Update of the Registration Document A03

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2 Contents Financial review of Crédit Agricole S.A. at 30 June Presentation of first half and second quarter 2015 results...3 First half 2015 financial report Other recent information Memorandum and Articles of Association Change in the compensation of the Executive Corporate Officers of Crédit Agricole S.A Composition of the board of directors Composition of the Board of Directors Committees Composition of the Management committee Composition of the Executive Committee Ratings evolution Press release Person responsible for the registration document and updates Statutory auditors Cross reference table AMF Only the French version of this updates has been submitted to the Autorité des Marchés Financiers (AMF). It is therefore the only version that is binding by law. The original French version of this update was registered with the Autorité des Marchés Financiers on 12 August 2015 in accordance with article of the AMF s General Regulation. It updates the registration document registered with the AMF on 20 March 2015 under number D It may be used in support of a financial transaction if accompanied by a transaction circular approved by the AMF. This document was produced by the issuer and is binding upon its signatories. 2

3 FINANCIAL REVIEW OF CRÉDIT AGRICOLE S.A. AT 30 JUNE 2015 In all financial elements presented at 30 June 2015, 2014 data is presented restated for the application of IFRIC 21. PRESENTATION OF FIRST HALF AND SECOND QUARTER 2015 RESULTS Press release on 2015 second quarter results Second quarter and first half of 2015 Strong commercial performance in all business lines Solid results in a still challenging economic context Strength of financial structure confirmed Montrouge, 4 August 2015 Crédit Agricole Group* Q2-15 Net income Group share: 1,500 million euros (vs. 785 million euros in Q2-14) H1-15 Net income Group share: 2,728 million euros (vs. 2,037 million euros in H1-14) Fully-loaded CET 1 ratio: 13.2% (+90 bp/june 14) *Crédit Agricole S.A. and Regional Banks at 100% *restated for specific items Crédit Agricole S.A. Revenues from business lines: +5.7%* Q2/Q2 GOI of business lines: +6.8%* Q2/Q2 Cost of risk of business lines: -27.6%* Q2/Q2 Impact of specific items - Triggering of the Switch: +80 million euros in NIGS - Additional provisions for litigation: -350 million euros - Issuer spread/dva/cpm: +200 million euros in NIGS Net income Group share: 920 million euros Underlying net income Group share: 982 million euros Fully-loaded CET 1 ratio: 10.2% (+30 bp/june 14) 3

4 Crédit Agricole Group Crédit Agricole Group s net income Group share totalled 1,500 million euros in the second quarter of This represented a sharp increase on the second quarter of 2014, which was impacted by the impairment on the stake in the Portuguese bank BES. In the first half of 2015, net income Group share came to 2,728 million euros, up 33.9% on the corresponding period of For Jean-Marie Sander, Chairman of Crédit Agricole S.A., these are good results. All the Crédit Agricole Group business lines are delivering excellent commercial results which confirms the relevance of the choices made in the medium term plan announced last year. For Philippe Brassac, CEO of Crédit Agricole S.A., these solid results are thanks to the hard work done by Jean- Paul Chifflet and his team. They are a strong base from which the new management, under Philippe Brassac and Xavier Musca, will be able to build on in order to continue the development of Crédit Agricole and ensure the bank s values reflect purpose, strength and sustained performance. These healthy results reflected a strong business performance in all business lines. In retail banking, the Regional Banks opened 230,000 net new sight deposits since end of June 2014 while LCL opened some 70,000 since the beginning of the year. Outstanding loans distributed via the Group s 9,000 branches in France came to 500 billion euros, up 2.2% year-on-year, with home loans providing the driving force. The same trend was evident at Italian subsidiary Cariparma. On-balance sheet customer assets also increased at a rapid pace (+4.0%), particularly demand deposits (+13.2% at the Regional Banks and LCL and +11% at Caripama). In the savings management/insurance/private banking business line, net inflows came to 53 billion euros in the first half of 2015, with all customer segments retail and institutional, French and international making a positive contribution to this performance. Numerous innovative new offerings were introduced for high net worth individuals, and the roll-out of collective health and death & disability insurance was continued for business customers and professionals. The financing business lines (excluding networks) also performed well, with production of consumer loans (8.7 billion euros in the second quarter of 2015) up 13.7% compared with the second quarter of 2014 and car finance partnership outstandings up 10% year-on-year. Crédit Agricole CIB remained the world number one in aircraft finance and was named Best Infrastructure House at the Euromoney Awards for Excellence It also worked on a number of transactions with Group entities. The Regional Banks posted net income Group share of 811 million euros in the second quarter, after the impact of the triggering of the Switch (-107 million euros after tax) as explained below. Their upbeat commercial activity was reflected in the increase in their revenues, which rose 1.9% (or 2.6% excluding the charge to reserves for home purchase savings schemes). Fees and commission income rose 4.7% thanks to insurance, and the interest margin (+1.4% excluding home purchase savings schemes) was underpinned by the high level of early repayment penalties. Operating expenses were stable (+0.4%) and the cost of risk arising from impaired loans declined by 2.9%. Over the first half, the Regional Banks net income Group share totalled 1,601 million euros. Crédit Agricole Group s financial structure remained robust in the second quarter of

5 Crédit Agricole Group s liquidity position was stable. At 30 June 2015, the Group s cash balance sheet totalled 1,041 billion euros; the surplus of long-term funding sources over long-term applications of funds was 103 billion euros. Liquidity reserves amounted to 247 billion euros at 30 June 2015 and covered gross short-term debt more than twice over. The LCR ratio of the Group and of Crédit Agricole S.A. exceeded 110% at end-june During the first half of 2015, the main Crédit Agricole Group issuers raised the equivalent of 18.8 billion euros in senior debt and Tier 2 in the market and the branch networks, Crédit Agricole S.A. having issued 8 billion euros out of the 10 billion planned in its medium-to long-term market funding programme for the year. With a Basel 3 fully-loaded Common Equity Tier 1 ratio of 13.2% at 30 June 2015, up 90 basis points compared with end-june 2014, Crédit Agricole Group ranks among the most highly capitalised banks in Europe. The Group is well positioned in terms of MREL and TLAC ratios, with a 10 basis point improvement in the quarter of its MREL ratio excluding eligible senior debt to 7.8% 1, due to the strict management of the balance sheet size, and with a stable TLAC ratio of 19.1% excluding senior debt. The leverage ratio under the Delegated Act adopted by the European Commission stood at 5.4%, up from 5.2% at year-end Crédit Agricole S.A. Crédit Agricole S.A. s Board of Directors, chaired by Jean-Marie Sander, met on 3 August 2015 to examine the financial statements for the second quarter and first half of Net income Group share totalled 920 million euros in the second quarter of 2015, far higher than in the second quarter of 2014, when it was impacted by the impairment on the stake in the Portuguese bank BES. Excluding the specific items recorded in the quarter, underlying net income Group share came to 982 million euros. Considering solely the business lines restated for specific items, net income Group share grew by 6.2%. This very healthy level of earnings reflects excellent commercial performances in all the business lines. For example, the business lines net revenues restated for specific items was up 5.7% year-on-year in the second quarter, with savings management and insurance, together with corporate and investment banking, driving the increase. Growth in business lines operating expenses remained under control amid a backdrop of brisk activity: +2.7% excluding currency effects. This performance was also supported by a further decrease in the cost of risk related to impaired loans, which dropped to 39 basis points of outstandings in second quarter of 2015 on an annualised basis, i.e. an improvement of 13 basis points compared with the second quarter of The same trend was evident in most business lines: LCL (6 basis points versus 23 in the second quarter of 2014), Consumer finance (184 basis points versus 256), mainly due to the continued fall in Agos cost of risk (amounting to -71 million euros, down 52% compared with the second quarter of 2014) and Corporate and investment banking (-34 million euros). However, the cost of risk was affected by two significant items. 1 Calculation based on Crédit Agricole S.A. s current understanding of draft regulatory texts 5

6 The Switch guarantee, which is intended to cover the prudential requirement arising from Crédit Agricole S.A. s equity stakes in the Regional Banks and in Crédit Agricole Assurances, was triggered for the first time in the second quarter of The triggering takes place when a quarterly decline is observed in the sum of the equityaccounted values of the two equity stakes referred to above. The positive results of 554 million euros recorded by the Regional Banks and Crédit Agricole Assurances in the second quarter of 2015 did not fully offset the decline in the value of the unrealised capital gains on the AFS securities portfolio used in the calculation of the CET1 ratio. The decline of 761 million euros was caused by the extremely rapid rise in sovereign interest rates and fall in equities. The triggering of the Switch gave rise to a provision of 173 million euros in the cost of risk recorded by the Regional Banks and the same amount of positive cost of risk for Crédit Agricole S.A. The impact on Crédit Agricole S.A. s second-quarter net income Group share was +80 million euros after tax and the negative impact on the Regional Banks contribution. In addition, there was a development during the second quarter of 2015 in a case mentioned for several years in the legal risks section of the registration document. United States laws and regulations require adherence to economic sanctions put in place by the Office of Foreign Assets Control (OFAC) on certain foreign countries, individuals and entities. The Department of Justice, the office of the District Attorney of New York County (DANY) and other American governmental authorities would like to know how certain financial institutions made payments denominated in US dollars involving countries, individuals or entities that had been sanctioned. Crédit Agricole CIB Group and Crédit Agricole S.A. conducted an internal review of payments denominated in US dollars involving countries, individuals or entities that could have been subject to such sanctions and are cooperating with the US authorities as part of such requests. The findings of this review are shared with the US authorities at meetings during which the bank presents its arguments. Discussions with the US authorities continued in the second quarter of 2015 and are now at a very advanced stage. These discussions are still ongoing and are likely to lead to a global settlement in autumn As a result, an additional provision amounting to 350 million euros was set aside in the Group s financial statements. Net income Group share for the first half of 2015 came to 1,704 million euros, double the figure in the same period of Considering solely the business lines restated for the special items, net income Group share grew by 14.9%. Crédit Agricole S.A. consolidated its solvency position at end-june The fully-loaded Common Equity Tier 1 ratio stood at 10.2%, an improvement of 30 basis points on its end-june 2014 level. Crédit Agricole S.A. s leverage ratio was 4.3% under the Delegated Act adopted by the European Commission. * * * Regarding the organisation of its Group, Crédit Agricole restates that, as announced to the market in September 2013 in the framework of its periodic strategic review process, it has launched reflections on this matter. These reflections have been shared with the regulatory authorities, in particular with the services of the European Central Bank. These exchanges have highlighted constraints which have not been lifted at this date. As a result, no transaction which might substantially affect the scope of Crédit Agricole S.A., as those to which external sources to the Group may have referred, can be implemented at this stage. 6

7 Crédit Agricole underlines that, in keeping with its history and its cooperative and mutualist culture, any evolution of its organisation must comply with the Group s vision ensuring a more collective operating and developing mode, in the interest of all stakeholders. In line with this objective, the Group shall carry on its reflections on its organisation. * * * 7

8 Social and environmental responsibility With preparations for COP 21 Paris Climate Conference in full swing, Crédit Agricole S.A. announced at its Annual Shareholders Meeting on 20 May 2015 that it would no longer finance coal mine projects or business plans in which coal mining forms the key activity. Concurrently, Crédit Agricole CIB published corresponding changes to its coal, mining and metals sector policies. In the same vein, the Group continues to pursue its initiatives for clients participating in the energy transition (both energy efficiency and renewable energies). A pioneer of Green Bonds since 2012, Crédit Agricole CIB is now the world number two, with market share of 14%. With the backing of the Regional Banks, Crédit Agricole Leasing & Factoring and Crédit Agricole CIB, the Crédit Agricole Group is the number one provider among the banks of funding for renewable energies in France. It is also a global leader, having provided finance for 20 GW in installed capacity around the world by year-end 2014, equivalent to the annual consumption of 10 million French homes. The Group also helps its clients to curb their fossil fuel and coal risks by offering them suitable products. Since June, Amundi has marketed a Low Carbon index range that can reduce the carbon footprint of the client s portfolio by up to 50%. The Group has introduced ESG (environment, social, governance) analytical frameworks at several entities. These frameworks are already operational at Crédit Agricole CIB and Amundi. Financial calendar 5 November 2015 Publication of third quarter 2015 results 17 February 2016 Publication of fourth quarter and full-year 2015 results 11 May 2016 Publication of first quarter 2016 results 19 May 2016 Annual Shareholders Meeting in Paris 3 August 2016 Publication of second quarter and first half 2016 results 8 November 2016 Publication of third quarter 2016 results 8

9 In the whole document excluding solvency elements, figures for 2014 have been restated for methodological changes in tax accounting following the introduction of IFRIC 21. Disclaimer 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 compiled from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly for the calculation of market values and asset impairments. Readers must take all of these risk factors and uncertainties into consideration before making their own judgement. Applicable standards and comparability The figures presented for the six-month period ended on 30 June 2015 have been prepared in accordance with IFRS as adopted for use in the European Union and applicable at that date. 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. 9

10 CREDIT AGRICOLE S.A. CONSOLIDATED RESULTS (in millions of euros) Q2-15 Change Q2/Q2 H1-15 Change H1/H1 Revenues 4, % 8, % Operating expenses excl. SRF (2,786) +4.0% (5,764) +3.3% SRF - - (175) - Gross operating income 1, % 3, % Cost of risk (601) +12.4% (1,078) (4.2%) Operating income 1, % 1, % Share of net income of equity-accounted entities 238 nm 714 x9.5 Net income on other assets 3 nm 1 nm Income before tax 1,482 x4.5 2, % Tax (429) x2.8 (717) x2.2 Net income from discontinued or held for sale operations (1) nm (18) nm Net income 1,052 x5.8 1, % Non-controlling interests % % Net income Group share 920 x11.9 1,704 x2.0 In the second quarter of 2015, revenues came to 4,628 million euros, up 18.1% on the second quarter of Restated for the own debt revaluation, DVA running and loan hedges, they came to 4,317 million euros. In the second quarter of 2014 restated for the own debt revaluation, DVA running, loan hedges, impact of Day One FVA and revaluation of the Bank of Italy securities, they totalled 4,348 million euros. Operating expenses increased by 4.0% to 2,786 million euros between the second quarter of 2014 and second quarter of Excluding currency effects, business lines operating expenses grew by 2.7%. The cost of risk totalled 601 million euros. Two specific items were recorded in the quarter: an additional provision for litigation of 350 million euros and the triggering for the first time of the Switch guarantees, which resulted in a positive impact on the cost of risk of 173 million euros in Crédit Agricole S.A. s financial statements for the quarter. Restated for these two items, it declined by 20.6% reflecting the fall in the cost of risk in almost all business lines and at Agos in particular. Again restated for these specific items, it amounted to 39 basis points of outstandings on an annualised basis, a 13 basis point improvement over the second quarter of

11 Impaired loans outstanding 1 stood at 15.2 billion euros, representing 3.6% of gross customer and interbank loans outstanding compared with 4.0% at 30 June The ratio of impaired loans to specific reserves was 55.1%. Including collective reserves, the impaired loan coverage ratio was 72.9% compared with 71.1% at 30 June The share of net income from equity-accounted entities amounted to 238 million euros in the quarter, including contributions of 230 million euros from the Regional Banks, 45 million euros from Specialised financial services, mainly relating to car finance partnerships, and negative 45 million euros from Corporate and investment banking. The latter was the product of the firm performance by Banque Saudi Fransi, which contributed 65 million euros, and 110 million euros in impairment losses reflecting the deterioration in the underlying economic outlook of two investments, UBAF and Elipso (holding European mortgage-backed portfolios). In all, Crédit Agricole S.A. s net income Group share came to 920 million euros in the second quarter of Restated for the own debt revaluation, DVA running, loan hedges, the additional provision for litigation arising from the impact of the triggering of the Switch guarantees, net income Group share was 982 million euros versus 1,062 million euros in the second quarter of 2014, restated for the own debt revaluation, DVA running, loan hedges, Day One FVA, revaluation of the Bank of Italy securities and the impact of BES. In the first half of 2015, revenues came to 8,987 million euros, up 12.7% on the first half of Restated for the own debt revaluation, DVA running and loan hedges, they came to 8,700 million euros. In the first half of 2014 restated for the own debt revaluation, DVA running, loan hedges, impact of Day One FVA and revaluation of the Bank of Italy securities, they totalled 8,357 million euros. Operating expenses were 5,939 million euros. They reflected the first contribution to the Single Resolution Fund of 175 million euros in the first quarter of Restated for this item, operating expenses increased by 3.3% between the first half of 2014 and first half of Excluding currency effects, business lines operating expenses grew by 1.3%. The cost of risk totalled 1,078 million euros. Two specific items were recorded in the first half: an additional provision for litigation of 350 million euros and the triggering for the first time of the Switch guarantees, which resulted in a positive impact on the cost of risk of 173 million euros. Restated for these two items, it declined by 19.8% reflecting the fall in the cost of risk in almost all business lines and at Agos in particular. Again restated for the specific items, it amounted to 42 basis points of outstandings on an annualised basis in the first half, a 13 basis point improvement compared with the first half of Impaired loans outstanding 2 stood at 15.2 billion euros at 30 June 2015, representing 3.6% of gross customer and interbank loans outstanding compared with 4.0% at 30 June The ratio of impaired loans covered by specific reserves was 55.1%. Including collective reserves, the impaired loan coverage ratio was 72.9% compared with 71.1% at 30 June Excluding Crédit Agricole internal transactions, accrued interest and finance leases 2 Excluding internal Crédit Agricole transactions, accrued interest and finance leases 11

