Crédit Agricole: in marching order. Bernard Delpit CFO. Citi Global Financials Conference November 2013, Hong Kong

Transcription

1 Crédit Agricole: in marching order Bernard Delpit CFO Citi Global Financials Conference November 2013, Hong Kong

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 for the nine-month period ending 30 September 2013 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. 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, Specialised financial services, and Corporate and investment banking). 2 Citi Global Financials Conference Nov Hong Kong

3 CONTENTS 1 Q3-13 & 9M-13 Key messages and figures 2 Regulatory issues including solvency track under Basel 3 3 Business lines performance 3 Citi Global Financials Conference Nov Hong Kong

4 9M-13 RESULTS Focus on 9M-13 Net income Group share ( m) Crédit Agricole Group 3,843 o/w Regional Banks 2,766 Crédit Agricole S.A. 1,893 o/w Regional Banks Citi Global Financials Conference Nov Hong Kong

5 Q3-13: KEY MESSAGES Good results based on sound fundamentals Q3-13 results Crédit Agricole Group: + 1,433m Net income Group share Crédit Agricole S.A.: + 728m Crédit Agricole S.A. s results reflect: increase of the contribution of French retail banking: +10.3% YoY in Q3-13 a limited impact (-2%) of the decline in market activities on Crédit Agricole S.A. revenues a further reduction of expenses: -1.8% YoY in Q3-13 improvement of the cost of risk: -14.5%* YoY in Q3-13 They include: structural financial transactions for 304m in NIGS, o/w: - Gain on disposal of CLSA (+ 320m) - Gain on disposal of residual stake in Bankinter (+ 143m) - Preparation of the disposal of Newedge (- 155m) accounting items comparable to those identified in Q1 and Q2: issuer spread and DVA running (- 193m in NIGS in Q3-13) *Specific items detailed p.6 Stability of income before tax YoY in Q3* Pursuit of the plan to strengthen the balance sheet 5 Citi Global Financials Conference Nov Hong Kong

6 CRÉDIT AGRICOLE S.A. Income statement Q3-13 m Q3-13 Q3-13* Q3-12** Q3-12* and ** Q3/Q3* Revenues 3,966 4,122 3,262 4,315 (4.5%) Operating expenses (2,806) (2,806) (2,858) (2,858) (1.8%) Gross operating income 1,160 1, ,457 (9.7%) Cost of risk (653) (653) (964) (764) (14.5%) Equity affiliates % Net income on other assets (2) (2) (530) 42 nm Income before tax (1,071) 947 (0.5%) Tax (131) (234) 249 (114) nm Net income from discontinued or held-for-sale operations (1,964) 2 nm Net income (2,786) 835 (14.7%) Net income Group share (2,851) 749 (17.7%) Cost/income ratio 70.8% 68.1% 87.6% 66.2% +1.9 pp * Excluding issuer spread, CVA/DVA Day1, DVA running, loan hedges and impacts of brokers and: in 2013 disposal of Bankinter, in 2012, Agos impairment, disposal of Emporiki, deconsolidation of Bankinter ** Q3-12 restated for reclassification of Emporiki, Cheuvreux, CLSA and Newedge under IFRS5 ; and including a change in the valuation of a limited number of complex derivatives 6 Citi Global Financials Conference Nov Hong Kong

7 CRÉDIT AGRICOLE S.A. Q3-13 RESULTS Solid business performance On-balance sheet deposits % 1 Before transfer to CDC related to regulated savings accounts: 30.5bn at 30/9/ bn at 30/09/13, (down 9.2bn vs June 13) ( bn) Loans outstanding +0.6% vs. +0.3% June/June ( bn) Assets under management bn o/w 11.6bn of net new inflows Sept/Sept ( bn) * 45.3 IRB 86.0 LCL RB * IRB LCL RB 1, , Private banking Insurance Amundi** Sept 12 Sept 13 Sept 12 Sept 13 Sept 12 Sept 13 * 2012 figures for IRB restated for Emporiki outstandings ** Data including 100% of joint-ventures in Asia and at 30/09/13 Smith Breeden 7 Citi Global Financials Conference Nov Hong Kong

8 CRÉDIT AGRICOLE S.A. Q3-13 RESULTS Cost of risk under control Crédit Agricole Group* (bp) Crédit Agricole S.A.* (bp) Emporiki * 2012* Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Emporiki * 2012* Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 *Excluding impact of support plan to Greece in 2011 and 2012 *Excluding impact of support plan to Greece in 2011 and 2012 French retail banking** (bp) Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 **Regional Banks at 100%+ LCL Cost of risk/ outstanding, in annualised bp 8 Citi Global Financials Conference Nov Hong Kong

