Bank of the Year CRÉDIT MUTUEL GROUP ANNUAL REPORT

Bank of the Year In france 2013 CRÉDIT MUTUEL GROUP ANNUAL REPORT

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CONTENTS 16 54 Chairman s message 04 Board of Directors of CNCM 06 PROFILE CRÉDIT MUTUEL GROUP 08 Business profile 10 Key figures, 2013 11 A year inside Crédit Mutuel group 14 2013 RESULTS 16 BANKINSURANCE 24 Retail banking, the group s main business 28 The preferred bank of private individuals 30 Number one bank for non-profit associations 38 Number two bank for the farming sector 40 Number three bank for SMEs 42 Technology: Innovation at work 44 Subsidiaries operating as retail banks 48 Insurance, the group s second-largest business 50 Other businesses 54 Corporate and investment banking 56 Asset management and wealth management 60 94 CORPORATE SOCIAL RESPONSIBILITY 64 The Crédit Mutuel network: The heart of the cooperative model 66 A decentralised structure 68 Participation and consultation 70 Crédit Mutuel group: Solidarity and responsibility 74 2013 CSR indicators 82 FINANCIAL REPORT 94 CNCM Board of Directors management report 98 Financial statements 120 Notes to the financial statements 126 Independent Auditor s report 184

Net profit, group share: 2,651 million Above and beyond the numbers, I am very proud of you, We are successfully dealing with an economic situation that is challenging for our country and for Europe. 4 Crédit Mutuel group

Chairman s MESSAGE The Crédit Mutuel group played an active role in financing the economy in 2013, both at the national and regional levels. Its goals were aligned as closely as possible with the projects of its clients: members and customers, self-employed professionals, companies and associations. Thanks to its dynamic networks, the group delivered a 23.3% rise in net profit, group share, to 2,651 million. This solid performance provided further proof that the group s model works and allowed it to further consolidate its financial situation. This is a source of security for members and customers and a guarantee of future growth. Shareholders equity topped the 40 billion mark, and Core Tier 1 solvency was the highest in France and among the best in Europe. With a focus on quality of service, the key to its trust-based relationships, the group is expanding all of its banking, insurance and service businesses by constantly making its offering more comprehensive, better adapted and more competitive. Backed by the skills of 24,200 directors and 78,500 employees helping to serve more than 30 million customers, the group recorded solid gains in all business areas: loans and deposits, insurance, its second-largest business, as well as in remote banking, remote surveillance and telephony. It also expanded its international operations, which now contribute almost 20% of net banking income. These performances have earned the group recognition: World Finance magazine named Crédit Mutuel Bank of the Year in France, and Boston Consulting Group chose it as the most highly recommended network bank in France. All of these strengths will help Crédit Mutuel rise to the economic, social, technological, competitive and regulatory challenges that lie ahead. The group is moving forward with confidence, purpose and enthusiasm. Continue to grow, adapt by expanding the range in all markets and to offer the best services to members and customers: these are the group s priorities and it insists on meeting them. Michel Lucas Chairman, Confédération Nationale du Crédit Mutuel 5 Annual report 2013

01 02 03 04 05 06 07 08 09 10 Board of Directors of Confédération Nationale du Crédit Mutuel at 30 june 2014 Chairman 01 Michel Lucas, Chairman of Crédit Mutuel Centre Est Europe Vice-Chairmen 02 Gérard Cormorèche, Chairman of Crédit Mutuel Sud-Est 03 François Duret, Chairman of Crédit Mutuel Centre 04 Philippe Vasseur, Chairman of Crédit Mutuel Nord Europe Chief Financial Officer 05 Alain Têtedoie, Chairman of Crédit Mutuel Loire-Atlantique et Centre-Ouest Group Secretary 06 Daniel Leroyer, Chairman of Crédit Mutuel Maine-Anjou, Basse-Normandie Other board members 07 Jean-Louis Boisson, Vice-Chairman of Crédit Mutuel Centre Est Europe 08 Gérard Bontoux, Chairman of Crédit Mutuel Midi-Atlantique 09 Alain Delserieys, Chief Executive Officer of Crédit Mutuel Antilles-Guyane and Deputy Chief Executive Officer of Crédit Mutuel Centre Est Europe 10 Lucien Miara, Chairman of Crédit Mutuel Méditerranéen 6 Crédit Mutuel group

11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Administrateurs 11 Guy Allain, Director of Crédit Mutuel Bretagne 12 Jean-Louis Bazille, Director of Crédit Mutuel Agricole et Rural 13 Hervé Brochard, Chairman of Crédit Mutuel Normandie 14 Eric Charpentier, Chief Executive Officer of Crédit Mutuel Nord Europe 15 Jacques Chombart, Vice-Chairman of Crédit Mutuel Agricole et Rural 16 Roger Danguel, Director of Crédit Mutuel Centre Est Europe 17 Pascal Durand, Chief Executive Officer of Crédit Mutuel Maine-Anjou, Basse-Normandie 18 Jean-Louis Dussouchaud, Vice-Chairman of Crédit Mutuel Sud-Ouest 19 Jacques Enjalbert, Director of Crédit Mutuel Bretagne 20 Bernard Flouriot, Chairman of Crédit Mutuel Anjou 21 Jean-Louis Girodot, Chairman of Crédit Mutuel Ile-de-France 22 André Halipré, Vice-Chairman of Crédit Mutuel Nord Europe 23 Pierre Julius, Chairman of Crédit Mutuel Antilles-Guyane 24 Guénhaël Le Huec, Director of Crédit Mutuel Bretagne 25 Jean-Luc Le Pache, Director of Crédit Mutuel Bretagne 26 Maurice Loizeau, Vice-Chairman of Crédit Mutuel Loire-Atlantique et Centre-Ouest 27 Jean-Luc Menet, Chief Executive Officer of Crédit Mutuel Océan 28 Claude Osier, Vice-Chairman of Crédit Mutuel Massif Central 29 Albert Peccoux, Chairman of Crédit Mutuel Savoie-Mont Blanc 30 Denis Schitz, Vice-Chairman of Crédit Mutuel Centre Est Europe 31 Nicolas Théry, Deputy Chief Executive Officer of Crédit Mutuel Centre Est Europe 32 Michel Vieux, Chairman of Crédit Mutuel Dauphiné-Vivarais 33 Joseph Vrignon, Chairman of Crédit Mutuel Océan 34 Christine Zanetti, Chief Executive Officer of Crédit Mutuel Loire-Atlantique et Centre-Ouest The following people also sit on the Board: 35 étienne Pflimlin, Honorary Chairman 36 Alain Fradin, Chief Executive Officer 37 Daniel Baal, Deputy Chief Executive Officer 38 Gilles Le Noc, Corporate Secretary 7 Annual report 2013

CRÉDIT MUTUEL GROUP PROFILE BE THE PREFERRED PARTNER OF THOSE WHO DRIVE THE ECONOMY: THIS IS OUR GOAL.

PROFILE 2013 BUSINESS PROFILE CONTROLLED GROWTH www.creditmutuel.com WE ATTRIBUTE OUR STRONG RESULTS TO OUR ORGANISATION, OUR ELECTED DIRECTORS AND OUR EMPLOYEES, WHO ARE NOT SPECTATORS BUT ACTIVELY WORK TO SUPPORT OUR MEMBERS AND CUSTOMERS. Michel Lucas One of France s leading bankinsurers, the Crédit Mutuel Group comprises the Crédit Mutuel branch network and all of the bank s subsidiaries. Backed by a staff of more than 100,000-78,500 employees and 24,200 directors -, the group offers a comprehensive range of financial expertise to upwards of 30 million customers, more than 28 million of them retail customers. Its overriding priority, and the key to its development, is the quality of its customer and member relationships and the services it provides. Its strategy is one of controlled growth, based on local retail banking, bankinsurance and technological innovation. Combined with Targobank and Cofidis, Crédit Mutuel and CIC the group s two leading brands have a network of almost 6,000 points of sale. Crédit Mutuel is composed of local mutual banks organised into 18 regional federations, which in turn form the Confédération Nationale du Crédit Mutuel, the central body that heads the network. CIC operates a branch network in the Paris region and is the holding company for a group of five regional divisions, along with subsidiaries specialised in all areas of finance and insurance. 10 Crédit Mutuel group

A retail bank with a local focus Crédit Mutuel offers a comprehensive range of financial services to a customer base comprising private individuals, locally-based professionals and companies of all sizes. It has a 14.9% share of the French deposit market and 17.3% of the bank-distributed loan market. A leading bankinsurer, its insurance subsidiaries manage 34.4 million savings, auto, home, health, personal protection and retirement policies on behalf of almost 13 million policyholders. The group is a major player in the home loans market and among the European leaders for consumer credit. It is the country s biggest bank for non-profit associations, the second-largest for farmers and banker to one out of every three self-employed professionals. GROUP confidence and solidarity CRÉDIT MUTUEL GROUP 2013 KEY FIGURES Net banking income: 15,276 million Net profit: 2,717 million Net profit, group share: 2,651 million Shareholders equity, group share: 40,281 million Core Tier 1 ratio: 14.5% 5,920 points of sale* 78,482 employees 30.4 million customers 669 billion in savings deposits 351.2 billion in outstanding loans A leading retail bankinsurance player in France Among the European leaders in consumer credit 17.2% market share in bank loans 14.9% market share in deposits Insurance, the group s second-largest business 14.4 billion in income No. 1 banque des associations et des comités d entreprise No. 2 pour la monétique No. 2 banque de l agriculture No. 3 prêteur à l habitat No. 3 banque des PME 34.4 million policies 12.9 million policyholders Standard & Poor s with a stable outlook for Crédit Mutuel group at the end of 2013 Fitch A A+ with a stable Aa3 outlook** Moody s with a negative outlook** * of which 5,313 in France ** Rating for BFCM 11 Annual report 2013

Slovakia France nited Kingdom Switz. Hungary CRÉDIT MUTUEL GROUP IN 2013 INTERNATIONAL SITES AND PARTNERSHIPS Italy Germany Belgium OBK BANK Rép. Tchèque Lux. Slovakia N BANQUE DE TUNISIE France Switz. Hungary Tunisia erica Am th or Canada * United Kingdom Germany Belgium Italy OBK BANK New York Rép. Tchèque Lux. Slovakia Switz. BANQUE DE TUNISIE Hungary Asia Italy N France ain erica Am th r o Canada Tunisia Singapore Portugal * Spain BANQUE DE TUNISIE Morocco -Guyana tilles An Tunisia N Asia Fort-deFrance Singapore Leading the way in banking technology Customers of the branch network benefit from all the advantages of remote banking and a full range of services based on cutting-edge technology. In 2013, the remote banking service clocked up more than a billion contacts, nearly half of them online. The use of applications for smartphones and tablets surged once again during the year. Crédit Mutuel conducts its mobile telephony activity, its third-largest business, through the NRJ Mobile, Crédit Mutuel Mobile and CIC Mobile brands. One highlight of the year in this area was the development of 4G. Crédit Mutuel has been building its mobile telephony activity up for almost ten years, making it a new channel for bankinsurance and services. This new approach to payment instruments is supporting the gradual development of contactless payments. It has attracted 1.3 million customers. Crédit Mutuel is the French leader in residential remote surveillance with a 35% share of that market. It is one of the group s three emerging activities, along with telephony and new property sales. The bank maintained its number two position in France in electronic payments, with a 20% share of the overall market, and its number one position for transactions in France with affiliated retailers, with a market share of 25.7%. 12 Crédit Mutuel group Crédit Mutuel s complementary and competitive offer ensures it has coverage of all market segments, from the integrated distribution majors and franchise networks to independent retailers. A solid and highly-rated bank Crédit Mutuel continued to boost its financial solidity in 2013, with Core Tier 1 Equity of 40.3 billion. Core Tier 1 solvency ended the year at 14.5% (CRD3/Basel 2.5 standards), making the group the leading French bank in this area and among the best in Europe. All of this allows Crédit Mutuel to await future European regulations serenely, without envisaging any business disposals. In a context of all-round ratings downgrades for banks in Europe, those of Crédit Mutuel were among the best in France with an A rating and stable outlook from Standard & Poor s, an A+ rating and stable outlook (for CM11-CIC) from Fitch and an Aa3 rating, outlook negative, from Moody s (CM11-CIC). The one-notch downgrade by Standard & Poor s reflected the economic climate and the downgrade to France s credit rating.

A RETAIL BANK SERVING ALL CUSTOMER CATEGORIES AND CATCHMENTS REGIONAL FEDERATIONS NATIONAL BODIES THE DRIVING FORCE behind the group s commitment and responsiveness THE ORGANISATIONAL FRAMEWORK of the business REPRESENTATION of members and customers interests LOCAL MUTUAL BANKS, of which there are 2,129. At Crédit Mutuel, decisions are taken as close as possible to ground level. 18 REGIONAL FEDERATIONS, which coordinate business within their respective jurisdictions. Banking and finance subsidiaries A GROUP WITH A DIFFERENCE serving all its customers and supporting businesses and jobs. Insurance subsidiaries Technology subsidiaries 5,920 points of sale 78,500 employees 30.4 millions customers INTERNATIO NA L THE HEART OF THE SYSTEM THE MUTUAL BANK LOCAL MUTUAL BANKS THE FINAL LINK IN THE CHAIN, two national bodies that represent and defend the group s interests. Real estate subsidiaries BEST FRENCH BANK for the second year World Finance NO. 1 IN EVALBANK SURVEY for Bank-SME relations MOST RECOMMENDED NETWORK BANK IN FRANCE Boston Consulting Group (BCG) REGIONAL FEDERATIONS NATIONAL BODIES THE DRIVING FORCE behind the group s commitment and responsiveness THE ORGANISATIONAL FRAMEWORK of the business REPRESENTATION of members and customers interests LOCAL MUTUAL BANKS, of which there are 2,129. At Crédit Mutuel, decisions are taken as close as possible to ground level. 18 REGIONAL FEDERATIONS, which coordinate business within their respective jurisdictions. Banking and finance subsidiaries Insurance subsidiaries Michel Lucas, Chairman of Crédit Mutuel, with Monique Leroux, Chairwoman of Desjardins Continued expansion The group consolidated its operations abroad in 2013 and made further inroads, notably in insurance and electronic payments with the acquisition of Canada s Desjardins. This was the first full year of consolidation for Beobank/ OBK in Belgium and Spanish subsidiary Agrupacio in insurance. With enhanced solidity and controlled growth, the group is actively serving the real economy and its more than 30 million customers. It is continuing to diversify in France and abroad, consolidating its role as an international retail bank. INTERNATIO NA GLOBAL LEADERSHIP IN ELECTRONIC PAYMENTS THE FINAL LINK IN THE CHAIN, two national bodies that represent and defend the group s interests. Crédit Mutuel and Desjardins, the largest cooperative financial group in Canada, Technology Real estate created Société Monetico subsidiaries subsidiaries International (SMI) in 2013. Based in Montreal, SMI offers innovative payment solutions to customers of the two financial institutions. Backed by the strengths of both groups, SMI counts among the ten leading acquirers (providers of payment solutions for merchants) worldwide. Serving 400,000 merchants processing 3.3 billion transactions a year, Monetico is leading the way in electronic payments thanks to a network unified across two continents, its information technology capabilities, L THE HEART OF THE SYSTEM THE MUTUAL BANK LOCAL MUTUAL BANKS its technological expertise and its market share. Monetico offers its customers, whether large retail chains or independent merchants, a comprehensive range of innovative payment solutions that meet international technological and regulatory standards and are adapted to all types of needs: its payment solutions for point of sale and internet and mobile sales are reliable and upgradable, and its systems allow users to simplify payment processing and optimise financial flows. 13 Annual report 2013

PROFILE A YEAR INSIDE CRÉDIT MUTUEL GROUP January 2013.CMNE launches its corporate Foundation. Purpose: Give structure to and solidify the Group s commitments. The Foundation houses undertakings already under way and aims to step up efforts in three areas: Personal fulfilment through culture and the development of knowledge; social and environmental initiatives; and entrepreneurial spirit..coop Fr launches défi 2020 : (2020 challenge: from international year to cooperative decade), an opportunity for the body that represents the French cooperative movement to unveil its proposals in light of the upcoming act on the social and solidarity economy. The French cooperative movement has been a highly influential player in the bill, which is set to pass into law in May 2014. February.Laval becomes part of CCS. Crédit Mutuel Maine-Anjou, Basse Normandie voted to become part of CCS, which now serves 12 Crédit Mutuel federations and the CIC regional banks. Designed to deliver greater efficiency and profitability by pooling resources, CCS, which is fully integrated into the group s organisational structure and handles its back office and logistics, is now firmly established within the group s networks and subsidiaries (Targobank Spain, Cofidis, Créatis, Monabanq, etc.). March.2012 earnings: Continued development and enhanced solidity. Net profit, group share rose to 2,150 million and total net profit was unchanged from 2011 at 2,217 million. April.Electronic payments: Crédit Mutuel group among the top ten worldwide. Crédit Mutuel group and Desjardins, the largest cooperative financial group in Canada, announced the creation of Société Monetico International (SMI). Based in Montreal, SMI will offer innovative payment solutions for merchants that are customers of the financial institutions. By pooling the strengths of the two groups, SMI will count among the world s ten leading acquiring service specialists..sme financing: No. 3 position confirmed. A partner to all those supporting the regional economy, the group confirmed its position as the number three bank for SMEs. It remains a major financer of independent professionals artisans, small retailers and microbusinesses in the services and light manufacturing sectors with nearly 650,000 customers and a 23% penetration rate..savings: Crédit Mutuel earns top score from Challenges. The group ranked No. 1 ahead of LCL for overall performance..crédit Mutuel Arkéa sells BPE to La Banque Postale..New chairman appointed at Crédit Mutuel Normandie. The departure of Eckart Thomä, who had served as chairman of the federation since 2004, was announced at the 2013 general meeting of Crédit Mutuel Normandie. Hervé Brochard, former International Director of Descours et Cabeau, was appointed chairman of Crédit Mutuel Normandie and the regional bank, and Philippe Gallienne vice-chairman. Eckart Thomä is now honorary chairman. May.Competitiveness and Employment Tax Credit: The group responds with CRED IMPO. Crédit Mutuel and CIC created CRED IMPO to keep up with SME financing needs. By simplifying procedures, this solution enables the immediate financing of receivables resulting from the Competitiveness and Employment Tax Credit (Crédit d Impôt Compétitivité Emploi CICE)..Citibank Belgium rebrands to Beobank. A generalist retail bank where customer needs come first, the name Beobank is associated with Belgium and easily recognisable in the two main languages spoken in the country. June.Consumer credit: Positions strengthened. New agreements were signed with Cofidis, and the group expanded its operations in Spain through a new partnership with Banco Popular Espanõl SA..Standard & Poor s adjusts Crédit Mutuel s long-term ratingl. On 20 June, the agency changed its long-term rating on Crédit Mutuel from A+, negative outlook to A, stable outlook. The short-term rating was left at A-1. The change was exclusively attributable to the downgrade, within S&P s rating system, of the score assigned to banking industry risk, following the downgrade to the economic outlook for and climate in France. 14 Crédit Mutuel group

The change had nothing to do with Crédit Mutuel s fundamentals. Its ratings from the different agencies are still among the highest of any banks and are higher overall than those of its main rivals. July/August.Crédit Mutuel No. 35 bank worldwide. In the 2013 ranking of the world s top 1,000 banks established by The Banker magazine (July 2013), based on Tier 1 capital, Crédit Mutuel came in 35th, one notch higher than in 2012. It also counted among the 25 best banks in Western Europe since the crisis, tying for tenth place with Caixabank and BNPP. September.Partnership between EI Telecom and Auchan Telecom. This partnership resulted in EI telecom taking over Auchan Telecom s customers and operating its brand. EI Telecom is thus strengthening its positions in the telecoms market and is now more than ever a multi-brand provider with the NRJ Mobile, Crédit Mutuel Mobile, CIC Mobile, Cofidis Mobile, Blancheporte Mobile and now Auchan Mobile brands..crédit Mutuel group named Bank of the year for France. British financial magazine World Finance (World News Media group) named Crédit Mutuel Bank of the Year for France a second time. The magazine cited its ability to continue to grow and remain financially solid in a challenging environment. It also noted the bank s support for the real economy, the values it represents, and its international dimension. October.BVA satisfaction survey among professionals: Crédit Mutuel No. 1 overall. Crédit Mutuel earned the highest scores from its customers for nearly all criteria. These good results reflect the strong relationships built with primary account representatives and an efficient organisational structure that allows it to optimise the use of different channels. November.Evalbank awards: Crédit Mutuel wins across the board. Crédit Mutuel obtained the highest score in the Evalbank survey of bank-sme relations. It earned the best overall score (12.7/20) of the banks rated, and the highest marks in four areas: quality of relations, access to credit, pricing and advice.. Together, Let s Rebuild Haiti : Second phase of construction kicks off. The first phase of the plan to build a new city was completed and 38 families were already settled there when nine months of structural work began for the second phase. In October 2014, 48 other families will take advantage of this home ownership programme. The project involves building a total of 150 homes along with a school, play areas and small retail shops..telephony: 4G available in CM11 mutual banks. The CM11 mutual banks began offering 4G mobile telephony in November. EI Telecom thus became the fourth operator to introduce 4G services in France, after the incumbents (Orange, SFR and Bouygues Télécom), and the first MVNO to do so. December.Targobank the third leading credit card issuer in Germany. The group s German subsidiary announced the acquisition of the credit card distribution business of Valvovis Bank. The takeover will make Targobank the third leading credit card issuer in Germany..Purchasing decisions: Crédit Mutuel among the most recommended brands in France According to a Boston Consulting Group report, word-of-mouth is by far the main criterion consumers take into account when making purchases. This survey of 32,000 people, not all of whom use the services and products included (300 brands in 12 industrial segments), was conducted in five countries: Germany, Spain, the United States, France and the United Kingdom. 15 Annual report 2013

2013 RESULTS Ahead of the field GROUPE Confidence and solidarity

2013 RESULTS GOOD PERFORMANCE AND A STRONGER BALANCE SHEET Crédit Mutuel group actively contributed to financing the economy in 2013. Thanks to very strong business momentum at the networks, notably the retail banks, it consolidated its fundamentals and delivered a combination of growth and efficiency. Focusing steadily on service quality, the Group was able to develop all of its businesses banking, insurance and services with offers that are more adapted and diversified than ever. The group expanded its international footprint in electronic payments and insurance. With net profit, group share of 2,651 million and total net profit of 2,717 million (+22.6%), Crédit Mutuel further enhanced its financial solidity to guarantee its long-term growth. These performances were widely recognised, earning the group the bank of the year for France award from World Finance magazine (in August 2013). Boston Consulting Group also named Crédit Mutuel group the most recommended network bank in France (December 2013). Financial structure (In millions) 14.5% 13.7% (2) +0.8 pt 38.4 41.2 37.4 40.3 2012 2013 (1) Accounting basis (2) Comparable basis +7.3% +7.8% Shareholders equity (1) Of which, group share (1) Core Tier 1 ratio Continued expansion The key figures for 2013 are a tribute to the soundness of Crédit Mutuel s business model and the active involvement of its 24,200 elected directors and 78,500 employees. A locally-focused bank, the group has complete geographic coverage (5,920 points of sales of which 5,313 in France). The regional groups are increasingly sharing tools to complement this dense network. Further efforts were made during the year to build CCS operationally to provide logistics and production services. This will allow the group to leverage the diversity of its businesses, become more competitive, and monitor product quality to offer ever more tailored services to members and customers. Crédit Mutuel also entered into new agreements internationally. It strengthened its partnership with Canadian cooperative Desjardins through a new insurance agreement and the creation of an electronic payments company that ranks among the world s top ten firms specialising in acquisition (acceptance of electronic payments by merchants). 2013 was the first full year of consolidation for Belgium s Beobank/OBK and, in insurance, Spanish subsidiary Agrupacio. Acquired by Assurances du Crédit Mutuel, the latter creates new expansion opportunities in Spain and will give Targobank Spain and RACC Seguros a full range of insurance products. 18 Crédit Mutuel group

2013 RECOGNITION FOR THE GROUP MOST APPRECIATED BANK FOR PRODUCT PERFORMANCE Banks ranked by the quality of their creditworthiness and products. Challenges, Dossier Épargne, April 2013 NO. 35 WORLDWIDE AND AMONG THE BEST BANKS IN WESTERN EUROPE The Banker magazine identified the top 1,000 banks worldwide in 2013 based on Tier 1 capital and ranked Crédit Mutuel No. 35, one slot up from the 2012 edition. Crédit Mutuel ranked 10th, tying with Caixabank and BNPP in the Top 25 best banks in Western Europe since the crisis. The Banker magazine, July 2013 BANK OF THE YEAR FOR FRANCE World Finance ranked Crédit Mutuel best banking group in France for the second year. August, 2013 NO. 1 FOR BANK-SME RELATIONS Crédit Mutuel was given the best overall score (12.7/20) of the banks rated and the highest notes on four criteria: quality of relations, access to credit, pricing and advice. November 2013 CRÉDIT MUTUEL AMONG THE MOST HIGHLY RECOMMENDED BRANDS IN FRANCE According to a Boston Consulting Group (BCG) survey, word-of-mouth is the main criterion consumers take into account when making purchases. The BCG survey of 32,000 individuals, not all of which use the services and products selected (300 brands in 12 industrial segments), was conducted in five countries: Germany, Spain, the United States, France and the United Kingdom. December 2013 30.4 million customers 12.9 million policyholders 34.4 with million policies OUR PERFORMANCES REFLECT THE TRUST OUR MEMBERS AND CUSTOMERS PLACE IN US. BVA SATISFACTION SURVEY IN PROFESSIONALS MARKET: CRÉDIT MUTUEL NO. 1 FOR OVERALL SATISFACTION Crédit Mutuel received the best scores from its customers. These good results reflect the strength of relations with primary account managers as well as an efficient organisational structure that allows it to optimise the use of different channels. October 2013 19 Annual report 2013

2013 RESULTS RETAIL BANKING AND INSURANCE NET BANKING INCOME In millions Retail Banking Insurance INSURANCE, CRÉDIT MUTUEL S SECOND-BIGGEST BUSINESS In billions Non-life premium income Life insurance premium income Total premium income 14.4 11,201 11,890 7.6 9.8 11.8 +6.2% 1,873 1,915 4.2 4.6 +28.5% +21.2% +2.2% +8% 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 COST OF RISK In millions COST OF RISK INCURRED RISKS -1,205-1,311 GENERAL PROVISIONS Total -1,254-1,384-106 -130-49 -73-24 2012 2013 2012 2013 2012 2013 OPERATING EXPENSES In millions MARKET SHARE IN FRANCE 17% 17% 17.1% 17.1% 17.2% 5,694 +1.1% 5,758 3,301 668 2012-1.4% -2.5% 3,256 651 2013 Personnel expenses Other operating expenses Depreciation and amortisation 13.5% 14.2% 14.8% 15% 14.9% 2009 2010 2011 2012 2013 Loans Deposits CORE T1* SOLVENCY, BASEL 2.5 SOLVENCY RATIO, BASEL 3* (without transitional measures) 13.2% 13.7% 14.5% 16.6% 14.2% 11.0% 11.5% 11.2% 2009 2010 2011 2012 2013 *T1 ratio from 2009-2011: with additional requirements on 80% Basel 1 floor to ISO method 2012/2013 5.6% 1 January 2014 Overall ratio CET1 ratio Leverage ratio *As adopted in Regulation CRR/CRD4: with risk weighting of the equity value of insurance companies. 20 Crédit Mutuel group

More financially sound than before Owned exclusively by its members, Crédit Mutuel allocates all of its profits to development, the consolidation of its shareholders funds and paying interest on shares. The group became even more financially sound in 2013: Core Tier 1 equity rose 6.6% to 30.5 billion, and Core Tier 1 solvency (Basel 2.5 standards) increased by 80 basis points to 14.5%, making the group the leading French bank in this area and among the best in Europe. TREND IN CUSTOMER DEPOSITS In billions 274.3 292.2 +6.5% Crédit Mutuel is thus serenely preparing for the new European regulation adapting the Basel 3 rules in the European Union. Applicable from 1 January 2014, the Common Equity Tier One (CET1) solvency ratio stands at 14.2%. This includes all rules, with no transitional measures or grandfather clauses. The Tier One leverage ratio stands at 5.6%, applying the same standards. This financial solidity led Moody s and Fitch to reaffirm BFCM s long-term credit rating. The decision by Standard & Poor s to lower its rating by one notch in June 2013 and raise the outlook to stable reflected the outlook for and economic climate in France. It had nothing to do with the solidity of the group s fundamentals, and its ratings remain among the best of French banks: it has an A rating with stable outlook from Standard & Poor s, and Aa3 rating, negative outlook from Moody s and an A+ rating, stable outlook, from Fitch. Strong business momentum and support for the economy With its deep local roots, Crédit Mutuel is reaffirming the strength of its development model. It continues to differentiate itself with its members and customers, notably SMEs and microbusinesses, for which it is the No. 3 source of financing. Business levels were satisfactory across all group businesses in 2013, both at the networks Crédit Mutuel, CIC, Targobank Germany and Spain and Cofidis and the diversified activities. Savings deposits up Crédit Mutuel s total savings deposits rose by 5.9% to 669.0 billion. Customer deposits ( 292.2 billion excluding SFEF) increased by 6.5% as the strong momentum of recent years carried over. This growth was driven by regulated savings accounts, despite the decline in interest rates on these accounts, mainly Livret bleu and Livret A passbook savings ( 37.7 billion, +8.2%), home savings plans ( 31.7 billion, +3.9%) and current accounts with credit balances (+14.7% to 88.3 billion). STRUCTURE OF DEPOSITS 2012 2013 Term accounts 22% Other 4% Current accounts 30% Total deposits excluding SFEF Livret bleu/ Livret 13% Other savings accounts, home purchase savings 31% Off-balance sheet financial savings were up 5.4% to 376.8 billion. Total insurance-linked savings rose 5.4% to 107 billion, buoyed by a favourable environment for life insurance. Securities-linked accounts were up 5.4% to 269.9 billion. They benefited from buoyant financial markets, though there was a degree of disaffection with mutual funds, which were hurt by the sharp fall in short-term interest rates. The network banks in France had an almost 15% share of the deposit market. Lending focused on business and retail customers Total lending rose 2.3% to 351.2 billion, reflecting the group s active efforts to support the economy. Growth in new loans, which had marked a lull in 2012, was boosted by the housing market and increased 15.9% to 73.4 billion. Housing loan outstandings increased by 3.5% to 186.7 billion. Historically low interest rates underpinned the business, with new loans up 41.3%, well above than the level seen in the market (+23.3%). Consumer credit outstandings rose 0.8% to 36.3 billion, thanks in part to solid showings by certain subsidiaries, notably Targobank Germany which is now the third-largest issuer of credit cards in that country. 21 Annual report 2013

2013 RESULTS TREND IN NET CUSTOMER LOANS OUTSTANDING In billions 343.2 351.2 +2.3% Significant increases were seen in outstanding equipment loans ( 64.7 billion) and leases ( 11.6 billion), up 3.1% and 6.4%, respectively, despite an economic environment in which companies tended to postpone their projects. Demand for short-term business credits softened (-8% to 23 billion). The group ended the year with a 17.2% share of the bankdistributed loans market in France. 2012 2013 The loan-to-deposit ratio continued to improve (120.2%, down from 152.0% five years earlier), thus reducing the group s dependence on markets for refinancing. 380-330- 2013, STRUCTURE OF NET LENDING Other 6% Operating 9% Consumer and revolving 10% TREND IN LOAN-TO-DEPOSIT RATIO In billions 147.1% 141.4% 134.7% 125.1% 120.2% Equipment loans and leases 22% Housing loans 53% Insurance, the second-largest business The group s insurance subsidiaries recorded strong growth. Groupe des Assurances du Crédit Mutuel (GACM), Suravenir and Suravenir Assurances and Assurances du Crédit Mutuel Nord (ACMN) manage a total of 34.4 million contracts (+11.2%), of which 29.6 million in risk insurance and 4.8 million in life insurance, on behalf of 12.9 million policyholders. Total income generated by the insurance business reached 14.4 billion, up 21.2% in one year, driven by life insurance. The life insurance business benefited from continued favourable tax conditions and the lower interest rate paid on Livret A passbook savings accounts, increasing by 28.5% to 9.8 billion. 280-230- 180-130- 80-2009 2010 2011 2012 2013 L-to-D ratio in % Net customer loans Customer deposits Risk insurance also continued to record significant growth with an 8% increase in income. The auto segment was up 4.9% and the IRD (fire, civil liability, casualty excluding auto) segment (mainly multi-risk home insurance) was up 10.2%. Personal insurance saw growth of 8.6% to 2.8 billion, notably a reflection of the networks efforts to win complementary group health insurance contracts. Results in the insurance segment once again illustrated the strength of the traditional bankinsurance model created by Crédit Mutuel more than 40 years ago. This business accounts for more than 30% of total net profit. CONSTANTLY INNOVATING TO BE A LOCAL BANK EVERYWHERE THAT IS WHAT QUALITY SERVICE IS ABOUT. Solid performance in 2013 In 2013, net banking income rose 4.8% to 15.3 billion, reflecting the significant improvement in the interest margin and net commission income, as well as strong showings by the insurance companies. Bankinsurance accounted for more than 86% of NBI (74.5% for retail banking and 12% for insurance). After the sharp rise in expenses in 2012, most of which subsist, overhead ( 9.7 billion) remained stable. All components are well reined in, allowing the cost-to-income ratio to improve by 3 percentage points (63.3% compared to 66.3% a year earlier). 22 Crédit Mutuel group

The cost of risk came to 1,384 million, for a 10.4% increase. Restating for the impact of Greek securities in 2012, it would have risen by 164 million, both for incurred risks (+ 140 million) and unidentified risks (+ 24 million). The increase in the cost of incurred risks reflects the impact of the crisis on corporate and professional customers. The proportion of doubtful/non-performing loans in gross credits was stable compared to 2012 (4.4%). At the end of 2013, the coverage ratio on an individual basis stood at 61.1% and the global coverage ratio at 66.1%. Net profit attributable to the group reached 2,651 million (total net profit: 2,717 million), with bankinsurance accounting for most of this amount. It will be reinvested in the group to benefit members and customers. Technology: Innovation at work Using digital technologies to better serve members and customers As a pioneer in remote banking, the Crédit Mutuel group has developed even greater proximity with members and customers thanks to digital technology websites, mobile banking on smartphones and tablets, social networks, etc. This online presence strengthens customer relations by complementing traditional face-to-face meetings. Starting in the spring of 2014, the group will be upgrading its websites (www.creditmutuel.fr and www.cic.fr) and their extensions for other digital channels. Mobile telephony: Making the difference As part of its diversification strategy, Crédit Mutuel has made mobile telephony its third core business. Handled by Euro-Information Telecom (EI Telecom), this business has expanded steadily and now has an active customer base of 1.3 million users (contract and prepaid). The Group launched 4G services in its networks in 2013 and completed the rollout of full MVNO offers on the two networks EI Telecom uses (Orange and SFR). This new technical model will make its marketing and services completely independent of host operators going forward and enhance its ability to optimise purchases of voice minutes. The mobile telephony business is a new application for bankinsurance and services as well as a new approach to payment methods, buttressing the group s position in electronic payment solutions. In this latter area, the group is always on the lookout for tools that make life easier for its members and customers. It is on the cutting edge of contactless payments using cards and mobile phones. Electronic payments: 20% of the market The Group consolidated its No. 2 ranking in electronic payments in France with a 20% share of the total market. It was once again No. 1 for payments in France through affiliated retailers, with 2.2 billion payments processed for a total value of 99.5 billion, representing 25.7% of the market. Crédit Mutuel s complementary and competitive offer ensures it has coverage of all market segments, from the integrated distribution majors and franchise networks to independent retailers. The group is No. 2 in bank cards with 9.4 million active cards and market leader for public sector purchasing cards. Remote surveillance: No. 1 in France Crédit Mutuel subsidiary EPS confirmed its leadership in remote surveillance in France, ending the year with a 35% market share and 328,000 subscribers (+16%). Its expanded and innovated offering is tailored to the needs of residential and business customers. In an environment that remains uncertain, Crédit Mutuel is staying the course. It strives to serve its memberscustomers and the economy, focusing on a relationship of trust built on a dedication to providing quality offers and services. The group continues to diversify in France and abroad, consolidating its position as an international retail bank. Thanks to the day-to-day commitment of its directors and employees, the trust shown by its customers and solid financial fundamentals, the group can focus on growing, adapting and affirming its difference, constantly aiming to better help and serve its members and customers. With these assets, it can confidently meet the economic, technological, competitive and regulatory challenges of today s world. REMOTE SURVEILLANCE EPS NO. 1 IN FRANCE Crédit Mutuel s home and business remote surveillance solutions are a prime example of its commitment to providing top-level service and innovative products that are tailored to customers needs. With a 35% market share and 328,000 subscribers (+16%) in 2013, group subsidiary EPS bolstered its leading position in this market in France. The offer was expanded to include new services like smoke detection and remote gas and electric meter reading. These are included in the new housing offers of the group s real estate subsidiaries. In 2014, the offer will be extended beyond remote surveillance and assistance with carbon monoxide detection, video surveillance, energy management (consumption monitoring and control), water management including leak detection and remote shutoff and lighting management (occupancy simulation and light lines). 23 Annual report 2013

Crédit Mutuel group

BANKINSURANCE SERVICES AND SOLUTIONS A responsible bank that sets goals offers its customers the best services. That makes all the difference.