12 The share of net income from equity-accounted entities amounted to 714 million euros in the first half, including contributions of 593 million euros from the Regional Banks, 88 million euros from Specialised financial services, mainly relating to the car finance partnerships, and 19 million euros from Corporate and investment banking. The latter was the product of a firm performance by Banque Saudi Fransi, which contributed 127 million euros, and 110 million euros in impairment losses reflecting the deterioration in the underlying economic outlook of two investments, UBAF and Elipso (holding European mortgage-backed portfolios). In all, Crédit Agricole S.A. s net income Group share stood at 1,704 million euros in the first half of Restated for the own debt revaluation, DVA running, loan hedges, the contribution to the Single Resolution Fund, the additional provision for litigation and the impact of the triggering of the Switch, net income Group share totalled 1,963 million euros versus 1,812 million euros in the first half of 2014, restated for the own debt revaluation, DVA running, loan hedges, Day One FVA, revaluation of the Bank of Italy securities and the impact of BES. SOLVENCY At end-june 2015, Crédit Agricole S.A. s financial strength is demonstrated by its 10.2% fully-loaded CET1 ratio, stable compared to the 31 March The quarter is marked by the triggering of the Switch guarantees. The purpose of these guarantees is to cover the regulatory requirement associated with Crédit Agricole S.A.'s equity interests in the Regional Banks (CCI/CCA) and in Crédit Agricole Assurances (CAA). The equity-accounted value covered is 23.9 billion euros. The Switch guarantees are triggered when a decline in the total equity-accounted value of the equity interests in the Regional Banks and in Crédit Agricole Assurances is recognised in a given quarter. The triggering of the Switch guarantees in the second quarter 2015 was due to the fall in AFS reserves, essentially for CAA, against a sudden, steep rise in sovereign interest rates and a decline in equity prices (-761 million euros), not entirely offset by the positive results of the Regional Banks and CAA (+554 million euros). The triggering of the Switch guarantees resulted in a 173 million euros provision booked in cost of risk in the accounts of the Regional Banks. At the same time, Crédit Agricole S.A. recognised a matching amount of positive cost of risk in the Corporate Centre. Overall, Crédit Agricole S.A. booked a 80 million euros profit in net income Group share in the second quarter Pursuant to the clawback provision, any subsequent increase in the total equity-accounted value would benefit the Regional Banks, until the equity-accounted value returns to its level prior to the decline. Over the quarter, Crédit Agricole S.A. demonstrated its significant and recurring capacity to generate capital, with an increase of 24 basis points coming from the attributable result for the second quarter before the triggering of the Switch. The triggering of the Switch accounted for an additional 3 basis points, while the distribution was estimated at -7 basis points, with an assumption of 50% pay out and scrip dividend at 100% for the majority shareholder. Finally, capital was strengthened by the external scrip dividend on 2014 result which brings an additional 8 basis points of CET1 ratio. Conversely, the ratio decreased due to the large short-term impact of interest rate rise, generating a 25 basis points fall in AFS unrealised gains, of which -15 basis points on the insurance portfolio. Through the Switch mechanism, the fall in AFS unrealised gains was offset by CAA and the Regional Banks results and the triggering of the 80 million euros impact of Switch on net income Group share. The stock of AFS unrealised gains in the CET1 ratio at 30 June 2015 was therefore brought down to circa 95 bps. Risk weighted assets were kept under control in the second quarter of 2015, with business lines risk weighted assets declining by -1.2 billion euros. 12

13 The phased-in total ratio amounted to 19.2% at 30/06/2015, after the call of 2.3 billion euros of Tier 1 and Tier 2 issues in the quarter. The leverage ratio of Crédit Agricole S.A. under the Delegated Act adopted by the European Commission was 4.3% 1 compared to 4.2% at end The conglomerate ratio was 236% at 30 June Subject to ECB authorisation, with an impact of +100 basis points related to the non-weighting of intragroup operations for Crédit Agricole S.A. 13

14 LIQUIDITY Crédit Agricole Group's cash balance sheet totalled 1,041 billion euros at end-june 2015, compared with 1,042 billion euros at end-march 2015 and 1,021 billion euros at end-june The surplus of long term funding sources over long term applications of funds was of 103 billion euros at 30 June 2015, versus 104 billion euros at 31 March 2015 and 71 billion euros at 30 June It thus remained stable quarter-on-quarter in 2015 and increased by 32 billion euros between 30 June 2014 and 30 June Liquidity reserves including valuation gains and haircuts related to the securities portfolio amounted to 247 billion euros at 30 June 2015, covering 213% of gross short-term debt versus 218% at 31 March 2015 and 176% at 30 June HQLA securities after valuation gains and haircuts represented 156% of short term debt not deposited with Central Banks. Both the Group and Crédit Agricole S.A. s LCR ratio exceeded 110% at end-june During the first half of 2015, the main Crédit Agricole Group issuers raised 18.8 billion euros of senior debt and Tier 2 in the market and the branch networks. Crédit Agricole S.A. itself raised the equivalent of 4.3 billion euros of senior debt (in EUR, USD, JPY and CHF) and 3.7 billion euros of Tier 2 (in EUR, USD and JPY) over the period. At 30 June 2015, Crédit Agricole S.A. had completed 80% of its medium- to long-term market funding programme (senior and subordinated) of 10 billion euros (excluding branch networks). 14

15 RESULTS BY BUSINESS LINE 1. FRENCH RETAIL BANKING 1.1. CREDIT AGRICOLE REGIONAL BANKS (in millions of euros) Q2-15 Change Q2/Q2* H1-15 Change H1/H1* Net income accounted for at equity (at ~ 25%) % 421 0,0% Change in share of reserves % % Share of net income of equity-accounted entities % % * Excluding the triggering of the Switch guarantees In the second quarter of 2015, the Regional Banks continued to implement their strategy of achieving balanced growth in all their areas of business. Customer assets continued to grow, with a year-on-year increase of 2.6% in outstandings to 610 billion euros at end-june Growth was driven by on-balance sheet deposits, up 3.9% year-on-year to 360 billion euros at end-june 2015, as well as off-balance sheet customer assets, up 0.9% to 250 billion euros. The increase in onbalance sheet deposits stemmed mainly from demand deposits (up 13.2%), which benefited from maturing term deposits and accounts (down 7.4%) and ongoing reinvestments in securities. Home purchase savings schemes were also highly attractive for savers, increasing by 8.5% over one year. Meanwhile, off-balance sheet customer assets continued to be driven by life insurance, with year-on-year growth of 4.0% at end-june Loans outstanding rose by 1.6% year-on-year, to 406 billion euros at end-june Growth stemmed mainly from home loans (up 3.0%) while consumer finance showed an improvement with outstandings up 2.2%. The loan-to-deposit ratio was 114% at end-june 2015, stable compared with end-june In the second quarter of 2015, the Regional Banks' revenues (restated for intragroup transactions) amounted to 3,513 million euros, up 1.9% on the second quarter of This figure includes -42 million euros in provisions for home purchase savings schemes versus -16 million in the second quarter of Fee and commission income rose sharply in the second quarter, by 4.7% 1 year-on-year, driven by the strong momentum in life insurance (insurance fee and commission income up 5.4% year-on-year) and by banking services (up 5.1% 1 ). The interest margin increased by 1.4% 1 year-on-year excluding home purchase savings schemes, supported by dividends received from subsidiaries and the persistently high level of early repayment penalties (up by 73 million euros between the second quarters of 2014 and 2015). Operating expenses were stable compared with the second quarter of 2014 (+0.4%). 1 Restated for the reclassification from net interest margin to fee and commission income of gains and losses on foreign currency purchases and sales (around 25 million euros a year). 15

16 The Regional Banks' cost of risk was 366 million euros in the second quarter of 2015, including a 173 million provision for the triggering of the Switch guarantees mechanism. The second quarter 2015 fall in the total value of Crédit Agricole S.A.'s equity-accounted investments in the Regional Banks (CCIs and CCAs) and in Crédit Agricole Assurances led to a call on the guarantee by Crédit Agricole S.A. in accordance with the provisions of the agreement. Excluding the triggering of the Switch guarantees, the cost of risk continued to improve, decreasing by 2.9% over one year to 19 basis points of outstandings. The impaired loans ratio at end-june 2015 was down slightly compared with end-december 2014, to 2.5%, while the coverage ratio, including collective reserves, remained above 100%. Operating income therefore came to 1,257 million euros in the second quarter of 2015, up 4.7% on the second quarter of 2014, excluding the triggering of the Switch. In all, the Regional Banks' contribution to Crédit Agricole S.A.'s net income Group share was 230 million euros in the second quarter of 2015 representing a year-on-year increase of 5.6% excluding the triggering of the Switch. In the first half of 2015, the Regional Banks' revenues (restated for intragroup transactions) came to 6,985 million euros, virtually stable compared with the first half of 2014 (down 0.2%). This figure includes provisions for home purchase savings schemes for -181 million euros compared with -1 million in the first half of Fee and commission income rose sharply by 6.3% 1 year-on-year in the first half of 2015, driven by the strong momentum in life insurance (insurance fee and commission up 10.1% year-on-year following the annual fee-sharing adjustment at the beginning of the year) and by banking services (up 6.1% 1 ). The interest margin continued to be adversely affected by the cost of regulated savings but benefited from a high level of early repayment penalties (up by 110 million euros between the first half of 2014 and the first half of 2015) and from high dividends received from subsidiaries. It remained virtually stable year-on-year in the first half at -0.8% 1 excluding provisions for home purchase savings schemes. Operating expenses were stable (up 0.1% year-on-year) excluding the SRF impact which amounted to -46 million euros in the first half of The Regional Banks' cost of risk was 562 million euros in the first half of 2015, including a 173 million provision for the triggering of the Switch guarantees mechanism. The second quarter 2015 fall in the total value of Crédit Agricole S.A.'s equity-accounted investments in the Regional Banks (CCIs and CCAs) and in Crédit Agricole Assurances led to a call on the guarantee by Crédit Agricole S.A. in accordance with the provisions of the agreement. Excluding the triggering of the Switch guarantees, the cost of risk continued to improve, decreasing by 23.2% over one year, representing a fall of 7 basis points of outstandings to 20 basis points. The impaired loans ratio was down slightly compared with end-december 2014, to 2.5%, while the coverage ratio, including collective reserves, remained above 100%. Operating income excluding the SRF impact therefore amounted to 2,530 million euros in the first half of 2015, up 3.9% on the first half of 2014 excluding the triggering of the Switch. 1 Restated for the reclassification from the net interest margin to fee and commission income of gains and losses on foreign currency purchases and sales (around 25 million euros a year) 16

17 In all, the Regional Banks' contribution to Crédit Agricole S.A.'s net income Group share was 593 million euros in the first half of 2015 representing a year-on-year increase of 3.3% excluding the triggering of the Switch. As a reminder, the first half of each year includes the change in share of reserves in the Regional Banks, which amounted to 172 million euros in the first half of 2015 (up 12.9% year-on-year). 17

18 LCL As of the second quarter of 2015, LCL's scope of consolidation includes Banque Française Commerciale Antilles Guyane (BFCAG) both in terms of activity (customer deposits and loans) and results (six months of BFCAG's results were consolidated by LCL in the second quarter of 2015). (in millions of euros) Q2-15 Change Q2/Q2* H1-15 Change H1/H1* Revenues 944 (1.4%) 1,866 (2.5%) Operating expenses excl. SRF, transformation plan and BFCAG (608) (2.1%) (1,252) (1.5%) SRF impact - - (12) - Transformation plan impact (11) +32.6% (19) +55.3% BFCAG impact (19) - (19) - Gross operating income 306 (0.7%) 564 (7.7%) Cost of risk (16) (71.5%) (64) (49.1%) Operating income % % Income before tax % % Tax (107) +19.4% (185) +6.6% Net income % % Non-controlling interests % % Net income Group share % % *Changes excluding BFCAG The second quarter of 2015 was in line with previous quarters, with strong momentum in deposits, buoyant growth in lending and a low cost of risk. Customer assets amounted to billion euros at end-june 2015, an increase of 4.2% compared with the previous year. Growth was driven mainly by on-balance sheet deposits (up 5.4% year-on-year) and in particular a significant increase in demand deposits (up 13.2% over the same period). Meanwhile, off-balance sheet assets increased by 2.9% over one year and continued to be driven by strong life insurance inflows (up 4.3% over one year). Loans outstanding amounted to 94.1 billion euros at end-june 2015, up 4.8% over one year. Growth continued to be driven by home loans, which increased by 6.7% year-on-year to 60.8 billion euros. In parallel, there has been an upturn in the small business segment for five consecutive quarters, reflected in a 5.7% increase in this segment over one year. Over the same period, consumer finance outstandings increased by 2.5% to 6.7 billion euros at end-june The loan-to-deposit ratio was 111% at end-june 2015, virtually stable versus end-march 2015 (110%). 18

19 In the second quarter of 2015, LCL's revenues were stable compared with the second quarter of 2014 excluding BFCAG and the absence of the Crédit Logement dividend (+0.6%). The net interest margin continued to be adversely affected by the cost of regulated savings a negative impact of about -45 million euros over one year but was still largely upheld early repayment penalties. New lending margins remained good and LCL was the first French bank to raise its mortgage rates without any impact on volume growth. This quarter, no dividends were received from Crédit Logement, compared with 12 million euros in the second quarter of Lastly, LCL booked a 9 million euros reversal of reserves for home purchase savings schemes compared with a charge of 2 million euros in the second quarter of Operating expenses excluding the transformation plan and the consolidation of BFCAG decreased by 2.1% yearon-year in the second quarter of Expenses related to the transformation plan amounted to 11 million euros, a year-on-year increase of almost one third, in line with projections. The integration of BFCAG accounted for 19 million euros in the second quarter of 2015, representing two quarters of expenses for BFCAG. LCL's cost/income ratio excluding BFCAG and the transformation plan improved by 0.6 percentage points year-on-year to 65.9% in the second quarter of At 16 million euros in the second quarter (down by 71.5% year-on-year excluding BFCAG) i.e. six basis points to outstanding loans, the cost of risk was exceptionally low. This not only reflects a continuation of the low level of risk seen for the past several quarters but also, in the second quarter of 2015, a recovery due to a litigation settlement. The impaired loans ratio continued to fall to 2.2% at end-june 2015, while the coverage ratio (including collective reserves) was 72.1%. In all, net income Group share was 172 million euros, an increase of 13.6% compared with the second quarter of 2014, excluding BFCAG. 19