9 COST REDUCTIONS CRÉDIT AGRICOLE S.A. Cost-cutting programmes achievements Change in expenses YoY in Q3 Operating expenses Crédit Agricole S.A.* ( m) Down 52m (down 1.8%) Third consecutive quarter of savings with 226m of savings achieved 9M/9M 2,995 2,878 2,793 2,810 2,806 Further implementation of MUST (cost reduction programme relating to Crédit Agricole S.A.) Average Q 9M11 Average Q 9M12 Q1-13 Q2-13 Q m gains achieved since the beginning of the programme end-2011 In the 3 areas: IT, external costs, property MUST Programme ( m) : target - 650m Fall in headcount (FTE): down 10%** YoY in Q3, down 3% excluding changes in scope *2011: Excluding Emporiki, 2012: Excluding Emporiki, CLSA, Cheuvreux and Newedge, 2013: excluding CLSA, Cheuvreux, Newedge ** Including changes in scope (disposal of Emporiki, CLSA and Cheuvreux) and departure plans at CACIB, CACF and Cariparma Savings achieved in 2012 Savings achieved in 9M-13 Total savings achieved vs 2011 Target at end Cumulative 2016 target 9 Citi Global Financials Conference Nov Hong Kong

10 CRÉDIT AGRICOLE GROUP Liquidity 22.6bn of senior debt issued in the market and branch networks by Crédit Agricole Group's main issuers at 30 September 2013 US$1bn in contingent capital (Tier 2 subordinated debt) issued in the market by Crédit Agricole S.A. in September 2013 Compliance with new liquidity ratios (1st application : 2015) LCR Crédit Agricole S.A. > 100% in 2013 LCR groupe Crédit Agricole > 100% in 2014 Bank cash balance sheet at end-sept. 13 ( bn) Liquidity reserves at end-sept.13 ( bn) Assets Liabilities Central Bank deposits (o/w cash & mandatory reserves) Interbank assets 1, Surplus: 58bn 1, ST market funds Repos Assets eligible to Central Banks after ECB haircut (immediate access) Securities portfolio LT market funds Central Bank deposits (excl. Cash & mandatory reserves) Customer-related trading assets 43 Q Q2-13 Customerrelated funds Capital & similar items Securities portfolio after haircut 129 Liquidity reserves ST market funds 10 Citi Global Financials Conference Nov Hong Kong

11 CONTENTS 2 Regulatory issues Solvency ratio at 30/09/2013 Solvency track: CA Group and Crédit Agricole S.A. including 2015 targets Management of capital structure Specificities relating to Crédit Agricole group Internal financing mechanism CACIB Specific guarantees granted by the Regional Banks to Crédit Agricole S.A. (Switch) 11 Citi Global Financials Conference Nov Hong Kong

12 CRÉDIT AGRICOLE GROUP AND CRÉDIT AGRICOLE S.A. Solvency ratios (Basel 2.5) Basel 2.5 solvency ratio at 30/09/13 Crédit Agricole S.A. and Crédit Agricole Group 15.7% 11.9% 9.4% 12.3% Crédit Agricole Group 10.4% 15.4% Crédit Agricole S.A. Core Tier 1 Tier 1 CRD ratio 12 Citi Global Financials Conference Nov Hong Kong

13 Sept 2013 Basel 2.5 CRD4 impacts on RWAs Excess minority interest Financial stakes either >10% or equity accounted DTAs (timing differences and carry forward) Application of threshold rules Redemption of the residual shareholders' advance and T3CJ Danish compromise and Switch stage 2* Others (including Q4-13 results) Target CET1 Basel 3 fully loaded 1st Jan Target 31 December 2014 SOLVENCY TRACK CA GROUP AND CRÉDIT AGRICOLE S.A. Transition of Crédit Agricole S.A. ratio from Basel 2.5 to Basel 3 (94 bp) (38 bp) 9.4% (111 bp) (33 bp) +78 bp (45 bp) +88 bp 7.8% to 8.0% 8.8% to 9.0% Assumptions are listed in slides 9 to 12. Ratios above include the impact of ~-25 bp related to non-deductibility of the loss on the disposal of the Emporiki shares. Claim underway, not taken into account in the track. * Subject to ACPR approval 13 Citi Global Financials Conference Nov Hong Kong