LA BANCASSURANCE BANKINSURANCE SERVICES AND SOLUTIONS Bankinsurance, the group s core business, comprises its retail banking and life and non-life insurance activities. The retail banking activity is carried out through the group s networks in France and Europe: Crédit Mutuel, CIC, Banque Européenne du Crédit Mutuel, CIC Iberbanco, Targobank Germany and Spain, and Cofidis and Banque Casino for consumer credit. It also includes the specialised companies whose products and services are marketed through the networks. Insurance is the group s second-largest business. The group assists its customers in all of their projects, providing solutions in the areas of investment and borrowing, payments and technology, insurance and savings, real estate, personal services and wealth management. With 30.4 million customers in France and Europe, Crédit Mutuel group is a leading retail bank with 28.8 million retail customers of which 12.9 million subscribe to its life and non-life-insurance products. A local bank with nearly 6,000 branches and over 9,000 ATMs, the group has increased its geographic coverage with a good balance between branch networks and remote banking technology. Remote banking services alone have clocked up more than a billion contacts. The segment has been boosted by the momentum of mobile banking on smartphones and tablets, which is creating a new kind of relationship between people and their banks. Solidly anchored in new forms of expression, Crédit Mutuel has also enhanced its Internet presence. Always in tune with its customers, the group is rolling out social after-sales services on Facebook and Twitter to answer all bank-related queries. In sum, Crédit Mutuel is creating even more proximity to its customers through all channels physical ones, with points of sale, and remote ones like the Internet, mobile banking and social networks. This system of staying constantly in touch with customers through different means and all channels is giving the group more ways to build quality relationships with customers and better hear their needs and advise them. By offering genuinely local services backed by state-of-the-art multi-channel distribution technologies, Crédit Mutuel group is putting digital technologies to work in its customer relations. It is consolidating its positions in the mobile telephony market, a strategic priority for it as Europe moves toward contactless payments. It also remains No. 1 in remote home surveillance with 35% of that market. Good customer relationships are the key to successful development, and Crédit Mutuel once again received numerous awards in this area in 2013. KEY FIGURES FOR BANKINSURANCE 28.2 million retail customers out of a total of 30.4 million 12.9 million policyholders and 34.4 million contracts 5,920 points of sale Over 1 billion remote banking contacts 1.3 million mobile telephony subscribers 35% share of remote home surveillance market 26 Crédit Mutuel group

1 2 3 4 A HUMAN RESOURCES POLICY GEARED TOWARDS TRAINING Crédit Mutuel group training centres: 1. Targobank (Germany). 2. Les Gatines (Verrières le Buisson). 3. CM Centre (Angers). 4. Le Bischenberg (Strasbourg). Crédit Mutuel ended 2013 with 79,482 employees, down slightly from 2012. This decline reflected changes at the retail bank network, in private asset management (disposal of Banque Privée Européenne) and the media activities. On the other hand, employee numbers rose in the insurance and technology sectors as well as at financial services subsidiaries Groupe La Française, Fortuneo and CM-CIC Services. Foreign entities had 12,355 employees at the end of the year, or 16% of the total. Staff signed up for almost 1,000 professional training initiatives (vocational contracts and programmes) in 2013. Experienced employees took advantage to adapt their skills to business changes. Staff members have access to training opportunities throughout their careers: in 2013, Crédit Mutuel s training budget represented 5% of the payroll. The role played by the bank in social dialogue was confirmed by the signature in September 2013, with all representative trade union organisations that represent its employees, of a new version of the collective agreement on the right to organise and social dialogue that was adapted to reflect the ministerial order on trade union representation of 24 June 2013 (published in the Official Journal on 9 July 2013). At Crédit Mutuel, social dialogue encompasses all of the periodic negotiations the law requires for specific sectors. On 18 June 2013, a wage agreement was reached for Crédit Mutuel within the framework of annual pay negotiations, resulting in a readjustment of the minimum wage guaranteed for the ten jobs that serve as a benchmark for the classification scale applicable to Crédit Mutuel. Trade unions can also request negotiations on specific topics, provided that these fall within the remit of the Crédit Mutuel regional federations regarding negotiations. On 16 January 2013, the framework agreement on voluntary interfederal mobility was partially updated and signed by all representative trade unions representing Crédit Mutuel employees. Above and beyond new agreements, the Commission Paritaire Confédérale (CPC) oversees the implementation of existing agreements and prepares annual reviews on subjects that affect all parts of Crédit Mutuel (overview of professional training efforts, handling of disrespect, psychosocial risks, gender equality, employment of the disabled, progress report on the generation contract, etc.). Meanwhile, France s joint national commissions for monitoring and overseeing training and jobs in the sector (Commission paritaire nationale de l emploi CNPE and Observatoire des Métiers) also contribute to analyses of changes affecting the business. In 2013, the Observatoire des Métiers for Crédit Mutuel s sector initiated an internal analysis of changes in banking relations as they relate to the expectations of customers and to new technologies, and how these changes are affecting the organisation and evolution of the businesses. Observatoire des Métiers also looked in 2013 at how the integration of new employees is organised at Crédit Mutuel. TRAINING OUR EMPLOYEES MEANS MAKING MORE ADVICE AND SKILLS AVAILABLE TO ALL OUR MEMBERS AND CUSTOMERS 27 Annual report 2013

KEY FIGURES FOR RETAIL BANKING In millions Net banking income: 11,980 Gross operating profit: 4,166 Net profit, group share: 1,892 28.2 million retail customers

RETAIL BANKING, THE GROUP S MAIN BUSINESS Retail banking, the group s main business, encompasses the offers of Crédit Mutuel s 18 regional federations and CIC s six regional divisions. It also covers the specialised products and services marketed through the network, notably leasing, factoring, fund management and real estate. Retail banking generated net banking income of 11,890 million in 2013 (74.5% of the group total) and 1,892 million of net profit, group share (almost 72% of the group total). As the day-to-day banking partner of 28.2 million retail customers, Crédit Mutuel has a 14.9% share of the market for deposits and a 17.2% share of the bank loans market. The global economy expanded in 2013, both in emerging countries and the United States. The Euro area alone lagged, with GDP contracting by 0.4%. The situation in France remained problematic, with no bona fide structural reforms initiated and growth that ended the year not far above zero (+0.2%). The factors behind this imbalance are still in play, particularly public deficits and the situation in the job market. These persistent difficulties, combined with greater tax burdens, led many households to tap into their savings and limit their borrowing. In this environment of economic constraint, the group continued to provide support to all of its customers, relying on an ever more diversified portfolio of products and services. The group supported economic actors across the spectrum, posting a further increase in outstanding loans, and was particularly active in lending to businesses notably via medium-term equipment loans designed to support their growth. Innovation, was on the menu again, with the group notably expanding its mobile telephony services to pave the way for contactless payments and offering new ways to use mobile banking on mobile phones and digital tablets. These efforts were enhanced in 2013 by the provisions of the French law on the separation and regulation of banking activities, which caps certain overdraft-related banking fees for all customers and imposes a lower ceiling for very low-income customers. It also creates new obligations (15 days advance notice to customers before potentially debiting banking fees, introduction of measures to prevent over-indebtedness). At Crédit Mutuel, these provisions come on top of specific measures already introduced at the initiative of the regional federations for assisting members with financial difficulties. In a frozen housing market in which transaction numbers bottomed out in 2013, Crédit Mutuel focused on funding customers primary residences, particularly for the less well-off. The group is more concerned about consolidating its customer base than winning new customers through home loans. Today, new services and other growth drivers are fuelling its development. CUSTOMERS AND THE NETWORK CUSTOMERS POINTS OF SALE EMPLOYEES (average headcount) Crédit Mutuel continued to diversify its offer to meet all the needs from the simplest to the most sophisticated of its retail customers and, more generally, of its various customer segments. The group is making specialised online banking tools available to customers with Monabanq and Fortuneo. 30.1 30.4 28.0 28.2 5,961 5,920 79,060 78,482 For the more financially marginalised members of its customer base, Crédit Mutuel has for many years offered a full range of services for withdrawing cash and making payments in all circumstances. Since mid-2010, in line with industry commitments, these have included payment incident fee ceilings and real-time account balance alerts. 2012 2013 Customers (millions) of which retail 2012 2013 2012 2013 29 Annual report 2013

BANKINSURANCE THE PREFERRED BANK OF PRIVATE INDIVIDUALS Crédit Mutuel endeavours to anticipate and respond to the needs of its more than 28 million retail customers by constantly innovating to offer adapted bankinsurance products and services. With sustainable development at the heart of its activity, Crédit Mutuel offers these customers a range of competitive solutions for environmentally-oriented home purchases, refurbishment work and insurance, along with socially responsible investment solutions.the range of products offered to the most vulnerable customers and the underbanked has been expanded. The quality and performance of new technological services provided to customers in the areas of remote banking, remote home surveillance, electronic payments and mobile telephony are reinforcing Crédit Mutuel s leadership and helping it to improve its service to better meet members and customers real needs. Using digital to enhance proximity: A winning approach A pioneer in remote banking, Crédit Mutuel has used digital tools to get even closer to its members and customers. The Internet and mobile banking through smartphones and tablets have profoundly modified the behaviours of consumers. They can get information quickly and do not hesitate to seek advice online (price comparisons, social networks, forums), making them more active partners in the relationship. This makes it more necessary than ever for customer representatives to understand their customers needs to give them the advice that is best suited to their individual situations. The bank s new customer relations tools allow it to be there at the right time and be more responsive than ever. Being available online does not take away from the bank s physical presence. It merely strengthens ties beyond the traditional face-to-face relationship. Account representatives agree with their customers on one or more channels of communication (email, text messages, telephone, face-to-face meetings and, in the near future, video conference). The group is adapting its websites and their applications for other digital devices (apps for smartphones and tablets). The bank with a difference In a context of profound economic and social crisis in France and elsewhere in Europe, Crédit Mutuel continued to provide its members and customers with services directly driven by their needs, expectations and plans. The increase in outstanding loans is testament to its support of the economy, benefiting both private individuals and businesses (SMEs in particular), while its focus on regular deposit taking provides a secure refinancing base. The group faithfully pursued its strategy of controlled development in 2013, strengthening its positions by relying on its main pillars of proximity, openness and security. Proximity: France s omnipresent 24/7 bank The group opened a number of new branches across the country, particularly in the southern Rhone Valley and the Mediterranean Arc, eschewing exclusion and income-based geographical segmentation and focusing instead on demographic potential and development. This brought its overall tally of points of sale to almost 6,000, including 5,313 in France. Represented in 80% of French towns with recognised sensitive urban areas, as well as in rural areas notably through its points bleu, the group seeks to be present everywhere local banking services are needed. 30 Crédit Mutuel group

Mediation: Almost 2,200 opinions issued in 2013 Created by the Murcef Act, bank mediation has become an integral part of the customer relationship. It covers both the functioning of retail deposit accounts and disputes linked to financial instruments, savings products, loans and investment services, insofar as these concern a contract s execution rather than its negotiation. Since 1 November 2013, the mediator can also handle claims relating to the marketing of insurance policies directly linked to a banking product or service distributed by a bank (insurance on loans, payment instruments, financial instruments, savings products, etc.). In 2013, Crédit Mutuel s ombudsman issued 2,182 opinions, 55.1% of which were partially or totally in customers favour. Although the ombudsman s opinion is not binding for the network, it has been followed in all cases by Crédit Mutuel s regional federations and CIC s regional banks. The remote banking services offered to customers of the branch network through the main group websites and applications for tablets and iphones comprise a full range of services backed by cutting-edge technologies. Advisors and customers can communicate through a confidential and secure message system. Based on the information known about customers, site content is customised in terms of menus, information and recommendations. Customers find the same content and form whatever channel they go through (desktop or laptop, tablet, smartphone, website or applications). The mobile telephony offering has continued to be expanded with a wide range of phones and plans adapted to all types of usage and budgets. One highlight of 2013 was the launch of 4G across the group networks. In 2014, the telephony offering will be enhanced even faster with more in-depth integration of banking, insurance and security services and the inclusion of contactless service options with new offerings. Openness Transparency, the basis for trust Crédit Mutuel has for many years now been striving to help members know and understand services fees. A series of laws have made it mandatory to provide this information both on the Internet and in the branches. Bank representatives in the mutual banks and branches do not earn commissions on product sales, and the mutual banks report annual results to members. This commitment to transparency is the hallmark of a cooperative bank. Security A solid bank providing simple products with steady returns Crédit Mutuel allocates all annual profits not used to pay dividends on its members shares to consolidating its shareholders equity. Keeping these funds well provided ensures ongoing support from shareholders, the security of the bank s deposit-making customers and its financing of sustainable growth. In 2013, a 7.8% increase in shareholders equity, group share to 40.3 billion further enhanced the group s financial solidity. At 14.5%, its Core Tier 1 solvency ratio puts it uppermost among French banks and in the top tier of European banks. In a context of all-round ratings downgrades for banks, Crédit Mutuel remains a highlyrated issuer. It endeavours to keep its product offer simple and understandable: - In terms of savings, it pushes guaranteed-rate products such as savings books and home savings accounts, and life insurance products with steady returns; - When it comes to loans, customers are encouraged to take out fixed- or capped-rate mortgages, while consumer credit products distributed through the network of mutual banks and branches all have a tightly controlled risk profile. - The borrowers insurance policies offered are the most generous in the market, both in terms of the low level of exclusions and the range of coverage offered. SAVINGS, LOANS, MOBILE TELEPHONY AND INSURANCE: WELCOME TO A BANK THAT PUTS YOU FIRST. 31 Annual report 2013

BANKINSURANCE SUBSIDISED HOUSING: FOCUS ON QUALITY IN AN AILING MARKET The recovery in the housing market in France was confirmed in 2012 but the market was frozen in 2013, with just 730,000 transactions recorded (based on preliminary notaries figures), or about 100,000 fewer than in 2007. In a downtrending market that seems to have hit bottom, Crédit Mutuel s top priority is still to issue loans for purchases of primary residences and ensure the financing of quality investments. 2014 thanks to a reduced VAT rate (5.5%). This trend can be expected to carry over to 2014, despite the rise in the VAT rate to 10%, since most households have come to understand the need to save energy. Investments in new rental property were once again below expectations, despite the continued appeal of investing in physical property, as the effects of the new Duflot tax regime were dampened by lessors concerns and rent ceilings that are in some cases not properly adjusted. Crédit Mutuel aims to satisfy the demands of its members and customers with a direct approach, advice and service quality backed by a local decision-making chain and responsive network. Home purchase loans, though no longer the group s only or primary means of winning customers, nonetheless remain attractive, with extremely low rates offsetting in part the excessively high prices seen in some residential areas. Very low interest rates are what drove reported business levels up during the year: new home loans rose 41.3% year-on-year to almost 34 billion, 2012 having been an atypical year (-23%), though more than two-thirds of this corresponded to loans acquired from competitors. Housing loan outstandings rose 3.5% to 186.7 billion, after +0.6% in 2012. New construction continued to be depressed by high prices for available land as well as a series of standards and requirements that have driven costs up. At the same time, the restriction of interest-free loans to areas where supply is tight had a direct impact on the entire new single-family home market, whereas it had previously benefited the suburbs of large cities and rural areas as well. A decrease in direct aid for home purchases due to budget cuts was a significant development in 2013: fewer than 40,000 interest-free home loans were granted, though there were some 70,000 purchases of subsidised homes. This shrinkage of public aid will only continue in 2014/2015. Against this backdrop, buyers solvency will depend on the down payments they can make. This is why the group continues to do everything it can to encourage people to subscribe and pay into home savings schemes. Developments in home improvement loans remained significant in 2013: though zero interest-rate eco-loan volumes are steadily declining due to their complexity, the home improvement market remained very buoyant in An active partner for subsidised home purchases The group is a leading banking partner for subsidised homebuyers with extensive experience in governmentsubsidised loans, including the new interest-free loan scheme (though it now applies only to new construction), PAS subsidised acquisition loans and PSLA subsidised rental-acquisition loans. It is also playing an increasing role in financing low-cost rented accommodation by distributing PLS loans, which represented outstandings of 1.3 billion as of 31/12/13. Crédit Mutuel has a longstanding relationship with the Action Logement organisations (formerly 1% Logement ), traditionally the main players in the rental sector for employees. The group is active in many regions and involved in different types of activity: It has capital stakes in around 40 subsidised housing bodies (Entreprises Sociales de l Habitat - ESH). iit also contributes its know-how in social housing (HLM) sales through subsidised homebuyer loans, It is a close partner of social housing cooperatives for construction programmes under subsidised homebuyer schemes, which it finances through interest-free loans or tenant home purchase schemes. It works with the Entreprises publiques locales (EPL) federation, a trade body that notably represents 226 real estate EPLs (local public enterprises) managing 530,000 homes. As a traditional partner of the French agency for housing improvement (Agence Nationale pour l Amélioration de l Habitat - ANAH), the group aims to work more closely with social housing bodies in sensitive urban areas covered by French urban renovation agency (Agence Nationale pour la Rénovation Urbaine - ANRU) programmes. 32 Crédit Mutuel group

Rezé, L Angélique Réalisation CM-CIC Immobilier Rennes, Rose Garden. Réalisation CM-CIC Immobilier A recognised player in the social housing market, particularly through regulated subsidised housing loans (PLS and PSLA), Crédit Mutuel-CIC has developed attractive offers to help subsidised rental specialists like OPH, ESH, COOP HLM and SEM manage their cash. The government s decision to end the restriction to one Livret A in the HLM sector will create an additional opportunity to win new customers. Partnering with local authorities For more than 36 years, Crédit Mutuel has been acting as a partner to local authorities, offering them its financing expertise along with services designed to facilitate the management of individual towns and villages as well as district, departmental and regional councils. As a non-centralised banking organisation with strong involvement in local economic and social development, it is the natural partner to the main civic decision-makers, to which specialised teams are assigned at the regional level. A considerable number of elected representatives sit on the boards of its local mutuals. The new Basel 3 regulatory framework had a major impact on local authority funding in 2013, leading some Crédit Mutuel federations to offer alternatives to traditional financing solutions with a securitisation fund to finance regional and general councils as well as towns with populations of more than 10,000. Arkéa called on its subsidiary Suravenir for a large share of contributions to this fund. La Banque Postale also moved into the local authority market in 2013, after Dexia withdrew from the market. Crédit Mutuel overcame this difficult environment and these constraints and played a full role in financing local investment by responding positively to the public funding auctions held in recent years and carrying outstandings of 6.4 billion. Crédit Mutuel is also France s leading distributor of public sector purchasing cards, payment instruments specially adapted to public sector accounting requirements to facilitate the payment of local authorities running expenses. Through its EPS subsidiary, it now offers remote surveillance services for public buildings. Crédit Mutuel is a partner of Association des Petites Villes de France and Fédération des Entreprises Publiques Locales. 33 Annual report 2013

BANKINSURANCE SPECIFIC OFFERS FOR YOUNG PEOPLE Crédit Mutuel group has a dedicated offer for young people, from birth right up until they join the workforce. Teaching people how to use banking services, encouraging savings from an early age and assisting young account holders along the road to independence are the main facets of the bank s offer for a segment that represents a quarter of the Crédit Mutuel/CIC retail customer base. Pop Corn covers the period from birth to 11 years and features the Livret A/bleu savings book account, which remains a core product for very young people, as well as insurance savings products and assistance with starting and continuing to save. An offer that caters for young customers, whatever stage of their schooling or career they are at (secondary school pupil, apprentice, student or graduate employee), in three major areas: Day-to-day banking needs, with services that help young customers manage their budget along with a range of cards to help them on the path to financial independence; Accommodation, with Clic-Clac, a rent guarantee package comprising a loan to finance a security deposit, a bank guarantee for the landlord and a home insurance policy. These products can be also subscribed to separately. Projects: The 1 per day driving licence scheme and of course flexible student loans including, in 2013, the BPI France Financement government-backed student loan, which enables the student to borrow up to 15,000 over a two- to ten-year period and comes with a state guarantee of 70% for the unpaid portion of capital. This loan is especially suitable for young people without a parental guarantee. It will remain in place in 2014. 34 Crédit Mutuel group

ENCOURAGING EVERY KIND OF MUSIC To specifically cater for the needs of young people, most group entities now offer a prepaid bank card enabling 12 to 17 year olds to manage their pocket money securely and independently. The cards enable purchases in France or abroad, including online, and can be topped up by debiting the provider s account or at Crédit Mutuel and CIC cashpoints subject to the provider s authorisation. Crédit Mutuel is responding to the growing number of international transactions and young people s increasing international mobility by gradually rolling out its banking and health assistance offers abroad. The group also offers inter-generational savings products (home savings accounts and life insurance schemes) that can be set up by parents or grandparents to put money aside for the futures of young children or grandchildren. Such solutions are becoming increasingly important in a global economic environment that is pushing back the age of financial independence for the under 30s. Crédit Mutuel works closely with young people who undertake responsible citizenship projects (Tremplins Jeunes Talents, Trophées J Pass, etc.) through partnerships with non-profit associations or initiatives launched directly by the Crédit Mutuel federations, such as the Les jeunes qui osent programme, organised by the Centre Est Europe, Ile-de-France, Sud-Est, Savoie-Mont Blanc et Midi- Atlantique, Anjou, Loire-Atlantique et Centre-Ouest, Dauphiné-Vivarais, Méditerranéen, Centre and Normandie federations; Crédit Mutuel Maine-Anjou, Basse-Normandie s Challenge Jeunes Créavenir contest; and the Coup de Pouce Évenement Local programme, all backed by a fund set up at Crédit Mutuel du Sud-Ouest to provide ongoing support to associations that organise recurring events. Crédit Mutuel setting the tone Crédit Mutuel has been the bank for every kind of music for more than ten years now. It sponsors some of the leading music events and programmes on television and radio, such as the Victoires de la Musique Awards on France 2 and Radio France music broadcasts. On the ground, Crédit Mutuel works with France s main festivals countrywide: le Printemps de Bourges, les Francofolies de la Rochelle, le Main Square Festival in Arras, Beauregard in Hérouville Saint-Clair, Musilac in Aix-les-Bains, la Fiesta des Suds in Marseille and, since 2012, les Vieilles Charrues in Carhaix and Les Déferlantes in Argelèssur-Mer. Crédit Mutuel has been the official partner of Fête de la Musique alongside the ministry of culture and communication since 2008. C In response to the public s changing musical interests, Crédit Mutuel has also started to sponsor musicals, notably Le Roi Soleil, Cléopâtre, Mozart and 1789, Les Amants de la Bastille. In 2013, it supported the Stars 80 concert tour and the Robin des Bois musical, which had its last performance in June 2014. Crédit Mutuel also supports associations and projects that promote access to music, such as Jeunesses Musicales de France, which organises 2,000 concerts every year for primary and secondary school children, and Confédération Musicale de France, which brings together more than 700,000 musicians in 6,000 music academies. Music is also a way for Crédit Mutuel to get involved in important causes. It notably contributes to the fight against cancer by backing music events that build awareness. Award Les jeunes qui osent, Regional Federation of Anjou Crédit Mutuel-CIC supporting major classical music events In 2013, Crédit Mutuel-CIC signed up for five years as official partner (and founder) of the Festival de Pâques in Aix-en-Provence, a new prestigious musical event of international dimensions. It aims to reach beyond confirmed music lovers to as broad a public as possible. CIC also supports young performers through its patronage, since 2003, of the Victoires de la Musique Classique classical music awards. This event not only enables talented young musicians to build a reputation but also helps to promote classical music to an increasingly wide audience, in Paris and elsewhere in France. Pooling energies, developing the ability to listen and promoting individual talents and goals are just some of the values that are found in music and which justify the group s commitment to this form of expression. 35 Annual report 2013

BANKINSURANCE 50 AND OVER: TARGETING SPECIFIC NEEDS Addressing the needs of seniors is a top priority for the group. For those 50 and over, it offers products and services that are tailored to their specific situations, expectations and interests. Customers aged 50 and up can be in very different situations and thus have very different needs depending on their age, personal journeys, home and professional life (still working or retired), and their health. This category notably includes the large baby boomer generation, which has been a driving force in changing many aspects of society, and is now reaching retirement age with expectations and behaviours that are not the same as previous generations. The group has developed a broad array of banking and insurance products and services specifically for these customers. For most types of consumption, the expectations of seniors are not fundamentally different from those of younger customers, so the same solutions are offered. This is notably the case for day-to-day banking services and the extended range of core savings and investment products. A BROAD AND ADAPTED RANGE OF BANKING, INSURANCE AND OTHER SERVICES TO SUIT EVERY TYPE OF SITUATION On the other hand, some products are specifically designed to reflect changes in these customers situations: for instance, death benefits on loan insurance are adjusted to provide longer coverage, and some health insurance products can be adjusted for changes in healthcare spending (notably eye and dental care) as age increases. Customers particularly appreciate the support and advice they receive on getting ready for important phases of their lives (preparation for retirement, moving house or adapting their homes, ageing parents, inheritance/gifts, etc.). Tips are also provided every month in Notre Temps magazine with a bankinsurance theme covered in detail through three questions answered by a group expert. How to pay make online purchases safely? How to apply for a loan after 60%? What precautions should be taken before taking out a revolving credit loan? What is the best way to help grandchildren get a good start in life? How to learn about new banking and insurance technologies? Readers of Notre Temps get practical advice on all of these matters and more. In response to the specific issues associated with old age, the loss of independence and seniors desire to stay in touch and in their own homes for as long as possible, the group allows people to subscribe to long-term care insurance before they need it and limit their financial dependence if they do need care, all backed by support and advisory services. They can also subscribe to a special helpline service that gives them and their loved ones peace of mind, with an alert system enabling them to reach live agents 24 hours a day in the event of an emergency. These offers are perfect illustrations of Crédit Mutuel s commitment to attentiveness and service. 36 Crédit Mutuel group

CRÉDIT MUTUEL A PARTNER TO THE SALON DES SENIORS Crédit Mutuel helps you live well in your own home, and that changes everything! Since 2012, Crédit Mutuel has been one of 250 groups represented at the Salon des Seniors trade show. This national event, featuring a large number of activities around ten or so themebased villages (leisure and travel, exercise, rights/ retirement/assets, working after 50, home and lifestyle, gastronomy, new technologies, culture, non-profits, etc.), is attracting more visitors every year. Crédit Mutuel has opted to focus its participation not on its traditional banking activities but rather on homes and lifestyles. Its service offering is divided into different kinds of needs: home equipment and insurance (home improvement loans, theft protection), health, staying in contact (telephony with Crédit Mutuel Mobile), assistance (Seniors assistance) and planning (long-term care and funeral insurance). The concerns expressed by visitors mostly about health, telephony, home protection and personal assistance but also savings and assets all confirmed that the group s approach speaks to seniors. 37 Annual report 2013

BANKINSURANCE NUMBER ONE BANK FOR NON-PROFIT ASSOCIATIONS In 2013, Crédit Mutuel consolidated its position as the number one bank for associations (1), managing almost 28% of the sector s budget. With a customer base comprising more than 447,000 non-profits, it is serving the needs of a sector that plays a key role in reinforcing social cohesion and creating new community ties. At end-2013*, the group managed close to 17.7 billion in non-profit association deposits (up 9.7%) and 2.5 billion in outstanding loans (up 5.1%). A specific banking offer, combined with ongoing interaction with families and sporting federations at the regional and national levels, help make Crédit Mutuel the partner associ@thèque Assisting volunteers, directors and creators of associations The website, which is open to the public but also features exclusive content for Crédit Mutuel s non-profit customers, now includes 12 easy-toaccess practical guides such as Créer son Association (Setting up an Association); La Responsabilité des dirigeants (Managers responsibilities), Organiser ses manifestations (Organising events), Les Mineurs (Minors), Les Bénévoles (Volunteers), Partenariat et Mécénat (Partnership and patronage) and one on associations and local authorities. In 2013, the expertise made available to associations was expanded to include specific areas like sports, the performing arts and activitybased groups. To ensure that it speaks to all audiences and interacts with all players in the extremely diverse world of associations, associ@thèque is very active on social media through Facebook, Twitter and YouTube. The site s official blog, le Mag associathèque, is an interactive online space where users can post responses to content. associ@thèque is also available via a mini-site optimised for mobile access. With more than 14,000 newsletter subscribers and as many likes on Facebook, associ@thèque clocked 1.3 million visits in 2013. Steady increases in these figures prove that more and more people are interested in content and services relating to associations. Through associ@thèque, Crédit Mutuel is doing more than ever to support their commitment. www.associatheque.fr of choice for non-profits and explain its continued expansion in this segment. From the beginning, Crédit Mutuel has been complementing its specific banking offer with expert advice to give associations the help they need in terms of skills, information and project backing, and to help managers assume their responsibilities and meet any difficulties that arise. The tools offered by the bank on legal, tax, social, financial, organisational, governance and day-to-day management issues, notably on the associathèque.fr website, are made available to all associations, from the smallest, volunteer-driven ones to large administrative organisations. The group also strives to help association managers devote themselves fully and serenely to their projects. The results of the CNRS/Centre d Économie de la Sorbonne survey programme, published late in 2013, reaffirmed Crédit Mutuel s position as the leading bank partner for associations in the areas of healthcare, social initiatives, education and humanitarian work, these being the fields in which there are the most large non-profits. It is the number two bank for associations in the sporting, cultural, leisure, economic and local development fields, which are often small- or medium-sized. Crédit Mutuel remains the leading bank (1) for medium and large non-profits, 29% of which have made it their partner. A bank that shows its commitment Under multi-annual agreements, Crédit Mutuel supports numerous networks that cater for children, young people, the elderly, families, into-work schemes and social, cultural and sporting activities, including: Fédération Française d Éducation Physique et de Gymnastique Volontaire (FFEPGV): This state-approved federation is France s fifth-largest sporting federation. It represents 548,000 members belonging to more than 7,000 sports associations across the country. Through this partnership, Crédit Mutuel contributes skills at the national, regional, departmental and local levels through the associ@thèque website and offers dedicated services. *Estimated end-2013 deposit and lending figures for three Crédit Mutuel federations. (1) Source: Centre d Économie de la Sorbonne, Université Paris 1 2013 survey conducted by Viviane Tchernonog, CNRS researcher. Based on non-profit budgets. 38 Crédit Mutuel group

CREDIT MUTUEL STANDING ALONGSIDE YOUTH ASSOCIATIONS Fédération Nationale des Jardins Familiaux et Collectifs (FNJFC): This federation focuses on nature conservation and the environment, sustainable development and enhancement of the living environment. Crédit Mutuel contributes to the development of this national association, which is becoming increasingly involved in developing public policies on land planning and health (dietary, physical and mental). Fédération Sportive et Culturelle de France (FSCF): This multi-sport and cultural federation is present throughout France with 21 regional leagues and departmental committees. It comprises 3,700 associations and subassociations run by 40,000 volunteer managers on behalf of 500,000 members, 60% of which are under 18. Crédit Mutuel provides assistance in organising national championships as well as sporting and cultural events, and for trophies recognising young people s commitment. Union Générale Sportive de l Enseignement Libre (UGSEL): UGSEL is a federation comprising more than 3,700 education-sector sports clubs and upwards of 800,000 members, benefiting 2 million-plus pupils and 134,000 teachers. The group provides financial support for the promotion and development of sporting and cultural activities in primary and secondary Catholic schools and helps organise national sport competitions. Crédit Mutuel also shares its expertise in providing banking and financial services to associations, and volunteers can use the associ@thèque website for support in their day-to-day work. Union Nationale pour l Habitat des Jeunes (UNHAJ): Crédit Mutuel and UNHAJ have committed to renew and strengthen their partnership aimed at helping young Crédit Mutuel provides active support to young initiativetakers in the not-for-profit field through two national partnerships: Familles Rurales and the Réseau National des Juniors Associations (RNJA) network. Its partnership with Familles Rurales (rural families) is based mainly on the Trophées J. PASS call for projects, through which the group provides financial support for humanitarian, ecological, social and community projects handled by young people aged 12-25. The group has partnered with RNJA (national network of young peoples associations) since its creation in 1999, and continues to support this network, which enables young people under 18 to organise initiatives and carry out projects within an association framework. As RNJA s leading banking partner, Crédit Mutuel also contributes to the financing of the many practical guides it publishes for young people in the field. Several of the bank s other partnerships also give priority to youth initiatives, particularly those with UNHAJ, UGSEL and FSCF. people get back into mainstream society and move towards financial independence. The bank provides financial support and communication tools to drive publicity for the scheme s initiatives. Union Nationale Interfédérale des Oeuvres et Organismes Privés Sanitaires et Sociaux (UNIOPSS), a national federation of private healthcare and social work organisations. As a member of its Club des partenaires (partners club), Crédit Mutuel supports the federation and participates actively in its conventions and annual meetings. 39 Annual report 2013

