How To Be A Successful Bank

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1 Crédit Agricole 2016 Medium term Plan Crédit Agricole Group Morgan Stanley conference 25 March 2014 Bernard Delpit - CFO

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 depreciation. Readers must take all these risk factors and uncertainties into consideration before making their own judgement. The figures presented are not audited. The calculations are based on the rules contained in Directive 2013/36/EU of 26 June 2013 on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms and in Regulation (EU) No 575/2013 of 26 June 2013 on the prudential requirements for credit institutions and investment firms (CRD4), as interpreted by Crédit Agricole S.A. at 31 December 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 c.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 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

3 Contents I II Crédit Agricole today: A European leader in marching order to deliver a sustainable performance Crédit Agricole Group 2016: Grow and deliver strong, recurring earnings Innovate and transform our retail banking business to better serve our customers and strengthen our leadership in France Step up revenue synergies in the Group Achieve focused growth in Europe Invest in human resources, strengthen Group efficiency and mitigate risks III Financial targets 3 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

4 2013 results : strong business performance and results 2013 results Crédit Agricole Group: + 5,136m Net income Group share Strong business growth in French Retail banking, Savings management and Insurance Revenues slightly up: +0.4% Crédit Agricole S.A.: + 2,505m Expenses down 3.0% in relation to MUST programme Gross operating income up 9.4% 2013/2012 Cost of risk down 20.0%, primarily due to turnaround at Agos Ducato Improvement of the economic climate generates accounting pressure on results: issuer spreads, Day 1 CVA/DVA, DVA running and loan hedges (- 537m in net income Group share in 2013) Revenues Gross operating income Cost of risk Crédit Agricole S.A. results ( m)* 15,954 16,015 4,330 4, , % +9.4% -20.0% -2,961 * 2012 restated for reclassification of Newedge, CA Bulgaria and CACF Nordic entities under IFRS5; and including a change in the valuation of a limited number of complex derivatives 4 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

5 Crédit Agricole S.A. is emerging from several years of far-reaching strategic and financial restructuring Start of adjustment plan CACIB: geographical refocusing, discontinuation of equity and commodity derivatives market activities 1 and portfolio disposals CACF and CAL&F: organic decline in activity Reduction in proportion of short-term debt, which fell below the level of liquidity reserves in early 2012 Significant asset valuation adjustment CACIB: gradual implementation of the Distribute-to-Originate model Disposal of non-core assets Intesa Sanpaolo Reduction in exposure to Southern European sovereigns Significant asset valuation adjustment Launch of Crédit Agricole S.A. s MUST cost optimisation programme Implementation of staff reduction plans at CACIB and CACF Restructuring of Agos Disposal of non-core assets Emporiki CA Cheuvreux, CLSA & Newedge Bankinter, BES Vida, CAPE, partial sale of Eurazeo stake Preparation of the disposal of CA Bulgaria and CACF s Nordic entities Agreement to increase stake in Amundi Total assets ( bn) 1,723 1,537 Goodwill ( bn) Loan-to-deposit ratio for Retail Banking in France (LCL) 129% 109% Reduction in SFS and CIB funding needs since 06/11 ( bn) (52) Simpler business mix and improved risk profile More active liquidity and solvency management Revenues ( m) 20,783 16, Excluding Corporate Equity Derivatives and precious metals 5 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

6 Crédit Agricole 2016: A developing Customer-focused Universal Bank Today 2016 A Group in marching order A refocused business mix Efficient operational platforms Stabilised financial equilibrium 2 3 For each business line, a positioning consistent with the Group's model A Group reinforced on its core activities A strong, profitable Group 6 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

7 For each business line, a positioning consistent with the Group's model SAVINGS MANAGEMENT & INSURANCE RETAIL BANKING CORPORATE AND INVESTMENT BANKING Insurance A full and integrated leader in bancassurance The multi-channel retail bank close to its customers A European debt house serving large companies and the Group Asset management A global leader in asset management Private banking Dedicated expertise to high net worth customers Asset servicing A European leader in asset servicing Other international retail banks Full online bank Leading relationship and digital bank in urban areas The Group's backbone in its second domestic market, Italy Profitable growth drivers in emerging countries Major players in their markets, anchored in the Group SPECIALISED SERVICES Consumer finance Leasing and factoring Real estate Payments Telemonitoring 7 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

