Cheuvreux conference. Jean-Paul Chifflet CEO. 19 September 2012

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1 Cheuvreux conference Jean-Paul Chifflet CEO 19 September 2012

2 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 impairment. Readers must take all these risk factors and uncertainties into consideration before making their own judgement. The figures in this document have been drawn up in accordance with IAS 34. Procedures for a limited review of the half year consolidated summarised accounts of Crédit Agricole S.A have been carried out. 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 its subsidiaries in its business lines (French retail banking, International retail banking, Specialised financial services, Asset management, Insurance and Private banking, and Corporate and investment banking). 2 September 2012 Cheuvreux Conference

3 Summary Active management for a new environment Strategy focused on retail-related business Risks well contained Cautious funding policy of subsidiaries Improvement in the Group s liquidity and solvency position Key priority: Emporiki 3 September 2012 Cheuvreux Conference

4 Active management for a new environment Adjustment plan ahead of schedule Implementation of the plan Retail banking: overall improvement in loan to deposit ratio Specialised financial services: reduction of liquidity needs and diversification of funding Corporate and investment banking: implementation of the new model, disposal of loan portfolios and sales of CDOs and RMBSs, transfer of the market risk of the correlation book Ahead of schedule Reducing funding needs: 76% of the plan achieved at end-june 2012 Reducing risk weighted assets: plan achieved at end-june Funding Solvency ( bn) Target between 30/06/11 and 31/12/12 Total reduction of funding needs realised at end-june 2012* Target between 30/06/11 and 31/12/12 Total reduction of RWAs realised at end-june 2012** Retail banking Specialised financial services ~ CIB ~ Total ~ * At current exchange rate ** At constant exchange rate 4 September 2012 Cheuvreux Conference

5 Strategy focused on retail-related business Analysis of Crédit Agricole S.A. H1-12 income Normalised* net income Group share by business line ( 2 ) 575 ( 839 ) French retail banking Savings management International retail excl. Greece SFS CIB Corporate centre Net income Group share ( m) ( ) ( 1 310) ( 240) ( 494) 363 H1-12 normalised* Hybrid securities and realised losses on disposals Revaluation of debt issues Cost of Greece (PSI + Emporiki contribution) Cost of the plan Depreciation of Intesa Sanpaolo and SACAM International shares H1-12 published * Before: hybrid securities buyback, realised losses on disposals, revaluation of debt issues, PSI, Emporiki, adjustment plan, impairment of Intesa Sanpaolo and SACAM International shares 5 September 2012 Cheuvreux Conference

6 Strategy focused on retail-related business Analysis of net income Last 18 months characterised by: Impact of Greece Accounting impairments Management of equity investments and non core activities: progress on Bankinter, BES, Intesa Sanpaolo, run-off activities in CIB, brokers Resilient results from the traditional business lines Normalised income includes Agos additional cost of risk: 364m in H1-12 Indirect impacts of the adjustment plan on revenues - SFS and CIB activity impacted by liquidity restrictions Cost savings impact from the adjustment plan not yet apparent (first impact expected in 2013 due to the length of social procedures) 6 September 2012 Cheuvreux Conference

7 Strategy focused on retail-related business Weight in Crédit Agricole Group and Crédit Agricole S.A. Business lines net income Group share (excl. Greece) H1-12 ( bn) Crédit Agricole S.A. Retail-related business: 81% X 1.6 Crédit Agricole Group Retail-related business: 87% 0,5 0,4 0,5 Regional Banks 0,0 0,0 LCL 0,9 0,2 0,4 IRB excl. Greece Savings Management SFS CIB 0,9 1,8 0,2 0,4 7 September 2012 Cheuvreux Conference

8 Strategy focused on retail-related business Historical contribution of the business lines Net income Group share excluding goodwill impairments ( m) Crédit Agricole S.A PSI Retail banking France + Italy Asset gathering SFS CIB Recurring contribution Contained development 8 September 2012 Cheuvreux Conference

9 Strategy focused on retail-related business A new model in CIB Reduction of the balance sheet Reduction in liquidity needs by 13bn at end- June (target 18bn at end-2012) Reduction in RWAs 30bn* Disposal of loans and portfolios Sales of CDOs and RMBS Transfer of the market risk of the correlation book * Basel 2.5 Aligning of the cost base to the reduction of the balance sheet Adjustment of number of positions Closing of operations in selected countries and decrease in activities Additional initiatives targeting back office functions Further cost reductions (procurement, reduced use of external service providers) Progressive implementation of the new model: Distribute to originate -> Adaptation of the model to generate revenues in a difficult environment Support targeted clients Adapt pricing to the new funding framework Increase weighting of commission and fee income in the revenue mix 9 September 2012 Cheuvreux Conference