BANKINSURANCE NUMBER TWO BANK FOR THE FARMING SECTOR Crédit Mutuel is aiming to bolster its position as the number two bank in the farming sector, after ending 2013 with 15% of subsidised loans to young farmers and 13% of the loan market. The group has been working closely with the farming community throughout France for more than 20 years, serving livestock farmers, crop producers and wine growers at all stages of a farm s life, from set-up to succession. In 2013, 133,000 farmers, or 28% of the total in metropolitan France, were customers of Crédit Mutuel. Crédit Mutuel s financing solutions ensure that rapid and adequate responses are provided to the full spectrum of farming projects. They include adjustable maturities enabling borrowers to tailor repayments to their cash flow. Other solutions involve offering farm equipment financing directly through dealers. Farmers have access to a range of short-term cash facilities to cover urgent financing needs. These short-term loans can be distributed through the trading companies that market farmers production. SPECIFIC PRODUCTS, SERVICES AND SOLUTIONS FOR FARMERS, THAT S THE DIFFERENCE New loans granted in 2013 totalled 1.6 billion, and the overall farming loan book came to 7.4 billion. In terms of investment and cash management products, Crédit Mutuel s range enables customers to balance their requirements in terms of asset availability, profitability and security. Life insurance solutions are available to farmers as well as their spouses or family members who help operate the farm without being employees. Policyholders can thus enjoy steady additional income when they retire. Another range of products is available to help farmers build up a rainy day fund, offering readily accessible capital and, in some cases, tax benefits implemented under the Dotation pour Aléas freak events provision fund legislation. THE AGRISALON.COM MOBILE APP The group s Agrisalon.com website, which has been addressing the needs of farmers for more than ten years, can be accessed via mobile phones. Freely accessible on smartphones, the app provides most of the essential information farmers need. They can use it wherever they are to get news updates or weather forecasts or information about prices and upcoming events, all with just a few clicks. To provide even more up-to-date information, Agrisalon.com has been adding more news posts per day since the beginning of 2013 to keep users on top of developments in the farming world. With more than 150,000 visitors per month, traffic on the Agrisalon.com website is increasing steadily and most users say they would recommend it. Crédit Mutuel also offers solutions designed to allay production fluctuations caused by climate and economic factors. In addition to rainy day savings packages, it offers policies to protect against grain and grape harvests failures for the most common weather-related problems. Préviris provides online access to grain and milk futures markets, allowing users to manage price risks independently. With almost one-fifth of its local mutual banks in towns or villages with fewer than 2,000 inhabitants a dedicated nationwide entity run by elected farmers (Fédération du Crédit Mutuel Agricole et Rural - FCMAR), Crédit Mutuel stays on top of all developments in the agricultural sector and in touch with all types of farming and related needs. 40 Crédit Mutuel group

CRÉDIT MUTUEL PARTNERING WITH THE AGRICULTURAL EDUCATION SECTOR THROUGH CULTURES AGRI 28% of farmers are Crédit Mutuel customers. Every year, Crédit Mutuel organises an event for students in agricultural schools encouraging them to show off their farming skills through videos. The competition is sponsored by the French Academy of Agriculture and backed by the main educational networks. The winning classes get helping financing their study trip. This year s fourth edition of the Cultures Agri awards was another success, with 178 schools participating, 346 video clips submitted and 17,650 followers on social media. These results are a reflection of the high-quality, trust-based relations Crédit Mutuel has forged with schools that are training the people who will be actively working in rural areas in the future. Lending reached 1.6 billion in 2013 41 Annual report 2013

BANKINSURANCE NUMBER THREE BANK FOR SMES Crédit Mutuel played an active role alongside all those involved in the regional economy in 2013, whether independent professionals, microbusinesses or small and medium-sized enterprises. It ranked as the number three bank for the sector with almost 76 billion in outstanding loans to professionals and SMEs. Network and specialised subsidiaries creating even closer ties Business financing activities are carried out by the network and specialised subsidiaries: Banque Européenne du Crédit Mutuel (BECM), a subsidiary of Crédit Mutuel Centre Est Europe; Arkéa Banque Entreprises et Institutionnels, a subsidiary of the Crédit Mutuel Arkéa group; and Banque Commerciale du Marché Nord Europe (BCMNE), holding company for the business banking division of Crédit Mutuel Nord Europe the majority shareholder of SA Crédit Professionnel, the central body for Crédit Professionnel Belge. CIC has also put in place a system ensuring the local presence of account managers and rapid response times thanks to short decision-making channels. The group is a major financer of independent professionals, artisans, small retailers and microbusinesses in the services and light manufacturing sectors, with nearly 680,000 customers and a 16.2% penetration rate. It is particularly strongly positioned among business start-ups, notably through the assistance provided to entrepreneurs and the distribution of start-up loans (Prêts à la Création d Entreprise PCE). In 2013, the group was the second leading distributor of these loans with a 23.3% market share in terms of loan numbers and amounts. The group s guarantee activity continued to grow with Bpifrance, Siagi and France Active Garantie. It has active partnerships with Initiative France, France Active, BGE (the former Boutiques de Gestion network) and ADIE, France s main start-up support networks. It has worked for more than 20 years to help develop local economies with Initiative France, the largest association-run business creation and transfer assistance network in France. CONCOURS TALENTS 2013: CRÉDIT MUTUEL SUPPORTING BUSINESS START-UPS Talents is the leading national contest for start-ups. Created in 1997 by BGE to showcase entrepreneurial success, it recognises entrepreneurial initiatives at all levels geographic, social, economic and human. Most importantly, it confirms that the staying power of new companies depends in large part on the quality of support their creators receive. Organised by BGE, Journée des Talents (Talents Day) took place on 9 September at the Economy and Finance Ministry, with Mrs Fleur Pellerin on hand to present the Talent Développement award. The day ended with the national Talents 2013 awards, recognising exemplary stories of start-ups that received assistance. More than 1,500 heads of companies participated in this 15th edition, and 11 of them won national awards. Confédération du Crédit Mutuel offered 8,000 to the winner in the artisans segment and chaired the jury for this category. The group is actively involved with more than 60% of this network s local initiative platforms, with Crédit Mutuel covering 172 of them and CIC 159. In 2013, it distributed 3,414 loans (23% increase on 2012) totalling 226 million (+25% on 2012). The group also supports France Active, a network that promotes and finances social inclusion through economic initiatives. As founder of six of the network s 38 local funds, the group is represented on half of the loan acceptance committees and accounted for 22.6% of the guarantees granted in 2013. Since January 2009, Crédit Mutuel has been a partner of BGE, a non-profit association under the law of 1901 and the leading independent network for business start-up assistance with 430 branches nationwide. Through this partnership it helps businesses from the idea stage through to their third anniversary. BGE initiates and manages a variety of schemes (experimental business incubators, financial engineering for projects, enterprise zones and entrepreneur networks) to encourage job creation, initiative-taking, wealth creation and social cohesion. 42 Crédit Mutuel group

LIVRET A/BLEU/LDD: SIGNIFICANT CONTRIBUTIONS TO SME FINANCING Many savers opted for Livret A, Livret bleu and LDD (sustainable development) regulated savings accounts, seeing in them a source of security and liquidity in an uncertain economic environment. Total funds in these regulated accounts, taxed at special rates, amounted to almost 52 billion, putting the group s share of the regulated savings market at 14%. Regulatory requirements as to the use of non-centralised resources were largely complied with: loans granted by the group to SMEs amounted to more than double the decentralised funds that remained on its balance sheet (254% utilisation rate). Work continues on initiatives taken in 2009 at regional level in Pays de la Loire, PACA (Provence-Alpes-Cote d Azur) and Burgundy to strengthen cooperation between BGE and the Crédit Mutuel federations. Crédit Mutuel continues to be a partner of Adie, which recorded a sharp increase in business in 2013. Through seven regional federations and a CIC regional bank, the group financed 11% of all 2013 lending by this organisation, representing a total of more than 4.1 million. DELIVERING TAILORED SOLUTIONS THAT HELP PROFESSIONALS GROWTH THEIR BUSINESS, THIS IS HOW WE SUPPORT THE REAL ECONOMY. CRÉDIT MUTUEL PROFESSIONS DE SANTÉ (CMPS): SPECIALISED MUTUALS FOR THE HEALTHCARE SECTOR Created by and for medical professionals more than 30 years ago, CMPS is a network of branches dedicated exclusively to healthcare sector workers.* Representatives from all segments of the medical and paramedical sectors sit on the boards and supervisory bodies of these mutuals. The banks assist practitioners with their strategic and financial decisions, whether work-related or private. In each case they offer personalised solutions, from bankinsurance, electronic payments and financing packages for individual projects to wealth management from a savings strategy perspective, retirement planning and tax planning. In addition to banking expertise, CMPS has developed active partnerships with professional associations, unions, specialised management associations, professional guilds and regional and national institutional bodies. *www.cmutuel.com Working alongside SMEs and microbusinesses Despite the still sluggish economic climate, overall funds lent by Crédit Mutuel to microbusinesses and independent SMEs (including drawdowns and available but unused credit lines) rose by 2.52% in 2013. Investment loan outstandings increased by 1.9% for businesses as a whole (i.e. including SMEs and large companies). In an environment where fewer operating lines of credit were required, outstandings in this area only declined by 1%. Crédit Mutuel continued to review files submitted by the credit ombudsman. Business levels at this activity declined overall between 2012 and 2013. The group s successful mediation rate stood at 30% at 30 June 2013, reflecting the network s more in-depth approach to referrals and its excellent level of local knowledge: for many companies, notably very small businesses, the mediator approved the Crédit Mutuel or CIC decisions. 43 Annual report 2013

BANKINSURANCE TECHNOLOGY INNOVATION AT WORK Using its technological know-how to serve its customers has always been a central element of the group s development strategy. It regularly adds new, innovative services to its range, strengthening its expertise and leading role in this area. The group s electronic document management system is fully integrated into its different operational processes at the Crédit Mutuel local banks, CIC branches and at the back-office level: more than 924 million documents can currently be accessed in real time, almost 285 million of which were generated in 2013, up 31.3% year-on-year. Electronic statements, viewable via the Internet, have gradually replaced paper. Since the first quarter of 2013, customers have also been able to view their statements on smartphones, a new option that can be expected to drive further growth. Innovations like MailTiers, which links email exchanges with customers files, give the bank a competitive edge in terms of the quality of its relations with remote banking customers. This application makes it easy to locate a A FULL RANGE OF REMOTE BANKING SERVICES The group aims to be within easy reach of its customers wherever they are, providing them with a full range of remote banking services in addition to its branch network. With over a billion uses, these services are clearly well suited to customer needs. While Internet banking still accounts for half of all contacts, its growth rate is diminishing due to the spectacular jump in the use of smartphone applications, which represent a new form of contact between the bank and its customers. Crédit Mutuel is already solidly anchored in new channels of communication and has expanded its presence on the web. Always eager to hear from its customers, it is using social after-sales services - through Facebook and Twitter to answer bank-related questions. Through points of sales, the Internet, mobile banking and social media, the group is building closer ties to members and customers with seamless communication through all channels, both physical and remote. This is allowing it to forge closer relations with customers and hear more of what they are saying to offer tailored solutions. customer s whole file from an email received or to view all past email exchanges. MailTiers handled 16.5 million emails and almost 7 million secure messages in 2013 (CIC banks and Crédit Mutuel federations that are part of Euro-Information). It was also expanded to include a Business application, assuring that remote banking relations are suited to the needs of this customer category. The web remained the most popular channel for Internet users in 2013, accounting for about half of connections. New services have been added to the site, including. - A new transfers application, designed to be used as a web service by apps and with a new web interface directly modelled after the group s app for Macs and PCs. Further developments can be expected in this area since mobile apps are the new driver of innovation, and the web is following these trends; - New payment functions. In 2013, the group added to its payment platform with the www.apayer.fr website featuring turnkey payment solutions. Associations can use it to receive donations and dues and to fund events. It also has an online bill payment service specially adapted to artisans and public bodies (child benefit offices, etc.) that accept payments by card. REMOTE BANKING In millions of connections 2013 2013/2012 Internet 527 + 7,1 % ATMs 385,5-0,3% % Smartphone/mobile Internet apps 155,5 +122,5 % Customer relations centres 26,7-0,7 % Minitel/Audiotel 2,3-50,4 % Total remote connections 1 097 + 11,9 % 44 Crédit Mutuel group

1.1 billion remote connections Internet 2014 New version for smartphones, tablets and PCs Mobile applications are the new growth engine and now account for more than half of Internet connections. On 1 October 2013, for the first time, more than 1 million connections were recorded via the group s apps in one day. This was also the first full year during which the new Mac/ PC application was available. This innovation received a warm welcome: with 10 million connections during the year, it accounted for about half of connections from ipads. Late in the year, a new version of the app was launched for Android tablets and ipads. This first step in the 2014 Internet plan was a way to deliver new functions and more user-friendliness. The most popular functions will be transposed to the Web and other apps. 924 million documents accessible in real time Electronic payments Expertise and innovation The group s capabilities in electronic payments make it France s second-largest player with a market share of 20%. It strengthened its leading position in affiliated retailer transactions in France, with a 25.7% market share. Crédit Mutuel s complementary and competitive offer ensures it has coverage of all segments of this market, from the integrated distribution majors and franchise networks to independent retailers. With 9.4 million active cards in issue, Crédit Mutuel ranks second in the bank cards market and is the market leader for public sector purchasing cards. It also continues to lead the way in contactless payments via cards and mobile phones. The group manages an extensive network of ATMs in France and abroad, with almost 12,000 machines including more than 9,000 cashpoints. This networks gives customers access to a comprehensive range of banking services from many geographic locations, including withdrawals from different accounts, account reviewing, cash or cheque deposits (intelligent or envelopebased), transfers and payments. They can even top up their travel passes in Paris, Lyon and Strasbourg. 45 Annual report 2013

LA BANCASSURANCE Total connections +11,9% in 2013 Mobile connections +122,5% MOBILE TELEPHONY: SEE THE DIFFERENCE Crédit Mutuel s mobile telephony activity, conducted under the NRJ Mobile, Crédit Mutuel Mobile and CIC Mobile brands, and more recently through white-label brands Cofidis Mobile, Blancheporte Mobile and Auchan Telecom as well, provides a new channel for bankinsurance and services and constitutes a new approach to payment instruments. The group s operator, EI Telecom, mainly markets its offers through the Crédit Mutuel and CIC networks, using the Crédit Mutuel Mobile and CIC Mobile brands, and NRJ Mobile for younger users. Other channels include major retailers (Carrefour, Auchan for the Auchan Telecom brand), specialised networks (Tel & Com, Audim, etc.), local outlets (tobacconists and newsstands), direct online sales (on www. nrjmobile.fr), the group s 1080 telesales platform and web merchants like Cofidis, Blancheporte and Auchan. Competition between the four infrastructure operators was stiff in 2013, but EI Telecom kept its net growth in positive territory and lifted its active subscriber base to 1.3 million (contract and prepaid), notably thanks to the addition of Auchan Telecom subscribers. Crédit Mutuel became a fully-qualified mobile virtual network operator (MVNO) in 2013 on the two networks EI Telecom uses (Orange and SFR). This new status will make its marketing and services completely independent of host operators going forward and enhance its ability to optimise purchases of voice minutes and text message/ MMS and data transmission traffic. A wide-scale launch of full-mvno offers was staged late in the first quarter of 2013. EI Telecom introduced a number of offers in 2013 to assure that each member and customer can find the right plan and phone along with add-on services. Particularly worthy of note: late in 2013, EI Telecom became the first MVNO and the fourth operator to launch 4G in France. Meanwhile, in response to a fast-changing market in which contracts and phone subsidies are gradually fading away as people opt for contract-free plans with no phone purchase, EI Telecom developed a range of new plans that reflect these trends, notably offering users instalment plans or financing for phones that are no longer subsidised. EI Telecom will continue to develop segmented offers for the different banking networks, adapting them to the specific needs of customers and members. In 2014, EI Telecom will step up its growth by further integrating banking services, insurance and security and including more contactless options with new offers. In partnership with Crédit Mutuel and CIC, EI Telecom continues to play a major role in developing contactless payments and related services. It was an active participant in the launch of Cityzi in Strasbourg and Nice. Its strategy will be further honed in 2014, notably with the widespread rollout of NFC phones and SIM cards with the group s offers. 46 Crédit Mutuel group

New services now available The new architecture for the GABEO ATM software was consolidated in 2013 and will be integrated into all new ATMs installed. These machines feature touch screen technology and a new man-machine interface using a webstyle presentation, showcasing the group s technological expertise and determination to remain connected in today s digital world. A version of GABEO for ATMs equipped with side keys is currently being consolidated and will be rolled out globally in 2014. The migration of all ATMs managed to the Windows 7 Operating System will be another highlight of 2014, as will the rollout of new functions allowing customers to select PIN codes for bank cards and make appointments with their advisors. A new Dynamic Currency Conversion option, available at ATMs since mid-2014, allows holders of bank cards with currency accounts to see the amount of their withdrawal in euros and opt for that amount. Electronic signature saving everyone time E-signatures are becoming commonplace. They will be integrated into the group s applications through all channels (branches, Internet, etc.), and advisors at points of sale will have digital tablets on their desks. This will save considerable time for advisors, as signed contracts will be automatically filed with other digitised documents. Customers also benefit because the documents are added to the archives they can access remotely. Pilot versions have been rolled out and customer feedback has been very positive. Given the increase in the frequency of remote subscriptions, the group will be integrating a cross-channel subscription option, with advisors preparing contracts in the office and customers signing them through their remote banking access. Unified communication and convergence of tools The group s goal of unifying its communication services requires that everyone find new ways to work and communicate. Unified communication means achieving convergence of video and audio communication channels with collaborative and automation tools as well as the applications used in the bankinsurance activities. The ultimate goal in unifying the group s communication tools is threefold. First, the new communication channels must offer internal users real value added in terms of practicality and efficiency. Second, as individuals adopt the new tools, working methods must become more collaborative. And third, the overhaul and subsequent use of communication channels must benefit customers. As an extension of current efforts to boost the performances of the new IT network (voice, data and video), new tools will be rolled out and available on all workstations in 2014. It will be possible to use these tools during meetings with members and customers, notably outside the Crédit Mutuel local banks and CIC branch networks. 47 Annual report 2013

BANKINSURANCE SUBSIDIARIES OPERATING AS RETAIL BANKS L affacturage et la mobilisation de créances professionnelles CM-CIC Factor, the group s factoring and receivables financing and management subsidiary, is the fifth-largest bank factor in France with more than 12,000 active contracts, turnover of 21.4 billion and total managed outstandings of 3.7 billion. Turnover rose by 16.9% in 2013. It signed 817 new contracts, representing potential turnover of 9.4 billion, and set up some 2,813 receivables lines of credit for total authorisations of 318 million. Net profit came to 3.6 million. CM-CIC Factor s aim is to continue growing in Europe, notably in Germany and Switzerland, and to keep customer satisfaction at the heart of what it does, focusing on attentiveness, adaptability and quality. Consumer credit The consumer credit offering marketed through the network is rounded out by those of specialised subsidiaries Targobank Germany, Cofidis, which has operations in seven European countries in addition to France, and which in 2013 integrated former BFCM and CIC subsidiary Sofemo, and Financo, a Crédit Mutuel Arkéa subsidiary. Targobank Germany saw robust growth in 2013 with the creation of new branches, sales of consumer credit online and the acquisition of Valvovis Bank AG, which strengthened Targobank s position in the seller credit market and made it the number three issuer of credit cards in Germany. In a lacklustre market, outstanding loans increased by 0.8% to 36.3 billion thanks to impetus from the group s specialised subsidiaries, making Crédit Mutuel one of the European leaders in this market. ONE OF EUROPE S LEADING PROVIDERS OF CONSUMER CREDIT Real estate Crédit Mutuel is active in all areas of the real estate market from sales, development and trading through to contract management, land development and property management. The main subsidiaries are CM-CIC Agence Immobilière, CM-CIC Immobilier, La Soderec (Crédit Mutuel Centre Est Europe), La Française AM (Crédit Mutuel Nord Europe) and Arkéa ImmobilierConseil (Crédit Mutuel Arkéa). CM-CIC Immobilier develops building sites and housing units through CM-CIC Aménagement Foncier, Ataraxia Promotion and CM-CIC Réalisations Immobilières (Sofedim). It sells new housing units via CM-CIC Agence Immobilière (Afedim) and manages housing units for investors through CM-CIC Gestion Immobilière. It also participates in financing rounds related to real estate development through CM-CIC Participations Immobilières. The housing market rebounded in 2012 but was frozen in 2013. New construction continued to be impacted by the high price of available land and various standards that have driven up costs. Taken together, the subsidiaries recorded more than 4,500 sales in 2013, mostly involving new homes, representing about 900 million (-10%). La Française Global Real Estate Investment Manager Ltd conducts all the property activities of Groupe La Française, a Crédit Mutuel Nord Europe subsidiary. This holding company houses La Française REM, which is registered in France, and La Française Forum Real Estate Partners (operating under UK law), a joint venture set up in 2013 via the partnership with Forum Partners, an international firm with operations in London, Tokyo, Hong Kong, Beijing, Seoul, Sydney, Bombay, Greenwich Connecticut and Santa Fe. La Française REM is a French leader in unrated property investment funds (SCPI and OPCI). Specialising in investment and third-party management, it is active across all segments of the physical property market including niche segments such as vineyards. La Française REM offers retail customers a wide range of products corresponding to their various needs, including commercial real estate investment companies, tax-efficient real estate investment companies, real estate investment funds and unit-linked life insurance-eligible property investment vehicles. 48 Crédit Mutuel group

NEW CONTRACTING DEALS FOR SODEREC Medical and surgical technology platform at the Nantes university hospital centre Soderec, a nationwide Crédit Mutuel subsidiary, works with real estate contractors in the public and private sectors, representing the contracting authority or acting as lead contractor. It can also represent these parties in partnerships. Soderec s 2013 turnover came to 4 million. The company won several tenders during the year, including for the Maison Régionale de la chasse et de la pêche in Montpellier, research labs for the University of Pau, a social home for children in Nevers, housing in Boulogne- Billancourt, a high school in Bourg-en-Bresse, the new hospital in Buis-les-Baronnies, a gendarmerie police station in Marseillan, a school complex in Colomiers, student housing in Strasbourg, the regional civil service management centre in Seine-Maritime and the addition to the football stadium in Clermont-Ferrand. A number of major projects were also delivered during the year, including the new medical and surgical technology platform for the university hospital centre in Nantes, the women and children s hospital in Metz and a university library in Besançon. It also assists French and international institutional investors with their real estate projects, adapting its offering to their specific regulatory, tax, financial and organisational constraints, and regularly offering them access to the outsourced management portfolios of large French companies. Thanks to the partnership with Forum Partners and the creation early in 2014 of La Française Forum, new investment solutions will be made available, including a European real estate debt fund and global fund of listed real estate investment vehicles, as well as direct investment opportunities in European property holdings and access to private equity solutions. Complementing La Française s traditional products, these solutions will become part of a comprehensive range of real estate solutions for institutional investors and create a real window onto the international market. Equipment leasing Between them, CM-CIC Bail (Crédit Mutuel Centre Est Europe), Bail Actéa (Crédit Mutuel Nord Europe) and Arkéa Crédit Bail (Crédit Mutuel Arkéa) manage 224,000 contracts representing total assets of 6.9 billion, up 4% from 2012. Aggregate production on 103,000 contracts declined by 1.6% to 3.9 billion. Metz 2 women and children s hospital Property leasing In addition to medium- and long-term loan financing, business customers are offered specialised property leasing products through CM-CIC Lease, a jointly-owned subsidiary of Crédit Mutuel Centre Est Europe and CIC, Arkéa Crédit Bail (Crédit Mutuel Arkéa) and Nord Europe Lease (Crédit Mutuel Nord Europe). Production declined by 3.7% to 724 million while managed outstandings increased 8.4% to 4.4 billion. 49 Annual report 2013

KEY FIGURES FOR THE INSURANCE ACTIVITIES In millions Net banking income: 1,915 Gross operating profit: 1,354 Net profit, group share: 821 34.4 million policies

INSURANCE, THE GROUP S SECOND-LARGEST BUSINESS Insurance is the second-largest business for Crédit Mutuel, a major non-life bankinsurer. In 2013, it generated net banking income of 1,915 million (12% of the total) and net profit, group share of 821 million (nearly 30% of the total). In 2013, the group s insurance subsidiaries managed some 34.4 million policies, of which 29.6 million non-life and 4.8 million life policies, on behalf of 12.9 million policyholders. They collected aggregate premiums of 14.4 billion, up 21.2% from a year earlier thanks to a buoyant life insurance segment. Life insurance premiums rose 28.5% to 9.8 billion, after tax advantages were maintained and the interest rate on Livret A regulated savings accounts was lowered. The risk insurance business also saw robust growth with premiums rising 8%. Auto insurance premium income rose 4.9% to 962 million, and IRD premiums (mainly multi-risk home insurance) were up 10.2% to 780.5 million. Personal insurance premiums rose 8.6% to 2.8 billion, mainly reflecting efforts by the network to promote complementary group health policies. The insurance activity is carried out through Groupe des Assurances du Crédit Mutuel (GACM), Suravenir and Suravenir Assurances and Assurances du Crédit Mutuel Nord Europe (ACMNE). A BANK THAT OFFERS INSURANCE IT CHANGES EVERYTHING BREAKDOWN OF INSURANCE PREMIUMS billion 7.6 9.8 4.2 2012 4.6 2013 Life insurance premiums Risk insurance premiums Companies turnover +21,2% in 2013 BREAKDOWN OF PREMIUMS BY CATEGORY Personal 19% Non-life 6% Auto 7% Life 68% 51 Annual report 2013

Groupe des Assurances du Crédit Mutuel, the standard bearer of the bankinsurance concept invented by Crédit Mutuel more than 40 years ago, is nearly 53% owned by Banque Fédérative du Crédit Mutuel, 20.5% by CIC and 26.7% by the Crédit Mutuel federations. The ACM range of insurance products is marketed by 15 Crédit Mutuel federations and all of the CIC regional banks, representing about 5,000 sales outlets in total. Most contracts in the range can be found in the insurance section of the network bank remote banking websites, perfectly complementing the work done by the branches. In 2013, the first year during which Spanish personal insurance specialist Agrupacio was consolidated, business levels were exceptionally high, with premium income rising 20.7% and topping the 10 billion mark for the first time. Premium growth was also strong on a same-scope basis (+18%). Gross intake for life insurance and insurance savings products rose 29.4%, well exceeding market growth, to 6.1 billion. On a same-scope basis, net intake in the banking networks (after payments of benefits to policyholders) reached 1.8 billion, driving a 5.6% increase in outstanding life and insurance savings product funds. Growth in the auto (+5.7%) and home insurance (+10%) segments was significantly above the market average. Personal insurance recorded an increase of 9.4% thanks to the consolidation of Agrupacio, and was up 3.5% on a same-scope basis. The overall portfolio of contracts for ACM insurance companies, across all segments, rose to 26.2 million, with 8.4 million policyholders. The frequency of claims on property insurance improved on the whole, despite various weather events, though the favourable impact was cancelled out by legislative and regulatory changes and by low interest rates. Consolidated net profit rose 8.8% to 626 million and equity increased 5.8% to 7.2 billion. These results and a healthy balance sheet at the end of the year will make it possible to serenely address the challenges ahead in 2014 while continuing to work on compliance with the Solvency 2 directive. The ACM insurance companies projects are part of CM11- CIC s medium-term plan, notably involving the launch of a new home insurance product and the introduction of comprehensive services for professionals and businesses. Leveraging their solid experience, the insurance companies are taking positions already in the new group health insurance market by delivering tailored solutions to Crédit Mutuel and CIC s many business customers. International expansion will also continue, notably in Spain and Belgium, and the group will work with Assurances Générales Desjardins on an acquisition project in Canada. 52 Crédit Mutuel group

Crédit Mutuel Nord Europe manages more than 2 million life and non-life contracts through two subsidiaries: ACMN Vie and ACMN Iard. In a difficult economic and financial environment that was once again relatively unfavourable for life insurance, ACMN Vie s business levels remained high in 2013. Premium income came to 854 million. Contracts distributed by Crédit Mutuel group Nord Europe (Crédit Mutuel Nord Europe, BKCP and La Française) now account for more than 76% of new business. The share of unit-linked accounts in intake reached 15% (up from 14% in 2012), notably reflecting successful launches of structured products with CMNE. Managed funds rose 3% to 10.7 billion, spread over more than 1,065,000 contracts (up 5% from 2012). ACMN Vie carried out a series of major projects in 2013. With the Copa project, the ACMN Vie wealth insurance contracts from the CMNE network were integrated into the Crédit Mutuel group Euro-Information system. This success was important in that it embodied the approach and strategy adopted by NEA: by refocusing on the CMNE group, ACMN Vie has begun to review some of its processes and industrialised certain tools, allowing it to benefit from the full potential and efficiency of Crédit Mutuel s systems. Significant gains in terms of quality and profitability are other major benefits. Other projects carried out during the year notably included a complete overhaul of the life insurance inheritance handling process. ACMN Vie s products were once again applauded by the financial press numerous times over the year, both for their comprehensive and innovative design and their steady performances. Sales of ACMN Vie and ACMN Iard personal insurance contracts were also very satisfactory in 2013, with the signing of more than 10,000 new complementary health plans. ACMN Iard posted excellent results, with a 6% increase in premium income to 142 million and net profit of 12 million, up from 8.9 million in 2012. More than 26,000 new core contracts were signed for auto insurance and more than 24,000 for comprehensive homeowners policies. The total number of core contracts in the portfolio ended the year 2.5% higher at 365,000. Suravenir Assurances, a wholly-owned subsidiary of Crédit Mutuel Arkéa, manages more than 1.9 million contracts covering a comprehensive range of property and personal insurance products. Suravenir Assurances signed more than 235,000 new core contracts in 2013. Its premium income rose to almost 324 million, for net profit of 21.7 million. The offering is more than ever adapted to the situations and specific needs of customers, with products that fit readily into their lifestyles. Another highlight of 2013 was the excellent showing by the personal insurance activity, with premium income rising 8%. The new accidents de la vie insurance products rolled out in May 2013 drove new subscriptions through the Crédit Mutuel Arkéa network up to a record 25,000. External networks accounted for 40% of business growth and now make up 24% of the total portfolio. Improved margins on these programmes were a key development in 2013, validating the efforts of recent years to optimise technical results. Consistently leading the way when it comes to innovation, in October 2013, Suravenir Assurances became one of the first insurers in France to offer Crédit Mutuel Arkéa policyholders the option to submit auto insurance claims directly online. True to Crédit Mutuel Arkéa s values, Suravenir Assurances joined the Optique Solidaire association late in 2013, allowing lower-income customers over 60 to get the vision care they need. Suravenir specialises in the design, production and management of life insurance and company retirement savings policies. It manages more than 28 billion of life insurance outstandings and almost 32 billion of capital-atrisk for upwards of 2.4 million policyholders. In 2013, Suravenir s premium income rose 36% to more than 3 billion. TRUST IS A KEY INGREDIENT FOR QUALITY RELATIONSHIPS AND PRODUCTS 53 Annual report 2013

CRÉDIT MUTUEL GROUP

OTHER BUSINESSES Expertise in all areas of finance. That makes all the difference.

OTHER BUSINESSES CORPORATE AND INVESTMENT BANKING Some activities of group-wide strategic importance, such as corporate and investment banking, asset management and wealth management and technological services, are largely carried out through shared entities such as CM-CIC Asset Management, CM-CIC Épargne Salariale, CM-CIC Securities, CM-CIC Capital Finance and CM-CIC Marchés. In 2013, this activity generated net banking income in excess of 1 billion, or nearly 7% of the overall total, and net profit, group share of 455 million, or 17% of the group total. KEY FIGURES In millions Net banking income: 1 048 Gross operating profit: 732 Net profit, group share: 455 Corporate banking covers all the banking and related services provided to companies with annual revenues of more than 50 million and to institutional clients. Investment banking covers market activities, merchant banking, venture capital, private equity, financial intermediation and mergers and acquisitions. Corporate banking, market activities and investment banking activities are carried out by Banque Fédérative du Crédit Mutuel (BFCM), the holding company of Crédit Mutuel Centre Est Europe, and Crédit Mutuel Arkéa. Major accounts and structured financing The economy remained weak in the Euro area in 2013 and growth was lacklustre. Large French firms with significant international exposure looked for new sources of growth in emerging countries, where expansion slowed later in the year. This situation made companies cautious about investment decisions, and demand for credit was limited. As a result, the group landed few new financing deals; most companies wanted to renew existing facilities, often for lower amounts. At a time when bank liquidity was improving sharply, margins and commissions were down sharply. Disintermediation also continued, especially in the first half, with a sharp increase in private placements. CM-CIC led or participated in a number of bond issues, including for ADEO, Air Liquide and Rallye. The group s financial solidity, confirmed by the rating agencies, translated into further growth in deposits from large corporate and institutional investors. A dedicated team now markets the group s full range of investment solutions. Preparations were also made during the year for the SEPA migration (SCT, SDD) ahead of the 29/01/14 end date. The teams worked hard to be ready and are continuing in 2014 to help customers meet the implementation deadline. The major accounts division once again focused on promoting the group s know-how and expertise in different areas, and secured large employee benefits engineering and factoring deals with CAC 40 companies. In an economic environment that remains challenging in 2014, the major accounts division is still working to support its customers, notably on means of payment in Europe and beyond, leveraging not only the group s expertise but also that of its Canadian partner Mouvement Desjardins. 56 Crédit Mutuel group

17% of net profit, group share Market activities refinancing Market activities for customers or for the group s account are carried out mainly by CM-CIC Marchés, the shared trading desk of BFCM and CIC and the group s main operator in this area, and by Crédit Mutuel Arkéa. Conditions were favourable on the whole in 2013 for access to market resources. Crédit Mutuel Arkéa has direct access to the financial markets through three refinancing programmes: a Euro Medium Term Note (EMTN) programme, a covered bond (obligations de financement de l habitat) programme (Crédit Mutuel Arkéa Home Loans SFH) and a French legal covered bond (obligations foncières) programme (Crédit Mutuel Arkéa Public Sector SCF), designed to support the development of the group s activity lending to French regional and local authorities. At 31 December 2013, the outstandings on these three programmes came to 8.3 billion, 4.8 billion and 870 million, respectively. Conditions were favourable on the whole in 2013 for access to market resources. CM11-CIC was able to raise 17.6 billion medium- and long-term resources externally, mostly (56%) in the second half. Public issues accounted for 64% of volumes, with private placements also representing a non-negligible share. As proof of the market s overall confidence, the share of guaranteed loans issued by subsidiary CM-CIC Home Loan SFH only represented 16% of the total; the lion s share of issues was carried out by BFCM. Meetings are now routinely held with international investors in key geographic markets across the globe (Europe, US, Japan) to build recognition of the CM11-CIC brand and encourage the opening of new lines of credit. The group also strengthened its ties with the EIB late in 2013 by securing a new 200 million portfolio of subsidised loans to finance SMEs. These loans will be distributed by the regional banks to customers eligible for these facilities. The group maintained its presence in the short-term money market thanks to operations by the treasury sales teams in Paris, Frankfurt and London, who promoted a variety of short-term securities (NCD, ECP, London CDs). Generally speaking, where the treasury and refinancing activities are concerned, 2013 gave CM11-CIC an opportunity to leverage its strategy of boosting the share of medium- and long-term resources (to 65% of the total at end-december), consolidating CM11-CIC s liquidity and securing it fully against a prolonged shutdown of the money market, thanks to an LCR- and/or ECB-eligible asset buffer calibrated at 145% of market resources due to mature within 12 months of 31/12/2013. The share of issues in currencies was lifted to 16% thanks to the group s strategy of diversifying its investor base, notably outside the Euro area. 57 Annual report 2013