14 SOLVENCY TRACK CA GROUP AND CRÉDIT AGRICOLE S.A. Fully loaded CET1 ratio Basel 3 fully loaded CET1 ratio - targets Crédit Agricole Group and Crédit Agricole S.A. 11.0% 7.8% to 8.0% 12.0% 8.8% to 9.0% 13.0% >9.5% Taking into account - the weighting of the capital and reserves of Crédit Agricole Assurances (at 370%) i.e. 34bn in RWAs - the extension of the Switch guarantees between the Regional Banks and Crédit Agricole S.A. ( 34bn in RWAs) - a dividend pay-out ratio of 35% 1 January December December 2015 Crédit Agricole Group Crédit Agricole S.A. - the commitment by SAS Rue la Boétie to opt for a scrip dividend until Crédit Agricole S.A. reaches a fully loaded minimum CET1 ratio of 9% End-2014 and end-2015 targets will be reached Through organic capital generation Thanks to asset disposals and balance sheet operations already identified Disclaimer: The above ratios are based on a number of assumptions (those used for calculating the ratio of Crédit Agricole S.A. as of 01/01/2014 are described on slides 9 to12). The actual ratios on each of these dates will depend on a number of factors, including the future net income of Crédit Agricole S.A. and of Crédit Agricole Group, which are inherently subject to uncertainty. 14 Citi Global Financials Conference Nov Hong Kong

15 SOLVENCY TRACK CA GROUP AND CRÉDIT AGRICOLE S.A. Phased ratios Phased CET1 ratios* (including and excluding goodwill) at 1 st January 2014 and distance to ECB thresholds for AQR exercise 12.0% 10.0% Goodwill phasing 8.3% Phased CET1 (excl goodwill) Goodwill phasing 11.0% Phased CET1 (excl goodwill) Equivalent to ~ 20bn in capital ECB threshold of 8% Crédit Agricole S.A. Crédit Agricole Group The European banks' balance sheet assessment (Asset Quality Review, stress test) will be conducted by the ECB - at Crédit Agricole Group level (Regional Banks and Crédit Agricole S.A.), - all items being in principle phased in accordance with CRD4 minimum rules * Calculation based on Crédit Agricole S.A. s understanding of CRR/CRD4 rules applicable to French banks supervised by ACPR 15 Citi Global Financials Conference Nov Hong Kong

16 CAPITAL STRUCTURE AT END targets Capital structure under Basel 3 at end-2015 Crédit Agricole S.A. Crédit Agricole Group 10.5% 2.0% 1.5% 7.0% Tier % (grandfathered*) 14.5% 15.0% 4.5% 2.0% 7.8% to 8.0% 3.5% 2.0% >9.5% Additional Tier 1 (grandfathered*) G-SIFI additional requirement (anticipated) Common Equity Tier 1 (fully loaded) 12.0% 2.0% 1.5% 1.5% 7.0% 3.0% 1.0% 11.0% 16.5% 2.0% 1.5% 13.0% Regulatory requirement 2018 Target 1st January 2014 Target 31 Dec Regulatory requirement 2018 Target 1st January 2014 Target 31 Dec The anticipated G-SIFI additional requirement of up to 1.5% is taken into account at Crédit Agricole Group level Disclaimer: The above ratios are based on a number of assumptions (those used for calculating the ratio of Crédit Agricole S.A. as of 01/01/2014 are described on slides 9 to 12). The actual ratios on each of these dates will depend on a number of factors, including the future net income of Crédit Agricole S.A. and of Crédit Agricole Group, which are inherently subject to uncertainty. * Phased calculation based on Crédit Agricole S.A. s understanding of CRR/CRD4 rules applicable to French banks supervised by ACPR 16 Citi Global Financials Conference Nov Hong Kong

17 CAPITAL STRUCTURE AT END-2015 Management of capital structure Structural generation of capital due to Crédit Agricole's specific business model The Regional Banks retain most of their earnings Flexibility in capital allocation Crédit Agricole S.A. carries some equity investments on behalf of the Regional Banks for ~ 15bp of CET1 ratio Crédit Agricole S.A. dividend policy - 35% pay-out over the duration of its medium-term plan Specific guarantees: transfer to the Regional Banks of a capital requirement of ~190 bp - commitment by SAS Rue la Boétie to opt for a scrip dividend until Crédit Agricole S.A. reaches a fully loaded minimum CET1 ratio of 9% Management of leverage ratio Managed at Group level to take into account intragroup funding (Crédit Agricole S.A. / Regional Banks) Optimisation of the balance sheet structure in progress in order to reduce the gap between accounting and regulatory balance sheets Management of capital instruments not included in CET1 AT1 issuance Further issuance of Tier 2 contingent capital if appropriate Tier 2 issuance Crédit Agricole Group: 3.5% at end-sept and target of 5% in 2018 Crédit Agricole S.A.: target of 3% in 2018 Details given afterwards 17 Citi Global Financials Conference Nov Hong Kong

