closing expected in Q4-17) Increased size of the Group in Italy to reach >2m customers Increased market share at national level, in particular in two Group s core territories in Italy (Emilia-Romagna and Tuscany) Value creation in the medium-long term thanks to synergies which will be achieved with other Group entities, high level of confidence in capacity to achieve these synergies rapidly Financial criteria in line with the Medium Term Plan targets Improvement of the impaired loans ratio proforma: disposal prior to the acquisition of 3bn of non-performing loans (mainly sofferenze) in accordance with the conditions set by Crédit Agricole S.A. ROI significantly above 10% over 3 years Fully self-funded transaction Impact on CET 1 ratio below 10bp for Crédit Agricole S.A. and Crédit Agricole Group 2-5% 10-20% 7 l ROADSHOW PRESENTATION NOVEMBER 2017

8 STRONG PROFIT MOMENTUM Zoom on Crédit Agricole S.A. in Italy Aggregation of underlying results of Crédit Agricole S.A. entities in Italy (2) 12% of underlying NIGS of the business lines (excl. Corporate centre) m Q3-17 underlying Q3/Q3 underlying 9M-17 sous-jacent 9M/9M sous-jacent Revenues % 2, % Operating expenses excl. SRF (415) +20.6% (1,156) +8.6% SRF - - (10) +0.0% Gross operating income % 1, % Cost of risk (128) (14.7%) (371) (21.6%) Net income % % Net Income Group Share % % Cost/income ratio excl. SRF (%) 49.0% +2.8 pts 48.3% +1.0 pts Italy: the Group's second domestic market Customer-focused universal banking model: presence in retail banking and in all of Crédit Agricole S.A. specialised business lines Large customer base: 4.0m customers, including 2.1m in retail banking (including the three banks in the process of being acquired) Buoyant business: 133.8bn of deposits and assets under management and custody (+3.6%); 58.6bn of loans Acceleration of the development plan of the customer-focused universal banking model based on customer relations Ambitious investment plan for retail banking in Italy: more than 600m in line with the MTP (Specialised financial advisers network, digital etc.) Acquisition of Pioneer Investments (first integration in Q3) Acquisition of three savings banks: CR Cesena, CR Rimini, CR San Miniato, increasing the retail banking customer base by approx. 20% (acquisitions expected to close in Q4-17) Acquisition of a minimum of 67.67% stake in Banca Leonardo: 5.9bn of assets under management (closing in H1 2018) See detail of specific items on slide 23 (2) Aggregation of the Group s entities in Italy, namely IRB Italy, CACIB, CA Vita, Amundi, Agos, Calit, Pioneer Investments Sgr, FCA Bank (assuming that only half of the earnings is recorded in Italy) 8 l ROADSHOW PRESENTATION NOVEMBER 2017

9 RESULTS A stable, diversified and profitable business model 9M/9M earnings growth in all business lines Good level of diversification in terms of business lines' contribution to Group NIGS, with no business line accounting for more than 30% of NIGS (excl. Corporate Centre), which will provide stability in the future Predominance of business lines related to Retail, notably Asset Gathering including Insurance (26% of revenues, 37% of NIGS) Close to 95% of NIGS in controlled cash, as opposed to only two thirds in M-17 annualised ROTE: 11.5% Underlying NIGS excluding the contribution of equity-accounted entities, net of dividends received by them MTP targets for Asset gathering (35% of NIGS) and Large customers (30% of NIGS) already reached 9 l ROADSHOW PRESENTATION NOVEMBER 2017