8 Contents I II Crédit Agricole today: A European leader in marching order to deliver a sustainable performance Crédit Agricole Group 2016: Grow and deliver strong, recurring earnings Innovate and transform our retail banking business to better serve our customers and strengthen our leadership in France Step up revenue synergies in the Group Achieve focused growth in Europe Invest in human resources, strengthen Group efficiency and mitigate risks III Financial targets 8 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

9 1 Innovate and transform our retail banking business to better serve our customers and strengthen our leadership in France Transformation tailored to each branch network to meet new customer expectations, in line with the specific features of our banks and customer groups c. 7,000 branches Homogenous geographical coverage c. 1,900 branches Strong presence in large towns and The multi-channel retail bank close to its customers Leading relationship and digital bank in urban areas Full online bank Our 2016 targets: Achieve revenues 1 of c. 19.5bn in French retail banking Increase our market shares in all customer segments by Group Crédit Agricole revenue estimations 9 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

10 1 Innovate and transform our retail banking business to better serve our customers and strengthen our leadership in France Crédit Agricole: the multi-channel retail bank close to its customers Strategic positioning and expectations of our customers Value proposition: The best of banking for everyone, everywhere Means deployed Targets The leading retail bank in France Extensive branch network covering the entire territory Full range of products and services Broad customer franchise representative of the French population Niche expertise for crossborder customers Customer expectations focusing on Human and geographical proximity Easy access to all Crédit Agricole services Need for expertise and advice A bank-customer relationship based on human contact and proximity Maintain a strong nationwide network A dedicated multi-channel customer advisor supported by experts throughout the network A full multi-channel, fully digital bank 100% of offers and transactions available through all remote channels A more convenient bank: extended hours, more expertise at local level Differentiation through service excellence: paperless, simpler processes, superior aftersales service, innovative payment solutions Cooperative values that strengthen the human relationship and loyalty towards the bank over time A multi-channel bank supported by the deployment of new resources A unified, powerful IT platform offering all the benefits of a multi-channel bank Innovation centres for the Regional Banks: CA Store, Fireca, CA Innov, «Le Village» Creation of Customer Relation Centres and a 24/7 hotline Strengthen expertise and skills among our employees in the network (specialist advisors, experts, etc.) Focus resources on business development: 80% of employees to be in direct contact with customers by 2016 Investments of 1.8bn over Increase our penetration rate in private individuals segment by +1 point Leadership in customer recommendation 2016 revenues 1 c. 15.5bn Cost/income ratio below 54% by Group Crédit Agricole revenue estimations 10 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

11 1 Innovate and transform our retail banking business to better serve our customers and strengthen our leadership in France LCL: leading relationship and digital bank in urban areas Strategic positioning and customer expectations Value proposition: "The whole of LCL à la carte" Personalisation, service continuity and choice Resources deployed Targets Strong presence in major urban areas (60% of LCL branches) Strong positions in specific customer segments Large corporates Small companies No. 2 in private banking in France Young working people and students Specific customer expectations High degree of responsiveness and digital access Easy access to specialised skills and expertise Continuity of service, no matter when or where, face to face or remote Customer advisor available 6 days a week until 10pm and customer query dealt with on first contact Full online LCL All transactions, products and aftersales service available online Flawless service at each stage of the customer experience A 5-year global transformation plan c. 300m of additional investments 1 over 3 years including c. 160m in IT and c. 140m in staff and branch network support Adapt distribution networks to provide better availability and more expertise Branch groupings supported by Customer Relationship Centres (after-sales, extended hours, expertise) Pools of advisors integrated in the new multi-channel scheme Dedicated experts for specialised customer groups Simplify all customer transactions and customer support structures Reinforce skills and expertise and shift towards a ratio of c. 78% of staff in contact with customers, supported by natural attrition 2016 revenues c. 4bn Cost/income ratio 2 < 64% in 2016 and c. 61% in ,000 additional individual customers by % of large corporates customers of LCL by year 400m investment programme in addition to recurring investment; 2. Cost/income ratio excluding charges linked to the exceptional investment programme 11 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