Services for businesses, management companies and institutional investors Investment company CM-CIC Securities covers all the needs of corporate customers, asset management companies and institutional investors via three businesses. The corporate department is the business centre for the group s financial transactions business. It relies on the expertise of equity finance (CM-CIC Capital Finance) and specialised financing teams, and benefits from the sales coverage of major accounts and the network including BECM, CIC Banque Privée and CIC Banque Transatlantique. As an account depository/ custodian, CM-CIC Securities serves 116 asset management companies, manages more than 25,000 individual accounts and acts as a depository for almost 300 mutual funds, representing 19.3 billion in assets. During the year, the investment firm welcomed eight new asset management companies, attracted by the expertise of its staff, the quality of its account-keeping ERP, SOFI, and CM-CIC s financial solidity. In 2013, the department participated in 22 bond offerings, including 17 as bookrunner (notably 16 syndicated public issues by clients like Air Liquide, Unibail-Rodamco and Wendel). The total also includes private placements arranged for ADEO, Akka Technologies and Cofitem. The Equity Capital Market team notably managed an initial public offering for Ekinops, a capital increase for Rubis, an issue of OSRANE (subordinated bonds redeemable in shares) for OL Group and a convertible bond issue for Naturex. The department provides issuer services (financial communication, liquidity contracts and share buybacks, financial registrar services and securities services). A member of ESN LLP (European Securities Network - Limited Liability Partnership), a multi-location network comprising nine intermediaries in nine European countries (Germany, the Netherlands, Belgium, Finland, Italy, Spain, Portugal, Greece and France) and the majority shareholder in GSN North America (United States and Canada), it can trade on behalf of its clients in all European and North American equity markets as well as in numerous emerging markets. CM-CIC Securities also negotiates routing orders for the retail customers of the Crédit Mutuel and CIC networks. ESN LLP has a research team of 100 analysts and strategists covering 700 European securities, and a staff of 150 for sales and trading across Europe. CM-CIC Securities itself has 30 analysts and strategy experts based in France and 28 sales staff in Paris and Lyons and seven in New York (GSN North America). It also has a sales staff of five 58 Crédit Mutuel group

LES AUTRES MÉTIERS BE A DYNAMIC PARTNER FOR REGIONAL ECONOMIES, THIS IS OUR GOAL. for index, equities and agricultural commodity derivatives (Préviris service for hedging grain, rapeseed and maize crops), and nine who sell and trade straight and convertible bonds. The company offers high-quality research on US and Canadian equities and commodities, thanks to the exclusive distribution agreements signed for Europe with Needham & Co (an independent US investment bank based in New York), Valeurs Mobilières Desjardins (a subsidiary of Mouvement Desjardins, the largest financial cooperative in Canada) and Afrifocus Securities (independent broker in South Africa). With assets under management totalling 2.5 billion and some 550 companies in its portfolio, CM-CIC Capital Finance, Crédit Mutuel-CIC s national vehicle for capital financing transactions, is the leading bank capital-based investor in France. In 2013, CM-CIC Securities organised more than 250 company presentations, road shows and seminars in France and abroad. Private equity CM-CIC Capital Finance offers a comprehensive range of solutions (venture capital, growth capital, buyout capital and M&A advisory services) for equity investments ranging from 1 million to 100 million to support companies development plans in France and abroad. The company and its subsidiaries (CM-CIC Investissement, CM-CIC Capital Innovation, CM-CIC Capital Privé and CM-CIC Conseil) employ more than 100 people working at the head office in Paris or six local offices in Lyons, Nantes, Strasbourg, Lille, Bordeaux and Montreal. Conditions were generally not favourable for clients expansion projects in 2013. Nonetheless, business levels and portfolios were resilient at the company and its subsidiaries, and profitability improved on the whole. Within the own-account trading portfolio, more than 200 million were invested in 118 companies (about two-thirds in medium-sized firms), a large share of this to increase portfolio lines. The main stakes acquired were in Armafina/SNAAM, Europe Snacks, CAI développement, Lanson BCC, Grimonprez and Global Bioénergies; key reinvestments were made in Manuloc, GPA Courtepaille, Norac and Serta. At 31 December 2013, the own-account management portfolio stood at 1.9 billion ( 75 million invested in innovation capital), representing about 470 stakes. This portfolio is diversified and a large share (about 60%) corresponds to growth capital. The assets managed generated dividends, interest and financial income totalling 44 million. Though the economic and financial environment remained relatively unfavourable in terms of value creation, the stock of unrealised capital gains increased, helping to boost net income per IFRS. In third-party management, CM-CIC Capital Privé completed a new financing round for a regional investment fund (FIP) and an innovation investment fund (FCPI), through which it raised 40 million, and invested 28.1 million. Funds under management reached 363 million, after 33.4 million were paid out to subscribers. In order to refocus the business on working with Crédit Mutuel-CIC customers, on 31 December 2013, CM-CIC Capital Finance sold 90% of management company CM-CIC LBO Partners to SGP Fondations Capital. Results at the advisory business were satisfactory, with eight transactions completed in a lacklustre M&A market. CM-CIC Capital Finance and its subsidiaries made an 86 million contribution (+27%) to CIC s earnings. Crédit Mutuel also operates through other dedicated structures: Federal Finance Gestion, Arkéa Capital Investissement, Arkéa Capital Partenaire and Arkéa Capital Gestion, Océan Participations, CM-CIC Participations Immobilières and Siparex Proximité Innovation. Net funds invested by these structures for their own account or third parties ended the year at 562.8 million. Net portfolio investments for funds managed by Crédit Mutuel group as a whole (CM-CIC Capital Finance and dedicated Crédit Mutuel structures) amounted to 2.64 billion, including 2.1 billion for its own account. 59 Annual report 2013

OTHER BUSINESSES ASSET MANAGEMENT AND WEALTH MANAGEMENT With net banking income of 667 million and net profit, group share of 116 million, the group s asset management and wealth management businesses made identical contributions to overall NBI and net profit, group share (4.3%). KEY FIGURES In millions Net banking income: 667 Gross operating profit: 181 Net profit, group share: 116 Asset management Asset management covers fund management, employee savings plans and, for specific network customer groups, securities and custodian services. This activity is carried out through CM-CIC Asset Management, the fund management specialist that provides the Crédit Mutuel and CIC banking networks with a broad, innovative range of financial products, Federal Finance, a Crédit Mutuel Arkéa subsidiary, La Française des Placements, a Crédit Mutuel Nord Europe subsidiary, Banque de Luxembourg and Banque Transatlantique. CM-CIC Épargne Salariale and Federal Finance, subsidiaries specialised in employee savings schemes, offer a variety of products catering for corporate customers of all sizes, notably very small companies (fewer than ten employees). At end-2013, assets under management(1) were up sharply at more than 108 billion (+4.6%), comprising: - 87 billion in mutual fund assets managed by the specialised subsidiaries, - 14.3 billion under discretionary and advisory management for private customers and via delegation to the group s insurance subsidiaries, and - 6.9 billion in employee savings. Combined with the SCPI property investment business ( 9.5 billion overall for the group), assets under management came to 117.6 billion. The asset management subsidiaries regularly earn recognition for their consistent performances and first-class contracts. Wealth management Through its network and specialised subsidiaries in France, Luxembourg and Switzerland, the group provides a comprehensive range of advisory and wealth management services for high net worth individuals with financial assets in excess of 1 million. CIC Banque Private Banking is the umbrella organisation for Crédit Mutuel s global private banking activities, which are conducted primarily in Europe (Luxembourg, Switzerland and Belgium) and Asia (Singapore and Hong Kong). Some 200,000 customers rely on its broad range of high value added services. The group s French business is handled by the CIC Banque Privée business line, which provides high-end services to business owners, CIC Banque Transatlantique, whose range of customised solutions, primarily for French citizens residing abroad, notably include private banking and stock options, and Nord Europe Private Bank SA, operating as a subsidiary of Crédit Mutuel Nord Europe. RECOGNISED EXPERTISE IN ALL CUSTOMER SEGMENTS, THIS IS OUR MAIN ASSET. (1) Funds managed through mutual funds (including master funds), discretionary and advisory management and employee retirement savings plans. 60 Crédit Mutuel group

TROPHIES AND PERFORMANCE AWARDS, 2013 RECOGNITION FOR THE CRÉDIT MUTUEL GROUP The group s asset management companies performed particularly well in 2013. Their main awards included: AWARDS FOR MANAGEMENT TEAMS - European Funds Trophy Fundclass awards Management companies evaluated from 31/12/2008 to 31/12/2012 CM-CIC AM best French management company in 2013, for the second year in a row; 41 to 70 funds rated over a period of four years Source: Europerformance A Six Company - Trophée du Forum de la gestion d actifs de l AGEFI 2013 La Française AM second best management company - Trophées d Or Le Revenu Performances to 31/03/2013 CM-CIC AM best overall performance over three years (retail banks) Source: Europerformance A Six Company - Investor Awards, CM-CIC AM 2013 sustainable development award Boursorama/Morningstar Highest score among 40 management companies - Corbeilles Mieux Vivre Votre Argent Performances to 31/06/2013 Corbeille Long Terme 3rd place for CIC fund performance over five years (retail banks) - Trophées de Bronze Le Revenu Federal Finance Gestion retail bank category for international equity fund range over three years AWARDS FOR BOND RANGE - Trophée d Or Le Revenu Performances to 31/03/2013 CM-CIC AM best bond range over three years (retail banks) Source: Europerformance A Six Company - Trophée de Bronze Le Revenu Federal Finance Gestion (category: euro bond range over three years) AWARDS FOR BOND FUNDS - Trophée d Or Le Revenu for CM-CIC AM Performances to 31/03/2013 Union Obli Moyen Terme: best fund in euro bonds category over ten years (all categories) Source: Europerformance A Six Company - Excellence 10 Patrimoine Privé (CM-CIC AM) Performances to 31/06/2013 Union Obli Long Terme: best fund in diversified euro bonds category over ten years Source: Morningstar AWARDS FOR EQUITY AND DIVERSIFIED FUNDS - Trophées d Argent Le Revenu (CM-CIC AM) Performances to 31/03/2013 Union Europe Growth: best fund in euro-denominated equities over three years (all categories) Source: Europerformance A Six Company TRANSPARENCY LABELS 2013 Novethic SRI labels for CM-CIC AM, La Française AM and Federal Finance CM-CIC Moné IRS CM-CIC Obli ISR CM-CIC Equities ISR La Française AM for its Taux ISR range, Federal Finance for its range comprising: Federal Actions Ethiques, Federal Europe IR, Federal Obligation moyen term IR, Federal Placement court terme IR, Federal Taux variables IR 61 Annual report 2013

OTHER BUSINESSES 2013: REGULATORY AND TAX CHANGES TAKEN INTO ACCOUNT 2013, A YEAR OF INTERNATIONAL GROWTH FOR LA FRANÇAISE A multi-specialist asset manager with Crédit Mutuel Nord Europe as its largest shareholder, La Française manages funds responsibly and based on convictions, expressing its values through its CSR policy. It has four key businesses: securities, handled by La Française AM, real estate, handled by La Française Global REIM, investment solutions offered by La Française GIS, and incubation, handled by Next AM. At the end of 2013, La Française managed more than 40 billion in assets for a diversified customer base including institutional investors, retail bank networks, platforms, brokers and private clients, in France and abroad. Gross long-term funds stood at 5.7 billion at end of the year. 2013 was a year for international expansion. Thanks to the strategic partnership set up with Forum Partners in September, the real estate arm is offering more financial services and opening up to the global market. On the securities side, a joint venture with Inflection Point Capital Management, with a research centre based in London, give the company s securities expertise an international and innovative dimension with a sustainable approach to investment (Strategically Aware Investing). The tie-up with NewAlpha AM will extend the incubation activity internationally and created a European leader. In 2013, La Française was once again recognised by l Agefi, winning the top prize for best chief investment officer and second place for best asset management company. More than 200 billion in securities under custody CM-CIC s centre of expertise for account custody, fund centralisation and financial services for issuers, CM-CIC Titres provides these services to all Crédit Mutuel federal banks, CIC banks and group subsidiaries including CM-CIC AM, CM-CIC Gestion, CM-CIC Securities and the wealth management arm - as well as the bank s major corporate and institutional customers and the ACM insurance companies. Boréal, a BFCM subsidiary, provides the same services to non-group customers in France and abroad, including financial institutions, investment companies and thirdparty management companies. Backed by the group s technological capabilities and prowess and its recognised business-line expertise, these products and services (trading website, real-time services, email and text message alerts, etc.) have a strong customer focus. Business levels had declined over several years due to the financial crisis but confidence was restored to markets in 2013, with the main indices ending the year higher. The CAC 40 rose 18%, the Dow Jones 26.5%, the Nasdaq 38% and the Nikkei 225 56.7%. Trading in the French stock exchange rose 4.7%, with 1.9 million transactions. Flows on foreign stock exchanges have been steadily increasing since 2009 and surged 24.5% in 2013. Trading in mutual funds in France stabilised after five years of declines, and again accounted for the largest volumes with 2.9 million transactions. The amount under custody rose 11.6 billion to 249 billion, reflecting a 2.6 billion divestment and a 14 billion valuation effect. Securities under management rose 8.4 billion, of which 8 billion corresponded to a valuation effect and 340 million to customer investments, with 1.4 billion of sales offset by 1.67 billion of securities inflows. Interest rate products (bonds and negotiable debt securities) rose 3.3 billion, reflecting a 3.4 billion valuation effect and 173 million of divestments. The amount held in equity savings plans rose 7% but the number of active accounts declined further (-3.4%). Retail investors and the ACM insurance businesses each account for a third of outstandings, funds 25% and private wealth management 9%. 62 Crédit Mutuel group

A number of regulations and tax laws changed in 2013, particularly with the creation of the PEA-PME SME equity savings plans and the increase in the ceiling on traditional equity savings plans, a change in the calculation of capital gains and allowances per year held, and the financial transactions tax in France and Italy. The transfer of specific activities to Nantes that began in 2011 was completed during the year. About 40 people handling fiscal, tax, adjustment and coupon activities are now based there. Equity flows up +4,7% Two new group entities Monabanq and Dubly-Douillet successfully migrated to the CM-CIC Titres custodial system. The key development of the year was the internationalisation of the business, and notably the work done to overhaul applications, globalise the information system and prepare for the migration of Targobank Spain and Germany. Above and beyond the group s efforts to steadily improve production, reduce risk and adapt to regulatory and fiscal changes, five projects will take priority in 2014: - Further internationalisation and preparing for the migration of Targobank Spain in January 2015; - The implementation of data management tools and procedures across the group, which will continue through 2018; - The creation of a management platform for mutual fund retrocessions, specifically for CM-CIC Securities; - Improvements to and the adaptation of procedures and tools for assisting the networks and subsidiaries and their extension to Targobank Spain; - The recruitment and training of staff to manage business growth in Spain. A subsidiary of Crédit Mutuel Arkéa with operations in France and Belgium, ProCapital Securities Services is a provider of securities services to financial institutions - management companies, private banks, retail banks, insurance companies and online brokers and banks that require flexible solutions ranging from account keeping and transaction execution services on behalf of customers to the development of transactional websites. ProCapital Securities Services provides institutional clients with quality-assured service thanks to its integrated platform based on cutting-edge technology. Crédit Mutuel Arkéa boosted its offering with the creation of Arkéa Banking Services, a white-label banking services subsidiary dedicated notably to clients in the asset management, insurance, payment services and retail sectors. 63 Annual report 2013

CRÉDIT MUTUEL GROUP

CORPORATE SOCIAL RESPONSIBILITY A cooperative, mutual bank grows when it puts its founding principles into action. That makes all the difference.

THE CRÉDIT MUTUEL NETWORK COOPERATIVE ROOTS The Group s main entity, Crédit Mutuel, is a cooperative bank under the 10 September 1947 Act governing French cooperatives. It belongs exclusively to its members, who own its capital and determine its strategy within a framework of democratic methods. As a mutual bank, Crédit Mutuel makes all decisions with members in mind. It plans its growth exclusively based on its founding values of solidarity, responsibility, equality, closeness and transparency. These values have the same strategic importance for the bank as service quality. They are the Crédit Mutuel hallmarks, what set it apart and make its business model relevant. At the end of 2013, Crédit Mutuel had 7.5 million members and 11.5 million customers in 2,129 local mutual banks run by 24,176 member-elected representatives. A BANK THAT IS OWNED BY ITS MEMBERS-CUSTOMERS, THAT CHANGES EVERYTHING. THE CRÉDIT MUTUEL NETWORK 3,133 points of sale 2,129 local mutual banks 11.5 millions million customers, including 11.5 millions million private individuals 7.5 millions million members 24,176 elected directors 29,053 employees* *Regulatory FTE headcount of Crédit Mutuel at 31 December 2013, including the regional federations, the federal and interfederal banks and the local mutual banks excluding subsidiaries and shared service companies. TO SERVE ITS CUSTOMERS AND SOCIETY, Crédit Mutuel implements a strategy combining sustainable development and solidarity. It has a historical and genuine role as a bank that creates social bonds, notably through its action in support of local financing and society s most vulnerable members. Crédit Mutuel is A COMPANY THAT WORKS FOR PEOPLE and it is not listed on the stock exchange. Playing an important role in the social economy, its sustainable development strategy is not bound by an all-out quest for short-term profitability. Sound management, crucial to the company s durability, is not geared towards the enrichment of a group of shareholders: rather it serves to ensure growth and firstrate service quality in the most cost-effective way. The shares held by members constitute the capital classified as Tier 1 regulatory capital. They can be redeemed only at their face value. As a financial cooperative, Crédit Mutuel is INALIENABLE, meaning it can neither be sold nor taken over; it can be wound up only on the decision of its members. Its DECENTRALISED ORGANISATION encourages staff to become more involved at every level, be it local, regional or national, thus enhancing the group s responsiveness and service quality. It makes possible a short decision-making process, better risk diversification and a highly effective control system. 66 Crédit Mutuel Bank

Every year, 20,000 board of directors and/or supervisory board meetings and 2,000 general meetings take place in the 2,000-plus local mutual banks. Aiming to assemble 10% of members, these meetings provide a basis for truly democratic corporate governance. The local mutual banks are organised into 18 regional federations, which in turn are part of the national confederation. Crédit Mutuel s three levels operate according to the principle of subsidiarity, with the local mutual banks which are closest to members carrying out all the key functions of bank branch offices, and the other two levels exercising only those functions for which the local entities are not equipped. The governing bodies are made up of representatives of the bank s members, from the level of local general meetings where they are elected on a one person, one vote basis right up to the board of directors at national level. With its solid local base, Crédit Mutuel cannot be moved offshore and stands as an independent entity that contributes to job creation and economic vitality in all regions in which it operates. 7.5 million members 24,176 elected directors 67 Annual report 2013

Bordeaux SUD-OUEST Clermont- Ferrand MASSIF CENTRAL Lyon Annecy Bordeaux SUD-OUEST DAUPHINÉ- VIVARAIS Valence Clermont- Ferrand MASSIF CENTRAL Lyon Annec DAUPHINÉ- VIVARAIS Valence Fort-de- France MIDI-ATLANTIQUE MÉDITERRANÉEN Fort-de- France MIDI-ATLANTIQUE MÉDITERRANÉE Toulouse Marseille Toulouse Marseille ANTILLES-GUYANE ANTILLES-GUYANE A DECENTRALISED STRUCTURE 2,129 local mutual banks The first level of organisation is made up of local mutual banks, or caisses locales, which have the legal status of cooperative companies with variable capital (sociétés coopératives à capital variable). Close ties with members and customers the key to service quality are created at this level. Local banks are also the cornerstones of cooperative governance. These are credit institutions governed by French banking law, with capital owned by their members, who are both shareholders and customers. Financially independent, the local mutual banks take deposits, distribute loans and provide a full range of banking services. About 85% of lending decisions are taken at this level. Each local mutual bank is governed by a board of directors and/or a supervisory board, made up of unpaid members elected at general meetings on a one person, one vote basis. In all, there are more than 2,000 local mutual banks, whose 24,000-plus directors represent 7.5 million members. THE REGIONAL FEDERATIONS OF CRÉDIT MUTUEL Local ties: The group s lifeblood Firmly rooted in rural and peri-urban areas, Crédit Mutuel does not ignore any geographic area. In 2013, about 25% of the Group s operations were in small communities with fewer than 5,000 inhabitants and in rural employment areas (aires d emploi de l espace rural - ZAUER). More than 45% of urban free zones have a bank operating under one of the group s banners. AT CRÉDIT MUTUEL, PROXIMITY IS NOT A CONCEPT BUT A REALITY. LOCAL TIES ARE THE LIFEBLOOD OF A COMPANY THAT WORKS AT GROUND LEVEL TO MEET THE NEEDS OF MEMBERS AND CUSTOMERS 68 Crédit Mutuel Bank

Bordeaux SUD-OUEST MASSIF CENTRAL Lyon Annecy Bordeaux SUD-OUEST Clermont- Ferrand DAUPHINÉ- VIVARAIS Valence Clermont- Ferrand MASSIF CENTRAL Lyon Annecy DAUPHINÉ- VIVARAIS Valence MIDI-ATLANTIQUE MÉDITERRANÉEN Fort-de- France MIDI-ATLANTIQUE MÉDITERRANÉEN Toulouse Marseille Toulouse Marseille UYANE ANTILLES-GUYANE 18 regional groups At the next level up are the 18 regional groups, each of which comprises a regional federation and a federal bank or caisse fédérale (or an interfederal bank, caisse interfédérale, as is the case for the Centre Est Europe, Ile-de-France, Sud-Est, Savoie-Mont Blanc and Midi- Atlantique federations; the Bretagne, Massif Central and Sud-Ouest federations; the Loire-Atlantique et Centre-Ouest, Normandie, Centre, Dauphiné-Vivarais and Méditerranéen federations (since 1 January 2011); and, since 1 January 2012, the Anjou federation). The local mutual banks and the federal bank, of which they are shareholders, each belong to a regional federation. The regional federation is responsible for strategy and supervision. It represents Crédit Mutuel in its region and handles developments affecting the regional group. The federal bank is responsible for functions such as cash management and providing technical and IT services. The regional federation and federal bank are governed by boards elected by the local mutual banks. In addition to the 18 regional federations, there is a federation with nationwide scope specifically for the farming sector: Fédération du Crédit Mutuel Agricole et Rural (FCMAR). The national confederation and central financing bank These bodies make up the third and top level of organisation. The national confederation, or confédération nationale, which has the legal status of a non-profit organisation, is the central body governing the network in accordance with the provisions of the French monetary and financial code (Code monétaire et financier). The 19 Fédérations and the Caisse Centrale du Crédit Mutuel are affiliates of the confédération nationale, which represents Crédit Mutuel vis-à-vis authorities and is responsible for defending and promoting its interests. The confédération nationale also sees to the proper operation of its member establishments, supervises the regional groups and ensures the overall cohesion of the network, as well as coordinating business development and providing shared services. THE REGIONAL GROUPS The federal banks, the financial lifeblood of the regions, have in recent years merged to form inter-regional federal banks. Grouping them in this way has the effect of streamlining resources and cutting costs via technical, IT and financial partnerships. Regional groups as at 1 January 2013 Nord Europe federal bank Maine-Anjou, Basse-Normandie federal bank Arkéa interfederal bank (inter-regional bank covering the Bretagne, Massif Central and Sud-Ouest regions) Océan federal bank Antilles-Guyane federal bank Crédit Mutuel (CM11) federal bank (Inter-regional bank covering the Anjou, Centre, Centre Est Europe, Dauphiné- Vivarais, Ile-de-France, Loire-Atlantique Centre Ouest, Méditerranéen, Midi-Atlantique, Normandie, Savoie-Mont Blanc and Sud-Est regions) The central financing bank, or caisse centrale, manages treasury for the regional groups and organises the pooling of Crédit Mutuel s financial resources. Its capital is jointly owned by the federal and interfederal banks. 69 Annual report 2013

UPHOLDING OUR VALUES AND PROTECTING OUR DIFFERENCE, OUR ELECTED DIRECTORS DEMONSTRATE OUR COMMITMENT Participation and democracy are the foundations of Crédit Mutuel s operation as a mutual bank. Any customer can subscribe an A share and become a member of a local bank, earning the right to vote at the general meeting on a one person, one vote basis. Members can also subscribe additional shares ( B shares), which earn interest at a rate set by the general meeting but do not carry voting rights. All subscribers of member shares are associates and co-owners of their local mutual bank. Reserves serve to back the shared obligations of members and as security for deposits. They are also used to finance long-term development. At the end of 2013, Crédit Mutuel member shares represented a total of 9.5 billion (up 0.4%) and 238.6 million was paid to members in dividends, representing 25.4% of the net earnings of the core cooperative business carried out by the local mutual banks and federal banks. (1) Hors parts A. 70 Crédit Mutuel Bank OPERATION THROUGH PARTICIPATION AND COORDINATION Participation and democracy The 7.5 million Crédit Mutuel members supervise the management of the local mutual banks and elect the directors at general meetings, ensuring genuinely democratic governance. The 24,176 elected volunteer directors present at all three levels of the organisation - local, regional and national - are responsible for the group s management and supervision. Attentive to the needs and aspirations of the members they represent, these directors are themselves committed, active members and participate in the administration of the local mutual banks alongside employees. As members of the local communities, they also exemplify the values that Crédit Mutuel stands for, and help to ensure their implementation. Special attention is paid to ensuring proper representativeness and the sociological diversity of directors, and to increasing the participation of women in Crédit Mutuel s democratic processes. More than 29,000 Crédit Mutuel staff members (average FTE headcount at 31 December 2013) are responsible for implementing company strategy and operating the business under the supervision of the elected directors.

AGE OF LOCAL MUTUAL BANK DIRECTORS AGE OF MEMBERS OF FEDERATION BOARDS OF DIRECTORS AND SUPERVISORY BOARDS 40 6% 40/49 17% 50/59 28% 60 49% Under 60 45% Over 60 55% CM Photo: General meeting of Centre Est Europe group, May 2013 PERCENTAGE OF BANK DIRECTORS WHO ARE WOMEN 41% 30% 29% % of directors who are women 44% % of new directors who are women Farmers 6% Artisans 11% Managers 21% 26% SOCIO-PROFESSIONAL ORIGINS OF LOCAL MUTUAL BANK DIRECTORS Intermediate professions 11% 21% % of women among chairpersons Employees 9% Labourers 5% Retirees 29% Other (inactive) 8% 2013 2012 ONE PERSON, ONE VOTE The annual general meetings that members of the 2,129 local mutual banks are invited to attend each year are the basis of Crédit Mutuel s democratic structure. They provide members with a special opportunity to meet the bank s directors and employees, learn more about the business and express their own views. They are also a forum for suggestions and discussion of ways to enhance services, reflecting the values that distinguish Crédit Mutuel from other banks. Required items on the agenda include a report on the entity s management and activities and on its specific actions as a mutual bank, leading up to approval of the financial statements and the election of directors on the basis of one person, one vote. Between February and May of every year, some 500,000 members attend the annual meetings held at the local and regional levels. Generally speaking, Crédit Mutuel ensures that its directors are highly representative. The Federations strive to have women participate more actively and encourage young people to get involved in their local mutual bank. They also build awareness among elected representatives and encourage rotation between generations. In 2013, 7,323 female directors and 16,853 male directors, for a total of 24,176 voluntary directors (+0.4%), represented Crédit Mutuel and upheld its values. 71 Annual report 2013

To build its directors skills, the group offered almost 100,000 hours of training to 10,000 directors in 2013. The charts above (page 71) illustrate the diversity of the group s directors. Business operation A decentralised structure, with decision-making processes at regional and local levels, favours entrepreneurship, a sense of personal responsibility and team spirit. The ties between the local mutual banks and the regional federations and federal banks ensure the cohesion of the various entities as regional groups that operate as fully-fledged credit institutions within the framework of French banking regulations. The regional groups cooperate freely to streamline resources and costs through technical partnerships, notably in information technologies and financial areas. Other avenues for cooperation are provided by the Caisses Interfédérales serving more than one regional bank and by joint subsidiaries in insurance, leasing, factoring, corporate banking, investment banking, asset management and private banking. GENDER EQUALITY CHARTER AT CRÉDIT MUTUEL NORMANDIE Regional groups membership in the Confédération Nationale and the Caisse Centrale ensures cohesion and shared responsibility at national level. As the central body for the whole Crédit Mutuel group, the Confédération Nationale approves the appointment of chief executives at the federations and regional inspection teams, and takes all necessary steps to ensure the group s proper operation, assuming responsibility for overall control and the coherence of business development. Confederal and federal control committees review audit reports and report their findings directly to the boards. The Confédération Nationale s Board of Directors comprises representatives of all the regional federations, elected by the general meeting of Confédération Nationale shareholders. This general meeting also elects the Chairman for five years. The 7.5 million mutual members are thus represented at all three levels of the organisation through the directors they elect. This is the governance structure for the group as a whole. It is carried out in part through various consultation forums such as the trade association and code of ethics for CM11 and the Corporate Social Responsibility and Sustainable Development Committee at Crédit Mutuel Bretagne. In addition to the various codes and charters applied across different companies, the group has an efficient system to prevent money laundering and terrorism financing that is fully compliant with regulatory requirements. This system notably relies on a network of coordinators at the level of each entity in France and abroad. TARGET: HAVE WOMEN HOLD AT LEAST 40% OF SEATS ON LOCAL BANK BOARDS Created in 2011, the Normandie Federal Committee on Gender Equality set out to promote the participation in women in the boards of local banks. The Committee comprises four men and four women, both elected members and technical experts. Drawing inspiration from the Copé Zimmermann Act, it operates on the principle that neither sex should account for less than 40% of the boards of local banks. It aims to meet this target by 1 January 2017. The Committee drafted a charter setting forth ten key principles to promote the participation of women on boards. After being approved by the boards of directors of all local banks, it was unanimously adopted in 2012. As of 31 December 2013, 38.9% of board members in Normandy were women. The 40% target should be met well ahead of schedule, provided that the same level of vigilance is maintained. The Committee is seeing to this, and its scope is meanwhile being expanded to cover CSR issues in general. WHAT MAKES A COOPERATIVE AND MUTUAL BANK STRONGER IS ITS ABILITY TO UPHOLD ITS FOUNDING PRINCIPLES. THIS MAKES ALL THE DIFFERENCE. 72 Crédit Mutuel Bank

CODE OF ETHICS AND PROFESSIONAL CONDUCT Several Crédit Mutuel companies apply the provisions of a Code of Ethics and Professional Conduct that sets standards for the actions of all directors and employees according to their responsibilities. The Code is based on the general principles of putting the interests of members and customers first and strictly observing confidentiality rules. The decision-making bodies within CM11 are the board of directors and trade association, a bona fide internal parliament bringing together the 189 representatives elected by the local mutual banks within its scope. It was the trade association that did the preparatory work and adopted the code of ethics and professional conduct in 2006. This code sets out of the rules of conduct applicable to all directors and employees, depending on their responsibilities. Each supervisory board or board of directors draws up an annual report on the application of the code and submits it to the Ethics and Professional Conduct Committee. THIS CODE EXPRESSES CRÉDIT MUTUEL S COMMITMENT TO: Encourage the participation of members in the activities and governance of their local mutual bank; Build strong and lasting relations with members and customers based on mutual trust, transparency and compliance with mutual commitments; Listen to, advise and help members and customers with their projects and difficulties; Offer high-quality products and services to members and customers; Contribute to local development and employment by encouraging people to save and channelling deposits into the local and regional economy; Contribute to improving the living environment, addressing societal issues and promoting sustainable development. THE CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT COMMITTEE Made up of 22 directors from Crédit Mutuel Bretagne, the Committee is an integral part of Crédit Mutuel s cooperative governance structure. IN 2013, THE CSR COMMITTEE S WORK MAINLY INVOLVED: Validating the 2012 CSR report, Monitoring the CSR awards and the implementation of CSR actions at the mutual banks, Communicating about CSR initiatives undertaken in different regions, Coordinating the efforts of CSR representatives for each sector, starting work on a best practice guide for directors, Monitoring work on the head office s company travel and commuting plan. This Committee, representing various stakeholders, plays a concrete role in the cooperative bank s general sustainable development strategy and choices. 73 Annual report 2013

CORPORATE SOCIAL RESPONSIBILITY SOLIDARITY AND RESPONSIBILITY IN ACTION Today s economic and social challenges vindicate the group s choices: if focuses on development, and constantly adapts and affirms its identity as a mutual bank by putting its founding principles into practice every day. Crédit Mutuel leads the way in promoting social cohesion, as can be seen in the responsible initiatives and solidarity-driven goals implemented directly at ground level. Spanning past and present and embodying commitment for the future, the ethic of social responsibility is the cornerstone of the group s actions, the driving force behind a socially supportive, responsible group that does more than just meet requirements. MICROCREDIT AND SPECIFIC ASSISTANCE: VALUES IN ACTIONS Microcredit: Focus on job seekers Offers that focus on those who are most vulnerable: The Group extends personal or professional microcredit on its own or through close partnerships with job assistance organisations, assuming 50% of the risk on these loans. It also has specific assistance programmes for members in difficulty. Personal microcredit Crédit Mutuel assists the most vulnerable sections of the population by extending microcredit within the framework of partnerships with non-profit organisations. These loans, for amounts ranging between 500 and 3,000, are granted to people who have little or no access to credit, and have no stable employment or are living on social welfare but actively looking for work. The group has signed more than 200 regional agreements throughout France with organisations promoting job or social assistance such as Secours Catholique, COORACE, UDAF and a number of other family support networks such as Familles Rurales, Emmaüs and Restos du Cœur, together with local employment agencies, large numbers of community centres (CCAS) and local social integration organisations. Its goal is to develop a joint approach to helping people in financial difficulty implement a project that will enable them to find a job. By opening accounts for them and extending loans that are partly guaranteed by the Fonds de Cohésion Sociale (French social aid fund), Crédit Mutuel enables them to regain access to the banking system and become regular bank customers again. 74 Crédit Mutuel group

200-plus regional agreements with association networks 278 million professional microloans Under an agreement with Caisse des Dépôts et Consignations, Crédit Mutuel assumes 50% of the risk on these loans and the Fonds de Cohésion Sociale the other half. In 2013, Crédit Mutuel distributed 9% of the microcredits extended. CIC also has vital ties with associations specialising in integration and a number of partnerships in place across France. One example is the Grand Lille Second Chance School, where young people between 18 and 25 who came out of the school system with no qualifications can enter a programme to learn skills and behaviours that will help them get back into the workforce and stay there. CIC Nord-Ouest offers financial assistance through Maison de l Emploi et de la formation de Lyon. Its goals are to guide and inform people as they seek employment, to help employers recruit better and to promote start-ups: in a word, it works to coordinate efforts in the areas of employment, integration and training. Professional microcredit In 2013, the group financed some 268 million in loans through three networks: Association pour le Droit à l Initiative Economique (ADIE), France Active and France Initiative. Crédit Mutuel continues to work with ADIE, where total professional loans rose by 12% versus 2012, to about 14,600. The group financed 1,374 of ADIE s projects (10% more than in 2012) through seven regional federations and a CIC regional bank, representing an effective disbursement of 2.9 million out of a total commitment of 4.1 million. For over 20 years, the group has been a partner to Initiative France, the leading network of associations promoting local economic development through help for business start-ups and buyouts. Through its involvement in the strategic planning at the top of the Initiative France network, the group is actively involved in 75% of the 231 local initiative platforms. In 2013, Crédit Mutuel granted more than 3,400 loans via this network representing 227 million and 22% of bank financing. All in all, the group s microlending to business with these three partners represents about 7,000 loans and a total commitment of 275 million factoring in the Nacre scheme. Members in financial difficulty: Specific assistance programmes Crédit Mutuel s social assistance programmes convert words into action. Through its regional federations, the group runs a number of initiatives, of which several are described below. They are the concrete expression of the group s ongoing commitment to help the members that need it most. Since 2010, the Ark ensol association has coordinated Crédit Mutuel Arkéa s solidarity-oriented initiatives in regions covered by Crédit Mutuel Bretagne, Crédit Mutuel Massif Central and Crédit Mutuel Sud-Ouest. With an annual budget of around 2 million, Ark ensol works either through partnerships with other associations or institutions or through one of two specialised associations, Ark ensol Créavenir or Ark ensol Entraide. Ark ensol Créavenir helps support investment through assistance with the start-up or buyout of small companies. In 2013, it helped with 455 such investments (32% more than in 2012), for a total amount of 1.82 million, of which 613,000 in the form of donations. These efforts helped create or maintain 825 jobs. In just over three years, the association s investments have created or maintained more than 2,000 jobs. Ark ensol Entraide provides personal microloans and assistance to borrowers in difficulty. It allowed nearly 300 people to obtain loans (average amount of 2,125), in most cases to facilitate their return to the workforce by helping them finance means of transport. Members who are having difficulty repaying loans due to unforeseen circumstances can also receive assistance, with Ark ensol Entraide covering up to 75% of remaining instalments for as many as 12 consecutive months. In 2013, 200 new assistance applications were accepted with the families in question receiving more than 700,000. Annual report 2013. Crédit Mutuel also works with the France Active network, which provides grants and loans to initiatives aimed at promoting economically-driven social integration. It founded six of the organisation s 38 regional funds and sits on half of its financing committees. In 2013, 20 million of the guarantees extended by France Active were for projects backed by the group, for a 20% increase on 2012. 75 Annual report 2013