20 2. INTERNATIONAL RETAIL BANKING Net income Group share for the business line was 91 million euros in the second quarter of 2015 compared with a loss of 602 million euros in the second quarter of (in millions of euros) Q2-15 Change Q2/Q2 H1-15 Change H1/H1 Revenues % 1,337 (1.6%) Operating expenses before SRF (365) +2.3% (740) (0.1%) SRF - - (8) - Gross operating income % 589 (4.7%) Cost of risk (149) +6.0% (298) (25.4%) Operating income % % Equity affiliates 2 nm 3 nm Net income on other assets - nm - nm Income before tax 181 nm 294 nm Tax (57) +20.4% (103) +59.1% Net income from discontinued or held for sale operations (1) nm (17) nm Net income 123 nm 174 nm Non-controlling interests % % Net income Group share 91 nm 118 nm In Italy, Cariparma enjoyed continued strong business momentum in the second quarter of Customer assets amounted to 94.7 billion euros at end-june 2015, a year-on-year increase of 5.4%. This growth partially stemmed from increased cross selling between the Group's various Italian entities. Off-balance sheet customer assets rose by 9.4% year-on-year, driven by an increase of 4.2 billion euros (or 20.3%) in life insurance and mutual fund assets compared with end-june On-balance sheet deposits remained stable to the benefit of off-balance sheet customer assets, in an environment of low interest rates. Customer loans outstanding amounted to 34.0 billion euros at end-june 2015, a year-on-year increase of 2.3%, driven by 6.4% growth in home loans and a recovery in loans to enterprises, which grew by 3.6%. In the second quarter of 2015, revenues came to 449 million euros, an increase of 7.9% compared with the second quarter of Growth was driven by fee and commission income (up 14.3%) thanks to strong momentum in off-balance sheet savings, and by an increase in the net interest margin (up 1.2%). 20

21 Operating expenses increased by 1.4% year-on-year. The cost/income ratio improved by 3.2 percentage points year-on-year in the second quarter of 2015 to 52.5%, driven by strong revenues coupled with good cost discipline. The cost of risk was 99 million euros in the second quarter of 2015, a decrease of 3.4% year-on-year, driven by an improvement in the Italian economy and the tight risk management implemented by Cariparma. The ratio of impaired loans to total outstandings was 13.2%, with a coverage ratio of 45.1% (including collective reserves), which has increased over the quarter. In all, Cariparma's net income Group share was 54 million euros in the second quarter of 2015, compared with 41 million euros in the second quarter of Based on the local scope of consolidation, Cariparma s net income Group share amounted to 87 million euros in the second quarter of In the first half of 2015, revenues came to 867 million euros a year-on-year increase of 7.1% 1. Growth was driven by both fee and commission income (up 11.6%) thanks to strong momentum in off-balance sheet savings, and by an increase in the net interest margin (up 1.7%). Operating expenses excluding the SRF impact remained virtually unchanged (up 0.5%) year-on-year in the first half of The cost/income ratio improved by 4.1 percentage points year-on-year to 53.0% 1, driven by strong revenues coupled with good cost discipline. The cost of risk was 198 million euros in the first half of 2015, a decrease of 5.8% 1 year-on-year, driven by an improvement in the Italian economy and the tight risk management implemented by Cariparma. The ratio of impaired loans to total outstandings was 13.2%, with a coverage ratio of 45.1% (including collective reserves), which has increased over the half-year. Cariparma's net income Group share amounted to 93 million euros compared with 49 million euros in the first half of 2014, an increase of 44.5% 1. Based on the local scope of consolidation, Cariparma s net income Group share amounted to 141 million euros in the first half of The Group's other international retail banks also delivered strong business momentum. Customer assets amounted to 13.0 billion euros at end-june 2015, a year-on-year increase of 11.2%. On-balance sheet deposits amounted to 11.4 billion euros at end-june 2015, a year-on-year increase of 9.2%. Off-balance sheet assets were particularly strong, with growth of 28.2% to 1.6 billion euros. Loans outstanding stood at 10.3 billion euros at end-june 2015, a year-on-year increase of 5.0% driven by strong momentum in Poland and Egypt. The surplus of on-balance sheet deposits over loans amounted to 1.8 billion euros at end-june 2015, thanks to surpluses in Egypt, Morocco and Ukraine. In Poland, the deficit was limited. In the second quarter of 2015, net income Group share therefore came to 37 million euros, driven by a twofold increase in the contribution from Egypt to 16 million euros, benefitting from solid business performance, and a stable contribution from Poland at 15 million euros, despite the adverse impact of lower interest rates on revenues. CA Ukraine turned in a positive contribution of 4 million euros despite the difficult environment, which had an adverse impact on the cost of risk. Crédit du Maroc continued to make a positive contribution despite an increase in the cost of risk on a limited number of corporate files. As a reminder, the second quarter of 2014 included a net negative impact of -708 million euros in the share of income from equity-accounted entities due to BES. 1 Excluding items accounted for by Cariparma in its local accounts at 31/12/2013 and by Crédit Agricole S.A. in Q1-14 (+80 million euros in revenues of which +92 million euros for revaluation of Bank of Italy securities and -109 million euros in cost of risk) as well as income tax linked to these items. 21

22 In the first half of 2015, net income Group share was 25 million euros and 41 million euros excluding the reclassification of Crédit Agricole Albania into IFRS 5. Revenues amounted to 470 million, stable compared with the first half of 2014, driven mainly by good business momentum in Egypt. Operating costs remained controlled, with a cost/income ratio of 59.9% for the first half of The cost of risk increased by 23.7% year-on-year in the first half, to 100 million euros. It was adversely impacted by the situation in Morocco and Ukraine, but remained at the same level as the second half of By entity, Egypt remained highly dynamic, with a strong increase in its contribution to 30 million euros. Crédit Agricole Poland contributed 20 million euros, a year-on-year decline due to the new levies booked during the first half and the adverse impact of lower interest rates on revenues. Ukraine delivered a positive contribution despite the difficult environment, which had an adverse impact on the cost of risk. The contribution from Crédit du Maroc decreased, while remaining positive, due to an increase in the cost of risk on a limited number of corporate files. 22

23 3. SAVINGS MANAGEMENT AND INSURANCE This business line encompasses asset management, insurance, private banking and asset servicing. Assets under management rose by 92.8 billion euros compared with end-december 2014, with net inflows of 53.0 billion euros for all segments, including 46.6 billion euros for Amundi, 3.8 billion euros for life insurance and 2.6 billion euros for Private Banking. In addition to solid business performances, the business line benefited from a positive market and currency effect of 34.5 billion euros and a scope effect of 5.3 billion euros in savings management. Total assets under management were 1,361 billion euros at 30 June 2015, up 7.3% over the semester. Net income Group share for the business line was 859 million euros in the first half of 2015, including 457 million for the second quarter, an increase of 16.7% compared with the second quarter of (in millions of euros) Q2-15 Change Q2/Q2 H1-15 Change H1/H1 Revenues 1, % 2, % Operating expenses (682) +9.8% (1,428) +8.8% Gross operating income % 1, % Cost of risk (14) (65.0%) (22) (50.2%) Operating income % 1, % Equity affiliates 6 x % Net income on other assets % % Income before tax % 1, % Tax (266) +29.9% (508) +21.8% Net income from discontinued or held for sale operations Net income % % Non-controlling interests % % Net income Group share % % In Asset management, Amundi's assets under management stood at 954 billion euros. Net new inflows amounted to 22.6 billion euros during the second quarter. For the first six months of the year, net new inflows amounted to 46.6 billion euros, half of which came from outside France, in particular the rest of Europe and Asia, half of which went into long-term assets (27.6 billion euros), mainly bonds, diversified and ETF instruments, and half into cash (19.0 billion euros). Activity was driven by all customer segments. The retail customer segment was particularly buoyant with 24.7 billion euros of net new inflows, confirming the positive trend from the French networks. The positive market and currency impacts amounted to 24.6 billion euros during the first semester, thereby increasing assets under management to billion euros at end-june Assets under management rose by 8.7% compared with end-december 2014 and by 14.4% over one year. 23

24 Amundi delivered strong earnings growth in the second quarter of 2015, with net income of 144 million euros and net income Group share of 113 million euros. Its contribution amounted to 211 million euros for the first half of 2015, a year-on-year increase of 28.1%. Revenues increased by 13.4% year-on-year in the second quarter of 2015 and by 15.2% in the first half, driven by growth in assets under management coupled with good margins. Operating expenses were up 14.8% year-on-year in the second quarter and up 10.9% excluding currency impacts and on a like-for-like basis. Expenses were up 11.1% year-on-year in the first half and up 7.9% excluding currency impacts and on a like-for-like basis. This performance mainly reflects Amundi s strengthened international position. In all, the cost/income ratio remained highly competitive at 53.4%, a 1.8 percentage point improvement compared with the first half of In asset servicing, CACEIS continued its marketing efforts, resulting in a further rise in assets under custody. They amounted to 2,412 billion euros, up 2.6% on end-june Owing to solid business development, funds under administration increased to 1,467 billion euros, a progression of 10.1% year-on-year. Net income Group share therefore came to 26 million euros for the second quarter and 41 million euros for the first half, an increase of 29.8% and 12.3% respectively, driven by revenue growth of 3.6% in the second quarter and 5.6% in the first half. In Private Banking, assets under management rose by 6.9% compared with end-december 2014 to billion euros at end-june 2015, due mainly to net new inflows of 2.6 billion euros in the first half of Net income Group share came to 21 million euros in the second quarter of 2015 compared with 5 million euros in the same period of 2014, which was adversely affected by additional provisions for legal matters. Net income Group share came to 46 million euros in the first half, up 63.8% on the first half of In Insurance, premium income was 7.8 billion euros in the second quarter of 2015 and 16.6 billion euros in the first half. Net new inflows into savings / retirement and death & disability insurance amounted to 4.5 billion euros in the first half of 2015, including 2.8 billion euros in France. Momentum in the savings / retirement segment remained robust. Premium income was 6.3 billion euros in the second quarter compared with 5.7 billion euros in the second quarter of 2014, an increase of 10.1%. Assets managed amounted to billion euros at end-june 2015, up 5.6% over one year. Funds in euros amounted to billion euros, up 4.6% year-on-year, while unit-linked funds rose by 9.7% to 49.9 billion euros over the same period. The share of unit-linked funds was 27% in the quarterly inflows and 19.5% in the stock, up 0.7 of a percentage point over one year. In the death & disability / health / creditor segment, premium income rose by 2.0% year-on-year in the second quarter of 2015 to 881 million euros, driven by a good performance in home loans in France and Italy. The second quarter also saw the roll-out of a group insurance business (health and death & disability) for the corporate segment and the launch of a group death & disability offering for the small business market. 24

25 Property & casualty insurance continued to enjoy sustained new business growth both in the retail market and the farming and small business market. Premium income rose by 4.9% year-on-year to 570 million euros in the second quarter of The combined ratio, defined as the ratio of (claims + operating expenses) to premium income, net of reinsurance, remained under control. It was 95.9% for the Pacifica scope. In all, net income Group share for the Insurance business was 297 million euros in the second quarter, a year-onyear increase of 8.5%. In the first half, net income Group share was 561 million euros, an increase of 7.1% compared with the first half of

26 4. SPECIALISED FINANCIAL SERVICES (in millions of euros) Q2-15 Change Q2/Q2 H1-15 Change H1/H1 Revenues 665 (1.7%) 1,311 (3.8%) Operating expenses excl. SRF (320) 0.2% (669) (1.8%) Impact SRF - - (17) - Gross operating income 345 (3.5%) 625 (8.4%) Cost of risk (183) (29.9%) (388) (28.6%) Operating income % % Share of net income of equity-accounted entities % % Income before tax % % Tax (55) x 2.2 (90) x 2.2 Net income from discontinued or held for sale operations (1) nm Net income % % Non-controlling interests 27 x x 4.1 Net income Group share % % Specialised Financial Services includes Crédit Agricole Consumer Finance in France and its subsidiaries or partnerships abroad, and Crédit Agricole Leasing & Factoring. Net income Group share for the business line was 125 million euros in the second quarter of 2015 compared with 86 million euros in the second quarter of Net income Group share for the first half was 193 million euros including a -16 million euro charge for the SRF. In consumer finance, total origination rose by 13.7% compared with the second quarter of 2014, driven mainly by the Crédit Agricole Group banking networks, car finance partnerships and Creditplus in Germany, with increases of 20%, 21% and 32% respectively. The managed loan book increased to more than 70 billion euros at end-june for the first time since the fourth quarter of Over one year, restated for assets sold by Agos in the fourth quarter of 2014, the managed loan book grew by 3.1%. The geographical breakdown remained unchanged from previous quarters, with 38% of outstandings in France, 32% in Italy and 30% in other countries. In addition, CACF continue to diversify its external funding, whose rate is up to 63% at the end of June and notably driven by 4.1 billion euros of savings deposits, 7.4 billion euros of securisation, including 0.8 billion euros for Agos loans in the second quarter, and 4.9bn of EMTN issues including 1.3 billion in the quarter (FCA Bank). 26

27 In the second quarter of 2015, CACF's revenues were up 3% quarter-on-quarter and virtually stable at -0.3% year-on-year. Car finance partnerships also contributed to CACF's profitability, with a 25% increase in their equity-accounted contribution. Operating expenses rose by 2.0% year-on-year in the second quarter, to 253 million euros. The cost of risk was down significantly, mainly due to the improvement at Agos. The cost of risk in consumer finance was 168 million euros in the second quarter of 2015, down 32.3% year-on-year, due mainly to the Italian subsidiary. The cost of risk represented 184 basis points of outstandings (annualised), versus 256 basis points in the second quarter of Agos' cost of risk was 71 million euros in the second quarter of 2015, a year-on-year decrease of 52.2%. Its impaired loans ratio was 10.7% at end-june 2015 (versus 12.6% at end-june 2014), and its coverage ratio was 100.4% including collective reserves. In all, CACF's net income Group share was 92 million euros compared with 60 million euros in the second quarter of In the first half of 2015, CACF's revenues were down 3.3% compared with the first half of 2014 in relation with the decline in consolidated outstandings. Car finance partnerships contributed to CACF's profitability, with a 34% increase in their equity-accounted contribution. Operating expenses were stable in the first half of 2015 at 536 million euros excluding the 11 million euros SRF impact. The cost of risk was down significantly, mainly due to the improvement at Agos. The cost of risk in consumer finance was 356 million euros in the first half of 2015, down 30.5% year-on-year, due mainly to Agos. The cost of risk represented 198 basis points of outstandings (annualised), versus 275 basis points in the first half of Agos' cost of risk was 175 million euros in the first half of 2015, a year-on-year decrease of 43.7%. Its impaired loans ratio was 10.7% at end-june 2015 (versus 12.6% at end-june 2014), and its coverage ratio was 100.4% including collective reserves. In all, CACF's net income Group share was 145 million euros, including 10 million euros for the SRF, compared with 103 million euros in the second quarter of Leasing and factoring business remained buoyant. New leasing business rose by 15.1% year-on-year in the second quarter. Following the sale of CAL Hellas in Greece (0.4 billion euros of outstandings) in the fourth quarter of 2014, outstandings were stable in the second quarter of 2015 at 14.8 billion euros. Factored receivables increased by 7% year-on-year in the second quarter of 2015, to 17.0 billion euros. In the second quarter of 2015, CAL&F's revenues amounted to 131 million euros, down by 3.0% year-on-year (excluding CAL Hellas) due to the decline in lease finance outstandings in France (disposal of portfolios). Operating expenses for the second quarter were down 6.1% to 67 million euros. The cost of risk remained low at 15 million euros. In all, CAL&F's net income Group share was 33 million euros in the second quarter of

28 In the first half of 2015, CAL&F's revenues amounted to 258 million euros, down by 3.7% year-on-year (excluding CAL Hellas) due mainly to the decline in lease finance outstandings in France (disposal of portfolios). Operating expenses were 150 million in the first half of 2015 excluding the 6 million euro SRF impact, a decrease of 7.6%. The cost of risk was 32 million euros compared with 30 million euros in the first half of In all, CAL&F's net income Group share amounted to 48 million euros for the first half of 2015, including the 6 million euro SRF contribution, compared with 44 million euros in the same period of