10 STRONG PROFIT MOMENTUM Sustained activity in all businesses CRÉDIT AGRICOLE GROUP Regional Banks Home loans +8.0% Consumer finance loans +8.2% Demand deposits +17.3% Growth in outstandings September/September RETAIL BANKS LCL Home loans +9.6% Loans to corporates +11.3% Demand deposits +16.0% Italy Home loans +9.9% Loans to large corporates +2.8% Off-b/s customer assets +9.4% ASSET GATHERING Insurance: No.1 in France Savings/Retirement: unit-linked share of gross inflows at 30.1%, +8.1pp Q3/Q3; UL share of AuM at 21% (+1.9pp Sept/Sept) P&C: over 158K new contracts (net) in Q3, stock of contracts 12.8m +5.8% Sept/Sept No.4 in home insurance: up one notch in the 2017 ranking Asset management (Amundi): Assets under management: 1,400bn, +32.8% Sept/Sept Sustained net inflows: + 31bn in Q3, driven by Retail, + 60bn in 9M Wealth management: Assets under management: 158bn, +3.4% Sept/Sept SPECIALISED FINANCIAL SERVICES LARGE CUSTOMERS Capital markets and investment banking - market shares World No.4* in bonds issued by financial institutions in euro in 9M-17 No.4** in M&A advisory in France in 9M-17 with 30 deals in 9M-17 Financing activities No.2 in project finance in EMEA: market share 5.4%***, +2.7pp 9M/9M No.4 in syndicated credit in EMEA: market share 5.8%*, +1.7pp 9M/9M Distribute to originate: 38% average redistribution of primary deals in past 12 months, +5pp compared to 12 months ending 30/09/16 and +11pp vs Green financing World No.1 in Green bonds issues, with 45 deals in 9M-17**** Asset servicing (CACEIS) Assets under custody: +7.3% Sept/Sept; assets under administration: +12.3% Sept/Sept Consumer finance: managed loans +7.1% Sept/Sept Leasing: loans +3.6% (2) Sept/Sept Factoring: factored turnover +7.4% Q3/Q3 Source Argus de l assurance n October 2017 (2) Restated for the contribution of Calit * Bookrunner (source: Thomson Financial at 30/09/17) ** Market share (source: Thomson Financial at 30/09/17) *** Mandated lead manager (source: Thomson Financial at 30/09/17) **** Bookrunner all currencies combined (source: CACIB at 30/09/17) 10 l ROADSHOW PRESENTATION NOVEMBER 2017

11 STRONG PROFIT MOMENTUM Sustained increase in revenues Change 9M/9M in underlying revenues, by division +7.9% +8% Increase in underlying revenues 9M/9M 12,275 (667) 12, ,962 13, M-16 stated Specific items 9M-16 Asset Retail SFS Large Corporate 9M-17 Specific underlying gathering banking Customers centre underlying items 9M-17 stated Positive trends in all business lines All business lines and the Corporate centre up sharply compared with the same period of last year MTP target: CAGR %, of which +1pp from cross-selling See slide 23 for details of specific items Asset gathering: including Insurance; SFS: Specialised financial services 11 l ROADSHOW PRESENTATION NOVEMBER 2017

12 STRONG PROFIT MOMENTUM Costs well under control Change in underlying costs 9M/9M by division +1% increase in underlying costs excl. SRF and at constant scope (4) 9M/9M 8,713 8, , (59) (3) 9M-16 stated +2.4% Specific SRF 9M-16 Asset Retail SFS Large Corporate 9M-17 SRF Specific items underlying gathering banking Customers centre underlying items Excl. SRF Excl. SRF 8,935 9M-17 stated Positive jaws (3) in most business lines Cost/income ratio (2) : -3.3pp to 61.8% 9M/9M Continued investment in business and digital development in various business lines Quasi flat costs thanks to 900m savings announced in the MTP See Slide 21 for details of specific items (2) Underlying, excluding SRF, but including IFRIC 21 in other expenses (3) Difference in growth rate between underlying revenues and underlying operating costs excluding SRF (4) Combined contributions of underlying income of both Amundi and Pioneer restated for amortisation of distribution agreements in 2017 and 2016 Asset gathering: including Insurance ; SFS: Specialised financial services 12 l ROADSHOW PRESENTATION NOVEMBER 2017