CORPORATE SOCIAL RESPONSIBILITY Late in 2013, Ark ensol began offering computers to associations that are members of the Crédit Mutuel Arkéa federations. These machines have been deemed obsolete but are in good working order. Associations have shown great appreciation for this initiative. By the end of December 2013, or barely two months after the programme got under way, 53 associations had submitted applications and 26 of them had been approved to receive 33 computers and 16 printers. Operational since 2006 in Lille, Caisse Solidaire du Crédit Mutuel Nord Europe was created to enable people to re-enter the banking system after being excluded from it, and to provide basic financial services to people with little money or who are encountering temporary difficulties due to their professional situation or to health or other problems. It grants microloans of 300 to 3,000, repayable over six to 36 months at market rates. Caisse Solidaire du Crédit Mutuel Nord Europe works in partnership with a number of assistance specialists. CMNE is also very active with social initiatives. Its efforts to fight exclusion due to disability, illness, social or economic factors through mutual initiatives, sustained for ten years now, represent one of the three primary objectives of the Corporate Foundation created by the group at the end of 2012 to shape and strengthen its commitment to promoting development in regions where it operates. At the end of 2007, Crédit Mutuel Maine-Anjou, Basse- Normandie set up Crédit Mutuel Solidaire (CMS), which works to prevent exclusion from the banking system and help those who find themselves in this situation, usually due to changes in their employment and/or family situations, regain access to mainstream financial and banking services. Two solutions are available to them: solidarity loans, offered to members by the local mutual banks, and social microcredit, offered in partnership with organisations specialising in solidarity and reintegration. Their primary aim is to support those who have plans to get back on their feet, regardless of whether they are members. Loan amounts range from 500 to 3,000 and terms are set at 36 months with monthly payments not exceeding 100. Since its creation, Crédit Mutuel Solidaire has helped some 500 people, half of them members. FINDING INNOVATIVE WAYS TO HELP THE MOST VULNERABLE Crédit Mutuel Foundation: Translating solidarity into action Fondation du Crédit Mutuel, which was created in early 2009 and operates under the aegis of Fondation de France, houses Crédit Mutuel s various national corporate sponsorship initiatives: - The creation and long-term support of mutual savings and credit networks to help those working toward financial independence in emerging countries through Centre International du Crédit Mutuel (CICM); - The promotion of reading and the French language in all its forms through the Reading Programme; - Support for research into and action against economic and social exclusion through the Research and Social Assistance Programme; Since 2010, the Foundation has also been supporting the Together, Let s Rebuild Haiti programme. Le CICM Centre International du Crédit Mutuel (CICM) is a non-profit created in 1979. The 18 Crédit Mutuel regional federations all participate in it. CICM s mission is to assure that those who are excluded from the traditional banking system in developing countries have access to financial services and, more generally, can improve their living conditions by taking charge of their own lives. Through the networks established in the countries in question, CICM helps its members keep their revenue safe, apply for loans and carry out their professional and personal projects. CICM can assist with projects just getting off the ground or with existing cooperative initiatives. Working with Crédit Mutuel Solidaire, the Nantes federation created an entity in 2012 to optimise the management of its microlending activities and efforts to help members in difficulty. In most cases, these activities aim to help people get back into the workforce. Without doing the work of social services, the group is striving to come up with solutions, tapping the brainpower of directors and employees. The Crédit Mutuel Solidaire team comprises three employees and is supported by a committee most of whose members are group directors. Most of the initiatives this entity proposes relate to employment. 76 Crédit Mutuel group

CICM s actions are guided by cooperative and mutualist values. This means that special attention is paid to: - Proximity, with banking services offered to people across the country, regardless of their location, financial resources or social origin; - Democracy, such that any member who subscribes a share becomes not only a beneficiary but also a co-owner of his or her local mutual bank with the right to participate in its general meeting, elect members of the board of directors and receive information about the collective management of savings; - Subsidiarity, meaning that the local mutual bank can delegate a portion of its responsibilities to the federation when it cannot assume them fully; - Solidarity, the cornerstone of the mutual model, allowing the savings available in local mutual banks to be pooled and redistributed in the form of loans, as mutual networks do not consider economic profitability as their sole aim but also take into account the social viability of their business. CICM helps promote the professionalism of the establishments it assists and works to put its initiatives on solid footing. To this end, it has a network of expatriated bank executives who volunteer their time, makes regularly-updated IT tools available and trains local employees in the banking business; it develops tools for each country to respond specifically to needs expressed by members. It contributes its technical expertise and implements the procedures required to hedge credit risk and protect savings, and sets up monitoring systems to fight money laundering. All of this has allowed CICM to help promote the mutual model for almost 30 years by developing independent institutions that offer financial services to millions of beneficiaries. In 2013, CICM was active in Niger, Congo, the Central African Republic, Cameroon, Burkina Faso, the Philippines and Cambodia. It is playing an active role in the development and projects of SIIMEC, an IT services company for the networks that is developing the SiBanque management software it launched in 1995. 77 Annual report 2013

LA RESPONSABILITÉ SOCIétALE DE L ENTREPRISE school children involved in reading and writing projects linked to their immediate environment. Kids from primary, middle and secondary schools gather information in the field and from libraries to allow them to better understand their lives and then share their findings through exhibits, videos or other materials they produce. Reading Programme The Reading Programme has been working on the ground since 1992 to help people learn how to read and enjoy reading. Its work is based around three initiatives: Lire la ville (Reading the town), Prévenir l illettrisme (Fighting illiteracy) and La Voix Des Lettres (The power of literature). Lire la ville (Reading the town) starts from a specific aspect of the school programme and gets thousands of SUPPORTING REGIONAL CLUBS OF COMPANIES THAT PROMOTE INTEGRATION On 30 May 2013, the 14 clubs of companies promoting integration at the regional level (CREPI) held their annual Odyssée (Journey to Jobs) event, with the Crédit Mutuel Foundation providing support for the third year. The goal of these events is to facilitate meetings between company representatives and those looking for work. This year, 1,400 job seekers met with company representatives, and 350 of them were offered job and training opportunities and career guidance. In four years, these events have brought together 6,000 people 3,674 job seekers and 1,417 company representatives. These local initiatives have resulted in the implementation of more than 1,000 professional solutions. By supporting the Solidarity Awards France Bleu Fondation du Crédit Mutuel for the fourth year in 2013, the Foundation was able to recognise some ten non-profits for their daily efforts to promote solidarity. Prévenir l illettrisme (Fighting illiteracy) provides the means for combating illiteracy-based exclusion. Associations work directly with families via existing structures such as childcare establishments and libraries to make children familiar with books and reading as early as possible. The Foundation brings together these associations through a national agency called Quand les livres relient ( The binding power of books ). La Voix Des Lettres (The power of literature) supports innovative initiatives that relate to reading, including awards and programmes to promote reading aloud. Its flagship Incorruptibles awards have almost 320,000 pupils from nearly 6,200 schools and after-school organisations across France read select books and vote for their favourite applying the one child, one vote principle. Through its work with Confluences, the Reading Programme helped 500 students from the Montauban region discover the joys of reading select pieces of literature aloud in 2013. Six hundred residents of at-risk neighbourhoods were also able to rediscover reading and writing through workshops organised during the year. Research and Social Assistance Programme Created in 2009, the Research and Social Assistance Programme organises initiatives under three categories: Support for think tanks such as Mouvement Européen- France, Confrontations Europe and Institut français des relations internationales (Ifri); Support for research through the Prix de la Recherche Coopérative (cooperative research award), Recma and assistance of various research teams working on topics in which Crédit Mutuel has specialist knowledge, such as mutualism, cooperation and corporate social responsibility; Solidarity-based initiatives By stepping up its involvement in clubs of companies promoting integration at the regional level (CREPI), the Foundation is helping to build bridges between people and jobs in the business world. 78 Crédit Mutuel group

HAITi PROJECT TAKING SHAPE Since Haiti was hit by an earthquake on 12 January 2010, the Crédit Mutuel Foundation has been supporting the Saint-Martin Avenir et développement solidarité Haïti association through the Together, Let s Rebuild Haiti programme. Thanks to mobilisation right across the Crédit Mutuel group and an appeal for donations from the bank s members, the Foundation was able to fund the project to rebuild the French hospital in Port-au-Prince and help this institution regain financial independence. It is continuing to finance the construction of the new 154-unit Hauts de Lafiteau residential district, about 15 kilometres north of Port-au-Prince. Chairman Michel Lucas inaugurated the first phase of the project, involving the construction of 38 homes, on 7 July 2012. Ground has been broken on the second phase (48 homes) and it should be completed in 2014. These homes will be part of a new city that already has a school complex that will be open to children and teenagers from neighbouring villages. Hauts de Lafiteau : An important and exemplary project. The earthquake of 2010 and its devastating effects on homes served to reveal an existing problem with the country s housing policy. The use of low-quality materials and techniques that were not mastered, together with the fact that there was often no land register or general plan, had disastrous consequences for property. Shantytowns sprouted up around large cities, neighbourhoods were stretched to the breaking point by demographics, and flimsy construction became more common. This is why the Hauts de Lafiteau project was located on unbuilt land recorded in the cadastre. Three factors make the programme supported by Crédit Mutuel unique. First, a cement factory was built on the site to guarantee the quality of the products used and to train locals in the poured and shuttered concrete techniques that meet earthquake resistance standards. Second, low-income homes were built and can be purchased by families through deferred home ownership contracts. Third, regulations were introduced concerning the maintenance of common areas to make residents feel responsible for where they live. The model has already proven its worth and is serving as an example. All of these projects are described in detail, with regular updates, at www.fondation.creditmutuel.com. 1 Map of project 2 Ribbon-cutting ceremony with Michel Lucas, Chairman of Crédit Mutuel, as the first homes are delivered 3 Mr Jean-Paul Fischer, Chairman of Crédit Mutuel St-Martin and ASAD. 4 Homes ready for delivery 5 Inside a home 6 Entrance to French hospital 7 A worker on a construction site 6 1 Photos n 2, 3, 5 et 6 : Thierry Dromard 5 3 7 4 2 79 Annual report 2013

CORPORATE SOCIAL RESPONSIBILITY RESEARCH AND HEALTH: THE BANK THAT DOES ITS SHARE Two of Crédit Mutuel s founding principles are putting people first and promoting mutual aid. Its commitment to research and public health are integral to its sense of responsibility. The group s approach to solidarity in these areas is broad, and commitments take many forms through different companies. They are all the reflection of a steady focus on improving the well-being of people in the regions where the group operates. Working together to beat melanoma One example is Cémavie, a non-profit foundation created by the Loire-Atlantique et Centre-Ouest, Maine-Anjou Basse-Normandie, Anjou and Océan federations to address needs created by the ageing of the population. This foundation designs and takes over retirement and long-term care homes, builds intermediate care facilities and helps the elderly stay in their homes. By 2017, the Crédit Mutuel groups involved in this project will allocate more than 8 million to the Foundation. Most companies also provide support and financing to hospitals centres in their regions. Funds can go for defibrillators, first aid awareness, pain control pumps or the organisation of fun activities for hospitalised children. These efforts in the healthcare sector are complemented by donations to different research foundations, including the Arthritis Foundation and the Gene Therapy Foundation supported by CIC in the Loire region. L Crédit Mutuel group has amply demonstrated its commitment to society, and it was natural for it to commit for five years, mobilising its partners as well, to support melanoma (skin cancer) research at Institut Gustave Roussy, Europe s premier cancer research centre. The objective of Ensemble contre le mélanome is twofold: provide information to promote prevention and screening and, more importantly, finance melanoma treatment and research activities. Target: raise 700,000 a year over five years with the funds going to three specific areas: Financing of fundamental research Facilitating diagnoses and accelerating the development of personalised medicine for melanoma, Optimising patient care. Crédit Mutuel group as a whole and MTRL (a mutual insurer partnering with CM-CIC) are committed to financing the three projects over five years. Results and progress will be regularly monitored to ensure that this major undertaking is optimised. This coalition currently brings together about 20 associate partners in addition to Institut de cancérologie Gustave Roussy, including Radio France, l Olympia, NRJ, Skyrock, les Gaulois, Les éditions Épicure, Eclectic Production and Le Zénith, as well as celebrities like Jacques Weber, Thomas Dutronc, Patrick De Carolis and Yves Calvi. As of end-december 2013, 559,000 had been raised, including 430,000 with a five-year commitment. Funds continue to be raised through various channels: La fête de la musique, public prevention and awareness meetings, shows, exceptional concerts and other events. More information is available at www.ensemblecontrelemelanome.fr 80 Crédit Mutuel group

SOCIAL AND ENVIRONMENTAL INVESTMENTS: COMMITMENT IN ACTION Crédit Mutuel supports and promotes initiatives by its members and customers in favour of social cohesion, solidarity and the environment. Specific products with social and environmental added value are distributed through CM-CIC Asset Management, Federal Finance (a Crédit Mutuel Arkéa company) and La Française AM (Crédit Mutuel Nord Europe). Socially responsible investment products based on extra-financial criteria Socially responsible investing (SRI) is an investment process that takes into account both economic performance and social and environmental impact. By influencing the governance and behaviours of companies, SRI favours the kind of responsible economy that Crédit Mutuel fully supports. Companies included in the SRI funds managed by the group s three main management companies are selected dynamically, and investments total more than 7 billion. All of them have earned the Novethic label. SRI employee savings schemes are gathering momentum and now account for more than a quarter of total employee savings under management at Federal Finance. Commitments made on the basis of the best-in-class method make up almost 15% of funds managed by CM-CIC AM. All of our management companies exercise their voting rights in full to encourage companies to observe best practices in terms of the environment and governance. Environmental footprint: Taking responsibility In addition to financing its customers environmental projects, Crédit Mutuel strives to limit its direct impact. Since it operates in the service industry, the group s activities have a limited environmental impact. Nonetheless, areas have been identified where progress can be made across the group. These include a reduction in paper consumption, more efficient travel planning (ride sharing), and a reduction in energy consumption (lighting, heating, putting computers in sleep mode, etc.). Crédit Mutuel has taken a number of environmental initiatives over the years, at the local and regional levels. It is notably supporting the development of renewable energies and has financed multiple investments in methanation and the creation of wind farms. Buildings Crédit Mutuel is making changes to its property portfolio to meet sustainable development requirements. New branches and buildings comply with Bâtiment Basse Consommation (low consumption building) energy standards. Travel and commuting The group is finding new ways to work and travel, making greater use of videoconferencing and encouraging more environmental means of transport rail travel is being given priority over air travel, financial incentives are being offered to use public transport, and car-sharing is being promoted with internal ride sharing sites available, notably in Strasbourg, Nantes and Brest. In some cases bicycles are being made available, particularly in Orléans. For those working at CIC Il-de-France, 50% of subscriptions to Vélib and Autolib are reimbursed for travel between work and home. The regional federations are working to reduce greenhouse gas emissions by selectively renewing their vehicle fleets. More information can be found about CM s general approach to social responsibility in the CSR annual report at www.creditmutuel.com 81 Annual report 2013

2013 CSR indicators CSR 2013 INDICATORS Methodology For Crédit Mutuel, corporate social responsibility is a means of reaffirming its identity and difference as a cooperative bank. Aware of the issues facing our society, the group began producing CSR indicators very early on to identify and provide information about the behaviours of group entities and their contributions to society. The measurement and reporting methodology developed since 2006 has been extended gradually to all group banking and insurance entities. It is regularly updated and enhanced by a CSR working group set up at national level, which brings together all Crédit Mutuel regional federations and the group s main subsidiaries. This CSR mission reports to the Institutional Relations Department of the General Management of Crédit Mutuel s national confederation. The 20 or so correspondents within the federations and main subsidiaries meet regularly to provide feedback and propose targets. Within the regional entities and subsidiaries, several employees may be involved in CSR. Several federations have even set up networks of CSR coordinators at the local bank level. It is difficult to calculate the exact resources allocated to CSR, since it is very much a group-wide undertaking to which many people can contribute on a part-time or temporary basis. The national working group meets at least six times each year, enabling group entities to exchange information about internal initiatives and good practices for implementing corporate social responsibility at company level. Exchanges with stakeholders and other cooperative banks have also enabled parties to share knowledge about governance indicators and to define a common set of indicators. This methodology, the result of a collective effort, defines the rules for collecting, calculating and consolidating indicators, including the scope of application and controls to be performed. It is intended more particularly for the national coordinators at the Crédit Mutuel regional federations and the main subsidiaries, and can involve contributions from experts. The methodology defines the audit trail for both internal and external verifications. CREDIT MUTUEL GROUP INTERNAL STAKEHOLDERS * Members-customers/directors * Regional federations * Employees * Executives and management * Subsidiaries and shared technical support companies COMMERCIAL STAKEHOLDERS * Customers * Suppliers * Subcontractors * Commercial partners * Competitors SECTOR STAKEHOLDERS * Market infrastructure * Public authorities * Supervisory/regulatory authorities * Rating agencies SOCIETAL STAKEHOLDERS * Cooperative institutions * Non-profits/NGOs * Media * Civil society/parliament 82 Crédit Mutuel group

This methodology constitutes a common framework for collecting information within the group on an annual basis. The data collected comprises more than 300 regularly reviewed items that enable the Group to produce the 42 indicators required under Article 225 of the Grenelle II Act, along with various other indicators on the group s cooperative activities and democratic governance. The information published reflects the group s commitment to improving knowledge and transparency. Qualitative indicators provide a view of the actions and commitments undertaken by all or part of the group and testify to its ongoing commitment to CSR. Quantitative indicators enable measurement of the changes that have taken place. In 2012, many of the indicators were audited and their reliability checked by the independent auditors so as to certify their existence and compliance with the requirements of Article 225 of the Grenelle II Act. Data collection for 2013 was announced in the autumn to give all the departments concerned time to organise the upflow of information and organise consistency checks. Qualitative data was collected first, then quantitative data. It was in some cases necessary to adjust certain prior year data after checking the scope, the collection method and basis for calculation (e.g. Insee map for qualifying operations in rural areas, etc.). Generally speaking, where partnerships or service providers were involved, preference was given to data provided directly by the partners in question. The CSR indicators selected by the group are based on the different existing reporting standards and guidelines, notably: - Article 225 of the Grenelle II Act - Decree 2011-829 of 11 July 2011 on greenhouse gas assessments - International Labour Organization (ILO) Recommendation No. 193 on the promotion of cooperatives - OECD guidelines - The Global Reporting Initiative (version 4) - Regular exchanges with stakeholders (shareholder meetings, non-governmental organisations, non-financial rating agencies, etc.) - Collective guidelines for CSR practices in European cooperative banks (EACB) and other cooperative sectors. They also take into account commitments made by the group at the national and/or federal level: - Principles defined by the International Cooperative Alliance (ICA) - CoopFR cooperative identity statement adopted in 2010 - Global Compact (member since April 2003) - Transparency code published by the Association Française de Gestion Financière Forum pour l investissement responsible (AFG-FIR French Asset Management Association Forum for Responsible Investment) - Transparency International France - The World Forum s Responsible Company manifesto - Quality assurance label of the Comité Intersyndical de l Épargne Salariale (CIES - Inter-Union Committee for Employee Savings Plans) - The Novethic socially responsible investment label - The Finansol solidarity-based products label Workforce data refer to employees on the payroll as of 31 December excluding interns, temporary staff and external service providers. Absenteeism data include absence of leave for employees with permanent contracts, fixed-term contracts and student contracts: paid sick leave, unpaid sick leave, sick leave without a medical certificate, occupational and commuting accidents, special leave, leave to care for a sick child, extended unpaid leave (more than one month), sabbatical leave, parental leave and disability leave. They do not include paid leave or days off under collective agreements ( RTT compensatory time, seniority, marriage, etc.) or maternity or paternity leave. The percentage of payroll spent on training does not include Fongecif subsidies or student training. 83 Annual report 2013

2013 CSR indicators Data relating to microcredit are provided by the group s main partners, for instance ADIE and France Active, possibly with a breakdown by federation except for Initiative France, which submits aggregate data for Crédit Mutuel and CIC (to which the national progression factor can be applied at regional level). In October 2012, Datar published a new classification of rural areas in France based on worked carried out by Insee in 2011. This classification resulted in a significant change in the assessment of our presence in rural areas. We consider rural outlets all operations based in towns with fewer than 5,000 inhabitants. For details regarding the composition of the subgroups, please refer to the reports published by the reporting entities. Several indicators are subjected to publication reviews, data audits (desk or remote) based on analytical reviews, substantiation tests on a sampling basis, comparisons with sector performance indicators, interviews and an assurance report testifying to the existence of the CSR information and including the opinion of the auditors designated as independent third parties as to the sincerity of that information. Given the nature of the group s activities, its impact in terms of noise, ground pollution and other forms of pollution is not significant. Neither does the group have any considerable impact on biodiversity. However, these aspects have been integrated into its overall CSR approach, though they are not included in this report. Crédit Mutuel has not recognised any provisions in its accounts in respect of environmental risk. In terms of scope, the indicators cover all of the group s banking, insurance and telephony activities, or 94% of its total workforce. The media activity is partially included in this consolidation (except for societal data). Area Measurement indicator Coverage rate Exclusions from scope Governance Number of members 100% No exclusions: all core cooperative activities covered Societal 94% Group in France (excluding media activity) Social Number of FTE employees 99.3% Based on group total Environmental 94% Group in France (excluding media activity) 84 Crédit Mutuel group

GOVERNANCE 2013 CSR REPORTING - GOVERNANCE CSR Indicators 2013 2012 GRENELLE II OCDE GRI 4 ILO UN indicator (2012) Reco. no. Global references art R 225-105 193 Compact Les Administrateurs GOUV03 (1) Number of local mutual banks 2,129 2,116 GGOUV04 Number of elected directors - Local mutual banks 24,176 24,091 G4-7 GOUV29 Of which women 7,191 GOUV05 Number of elected directors - Federations 414 444 PR VII G4-7 Total number of elected directors 24,176 24,091 Attendance GOUV09 Attendance rate - Meetings of local mutual banks 78.8% G4-26 GOUV13 Attendance rate - Meetings of federations 85% (2) G4-34 Renewal GOUV14 Number of new elected directors Local mutual banks 1,696 GOUV15 Of which women 737 G4-LA13 GOUV18 Number of new chairpersons Local mutual banks 181 GOUV19 Of which women 47 G4-LA13 GOUV22 Average age of elected directors Local mutual banks 56,8 G4-LA13 GOUV27 Renewal of elected directors 7.0 % 7.32% Local mutual banks Representativeness and equality GOUV33 Directors - % of women 29.7 % 29% PR VII G4-LA1 GOUV34 Newly elected directors - % of women 43.5 % 44% GOUV35 Chairpersons - % of women 24.5 % 21% Training GOUV56 Total hours of training 94,276 GOUV58 % of trained directors 40.2 % 43.49% PR V GOUV59 Hours of training per trained director 9.71 9.76 G4-LA10 Members and customers GOUV61 Number of customers, local mutual banks (million) 11.5 11.4 PR VII G4-8 GOUV62 Of which private individuals (million) 10.3 10.3 G4-8 GOUV63 Number of members (million) 7.5 7.4 G4-7 GOUV64 Increase in membership from previous year 1.4 % 1.3% GOUV65 % of individual clients who are members (3) 75.4 % 72.0% Attendance at local general meetings G4-26 GOUV67 Number of members convened (million) 7.4 7.3 PR VII GOUV68 Number of members present and represented 405,453 388,639 GOUV70 % participation in votes (4) 5.5% 5.3% (1) Indicators highlighted when verified by auditors (2) 2012 data (3) Ratio determined based on number of adult retail customers (4) Members at 31.12.2012 85 Annual report 2013

2013 CSR indicators SOCIETAL 2013 CSR REPORTING SOCIETAL INFORMATION CSR indicator references Indicators 2013 2012 Grenelle II (2012) Art R 225-105 ACI OECD GRI 4 ILO Territorial and societal impact Territorial impact PR VIII SOT01 Number of points of sale (Crédit Mutuel 3,133 3,136 al1-3-a-1 and 2 group) SOT01A Other points of sale 2,787 2,825 al1-3-a-1 and 2 Total points of sale 5,920 5,961 al1-3-a-1 and 2 SOT07 (1) % of points of sale in rural areas (2) 22% 39% al1-3-a-1 and 2 G4-EC8 SOT08 % of free urban zones covered by points 47% 44% al1-3-a-1 and 2 G4-EC8 of sale Non-profit market SOT40 Number of non-profit organisations that are customers (associations, labour organisations, works councils, etc.) 488,601 435 254 al1-3-a-1 et 2 PR7 G4-8 SOT49 SOT52 SOT10 SOT13 SOT11 Patronage and sponsoring Budget of Fondation du Crédit Mutuel ( million) Of which for Let s Rebuild Haiti (excluding private donations) Total budget earmarked for patronage and sponsorship ( million) Microcredit Subsidised personal microcredit (partnership) Number of microcredits awarded in the year Amount of microcredits financed in year ( million) Average amount of microcredits financed ( ) 3.9 2.6 al1-3-b 2 PR7 G4-EC1 1.0 34.9 32.9 al1-3-b 2 PR7 G4-EC1 PR VIII 1,175 1,192 al1-3-a-1 et 2 PR7 G4-EC8 2,481 2,503 2,111 2,100 al1-3-a-1 et 2 PR7 Intermediated professional microcredit SOT15 Support to Adie PR VIII SOT16 Number of application processed 1,374 1,258 al1-3-a-1 et 2 PR7 G4-EC8 SOT17 Amount of credit lines made available 4.1 4.3 al1-3-a-1 et 2 PR7 G4-EC8 ( million) SOT18A Support to France Active Garantie PR VIII SOT19A Number of new microcredits financed 1,251 1,094 G4-EC8 SOT20A Amounts guaranteed ( million) 19,625 16,352 G4-EC8 SOT18B Support to France Active Garantie: PR VIII Nacre mechanism SOT19B Number of Nacre loans granted tied to a 823 843 al1-3-a-1 et 2 PR7 G4-EC8 group loan SOT20B Amount of loans ( million) 27.6 23.3 al1-3-a-1 et 2 PR7 G4-EC8 SOT21 Support to Initiative France PR VIII SOT22 Number of additional bank loans granted 3,414 2,768 al1-3-a-1 et 2 PR7 G4-EC8 SOT23 Amount of additional bank loans granted 226.6 170 al1-3-a-1 et 2 PR7 G4-EC8 ( million) Microcredits in partnership SOT24 Number of microcredits in partnership 8,037 7,155 G4-EC8 SOT25 Total microcredits in partnership ( m) 280.4 216.4 G4-EC8 86 Crédit Mutuel group

2013 CSR REPORTING SOCIETAL INFORMATION CSR indicator references Indicators 2013 2012 Grenelle II (2012) Art R 225-105 ACI OECD GRI 4 ILO Socially responsible investing SRI SOT28 Total SRI loans ( billion) 7.2 6.0 al1-3-a-1 et 2 G4-EC8 Mutual funds and term deposits FCP et DAT PR VIII G4-EC8 SOT31 France Emploi mutual funds 19.7 Outstandings ( million) SOT31-1 Solidarity term deposits - Outstandings ( million) 1.5 SOT32 Paid back to non-profits 191,658 Socially-responsible passbook deposits (Livrets d Epargne pour les Autres - LEA) PR VIII G4-EC8 SOT33 Outstandings excluding capitalisation ( million) LEA 41.8 33,8 al1-3-a-1 et 2 Socially responsible employee savings PR VIII G4-EC8 SOT37 Outstandings ( million) 125.0 91.7 al1-3-a-1 et 2 SOT100 Socially-responsible savings 188.0 Financing of environmental projects Zero-interest rate eco-loans SOT63 Number of zero interest-rate eco-loans 9,529 granted SOT65 Total amount of loans granted ( m) 124.9 121.8 al1-3-b 2 G4-EC2 8 SOT64 Average amount of loans granted ( m) 13,105 15,287 al1-3-b 2 G4-EC2 SOT69 Loans for renewable energy and energy efficiency projects Number of projects financed (business customers and farmers) 2,871 4,648 al1-3-b 2 G4-EC2 8 et 9 SOT71 Social products and services Outstandings in respect of regulated social loans (low-income rental housing loans and lease-ownership loans) ( billion) Quality of service 1.4 1.2 al1-3-b 2 G4-EC2 Mediation SOT75 Number of eligible files 13,069 (3) 2,041 al1-3-b-1 SOT77 Number of decisions favourable to client 9,936 and systematically applied SOT78 % of decisions favourable to client and 76.0% (4) 53.6% al1-3-b-1 systematically applied G4-PR5 Economic impact indicators disclosed in management reports SOT83 Customer loans and advances ( billion) 351.2 343.2 PR VIII G4-EC1 SOT84 - Home loans ( billion) 186.7 180.3 al1-3-b 2 G4-EC1 SOT85 - Consumer credits ( billion) 36.3 35.7 al1-3-b 2 G4-EC1 SOT86 - Equipment loans (microbusiness) ( billion) 64.7 62.7 al1-3-b 2 G4-EC1 (1) Indicators highlighted when verified by auditors (2) Change of method see methodology note (3) Data for 2013 include Cofi dis. Based on the 2012 scope, the number was 1,182. (4) Including Cofi dis figures. Based on the 2012 scope, the percentage was 55.2%. 87 Annual report 2013

2013 CSR indicators SOCIAL INFORMATION (Excluding media) 2013 CSR REPORTING - SOCIAL INFORMATION (Excluding media) CSR indicator references Indicators 2013 2012 Grenelle II (2012) Art R 225-105 OECD GRI 4 ILO Rec. no. 193 UN Global Compact Employment Headcount (FTE) G4-10 SOC01 (1) Total headcount 71,914 73,775 al1-1-a-1 G4-9 1, 2, 3 et 6 SOC01_bis Effective employees (individuals) 75,737 SOC02 Of which France 65,119 61,848 al1-1-a-1 PR V G4-11 LA1 SOC05 Of which management grade 42.6% 41% al1-1-a-1 PR V G4-11 LA1 SOC07 Of which women 53.6% 55% al1-1-a-1 PR V LA1 SOC12 Of which employed under a permanent 85.2% 95% G4-11 contract Recruitments SOC13 Total number of recruitments 12,164 11,412 al1-1-a-2 G4-LA1 1, 2, 3 et 6 SOC15 Of which women 7,095 6,692 SOC16 Of which under a permanent contract 3,906 4,041 al1-1-b-1 PR V G4-11 Number of employees with permanent PR V 1, 2, 3 et 6 contracts having left the organisation SOC19 Number of employees with permanent 4,149 8,717 G4-11 contracts having left the organisation SOC20 Of which redundancies 586 663 al1-1-a-2 SOC22 Existence of planned redundancy schemes or other plans for reducing headcount No al1-1-a-2 Organisation of work and working hours, absenteeism Organisation of working hours (staff with permanent contracts) SOC28 Full time/part time 10.5% 9.7% SOC29 Number of full-time employees 66,478 65,836 al1-1-b-1 SOC30 Number of part-time employees 7,013 6,406 al1-1-b-1 SOC31 % of full-time employees 90.5% 91.1% SOC32 % of part-time employees 9.5% 8.9% PR V 1, 2, 3 et 6 Total number of lost days 760,784 958,809 PR V G4-LA6 SOC38 Of which due to illness 602,708 620,107 al1-1-b-1 LA7 - LA8 - LA9 SOC39 Of which due to work-related injuries 16,996 17,469 al1-1-b-1 SOC40 Number of occupational diseases 12 7 al2-1-d-1 SOC43 Health and safety conditions al1-1-b-1 3, 6 SOC44 Health and safety conditions PR V Number of occupational injuries reported, resulting in lost days 487 295 al2-1-d-1 G4-LA6 LA7 LA8 LA9 3, 6 88 Crédit Mutuel group

2013 CSR REPORTING - SOCIAL INFORMATION (Excluding media) CSR indicator references Indicators 2013 2012 Grenelle II (2012) Art R 225-105 OECD GRI 4 ILO Rec. no. 193 UN Global Compact Organisation of work and working hours, absenteeism Training and professional insertion PR V G4-LA10 3, 6 SOC46 Amount of payroll spent on training ( 119.8 G4-LA9 million) SOC47 % of payroll spent on training 4% 4% SOC48 Number of employees having had at least 46,732 one training session SOC49 % of employees trained 63.6% SOC50 Total hours of employee training (millions) 1.8 1.8 al1-1-e-2 Equal opportunities Gender equality at professional level PR V SOC60 % of women in management positions 35% 34% G4-LA12 LA13 6 SOC63 % of women amongst newly promoted 37.2% 36% managers Promoting and complying with ILO s PR IV 1, 2, 3 et 6 fundamental conventions SOC67 Number of convictions in France for impeding the liberty to work 0 0 al2-1-g 2 G4- LA16 Employment and integration of disabled PR V people SOC68 Number of disabled employees 1,287 693 al1-1-f-2 3, 6 SOC71 Disabled employees as a % of total 1.79% 0.94% headcount Remunerations and change Remunerations and change PR V SOC73 Total payroll ( billion) 3.0 2.8 al1-1-a 3 G4-EC1 3, 6 SOC107 Annual gross salary ( billion) - permanent contracts SOC108 Annual gross salary ( billion) - nonmanagers under permanent contracts SOC109 Annual gross salary ( billion) - managers under permanent contracts Social security contributions SOC80 Total amount of social security contributions paid ( billion) 3.0 NA al1-1-a 3 G4- LA13 1.4 NA al1-1-a 3 G4- LA13 1.5 NA al1-1-a 3 G4- LA13 PR XI 1.7 1.7 G4-EC1 Professional relations and collective bargaining agreements SOC83 Agreements signed in 2013 See comment See comment al1-1- c -1 PR V G4-LA 3 (1) Indicators highlighted when verified by auditors 89 Annual report 2013

2013 CSR indicators ENVIRONMENT REPORTING RSE 2013 / INFORMATIONS ENVIRONNEMENTALES CSR indicator references Indicators 2013 2012 Grenelle II (2012) Art R 225-105 Consumption of resources OECD GRI 4 Pacte mondial Water (cubic metres) ENV04 Total water consumption 741,914 600,862 al1-2-c-1 PR VI G4-EN8 PR 7-8-9 Energy (MWh) ENV05 (1) Total energy consumption (MWh) 589,951 520,325 al1-2-c PR VI G4-EN3 PR 7-8-9 Paper (tonnes) ENV09 Total paper consumption (tonnes) 19,185 15,933 al1-2-c-2 PR VI G4-EN1 PR 7-8-9 Measures for reducing environmental impact and greenhouse gas emissions Actions to reduce emissions PR VI ENV31 Number of videoconference 308 337 al1-2-b-1 G4-EN19 equipment sets ENV32 Number of videoconferences 14,360 Waste PR VI G4-EN23 ENV39 Measures implemented in 2013 to reduce See al1-2-d-1 PR 7-8-9 comment the consumption of resources (paper, etc.) and production of waste Actions to raise awareness PR VI ENV43 Actions to inform and train employees in See al1-2-a-2 G4-EN31 PR 7-8-9 comment environment protection ENV44 Human resources devoted to CSR 15.1 35 al1-2-a-1 (1) Indicators highlighted when verified by auditors BEING A RESPONSIBLE EMPLOYER MEANS FOSTERING LOCAL EMPLOYMENT AND INTEGRATING EMPLOYEES AND SHOWING THEM THEIR WORTH. COMPANIES ALSO HAVE A RESPONSIBILITY TO SOCIETY TO MANAGE THEIR ENVIRONMENTAL IMPACT AND RESOURCE CONSUMPTION. 90 Crédit Mutuel group