29 5. CORPORATE AND INVESTMENT BANKING In the second quarter of 2015, Corporate and investment banking delivered net income Group share of 82 million euros. Restated for loan hedges (+16 million euros) and the impact of DVA running (+36 million euros) and excluding the impact of the additional provision for litigation for an amount of -350 million euros in cost of risk, net income Group share was 372 million euros in the second quarter of 2015, a year-on-year decrease of 8.3%. Financing activities contributed 213 million euros to restated net income Group share (compared with 242 million euros in the second quarter of 2014) while Capital markets and investment banking contributed 159 million euros (compared with 164 million euros in the second quarter of 2014). In the first half of 2015, Corporate and investment banking delivered net income Group share of 402 million euros. Restated for loan hedges (+13 million euros) and the impact of DVA running (+43 million euros) and excluding the impact of the additional provision for litigation for an amount of -350 million euros in cost of risk, net income Group share was 688 million euros in the first half of 2015, including a 77 million euros contribution to the Single Resolution fund (SRF). Financing activities contributed 399 million euros to restated net income Group share (compared with 421 million euros in the first half of 2014) while Capital markets and investment banking contributed 289 million euros (compared with 247 million euros in the first half of 2014). Discontinuing activities are now included in Capital markets and investment banking or Financing activities, while SFS (Structured and Financial Solutions) has been transferred from Financing activities to Capital markets and investment banking at 1 January In addition, within Financing activities, Global Commodities Finance was transferred to Commercial Banking's structured finance business at 30 June 2015 with retroactive effect from 1 January 2015, in the context of the creation of the International Trade and Transaction Banking business line data have been restated accordingly. 29

30 Total Corporate and investment banking ((in millions of euros) Q2-15 Q2-15* H1-15 H1-15* Change Q2*/Q2** Revenues 1,289 1,207 2,514 2, % o/w Financing activities ,159 1, % o/w Capital markets and investment banking ,355 1, % Operating expenses excl. SRF (578) (578) (1,209) (1,209) +7.8% Impact SRF 3 3 (77) (77) - Gross operating income ,228 1, % Cost of risk (384) (34) (465) (115) (32.3%) Operating income , % Share of net income of equity-accounted entities (45) (45) nm Net income on other assets nm Income before tax ,045 (4.3%) Tax (201) (172) (372) (341) (0.6%) Net income from discontinued or held for sale operations (1) (1) (1) (1) nm Net income (8.1%) Non-controlling interests % Net income Group share (8.3%) * Restated for loan hedges and the impacts of DVA running in revenues and for the additional provision for litigation in cost of risk in 2015; restated for loan hedges, DVA running, FVA Day1 and evolution in the CVA/DVA methodology in Q2-14 Corporate and investment banking delivered revenues of 1,289 million euros in the second quarter of 2015, a year-on-year increase of 7.8% 1 driven by strong business momentum and a positive currency impact. Financing activities reported revenues of 611 million euros and 586 million euros excluding loan hedges in the second quarter of 2015, up 2.4% year-on-year in the second quarter of 2015, and stable at constant exchange rates and excluding two specific items booked in the second quarter of 2014 (recovery against an exposure and impairment of a portfolio of loans). Structured finance progressed by 14.6% year-on-year in the second quarter of 2015, reflecting a good level of activity, particularly in Energy and Infrastructure, as well as a positive currency impact. 1 Revenues restated for loan hedges and impact of DVA running, and restated for FVA Day1 and changes in CVA/DVA methodology in Q

31 Crédit Agricole CIB remained world number one place in aircraft financing (source: Air Finance Database). It has risen from number 5 to number one bookrunner for European leveraged finance in Western Europe (source: Thomson Financial). Crédit Agricole CIB was also awarded Best Infrastructure House by Euromoney in the Awards for Excellence Commercial Banking's revenues fell by 8.2% year-on-year in the second quarter, due to a less favourable economic environment. The fall in oil prices had an adverse impact on commodities financing while very low interest rates prompted borrowers to turn to bond financing. Due to its good distribution capacity, the Bank confirmed its good position in syndication activities. Crédit Agricole CIB remains the leader in syndication in France, has risen from eighth to third place in Latin America. It also moved up from sixth to third place in corporate loan syndication in EMEA (source: Thomson Financial). Revenue from Capital markets and investment banking amounted to 678 million euros in the second quarter of Excluding DVA impact, revenues were 621 million euros, a year-on-year increase of 13.4% compared with the second quarter of 2014, in a difficult market environment. Fixed Income revenues were 535 million euros in the second quarter, down compared with a good first quarter but an increase compared with previous quarters, driven by a good performance in Forex, Interest Rate Derivatives and Treasury. This performance was weakened by a downturn in sovereigns and the primary bond market in an unstable market environment (tension in the sovereign market and situation in Greece). Investment banking had a good quarter with revenues of 86 million euros, compared with a high second quarter of 2014, particularly in the M&A market. Crédit Agricole CIB improved its positions in the debt issuance rankings at 30 June It is now world number one bookrunner for agency euro bond issues, moved up from world number seven to world number three in sovereign, agency and supranational euro bond issues and is world number five all euro bond issues combined (source: Thomson Financial). In addition, Crédit Agricole CIB kept its place in the Top Three (second place) for green bond issues (source: CACIB). VaR stood at 13 million euros at end-june 2015 compared with 10 million euros at end-march 2015 and 4 million euros at 30 June 2014, a year-on-year increase due to the turbulent market environment, but nonetheless moderate. Operating expenses for Corporate and investment banking amounted to 578 million euros in the second quarter of 2015 excluding the SRF, an increase of 7.8% relative to the second quarter of 2014 but stable at constant exchange rates (+0.1%). The cost of risk remained very low, with a charge of 34 million euros in the second quarter 2015, plus an additional provision for litigation of 350 million euros. 31

32 The share of income from equity-accounted entities was -45 million euros in the second quarter of 2015, compared with +46 million euros the previous year. These results include a good performance from Banque Saudi Fransi (contribution of +65 million euros in the second quarter of 2015), offset by -110 million euros in impairment of two equity investments, reflecting a deterioration in the underlying economic outlook of the relevant companies concerned, UBAF and Elipso (structure carrying portfolios of European mortgage loans). In the first half 2015, the economic and financial environment remained highly volatile for the major corporate and investment banks. After a first quarter that benefited from a resurgence in volatility due to Quantitative Easing, among other things, the second quarter was more strained, with the beginnings of an upward movement in interest rates as of end-april, which continued as Greece's debt position once again took centre stage. In these circumstances, after an excellent first quarter, the Corporate and Investment Bank maintained the trend with revenues up 15.3% excluding DVA impact and loan hedges and up 7.1% at constant exchange rates compared with the first half of Restated for a specific exposure in the first half of 2014, which generated a non-recurring gain of 92 million euros, and the impairment of a portfolio of loans for 62 million euros (booked in discontinuing activities in 2014), Financing activities delivered 2% growth in revenues at constant exchange rates, supported by structured finance. Capital markets and investment banking took advantage of the turbulent market conditions, with revenue growth of 18% at constant exchange rates. Operating expenses increased by 13.5%, including the first contribution in 2015 to the Single Resolution Fund (SRF) for 77 million euros. Excluding that item, operating expenses remained controlled, with an increase of 0.2% year-on-year at constant exchange rates. Excluding the additional provision for litigation, the cost of risk remained low at 115 million euros in the first half of The share of income from equity-accounted entities reflected a good performance from Banque Saudi Fransi, offset by the impairment of two equity investments, reflecting a deterioration in the underlying economic outlook of the companies concerned (UBAF and Elipso). 32

33 6. CORPORATE CENTRE In the second quarter of 2015, Banque Française Commerciale Antilles Guyane (BFCAG) was transferred from the Corporate Centre to LCL. (in millions of euros) Q2-15 Change Q2/Q2 H1-15 Change H1/H1 Revenues (405) (29.3%) (914) (19.5%) o/w capital and liquidity management* (628) +33.6% (1,204) +10.9% o/w net costs allocated to equity stakes funding and to debt (345)** (11.3%) (673)** (15.2%) o/w Switch (186) - (372) - o/w issuer spreads 229 nm 199 nm o/w other (6) nm 91 (61.4%) Operating expenses excl. SRF and new taxes *** (206) (4.8%) (417) (3.0%) Impact SRF and new taxes *** - - (72) - Gross operating income (611) (22.6%) (1,403) (10.4%) Cost of risk 145 x % Operating income (466) (40.1%) (1,244) (15.5%) Share of net income of equity-accounted entities - nm (1) nm Net income on other assets (6) x12.8 (6) nm Income before tax (472) (39.3%) (1,251) (12.7%) Tax 257 (20.3%) 541 (7.4%) Net income (215) (52.8%) (710) (16.4%) Non-controlling interests 22 (7.1%) 49 (13.9%) Net income Group share (237) (50.5%) (759) (16.2%) Net income Group share excl. issuer spreads (385) +18.7% (888) +23.3% Net income Group share excl. issuer spreads, SRF and new taxes*** (825) +14.6% *Cost of capital, rate, liquidity and debt management as central body and treasurer **2014 restated for the review of allocation of funding costs by funding type (liquidity, capital, debt) ***In Q1-15, SRF (- 46m), new ECB and SRB levies (- 4m) and newly due C3S tax (- 22m) In the second quarter of 2015, Corporate Centre revenues amounted to -405 million euros compared with -573 million euros in the second quarter of They include +229 million euros for issuer spreads compared with million euros in the second quarter of

34 The cost of Crédit Agricole S.A.'s capital, rate, liquidity and debt management as central body and treasurer increased by 33.6% year-on-year in the second quarter of This increase is mainly due to a low cost of debt base in the second quarter of 2014 and the integration of significant favourable impacts related to the unwinding of ALM positions. The cost of debt related to equity investments and debt based on the new allocation rules improved by 11.3% year-on-year, while the cost of Switch remained stable at -186 million euros. Operating expenses decreased by 4.8% year-on-year in the second quarter of 2015, mainly reflecting the absence of regulatory charges this year (versus stress tests and AQR in 2014) but also the exit of costs related to BFCAG. The cost of risk amounted to +145 million euros in the second quarter of 2015, including a positive 173 million euros impact related to the triggering of the Switch guarantees mechanism. The change in fair value of Crédit Agricole S.A. bonds exchangeable for Eurazeo shares generated a virtually nil impact in the second quarter of 2015 (+1 million euros), compared with a positive impact of 23 million euros in the same period of In all, Corporate Centre net income Group share amounted to -237 million euros compared with -480 million euros in the second quarter of Restated for issuer spreads, net income Group share was -385 million euros. 34

35 CONSOLIDATED RESULTS OF CREDIT AGRICOLE GROUP Group customer loans outstanding amounted to almost 730 billion euros at end-june In terms of funding, customer deposits on the balance sheet amounted to almost 643 billion euros. (in millions of euros) Q2-15 Change Q2/Q2 H1-15* Change H1/H1 Revenues 8, % 16, % Operating expenses excluding SRF (4,806) +2.8% (9,907) +2.3% SRF impact - - (229) - Gross operating income 3, % 6, % Cost of risk (963) +30.1% (1,646) (0.1%) Operating income 2, % 4, % Share of net income of equity-accounted entities 5 nm 118 nm Net income on other assets % 1 (61.5%) Change in value of goodwill - nm - nm Income before tax 2, % 4, % Tax (886) +30.7% (1,676) +27.5% Net income from discontinued or held for sale operations (1) (52.2%) (18) nm Net income 1, % 2, % Non-controlling interests % % Net income Group share 1, % 2, % *Restated for the impact of IFRIC 21 on accounting for levies In the second quarter of 2015, Crédit Agricole Group reported revenues of 8,257 million euros, an increase of 9.0% compared with the second quarter of Items not related to business activities (issuer spreads recognised in the Corporate Centre, DVA running and loan hedges in Corporate and investment banking) amounted to +287 million euros compared with -430 million euros in the second quarter of Operating expenses in the second quarter of 2015 were up 2.8% year-on-year. The cost of risk was impacted in the second quarter of 2015 by additional provisions for litigation for 350 million euros. Excluding this item, the recurring cost of risk decreased by 26.1% year-on-year to 613 million euros, representing 30 basis points of outstandings compared with 37 basis points in the second quarter of The decline was particularly marked in French retail banking (LCL) and Consumer finance, particularly at Agos. 35

36 In all, net income Group share was 1,500 million euros compared with 789 million euros in the second quarter of 2014, a year-on-year increase of 91.4%. Excluding the impact of specific items not related to business activities, net income Group share amounted to 1,647 million euros in the second quarter. As a reminder, the second quarter of 2014 included a net impact of -708 million euros related to the impairment of BES shares: excluding this impact, net income Group share was stable year-on-year. ***** Crédit Agricole S.A.'s financial information for the second quarter and first half of 2015 consists of this press release and the attached presentation. All regulated information, including the registration document, is available on the website under "Financial reporting" and is published by Crédit Agricole S.A. pursuant to the provisions of article L of the Code Monétaire et Financier and articles et seq. of the AMF General Regulation. INVESTOR RELATIONS Denis Kleiber Fabienne Heureux Sébastien Chavane Marie-Agnès Huguenin Aleth Degrand Aurélie Marboeuf Laurence Gascon

37 Slides from presentation of results Second quarter and first half 2015 results 4 August 2015 DISCLAIMER 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 depreciation. 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 2015 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting" and it has not been audited. In the whole document excluding solvency elements, 2014 data have been restated for methodological changes in tax accounting following the applicationof IFRIC 21 Note: The Crédit Agricole Group scope of consolidation comprises: the Regional Banks, the Local Banks and Crédit Agricole S.A. and their subsidiaries. This is the scope of consolidation used by the French and European regulatory authorities to assess the Group's liquidity and solvency. Crédit Agricole S.A. is the listed entity. It owns ~25% of the Regional Banks and the subsidiaries of its business lines (French retail banking, International retail banking, Savings management and Insurance, Specialised financial services, and Corporate and investment banking). 2 SECOND QUARTER AND FIRST HALF 2015 RESULTS 37

38 KEY MESSAGES Q2-15 Action of the new management team Core strategic directions maintained Group proactively adapting to new challenges Q2-15/ H1-15: a bedrock of solid results thanks to the refocusing and development actions undertaken since 2011 Core strategic directions maintained as set in the Medium term plan published in March 2014 Further strengthening of Crédit Agricole S.A. and improvement of the business lines profitability Group proactively adapting to new challenges Reassert an ambitious, innovative and attractive commercial positioning Reinforce its role as Lender and financial services provider in its local markets Adapt its models in response to disruptions in the environment Change the Group s organisation to unleash its collective strength 3 SECOND QUARTER AND FIRST HALF 2015 RESULTS KEY MESSAGES Q2-15 Strong results Crédit Agricole Group Crédit Agricole S.A. Net result Group share Q2-15 Stated Of which Regional Banks 1,500m 811m Including namely Additional provision for litigation for 350m For Crédit Agricole S.A., triggering of the Switch guarantees mechanism: + 80m 920m 230m Underlying* * Detail of specific items slide 36 1,647m 982m 1 Excellent performance of the Group Contents 2 3 Solid results for Crédit Agricole S.A. in a still challenging economic context Strength of financial structure confirmed despite the impacts of the rise in interest rates 4 SECOND QUARTER AND FIRST HALF 2015 RESULTS 38

39 CONTENTS Strong business performance for Crédit Agricole Group Solid results for Crédit Agricole S.A. in a still challenging economic context Strength of the financial structure confirmed despite the impacts of the rise in interest rates p. 5 p. 11 p Appendices p SECOND QUARTER AND FIRST HALF 2015 RESULTS STRONG BUSINESS PERFORMANCE OF THE GROUP Retail Banking Strong growth in new customers Regional Banks: - 230,000 net new demand deposit accounts opened since 30 June Sharp increase in number of mutual shareholders: over 300,000 new mutual shareholders in H1-15, bringing their total number to 8.5 million at end-june 15 LCL: 70,000 new demand deposits opened since 1st January 15 Solid momentum in home loans Loans outstanding up 3.0% YoY in H1 for the Regional Banks, up 6.7% for LCL and up 6.4% for Cariparma In France: home loan early repayments and renegociations rose to exceptional levels due to low interest rates, helping to build long-term customer loyalty and to create potential for selling additional products and services Continued growth in on-balance sheet deposits Loans outstanding up 3.9% YoY in H1 for the Regional Banks and up 5.4% for LCL; stable outstandings for Cariparma, which maintained a surplus of deposits over loans Demand deposits: up 13.2% YoY in H1 for the Regional Banks, up 13.2% for LCL and up 11% for Cariparma Strong dynamism of insurance product distribution by the networks Life insurance outstandings up 4.0% YoY in H1 for the Regional Banks, up 4.3% for LCL and up 17.9% for Cariparma Market share maintained for life-insurance outstandings at 15% in France and increase of P&C market shares Loans outstanding: +2.2% June/June ( bn) ,1 43,3 44,3 89,8 91,3 94,1 399,2 400,0 405,6 June 14 Dec. 14 June 15 On-balance sheet deposits: +4.0% June/June ( bn) versus +1.3% March/March versus +2.9% March/March ,1 47,0 46,9 86,2 88,3 90,9 346,2 355,8 359,8 IRB LCL RB IRB LCL RB June 14 Dec. 14 June 15 6 SECOND QUARTER AND FIRST HALF 2015 RESULTS 39