13 STRONG PROFIT MOMENTUM Declining and sustainable cost of risk CRÉDIT AGRICOLE GROUP Crédit Agricole S.A. : 31bp - Further fall compared with Q3-16, as in Q2-17 Cost of credit risk on outstandings (in basis points over a rolling four-quarter period) Crédit Agricole Group : 18bp - Low level, further fall compared with Q3-16, as in Q Sharp decrease for Regional Banks Q3/Q3: -14bp to 5bp in Q Target 2019: 35bp Target 2019: 50bp Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q Cost of risk significantly lower than MTP assumptions 19 CACF -18bp Q3/Q3 Italian retail banking -12bp Q3/Q3 CIB Financing activities (2) -13bp Q3/Q3 LCL -1bp Q3/Q3 Excluding impact of triggering Switch guarantees (for Crédit Agricole S.A. only) and additional OFAC provision in Q3-15, Switch clawback and provision for OFAC remediation costs in Q3-15, provision for OFAC remediation costs and additional legal provision in Q4-15 and provisions for legal risk in Q2-16, Q3-16, Q1-17 and Q3-17 (2) Excluding additional provision for legal risk in Q2-16 for 25m, Q3-16 for 50m, Q1-17 for 40m and Q3-17 for 37.5m l ROADSHOW PRESENTATION NOVEMBER 2017

14 STRONG PROFIT MOMENTUM Strong increase in underlying NIGS Change 9M/9M in underlying NIGS, by division +37% increase in underlying NIGS 9M/9M 3,249 +1,018 2, % , ,262 9M-16 stated Specific items 9M-16 underlying Asset gathering Retail banking SFS Large Customers Corporate centre 9M-17 underlying Specific items 9M-17 stated All business lines contributed to growth Strong growth in underlying NIGS Balanced contribution to growth by all business lines CAGR of NIGS in line with MTP 2019 target of > 4.2bn See slide 23 for further details on specific items, which had a positive impact of + 214m in 9M-17 (+ 1,018m in 9M-16) Asset gathering: including Insurance ; SFS: Specialised financial services 14 l ROADSHOW PRESENTATION NOVEMBER 2017

15 STRONG PROFIT MOMENTUM Business lines highlights NIGS: +8.4% 9M/9M Asset gathering Revenues CAGR: +3% Asset management: first-time contribution from Pioneer (AuM of + 243bn), strong business momentum (inflows + 60bn incl. Pioneer in 9M-17) particularly in Retail and MLT assets Insurance: further business growth in protection and unit-linked products; strong and recurring results Wealth management: disciplined expansion through referral agreement with HSBC and planned acquisitions of CIC s operations in Asia and Banca Leonardo in Italy NIGS: +14.1% 9M/9M Retail Banking 2019 RoNE > 16% LCL (+22.8%): strong performances (loans outstanding +9.7% Sept/Sept), return to normal level of renegotiations and early repayments and further growth in customer equipment; good level of results with revenues up +1.9% and operating costs excl. SFR down -3.3% 9M/9M Italy (+1.6%): strong activity (loans +7.1%), good performance of fees and commissions, continued fall in the cost of risk (excl. Calit) Other IRB (+35% at constant exchange rates): solid commercial performance in lending (+6%) and customer savings (+8%), cost of risk down -22.1% Specialised financial services 2019 cost/income <46% Large customers 2019 RoNE > 11% NIGS: +31.8% 9M/9M NIGS: +6.8% 9M/9M Strong levels of activity both at CACF and CAL&F Revenues: +4.4% 9M/9M driven by buoyant business Sharp decrease in cost of risk: -22.1% 9M/9M Cost/income ratio (excl. SRF): 49.8% in 9M-17 Very strong performance of partnerships Strong performance during first half year 2017 Growth in underlying revenues: +3.5% 9M/9M Stability of operating expenses (+1.4% 9M/9M) Cost of credit risk down sharply and reversal of collective provisions in Q3 (-53.0% 9M/9M) Risk-weighted assets down -12.9% Sept/Sept Underlying net income Group share - see slide 23 for details of specific items MTP target 15 l ROADSHOW PRESENTATION NOVEMBER 2017