12 2 Step up revenue synergies across the Group Over 850m of additional Group synergies by 2016, main contributors being Savings management & Insurance Revenues 1 generated by Group synergies 7.2bn 8.0bn o/w Crédit Agricole S.A. 4.9bn 5.4bn 1. Group origination and distribution revenues, broken down by underlying product type Savings management & Insurance Promote a new approach to high net worth customers in life insurance and mutual funds in conjunction with the retail banks Develop cross-selling in wealth management Develop sales of death & disability and P&C products for all retail bank customers Offer a comprehensive Group insurance offer (death & disability, health, retirement) Specialised Services Increase consumer finance and leasing outstandings as well as factoring business carried out by the retail banks Develop the Group's third business line real estate by helping our customers to build, manage and monetise their property assets Promote telemonitoring and teleassistance Set up innovative payment solutions for all our customers Corporate & Investment Banking Support our intermediate-sized enterprises customers of the retail banks, particularly abroad Develop market based financing solutions for Group customers and Credit Agricole s own needs 12 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

13 2 Step up revenue synergies across the Group Bancassurance: a major contributor to developing intra-group synergies Life Insurance: AuM +10% by 2016 Health, death & disability and creditor insurance: Premium income +12% by 2016 Property & casualty insurance: Premium income +29% by 2016 Increase life insurance inflows in the high net worth segment Capitalise on the introduction of the new Euro-growth contracts in France Actively seek new business in group death & disability insurance Increase penetration rate of small and very small businesses Capitalise on the new French regulatory framework to strengthen our positions in creditor insurance Raise the internal ownership rate of Regional Banks individual customers in motor, household, health or life s accident insurance contracts to 40% Provide a tailored offer to satisfy the specific needs of the farming world Group insurance revenues ( bn) International Continue to grow organically in the markets where the Group already operates (Italy and Poland) Develop partnerships in creditor insurance I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

14 3 Achieve focused growth in Europe 3 drivers of growth in Europe 1. Continue to deploy our Universal Customer-focused Banking model 2. Develop our specialised business lines and support our retail bank customers 3. Extend the Regional Banks cross-border business Countries with a Universal Customer-focused Bank Main countries where our specialised business lines are present Other countries where CA operates Strengthen the commercial setup of the Group s specialised business lines 14 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

15 3 Achieve focused growth in Europe By 2016, +14% revenue 1 growth in Italy, our second domestic market Continue Cariparma s transformation and step up its development Transform our distribution models Reorganise and modernise the branch network Become the leading digital bank in Italy: develop multi-channel and online banking Gain market shares in lending and deposits and increase cross-selling of Group products Continue efforts to industrialise processes Centralise some back office functions, automate the branches, etc.: c.720 departures by 2015 (9% of 2012 headcount) Industrialise lending and collection processes Develop Group convergence (shared applications, tools, etc.) A 180m investment programme to sustain our development ambitions over the plan period Cariparma revenues: +5% p.a. Develop priority markets through Group synergies Develop capability in the intermediate-sized enterprises segment through synergies between Cariparma and CACIB Become a leading bank in farming and agri-food sector in Italy Strengthen the wealth management and private banking offer through synergies between Cariparma and CA Private Banking Develop the insurance business and particularly death & disability Synergies in Italy in 2016: c. 500m Continue to control risks Cariparma: decrease in cost of risk of c.60bp (normalisation of economic conditions, result of lending policies implemented since the crisis) Agos: continued reduction in cost of risk ahead of initial plan FGAC: maintain a low cost of risk (c.80bp) Decrease in cost of risk: c.40% for Agos and Cariparma 1 Business view, pro forma for equity-accounted entities under proportionate method in I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

16 3 Achieve focused growth in Europe Accelerate growth in Europe in Savings management & Insurance (1/2) Reach 1,000bn in AuM in 2016 No 1. Asset manager in Europe with an innovative, valuecreating industrial model A comprehensive and recognised product offer with leadership positions Cost/income ratio at best-in class level (c. 55%) thanks to an innovative industrial model Proven expertise in integrating new networks Step up our organic growth in Europe Strengthen commercial resources in Germany and the United Kingdom and open offices in the Netherlands and Sweden Develop product offers: debt funds, European employee savings plans, etc. Play a key role in sector consolidation in Europe Acquisition of mid-sized players in order to open the platform to one or more new distribution networks Targeted acquisitions to speed up the development of high priority businesses or geographical areas Leader in asset servicing in Europe Strengthen CACEIS' European presence dedicated to the global players Set up depositary banks in Belgium, Italy, Switzerland, the Netherlands and the United Kingdom Develop assets under administration in Germany Increase assets under custody by 300bn in our five new depositary banks Expand internationally, mainly in Belgium and Luxembourg 16 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