40 STRONG BUSINESS PERFORMANCE OF THE GROUP Savings management & Insurance A dynamic, innovative product range Launch of Premundi in March 2015: Amundi and Predica pooled facilitating teams, processes and dedicated call centres in order to assist the Regional Banks in the promoting of off-balance sheet savings Range for high net worth customers enhanced with namely the eurogrowth " and "life-generation" products (inflows of over 250m at end- June 2015) Roll-out of group health/protection insurance range for business customers (several contracts for the health coverage of nearly 20,000 individuals) Success of the Immo mutual fund sold through the branch networks, No. 1 in deposits in France in the property segment providing support to the offerings and revenues of the Group's networks: With in particular 3bn p.a. in revenues generated in the branch networks and at CACF Up 6% YoY in H1, compared with an increase of business line revenues* of 3.3% YoY in H1 ( bn) Assets under management bn June/ June 1, Including net new inflows: bn in H1-15 1, , June 14* Dec. 14 June 15 Private banking Savings/ retirement Amundi * See page 10, business line revenues restated * June 14 restated: including advised and distributed assets for Amundi 7 SECOND QUARTER AND FIRST HALF 2015 RESULTS STRONG BUSINESS PERFORMANCE OF THE GROUP Financing activities (excluding networks) Consumer finance Growth in production: up 13.7% YoY in Q2 Diversified product range - Outstandings of car finance partnerships up 10% on June Development of business in all Group banking networks: +19% H1/H1 International dimension - Managed loan book: 70.2bn: 38% in France, 32% in Italy and 30% in other countries - Agos: production up 13% YoY in Q2 Sales agreements: contract renewed with Darty in France, new contracts (Mazda in Portugal, Hymer with FCA Bank) 7.6 CACF Total production ( bn) +13.7% Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Corporate and investment banking No. 2 worldwide in supranational issues**; still No. 1 worldwide in aircraft finance* 15 transactions completed in the Green bonds market in Q2-15 (following 11 in Q1-15) Named Best Infrastructure House by Euromoney at its Awards for Excellence 2015** Numerous transactions achieved with Group entities - With the Centre-Loire Regional Bank (refinancing and private placement arranger for Axereal) and with Nord de France Regional Bank (arranger for Kiabi first syndicated loan) - With Crédit Agricole Assurances: advisor for the acquisition of Grand Hôtel Dieu de Lyon and the merger of Ramsay Santé and Générale de Santé - With Amundi: 4 employee stock ownership plans concluded in Q2-15 for CAC 40 companies notably, strengthening Amundi's leadership in this area * *Sources: see page Loans outstanding ( bn) + 8bn June/ Dec Dec.13* Dec.14 June 2015 Financing activities Consumer credit (managed loan book) * 2013 outstandings for financing activities restated for IFRS10 & 11 impacts, at constant exchange rates 8 SECOND QUARTER AND FIRST HALF 2015 RESULTS 40

41 STRONG BUSINESS PERFORMANCE OF THE GROUP Development of intragroup synergies in Italy, the Group s 2 nd domestic market H1-15 key indicators* Loans outstanding: 57bn Customer assets & Assets under management: 118bn Revenues**: 1.5bn Cost/income ratio**: 45% Net income**: 315m Net income Group share**: 230m RETAIL BANKS CONSUMER CREDIT INSURANCE 34bn of loans outstanding 95bn of customer assets on- and off-b/s CORPORATE AND INVESTMENT BANKING 140m of revenues generated by Italian clients Agos: 16bn of loans outstanding FCA Bank: 7bn of loans outstanding in Italy CA Vita: 2.2bn of collected premiums Share of 4% of the Italian market CACI: 120m of collected premiums ASSET MANAGEMENT & ASSET SERVICES Priority: development of Group synergies Development of capability in the intermediate-sized enterprises segment through synergies between Cariparma and CACIB Developing the product range in the agricultural and agri-business sectors in Italy Development of Savings management and Insurance businesses: acceleration of the inflows in life insurance and mutual funds since June 2014; development of fund administration and custody services with CACEIS Strengthening of the wealth management and private banking offer through synergies between Cariparma and CA Private Banking: CAPB branch opened in Milan Risk control * Aggregated data for all Group activities in Italy ** FCA Bank equity-accounted for the share of its activity in Italy LEASING & FACTORING Amundi: 36bn of assets under management CALIT: 15m of revenues 9 SECOND QUARTER AND FIRST HALF 2015 RESULTS Cariparma: decrease in cost of risk (due to normalisation of economic conditions and new loan underwriting policies implemented) Agos: continued reduction in cost of risk FCA Bank: continued low cost of risk CRÉDIT AGRICOLE GROUP Q2-15 and H1-15 Income statement m Q2-15 Q2/Q2 Q2/Q2 of the business lines restated* H1-15 H1/H1 H1/H1 of the business lines restated* Revenues 8, % +3.4% 16, % +3.3% Operating expenses (4,806) +2.8% +3.1% (9,907) +2.3% +1.9% Gross operating income 3, % +3.9% 6, % +5.0% Cost of risk (963) +30.1% (21.6%) (1,646) (0.1%) (26.1%) Share of net income of equity-accounted entities 5 nm nm 118 nm nm Net income on other assets % nm 1 nm nm Income before tax 2, % +7.5% 4, % +13.9% Tax (886) +31.0% +11.8% (1,676) +27.6% +17.4% Net income from discontinued or held-for-sale operations (1) (52.2%) (50.0%) (18) nm nm Net income 1, % +5.4% 2, % +11.5% Net income Group share 1, % +3.6% 2, % +10.1% Business line revenues: up 3.3% H1/H1* Business line expenses: up 1.9% H1/H1* excl. SFR Up 0.8% at constant exchange rate Business line cost of risk: down 26.1%, excluding additional provision for litigation for 350m in Q2-15 Cost of risk to outstandings: 30 bps NIGS H1-15: 2,728m * Restated for DVA running, loan hedges, FVA Day one, the revaluation of Bank of Italy shares in Q1-14, the impact of BES in Q2-14,SRF impacts in Q1-15, and additional provisions for litigation risk in Q SECOND QUARTER AND FIRST HALF 2015 RESULTS 41

42 CONTENTS Strong business performance for Crédit Agricole Group Solid results for Crédit Agricole S.A. in a still challenging economic context Strength of the financial structure confirmed despite the impacts of the rise in interest rates p. 5 p. 11 p Appendices p SECOND QUARTER AND FIRST HALF 2015 RESULTS CRÉDIT AGRICOLE S.A. Q2-15 and H1-15 Income statement m Q2-15 Q2/Q2 Q2/Q2 of the business lines restated* H1-15 H1/H1 H1/H1 of the business lines restated* Revenues 4, % +5.7% 8, % +6.6% Operating expenses excl. SRF (2,786) +4.0% +4.8% (5,764) +3.3% +3.3% SRF (175) - - Gross operating income 1, % +6.8% 3, % +10.7% Cost of risk (601) +12.4% (27.6%) (1,078) (4.2%) (27.2%) Share of net income of equity-accounted entities 238 nm (19.9%) 714 x % Net income on other assets 3 nm nm 1 nm nm Income before tax 1,482 x % 2, % +21.6% Tax (429) x % (717) x % Net income from discontinued or held-for-sale operations (1) nm nm (18) nm nm Net income 1,052 x % 1, % +17.3% Net income Group share 920 x % 1,704 x % * Restated for DVA running, loan hedges, FVA Day one, the revaluation of Bank of Italy shares in Q1-14, the impact of BES in Q2-14, SRF impacts in Q1-15, and additional provisions for litigation risk and the triggering of the Switch guarantees in Q2-15 Business line revenues: +5.7%* Q2/Q2, driven primarily by Savings management & Insurance and CIB Business line expenses: up 4.8% Q2/Q2 Up 2.7% at constant exchange rate Cost of risk to outstandings: 39 bps in Q2-15 excluding the triggering of the Switch guarantees and additional provision for litigation for 350m Tax rate: 34.5% in Q2-15 Impact of the triggering of Switch guarantees: + 80m in NIGS 12 SECOND QUARTER AND FIRST HALF 2015 RESULTS 42

43 CREDIT AGRICOLE S.A. BUSINESS LINES French retail banking Regional Banks Growth in loans and deposits On-balance sheet deposits: up 3.9% YoY at end-june - Record level of demand deposits (customer assets up 13.2% YoY at end-june), primarily as a result of ongoing reinvestment of securities - Fall in time deposits: down 7.4% YoY - Strong attractiveness of HPSP: customer assets up 8.5% YoY Off-balance sheet deposits: up 0.9% YoY at end-june, with life insurance outstandings up 4.0% Loans outstanding: up 1.6% YoY at end-june - Home loan outstandings up 3.0%. Loan renegociations reached all-time high - Pick-up in consumer finance: outstandings up 2.2% Loan-to-deposit ratio: 114%, stable YoY Revenues: up 1.9% YoY in Q2 (up 2.6% excl. HPSP) HPSP provisions: - 42m in Q2-15 vs - 16m in Q2-14 Commissions and fee income up 4.7% YoY in Q2**, driven by insurance commissions (up 5.4%) and services (up 5.1%**) Interest margin excl. HPSP** (up 1.4% YoY in Q2) pushed up by dividends received from subsidiaries and the persistently high level of early repayment penalties (up 73m YoY in Q2) Expenses: stable YoY in Q2 and in H1 excluding SRF Cost of risk: down 2.9% YoY in Q2 (excluding triggering of the Switch guarantees) 19 bps of outstandings in Q2-15 Impaired loan ratio: 2.5%, stable vs. June 2014 Impaired loan coverage ratio: over 100% (including collective reserves) Customer assets June 14 Sept 14 Dec 14 March 15 June 15 Off-B/S +2.6% On-B/S Activity indicators ( bn) Loans +1.6% June 14 Sept 14 Dec 14 March 15 June 15 Contribution to Crédit Agricole S.A. results ( m) m Q2-15 Q2/Q2* H1-15 H1/H1* Revenues 3, % 6,985 (0.2%) Operating expenses excl. SRF (1,890) +0.4% (3,893) +0.1% SRF - - (46) nm Cost of risk (366) (2.9%) (562) (23.2%) Operating income excl. SRF (100%) 1, % 2, % Net income accounted for under equity method % % Change in RBs' net income % % Share of net income of equity-accounted entities (~25%) % % * Excluding the triggering of the Switch guarantees ** Restated for the reclassification from net interest margin to fee and commission income of gains and losses on foreign currency purchases and sales (around 25 million euros a year) 13 SECOND QUARTER AND FIRST HALF 2015 RESULTS CREDIT AGRICOLE S.A. BUSINESS LINES French retail banking - LCL Growth in loans and deposits* Results On-balance sheet deposits up 5.4% YoY in H1 under the impetus of demand deposits (up 13.2%) Off-balance sheet deposits: up 2.9% YoY in H1, still driven by life insurance (up 4.3% YoY) Loans outstanding: up 4.8% YoY in H1 - Sharp rise in home loans, up 6.7% YoY - Recovery in small business segment in 5 consecutive quarters: loan book up 5.7% YoY in H1 Loan-to-deposit ratio: almost stable at 111% 6 months of BFCAG results consolidated in LCL in Q2-15 Revenues: stable excl. the consolidation of BFCAG and the absence of Crédit Logement dividend (+0.6%) - Interest margin remains adversely affected by interest rates on regulated savings (~- 45m YoY in Q2) and in large part supported by early repayment penalties; solid margins on production (interest rates on mortgage loans increased with no impact on volume growth) - HPSP provisions: + 9m released in Q2-15 (- 2m in Q2-14) - No dividend from Crédit Logement (+ 12m in Q2-14) Expenses down 2.1% YoY in Q2 excluding BFCAG and transformation plan, down 1.5% YoY in H1 excluding BFCAG, plan and SRF Cost of risk exceptionally low in Q2-15: 6 bps over outstandings, due to a recovery following a legal settlement - Recurring cost of risk has remained low for the past several quarters Customers assets +4.2% Activity indicators ( bn)* June 14 Sept. 14 Dec. 14 March 15 June 15 On-B/S Off-B/S Loans Contribution to Crédit Agricole S.A. results ( m)* m Q2-15 Q2/Q2** H1-15 H1/H1** - #REF! - Revenues 944 (1.4%) 1,866 (2.5%) Operating expenses excl SFR and transformation plan +4.8% June 14 Sept. 14 Dec. 14 March 15 June 15 (608) (2.1%) (1,252) (1.5%) SFR - - (12) - Transformation plan (11) +32.6% (19) +55.3% BFCAG (19) - (19) - Cost of risk (16) (71.5%) (64) (49.1%) Tax (107) +19.4% (185) +6.6% Net income Group share % % - Impaired loan ratio down to 2.2% ; coverage ratio of 72.1% (including collective reserves) 14 SECOND QUARTER AND FIRST HALF 2015 RESULTS *Activity including Banque Française Commerciale Antilles Guyane as from 30/06/15 (see details slide 45) ** Changes excl. BFCAG 43

44 CREDIT AGRICOLE S.A. BUSINESS LINES International retail banking - Cariparma Growth in loans and deposits Loans outstanding: 34bn at end-june, up 2.3% YoY - Home loans up 6.4% YoY - Recovery in loans to enterprises: up 3.6% YoY Customer assets: up 5.4% YoY - Strong increase in off-balance sheet deposits, with a rise of 4.2bn (up 20.3% YoY) in life insurance and mutual funds - Stability of on-balance sheet customer deposits, with a shift to offbalance sheet deposits in a context of low interest rates Loan-to-deposit ratio*: 90% NIGS: 54m, up 31.8% YoY in Q2 Revenues: up 7.9%YoY in Q2 - Persistently strong growth in commissions and fee income (up 14.3% YoY in Q2), driven by solid growth in off-balance sheet deposits - Increase in net interest margin (up 1.2% YoY in Q2) Costs under control: up 1.4% YoY in Q2 - Cost/income ratio declined further, to 52.5%: an improvement of 3.2pp YoY in Q2 Cost of risk: 99m, down 3.4% YoY in Q2 - Gradual decline thanks to improved fundamentals in Italy and to risk monitoring - Impaired loan ratio: 13.2%, coverage ratio rose to 45.1% (including collective reserves) Customer assets Activity indicators ( bn) Loans +5.4% +2.3% June 14 Sept. 14 Dec 14 Mar. 15 June 15 On-balance sheet Off-balance sheet Contribution to Crédit Agricole S.A. results ( m) Net result of Cariparma Group ***: 87m in Q2-15 and 141m in H1-15 * Loans to customers after specific reserves ** Excluding items accounted for by Cariparma in its local accounts at 31/12/2013 and by Crédit Agricole S.A. in Q1-14 (+ 80m in revenues of which + 92m for revaluation of Bank of Italy securities and - 109m in cost of risk) as well as income tax linked to these items *** Based on local scope of consolidation June 14 Sept. 14 Dec 14 Mar. 15 June 15 m Q2-15 Q1/Q1 H1-15 H1/H1** Revenues % % Expenses excluding SRF (235) +1.4% (459) (0.5%) SRF - nm (7) nm Gross operating income % % Cost of risk (99) (3.4%) (198) (5.8%) Net income % % Net income Group share % % 15 SECOND QUARTER AND FIRST HALF 2015 RESULTS INTERNATIONAL RETAIL BANKING International retail banking - excl. Cariparma Activity indicators ( bn) Strong business momentum Customer assets: 13.0bn at end-june 2015, up 11.2% YoY Loans outstanding: 10.3bn at end-june, up 5.0% YoY - Solid growth in Poland and Egypt Surplus of on-balance sheet deposits of 1.8bn at 30 June Surplus of deposits over loans in Egypt, Morocco and Ukraine. Limited deficit in Poland Customer assets +11.2% Loans +5.0% NIGS: 37m in Q2-15 Sharp rise in Egypt (x2.1 YoY in Q2) driven by solid business performance Stable contribution from Poland despite impact on revenues from fall in interest rates CA Ukraine remained in positive territory despite adverse effect of difficult business climate on cost of risk Crédit du Maroc: impact of higher cost of risk on a limited number of corporate customers files As a reminder: in Q2-14, net impact of BES in equity affiliates: - 708m June 14 Sept. 14 Dec. 14 Mar. 15 June. 15 On-balance sheet Off-balance sheet June 14 Sept. 14 Dec. 14 Mar. 15 June 15 Contribution to Crédit Agricole S.A. revenues ( m) Crédit du Maroc 20% CA Egypt 27% Others 4% CA Ukraine 13% CA Polska 36% 16 SECOND QUARTER AND FIRST HALF 2015 RESULTS 44