10 Summary Active management for a new environment Strategy focused on retail-related business Risks well contained Cautious funding policy of subsidiaries Improvement in the Group s liquidity and solvency position Key priority: Emporiki 10 September 2012 Cheuvreux Conference

11 Risks well contained Crédit Agricole Group compares favourably with peers on asset quality bp BNPP GCA excl. Emporiki BAR ISP SG CA.SA excl. Emporiki HSBC UCI BBVA SAN H annualised H annualised Median H excl. CA.SA and GCA 11 September 2012 Cheuvreux Conference

12 Risks well contained Cost of risk: Greek toll Cost of risk on gross operating income Crédit Agricole S.A. 100% 80% 60% 40% 20% 79.4% 45.5% Excl. Emporiki and PSI Total 0% H1-12 Subprimes Financial crisis PSI 12 September 2012 Cheuvreux Conference

13 Risks well contained Solid asset quality in retail banking Impaired loans / gross loans and coverage ratios* Regional Banks LCL Cariparma 109.8% 108.8% 107.8% 76.1% 75.5% 77.4% 52.1% 44.1% 45.5% 44.5% 45.0% 2.4% 2.4% 2.4% 2.4% 2.5% 2.4% 3.2% 6.6% 6.8% 7.1% 13.1% 30 Jun Dec Jun Jun Dec Jun 12 French financial ** Source: Bank of France, non financial clients, end March 2012 institutions ** 30-Jun Dec Jun-12 Peers** ** Sofferenze + incagli + autres crediti deteriorate for national and multi-regional networks Impaired loans / total loans 100% Coverage ratio (without taking collateral into account) * Retail banking subsidiaries with loans outstanding > 10bn (for Emporiki see specific section) France: stability in a context of no growth Italy: favorable comparison with Italian competitors in a context of economic recession 13 September 2012 Cheuvreux Conference

14 Risks well contained Good coverage in subsidiaries under adjustment plan Impaired loans / gross loans and coverage ratios* CACIB CACF France Agos 107.3% 97.4% 74.5% 70.4% 71.9% 89.7% 1.8% 1.8% 9.8% 8.0% 12.1% 13.8% 31-Dec Jun Dec Jun Dec Jun-12 Impaired loans / total loans 100% Coverage ratio (without taking collateral into account) * Subsidiaries outside retail businesses with loans outstanding > 10bn CACIB: low level of impaired loans Consumer finance: France favourably impacted by sale of NPL portfolios in H1-12 Cautious policy in Italy due to difficult environment 14 September 2012 Cheuvreux Conference

15 Summary Active management for a new environment Strategy focused on retail-related business Risks well contained Cautious funding policy of subsidiaries Improvement in the Group s liquidity and solvency position Key priority: Emporiki 15 September 2012 Cheuvreux Conference

16 Funding policy of the subsidiaries Principles French retail banking Improvement of the loan to deposit ratio (LDR) by 5 points to 125% at end-june 2012 year-on-year, for the Regional Banks and LCL French retail banking analysis of LDR ( bn) 125% 96bn 76 Represents 37% of life insurance assets in the Regional Banks and LCL (bearing tax incentives) Loan to deposit ratio not representative of the capacity of the Group to attract stable clients resources 100% 20 Centralised at CDC 30 June 2012 Breakdown of total customer assets ( bn) Regulated passbook accounts at 31/07/2012 ( bn) Securities, mutual funds and REITS Life insurance LDD Livret A On-balance sheet /12/ /06/2012 Includes the Regional Banks at 100% and LCL Livret A + LDD Centralisation at CDC Outstandings net of centralisation Includes the Regional Banks at 100% and LCL 16 September 2012 Cheuvreux Conference

17 Funding policy of the subsidiaries Principles International retail banking: target of self-funding Cariparma: 1.2bn excess deposits over credit at 30 June 2012 International retail subsidiaries excluding Cariparma and Emporiki: 0.3bn excess deposits over credit at 30 June 2012 SFS: diversified means of funding Long-term and short-term issues Securitisation Excess deposits of the retail networks abroad Local deposits in countries where the Group has no retail network (just launched) Residual funding by central treasury 17 September 2012 Cheuvreux Conference

18 Summary Active management for a new environment Strategy focused on retail-related business Risks well contained Cautious funding policy of subsidiaries Improvement in the Group s liquidity and solvency position Key priority: Emporiki 18 September 2012 Cheuvreux Conference

19 Improvement of liquidity Complete change in short-term debt management Change in short-term debt and liquidity reserves ( bn) June June 2012 Short term debt (net)* Central Banks deposits Liquidity reserves** Available liquidity reserves at 30 June 2012 largely exceed net short-term debt * Outstanding debt within 370 days raised by the Group s main treasury departments from market counterparties. Net of overnight deposits with Central banks. ** Central banks available assets and assets that can be turned into cash in the market after discount, excluding deposits with Central banks 19 September 2012 Cheuvreux Conference