INDEPENDENT AUDITORS REPORT ON THE CONSOLIDATED LABOUR, ENVIRONMENTAL AND SOCIAL INFORMATION CONFÉDÉRATION NATIONALE DU CRÉDIT MUTUELL Year ended 31 December 2013 MAZARS 61 Rue Henri Regnault Tour Exaltis 92400 Courbevoie, France Independent Auditors Member of the Versailles Institute of Chartered Accountants ERNST & YOUNG et Autres 1/2 Place des Saisons 92400 Courbevoie - Paris-La Défense 1, France Independent Auditors Member of the Versailles Institute of Chartered Accountants Report of the Independent Auditors, appointed as independent third parties, on the labour, environmental and social information presented in the Management Report. To the Shareholders, In our capacity as Statutory Auditors of Confédération Nationale du Crédit Mutuel, appointed as independent third parties and duly registered with COFRAC under numbers 3-1058 and 3-1065, we hereby report to you on the consolidated labour, environmental and social information presented in the section of the Management Report dealing with the enterprise s corporate social responsibility (hereinafter the CSR Information ) for the year ended 31 December 2013 in accordance with Article L.225-102-1 of the French Commercial Code (Code de Commerce). Responsibility of the Company It is the responsibility of the Board of Directors to prepare a Management Report that includes the labour, environmental and social information required by Article R.225-105-1 of the French Commercial Code, compiled in accordance with the 2013 version of the environmental, labour, social and governance reporting procedures used by the Company (hereinafter the Guidelines ), which are summarised at the end of the section of the Management Report dealing with the enterprise s corporate social responsibility and are available on request from the Company. Independence and quality control Our independence is defined by regulatory texts, the French Code of Ethics governing the audit profession and the provisions of Article L.822-11 of the French Commercial Code. We have also implemented a quality control system comprising documented policies and procedures for ensuring compliance with the codes of ethics, professional standards and applicable legal and regulatory texts. Responsibility of the Independent Auditors On the basis of our work, it is our responsibility to: - certify that the required CSR Information is presented in the management report or, in the event that any CSR Information is not presented, that an explanation is provided in accordance with the third paragraph of Article R.225-105 of the French Commercial Code (Statement of completeness of CSR Information); - form a limited assurance conclusion on the fact that the CSR Information, taken as a whole, is, in all material respects, fairly presented in accordance with the Guidelines (Reasoned opinion on the fairness of the CSR Information). Our work was carried out by a team of ten people between December 2013 and April 2014 and took around twenty weeks. We were assisted in our work by our specialists in corporate social responsibility. 91 Annual report 2013

2013 CSR INDICATORS We performed our work in accordance with the professional standards applicable in France, with the French Decree of 13 May 2013 determining the conditions in which the independent third party performs its engagement and, for the reasoned opinion on fairness, with ISAE 3000 (1). 1. Statement of completeness of CSR Information We conducted interviews with the relevant heads of department to familiarise ourselves with the Company s sustainable development policy, referring to the impact of its activity on labour and the environment, of its social commitments and of any action or programmes related thereto. We compared the CSR Information presented in the management report with the list provided for by Article R.225-105-1 of the French Commercial Code. For any consolidated information that was not disclosed, we verified that the explanations provided complied with the provisions of paragraph 3 of Article R.225-105 of the French Commercial Code. We verified that the CSR Information covered the scope of consolidation, i.e., the Company, its subsidiaries as defined by Article L.223-1 of the French Commercial Code and the companies it controls as defined by Article L.223-3 of the French Commercial Code within the limitations set out in the note on the method used contained in the section of the Management Report dealing with the enterprise s corporate social responsibility. Based on our work and given the limitations mentioned above, we certify that the required CSR Information is presented in the management report. 2. Reasoned opinion on the fairness of the CSR Information Nature and scope of our work We conducted around ten interviews with the people responsible for preparing the CSR Information in the finance, human resources, risk management, ethics, marketing and support departments charged with collecting the information and, where appropriate, with the people responsible for the internal control and risk management procedures, in order to: - assess the appropriateness of the Guidelines with respect to their relevance, completeness, reliability, neutrality and comprehensibility with due consideration being given, when appropriate, to industry best practices; - verify the implementation of collection, compilation, processing and control processes designed to ensure that the CSR Information is comprehensive and consistent, and familiarise ourselves with the internal control and risk management procedures covering the preparation of the CSR Information. We determined the nature and scope of our tests and controls according to the nature and importance of the CSR Information in the light of the nature of the Company, the social and environmental challenges of its activities, its sustainable development policy and industry best practices. With regard to the CSR Information that we considered to be the most important (2) : - at the level of the consolidating entity, we consulted documentary sources and conducted interviews to substantiate the qualitative information (organisation, policies, actions, etc.), we applied analytical procedures to the quantitative information and verified, using sampling techniques, the calculations and the consolidation of the data and we verified their consistency and concordance with the other information in the management report; - at the level of a representative sample of subsidiaries and regional groups of Crédit Mutuel selected by us(3) based on their activity, contribution to the consolidated indicators, location and risk analysis, we conducted interviews to ensure that procedures were followed correctly and we performed tests of details, using sampling techniques, in order to verify the calculations made and reconcile the data with the supporting documents. The selected sample represents on average 60% of the headcount and between 27% and 74% of the quantitative environmental and social data(4). For the other consolidated CSR Information, we assessed consistency based on our knowledge of the Company. 92 Crédit Mutuel group

We also assessed the pertinence of the explanations given for any information not disclosed, either in whole or in part. We believe that the sampling methods and sample sizes used, determined relying on our professional judgement, allow us to form a limited assurance conclusion; a higher level of assurance would have required us to carry out more extensive work. Because of the use of sampling techniques and other limitations intrinsic to the operation of any information and internal control system, we cannot completely rule out the possibility that a material irregularity in the CSR Information has not been detected. Reservation A significant part of the energy consumption reported by the sites and regional banks of CM11 (5) is based on estimates using methods that are not sufficiently reliable. This introduces a degree of uncertainty in the total energy consumption indicator as reported at the level of the consolidating entity. Conclusion Based on our work, and subject to the above reservation, no material irregularities came to light that call into question the fact that the CSR Information, taken as a whole, is presented fairly, in all material respects, in accordance with the Guidelines. Observations Without bringing into question the above conclusion, we draw your attention to the fact that the reporting at the level of the Group s different entities remains disparate, notably as regards manual adjustments and controls over the preparation of consolidated data at the level of the sub-groups. Paris - La Défense, 29 April 2014 Independent Auditors MAZARS ERNST & YOUNG ET AUTRES Pierre Masieri Emmanuelle Rigaudias Olivier Durand Eric Duvaud Partner Sustainable Development Expert Partner Sustainable Development Expert (1) ISAE 3000 - Assurance engagements other than audits or reviews of historical information (2) Environmental information: general policy on environmental issues (organisation and provision of training and information to employees), pollution and waste management (paper consumption and waste recycling and disposal), sustainable use of resources, and climate change (total energy consumption, measures to improve energy efficiency and use of renewable energies), and water consumption and supply in light of local constraints. Societal information: territorial, economic and social impact (proportion of points of sale in rural areas of France and in free urban zones, number of not-for-profit organisation clients), relations with stakeholders (conditions for dialogue, patronage and sponsoring initiatives), level of outsourcing and consideration given to social and environmental responsibility in the purchasing policy and relations with suppliers and subcontractors (proportion of recycled or renewable certified paper purchased), fair commercial practices (action to prevent corruption), socially responsible and supportive savings (number and amount of micro credits, outstandings in respect of socially responsible employee savings and regulated social loans). Social and governance information: employment (headcount and breakdown, recruitments, number of employees with permanent contracts having left the organisation, including through redundancies, annual gross salary of employees with permanent contracts and change therein), organisation of working hours, absenteeism (total number of days of absence), labour relations (organisation of employee-management dialogue, collective bargaining agreements negotiated), workplace health and safety conditions, number of occupational injuries, notably their frequency and severity, and occupational illnesses, staff training policies, proportion of payroll and number of hours earmarked for training staff and elected representatives, diversity and equal opportunity and treatment (proportion of women in management positions and proportion of women amongst newly elected directors at regional banks, employment and integration of disabled people, measures to combat discrimination), promotion of and compliance with ILO s fundamental conventions (percentage of voting rights exercised at general meetings, elimination of discrimination). (3) CIC, CIC Lyonnaise de Banque, Arkéa, Targo Bank Germany, CMNE, Cofidis, AC M and CMMABM (4) Selected samples represented 60% of total headcounts, 59% of total energy consumption, 45% of total paper consumption, 74% of SRI outstandings, 38% of not-for-profit organisation clients, and 27% of local banks. (5) CM11 comprises Crédit Mutuel Federations having started up partnerships approved by Banque de France, resulting in the creation of Caisse Fédérale de Crédit Mutuel, which coordinates Crédit Mutuel s eleven federations, i.e. CM Centre Est Europe, CM IDF, CM Midi-Atlantique, CM Savoie-Mont Blanc, CM Sud-Est, CM Loire-Atlantique et Centre-Ouest, CM Centre, CM Normandie, CM Méditerranéen, CM Dauphiné-Vivarais and CM Anjou. 93 Annual report 2013

Crédit Mutuel group

FINANCIAL REPORT 2013 A STRENGTHENED FINANCIAL BASE REFLECTING RIGOUR AND INTEGRITY. THAT S THE DIFFERENCE.

Financial Report Management Report 96 Crédit Mutuel Group

CONTENTS MANAGEMENT REPORT OF THE BOARD OF DIRECTORS OF CONFEDERATION NATIONALE DU CREDIT MUTUEL 98 Economic and financial background 98 Activity and results 101 Analysis by sector of activity 103 Results by activity an county reporting 104 Shareholders equity and risk exposure 107 FINANCIAL STATEMENTS 120 Statement of financial position 120 Income statement 121 Statement of changes in shareholders equity 122 Statement of cash flows 124 NOTES TO THE FINANCIAL STATEMENTS 126 INDEPENDENT AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 184 97 Annual Report 2013

Financial Report Management Report MANAGEMENT report OF THE BOARD OF DIRectoRS OF CONFEDERation nationale DU CREDIT MUTUEL ON THE 2013 CONSolidATED FINANCIAL STATEMENTS Economic and financial background World growth curbed by SLOWDOWN of CERTAIN emerging countries 2013 was marked by signs of an economic recovery in Anglo-Saxon countries and Japan, the emergence from recession of the euro zone, and the slowdown experienced by certain emerging countries. The global economy recorded growth of 2.8% on average in 2013, after 3% in 2012, which is below the level recorded over the long run (3.2% from 1973 to 2007). Emerging countries, which were affected in turn by the effects of the crisis, were destabilised by the revised growth objectives of the Chinese government, set at between 7% and 7.5%, and by capital outflows in anticipation of a rise in bond yields. 2013 confirmed that emerging countries were entering a phase of weaker, but perhaps more lasting growth, with a hierarchy that could reflect the vulnerability of local economies to international financial flows. As for the United States, it moved back onto the growth track in the second half of 2013. Japan benefited from the positive effects of Abenomics, namely the ambitious programme implemented by the new government led by Shinzo Abe. Finally, the euro zone stabilised, as its economy emerged from recession and financial strains subsided. Europe emerged from recession The spectre of recession receded in 2013. A timid recovery got under way in the euro zone, along with a stabilisation of the single currency, but frailties have far from vanished. The sole engine of growth was foreign trade, with a moderate turnaround in exports in volume terms, along with a stagnation of imports in volume terms. Although the euro zone emerged from recession in the spring of 2013, GDP declined by 0.4% in 2013 at the level of the euro zone as a whole, with a small increase of 0.1% for the EU-27. In Germany, growth is expected to reach only 0.4%, but economic activity draws on solid fundamentals. Italy which overcame a period of significant political instability and Spain which is benefiting from buoyant exports are struggling to move back onto the growth track. At the level of the euro zone, the unemployment rate stabilised at 12% of the labour force, but remains stubbornly high in Greece, Spain and Portugal. Furthermore, while there has been a lull in the sovereign debt crisis, the financial system remains fragile. Lower lending to the private sector depressed household consumption expenditure and company investment. In addition, disinflationary pressures have been observed in the different Member States of the European Monetary Union, as a result of which inflation held below the European Central Bank s 2% target. France gripped by inertia France failed to grasp the opportunities coming its way from the euro zone and from the global economy. In volume, GDP recorded a very slight increase of 0.2% in 2013 after being flat in 2012. The fiscal shock stymied any hope of an economic recovery. France s corporate sector appears more fragile than in the euro zone as a whole, while the consolidation of the country s public finances is slightly lagging that implemented in most other European countries. France is struggling to restore its industrial fabric, and there are still many obstacles impeding the turnaround in productive investment. The saving rate for non-financial companies is nearly seven percentage points below that at the level of the euro zone in 2013. The self-financing rate 98 Crédit Mutuel Group

for companies was just under 60%, while it is slightly more than 100% in the euro zone. France failed to reverse the uptrend in unemployment rate (10.8% compared with 10.5% in 2012) despite an increase in assisted contracts and an explosion in the number of very short-term contracts. In this context, despite pay moderation, household purchasing power increased by 0.3% due to the weaker inflation of 0.9% on average and to the continuing rise in social benefits. Although the total tax burden rose to a new all-time high, to represent 46% of GDP in 2013, the 2013 fiscal shock produced meagre results when it came to reducing the public deficit. After a year of increases and fluctuation at fiscal level, the government has promised a reform of the fiscal system before announcing a cut in public spending, which, at 57.1% of GDP, is 12 percentage points higher than in Germany. Non-standard monetary policies still to the fore From the Federal Reserve (Fed) to the European Central Bank (ECB), monetary institutions pursed non-conventional policies in several respects aimed at consolidating the financial system and simulating economic activity. The Fed signalled it was turning its attention to its crisis exit strategy in May 2013, but then waited until 18 December to taper slightly its monthly asset purchases when the environment was considered less risky, strains having subsided in the euro zone and the fiscal risk having been averted temporarily in the US. From 1.6% at the start of May, the US 10-year rate rose as high as 3% in September. The German 10-year rate, which has camped below 1.2%, rose too, but did not break above 2%. The French 10-year reached 2.4% at the end of the year. The Japanese 10-year was alone in bucking the trend, rising in May before pulling back below 0.8%. The ECB, which cut its repo rate from 0.50% to 0.25% in November, stressed again that its key rate would remain very low for as long as needed. The forward guidance adopted since the autumn underlines the central bank s determination to stimulate the economy and employment through a lasting accommodating monetary policy, all the while continuing to maintain price stability. The news effect on announcing the implementation of a programme of outright monetary transactions (OMT) was enough to appease tensions in the financial markets. Meanwhile the Bank of Japan s policy underwent major changes, with a massive asset purchase programme to haul the Japanese economy out of deflation. Calm returns to the sovereign debt market The policy pursued by the ECB to help stabilise the European Monetary Union helped reduce pressure in the financial markets over much of the year, despite some spells when strains resurfaced (crisis in Cyprus, floundering of Slovenian economy, political instability in Portugal and Italy, etc.). Yields for sovereign bonds issued by Spain, Italy, Ireland, Portugal and Greece eased sharply, leading to a contraction in their previously abnormally high spreads against German yields. Greece, Portugal and Cyprus are the only countries still under European financial assistance. Concurrently, yields for German, Dutch, Austrian and French debt picked up slightly. In the euro zone, governments focused their efforts on reducing budget deficits, but the public debt amassed at the height of the crisis reached 95.5% of GDP on average and more than 130% in Italy. Reining in the public accounts is still a work in progress, while the rise in non-performing loans must end for lending to the economy to resume. After a sovereign debt crisis that lasted three years, the markets pressure has abated, but European authorities continue to struggle to honour their promises to strengthen the monetary foundations of the euro zone for it to be an optimum currency area. 2013 produced vintage equity market performances in industrialised countries Equity markets in developed countries did extremely well in 2013. US markets led the way, with their European counterparts following in their slipstream. New York s Dow Jones put on 27% and EuroStoxx 18%, although 99 Annual Report 2013

Financial Report Management Report the European index is still 33% below its level of June 2007. In Europe, the best performer was the Frankfurt Dax, up 25.5%, while in Paris the CAC 40 put on 18%, performing in line with the European average. With a gain of 57%, Tokyo s Nikkei posted its best annual performance since 1972. On the other hand, emerging equity markets were destabilised at the prospect of the Fed mopping liquidity. The year s losers included Istanbul, Sao Paulo and Bangkok, also Shanghai and Hong Kong, which posted disappointing performances reflecting signs the Chinese economy was running out of steam. Providing another sign that uncertainty is receding, implied volatility for equity markets subsided during the course of 2013. Euro s stubborn resistance 2013 marked by significant advances TOWARDS sounder European governance European governance continues to be strengthened. The implementation of the European Stability Mechanism (ESM) has provided the euro zone with a permanent crisis resolution system for averting severe financing problems in Member States. Furthermore, the application of the Six-Pack regulation, Two-Pack regulation and Fiscal Compact has strengthened mechanisms for supervision and controlling macroeconomic imbalances. Finally the foundations were laid at the end of 2013 for the creation of banking union in the euro zone through a compromise aimed at severing the link between banking crises and sovereign debt crises. Strains in the financial markets over the European Monetary Union have abated considerably. Although the economic environment was propitious for a weakening of the single currency, the euro hovered around 1.37 against the US dollar at the end of 2013, increasingly eroding the euro zone s competiveness. The US dollar appreciated to more than 104 against the Japanese yen in reaction to Bank of Japan s intention to more than double the monetary base. Sterling, which weakened against the euro in the first half of 2013, bounced back, spurred by the good performance of the British economy. Emerging currencies were dealt a blow by the Fed s announcement in April that it intended to taper its purchases of public and private debt instruments. This announcement precipitated the fall of the currencies of countries with current account deficits (India, Indonesia, Brazil and Turkey) and also of the ruble, capital outflows from Russia prevailing over the current account surplus run by the country. As for the Chinese yuan, it continued to appreciate gradually against the US dollar. 100 Crédit Mutuel Group

Activity and results The Crédit Mutuel group is not listed and is consequently under no obligation to present financial statements in accordance with International Financial Reporting Standards (IFRS). However, for the sake of greater transparency and to promote comparability with other leading financial institutions, the Board of Directors of Confédération Nationale du Crédit Mutuel, which is the group s central governing body within the meaning of Article L.511-31 of the French Monetary and Financial Code, has opted to prepare consolidated financial statements in accordance with International Financial Reporting Standards as approved by the European Union. The Board of Directors approved the consolidated financial statements for the year ended 31 December 2013 when it met on 5 March 2014 and is presenting them, together with this report, to the General Meeting for its approval. The main changes in the consolidation scope arose mainly from additions: - creation and/or acquisition of entities, mainly carrying on activities in asset management, in France or abroad; - the creation of CMCIC Proximité; and from the disposal of Banque Privée Européenne at the start of 2013. In addition, there was the full-year effect of several acquisitions completed in 2012, notably: - Beobank (formerly Citibank Belgique) and OBK Bank; and - Spanish insurance group Agrupacio. Interest MARGIN INCREASED STRONGLY, up 20.8% to 7,668 MILLION In what was a favourable interest rate environment, the net margin on transactions with customers increased by 370 million to 8,726 million, despite the increase in customer deposits. The net margin on transactions with credit institutions also improved thanks to lower refinancing requirements. Customer deposits: 295,022 million ( 292,185 million excluding SFEF), up 6.4% (6.5% excluding SFEF) There were very significant variances for several categories: - Ordinary accounts in credit recorded an increase of 10.9 billion to 86.2 billion. Adjusted for this category, customer deposits increased by 3.5%; - Regulated passbook deposits: Crédit Mutuel s own Bleu passbook deposits and A passbook deposits recorded an 8.2% increase to 37.7 billion; Sustainable development passbook deposits recorded a 6.5% increase to 14.0 billion. It should be recalled, however, that funds collected are centralised at the level of CDC ( 32.8 billion, down 2.7 billion compared with 2012), with 56.4% of all funds centralised in 2013, including popular savings book accounts and capitalisation (compared with 64.5% in 2012). There follows from this that there was a decrease in ordinary passbook deposits, which declined by 2.2 billion. - Home savings schemes recorded an increase of 5.2% to 27.3 billion. Customer loans and advances: 350,615 million, up 2.2%, in the context of a resumption of growth in loan production, up 15.9% to 73.4 billion. Note in particular that: - Home loans increased to 186.7 billion, up by 3.5% after an increase of 0.6% in 2012, with loan production increasing by 41.3% to nearly 34 billion in the context of historically low interest rate levels. - Consumer credits increased to 36.3 billion, up 0.8%, with the group s determination to consolidate its positions in consumer credit in France and abroad paving the way for a 0.8% increase in loan production to 14.7 billion (when the overall consumer credit market in France recorded a 1.3% decrease in loan production in 2013 according to ASF, the French Association of Specialised Finance Companies). - Equipment loans increased, up 3.1% to 64.7 billion, lease financing too, up 6.4% to 11.6 billion, whereas short-term business credits declined, down 8.0% to 23.0 billion. Overall, the production of equipment and short-term business credits was just about stable, inching up by 0.3% to 24.8 billion. Increase in commissions Net commissions increased sharply, notably on credits (early repayments and restructurings), account management and services, including insurance, provided to customers. And a pick-up in insurance activity Net banking income contributed by this activity benefited from the increase in premium income for both the life and non-life businesses, also the satisfactory conditions in the financial markets and the full-year consolidation of Spanish insurance subsidiary Agrupació. Premium income increased by 2.6 billion ( 2.2 billion or 24.8% for life insurance). Net investment income came to 4.6 billion, an increase of 286 million.... paved the WAY for a 4.8% increase in net banking income to 15,276 million 101 Annual Report 2013

Financial Report Management Report General operating expenses stable despite increase in tax and social security COSTS After strong increases in 2012, most of which carried over into 2013, general operating expenses were stable in 2013, as a result of which the cost-to-income ratio improved by three percentage points to 63.3% (from 66.3% in 2012). All heads of expenditure continued to be tightly controlled but are behaving asymmetrically. Staff costs inched higher by 1.1% to 5,758 million. Globally, this reflects the increase in salaries, emoluments and payments under compulsory and discretionary profit-sharing schemes. Payroll taxes also increased, but this was offset by a decrease in social security costs as a result of the tax credit for competitiveness and employment, applicable for the first time in 2013. Crédit Mutuel group employed 78,482 people on a full-time equivalent basis in 2013 (of which 16% outside France), which represents a small decrease of 0.7%. This increase was due mainly to: - the 38 million increase in capital to 9,785 million; - the transfer to reserves of much of the 2012 profit; - the 2,651 million profit generated in 2013; and - the 933 million of unrealised capital gains at the level of the group (compared with gains of 442 million in 2012), helped by the good conditions in the financial markets. It will be recalled that the impact on shareholders equity for prudential purposes differs because of the application of the filters imposed by the French Banking Commission and the differences in the consolidation methods applied to some entities, notably insurance undertakings. Standard & Poor s affirmed the group s A/A-1 rating, placing it on Stable outlook, thus confirming the group s financial solidity. Banque Fédérative du Crédit Mutuel (the holding company of the CM11-CIC group) is rated Aa3 (Negative outlook) by Moody s and A+ (Stable outlook) by Fitch. Other operating costs declined by 1.4% to 3,256 million, reflecting in part a decrease in the tax for systemic risks and the cost of controls by ACPR and AMF, which are determined by reference to capital requirements used for determining the solvency ratio. Increase in cost of risk Adjusted for the net loss incurred on Greek securities in 2012 amounting to 34 million, the cost of risk increased by 164 million or 13.4%. There were increases for both incurred risks (up 140 million or 12.0%) and non-incurred risks (up 24 million or 49.0%). As regards risk quality: - the proportion of impaired loans was stable at 4.4% of total loans at 31 December 2013 (2) ; - excluding general provisions, the coverage rate for these loans reached 61.1% compared with 62.7% at 31 December 2012. leading to a strong increase in net profit ATTRIBUTABLE to the owners, up 23.3% to 2,651 million As a result of which there was another increase in TOTAL shareholders equity, up 7.8% to 40,281 million 102 (1 Note that there was a change of accounting method at Targobank Germany in 2013, which resulted in the reinstatement of doubtful loans outstanding for more than five years and related provisions that, previously, had been derecognised (recognition of 1.3 billion, with no impact on the profit for the year or on shareholders equity) Crédit Mutuel Group

Analysis by sector of activity The five operating segments for reporting purposes correspond to the organisation of Crédit Mutuel group. Retail Banking comprises the networks of Crédit Mutuel s regional federations and CIC s regional banks. This segment also includes some of the specialised activities whose products and services are marketed by the networks such as finance leasing, factoring, real estate businesses (investment, land development, real estate management, distribution and property development) and collective management of products distributed by the network. Insurance is considered as a separate segment given its importance in the group s activities. The group has historically been the leading bank in this area, having started its bankinsurance activity in 1970. The segment covers both life and non-life insurance. Asset Management and Private Banking comprises the subsidiaries that are mainly engaged in private banking, both in France and abroad, together with the asset management and employee savings activities. Other activities cover all the activities that cannot be assigned to any of the above segments, together with subsidiaries involved purely in logistical support, whose expenses are generally re-billed to the other entities. They include intermediate holding companies, companies owning the property used in the group s operations, and media and IT subsidiaries. Corporate and Investment Banking covers financing for large corporates and institutional customers, addedvalue financing activities, private equity, international activities and capital markets activities, whether on the group s own behalf or on behalf of customers, including stock market intermediation. 103 Annual Report 2013

Financial Report Management Report Results by activity and county reporting The weight of the data by sector of activity is calculated before elimination of intra-group transactions. Retail Banking Change ( m) 2013 2012 2013/2012 Net banking income 11,890 11,201 +6.2% Gross operating profit 4,166 3,370 +23.6% Profit before tax 2,934 2,287 +28.3% Net profit attributable to the owners 1,892 1,396 +35.5% Net banking income contributed by retail banking increased to 11,890 million, up 6.2% (after declining by 4.2% in 2012). This was due to the favourable interest rate environment, notwithstanding an increase in customer deposits. The net margin on transactions with credit institutions also improved, thanks to lower refinancing requirements. The customer base now stands at 30.4 million, which represents an increase of 1% compared with 2012. The main networks, operated by Crédit Mutuel, CIC and Targobank Germany, expanded their customer bases by 444,000 in total. General operating expenses decreased by 107 million, down for both staff costs and other operating costs, as certain exceptional items in 2012 were one-offs. Social security costs declined as a result of the tax credit for competitiveness and employment, applicable for the first time in 2013, but this was offset partly by higher payroll taxes. The number of branches reached 5,920, of which 5,313 in France and 607 abroad. At constant consolidation scope (i.e. without Banque Privée Européenne sold at the start of 2013), the number of branches was stable compared with 2012. As a result, the cost-to-income ratio improved to 65.0% (from 69.9% in 2012). The cost of risk increased by 23.3% to 1,281 million (after decreasing by 27 million in 2012). All in all, after income tax expense of 982 million, up 18.7% from 2012, total net profit increased by 492 million and net profit attributable to the owners by 496 million to 1,892 million. Insurance Change ( m) 2013 2012 2013/2012 Net banking income 1,915 1,873 +2.2% Gross operating profit 1,354 1,366-0.9% Profit before tax 1,322 1,318 +0.3% Net profit attributable to the owners 821 782 +5.0% Net banking income contributed by insurance increased by 2.2%, thanks to the full-year consolidation of Agrupació, acquired at the end of 2012. After adjusting for this positive impact of 55 million, net banking income declined by 0.7%, despite an increase in premium income and good performances by financial markets, as regulatory and cyclical pressures pushed up claims. Premium income generated by the group s insurance companies increased sharply to 14.4 billion, up 21.2% year-on-year, thanks to the good performances recorded in life insurance. Favourably impacted by the decision to leave tax incentives unchanged and by the cut in the A passbook deposit rate, premium income increased by 28.5% to 9.8 billion. Non-life insurance also posted a significant increase, up 8.0%. The insurance subsidiaries managed 34.4 million policies at 31 December 2013 (11.2% more than the year before) for some 12.9 million policyholders (5.8% more than the year before). General operating expenses increased by 10.7% (up 1.0% on an adjusted basis). Because of this increase and the limited growth in net banking income, gross operating profit declined by 0.9% (down 1.3% on an adjusted basis). Income tax expense declined by 35 million, because of the 7% of additional tax incurred in 2012 on funds transferred to the insurance companies capitalisation reserves, amounting to 43 million. All in all, net profit attributable to the owners increased to 821 million, up by a significant 5.0% (and by 2.8% on an adjusted basis). 104 Crédit Mutuel Group

Corporate and Investment Banking Change ( m) 2013 2012 2013/2012 Net banking income 1,048 1,139-0.8% Gross operating profit 732 806-9.2% Profit before tax 676 715-5.5% Net profit attributable to the owners 455 484-6.0% Net banking income contributed by corporate and investment banking decreased by 8.0% to 1,048 million, with lower contributions by both capital markets activities and the financing activity. The contribution by the private equity activity was more or less stable, with upwards portfolio revaluations offsetting the decline in realised capital gains on disposals in 2013 compared with 2012. General operating expenses declined by 5.1% to 316 million, thanks mainly to a decrease in the supplementary social security contribution and in the tax for systemic risk. At 54 million, the cost of risk decreased by 37 million, reflecting lower provisions in respect of both incurred and non-incurred risks. Net profit attributable to the owners decreased by 6.0% to 455 million. Asset Management and Private Banking Change ( m) 2013 2012 2013/2012 Net banking income 667 664 +0.5% Gross operating profit 181 198-8.6% Profit before tax 175 172 +1.7% Net profit attributable to the owners 116 121-4.1% Net banking income inched up by 0.5% to 667 million. This near stability masks asymmetrical performances, with a decrease for private banking but an increase for asset management. Overall, the increase in commissions offset the decrease in the interest margin. Not taking into account life insurance, off balance sheet assets managed by the group and in its custody increased by 5.4% to 269.9 billion (coming after a 8.8% rise in 2012), with lesser demand for UCITS, because of the sharp fall in short interest rates, whereas securities in custody or issued benefited from the good performances of the financial markets. General operating expenses increased by 4.3%, with much of this increase generated by asset management due to the creation of several new entities and to the development of new activities. Most of the change in the cost of risk between 2012 and 2013 is linked to the losses recognised in 2012 relating to the Greek sovereign debt crisis. Net profit attributable to the owners declined by 4.1% to 116 million. Other Activities Change ( m) 2013 2012 2013/2012 Net banking income 444 384 +15.6% Gross operating loss -822-830 +1.0% Loss before tax -889-964 +7.8% Net loss attributable to the owners -633-633 - Net banking income contributed by other activities amounted to 444 million, up 60 million from 2012. Several factors explain this increase, notably the development of the IT business. General operating expenses increased to 1,266 million, up 4.3%. The cost of risk decreased to 42 million, down from 90 million in 2012 ( 33.6 million being attributable to the Greek sovereign debt crisis). The net loss attributable to the owners amounted to 633 million, stable compared with 2012. All in all, retail banking accounted for more than 74% of net banking income (compared with 73% in 2012) and almost 72% of net profit. Insurance contributed nearly 30% of net profit because in relative terms it accounted for a low proportion of general operating expenses. 105 Annual Report 2013

Financial Report Management Report Country reporting These disclosures are required by Ordinance no. 2014-158 of 20 February 2014, amending Article L.511-45 of the Monetary Code and transposing CRD IV. ( m) Net banking Headcount Country income Germany 1,006 6,735 Dutch Antilles 2 6 Bahamas 3 10 Belgium 426 1,724 Brazil - 2 Spain 270 1,576 United States 125 83 France 12,808 66,121 Hungary 16 138 Cayman Islands -2 - Italy 23 133 Liechtenstein 5 22 Luxembourg 297 805 Monaco 3 22 Portugal 118 394 Czech Republic 10 108 United Kingdom 40 51 Singapore 53 195 Slovakia - 2 Switzerland 73 355 Total 15,276 78,482 The breakdown of offices, their geographical location and the nature of their activity can be found in the consolidation scope (Note 1.2 of the appendix - accounting principles). 106 Crédit Mutuel Group

Shareholders equity and risk exposure The data provided in the tables on the following pages are expressed in millions of euros. The figures correspond to audited figures unless indicated otherwise by an asterisk. Fonds propres Under CRBF Regulation 2000-03, the networks of banking institutions with a central governing body must comply with management ratios both on an individual basis (for each of the groups making up Crédit Mutuel) and on a consolidated basis at national level (market risk and credit risk, large risks, and equity holdings). The consolidating entity and the scope of prudential supervision of the Crédit Mutuel group are identical to those used for the group s consolidated financial statements. Only the consolidation method changes, notably as regards the insurance companies, which are consolidated for accounting purposes using the full consolidation method and for prudential purposes using the equity method. The solvency ratio defines the capital requirement needed to cover credit, market and operational risks. Total shareholders equity corresponds to the sum of core shareholders equity (Tier 1 including undated super-subordinated securities), additional shareholders equity (including redeemable subordinated securities and undated subordinated securities) and regulatory deductions (some investments in non-consolidated or equity-accounted financial institutions). Shareholders equity is restated to take into account the effect of prudential filters, whose purpose is to reduce the volatility of shareholders equity induced by the international standards, notably by the introduction of fair value. The group also complies with the reporting requirements arising from the EU Directive applicable to financial conglomerates. This requires, among other things, additional monitoring of the coverage by consolidated shareholders equity of the cumulative capital adequacy requirements of the banking activities and the solvency margin of the insurance companies. Proforma Reported au 31/12/2013 31.12.2012 31.12.2012 excluding Dexia including Dexia ( m) amendment amendment Core Tier 1 capital = Total prudential shareholders equity 30,460 28,587 28,042 Total capital 33,367 32,065 28,042 Weighted risk 209,921 208,534 193,284 Core Tier 1 ratio 14.5% 13.7% 14.5% Total ratio 15.9% 15.4% 14.5% The solvency ratio at 31 December 2012 has been restated to take into account the end on 1 January 2013 of the so-called Dexia amendment, relating to the treatment of investments in insurance undertakings, which from that date are deducted from Tier 1 capital for the difference arising from the application of the equity method, whereas previously these investments were deducted from total capital for the amount at which recognised under the equity method. These investments are now included amongst risk weighted assets for the amount at which the shares were acquired. Risk management policy As the group s central governing body, the measurement and monitoring of consolidated risk exposures form part of Confédération Nationale du Crédit Mutuel s supervisory duties. At regional level, each Crédit Mutuel group is responsible for managing its own risk exposures. Credit risk Crédit Mutuel s credit risk management policy seeks to achieve several objectives, namely to: - measure capital requirements; - help steer the group by managing commitments in compliance with limits set in terms of the amount and nature of these risks; - reduce the cost of risk over time; and - respond effectively to Basel II and internal control regulations and ensure that regulatory compliance investments generate a return. As part of the overall group risk policy adopted by the Confédération s Board of Directors, each regional group is responsible for defining a general policy for managing risks at its level. 107 Annual Report 2013