45 CREDIT AGRICOLE S.A. BUSINESS LINES Savings management & Insurance Solid growth in business and results confirmed in Q2-15 Aggregate assets under management rose sharply, by 92.8bn in the first half, with positive net new inflows of 53.0bn Amundi: persistently strong growth in new inflows, driven by all customer segments, with half of it generated internationally (Europe and Asia) Life-insurance: funds under management up 5.6% year-onyear, with strong growth in inflows into UL contracts Private Banking: funds under management up 6.9% at end- December 2014, owing to the market and currency impact and to positive new inflows CACEIS: growth in assets under custody and administration year-on-year under the impetus of the market impact and good business momentum Net income Group share Q2-15: 457m, up 16.7% YoY in Q2 Amundi: Net income Group share up 21.2% YoY in Q2 Insurance: Net income Group share up 8.5% YoY in Q2 Private Banking: Net income Group share: 21m in Q2-15 CACEIS: Net income Group share up 29.8% YoY in Q2 Assets under management ( bn) bn 1, ,212 Savings/ Private Scope 141 Asset 136 retirement Banking effect management Market & Currency impacts 1,361 Net new inflows: bn Contribution to Crédit Agricole S.A. net income Group share ( m) June 14 Dec 14 June 15 * Including advised and distributed assets Asset servicing (CACEIS) bn June 14 Dec. 14 June 15 Private banking Life insurance Asset management* June/June Assets under custody 2,352 2,353 2, % Funds under administration 1,332 1,409 1, % m Q2-15 H1-15 Q2/Q2 H1/H1 Asset management* % +28.1% Insurance % +7.1% Private banking x 4, % Asset servicing (CACEIS) % +12.3% Total % +14.1% * Amundi consolidated at 78.6% in H1-15 with an ownership interest from 73.6% to 78.6% in Q SECOND QUARTER AND FIRST HALF 2015 RESULTS CREDIT AGRICOLE S.A. BUSINESS LINES Asset management - Amundi Amundi IPO mooted for H2-15 Strong business momentum confirmed: 46.6bn in net new inflows during the first half including 22.6bn in Q2 Very good results across all customer segments, particularly retail customers - Retail customers: bn, with the positive trend of the French branch networks confirmed (+ 2.6bn including 1.8bn in Q2) - Large customers (institutionals and corporates): +21.9bn Over half of new inflows generated internationally, primarily in Europe and Asia 27.6bn of inflows into long-term assets (mainly fixed-income, diversified and ETF instruments) and 19bn into cash No. 1 in inflows in Europe at end-may (source: Lipper) Net income jumped 23.6% YoY in H1, up 20.2% YoY in Q2 Revenues: up 15.2% YoY in H1, up 13.4% YoY in Q2 driven by growth in AUM and solid margins Operating expenses excluding SRF, on an unchanged consolidation basis* and excluding foreign exchange effect: up 7.9% YoY in H1, up 10.9% YoY in Q2 This primarily reflects the increase in staff in line with the international expansion strategy Cost/income ratio: 53.4% in the first half, a 1.8pp improvement * Excluding Bawag Invest % June 14 Pro forma* Dec. 14 Pro forma* 18 SECOND QUARTER AND FIRST HALF 2015 RESULTS 17% 52% 4% 11% 3% % 16% 53% 4% 12% 3% Assets under management* ( bn) Institut., Corps** Networks abroad % Networks France Inflows: bn * Including advised and distributed assets ** Including employee savings management Third party distributors Market& Currency impacts Scope effect 13% 17% 51% June 15 Contribution to Crédit Agricole S.A. results ( m) 4% 12% 3% equities cash bonds specialised diversified guaranteed structured m Q1-15 Q1/Q1 H1-15 H1/H1 Revenues % % Expenses excluding SRF (233) +14.8% (451) +11.1% SRF - - (2) - Gross operating income % % Net income % % Net income Group share % % 45

46 CREDIT AGRICOLE S.A. BUSINESS LINES Insurance Q2 revenues rose to 7.8bn, driven by the branch networks Savings / retirement: up 10.1% YoY in Q2 - Significant growth in inflows into UL contracts (27.1%), with a very high contribution from international activities - Revenues in France reached an all-time high in June - Euro-growth: 241m total inflows at end-june Death & Disability/Health/Creditor: up 2.0% YoY in Q2 - Good performance in the home loan segment in France and in Italy - Continued roll-out of group insurance (health and death & disability) for business customers and professionals Property & casualty insurance: up 4.9% YoY in Q2 - Growth in new business for retail customers, farmers and small businesses - Combined ratio** improved to 95.9% 255.5bn in funds under management in savings/retirement Up 5.6% YoY Share of UL contracts up 0.7pp YoY to 19.5% NIGS: 297m, up 8.5% YoY in Q2 +8.7% 7,133 7,757 5,726 6,306 Change in premium income( m) (French GAAP) +7.3% 16,566 15,440 12,072 13,061 1,914 1, ,454 1,518 Q2-14 Q2-15 H1-14 H1-15 Net new inflows* in H1-15: + 4.5bn of which + 2.8bn in France Savings / Retirement Death & disability / Health / Creditor Property & Casualty Contribution to Crédit Agricole S.A. results m Q2-15 Q2/Q2 H1-15 H1/H1 Revenues % 1, % Operating expenses (152) +12.6% (368) +8.0% Income before tax % % Net income Group share % % * Savings/ Retirement and Death & Disability ** Claims + operating expenses/ premium income, net of reinsurance. Pacifica scope 19 SECOND QUARTER AND FIRST HALF 2015 RESULTS CREDIT AGRICOLE S.A. BUSINESS LINES Specialised financial services Consumer finance: growth in production and in managed loan book confirmed in Q2-15 Total production: up 13.7% YoY in Q2, under the impetus of the Crédit Agricole Group branch networks (up 20%), the car finance partnerships (up 21%) and Creditplus in Germany (up 32%) Managed loan book returned to above 70bn mark Continued diversification in external sources of funding: rate up to 63% driven by notably Savings deposits: 4.1bn at end-june 2015 Securitisation: 7.4bn of outstandings including 0.8bn for Agos in Q2-15 EMTN issues: 4.9bn of outstandings including 1.3bn in Q2-15 (FCA Bank) Leasing & Factoring: Lease finance: production up 15.1% YoY in Q2 Factoring: factored receivables up 7.0% YoY in Q2 NIGS: 125m, up 45.2% YoY in Q2 Revenues: CACF revenues stable YoY in Q2 (down 0.3%) but higher QoQ in Q2 (up 3.0%) due to improved profitability; CAL&F revenues down 3.0% YoY in Q2 (excl. CAL Hellas) due to the fall in outstandings Costs contained: up 0.2% YoY in Q2 Cost of risk: down 29.9% YoY in Q2 - Significant decline in cost of risk at Agos: 71m in Q2-15 (down 52.1% YoY in Q2). Impaired loan ratio: 10.7% with a coverage ratio of 100.4% (including collective reserves) Car finance partnerships: equity-accounted contribution up 25% YoY in Q2 CACF consumer finance managed loan book- gross ( bn) June 14* Sept. 14 Dec. 14** March 15 June 15 * 38% in France, 32% in Italy and 30% in other countries ** Disposal of 872m of doubtful loans by Agos in Q4-14 Contribution to Crédit S.A. results ( m) * Other Crédit Agricole Group Car finance partnership Consolidated loan book m Q2-15 Q2/Q2 H1-15 S1/S1 Revenues 665 (1.7%) 1,311 (3.8%) Expenses excl. SRF (320) +0.2% (669) (1.8%) SRF - - (17) - Gross operating income 345 (3.5%) 625 (8.4%) Cost of risk (183) (29.9%) (388) (28.6%) Equity-accounted entities % % Tax (55) % (90) % Net income from disc. or held-for-sale operations - (100.0%) (1) (86.4%) Net income Group share % % of which CACF % % of which CAL&F % % 20 SECOND QUARTER AND FIRST HALF 2015 RESULTS 46

47 CREDIT AGRICOLE S.A. BUSINESS LINES Corporate and Investment Banking - Revenues Revenues: after a strong Q1-15, YoY growth of 7.8%* in Q2 thanks to good business performance and a persistently positive currency impact Capital markets and investment banking: revenues up in a challenging market environment (up 13.4%* YoY in Q2) - Fixed Income & Treasury: good performance in forex, fixed-income derivatives and Treasury, mitigated by a contraction in sovereign and primary bonds in an unstable environment (pressures in sovereign market, situation In Greece) - Investment banking: a good second quarter versus a high basis of comparison in Q2-14, particularly in M&A - VaR: 13.2m at 30/06/15, up year-on-year owing to a turbulent market environment, but remaining moderate nonetheless Financing activities: revenues +2.4%* YoY in Q2 - Structured finance (up +14,6%* YoY in Q2): Solid level of business, driven by revenues from Energy & Infrastructures - Commercial banking and other (down 8.2%* YoY in Q2): revenues down due to a less favourable climate primarily resulting from the plunge in oil prices Operating expenses under control at constant exchange rates Cost of risk extremely low (- 34m) coupled with an additional provision for litigation of 350m Equity affiliates Good performance from Banque Saudi Fransi (+ 65m) Impairment of two equity investments reflecting deterioration in the underlying economic outlook for the relevant companies** (- 110m) Net income Group share + 82m in Q2-15, and + 372m excluding accounting impacts and before exceptional charge in cost of risk * Revenues restated for accounting impacts (loan hedges, DVA running, etc) ; cost of risk restated for the additional provision for litigation ** UBAF and Elipso (structure carrying portfolios of European mortgage loans) Capital markets & Invest. banking Financing activities*** 21 SECOND QUARTER AND FIRST HALF 2015 RESULTS Revenues from Corporate and Investment Banking* ( m) Fixed Income Investment banking Structured finance Commercial banking and other 1, % ,219 1, Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 *** Revenues restated for accounting impacts and, within Financing activities, for the transfer at 30/6/2015 of Global Commodities Finance from Structured finance to Commercial banking and other 2014 figures restated to reflect the analytical reallocation of discontinuing activities and the reallocation of SFS (Structured and Financial Solutions) to Investment banking (instead of Financing activities) Contribution to Crédit Agricole S.A. results ( m) m Q2-15 Q2/Q2 Q2/Q2 at constant exchange rates H1-15 H1/H1 H1/H1 at constant exchange Revenues 1, % +29.0% 2, % +21.9% o/w DVA running 57 ns 67 nm o/w loan hedges 25 ns 21 nm Revenues restated* 1, % +0.3% 2, % +7.1% Operating expenses excl. SRF (578) +7.8% +0.1% (1,209) +6.7% +0.2% Cost of risk (384) x7,7 (465) x4,4 Share of net income of equity-accounted entities (45) nm 19 (77.7%) Net income Group share 82 (72.0%) 402 (26.5%) Net income Group share restated* 372 (8.3%) % rates CONTENTS Strong business performance for Crédit Agricole Group Solid results for Crédit Agricole S.A. in a still challenging economic context Strength of the financial structure confirmed despite the impacts of the rise in interest rates p. 5 p. 11 p Appendices p SECOND QUARTER AND FIRST HALF 2015 RESULTS 47

48 SOLVENCY AND LIQUIDITY Strength of the financial structure confirmed Crédit Agricole Group Crédit Agricole S.A. Crédit Agricole Group is among the best capitalised groups in Europe 8.0% 1,0% 13.0% 13,2% 7,0% 10.2% 10,2% Ratios already well above minimum requirements Favourable position as regards MREL and TLAC CET1 7,0% Minimum requirement 01/01/2019* 31/03/2015 fully-loaded 30/06/2015 fully-loaded * On the basis of the information known at end July 2015, including a capital conservation buffer of 2.5% and a G-SIB buffer of 1% Minimum requirement 01/01/2019* 31/03/2015 fully-loaded 30/06/2015 fully-loaded * On the basis of the information known at end July 2015, including a capital conservation buffer of 2.5% In Q2-15 Increase by 20 bps of Crédit Agricole Group s CET1 ratio and stability of Crédit Agricole S.A. s ratio Strengthened MREL due to controlled balance sheet size Total ratio 18,7% 18,5% 31/03/2015 phased-in 30/06/2015 phased-in Excluding eligible senior debt: MREL estimated at 7.8% vs. 7.7% TLAC estimated at 19.1% vs. 19.1% 19,7% 19,2% 31/03/2015 phased-in 30/06/2015 phased-in The triggering of the Switch guarantees in Q2-15 demonstrates how fluidly capital circulates within Crédit Agricole Group Leverage ratio** 5,4% 5,4% 31/03/2015 phased-in 30/06/2015 phased-in 3%: indicative level recommended by the Basel Committee 4,4% 4,3% 31/03/2015 phased-in 30/06/2015 phased-in ** Under the Delegated Act in effect in January Subject to ECB authorisation, with an impact of +100 basis points related to the non-weighting of intragroup operations for Crédit Agricole S.A. 23 SECOND QUARTER AND FIRST HALF 2015 RESULTS SOLVENCY AND LIQUIDITY Triggering of the Switch guarantees in Q2-15 The purpose of the Switch guarantees is to cover the regulatory requirement associated with Crédit Agricole S.A.'s equity interests in the Regional Banks (CCI/CCAs) and in Crédit Agricole Assurances (CAA). The equityaccounted value covered is 23.9bn Change in market parameters The Switch guarantees are triggered when a decline in the total equity-accounted value of the equity interests in the Regional Banks and in Crédit Agricole Assurances* is recognised in a given quarter Triggering of Switch guarantees in Q2-15 due to: The fall in AFS reserves, essentially for CAA, against a sudden, steep rise in sovereign interest rates and a decline in equity prices: - 761m Not entirely offset by the positive results of the Regional Banks and CAA: + 554m ( bn) Global equity-accounted value of CCI/CCA & CAA in Crédit Agricole S.A. s regulatory ratios 23,9 25,7 0,4 0,8 0,3 0,2 0,8 (0.2) 28,2 28,0 * Calculation based on the global sum of regulatory values of Crédit Agricole S.A. s equity interests in the Regional Banks and in Crédit Agricole Assurances Guaranteed 31/12/2013 Q1-14 Q2-14 Q3-14 Q4-14 Q /03/2015 Q /06/2015 amount 24 SECOND QUARTER AND FIRST HALF 2015 RESULTS 48