18 REGULATORY ISSUES CA Group specific structure and organisation: Impacts on balance sheet and on regulatory ratios Crédit Agricole S.A.: a specific balance sheet structure 274bn of interbank loans to Regional Banks non eliminated in Crédit Agricole S.A. s statements - Counterpart of regulated savings collected by Regional Banks and centralised on Crédit Agricole S.A. s balance sheet and released to Regional Banks as cash advances Total assets before netting at 30/06/13 ( bn) CA Group 1, Crédit Agricole S.A. 1, Other assets 496bn of derivatives and repos assets before netting concentrated on CACIB balance sheet 261bn of insurance assets subject to specific regulatory treatment * 496 * Loans and receivables due from customers Intragroup transactions (advances granted to RB) Derivatives and repos Insurance Significant impacts on solvency ratios and balance sheet size * o/w ~ 404 bn for CACIB 18 Citi Global Financials Conference Nov Hong Kong

19 REGULATORY ISSUES Specific internal financing mechanism between Crédit Agricole S.A. and Regional Banks* CREDIT AGRICOLE GROUP Regional Banks (RBs) Crédit Agricole S.A. central body Collect savings partly on behalf of CASA Use CASA s Treasury services Benefit from CASA funding through cash advances Benefits from part of deposits collected by RBs Treasurer for the whole Crédit Agricole Group RBs Balance sheet Assets Liabilities Loans to customers Customer deposits CASA current accounts Advances granted by Other assets CASA: 274bn* CASA and market funding Other liabilities Equity CASA Balance sheet Assets Liabilities Loans to customers Customer deposits (including Advances granted to regulated savings collected by RBs) RBs: 274bn* Current accounts Other assets Market funding Other liabilities Equity Impacts at Group level Transactions neutralised for consolidation purposes Total assets not impacted by this specific mechanism, particularly for leverage ratio calculation purposes Impacts at CASA level 274bn* on the assets side, with no risk but affecting the leverage ratio calculation Leading to 3 options: no leverage calculation at CASA level, restatement of the intragroup amounts for leverage ratio calculation purposes, or reshuffle of the current mechanism *Data at 30/06/13 + weighted at 0% for RWA calculation purposes 19 Citi Global Financials Conference Nov Hong Kong

20 REGULATORY ISSUES Update on balance sheet size in CACIB CACIB s solo consolidated balance sheet at 30/06/13 Total assets: 844bn Of which - Reverse repos: 137bn - Derivative instruments: 352bn All together 404bn (excluding 85bn intragroup) Of which - Repos: 130bn - Derivative instruments: 356bn Current actions to reduce total balance sheet size Strengthening of netting rules for derivatives through clearing-house: expected impact at 31/12/2013: ~ - 150bn/- 200bn Other Loans & receivables due from banks and customers Financial assets at fair value through profit or loss Other Due to banks & customers Financial liabilities at fair value through profit or loss Other Items to be considered for profitability analysis ~ 50bn Central Bank deposits ~ 50bn intragroup transactions between CACIB and Crédit Agricole S.A. Assets Liabilities Reduction of the gap between consolidated balance sheet and regulatory balance sheet used for leverage ratio calculation 20 Citi Global Financials Conference Nov Hong Kong