Financial Report Management Report This policy is then applied by each regional group in the rules for approving loans and advances, setting the main orientations of its lending activity (notably in terms of customer segmentation), and setting and monitoring limits. Financing limits are set in such a way as to be adapted to the risk management policy and financial fundamentals of the entity concerned and consistent with the system in place at national level. National and regional procedures are based on an internal rating system, defined in compliance with Basel II requirements. This internal rating system is used by all group entities. It allows for the rating of all counterparties eligible for internal ratings-based approaches. The system is based on different statistical models for customer segments for retail exposures and on manual rating grids developed by experts for bank, large corporate and specialised market exposures. All counterparties eligible for internal ratings-based approaches are positioned on a single rating scale (nine positions for sound exposures in addition to one denoting exposures in default) reflecting the progressive nature of the risk. The systems for reclassifying and provisioning loans are integrated into the information systems and operate on a monthly basis, reclassifying performing loans as doubtful loans where applicable. The software also integrates the notion of contagion to a third party. Provisions are calculated according to the outstanding amounts and the guarantees received, and adjusted by the risk managers depending on the estimated ultimate loss. At national level, applications for steering and retrieving weighted risk calculations map credit risks, thus enabling the analysis of commitments according to the main categories defined in the internal rating system. The mappings are completed by more detailed management reports, which are produced at national level and then analysed by regional entity, providing information on the quality of the group s commitments and compliance with national limits placed on credit risks. The mappings and reports are sent to the senior management of the regional groups (Chief Executive Officers, Risk Management Directors, Commitments Directors) and to the executive and decision-making bodies of Confédération Nationale du Crédit Mutuel. Credit risk exposure on loans and receivables EXPOSURE 31.12.2013 31.12.2012 Loans and receivables Credit institutions 42,878 58,498 Customers 361,805 353,629 Gross exposure 404,683 412,127 Provisions for impairment -10,601-10,671 Credit institutions -4-280 Customers -10,597-10,391 Net exposure 394,082 401,456 There was a 1.8% decrease in the net exposure to credit risk on loans and receivables. This reflects mainly a 27% decrease in amounts due by credit institutions, customer loans and receivables having increased by 2.3%. Credit risk exposure on commitments given EXPOSURE 31.12.2013 31.12.2012 Financing commitments given Credit institutions 1,820 1,882 Customers 61,801 58,502 Guarantee commitments given Credit institutions 1,924 1,691 Customers 18,004 16,519 Provisions for risk on commitments given 185 167 108 Crédit Mutuel Group

Exposure to credit risk on debt securities EXPOSURE 31.12.2013 31.12.2012 Debt securities Government securities 25,894 15,670 Bonds (*) 119,184 115,667 Derivatives 9,709 5,317 Repurchase agreements and securities lending 13,643 12,467 Gross exposure 168,430 149,121 Provisions for impairment -147-159 Net exposure 168,283 148,962 * Excluding securities classified under loans and receivables There was a 13% increase in net credit risk exposure to debt securities, which concerned both bonds and government securities. Increased use of repurchase agreements led to a 9% increase in exposure. Rating structure of interbank outstandings and geographic breakdown of interbank loans 31.12.2013 31.12.2012 as a % as a % Ratings of interbank outstandings AAA and AA+ 0.1% 0.1% AA and AA- 28.1% 35.3% A+ and A 53.8% 43.7% A- and BBB+ 6.0% 9.3% BBB and below 12.0% 11.6% The structure of the group s interbank exposures, based on the internal rating system, remained of good quality as at 31 December 2013, with 82% of these exposures rated between B+ and A+ (equivalent to external ratings of between A and AAA). The proportion of exposures rated A- (equivalent to external ratings of between AA and AA-) and B- (equivalent to an external rating of A-) declined, whereas the proportion of exposures rated B+ (equivalent to external ratings of between A+ and A) increased. 31.12.2013 31.12.2012 as a % as a % Geographic breakdown of interbank loans France 47.9% 46.3% Rest of Europe 33.8% 38.4% Rest of world 18.3% 15.3% The geographical breakdown indicates that interbank exposure remains mainly limited to banks incorporated in France (47.9% at 31 December 2013, up 1.6 percentage points compared with the previous year) and in the rest of Europe (33.8%, down 4.6 percentage points), while exposure to banks in the rest of the world increased (18.3%, up 3 percentage points). 109 Annual Report 2013

Financial Report Management Report Customer credit risk 31.12.2013 31.12.2012 as a % as a % Breakdown of loans and advances by customer segment A - Central governments and banks 16.5% 16.8% B - Credit institutions 8.0% 8.0% C - Corporates 20.8% 19.9% D - Retail 54.7% 55.3% Crédit Mutuel group is positioned mainly as a retail bank. Its exposure to retail customers was stable. Geographical breakdown of customer risk 31.12.2013 31.12.2012 as a % as a % Geographic breakdown of customer risk France 85.2% 85.8% Germany 4.3% 3.9% Rest of Europe 6.4% 6.1% Rest of world 4.1% 4.2% Concentration of gross customer risk 31.12.2013 31.12.2012 as a % as a % Concentration of gross customer risk Commitments exceeding 300 million Number 63 65 Loans ( m) 13,618 11,932 Off balance sheet commitments ( m) 22,358 21,156 Securities ( m) 11,945 10,925 Commitments of between 200 million and 300 million Number 35 38 Loans ( m) 2,696 3,158 Off balance sheet commitments ( m) 3,276 3,934 Securities ( m) 2,144 1,569 Taking all commitments into account (loans, off balance sheet and securities), the average unit amount of the 63 largest risks exceeding 300 million was 761 million (2012: 677 million) while the average unit amount of the 35 largest risks between 200 million and 300 million was 232 million (2012: 228 million). Quality of risk 31.12.2013 31.12.2012 as a % as a % Loans and advances written down individually 16,041 15,473 Individual provisions -9,801-9,703 General provisions -796-688 Overall coverage ratio 66.1% 67.2% Coverage ratio (individual provisions only) 61.1% 62.7% 2012 comparatives were restated following a change in presentation at Targobank Germany, involving the reinstatement of fully provisioned doubtful loans outstanding for more than five years (no impact on the profit for the year or on shareholders equity). Impaired loans were stable at 4.4% of total loans. 110 Crédit Mutuel Group

Past dues and impaired loans and receivables covered by third-party guarantees 31.12.2013 ( m) Past dues Less than 3 months More than 3 months and less than or equal to 6 months More than 6 months and less than or equal to 1 year More than 1 year Total (1) Carrying amount of impaired assets (2) (1) + (2) Guarantees and credit enhancements received in respect of impaired assets Equity instruments - - - - - 314 314 - Debt instruments - - - - - 606 606 - Central governments - - - - - - - - Credit institutions - - - - - 441 441 Financial institutions other than credit institutions - - - - - - - - Large corporates - - - - - 165 165 - Retail customers - - - - - - - - Loans and advances 5,149 92 43 17 5,301 6,242 11,543 8,294 Central governments - - - - - 10 10 - Credit institutions 1 - - - 1 5 6 - Other financial institutions other than credit institutions 90 - - - 90 25 115 - Large corporates 729 6 19 9 763 1,605 2,368 992 Retail customers 4,329 86 24 8 4,447 4,597 9,044 7,302 Other financial assets - - - - - - - - Total 5,149 92 43 17 5,301 7,162 12,463 8,294 31.12.2012 ( m) Past dues Less than 3 months More than 3 months and less than or equal to 6 months More than 6 months and less than or equal to 1 year More than 1 year Total (1) Carrying amount of impaired assets (2) (1) + (2) Guarantees and credit enhancements received in respect of impaired assets Equity instruments - - - - - 338 338 - Debt instruments - - - - - 837 837 - Central governments - - - - - 3 3 - Credit institutions - - - - - 654 654 Other financial institutions other than credit institutions - - - - - 1 1 - Large corporates - - - - - 179 179 - Retail customers - - - - - - - - Loans and advances 6,490 157 46 25 6,718 5,772 12,490 8,745 Central governments 1 - - - 1-1 - Credit institutions 10 - - - 10 8 18 - Financial institutions other than credit institutions 87 - - - 87-87 - Large corporates 791 12 9 11 823 1,331 2,154 861 Retail customers 5,601 145 37 14 5,797 4,433 10,230 7,884 Other financial assets - - - - - - - - Total 6,490 157 46 25 6,718 6,947 13,665 8,745 Scope: prudential scope. Past dues decreased at all maturities, down 21% overall. They concern mainly retail customers. 111 Annual Report 2013

Financial Report Management Report BREAKDOWN OF RISK EXPOSURES BY ECONOMIC SECTOR Breakdown of gross exposures 31.12.2013 31.12.2012 by economic sector en % en % Private individuals 46.8% 46.7% Public administrations and central banks 16.8% 17.1% Banks and financial institutions 6.1% 6.1% Retail trade 3.6% 3.5% Sole traders 3.5% 3.5% Real estate 3.4% 3.3% Construction and building materials 2.5% 2.4% Agriculture 2.1% 2.0% Industrial goods and services 2.0% 2.0% Holding companies and conglomerates 1.9% 2.0% Other financial activities 1.9% 2.0% Food processing and beverages 1.4% 1.4% Industrial transport 1.2% 1.3% Travel and leisure 1.1% 1.0% Oil, gas and commodities 1.0% 1.1% High technology 0.8% 0.6% Automobile industry 0.7% 0.7% Associations 0.6% 0.5% Healthcare 0.5% 0.5% Household products 0.5% 0.5% Utilities 0.5% 0.5% Media 0.4% 0.4% Telecommunications 0.3% 0.3% Chemicals 0.2% 0.2% Sundry 0.3% 0.3% Source: Group Basel II calculator. EXPOSURES LINKED TO THE FINANCIAL CRISIS (FSB DATA) In response to the financial crisis, the Financial Stability Board (FSB) issued recommendations relating to transparency, aimed at improving financial information in respect of certain risk exposures. The Crédit Mutuel group elected to apply these recommendations with a view to improving its financial communication. The information below is expressed in millions of euro. SECURITISATION Synthèse Carrying value Carrying value 31.12.2013 31.12.2012 RMBS 2,009 2,514 CMBS 631 423 CDO/CLO 1,696 1,147 Other ABS 798 799 CLO hedged by CDS 476 833 Other ABS hedged by CDS 22 25 Liquidity lines 304 351 Total 5,936 6,092 Unless indicated otherwise, securities are not hedged by credit default swaps (CDS). 112 Crédit Mutuel Group

EXPOSURES AT 31 DECEMBER 2013 Carrying amount at 31.12.2013 rmbs CMBS CLO Other ABS total Trading 700 498 281 294 1,773 Available-for-sale (AFS) 518 123 599 359 1,599 Loans (held-to-maturity/loans and receivables) 791 10 816 145 1,762 Total 2,009 631 1,696 798 5,134 France 6 41 139 376 562 Spain 160-8 24 192 United Kingdom 262 - - 55 317 Rest of Europe 833 109 1,050 329 2,321 United States 696 481 162 14 1,353 Rest of world 52-337 - 389 Total 2,009 631 1,696 798 5,134 US Agencies 243 - - - 243 AAA 623 475 996 552 2,646 AA 228 15 414 65 722 A 224 31 134 125 514 BBB 118 86 34 29 267 BB 83 2 18 2 105 B or less 490 10 20 25 545 Not rated - 12 80-92 Total 2,009 631 1,696 798 5,134 Origination in 2005 and before 361 374 135 13 883 Origination in 2006 332 131 221 13 697 Origination in 2007 604 103 434 111 1,252 Origination since 2008 712 23 906 661 2,302 Total 2,009 631 1,696 798 5,134 EXPOSURES AT 31 DECEMBER 2012 Carrying amount at 31.12.2012 rmbs CMBS CLO Other ABS total Trading 921 268 150 505 1,844 Available-for-sale (AFS) 572 122 92 141 927 Loans (held-to-maturity/loans and receivables) 1,021 33 905 153 2,112 Total 2,514 423 1,147 799 4,883 France 7 22 95 519 643 Spain 167-16 70 253 United Kingdom 244 - - 47 291 Rest of Europe 761 135 716 138 1,750 United States 1,232 266 320 25 1,843 Rest of world 103 - - - 103 Total 2,514 423 1,147 799 4,883 US Agencies 447 - - - 447 AAA 555 263 407 522 1,747 AA 293 18 505 53 869 A 214 41 100 155 510 BBB 96 78 15 20 209 BB 101 1 15 2 119 B or less 808 22 24 47 901 Not rated - - 81-81 Total 2,514 423 1,147 799 4,883 Origination in 2005 and before 463 120 125 33 741 Origination in 2006 547 84 204 48 883 Origination in 2007 758 218 444 117 1,537 Origination since 2008 746 1 374 601 1,722 Total 2,514 423 1,147 799 4,883 113 Annual Report 2013

Financial Report Management Report BASEL II SYSTEM CREDIT RISK To better take into account the quality of the borrower, a Framework for the Convergence of Capital Measurements and Capital Standards (Basel II), including notably the implementation of an internal system of ratings specific to each institution, has been instituted by the Basel Committee on Banking Supervision and by the European Commission. In France, these prudential requirements were transposed into law via the publication on 20 February 2007 of a decree issued pursuant to the recommendations of the Advisory Committee on Financial Legislation and Regulation (Comité Consultatif de la Législation et de la Réglementation Financières - CCLRF) dealing with capital requirements for credit institutions and investment companies. That decree describes the three pillars: the First Pillar introduces new minimum capital requirements, with the calculation of a solvency ratio for credit, market and operational risks; the Second Pillar requires banks to perform their own assessment to determine whether they have adequate capital to support all the risks in their business and to perform stress tests to assess their capital requirements in the event of a deterioration in the economic environment; and the Third Pillar tightens up market discipline by requiring more extensive disclosure and transparency regarding the risk profile of banks governed by the new framework. To this end, the Crédit Mutuel group will release a specific report in the first half of 2013 that will be freely available on its institutional website. Regarding the minimal capital requirements of Pillar I, the major changes compared with the Cooke ratio concern the treatment of credit risk, with a modification of the calculation of weighted risks related to unexpected losses (UL) included in the ratio s denominator and the possibility of correcting the capital on the basis of the differential between expected losses (EL) and provisions included in the ratio s numerator. To measure credit risk, banks must choose between three approaches of rising risk sensitivity subject to the authorisation and under the control of their national supervisory bodies: standardised approach, foundation internal ratings-based approach, and advanced internal ratings-based approach. Each banking institution is required to adopt the approach best suited to the stage of development of its activities and to its organisation. The use of so-called internal ratings-based approaches requires prior authorisation by France s Prudential Supervision and Resolution Authority (Autorité de Contrôle Prudentiel et de Résolution - ACPR). Standardised approach The so-called standardised approach is similar to the Basel I Framework insofar as it is based on the application of fixed risk weightings to the different categories of exposures as defined by the regulations. The main modifications result from the possibility to adjust the risk weightings applicable on the basis of credit assessments provided by recognised external institutions and from the broader range of sureties, guarantees and credit derivatives that may be taken into account by banks. With the agreement of the ACPR, Crédit Mutuel group will continue to measure claims on sovereign and regional governments and local authorities using the standardised method over the foreseeable future. Internal ratings-based approaches These approaches are more sophisticated. Credit risk is a function of the characteristics of each exposure (or pool of exposures) based on the four following parameters: probability of default (PD) by the debtor over a one-year horizon, loss given default (LGD), credit conversion factor (CCF) for off balance sheet exposures, and the effective maturity (1). The use of internal ratings-based approaches is conditional upon complying with a series of quantitative and qualitative requirements aimed at guaranteeing the integrity of the process as well as the estimation of parameters used for calculating the regulatory capital. There are two main approaches: Foundation internal ratings-based approach (F-IRB), under which banks provide their own internal estimates for the probability of default. Other risk components (LGD, CCF and M) are defined in the regulations. Advanced internal ratings-based approach (A-IRB), under which banks provide their own internal estimates for the PD, CCF, LGD and M risk components. This approach requires records stretching back over a long enough period of time for statistical purposes. Crédit Mutuel has opted to apply the most sophisticated approaches of Basel II, focusing first on retail customers, these representing its core business. The ACPR has authorised Confédération Nationale du Crédit Mutuel to use its internal ratings models for the calculation of regulatory capital requirements for credit risks as follows: Advanced internal ratings-based approach, from 30 June 2008, for exposures to retail customers; Foundation internal ratings-based approach, from 31 December 2008, then the advanced internal ratingsbased approach, from 31 December 2012, for exposures to credit institutions; and Advanced internal ratings-based approach, from 31 December 2012, for exposures to corporate customers. (1) Parameter used exclusively for exposures to central governments, institutions and corporates for which the advanced internal ratings-based approach is used. 114 Crédit Mutuel Group

As a cooperative bank owned by its members and customers, Crédit Mutuel group is not focused on redistributing any capital gain to its shareholders. By opting for an internal ratings-based approach for most of its exposures, the group has: complied with requirements laid down in the regulations and by the ACPR; adopted a national framework that helps standardise practices; improved its customer risk segmentation, thus helping fine-tune its management and steering; and brought up to standard its information systems and work methods at all levels of its organisation given the obligation to use ratings in its management. In sum, Crédit Mutuel has structured its management and credit risk measurement system by capitalising on the Basel II Framework, based upon: a single counterparty rating system; a harmonised definition of default that is consistent with the accounting approach; the use of national parameters incorporating a margin of prudence; and significant investments in its information systems. Interest rate risk Interest rate risk arises from the bank s commercial activities. It results from differences in interest rates and benchmark indices for customer loans and advances on the one hand and customer deposits on the other hand, based on a prospective analysis of expected changes in these components, taking into account embedded options (notably early repayments, extensions and drawdowns against confirmed credit lines). The regional groups are responsible for defining their interest rate risk management and hedging strategies. As required by the regulations (CRBF Regulation 97-02 as amended and extended to central governing bodies), CNCM s Risk Management department is responsible for the consolidated and homogeneous measurement of this risk by co-ordinating methodologies and by regular measurement of overall risk at the group level. The Crédit Mutuel group has established harmonised national risk agreements and risk limits, which are set out in the Group asset and liability management guidelines. Measurement and supervision of interest rate risk is carried out at regional level by the Crédit Mutuel regional groups and at national level by CNCM. At regional level Each of the Crédit Mutuel regional groups has an asset/ liability management (ALM) unit dedicated to monitoring overall interest rate exposure. The Crédit Mutuel group entities all use a common base for measuring overall interest rate risk (application of common methodology for run-off standards, scenarios and early repayment), excluding the trading book, which is monitored at the level of the dealing room. Group entities have introduced systems of limits that are consistent with the national system. Management and hedging decisions are taken by Regional Committees. Interest rate risk is analysed and hedged globally, if appropriate, by entering into so-called macro-hedging transactions. These transactions are accounted for in accordance with IAS 39 as adopted by the European Union, i.e. in accordance with the carved out version. High-value or special-purpose customer transactions may be hedged separately. At national level Interest rate risk is measured by two indicators: risk relating to future income, analysed in terms of the sensitivity of the margin over the short to medium-term (one to five years); and risk relating to the instant value of the entity, measured as the sensitivity of net present value over a long-term horizon. At national level, the sensitivity limit for net banking income over one or two years includes new loan production based on a scenario of moderate changes in interest rates. Sensitivity of net banking income to a differentiated rise in interest rates Dynamic approach 1.5% 1% 0.5% 0% 0.74% Year 1 0.67% 1.10% Year 2 1.16% 2012 2013 The sensitivity of the Crédit Mutuel group to a rise in interest rates is moderate. Other scenarios, including stress scenarios, are modelled under the supervision of CNCM. 115 Annual Report 2013

Financial Report Management Report LIQUIDITY RISK Liquidity risk arises from a mismatching in the maturity of the applications of funds and the sources of funds. In its most extreme form, the risk is that an entity will be unable to meet its obligations. The regional federations each have an ALM unit or committee tasked notably with managing assets and liabilities to ensure there is sufficient liquidity to meet their commitments. They have concluded agreements with CCCM or BFCM to cover their refinancing needs. Liquidity risk is monitored by the regional groups using notably the following indicators: the liquidity ratio as defined by regulations, which compares resources maturing in less than one month with applications maturing in less than one month. Some of the regional federations and federal banks apply limits that are stricter than those required by the regulations; a medium to long-term liquidity indicator defined at national level, the general principle being to match all assets and all liabilities and to measure the ratio of coverage of applications by resources of equivalent duration at different maturities. A system of related limits has been put into place; and projected refinancing requirements over five years. BREAKDOWN OF MATURITIES FOR LIQUIDITY RISK AT 31 DECEMBER 2013 Residual contractual maturities ( m) Less than 1 month 1 month to 3 months 3 months to 1 year 1 year to 2 years 2 years to 5 years More than 5 years No set maturity Total Assets Financial assets held for trading 2,050 955 2,646 3,115 6,437 2,086 55 17,344 Financial assets at fair value through profit and loss 6,660 2,641 1,660 27 2,013 69 548 13,618 Financial assets available for sale 3,431 3,699 12,426 3,190 8,871 5,694 3,577 40,888 Loans and advances (including finance leases) 46,711 11,660 29,208 40,541 76,351 185,344 6,860 396,675 Investments held to maturity 195 118 660 417 1,796 133 17 3,336 Liabilities Central bank deposits 15 34 120 50 115 127-1 460 Financial liabilities available for sale 914 199 1,200 1,065 6,219 1,443 45 11,085 Financial liabilities at fair value through profit and loss 7,827 4,592 4,102 91 3 175 36 16,826 Financial liabilities valued at amortised cost 225,363 28,480 49,901 31,905 58,853 44,994 10,026 449,522 116 Crédit Mutuel Group

BREAKDOWN OF MATURITIES FOR LIQUIDITY RISK AT 31 DECEMBER 2012 Residual contractual maturities ( m) Less than 1 month 1 month to 3 months 3 months to 1 year 1 year to 2 years 2 years to 5 years More than 5 years No set maturity Total Assets Financial assets held for trading 2,080 1,094 4,999 1,731 4,812 3,507 42 18,265 Financial assets at fair value through profit and loss 5,315 2,439 2,792 148 1,909 69 239 12,911 Financial assets available for sale 547 452 2,775 4,429 9,841 4,691 4,899 27,634 Loans and advances (including finance leases) 57,258 11,187 28,630 33,317 79,348 185,132 9,039 403,911 Investments held to maturity 163 173 454 980 1,779 150-3,700 Liabilities Central bank deposits 9 45 24 52 125 87-343 Financial liabilities available for sale 647 165 1,187 809 3,273 1,999 15 8,095 Financial liabilities at fair value through profit and loss 7,726 6,206 5,212 6 89 180-1 19,419 Financial liabilities valued at amortised cost 205,551 36,647 49,328 31,562 70,086 43,180 6,444 442,798 Comments: This table was established using the FIN50 grid in application of CB instruction 2006-04. The entities included are those included within the prudential scope. Financial assets and financial liabilities correspond to amounts determined applying International Financial Reporting Standards. The scheduling rules are as follows: - Maturities are the contractual maturities for repayment of the principal. - Shares are recorded under No set maturity, as are undated loans and securities. - Debts and accrued interest are broken down according to their actual contractual maturity or, failing that, recorded under Less than 1 month. - Provisions are analysed in the same way as the assets concerned. - Non-performing loans are analysed according to their contractual date, if not yet past, and, failing that, under No set maturity, in the same way as receivables in litigation. - The market value of derivatives is recorded in the flow corresponding to the end date of the contract. - When it is not possible to establish a reliable repayment schedule, the carrying amount is recorded under No set maturity. 117 Annual Report 2013

Financial Report Management Report FOREIGN EXCHANGE RISK Each bank hedges the currency risk on customer transactions. This risk is not material at the Crédit Mutuel group level. MARKET RISK The main group entity engaged in market activities is CM11-CIC Group. It trades on its own account and on behalf of the other federations. Its activities include refinancing the local mutual banks activities, securities management and commercial activities for corporate customers (foreign exchange transactions, interest-rate risk and foreign exchange hedging). The dealing room activities are the subject of reports at regular intervals covering risks as well as financial and accounting performances. The permitted activities and procedures for capital markets activities are included in each regional group s internal regulations. At operational level, they are analysed by the various committees involved and reported upon regularly to the Boards of Directors concerned. At national level, reports produced in respect of market activities are used to monitor the main risk indicators. OPERATIONAL RISK Methods used by Crédit Mutuel group The Crédit Mutuel group is authorised to use its advanced measurement approach (AMA) for calculating regulatory capital requirements in respect of operational risk, save for the deduction of expected losses from capital requirements, as indicated below: - authorisation given since 1 January 2010 for all entities included in the consolidation scope other than the foreign subsidiaries, the Cofidis Group and CM-CIC Factor ; - authorisation extended to CM-CIC Factor since 1 January 2012; and - authorisation extended to Banque de Luxembourg since 30 September 2013. The deduction of insurance as a risk-mitigating factor for capital requirements in respect of operational risk under the advanced measurement approach (AMA) has been authorised by the ACPR and was applied for the first time in the interim financial statements for the six months to 30 June 2012. General framework The system for measuring and controlling operational risk (progressively implemented since 2002) rests on foundations common to the entire Crédit Mutuel group and common quantitative measurement methods. Risk mappings are performed for each business line, activity group and risk type in close collaboration with the functional departments. These departments define a standardised framework for analysing losses and draw up expert-based modelling for comparison against scenario-based, probabilistic estimates. For its modelling, the group relies notably on a national database of internal loss events, in addition to which it has access to an external database on a subscription basis. It also relies on the scenarios developed during the mapping process and in the statistical studies drawn up in compliance with common procedures and regulatory requirements. Main objectives The operational risk management policy implemented by the group is designed to achieve the following: - improve group management by controlling risks and related costs; - at human level: protect people, foster individual responsibility, autonomy and controls, and capitalise on the skills within the group; - at economic level: preserve margins by managing risks close to the ground in all activities; - at regulatory level: meet effectively the requirements of Basel II and demands emanating from supervisory authorities. Structure and organisation The group has a clearly-identified function responsible specifically for the management of operational risk, which coordinates and consolidates the entire system and its implementation at the level of each entity. In this respect, it: - defines and manages the reference databases as well as the risk measurement methods and models; - organises the reporting of loss events and key risk indicators (KRI); - draws up the mappings and produces the modelling; - defines group methodologies; - directs action plans for mitigating risks; and - manages financing plans. This function is coordinated by the operational risk managers (one at each regional group and at each entity of a material size). Their work is coordinated by the national function under the responsibility of the Risk Management department of Confédération Nationale du Crédit Mutuel. Reporting and general oversight The reporting and general oversight of operational risks are based on the following principles: - providing information at regular intervals to the Board of Directors covering incurred losses; - providing ad-hoc reports to the national management teams setting out the risk profile analysed according to the risk structure defined by the group, capital requirements, losses and provisions in respect of loss events. 118 Crédit Mutuel Group

OUTLOOK In 2014, the group will press on with its policy of diversification, in France and abroad, combining cutting-edge technology, quality services and customer proximity. For the Crédit Mutuel and CIC networks, the emphasis will be on developing bank savings and consumer credit with a view to taking advantage of the complementary nature of the branch networks and innovative technologies. In an uncertain economic environment, the group will strengthen further its financial solidarity, a guarantee of confidence. 119 Annual Report 2013

Financial Statements FINANCIAL STATEMENTS FOR THE YEAR ended 31 DECEMBER 2012 STATEMENT OF FINANCIAL POSITION ASSETS (IFRS) ( m) 31.12.13 31.12.12 Notes Cash in hand and balances with central banks 23,282 16,328 1a Financial assets at fair value through profit or loss 62,049 62,463 2a, 4, 6, 7, 11 Derivative hedging instruments 3,537 2,423 3a, 4, 6, 7 Available-for-sale financial assets 123,316 101,911 5a, 5b, 6, 11 Loans and advances to credit institutions 45,487 59,577 1a, 7, 11 Loans and advances to customers 351,191 343,216 7, 8a, 11 Re-measurement adjustment on portfolios hedged for interest rate risk 849 1,360 3b Financial assets held to maturity 14,671 16,640 9, 11 Current tax assets 1,716 1,921 13a Deferred tax assets 1,449 1,650 13b Prepayments, accrued income and other assets 17,036 21,577 14a Non-current assets classified as held for sale 7 2,761 14c Deferred profit-sharing - - Investments in companies accounted for using the equity method 1,957 1,857 15 Investment property 2,268 1,753 16 Property, plant and equipment 3,530 3,564 17a Intangible assets 1,399 1,364 17b Goodwill 4,874 4,851 18 Total assets 658,618 645,216 Liabilities and equity (IFRS) ( m) 31.12.2013 31.12.2012 Notes Central banks 460 343 1b Financial liabilities at fair value through profit or loss 31,440 32,376 2b, 4, 6, 7 Derivative hedging instruments 4,401 3,635 3a, 4, 6, 7 Amounts due to credit institutions 18.041 26,993 1b. 7 Amounts due to customers 259,022 277,187 8b, 7 Debt securities 124,221 123,451 12 Re-measurement adjustment on portfolios hedged for interest rate risk -2,344-3,451 3b Current tax liabilities 800 906 13a Deferred tax liabilities 1,096 1,064 13b Accrued charges, deferred income and other liabilities 16,425 20,009 14b Liabilities directly associated with non-current assets classified as held for sale - 2,643 14c Technical provisions for insurance policies 119,314 112,385 19 Provisions for risks and charges 2,539 2,515 20 Subordinated debt 5,986 6,743 21 Equity 41,217 38,417 Equity attributable to the owners 40,281 37,380 Share capital and other paid-in capital 9,815 9,770 22a Consolidated reserves 26,882 25,018 22a Unrealised or deferred gains or losses recognised directly in equity 933 442 22b Profit for the year 2,651 2,150 Non-controlling interests 936 1,037 Total liabilities and equity 658,618 645,216 120 Crédit Mutuel Group

INCOME STATEMENT IFRS ( m) 31.12.2013 31.12.2012 Notes IFRS Interest and similar income 21,227 23,082 24 Interest and similar expenses -13,559-16,736 24 Fees and commissions (income) 4,680 4,337 25 Fees and commissions (charges) -1,135-1,058 25 Net gains (losses) on financial instruments at fair value through profit or loss -124 994 26 Net gains (losses) on available-for-sale financial assets 401 287 27 Income from other activities 21,609 18,905 28 Expenses on other activities -17,823-15,238 28 Net banking income - IFRS 15,276 14,573 General operating expenses -9,014-8,995 29a, 29b Provisions, amortisation and depreciation for non-current assets -651-668 29c Gross operating profit - IFRS 5,611 4,910 Cost of risk -1,384-1,254 30 Operating profit IFRS 4,227 3,656 Share in net profit or loss of companies accounted for using the equity method -15-160 15 Net gains (losses) on other assets 6 14 31 Changes in goodwill - 18 32 Profit on ordinary activities before tax IFRS 4,218 3,528 Income tax expense -1,501-1,311 33 Total consolidated profit 2,717 2,217 Non-controlling interests 66 67 Profit attributable to the owners 2,651 2,150 0 STATEMENT OF COMPREHENSIVE INCOME ( m) 31.12.2013 31.12.2012 Total consolidated profit 2,717 2,217 Translation differences -29-9 Re-measurement of available-for-sale financial assets 393 1,825 Re-measurement of derivative hedging instruments 96-10 Share of unrealised or deferred gains and losses on companies accounted for using the equity method 29-26 Total items that are or may be reclassified subsequently to profit or loss 489 1,780 Re-measurement of non-current assets - - Actuarial gains on defined benefit plans 24-145 Total items that will not be reclassified to profit or loss 24-145 directement en capitaux propres 24-145 Profit and gains and losses recognised directly in equity 3,230 3,852 Of which Owners 3,142 3,680 Non-controlling interests 88 172 121 Annual Report 2013

Financial Statements STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY ( m) Share capital and other paid in capital Consolidated reserves Share capital Other paid in capital Shareholders' equity at 1 January 2012 9,128 28 23,150 Capital increase 619 Appropriation of profit for 2011 2,145 Dividends paid in 2012 in respect of 2011-274 Changes in investments in subsidiaries without loss of control 2 Sub-total of changes in capital linked to relations with shareholders 619-1,873 Changes in gains and losses recognised directly in equity Changes in the value of financial instruments and non-current assets reclassified to profit or loss Profit for the year 2012 Sub-total - - - Impact of acquisitions and disposals on non-controlling interests 28 Changes in accounting methods - Share of changes in the shareholders equity of associates and joint ventures accounted for using the equity method 41 Changes in foreign exchange rates - Other changes -5-74 Shareholders' equity at 31 December 2012 9,747 23 25,018 Shareholders' equity at 1 January 2013 9,747 23 25,018 Capital increase 38 Appropriation of profit for 2012 2,150 Dividends paid in 2013 in respect of 2012-253 Changes in investments in subsidiaries without loss of control -10 Sub-total of changes in capital linked to relations with shareholders 38-1,887 Changes in gains and losses recognised directly in equity Changes in the value of financial instruments and non-current assets reclassified to profit or loss Profit for the year 2013 Sub-total - - - Impact of acquisitions and disposals on non-controlling interests -8 Changes in accounting methods - Share of changes in the shareholders equity of associates and joint ventures accounted for using the equity method 19 Changes in foreign exchange rates - Other changes 7-34 Shareholders' equity at 31 December 2013 9,785 30 26,882 Shareholders equity at 31 December 2013 9,785 30 26,882 122 Crédit Mutuel Group

Unrealised or deferred gains/losses (after tax) Translation differences Revaluation differences (excluding financial instruments) Changes in the value of financial instruments Changes in the fair value of AFS securities Changes in the fair value of derivative hedging instruments Profit attributable the owners Shareholders equity Non-controlling interests Total consolidated shareholders equity 110-71 -987-140 2,145 33,363 1,012 34,375 619 619-2,145 - - -274-73 -347 2-2 - - - - -2,145 347-75 272 - - - - -2,145 347-75 272-9 -143 1,695-18 1,525 1,525 1 4 5 105 110 2,150 2,150 67 2,217-9 -143 1,696-14 2,150 3,680 172 3,852 28-64 -36 - - - 41-1 40 - - - -85 85-78 -6-85 16-214 794-154 2,150 37,380 1,037 38,417 16-214 794-154 2,150 37,380 1,037 38,417 38 38-2,150-253 -54-307 -10 10 - - - - -2,150-225 -44-269 -27 23 384 72 452 21 473 35 4 39 1 40 2,651 2,651 66 2,717-27 23 419 76 2,651 3,142 88 3,230-8 -121-129 - - - 19-1 18 - -3-3 -27-20 -47-11 -191 1,213-78 2,651 40,281 936 41,217 123 Annual Report 2013