17 3 Achieve focused growth in Europe Accelerate growth in Europe in Savings management & Insurance (2/2) Grow in Europe to support the Group s banking entities and develop external partnerships Develop our bancassurance model in Italy and Poland, particularly in death & disability and life insurance In creditor insurance, develop new partnerships, proprietary distribution channels and cross-selling Selective growth in our European domestic markets Develop domestic business franchises in Belgium and Spain Set up a wealth management business in Italy Play a selective role in the sector consolidation Revenue growth in Europe (excl. France) > +15% by bn in AuM in Belgium, Spain and Italy 17 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

18 3 Achieve focused growth in Europe A strategy focused on key countries for Specialised financial services Refocus activity on self-funded, profitable business In Europe, focus on key markets and partnerships, as well as strategic entities Benefit from new agreements negotiated for FGAC and Agos and strengthen synergies with Group entities Refocus European business on self-funded, highly profitable entities Implement a proactive self-funding plan (deposits, securitisation, etc.) Maintain a stringent risk management policy European leader in factoring and strong positions in leasing Develop CAL&F's business in cooperation with the retail banks in Italy and Poland Strong increase in the profitability of European activities, supported by a reduction in the cost of risk Revenue synergies with the Group s international retail banks: + 20m revenues by I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

19 3 Achieve focused growth in Europe Corporate and Investment Banking: a strategy anchored to Europe serving large corporates and institutional investors A "Distribute-to-Originate" debt house anchored to Europe, serving major borrowers and investors, as well as Crédit Agricole Group Step up relationships with our core customer groups: European leaders and global players active in Europe Continue to roll out our Distribute-to-Originate model Broaden loan distribution to new investors (e.g. debt funds, insurers) Consolidate our franchise in Structured finance Strengthen our market share in the primary euro bond market Develop cross-selling between financing and capital markets & investment banking activities Actively manage allocated resources and fully offset the increase in risk weighted assets due to CRD4 implementation Revenue 1 growth in Europe (excl. France) : +11% by Business view, pro forma for equity-accounting of entities under proportionate method in 2013, restated for CVA/DVA, loan hedges 19 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

20 4 Invest in human resources, strengthen Group efficiency and mitigate risks Main cost-saving initiatives by 2016 ( m) Cost savings planned for in addition to those already achieved as at 31/12/ m 430 Regional Banks Crédit Agricole Group continues its cost reduction effort: 300 Future savings MUST 240 Future savings NICE New Regional Banks initiatives New Crédit Agricole S.A. initiatives target Crédit Agricole S.A. Cost/income ratio down by over 2 points 1 for Crédit Agricole Group and over 3 points 1 for Crédit Agricole S.A. in 2016 compared with Pro forma of reclassification under equity-accounting of entities under proportionate method in 2013, restated for issuer spreads, CVA/DVA, loan hedges 20 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

21 Contents I II Crédit Agricole today: A European leader in marching order to deliver a sustainable performance Crédit Agricole Group 2016: Grow and deliver strong, recurring earnings Innovate and transform our retail banking business to better serve our customers and strengthen our leadership in France Step up revenue synergies in the Group Achieve focused growth in Europe Invest in human resources, strengthen Group efficiency and mitigate risks III Financial targets 21 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

22 Financial targets The MT Plan reflects these new fundamentals: aiming for sustainable performance Three areas of improvement Financial efficiency with moderate revenue targets for Crédit Agricole S.A. but targeted growth business line by business line Operational efficiency with a cost savings plan to support a cost/income target of <60% for Crédit Agricole Group and <64% for Crédit Agricole S.A. Continued decrease in cost of risk, driven by good asset quality and normalisation of the situation in Italy Forward-looking capital management policy Continue to strengthen the Regional Banks capital Crédit Agricole S.A. s target fully loaded CET1 ratio (9.5%) to be achieved by 2015 notably thanks to the payment of a scrip dividend to the Regional Banks Available leeway (c.100bp of CET1 in 2016, i.e. more than 3bn) Financial efficiency: Revenues/risk weighted assets Operational efficiency: cost/income ratio Continued decrease in cost of risk over outstandings (bp) Crédit Agricole S.A.'s fully loaded CET1 ratio targets 5.4% 5.3% 4.9% 5.8% 79.2% 70.4% % 9.0% 9.8% >10.5% 64.0% <64% 2010 published Basel published Basel pro forma Basel 3 and IFRS target target Jan-14 Dec Crédit Agricole S.A. scope 1. Excluding impact of support plan to Greece 22 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