21 SPECIFIC GUARANTEES GRANTED BY THE REGIONAL BANKS TO CRÉDIT AGRICOLE S.A. (SWITCH) An illustration of the Group's internal flexibility Initial target Replacement of 2 capital instruments* not eligible under Basel 3 by - Redemption of 5.5bn of shareholders advance and T3CJ deeply subordinated notes held by the Regional Banks - Transfer of 70bn RWAs to the Regional Banks Stage 1 (Dec. 2011) Redemption of 4.1bn in shareholders advance and T3CJ Transfer of 53bn of RWAs related to Crédit Agricole S.A.'s stake in the Regional Banks Stage 2 (1 st Jan. 2014**) Initial target met by: - Redemption of the residual 1.4bn shareholders advance and T3CJ - Transfer of 17bn of RWAs related to insurance (CAA) Transfer of RWAs beyond the initial target ( 17bn of RWAs related to insurance) Numerator Regulatory capital 5.5bn 4.1bn 1.4bn Capital Capital Capital 1.4bn Denominator RWAs RWAs RWAs Risk weighted assets (RWAs) 70bn 17bn 53bn 17bn 17bn 87bn * Shareholders advance and T3CJ deeply subordinated notes ** subject to ACPR approval Initial target met and transfer of additional RWAs beyond the initial target 21 Citi Global Financials Conference Nov Hong Kong

22 CONTENTS 3 Business lines performance French retail banking Italy Savings management Corporate and investment banking 22 Citi Global Financials Conference Nov Hong Kong

23 FOCUS ON BUSINESS LINES PERFORMANCE Regional Banks and LCL Customer assets: +3.5% YoY On-balance sheet: +4.8% YoY - Including % on passbook accounts - 393bn after centralisation Off-balance sheet: +1.8% YoY due to pick-up in life insurance (outstandings + 4.2%) and positive market effect (securities outstandings + 3.1%) Loans outstanding: +0.7% YoY Customer business ( bn) Customer assets Loans LCL Off-B/S On-B/S RBs at 100% Off-B/S On-B/S Sept. 12 Dec. 12 March 13 June 13 Sept 13 Sept. 12 Dec. 12 March 13 June 13 Sept 13 Loan-to-deposit ratio: 119% at end- September 2013 improvement of 4pp vs Sept-12, including 10bn in cash returned from CDC in Q3-13 Contribution to Crédit Agricole S.A. results and key P&L items ( m) +10.3% Regional Banks m Q3-13 Q3/Q3 Q3-13 LCL Q3/Q3** Revenues 3,475* +3.3% 941 (2.3%) Net income Group share of French retail banking: 393m, up 10.3% YoY in Q Operating expenses (1,905)* (0.7%) (624) (1.8%) Cost of risk (188)* +21.2% (60) (33.5%) Contribution to NIGS % % Cost/income ratio** 54.8% (2.2 pp) 66.6% +0.3 pp Q3-12 Q3-13 NIGS Regional Banks + LCL * 100% contribution ** Excluding home purchase savings schemes 23 Citi Global Financials Conference Nov Hong Kong

24 FOCUS ON BUSINESS LINES PERFORMANCE Italy - Cariparma Business performance On-balance sheet deposits managed by decrease in interest paid Customer business ( bn) Customer assets Loans Growth in life insurance and mutual funds, customer assets up 7.7% year-on-year Loans outstanding down 1.3% year-on-year vs. 5.7% decline for market (source: ABI) Excess of deposits to loans: 1.7bn Net income Group share: 25m in Q3-13 Revenues: down 1.5% YoY in Q3 and recovery QoQ in Q3 (up 0.3%) Expenses: down 6.5% YoY in Q3 owing primarily to decrease in personnel costs (headcount cut 3.2% year-on-year) Cost of risk: up 6.2% YoY in Q3 - Impaired loan ratio: 10.3%, with 43.7%, coverage ratio: 43.7 % (including collective reserves) Income tax: up 21.5% YoY in Q3, stable on 9M (-0.3%) Sept 12 Dec. 12 March 13 June 13 Sept 13 On-B/S Off-B/S Contribution to Crédit Agricole S.A. results ( m) m Q3-13 Q3/Q3 9M-13* 9M/9M* Revenues 395 (1.5%) 1,175 (4.4%) Operating expenses** (225) (6.5%) (711) (4.7%) Cost of risk (92) +6.2% (295) +18.4% Net income 35 (8.2%) 116 (16.5%) Net income Group share 25 (7.3%) 84 (14.8%) Cost/income ratio** 56.9% (3.1 pp) 60.5% (0.1 pp) *After restatement of provisions recorded in Cariparma s 2012 accounts as stated in Q1-13. **Excluding cost of voluntary departure plan in Q2-12: 54m Net income for Cariparma Group (including Calit) : 35m in Q3-13 and 120m for the first 9 months of Citi Global Financials Conference Nov Hong Kong Sept 12 Dec. 12March 13June 13 Sept 13