49 SOLVENCY AND LIQUIDITY Financial impacts of the triggering of the Switch guarantees The triggering of the Switch guarantees results in a provision booked in cost of risk in the accounts of the Regional Banks. At the same time, Crédit Agricole S.A. recognises a matching amount of positive cost of risk in the Corporate Centre Clawback provision: any subsequent increase in the global equity-accounted value would benefit the Regional Banks, until the equity-accounted value returns to its level prior to the decline P&L account Solvency Crédit Agricole Group No impact of the Switch guarantees Crédit Agricole S.A. Cost of risk (corp. centre): Tax (corp. centre): Equity affiliates (Regional Banks): NIGS: + 173m - 66m - 27m + 80m Net impact on fully-loaded CET1 ratio: +3bps Capital impact: + 80m RWA impact: - 100m Equity accounted value weighted at 370%: (-27) * 370% Regional Banks (at 100%) Cost of risk: Tax: NIGS: - 173m + 66m - 107m Net impact on fully-loaded CET1 ratio: -4bps 25 SECOND QUARTER AND FIRST HALF 2015 RESULTS SOLVENCY AND LIQUIDITY Crédit Agricole S.A.: solvency ratios Fully-loaded CET1 ratio: 10.2% at 30/06/2015, stable compared to 31/03/2015 Significant and recurring capacity to generate capital - Q2 attributable result before the triggering of the Switch: +24bps - Triggering of the Switch: +3bps - Distribution: -7bps, with an assumption of 50% pay-out and scrip dividend at 100% for the majority shareholder - Impact of external scrip dividend on 2014 result: +8bps Large market impact due to rise in interest rates - Fall in AFS unrealised gains: -25 bps, of which -15 bps on the insurance portfolio - Offsetting of the fall in AFS unrealised gains by CAA and the Regional Banks results and the triggering of the Switch ( 80m in NIGS) - Stock of AFS unrealised gains in the CET1 ratio at 30 June 2015: c. 95 bps Control of risk weighted assets in Q Organic decrease of business line RWAs: - 1.2bn Phased-in total ratio: 19.2% at 30/06/15, after the call of 2.3bn of Tier 1 and Tier 2 issues in Q % Solvency ratios (Basel 3) 18.6% 19.6% 19.2% 12.7% 13.7% 13.2% 9.9% 10.4% 10.2% 11.8% 11.6% 14.9% 16.1% 16.5% June 14 Dec 14 June 15 June 14 Dec 14 June 15 June 14 Dec 14 June 15 Phased-in Tier 1 Phased-in total ratio Fully-loaded CET 1 o/w Fully-loaded Tier 1 o/w Fully-loaded total ratio Evolution Change in du fully-loaded ratio* CET 1 CET1 non phasé ratio March déc.14 to à June mars bps +3bps +8bps (7bps) (25bps) (3bps) 10.2% 10.2% Leverage ratio of Crédit Agricole S.A. under the Delegated Act adopted by the European Commission: 4.3%* March 15 Q2 Conglomerate ratio: 236% attributable result * Subject to ECB authorisation, with an impact of +100 bps related to the non-weighting of intragroup operations Triggering of the Switch 26 SECOND QUARTER AND FIRST HALF 2015 RESULTS Pay out assumption External 2014 scrip dividend Net AFS unrealised gains Organic change and other June 15 49

50 SOLVENCY AND LIQUIDITY Crédit Agricole Group: solvency ratios Fully-loaded CET1 ratio: 13.2% at 30/06/15, +20 bps in Q2-15 Significant and recurring capacity to generate capital - Q2 attributable retained result: +22 bps - Impact of external scrip dividend on 2014 result and mutual shares issuance: +6 bps Large short-term impact of interest rate rise - Fall in AFS unrealised gains: -15 bps, of which -8 bps on the insurance portfolio - Stock of AFS unrealised gains in the CET1 ratio at 30 June 15: c. 65 bps Control of risk weighted assets in Q2-15 Solvency ratios* - Basel % 18.5% 17.3% 13.1% 13.2% 14.8% 14.8% 13.8% 12.3% 12.9% 13.9% 14.0% 15.4% 16.7% 17.2% June 14 Dec 14 June 15 June 14 Dec 14 June 15 June 14 Dec 14 June 15 Phased-in Tier 1 Phased-in total ratio Fully-loaded CET 1 o/w Fully-loaded Tier 1 o/w Fully-loaded total ratio Phased-in total ratio: 18.5% at 30/06/2015, after the call in Q2-15 of 2.3bn of Tier 1 and Tier 2 issues Change in fully-loaded CET 1* March to June bps +6bps +4bps (15bps) Leverage ratio of Crédit Agricole Group under the Delegated Act adopted by the European Commission: 5.4%* 13.0% 13.2% Conglomerate ratio: 183% ** Subject to ECB authorisation March 15 Q2 attributable retained earnings 27 SECOND QUARTER AND FIRST HALF 2015 RESULTS External 2014 scrip dividend and mutual shares issuance Net AFS unrealised gains Organic changes and other June 15 SOLVENCY AND LIQUIDITY Crédit Agricole Group: TLAC & MREL ratios TLAC TLAC estimated at 19.1% at end-june 2015 excluding eligible senior debt MREL MREL estimated at 7.8% at end-june 2015 excluding eligible senior debt Confirmed commitment: MREL ratio equal or higher than 8% at end-2016 According to the current draft text, the potential TLAC requirement would be the higher of 2 x the leverage ratio and 19.5% to 23.5% of RWAs The MREL ratio of 8% excluding senior unsecured debt would allow for recourse to the Single Resolution Fund, which would protect senior debt holders MREL eligible senior debt is subject to the appreciation of the Single Resolution Board The achievement of targets is based on organic growth of own funds and complementary issuance of Tier 2, partially substituting for senior unsecured debt issues Overall, the steering of these two new requirements aims at protecting senior creditors * Countercyclical buffer set at 0% ** Calculation based on Crédit Agricole S.A. s current understanding of draft regulatory texts 28 SECOND QUARTER AND FIRST HALF 2015 RESULTS 50

51 SOLVENCY AND LIQUIDITY Crédit Agricole Group: liquidity Stable surplus of long-term funding sources: 103bn in Q2-157,1% au T Ratio of stable liabilities to LT assets of 112.5% In bn ASSETS LIABILITIES 1,042 1,041 1,041 1,042 Central Bank deposits (o/w cash & mandatory reserves) Interbank assets Reverse repos & other ST Securities portfolios Customer-related trading assets Surplus: ST market funds bn Repos & other ST LT market funds 45 Customer assets Customer-related funds Tangible & intangible assets 49 Q Q2-15 Q Q1-15 Capital & similar items LT market funds include T-LTRO drawings at Q1 and Q SECOND QUARTER AND FIRST HALF 2015 RESULTS SOLVENCY AND LIQUIDITY Crédit Agricole Group: diversified market funding Crédit Agricole Group 13.0bn of senior debt* issued in the market and through the branch networks by the main Crédit Agricole Group issuers at 30 June 2015, providing access to very diversified investor bases in terms of instruments used and targeted geographic regions ST funding sources also diversified at 30 June 2015 By currency: EUR: 34%, USD: 52%, GBP: 7%, JPY: 4%, other: 3% Share of gross ST debt from the USA: 34% Crédit Agricole S.A MLT market funding programme (senior + subordinated) of 10bn, 80% completed at 30 June 2015 Senior debt: 4.3bn eq. (EUR, USD, JPY, CHF) Tier 2: 3.7bn eq. (EUR, USD, JPY) Active management of subordinated debt Crédit Agricole S.A. In addition to Tier 2 issued in the market, 1.1bn of Tier 2 issued through the branch network of the Crédit Agricole Regional Banks at 30 June 2015 Calls amounting to 2.3bn in Q2-15 (CA Preferred Funding Trust I and III, and Tier 2 branch network calls) Crédit Agricole Assurances 1bn of Tier 2 (grandfathered in Tier 1) at 30 June * Excluding drawings on T-LTRO, which are however classified under LT market sources 30 SECOND QUARTER AND FIRST HALF 2015 RESULTS 2015 MLT senior + sub. - Crédit Agricole Group Breakdown by main group issuers: 18.8bn at 30/06/2015 CA-CF 14% CA-CIB 19% 2015 MLT senior + sub. market issues - Crédit Agricole S.A. Breakdown by segment: 8bn at 30/06/2015 Senior: 4.3 years; average term: 6.2 years; spread vs. mid-swap: 53.2 bps Subordinated issues 46% Covered public issues 2% EFL 2% Cariparma network 6% Crédit Agricole S.A Assurances 5% Crédit Agricole S.A. market 42% Placements privés 0% Crédit Agricole S.A. network 12% Senior public issues 52% 51

52 SOLVENCY AND LIQUIDITY Crédit Agricole Group: liquidity reserves Liquidity reserves at end-june 2015 ( bn) Reverse repos & other ST Assets eligible to Central Banks after ECB haircut (immediate access) Self-securitisations eligible to Central Banks Other non HQLA securities* Securities portfolio 139 Valuation gains & haircuts 142 HQLA (High Quality Liquid Assets) securities* portfolio ST debt net of Central Bank deposits Central Bank deposits 34 o/w cash ( 3bn) o/w mandatory reserves ( 6bn) 25 9 Cash balance sheet assets 25 Central Bank deposits (excl. cash & mandatory reserves) Liquidity reserves 25 ST debt Central Bank deposits (excl. cash & mandatory reserves) HQLA securities represent 156% of ST debt not deposited with Central Banks Liquidity Coverage Ratio (LCR) at 30/06/15 above 110% at both Crédit Agricole Group and Crédit Agricole S.A., exceeding the initial target of 100% * Available liquid market securities after haircut 31 SECOND QUARTER AND FIRST HALF 2015 RESULTS CONCLUSION A good set of results confirming the relevance of the Medium Term plan strategic orientations 1 Excellent performance of the Group NIGS of Crédit Agricole Group: 1,500m in Q2-15 and 1,647m excluding specific items 2 Solid results for Crédit Agricole S.A. in a still challenging economic context Crédit Agricole S.A. s business lines, excluding specific items: Revenues: +5.7% YoY in Q2-15 NIGS: +6.2% YoY in Q Strength of financial structure confirmed despite the impacts of the rise in interest rates Fully-loaded CET1 ratios of 13.2% for Crédit Agricole Group and of 10.2% for Crédit Agricole S.A. 32 SECOND QUARTER AND FIRST HALF 2015 RESULTS 52

53 CONTENTS Strong business performance for Crédit Agricole Group Solid results for Crédit Agricole S.A. in a still challenging economic context Strength of the financial structure confirmed despite the impacts of the rise in interest rates p. 5 p. 11 p Appendices p SECOND QUARTER AND FIRST HALF 2015 RESULTS CONTENTS OF APPENDIX Crédit Agricole S.A. consolidated results Consolidated income statement by business line quarter Specific items quarter Corporate centre results Breakdown of share capital and data per share Additional information on business lines of Crédit Agricole S.A. Regional Banks: Customer assets and loans outstanding Regional Banks: Income statement data Regional Banks: Profit and loss account at 100% LCL: Customer assets and loans outstanding LCL: Revenues LCL: BFCAG data IRB: Activity indicators and revenues IRB: Activity indicators & Income statement data (excl. Cariparma) Savings management and Insurance: Activity indicators Change in AUM Savings management and Insurance: Activity indicators Savings/Retirement Specialised financial services: Activity indicators CIB: Analysis of Q2-15 results CIB: Analysis of H1-15 results CIB: Rankings CIB: Significant deals CIB: Sensitive exposures according to FSB recommendations Trends in risk Cost of risk by business line Change in credit risk outstanding Breakdown of risks by geographic region & by business sector Market risk exposure Sovereign risk exposure of the banking group CA Group Sovereign risk exposure - Insurance Full Basel 3 risk weighted assets by business line Allocated capital by business line Financial structure Crédit Agricole Group: regulatory capital Crédit Agricole S.A.: regulatory capital Reminder on Switch guarantees Crédit Agricole Group liquidity: construction of the cash balance sheet Consolidated balance sheet Equity and Subordinated debt Consolidated balance sheet: Crédit Agricole S.A. Consolidated balance sheet: Crédit Agricole Group SECOND QUARTER AND FIRST HALF 2015 RESULTS 53

54 CRÉDIT AGRICOLE S.A. CONSOLIDATED RESULTS Consolidated income statement by business line of Q2-15 m French retail banking - Regional Banks French retail banking - LCL International retail banking Savings Specialised management and financial services Insurance Corporate and investment banking Corporate centre Group Q2-14 Q2-15 Q2-14 Q2-15 Q2-14 Q2-15 Q2-14 Q2-15 Q2-14 Q2-15 Q2-14 Q2-15 Q2-14 Q2-15 Q2-14 Q2-15 Revenues ,282 1, ,289 (573) (405) 3,918 4,628 Operating expenses - - (629) (638) (356) (365) (622) (682) (320) (320) (535) (575) (217) (206) (2,679) (2,786) Gross operating income (790) (611) 1,239 1,842 Cost of risk - - (55) (16) (142) (149) (40) (14) (261) (183) (49) (384) (534) (601) Share of net income of equityaccounted entities (707) (45) (2) - (379) 238 Net income on other assets (1) (1) - - (6) 3 3 Change in value of goodwill Income before tax (539) (779) (472) 329 1,482 Tax - - (91) (107) (49) (57) (205) (266) (26) (55) (107) (201) (156) (429) Net income from discontinued or held-for-sale operations (1) - 1 (15) - 8 (1) (1) Net income (574) (457) (215) 180 1,052 Non-controlling interests Net income Group share (598) (480) (237) Normative capital allocated (before Switch), bn* Normative capital end of period before Switch allocated on the basis of 9% full Basel 3 RWAs 80% of solvency margin for Insurance companies 35 SECOND QUARTER AND FIRST HALF 2015 RESULTS CRÉDIT AGRICOLE S.A. CONSOLIDATED RESULTS Specific items of Q2 and H1 m m Q2-14 H1-14 Impact en Impact en Impact revenues/ equityacc. entities acc. revenues/ equity- on NIGS entities Q2-15 H1-15 Impact on Impact on revenues/expenses/ Impact revenues/expenses/ cost of risk/equityacc. on NIGS cost of risk/equity- entities acc. entities Impact on NIGS DVA running (CIB) - revenues (24) (15) (38) (24) Loan hedges (CIB) - revenues (14) (9) FVA Day one - revenues (153) (98) (153) (98) Issuer spreads (Corporate centre) - revenues (239) (155) (286) (186) Impact of BES (IRB) - equity-accounted entities - (708) - (708) Revaluation of Bank of Italy shares (IRB) Impact on NIGS DVA running (CIB) - revenues Loan hedges (CIB) - revenues Issuer spreads (Corporate centre) - revenues Additional provisions for litigation (CIB) - cost of risk (350) (342) (350) (342) Switch (Regional banks) - equity-accounted entities (27) (27) (27) (27) Switch (Corporate centre) - cost of risk Single Resolution Fund (SRF) expenses + equityaccounted entities - - (182) (182) Total impact of these specific items (NIGS) (62) (259) 36 SECOND QUARTER AND FIRST HALF 2015 RESULTS 54

55 CORPORATE CENTRE Income statement Revenues: - 405m in Q2-15 vs m in Q2-14 Issuer spreads: + 229m vs m in Q2-14 Cost of capital and liquidity management: - 628m in Q Cost of debt related to equity investments and debt down 11.3% YoY in Q2 according to applicable analytical rules ** - Cost of Switch: - 186m - Note: Q2-14 included a significant favourable impact from the unwinding of ALM positions Expenses: down 4.8% YoY in Q2 and down 3.0% YoY in H1 excluding SRF and impact of new taxes payable *** Cost of risk No regulatory expenses in 2015 (AQR, stress tests) Exit of six months of expenses related to BFCAG in Q2-15 (for 19m) Triggering of Switch guarantees in Q2-15: + 173m Equity affiliates Volatility due to inclusion of Eurazeo results (+ 1m in Q2-15 vs. + 23m in Q2-14) NIGS: - 385m in Q2-15 and - 888m in H1-15 excluding issuer spreads - 825m in H1-15 excluding issuer spreads, SRF and new taxes payable*** Exit of Banque Française Commerciale Antilles Guyane from Corporate centre scope in Q2-15, transferred to LCL (details slide 45) m Q2-15 Q2/Q2 H1-15 H1/H1 Revenues (405) (29.3%) (914) (19.5%) o/w capital and liquidity management* (628) +33.6% (1,204) +10.9% o/w net costs allocated to equity stakes funding and to debt (345) ** (11.3%) (673) ** (15.2%) o/w Switch (186) - (372) - o/w issuer spreads 229 nm 199 nm o/w other (6) nm 91 (61.4%) Operating expenses excl. SRF and new taxes*** (206) (4.8%) (417) (3.0%) SRF and new taxes*** - - (72) - Gross operating income (611) (22.6%) (1,403) (10.4%) Cost of risk 145 x % Operating income (466) (40.1%) (1,244) (15.5%) Share of net income of equity-accounted entities - nm (1) nm Net income on other assets (6) x12.8 (6) nm Pre-tax income (472) (39.3%) (1,251) (12.7%) Tax 257 (20.3%) 541 (7.4%) Net income Group share (237) (50.5%) (759) (16.2%) Net income Group share excl. issuer spreads (385) +18.7% (888) +23.3% Net income Group share excl. issuer spreads excl. SRF and new taxes*** (825) +14.6% * Costof capital, rate, liquidity and debt as Central Body and treasurer ** 2014 adjusted for the review of the allocation of funding costs by type of funding (liquidity, capital, debt, etc.) *** In Q1-15, SRF ( 46m), new taxes ECBand SRB ( 4m) and newly due C3S ( 22m) 37 SECOND QUARTER AND FIRST HALF 2015 RESULTS CRÉDIT AGRICOLE S.A. CONSOLIDATED RESULTS Breakdown of share capital and data per share (1/2) Breakdown of share capital June 14 December 14 restated June 15 SAS Rue La Boétie 1,454,590,012 1,454,590,012 1,496,459,967 Treasury shares* 6,147,747 4,855,393 2,662,269 Employees (company investment fund, ESOP) 108,456, ,035,134 98,575,082 Float 1,007,171,987 1,012,885,235 1,041,046,559 Total shares in issue (period end) 2,576,365,774 2,576,365,774 2,638,783,877 Data per share Average number of shares (used to compute earnings per share) June 14 December 14 June 15 restated restated 2,508,475,228 2,540,105,087 2,583,167,887 Net income Group share ( m) 841 2,344 1,704 Interest, before tax, payable to holders of AT1, including issuance costs ( m) (83) (221) (161) Net income Group share due to ordinary shareholders ( m) 758 2,123 1,543 Net income per share Dividend per share * Shares held directly on the balance sheet of Crédit Agricole S.A. under the buyback programme to cover commitments to employees and under the liquidity contract 38 SECOND QUARTER AND FIRST HALF 2015 RESULTS 55