16 STRONG PROFIT MOMENTUM A stable, diversified and profitable business model Underlying RoNE (2) (annualised) 9M-17 by business line and 2019 targets in % (2) >25% After tax and AT1 coupons allocated to business lines (2) Target 2019 Underlying FY-2016 Underlying 9M-17 annualised 22.2% 21.8% >16% >16% >13% 15.0% 11.9% 12.6% 11.7% 10.8% 11.7% >11% >10% 11.8% 9.7% 11.5% 8.6% 11.5% underlying RoTE, annualised 9M-17 Asset gathering LCL Cariparma SFS Large customers RoTE underlying Crédit Agricole S.A. RoTE above MTP target, showing a material improvement compared to FY-2016 RoNE (2) in the different business lines on track with MTP targets In line with MTP target of RoTE >10% After tax and AT1 coupons (charged directly to equity), calculation method detailed on Appendix (2) Including AT1 coupons (charged directly to equity) allocated to business lines, i.e. a negative impact of -0.6pp for Asset gathering (insurance only), -2.3 for LCL, -0.7 for Cariparma, -1.8 for Specialised financial services and -1.5pp for Large customers 16 l ROADSHOW PRESENTATION NOVEMBER 2017

17 FINANCIAL SOLIDITY Fully-loaded CET1 ratio close to 12% pro forma, well above target of 11% Change in fully-loaded CET 1 ratio (bp) Change in RWAs ( bn) 10.7% +82bp +2bp +72bp -41bp +18bp 12.0% 11.9% -5bp -10bp Eurazeo +13bp Pioneer -71bp BSF+17bp Dec.15 Retained earnings (excl. Eureka) AFS reserves Eureka Acquisitions & sales Other Sept 17 Bca Leonardo Italian banks Sept 17 pro forma 31/12/15 Eureka 31/12/15 proforma Eureka Fully-loaded CET1 ratio : ~+130bp between end-2015 and September 2017: Generation of organic income: +82bp Eureka (simplification of the Group s structure): +72bp in Q3-16 Other: employee capital increase (+8bp) in Q4-16 and Amundi capital increase (+11bp) in Q2-17 Sale of Eurazeo (+13bp) in Q2-17, partial sale of BSF (+17bp), acquisition of Pioneer (-71bp) Strict control of RWAs: 293m at end-sept vs. 296m at end-2015 (pro forma Eureka) Two upcoming transactions: Acquisition of 3 Italian savings banks (est. Q4-17): c. -10bp Acquisition of 67.7% in Banca Leonardo (est. H1-18): c. -5bp 31/03/16 proforma Eureka 30/06/16 proforma Eureka 30/09/16 31/12/16 31/03/17 30/06/17 30/09/ % CA Group TLAC ratio, excl. eligible senior preferred 30/09/17 In line with MTP target of CET1 11% (CASA) and TLAC 22% (CA Group) 17 l ROADSHOW PRESENTATION NOVEMBER 2017