23 Financial targets A sound and efficient bank 2016 targets Crédit Agricole Regional Banks Group o/w Crédit Agricole S.A. Revenue growth ( ) 1 c. +1% p.a. c. +2% p.a. c. +2.5% p.a. Business Cost/income ratio <54% <60% <64% Cost of risk / outstandings (bp) 1 ~25 ~40 ~55 Profitability NIGS 2016 RoTE 2016 > 3.7bn > 6.5bn > 4bn 12% CET1 fully loaded 14.0% >10.5% Solvency Total capital phased 16.5% 15.5% Targeted pay-out ratio (assumption) 50% 1. Pro forma of reclassification under equity-accounting of entities under proportionate method in 2013, excl. issuer spreads, CVA, DVA and loan hedges 23 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

24 Financial targets Indicator per business line Revenues 2013/2016 Cost/income ratio 2016 RoTE 2016 Retail banking Regional Banks (100%) LCL Revenues c. +1% p.a. Revenues c. +1% p.a. <54% <64% 4 >20% International retail banking Revenues c. +7% p.a. <55% c. 20% Savings management & Insurance Savings management (Amundi, CACEIS, Private banking Insurance AUM >+3% 3 Revenues c. +2% p.a. Premiums +6% Revenues c. +4% p.a. <65% >35% 1 <30% c.34% 1 Financing businesses Specialised financial services 2 Corporate and investment banking 2 Revenues c. +1% p.a. Revenues c. +3% p.a. <45% c.53% >10% c.12% 1. ROTE calculated on basis of capital allocated at 9% of risk weighted assets and including the main regulatory deductions from the CET1 numerator. For Amundi, profitability would be 10bp calculated on AUMs and for Insurance, profitability would be 13% calculated on 80% of the solvency margin; 2. Pro forma of reclassification under equity-accounting of entities under proportionate method in 2013, excl. CVA, DVA and loan hedges ; 3. excl. external growth ; 4. excluding expenses linked to the investment plan 24 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

25 Financial targets Analysis of revenues Balanced growth of the business lines over the period of the Plan 2/3 of Crédit Agricole S.A. s revenue growth stems from Retail banking and Savings management & Insurance Expected rebound for activities affected by the crisis and the adjustment plan (IRB, SFS, CIB) Revenues of Crédit Agricole S.A.business lines between 2013 and 2016 In bn and CAGR ,112 c.+3% p.a. c.+3% p.a. c.+3% p.a. 6,735 5,130 c.5,600 6,247 c.6,800 c.19, SFS & CIB c.7,300 SM & Ins. LCL & IRB Change LCL & IRB Change SM & Ins. Change 1 1 SFS & CIB 2016 target 1. Excl. loan hedges, CVA and DVA for CIB and pro forma of reclassification under equity-accounting of entities under proportionate method in 2013 for SFS and CIB 25 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

26 Financial targets Analysis of operating expenses Cost savings actions cover inflation, taxes and the bulk of modernisation costs Expenses of Crédit Agricole S.A. business lines between 2013 and 2016 In bn and % p.a ,235 c.10,400 3,710 c.+1% p.a. c.+2% p.a. (c. 1%) p.a. c.3,600 2,494 c.2, SFS & CIB SM & Ins. LCL & IRB 4,031 c.4, Change LCL & IRB Change SM & Ins. Change 1 SFS & CIB target 1. Pro forma of reclassification under equity-accounting of entities under proportionate method in 2013 for SFS and CIB 26 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

27 Financial targets Improvement of cost/income ratio Continuation of cost reduction efforts Good cost/income ratio for the business lines, which will be further improved thanks to the cost reduction programmes Crédit Agricole S.A.: 520m of savings expected between 2014 and 2016 MUST programme: 300m in savings, above the 350m savings achieved at end 2013 Additional effort: 220m Regional Banks: 430m of savings expected between 2014 and 2016 NICE IT programme: 240m and new actions for 190m Crédit Agricole S.A. cost/income ratio adversely impacted by the Corporate centre Crédit Agricole Group cost/income ratio among the best in the industry Cost/income ratios % <54% 2 66% 61% 62% <55% 2018 target 49% 47% 49% <45% 60% 53% % 67% <60% <64% Crédit Agricole Group Crédit Agricole S.A. 1 1 RB LCL IRB SM & Ins. SFS CIB 1. Excl. issuer spreads, loan hedges, CVA/DVA and pro forma of reclassification under equity-accounting of entities under proportionate method in 2013 for SFS and CIB ; 2. Excluding expenses linked to the investment plan 27 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