56 CRÉDIT AGRICOLE S.A. CONSOLIDATED RESULTS Data per share (2/2) Net asset value per share December 2014 Restated June 2015 June 15/ Dec. 14 Number of shares (end period) 2,576,365,774 2,638,783,877 Shareholders equity Group share ( m) 50,107 51,642 - AT1 ( m) 3,861 3,831 Net asset value due to ordinary shareholders ( m) 46,246 47,811 - Goodwill & Intangibles (14,878) (15,127) Net tangible asset value due to ordinary shareholders ( m) 31,368 32,684 Net asset value per share % Net tangible asset value per share % 39 SECOND QUARTER AND FIRST HALF 2015 RESULTS FRENCH RETAIL BANKING - REGIONAL BANKS Customer and loans outstanding Customer assets* ( bn) June 13 Sept. 13 Dec. 13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 June/June June/March Securities (6.2%) (8.1%) Mutual funds and REITs (5.3%) (1.2%) Life insurance % +0.2% Off-balance sheet assets % (1.5%) Demand deposits % +5.5% Home purchase savings schemes % +1.1% Passbook accounts % (0.1%) Time deposits (7.4%) (2.7%) On-balance sheet assets % +1.2% TOTAL % +0.0% Passbooks, o/w ( bn) June 13 Sept. 13 Dec. 13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 June/June June/March Livret A (0.9%) +0.4% LEP (0.4%) (0.8%) LDD (1.6%) (0.4%) Mutual shareholders passbook account % +4.2% * including customer financial instruments Loans outstanding ( bn) June 13 Sept. 13 Dec. 13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 June/June June/March Home loans % +1.1% Consumer credit % +2.2% SMEs and small businesses % +0.4% Farming loans % +2.6% Local authorities (11.1%) (0.6%) TOTAL % +1.0% 40 SECOND QUARTER AND FIRST HALF 2015 RESULTS 56

57 FRENCH RETAIL BANKING - REGIONAL BANKS Income statement data Regional Banks contribution to Crédit Agricole S.A. results ( m) Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q2/Q2* Net income accounted for under equity method % Change in Regional Banks' net income (4) % Share of net income of equity-accounted entities % * Excluding the triggering of the Switch guarantees Customer fee and commission income per quarter ( m) Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q2/Q2 Services and other banking transactions** % Securities % Insurance % Account management and payment instruments % TOTAL** 1,328 1,293 1,395 1,385 1,272 1,249 1,366 1,499 1, % ** 2014 and 2015 data are restated for the reclassification from net interest margin to fee and commission income of gains and losses on foreign currency purchases and sales (around 25 million euros a year) 41 SECOND QUARTER AND FIRST HALF 2015 RESULTS CRÉDIT AGRICOLE GROUP Contribution of Regional Banks (100%) to Group net income (French retail banking*) m Q2-15 Q2/Q2 H1-15 H1/H1 Revenues 3, % 7,246 (1.0%) Operating expenses (1,985) +1.1% (4,129) +1.5% Gross operating income 1,625 (0.6%) 3,117 (4.1%) Cost of risk (364) +80.8% (564) +9.3% Share of net income of equity-accounted entities Net income on other assets - nm (2) - Change in value of goodwill - nm - - Pre-tax income 1,261 (12.0%) 2,551 (6.6%) Tax (450) (12.1%) (950) (2.9%) Net income 811 (12.0%) 1,601 (8.8%) Net income Group share 811 (12.0%) 1,601 (8.7%) * 38 Regional Banks at 100% with their Local Banks and subsidiaries in France 42 SECOND QUARTER AND FIRST HALF 2015 RESULTS 57

58 FRENCH RETAIL BANKING - LCL Customer assets and loans outstanding Customer assets ( bn) Jun-13 Sept. 13 Dec. 13 Mar 14 Jun-14 Sept. 14 Dec. 14 Mar-15 June 15* June/June* June/Dec* Securities % +5.2% Mutual funds and REITs (0.9%) +0.5% Life insurance % +2.9% Off-balance sheet assets % +2.7% Demand deposits % +6.8% Home purchase savings schemes % +5.9% Bonds % +12.0% Passbooks** % +4.3% Time deposits (13.3%) (12.0%) On-balance sheet assets % +2.9% TOTAL % +2.8% * Passbooks, o/w Jun-13 Sept. 13 Dec. 13 Mar-14 Jun-14 Sept. 14 Dec. 14 Mar-15 June 15* June/June* June/Dec* Livret A % +3.9% LEP % +0.8% LDD % +2.6% Loans outstanding ( bn) Jun-13 Sept. 13 Dec. 13 Mar-14 Jun-14 Sept. 14 Dec. 14 Mar-15 June 15* June/June* June/Dec* SMEs and small business % +1.9% Consumer credit % +0.1% Home loans % +3.8% TOTAL % 3.0% * Including BFCAG outstandings as from Q2-15 (see details slide 45) ** Including liquid company savings 43 SECOND QUARTER AND FIRST HALF 2015 RESULTS FRENCH RETAIL BANKING - LCL Revenues m Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15* Q2/Q2* H1*/H1* Interest margin % (4.2%) Fee and commission Income % +3.0% - Securities % * +5.3% - Insurance % +5.3% - Account management and payment instruments % +0.8% TOTAL % (1.4%) * Including BFCAG as from Q2-15; consolidation of the first 2 quarters of BFCAG results in the Q2-15 accounts of LCL 44 SECOND QUARTER AND FIRST HALF 2015 RESULTS 58

59 FRENCH RETAIL BANKING - LCL Banque Française Commerciale Antilles Guyane Financial data Outstandings consolidated in Q2-15 Customer assets ( bn)* June 15 Loans outstanding ( bn) June 15 Securities 0.01 SMEs and small businesses 0.32 Mutual funds and REITs 0.03 Consumer credit 0.05 Life insurance 0.09 Home loans 0.38 Off-balance sheet assets 0.13 TOTAL 0.75 Demand deposits 0.49 * Home purchase savings schemes 0.02 Bonds - Passbooks 0.13 Time deposits 0.01 On-balance sheet assets 0.65 TOTAL 0.78 P&L items 2014 and 2015 NB: First 2 quarters of 2015 BFCAG results 2015 consolidated in LCL in Q2-15 ( m) Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Revenues Interest margin Fee and commission income Account management and payment instruments - Securities Insurance Operating expenses (9.9) (8.6) (9.3) (9.9) (9.7) (9.2) Cost of risk (1.4) - (1.7) (5.2) Net income Group share (1.5) 0.7 (1.9) (4.8) (4.4) SECOND QUARTER AND FIRST HALF 2015 RESULTS INTERNATIONAL RETAIL BANKING Activity indicators and revenues of Cariparma Cariparma ( m) June 13 Sept. 13 Dec. 13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 June/June o/w retail customer loans* 14,106 14,198 14,404 14,482 14,689 14,817 15,027 15,054 15, % o/w SMEs and small businesses* 14,599 14,561 14,510 14,426 14,363 15,955** 15,819 15,852 16, % o/w Corporates* 4,130 4,072 3,978 4,092 4,052 2,374** 2,279 2,288 2,368 (41.5%) Total loans outstanding 33,044 33,013 33,058 33,166 33,269 33,288 33,328 33,323 34, % On-balance sheet customer assets 36,110 34,715 36,196 35,951 35,652 35,274 35,868 35,376 35,439 (0.6%) Off-balance sheet customer assets 50,188 51,382 50,884 52,162 54,149 56,171 56,917 60,511 59, % Risk weighted assets ( bn) *** % * Including sofferenze ** Transfer in Q3-14 of ~ 1.7bn of Corporate loans tow ards SMEs and small businesses pursuant to the raising of the annual turnover threshold to 250m *** Decrease linked to adoption of internal ratings-based approach for Cariparma and Friuladria's retail customer portfolios Breakdown of total loans outstanding for Cariparma at end - June 15 0% Retail customer 7% loans 46% SMEs and small businesses 47% Corporates Others 46 SECOND QUARTER AND FIRST HALF 2015 RESULTS 59

60 INTERNATIONAL RETAIL BANKING Activity indicators and revenues of other entities Other IRB entities ( m) June 13 Sept. 13 Dec. 13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 June/June o/w retail customer loans* 4,890 5,039 5,048 5,051 5,028 5,205 5,146 5,383 5, % o/w SMEs and small businesses* 1,320 1,314 1,276 1,093 1,075 1,109 1,140 1,249 1, % o/w Corporates* 3,936 3,933 3,858 3,847 3,717 3,767 3,702 3,772 3, % Total loans outstanding 10,147 10,287 10,182 9,991 9,822 10,082 9,988 10,405 10, % On-balance sheet customer assets 10,305 10,629 10,900 10,727 10,457 10,703 11,181 11,629 11, % Off-balance sheet customer assets 1,551 1,656 1,555 1,398 1,225 1,168 1,180 1,574 1, % Risk weighted assets ( bn) % * 2013 and 2014 restated to reflect the change in the customer segments definition for Crédit du Maroc in line w ith the business reorganisation Revenues ( m) Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q2/Q2 Cariparma % Other IRB entities* (2.9%) Revenues % * 2013 figures restated for reclassification under IFRS5 of Crelan IRB entities - Q2-15 revenues by region 16% Cariparma 19% 65% Europe (excl. Cariparma) Africa and Middle East 47 SECOND QUARTER AND FIRST HALF 2015 RESULTS SAVINGS MANAGEMENT AND INSURANCE Activity indicators Change in assets under management Total assets under management bn March 13 June 13 Sept. 13 Dec. 13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 June / June June / Dec Asset management Amundi* % +8.7% Savings/retirement % +2.7% Private Banking % +6.9% Assets under management - Total* 1, , , , , , , , , , % +7.3% AuM excl. double counting* , , , % +9.0% * Including Smith Breeden from 30/09/13 and Bawag Invest from 31/3/ and 2014 data pro forma, including advised and distributed assets Assets under management in Private banking bn March 13 June 13 Sept. 13 Dec. 13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 March / March LCL Private Banking % +3.3% June / Dec CA Private Banking % +8.3% France % +9.2% International % +8.0% Total % +6.9% 48 SECOND QUARTER AND FIRST HALF 2015 RESULTS 60

61 SAVINGS MANAGEMENT AND INSURANCE Activity indicators Savings/retirement Assets under management in savings/retirement bn March 13 June 13 Sept. 13 Dec. 13 March 14 June 14 Sept. 14 Dec. 14 March 15 June 15 June/June Unit-linked % +7.3% In Euros % +1.6% Total % +2.7% Share of unit-linked 18.4% 17.8% 18.2% 18.4% 18.5% 18.8% 18.9% 18.7% 19.7% 19.5% +0.7pp +0.8 pp June / March Breakdown of investments (excl. unit-linked contracts) 1.7% 5.6% 1.5% 5.4% 1.4% 5.9% 5.9% 6.1% 6.9% Alternative investments Real estate (buildings, shares, shares in SCIs) Other shares net of hedging 82.8% 82.9% 83.0% Interest rate products (bonds, etc) Short term investments Other (private equity, convertible bonds, etc) 2.4% 1.6% 1.6% 2.5% 1.9% 0.9% Market Value June 14 Market Value Dec.14 Market Value June SECOND QUARTER AND FIRST HALF 2015 RESULTS SPECIALISED FINANCIAL SERVICES Activity indicators CACF ( bn) m June 13 Sept. 13 Dec. 13 March 14 June 14* Sept. 14 Dec. 14** March 15 June 15 June/ June *** June/March Consolidated loan book (1.7%) (0.2%) Car finance partnership % +3.3% Crédit Agricole Group % +4.3% Other % (0.6%) Total % +1.6% Of which Agos (6.7%) +0.2% * Effective removal in Q2-14 of outstanding of Nordic entities sold ( 0.4bn) ** Disposal of 872m of doubtful loans by Agos (consolidated loan book) *** Excluding the disposal of 872m of doubtful loans by Agos (consolidated loan book). Including these disposals, the decrease would be 4.2% year-on-year on consolidated loan book. CAL&F ( bn) m June 13 Sept. 13 Dec. 13 March 14 June 14 Sept. 14 Dec. 14* March 15 June 15 June/ June ** June/March Leasing portfolio (3.8%) (0.6%) o/w France (5.7%) (0.8%) Factored turnover % +7.4% o/w France % +7.9% * Effective removal in October 2014 of outstanding of CAL Hellas sold ( 0.4bn) ** Excluding the effective removal in October 2014 of outstanding of CAL Hellas sold ( 0.4bn) 50 SECOND QUARTER AND FIRST HALF 2015 RESULTS 61

62 CORPORATE AND INVESTMENT BANKING Analysis of Q2-15 results m Q2-15 reported Impact of loan hedges Impact of DVA running Additional provision for litigation Q2-15 restated o/w Financing activities o/w Capital markets and investment banking Revenues 1, , Operating expenses (575) (575) (221) (354) Gross operating income Cost of risk (384) - - (350) (34) (1) (33) Operating income (350) Share of net income of equity-accounted entities (45) (45) (45) - Net income on other assets Tax (201) (9) (20) - (172) (101) (71) Net income on discontinued or held-for-sale operations (1) (1) - (1) Net income (350) Non-controlling interests 1 1 (8) Net income Group share (342) SECOND QUARTER AND FIRST HALF 2015 RESULTS CORPORATE AND INVESTMENT BANKING Analysis of H1-15 results m H1-15 Impact of loan hedges Impact of DVA running Additional provision for litigation H1-15 restated o/w Financing activities o/w Capital markets and investment banking Revenues 2, ,426 1,138 1,288 Operating expenses (1,286) (1,286) (487) (799) Gross operating income 1, , Cost of risk (465) - - (350) (115) (80) (35) Operating income (350) 1, Share of net income of equity-accounted enti Net income on other assets Tax (372) (8) (23) - (341) (183) (158) Net income on discontinued or held-for-sale operations (1) (1) - (1) Net income (350) Non-controlling interests 8-1 (8) Net income Group share (342) SECOND QUARTER AND FIRST HALF 2015 RESULTS 62

63 CORPORATE AND INVESTMENT BANKING Rankings CACIB holds strong commercial positions with recognised, award-winning franchises in its areas of expertise Capital markets and investment banking In bond issues: CACIB maintained its position as No. 1 in euro bond issues for agencies 1 CACIB remained in the Top 3 worldwide, ranking third for agencies, sovereign and supranational euro bond issues CACIB moved up to No. 5 worldwide in all euro bond issues 1 CACIB ranked No. 2 in the green bonds market with 15 transactions completed in Q Financing activities CACIB remained the world leader in aircraft finance 3 In the syndication business, CACIB remained No. 1 in France. It rose to No. 3 in Latin America and moved from No. 6 to No. 3 in corporate loan syndication in the EMEA region 1. CACIB is now the leader in bookrunning for leveraged financing in Western Europe 1 CACIB moved up from No. 10 to No. 3 arranger in project finance in the Americas region 1 Named Best Infrastructure House by Euromoney at its Awards for Excellence Source: Thomson Financial 2 Source: CACIB 3 Source: Air Finance Database 53 SECOND QUARTER AND FIRST HALF 2015 RESULTS CORPORATE AND INVESTMENT BANKING Significant deals Capital market and investment banking Financing activities 54 SECOND QUARTER AND FIRST HALF 2015 RESULTS 63