18 FINANCIAL SOLIDITY Capital planning Net income and dividend impacts: company-collected consensus, adjusted for the deconsolidation of BSF 11.9% Sept. 17 (pro forma Bca Leonardo & Italian banks) +2.6pp Net income after AT1 coupons payment -1.4pp Fully-loaded CET1 ratio at end-september 2017: 12.0% -0.7pp -0.7pp Distribution AFS reserves Regulatory impacts -0.7pp 11% Buffer for 31 Dec organic growth target and flexibility Retained earnings and dividend: +2.7pp based on consensus data, adjusted for BSF deconsolidation Downward trend in AFS reserves still estimated at -0.7pp due to rising rate assumption and time decay over the period to end-2019 Regulatory impacts: -0.7pp, including -0.3pp due to IFRS 9 Trajectory of CET1 fully-loaded ratio until end of MTP Flexibility allowing organic growth of RWAs if GDP growth accelerates (under strict control and in line with MTP guidelines) MTP target of CET1 11% Same as the impact estimated in the MT Plan because interest rates have decreased since then, offsetting the time decay over the period end-2015 to end-sept 2017 MTP targets: 11% CASA fully-loaded CET1 ratio 12.0% at end-sept.17 22% CA Group TLAC ratio, excl. eligible senior preferred 20.6% at end-sept l ROADSHOW PRESENTATION NOVEMBER 2017

19 FINANCIAL SOLIDITY Attractive dividend policy Reminder: dividend i.e. a yield of 5.1% based on 31 December 2016 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) Strong capital base and earnings visibility Strong capital base: fully-loaded CET1 ratio of 12.0% at end-september 2017, well above the 8.5% dividend restriction trigger applicable as of 1 January 2019 (3) (CET1 target ratio of 11% in the MTP) Fully-loaded CET1 ratio at end-september 2017 computed with 0.52 dividend accrual (i.e. 50% of 9M-17 attributable net income) 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 19 l ROADSHOW PRESENTATION NOVEMBER 2017

20 CONCLUSION Key messages Cross-selling strategy accelerated Profitable and sustainable business model, with growth in Crédit Agricole S.A. s specialised entities underpinned by the Group retail banks distribution capacity Targeted acquisition strategy in Italy aimed at enhancing the Group s distribution power and organic development in its second domestic market Focused strategic actions aimed simultaneously at growth and streamlining Transactions in line with the Group s MTP and stringent investment criteria Closing of one of the largest transactions in the financial industry since the financial crisis Other focused acquisitions Disposal of non-core, capital-consuming stakes Resulting in strong and resilient results whilst strengthening the financial position Underlying NIGS: 3,048m in 9M-17, +36.6% 9M/9M CET1 end-september 2017: 12.0% including the integration of Pioneer and the partial disposal of BSF Digital transformation successfully deployed in all businesses and entities Crédit Agricole recognised as innovative bank by the World Economic Forum* (August 2017) * Forum comprising business executives, leading politicians, intellectuals and journalists which addresses the planet s most urgent issues 20 l ROADSHOW PRESENTATION NOVEMBER 2017

21 An 18.5bn transaction APPENDIX Simplification of the Group structure Former Group structure New Group structure Local Banks of Crédit Agricole and other members Holders of CCI/CCAs Local Banks of Crédit Agricole and other members Holders of CCI/CCAs SACAM Mutualisation Mutual shares (with voting right) and CCAs (no voting right) 75% of capital CCIs (no voting right) ~25% (through CCI/CCAs ) 100% 43.3% Float RB 1 RB 2 RB 3 38 Regional Banks (excl. RB of Corsica) 56.7% RB 38 25% of capital under the form of CCI/CCAs (no voting right) + Switch Guarantee RB 1 RB 2 RB 3 RB Regional Banks (excl. RB of Corsica) Float 56.7% 43.3% The CCIs/CCAs formerly held by CASA were transferred to SACAM Mutualisation, a wholly-owned subsidiary of the Regional Banks, on 3 August l ROADSHOW PRESENTATION NOVEMBER 2017