28 Financial targets Normative profitability of Crédit Agricole S.A. business lines Strong profitability of business lines which consume little regulatory capital: Retail banking, Savings management & Insurance ROTE 45% RoTE of business lines 2013 and 2016 before Switch 40% 35% 30% SM excl. Ins. >35% Insurance c.34% 25% 20% 15% 10% 5% 0% LCL >20% IRB c.20% SFS >10% NB: The size of the bubbles is proportionate to results in 2013 (lighter color) and in 2016 (darker color) Assumption: capital allocated at 9% of Basel 3 risk weighted assets and including main regulatory deductions from the CET1 numerator For Amundi, profitability would be 6 bp calculated on basis of AUMs For insurance, profitability would be 13% calculated on basis of 80% of the solvency margin CIB c.12% Allocated capital ( bn) 28 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

29 Financial targets Outlook for 2016 for the Corporate Centre 2016 outlook Acquisition debt and ratio management costs Corporate Centre will continue to carry acquisition debt and ratio management costs Impact on revenues of liquidity and leverage ratios will be taken into account in targets for the businesses Expected reduction in total costs Debt management: active management, lower interest rates, gradual repayment of legacy debt Booking of AT1 in OCI and natural run-off of deeply subordinated notes (TSS) booked in current revenues Reduction in operating costs Net income Group share c.- 1,500m a year as of 2016 Partially offset by the impact of new regulatory requirements Strengthening AT1/Tier 2 over the plan period Extension of Switch mechanism in 2014 Contribution to Crisis Resolution Fund and Deposit Guarantee Scheme New costs of c. 300m to be reallocated to the businesses (provisionally booked in Corporate Centre) 29 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

30 Financial targets Profitability - Crédit Agricole S.A. RoTE Crédit Agricole S.A. RoTE on average accounting equity 9.3% Financial efficiency Operational efficiency Decrease in cost of risk 12% target 30 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

31 Solvency planning Fully loaded CET1 ratio 9.5% is the level of fully loaded CET1 ratio targeted by Crédit Agricole S.A. (which has no SIFI requirement) At the end of the MT Plan, fully loaded CET1 ratio projected above 10.5%, generating a buffer of 100 bp (i.e. over 3bn) Fully loaded Basel 3 CET1 ratio targets for CA Group & Crédit Agricole S.A. 1st Jan Dec Dec Dec % 13.0% 12.0% 11.2% >10.5% 8.3% 9.0% 9.8% Crédit Agricole Group Crédit Agricole S.A. Taking into account The weighting of capital and reserves of Crédit Agricole Assurances (at 370%) i.e. 35bn of RWAs for Crédit Agricole S.A. 1 The Switch guarantees between the Regional Banks and Crédit Agricole S.A. (for 87bn of RWAs) eliminated within the Crédit Agricole Group scope A 35% pay-out ratio with scrip dividend in 2014, and, when the 9.5% threshold has been exceeded, an assumption of 50% pay-out ratio in 2015 and 2016 (including 50% in cash) Targets mainly achieved through Organic generation of capital Asset disposals and already identified balance sheet transactions 1. 37bn for Crédit Agricole Group Warning: the above ratios were established on the basis of a number of assumptions. The achievement of these targets will depend on a number of factors, including the future net income of Crédit Agricole S.A. and of Crédit Agricole Group, which is by nature uncertain. 31 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

32 Solvency planning Dividend distribution policy of Crédit Agricole S.A. Pay-out ratio Conditions / Comments As a reminder 2013 Result 35% Proposal made by the Board of directors to the General Meeting on 21 May 2014 Commitment by SAS Rue La Boétie to opt for the payment of a scrip dividend Confirmation 2014 Result 35% Commitment by SAS Rue La Boétie to opt for the payment of a scrip dividend Assumption 2015 Result 50% MT Plan calculations are based on the assumption of a 50% 1 payment of the dividend in cash Assumption 2016 Result 50% MT Plan calculations are based on the assumption of a 50% 1 payment of the dividend in cash 1. Subject to approval by the General Assembly of Shareholders 32 I Crédit Agricole Medium Term Plan Morgan Stanley conference 25 March 2014

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