25 FOCUS ON BUSINESS LINES PERFORMANCE Savings management Net new inflows: up 5.1bn over first 9M Amundi: Inflows remained positive Insurance: solid business momentum Private banking: net asset outflows offset by favourable market effect CACEIS: sharp rise in funds under administration year-on-year, good business momentum in assets under custody, thereby limiting the impact of CDC exit 1, , , (0.8) Asset Lifemanagement insurance Private banking * 739.6* Assets under management ( bn) + 5.1bn Market, currency & scope** effects 759.0* Sept. 12 Dec. 12 Sept. 13 Private banking Life insurance Asset management * Figures include 100% of JVs in Asia ** Smith Breeden in Q3-13 Q3-13 results: 383m Amundi: cost/income ratio maintained Insurance: as in Q1-13 and Q2-13, impact of change in balance sheet structure Private banking: net income down CACEIS: net income maintained despite fall in interest income resulting from decline in interest rates Asset servicing (CACEIS) Sept. 12 Dec. 12 Sept.13 Sept./Sept. Assets under custody 2,426 2,491 2,237 (7.8%) Funds under administration 1,129 1,251 1, % Contribution to Crédit Agricole S.A. net income Group share ( m) Private banking CACEIS Insurance Amundi Q3-12 Q4-12 Q1-13 Q2-13 Q Citi Global Financials Conference Nov Hong Kong

26 FOCUS ON BUSINESS LINES PERFORMANCE Corporate and Investment Banking Revenues and results* Revenues* from ongoing activities in Q3-13: 891m Capital markets (excluding brokers): down 18.5% from a very high Q3-12 (favourable market conditions) Fixed Income: revenues down (-20.6% YoY in Q3) Market risk still at low level : VaR at 30/09/13: 10m Financing activities: solid revenues in 9M-13 with continued decline in liquidity consumption (-7.7% YoY in Q3) Operating expenses: down 2.0% YoY in Q3 in CIB ongoing activities with cost/income ratio of 63.3% Cost of risk higher than in Q3-12 Non-material specific reserves booked for a limited number of files; and litigation provisions (- 80m) Contribution of CIB ongoing activities to Crédit Agricole S.A. results( m) m Q3-13 Q3/Q3 9M-13 9M/9M Revenues Financing activities Revenues* and liquidity consumption ( m) Liquidity consumption ( bn) (13.5%) 2,713 (11.0%) - o/w DVA (47) nm (86)** nm - o/w loan hedges - o/w capital market activities - o/w financing activities nm (21.5%) (9.0%) ,264 1, nm (13.2%) (7.9%) Revenues restated* 891 (14.7%) 2,784 (10.4%) Operating expenses (534) (2.0%) (1,603) (3.0%) Cost of risk (124) +83.1% (310) +72.5% Net income Group share 287 x % Net income Group share restated * 155 (55.9%) 664 (32.9%) Note: 2012 and 2013 figures restated for reclassification of Newedge under IFRS 5 * Restated for loan hedges, CVA/DVA Day 1 and DVA running impacts and impacts related to brokers in CMIB (Cheuvreux, CLSA and Newedge) restated for impacts of the adjustment plan ** Including in Q1 the Day 1 DVA/CVA impact: - 46m in revenues and - 25m in NIGS Revenues* ( m) 26 Citi Global Financials Conference Nov Hong Kong Q3-12 Q4-12 Q1-13 Q2-13 Q3-13

27 FOCUS ON BUSINESS LINES PERFORMANCE Divestment of non core businesses Bankinter Disposal of residual stake in Q3-13 Impact: + 143m in net income group share Brokers Cheuvreux: completion of the sale in May 2013 CLSA : Completion of the sale of CLSA to Citic Securities Company Limited at 31/07/13 Impact: + 320m in net income group share in Q3-13 Newedge: Intended disposal of 50% stake Estimated impact of - 155m in net income Group share in Q3-13 Concurrent acquisition by Crédit Agricole S.A. from Société Générale of a 5% stake in Amundi leading to 80% ownership at Group level Discontinuing activities Withdrawal of commodities business achieved in H Outsourcing of equity derivatives portfolio management 27 Citi Global Financials Conference Nov Hong Kong

28 CONCLUSION Crédit Agricole is in marching order Crédit Agricole is in marching order to deliver a sustainable performance Adaptation plan completed Significant reduction in risks and funding needs Solid and stabilized underlying results in a difficult economic environment Detailed disclosure on solvency tracks under Basel 3 Next step: Medium Term Plan: 20 March Citi Global Financials Conference Nov Hong Kong