22 APPENDIX Data per share 0.31 underlying earnings per share Q3-17, -6.4% Q3/Q underlying earnings per share 9M-17, +36.9% 9M/9M 11.1 net tangible asset value per share at 30/09/17 ( m) Q3-17 Q3-16 9M-17 9M-16 Net income Group share 1,066 1,864 3,262 3,249 - Interests on AT1, before tax, including issuance costs (92) (97) (329) (338) Net income Group share attributable to ordinary shares [A] 974 1,767 2,933 2,911 Average number shares in issue, excluding treasury shares (in millions) [B] 2, , , ,709.4 Net earnings per share [A]/[B] Underlying net income Group share 966 1,019 3,048 2,232 Underlying net income Group share attributable to ordinary shares [C] ,719 1,894 Underlying net earnings per share [C]/[B] ( m) 30/09/ /12/2016 Shareholder's equity Group share 57,974 58,277 - AT1 issuances (5,011) (5,011) - Unrealised gains and losses on AFS - Group share (3,385) (3,779) - Payout assumption on annual resuts* (1,716) Net not revaluated asset attributable to ordinary shares [D] 49,578 47,771 - Goodw ill & intangibles** - Group share (17,872) (15,479) Net tangible not revaluated asset attributable to ordinary shares [E] 31,706 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 goodw ill in the equity-accounted entities See Slide 23 for further details on specific items Increase in goodwill related to the integration of Pioneer Investments Goodwill from Pioneer: 2,522m 22 l ROADSHOW PRESENTATION NOVEMBER 2017

23 APPENDIX Alternative Performance Measures Specific items Q3-17 and 9M-17 Q3-17 Q3-16 9M-17 9M-16 m Gross impact Impact on NIGS Gross impact Impact on NIGS Gross impact Impact on NIGS Gross impact Impact on NIGS Issuer spreads (CC) (16) (14) (281) (178) (121) (69) (243) (151) DVA (LC) (0) (0) (44) (28) (61) (39) (35) (22) Macro-hedging of loan portfolios (LC) (13) (9) (25) (16) (53) (34) (24) (15) Home Purchase Savings Plans (FRB) Home Purchase Savings Plans (CC) Eureka transaction (CC) - - (23) (18) - - (23) (18) Liability Management (FRB) - - (300) (187) - - (300) (187) Liability management upfront payments (CC) (683) (448) Capital gain on VISA EUROPE (CC) Regional Banks' dividends (CC) Total impact on revenues 10 3 (673) (427) (667) (229) LCL network optimisation cost (FRB) (41) (26) Pioneer integration costs (AG) (27) (14) - - (59) (28) - - Total impact on operating expenses (27) (14) - - (59) (28) (41) (26) Eurazeo sale (CC) Disposal of BSF (LC) Total impact on equity affiliates CA Italy acquisition costs (IRB) (5) (3) - - (5) (3) - - Total impact on Net income on other assets (5) (3) - - (5) (3) - - Eureka transaction (CC) , ,272 Total impact on Net income from discounted or hel , ,272 Total impact of specific items (673) (708) 1,018 Asset gathering (27) (14) - - (59) (28) - - Retail banking 3 2 (300) (187) (341) (213) Specialised financial services Large customers (69) (44) 3 41 (59) (37) Corporate centre 16 6 (304) 1, (308) 1,267 * Impact before tax (except line "impact on tax") and before minority interests + 100m impact of specific items on NIGS in Q m impact of specific items on NIGS in 9M l ROADSHOW PRESENTATION NOVEMBER 2017

24 INVESTOR RELATIONS CONTACTS: Institutional shareholders investor.relations@credit-agricole-sa.fr Individual shareholders credit-agricole-sa@relations-actionnaires.com (toll-free number France only) Cyril Meilland, CFA cyril.meilland@credit-agricole-sa.fr Céline de Beaumont celine.debeaumont@credit-agricole-sa.fr Letteria Barbaro-Bour letteria.barbaro-bour@credit-agricole-sa.fr Oriane Cante oriane.cante@credit-agricole-sa.fr Emilie Gasnier emilie.gasnier@credit-agricole-sa.fr Fabienne Heureux fabienne.heureux@credit-agricole-sa.fr Vincent Liscia vincent.liscia@credit-agricole-sa.fr See all our press releases at: Crédit_Agricole Groupe Crédit Agricole créditagricole_sa