20 Improvement in solvency Basel 3 fully loaded has to be considered at Group level Crédit Agricole group: the relevant scope for solvency and liquidity Regional Banks Majority shareholder of Crédit Agricole S.A. Compliant by nature with Basel 3 (retail banks) The Regional Banks guarantee all of the obligations of Crédit Agricole S.A. to third parties and guarantee each other. The potential liability amount to of 50.3bn at end-2011 Crédit Agricole S.A. is required by the French Monetary and Financial Code to take all necessary measures to ensure that all of its affiliated members, inter alia the Regional Banks and CACIB, maintain satisfactory liquidity and solvency Crédit Agricole S.A. Central body of Crédit Agricole Group network Internal solidarity mechanism and flexibility already demonstrated - Switch mechanism at end-december 2011 and transfer of 53bn of RWAs Crédit Agricole Group: a cash accumulator with a high level of natural retention rate - Regional Banks have accepted scrip dividend in the past and for next coming years Regulators and rating agencies consider the Group for solvency and liquidity issues 20 September 2012 Cheuvreux Conference

21 Improvement in solvency Basel 3 fully loaded has to be considered at Group level At Crédit Agricole Group level Core Tier 1 ratio: 11.3% at 30 June 2012 (Basel 2.5), +110bp vs 31/12/2011 Commitment to meet fully loaded Basel 3 ratios Estimated Basel 3 CET1 expected to - exceed 9% (fully loaded) early exceed 10% (fully loaded) at end-2013 At Crédit Agricole S.A. level Core Tier 1 ratio: 9.6% at 30 June 2012 (Basel 2.5), +100bp vs 31/12/2011 Insurance treatment: Danish compromise well engaged CASA to benefit from almost all impacts of adjustment plan - All risk weighted assets reductions relate to CASA Insurance treatment* (regulatory capital equivalent) ( bn) Basel 2.5 (Tier 2 impact): 11.3bn under financial conglomerate (transitory method) Basel 3 (CET1 impact) ( ) - With full deduction: impact equivalent to about 8bn - In the roadmap 2013 (using financial conglomerate): impact equivalent to about 5bn - With the Danish compromise: impact equivalent to about 3 bn Incl. insurance company s capital optimisation under Basel 3 and not taking into account the exemption-easing mechanism At 31/12/ September 2012 Cheuvreux Conference

22 Summary Active management for a new environment Strategy focused on retail-related business Risks well contained Cautious funding policy of subsidiaries Improvement in the Group s liquidity and solvency position Key priority: Emporiki 22 September 2012 Cheuvreux Conference

23 Key priority: Emporiki Emporiki evolution of Crédit Agricole S.A. s exposure Crédit Agricole S.A.'s net funding to Emporiki Bank was 4.6bn at 30 June 2012 Down to 2.3bn after the 2.3bn capital increase in July Access to ELA funding obtained in June Reduction of ECB refinancing Risk quality end-june NPL ratio: 36.8% 57.3% cover rate (o/w loans to corporates cover rate: 76,8%) Sale of the USD shipping portfolio in implementation phase Total portfolio of ~ $2.4bn, of which approximately $1bn could be transferred to Crédit Agricole S.A. Progress of this project was influenced by the discussions on the sale of Emporiki Legal work and customer contacts almost completed Most loan transfers under this project are expected to occur in the coming months Exposure of Crédit Agricole S.A. to Emporiki Bank ( bn) 0,8 9,9 0,7 7,8 1,3 0,6 0,4 5,5 4,6 4,6 Emporiki s market share on Greek deposits (%) 2,7 2,3 30/06/11 30/09/11 31/12/11 31/03/12 30/06/12 Pro forma 30/06* * After 2.3bn capital increase in July Capital Net refinancing 23 September 2012 Cheuvreux Conference

24 Key priority: Emporiki Emporiki terms of the equation Equity / Valuation 2.7bn proforma at 30 June 2012 Following the 2.3bn capital increase in July 2012 Funding 2.3bn proforma at 30 June 2012 Risk weighted assets 18bn Emporiki Bank + Cyprus subsidiary 24 September 2012 Cheuvreux Conference

25 Key priority: Emporiki Emporiki a complex process Weeks Months 08/08/ binding offers received Signing Start of exclusive negotiations Closing post regulatory approvals 27/08/2012 Acknowledgement by Crédit Agricole S.A. s board 25 September 2012 Cheuvreux Conference

26 Conclusion Basel 3 and the sovereign crisis change the perspective Crédit Agricole Group Project (Dec. 2010) and adjustment plan (Sept. 11) designed to adapt to the new context, with already tangible results This new model, functioning with less debt, has not harmed the core activities of the Group that are Retail banking and associated business lines 26 September 2012 Cheuvreux Conference

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