Financial Statements STATEMENT OF CASH FlowS ( m) 31.12.2013 31.12.2012 Profit for the year 2,718 2,217 Corporation tax 1,501 1,310 Profit before tax 4,219 3,527 =+/- Net provision for depreciation of non-current property, plant and equipment and intangible assets 645 668 - Impairment of goodwill and other non-current assets 25 18 +/- Net charges to provisions 6,991 2,988 +/- Share of results of companies accounted for using the equity method 15 160 +/- Net loss/income from investment activities -15-79 +/- (Income)/charges on financing activities - - +/- Other movements 2,828-925 = Total of non-monetary items included in profit before tax and other adjustments 10,489 2,830 +/- Flows relating to transactions with credit institutions (a) -4,615-2,768 +/- Flows relating to transactions with customers (b) 8,328 12,847 +/- Flows relating to other transactions affecting financial assets or liabilities (c) -26,341-6,555 +/- Flows relating to other transactions affecting non-financial assets or liabilities 745 4,001 - Taxes paid -1,309-1,001 = Net reduction/(increase) in assets and liabilities from operating activities -23,192 6,524 TOTAL NET CASH FLOW GENERATED BY OPERATING ACTIVITIES (A) -8,484 12,881 +/- Flows relating to financial assets and holdings (d) 305 5,171 +/- Flows relating to investment property (e) -541-358 +/- Flows relating to non-current property, plant and equipment and intangible assets (f) -698-620 TOTAL NET CASH FLOW RELATING TO INVESTMENT ACTIVITIES (B) -934 4,193 +/- Cash flows from or to shareholders (g) -262 272 +/- Other cash flows from financing activities (h) 5,710 3,643 TOTAL NET CASH FLOW RELATING TO FINANCING ACTIVITIES (C) 5,448 3,915 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (D) -145-7 Net increase/(reduction) in cash and cash equivalents (A + B+ C + D) -4,115 20,982 Net cash flow from operating activities (A) -8,484 12,881 Net cash flow relating to investment activities (B) -934 4,193 Net cash flow relating to financing activities (C) 5,448 3,915 Effect of exchange rate changes on cash and cash equivalents (D) -145-7 Cash and cash equivalents on opening 28,223 7,241 Cash and central banks (assets and liabilities) 15,986 8,282 Accounts (assets and liabilities) and lending/borrowing with credit institutions 12,237-1,041 Cash and cash equivalents on closing 24,108 28,223 Cash and central banks (assets and liabilities) 22,823 15,986 Accounts (assets and liabilities) and lending/borrowing with credit institutions 1,285 12,237 CHANGE IN NET CASH -4,115 20,982 124 Crédit Mutuel Group

( m) 31.12.2013 31.12.2012 (a) Flows relating to transactions with credit institutions break down as follows: +/- Inflows and outflows linked to loans and advances to credit institutions (other than items included in cash and cash equivalents), excluding accrued interest 3,396-1,899 +/- Inflows and outflows linked to amounts due to credit institutions, excluding accrued interest -8,011-869 (b) Flows relating to transactions with customers break down as follows: +/- Inflows and outflows linked to loans and advances to customers, excluding accrued interest -9,507-4,471 +/- Inflows and outflows linked to amounts due to customers, excluding accrued interest 17,835 17,318 (c) Flows relating to other transactions affecting financial assets or liabilities break down as follows: +/- Inflows and outflows linked to financial assets at fair value through profit and loss 3,584-7,559 +/- Inflows and outflows linked to financial liabilities at fair value through profit and loss -3,118-298 - Outflows on purchases of fixed income available-for-sale securities* -22,063 1,979 + Inflows on sales of fixed income available-for-sale securities* - - +/- Inflows and outflows on derivative hedging instruments - - +/- Inflows and outflows on debt securities -4,744-677 (d) Flows relating to financial assets and holdings break down as follows: - Outflows on acquisitions of subsidiaries, net of acquired cash - - + Inflows on disposals of subsidiaries, net of cash ceded - - - Outflows linked to purchases of securities of companies accounted for using the equity method -116-88 + Inflows linked to sales of securities of companies accounted for using the equity method - - + Inflows from dividends received - - - Outflows linked to purchases of held-to-maturity financial assets -602-1,579 + Inflows on sales of held-to-maturity financial assets 1,027 6,908 - Outflows on acquisitions of variable income available-for-sale financial assets -121-405 + Inflows on disposals of variable income available-for-sale financial assets 117 335 +/- Other flows linked to investment transactions - - + Inflows linked to interest received, excluding accrued interest not yet due - - (e) Flows relating to investment property break down as follows: - Outflows linked to acquisitions of investment property -560-447 + Inflows linked to sales of investment property 19 89 (f) Flows relating to non-current assets break down as follows: - Outflows linked to acquisition of non-current assets -905-775 + Inflows linked to sales of non-current assets 207 155 (g) Cash flows from or to shareholders break down as follows: + Inflows from issuance of shares and similar securities 38 619 + Inflows from sales of shares and similar securities - - - Outflows linked to dividends paid -307-347 - Outflows linked to other remuneration paid - - - Inflows linked to a change in investments without loss of control 7 - - Outflows linked to a change in investments without loss of control - - (h) Other net cash flows from financing activities break down as follows: + Inflows linked to issuance of bonds and debt securities 19,086 12,967 - Outflows linked to repayment of bonds and debt securities -11,314 8,835 + Inflows linked to issuance of subordinated debt 240 26 - Outflows linked to repayment of subordinated debt -2,302-515 - Outflows linked to interest paid, excluding accrued interest not yet due - - * Including re-measurements linked to the purchase or sale of variable income financial assets available for sale. 125 Annual Report 2013

Financial Statements Notes NOTES TO THE FINANCIAL STATEMENTS The Crédit Mutuel group is not listed and is consequently under no obligation to present financial statements in accordance with IFRS. However, for the sake of greater transparency and comparability with other leading financial institutions, the Board of Directors of Confédération Nationale du Crédit Mutuel, which is the group s central governing body within the meaning of Article L.511-31 of the French Monetary and Financial Code, has decided to present consolidated financial statements according to IFRS. These financial statements are presented in accordance with Accounting Standards Board Recommendation no. 2013-04 relating to summary financial statements under IFRS. They comply with the International Financial Reporting Standards adopted by the European Union. The group elected for the early application from 1 January 2012 of IAS 19 (revised), Employee Benefits (see Note 20). It elected for the early application from 1 January 2013 of IFRS 13, Fair Value Measurement (see Note 11), and the amendment to IFRS 7 on offsetting financial assets and financial liabilities that are the object of a master netting agreement or similar agreements (see Note 7). Information regarding risk management and the financial crisis is presented in the group s management report. TABLE OF CONTENTS PART I ACCOUNTING POLICIES 127 Note 1: Consolidation scope 127 1.1. Determination of the consolidation scope 127 1.2. Composition of the consolidation scope 128 Note 2: Consolidation policies and methods 135 2.1. Consolidation methods 135 2.2. Closing date 135 2.3. Elimination of intra-group transactions 135 2.4. Translation of accounts denominated in a foreign currency 135 2.5. Goodwill 135 Note 3: Accounting policies and methods 136 3.1. Loans and receivables 136 3.2. Provisions for impairment of loans and receivables and for financing commitments and guarantee commitments 136 3.3. Leases 137 3.4. Securities 137 3.5. Derivatives and hedge accounting 141 3.6. Debt securities 142 3.7. Subordinated debt 142 3.8. Distinction between liabilities and shareholders equity 143 3.9. Provisions 143 3.10. Amounts due to customers and credit institutions 143 3.11. Cash and cash equivalents 143 3.12. Employee benefits 143 3.13. Insurance activities 144 3.14. Non-current assets 145 3.15. Fees and commissions 146 3.16. Income tax expense 146 3.17. Interest payable by the State on certain loans 147 3.18. Financial guarantees and financing commitments 147 3.19. Transactions denominated in foreign currencies 147 3.20. Non-current assets classified as held for sale and discontinued operations 147 3.21. Judgements and estimates used in preparation of the financial statements 147 Note 4 : Segment reporting (IFRS 8) 148 Note 5 : Related parties 148 Note 6 : Standards and interpretations adopted by the European Union not yet applied due to their application date 149 Note 7 : Events after the end of the reporting period 149 part II TABLES 150 1. Notes to the statement of financial position 150 2. Notes to the income statement 172 3. Notes to the statement of comprehensive income 177 4. Segment reporting 178 5. Other information 180 126 Crédit Mutuel Group

I/ ACCOUNTING POLICIES Note 1: CONSOLIDATION SCOPE 1.1 Determination of the CONSOLIDATION scope Crédit Mutuel is a co-operative bank governed by the Law of 10 September 1947. It is owned solely by its members, who hold member shares ( A shares). Members are each entitled to one vote at general meetings, where their powers include the election of directors. The three levels of organisation local, regional and national operate on a decentralised basis in accordance with the principle of subsidiarity. The local mutual banks, which are in closest contact with members and customers, carry out all the principal functions of bank branch offices, with the other two levels exercising only those functions the local entities are not in a position to carry out alone. Under Article L.511-30 of the French monetary and financial code, Confédération Nationale is the central governing body for the group. As such it is responsible for: - ensuring the liquidity and solvency of the Crédit Mutuel network, - representing Crédit Mutuel before the public authorities and defending and promoting its interests, - and, more generally, ensuring the overall cohesion of the network and overseeing its business development while at the same time exercising administrative, technical and financial control over the regional groups and their subsidiaries. The method for consolidating a group with such a distinctive capital ownership structure is based on determining a consolidating entity that reflects the community of members linked by shared financial solidarity and governance. The analysis of the control exercised by the consolidating entity complies with IAS 27 (revised), thus enabling the group to present consolidated financial statements according to IFRS. Consolidating entity The consolidating entity for the Crédit Mutuel group is composed of all the local mutual banks, the federal banks (general purpose and farming/ rural), the regional federations, Caisse Centrale du Crédit Mutuel, Confédération Nationale du Crédit Mutuel, and Fédération du Crédit Mutuel Agricole et Rural. The capital of the consolidating entity is thus owned exclusively by all the members of the local mutual banks. Basis of consolidation The general principles for the inclusion of an entity within the consolidation scope are as defined in IAS 27 (revised), IAS 28 and IAS 31. All the entities included in the consolidation scopes of the regional groups are included in the national consolidation scope. Jointly-held companies, not consolidated at regional level, are excluded from the national consolidation scope if their total balance sheet or earnings have an impact of less than 1% on the consolidated equivalent. However, an entity that does not reach this threshold may be consolidated if its activity or intended development is considered a strategic investment. The consolidation scope comprises: Entities controlled exclusively: exclusive control is presumed to exist when the group controls directly or indirectly a majority of the voting rights, or has the power to appoint the majority of the members of the administrative, management or supervisory bodies, or has the power to govern the financial and operating policies of an entity by virtue of regulations or a contract. The financial statements of entities controlled exclusively are fully consolidated. Entities controlled jointly: joint control arises when, in accordance with the terms of a contractual agreement, control of an economic activity is shared with one or more third parties regardless of the structure or form in which the activities are undertaken. Entities controlled jointly are consolidated using the proportional method. Entities over which significant influence is exercised: these are entities over whose financial and operational policies the group exercises significant influence but does not have control. Entities over which the group exercises significant influence are consolidated using the equity method. Special-purpose entities are consolidated when the conditions defined in SIC 12 are met, namely that the entity s activities are carried out exclusively on the group s behalf, the group has decision-making or management power to obtain the majority of the benefits deriving from the entity s ordinary activities and the capacity to profit from the entity s benefits, and it retains the majority of the risks. Holdings belonging to private equity companies and over which joint control or significant influence is exercised are excluded from the consolidation scope and are recognised at fair value by option. 127 Annual Report 2013

Financial Statements Notes 1.2 Composition of the CONSOLIDATION scope The following entities were included in the Crédit Mutuel group s consolidation scope at 31 December 2013: Consolidated entities are presented according to the sectors used for preparing segment information under IFRS 8. Accordingly, for example, entities included under Retail Banking do not necessarily have the legal status of credit institutions 31.12.2013 31.12.2012 Comments % Method % Method Control Interest +* Control Interest +* A. Banque de détail CM11** Adepi France 100.00 97.94 FC 100.00 97.77 FC Banca Popolare di Milano Italy 6.99 6.85 EM 6.99 6.84 EM Bancas France 50.00 50.00 PM 50.00 50.00 PM Banco Popular Español Spain 4.41 4.41 EM 4.37 4.37 EM Banque du Groupe Casino France 50.00 50.00 PM 50.00 50.00 PM Banque de Tunisie Tunisia 33.52 33.52 EM 20.00 20.00 EM Banque du Crédit Mutuel Ile-de-France (BCMI) France 100.00 100.00 FC 100.00 100.00 FC Banque Européenne du Crédit Mutuel (BECM) France 100.00 100.00 FC 100.00 100.00 FC Banque Européenne du Crédit Mutuel - Frankfurt Germany 100.00 100.00 FC 100.00 100.00 FC Banque Européenne du Crédit Mutuel - Monaco France 100.00 100.00 FC 100.00 100.00 FC Banque Européenne du Crédit Mutuel - St Martin St Martin 100.00 100.00 FC 100.00 100.00 FC Banque Marocaine du Commerce Exterieur (BMCE) Morocco 26.21 26.21 EM 26.21 26.21 EM Cartes et Crédits à la Consummation France 100.00 100.00 FC 100.00 100.00 FC CIC Est France 100.00 97.94 FC 100.00 97.77 FC CIC Iberbanco France 100.00 100.00 FC 100.00 100.00 FC CIC Lyonnaise de Banque (LB) France 100.00 97.94 FC 100.00 97.77 FC CIC Nord-Ouest France 100.00 97.94 FC 100.00 97.77 FC CIC Ouest France 100.00 97.94 FC 100.00 97.77 FC CIC Sud Ouest France 100.00 97.94 FC 100.00 97.77 FC CM-CIC Asset Management France 99.98 99.50 FC 99.98 99.45 FC CM-CIC Bail France 99.99 97.95 FC 99.99 97.78 FC CM-CIC Epargne Salariale France 100.00 97.95 FC 100.00 97.77 FC CM-CIC Factor France 100.00 98.04 FC 100.00 97.87 FC CM-CIC Gestion France 100.00 99.51 FC 100.00 97.77 FC CM-CIC Home Loan SFH France 100.00 100.00 FC 100.00 100.00 FC CM-CIC Immobilier France 100.00 100.00 FC 100.00 100.00 FC CM-CIC Lease France 100.00 98.89 FC 100.00 98.79 FC CM-CIC Leasing Benelux Belgium 100.00 97.95 FC 100.00 97.78 FC CM-CIC Leasing GmbH Germany 100.00 97.95 FC 100.00 97.78 FC Cofidis Argentina Argentina 66.00 36.06 FC 66.00 28.11 FC Cofidis Belgium Belgium 100.00 54.63 FC 100.00 42.59 FC Cofidis Spain Spain 100.00 54.63 FC 100.00 42.59 FC Cofidis France France 100.00 54.63 FC 100.00 42.59 FC Cofidis Hungary Hungary 100.00 54.63 FC 100.00 42.59 FC Cofidis Italy Italy 100.00 54.63 FC 100.00 42.59 FC Cofidis Portugal Portugal 100.00 54.63 FC 100.00 42.59 FC Cofidis Czech Republic Czech Republic 100.00 54.63 FC 100.00 42.59 FC Cofidis Slovakia Slovakia 100.00 54.63 FC 100.00 42.59 FC Creatis France 100.00 54.63 FC 100.00 42.59 FC Gesteurop France 100.00 97.94 FC 100.00 97.77 FC Monabanq France 100.00 54.63 FC 100.00 42.59 FC Monabanq Belgique Belgium 100.00 54.63 FC 100.00 42.59 FC Saint-Pierre SNC France 100.00 97.94 FC 100.00 97.77 FC SCI La Tréflière 100.00 100.00 FC 100.00 100.00 FC Sofemo (Société Fédérative Européenne de Monétique et de Financement) France 100.00 54.63 FC 100.00 99.26 FC Sofim France 100.00 97.94 FC 100.00 97.77 FC Targo Finanzberatung GmbH Germany 100.00 100.00 FC 100.00 100.00 FC Targobank AG & Co. KGaA Germany 100.00 100.00 FC 100.00 100.00 FC Targobank Espagne Spain 50.00 50.00 PM 50.00 50.00 PM * Method: FC = Full Consolidation, PM = Proportional Method, EM = Equity Method, NC = Not Consolidated, ALT =Asset, liability transfer ** Presentation by majority-owning Crédit Mutuel group. 128 Crédit Mutuel Group

Consolidated entities are presented according to the sectors used for preparing segment information under IFRS 8. Accordingly, for example, entities included under Retail Banking do not necessarily have the legal status of credit institutions 31.12.2013 31.12.2012 Comments % Method % Method Control Interest +* Control Interest +* CM Arkéa (*) Arkéa Banking Services France 100.00 100.00 FC 100.00 100.00 FC Arkéa Banque Entreprises et Institutionnels France 100.00 100.00 FC 100.00 100.00 FC Arkéa Crédit Bail France 100.00 100.00 FC 100.00 100.00 FC Arkéa SCD France 99.95 99.95 FC 99.95 99.95 FC Banque Privée Européenne (BPE) France - - NC 100.00 100.00 FC Sold outside group Caisse de Bretagne de CMA France 92.83 92.83 FC 92.86 92.86 FC Crédit Foncier et Communal d Alsace et de Lorraine Banque France 100.00 100.00 FC 100.00 100.00 FC Crédit Foncier et Communal d Alsace et de Lorraine SCF France 100.00 100.00 FC 100.00 100.00 FC Crédit Mutuel Arkéa Home Loan SFH France 100.00 100.00 FC 100.00 100.00 FC Crédit Mutuel Arkéa Public Sector SCF France 100.00 100.00 FC 100.00 100.00 FC Federal Equipements France 100.00 100.00 FC 100.00 100.00 FC Federal Service France 97.31 97.29 FC 97.32 97.29 FC Financo France 100.00 100.00 FC 100.00 100.00 FC Foncière Investissement France 100.00 100.00 FC 100.00 100.00 FC Fortunéo France 100.00 99.99 FC 100.00 99.99 FC GICM France 100.00 97.29 FC 100.00 97.29 FC Leasecom France 100.00 100.00 FC 100.00 95.00 FC Leasecom Car France 100.00 100.00 FC 100.00 95.00 FC Leasecom Financial Assets France 100.00 100.00 FC 100.00 95.00 FC Leasecom Group France 100.00 100.00 FC 95.00 95.00 FC Monext France 100.00 100.00 FC 100.00 100.00 FC Monext Holding France - - NC 100.00 100.00 FC ALT to CM Arkea consolidating entity Procapital France 99.98 99.98 FC 99.98 99.98 FC SCI Interfédérale France 100.00 100.00 FC 100.00 100.00 FC CMNE (*) Bail Actea France 100.00 100.00 FC 100.00 100.00 FC Bâtiroc Normandie France - - NC 100.00 100.00 FC ALT to Nord Europe Lease BCMNE France 100.00 100.00 FC 100.00 100.00 FC Beobank (formerly Citibank Belgium) Belgium 100.00 100.00 FC 100.00 100.00 FC BKCP SCRL Belgium 95.80 95.80 FC 95.76 95.76 FC BKCP Securities Belgium 100.00 100.00 FC 100.00 100.00 FC CMNE Belgium Belgium 100.00 100.00 FC 100.00 100.00 FC CMNE Home Loans FCT France 100.00 99.90 FC 100.00 99.89 FC CPSA Belgium 100.00 100.00 FC 100.00 100.00 FC FCP Nord Europe Gestion France 100.00 100.00 FC 100.00 100.00 FC FCP Richebé Gestion France 96.75 96.57 FC 100.00 99.82 FC FCP Richebé Recovery France 100.00 99.37 FC 100.00 100.00 FC FCT LFP Créances immobilières France 100.00 99.07 FC - - NC Created GIE BCMNE Gestion France 100.00 100.00 FC 100.00 100.00 FC GIE CMN Prestations France 100.00 100.00 FC 100.00 100.00 FC Immobilière du CMN France 100.00 100.00 FC 100.00 100.00 FC Mobilease Belgium 100.00 100.00 FC 100.00 100.00 FC Next Advisor France 100.00 98.74 FC - - NC Created Nord Europe Lease (formerly Bail Immo Nord) France 100.00 100.00 FC 100.00 100.00 FC OBK Belgium 100.00 99.67 FC 98.92 97.49 FC SCI CMN France 100.00 100.00 FC 100.00 100.00 FC SCI CMN 1 France 100.00 100.00 FC 100.00 100.00 FC SCI CMN France 100.00 100.00 FC 100.00 100.00 FC SCI CMN 3 France 100.00 100.00 FC 100.00 100.00 FC SCI CMN Location France 100.00 100.00 FC 100.00 100.00 FC SCI CMN Location 2 France 100.00 100.00 FC 100.00 100.00 FC SCI CMN Richebé Inkerman France 100.00 100.00 FC 100.00 100.00 FC Transactimmo France 100.00 100.00 FC 100.00 100.00 FC * Method: FC = Full Consolidation, PM = Proportional Method, EM = Equity Method, NC = Not Consolidated, ALT =Asset, liability transfer ** Presentation by majority-owning Crédit Mutuel group. 129 Annual Report 2013

Financial Statements Notes Consolidated entities are presented according to the sectors used for preparing segment information under IFRS 8. Accordingly, for example, entities included under Retail Banking do not necessarily have the legal status of credit institutions 31.12.2013 31.12.2012 Comments % Method % Method Control Interest +* Control Interest +* CMO (*) SCI Merlet Immobilier France 100.00 100.00 FC 100.00 100.00 FC Union Immobiliere Océan SCI France 100.00 100.00 FC 100.00 100.00 FC CMMABN (*) Acman France 100.00 100.00 FC 100.00 100.00 FC SAS Volney Bocage France 100.00 100.00 FC 100.00 100.00 FC Zephyr Home Loans FCT France 100.00 100.00 FC 100.00 100.00 FC B. Corporate and Investment Banking CM11 (*) Banque Fédérative du Crédit Mutuel - Frankfurt Germany 100.00 100.00 FC 100.00 100.00 FC Cigogne Management Luxembourg 100.00 98.77 FC 100.00 98.66 FC CM-CIC Capital Finance France 100.00 97.94 FC 100.00 97.76 FC CM-CIC Capital Innovation France 100.00 97.71 FC 100.00 97.54 FC CM-CIC Conseil France 100.00 97.94 FC 100.00 97.76 FC CM-CIC Investissement France 99.77 97.71 FC 99.77 97.54 FC CM-CIC Proximité France 100.00 97.94 FC - - NC Created CM-CIC Securities France 100.00 97.94 FC 100.00 97.77 FC CM-CIC Securities London Branch UK 100.00 97.94 FC 100.00 97.77 FC Diversified Debt Securities SICAV - SIF Luxembourg 100.00 97.94 FC 100.00 97.77 FC Divhold Luxembourg 100.00 97.94 FC 100.00 97.77 FC FCT CM-CIC Home Loans France 100.00 100.00 FC 100.00 100.00 FC Lafayette CLO 1 Ltd Cayman Islands 100.00 97.94 FC 100.00 97.77 FC Sudinnova France 66.35 64.84 FC 66.35 64.72 FC CM Arkéa (*) Arkéa Capital Investissement France 100.00 100.00 FC 100.00 100.00 FC Arkéa Capital Partenaire France 100.00 100.00 FC 100.00 100.00 FC Compagnie Européenne d Opérations Immobilières (CEOI) France 100.00 100.00 FC 100.00 100.00 FC CMNE (*) LFP SV France 100.00 98.74 FC - - NC Created Nord Europe Partenariat France 99.65 99.63 FC 99.65 99.63 FC SDR de Normandie France 99.80 99.80 FC 99.80 99.80 FC Siparex Proximité Innovation France 46.46 45.88 EM 46.46 46.03 EM CMO (*) Océan Participations France 100.00 100.00 FC 100.00 100.00 FC CMMABN (*) Volney Développement France 100.00 100.00 FC 100.00 100.00 FC C. Asset Management and Private Banking CM11 (*) Agefor SA Genève Switzerland 70.00 68.56 FC 70.00 68.44 FC Alternative Gestion SA Genève Switzerland - - NC 45.00 60.62 EM Sold outside group Banque de Luxembourg Luxembourg 100.00 97.94 FC 100.00 97.77 FC Banque Pasche Switzerland 100.00 97.94 FC 100.00 97.77 FC 130 * Method: FC = Full Consolidation, PM = Proportional Method, EM = Equity Method, NC = Not Consolidated, ALT =Asset, liability transfer ** Presentation by majority-owning Crédit Mutuel group. Crédit Mutuel Group

Consolidated entities are presented according to the sectors used for preparing segment information under IFRS 8. Accordingly, for example, entities included under Retail Banking do not necessarily have the legal status of credit institutions 31.12.2013 31.12.2012 Comments % Method % Method Control Interest +* Control Interest +* Banque Pasche (Liechtenstein) AG Liechtenstein 52.50 51.42 FC 52.50 51.33 FC Banque Pasche Monaco SAM Monaco 100.00 97.94 FC 100.00 97.77 FC Banque Transatlantique France 100.00 97.94 FC 100.00 97.77 FC Banque Transatlantique Belgium Belgium 100.00 97.94 FC 100.00 96.86 FC Banque Transatlantique Londres UK 100.00 97.94 FC 100.00 97.77 FC Banque Transatlantique Luxembourg Luxembourg 100.00 97.94 FC 100.00 97.77 FC Banque Transatlantique Singapore Private Ltd Singapore 100.00 97.94 FC 100.00 97.77 FC Calypso Management Company Cayman Islands 70.00 68.56 FC 70.00 68.44 FC CIC Suisse Switzerland 100.00 97.94 FC 100.00 97.77 FC Dubly-Douilhet Gestion (formerly Dubly-Douilhet) France 100.00 97.94 FC 62.66 61.26 FC LRM Advisory SA Bahamas 70.00 68.56 FC 70.00 68.44 FC Pasche Bank & Trust Ltd Nassau Bahamas 100.00 97.94 FC 100.00 97.77 FC Pasche Finance SA Fribourg Germany 100.00 97.94 FC 100.00 97.77 FC Serficom Brasil Gestao de Recursos Ltda Brazil 97.00 95.00 FC 50.42 49.29 FC Serficom Family Office Brasil Gestao de Recursos Ltda Brazil 100.00 97.94 FC 51.98 50.82 FC Serficom Family Office Inc Bahamas 100.00 97.94 FC 100.00 97.77 FC Serficom Family Office SA Switzerland 100.00 97.94 FC 100.00 97.77 FC Transatlantique Gestion France 100.00 97.94 FC 100.00 97.77 FC Valeroso Management Ltd Bahamas - - NC 100.00 97.77 FC Wound-up CM Arkéa (*) Arkéa Capital Gestion France 100.00 100.00 FC 100.00 100.00 FC Federal Finance France 100.00 100.00 FC 100.00 100.00 FC Federal Finance Gestion France 100.00 100.00 FC 100.00 100.00 FC Schelcher Prince Gestion France 84.05 84.05 FC 84.99 84.99 FC CMNE (*) CD Partenaires (formerly Cholet Dupont Partenaires) France 100.00 74.23 FC 50.52 50.52 PM Change of method from PM to FC CM Habitat Gestion France 99.99 99.72 FC 99.98 99.78 FC Convictions Asset Management France 30.00 29.62 EM 30.00 29.72 EM Forum Holdings BV Netherlands 10.00 9.87 EM - - NC Acquired outside group Forum Partners Investment Management LLC US 10.00 9.87 EM - - NC Acquired outside group Franklin Gérance France 100.00 98.91 FC 100.00 99.19 FC Groupe La Française France 98.74 98.74 FC 99.06 99.06 FC GIE Groupe La Française (formerly GIE La Française AM) France 100.00 98.74 FC 100.00 99.06 FC Holding Cholet Dupont SA France 33.40 32.98 EM 33.40 33.09 EM La Française AM Finance Services France 100.00 98.74 FC 100.00 99.06 FC La Française AM Gestion Privée France 100.00 98.74 FC 99.98 99.04 FC La Française AM Iberia Spain 66.00 65.17 FC 66.00 65.39 FC La Française AM International Luxembourg 100.00 98.74 FC 100.00 99.07 FC La Française AM International Claims Collection France 100.00 98.74 FC 100.00 99.06 FC La Française Bank (formerly La Française AM Private Bank) Luxembourg 100.00 99.24 FC 100.00 99.44 FC La Française des Placements France 100.00 98.74 FC 100.00 99.06 FC La Française Global Real Estate Investment Management Limited UK 100.00 98.74 FC - - NC Created La Française Investment Solutions (LFIS) France 65.00 64.18 FC 65.00 64.39 FC La Française Real Estate Managers France 100.00 98.91 FC 100.00 99.19 FC LFP-Sarasin AM France 100.00 98.74 FC 100.00 99.06 FC New Alpha Asset Management France 100.00 98.74 FC - - NC Acquired outside the group Société Holding Partenaires France 51.00 50.36 FC 50.52 50.52 PM Change of method from PM to FC UFG Courtage France - - NC 100.00 99.06 FC Absorbed by CD Partenaires UFG Property Managers France 100.00 98.91 FC 100.00 99.19 FC * Method: FC = Full Consolidation, PM = Proportional Method, EM = Equity Method, NC = Not Consolidated, ALT =Asset, liability transfer ** Presentation by majority-owning Crédit Mutuel group. 131 Annual Report 2013

Financial Statements Notes Consolidated entities are presented according to the sectors used for preparing segment information under IFRS 8. Accordingly, for example, entities included under Retail Banking do not necessarily have the legal status of credit institutions 31.12.2013 31.12.2012 Comments % Method % Method Control Interest +* Control Interest +* D. Multi-sectors CM11 (*) Banque Fédérative du Crédit Mutuel France 100.00 100.00 FC 100.00 100.00 FC Crédit Industriel et Commercial (CIC) - IDF France 97.94 97.94 FC 97.77 97.77 FC Crédit Industriel et Commercial (CIC) - London UK 100.00 97.94 FC 100.00 97.77 FC Crédit Industriel et Commercial (CIC) - New York US 100.00 97.94 FC 100.00 97.77 FC Crédit Industriel et Commercial (CIC) - Singapore Singapore 100.00 97.94 FC 100.00 97.77 FC E. Insurance companies CM11 (*) ACM GIE France 100.00 99.58 FC 100.00 99.54 FC ACM IARD France 100.00 99.59 FC 100.00 99.56 FC ACM RE Luxembourg 100.00 99.58 FC 100.00 99.54 FC ACM Services France 100.00 99.58 FC 100.00 99.54 FC ACM Vie, Société d Assurance Mutuelle France 100.00 100.00 FC 100.00 100.00 FC ACM Vie France 100.00 99.58 FC 100.00 99.54 FC Agrupació Bankpyme Pensiones Spain 94.57 83.07 FC 80.04 69.51 FC Agrupació Serveis Administratius Spain 94.57 83.07 FC 80.04 69.51 FC Agrupació AMCI d Assegurances i Reassegurances S.A Spain 94.57 83.07 FC 80.04 69.51 FC AMDIF Spain 94.57 83.07 FC 80.04 69.51 FC AMSYR Spain 94.57 83.07 FC 80.04 69.51 FC Assistencia Advancada Barcelona Spain 94.57 83.07 FC 80.04 69.51 FC Astree Tunisia 30.00 29.87 EM 30.00 29.86 EM Groupe des Assurances du Crédit Mutuel (GACM) France 100.00 99.58 FC 100.00 99.54 FC ICM Life Luxembourg 100.00 99.58 FC 100.00 99.54 FC Immobilière ACM France 100.00 99.58 FC 100.00 99.54 FC Massena Property France 100.00 99.58 FC 100.00 99.54 FC Massimob France 100.00 99.59 FC 100.00 99.56 FC MTRL France 100.00 100.00 FC 100.00 100.00 FC Partners France 100.00 99.58 FC 100.00 99.54 FC Procourtage France 100.00 99.58 FC 100.00 99.54 FC RMA Watanya Morocco 22.02 21.93 EM 22.02 21.92 EM Royal Automobile Club de Catalogne Spain 49.00 48.79 EM 49.00 48.78 EM SCI ACM France 100.00 99.63 FC 100.00 99.62 FC SCI Eurosic Cotentin France 49.90 49.90 EM - - NC Created Serenis Assurances France 99.59 99.17 FC 99.59 99.13 FC Serenis Vie France 100.00 99.58 FC 100.00 99.54 FC Foncière Massena France 100.00 99.58 FC 100.00 99.54 FC Voy Mediación Spain 90.00 89.63 FC 90.00 89.60 FC CM Arkéa (*) Infolis France 100.00 100.00 FC 100.00 100.00 FC Novelia France 100.00 100.00 FC 100.00 100.00 FC Suravenir France 100.00 100.00 FC 100.00 100.00 FC Suravenir Assurances France 100.00 100.00 FC 100.00 100.00 FC CMNE (*) ACM Nord IARD France 100.00 99.79 FC 100.00 99.78 FC ACMN Vie France 100.00 100.00 FC 100.00 100.00 FC Courtage CMNE France 100.00 100.00 FC 100.00 100.00 FC CP-BK Reinsurance Luxembourg 100.00 100.00 FC 100.00 100.00 FC La Pérennité Entreprises France 100.00 100.00 FC 100.00 100.00 FC Nord Europe Assurances France 100.00 100.00 FC 100.00 100.00 FC Nord Europe Life Luxembourg Luxembourg 100.00 100.00 FC 100.00 100.00 FC Nord Europe Retraite France 100.00 100.00 FC 100.00 100.00 FC Vie Services France 77.50 77.50 FC 77.50 77.50 FC * Method: FC = Full Consolidation, PM = Proportional Method, EM = Equity Method, NC = Not Consolidated, ALT =Asset, liability transfer ** Presentation by majority-owning Crédit Mutuel group. 132 Crédit Mutuel Group

Consolidated entities are presented according to the sectors used for preparing segment information under IFRS 8. Accordingly, for example, entities included under Retail Banking do not necessarily have the legal status of credit institutions 31.12.2013 31.12.2012 Comments % Method % Method Control Interest +* Control Interest +* F. Other CM11 (*) Actimut France 100.00 100.00 FC 100.00 100.00 FC Affiches d Alsace Lorraine France 100.00 99.48 FC 100.00 89.12 FC Agence Générale d Informations Régionales France 100.00 98.41 FC 99.92 97.59 FC Alsace Média Participation France 100.00 99.48 FC 100.00 89.12 FC Alsacienne de Portage des DNA France 100.00 99.50 FC 100.00 89.15 FC Carmen Holding Investissement France 100.00 100.00 FC 83.50 83.50 FC CIC Migrations France 100.00 97.94 FC 100.00 97.77 FC CIC Participations France 100.00 97.94 FC 100.00 97.77 FC Cicor France 100.00 97.94 FC 100.00 97.77 FC Cicoval France 100.00 97.94 FC 100.00 97.77 FC CM Akquisitions Germany 100.00 100.00 FC 100.00 100.00 FC CMCIC Services France 100.00 100.00 FC 100.00 100.00 FC CMCP (Crédit Mutuel Cartes de Paiement) France 100.00 99.99 FC 100.00 99.99 FC Cofidis Participations France 54.63 54.63 FC 51.00 42.59 FC Cofisun Belgium 100.00 54.63 FC 100.00 42.59 FC Dernières Nouvelles d Alsace France 99.78 99.50 FC 98.74 89.15 FC Dernières Nouvelles de Colmar France 99.97 99.47 FC 99.97 89.12 FC Documents AP France 100.00 100.00 FC 100.00 100.00 FC Distripub France 100.00 98.78 FC 100.00 98.73 FC EFSA France 100.00 97.94 FC 100.00 97.77 FC Euro-Information Développement France 100.00 99.74 FC 100.00 99.72 FC EIP France 100.00 100.00 FC 100.00 100.00 FC EI Telecom France 95.00 94.76 FC 95.00 94.73 FC Est Bourgogne Médias France 100.00 100.00 FC 100.00 100.00 FC Est Bourgogne Rhone Alpes (EBRA) France 100.00 100.00 FC 100.00 100.00 FC Est Imprimerie France - - NC 100.00 100.00 FC Sold outside the group Euro-Information France 100.00 99.74 FC 100.00 99.72 FC Euro Protection Surveillance France 99.97 99.78 FC 99.96 99.75 FC France Est France - - NC 100.00 98.06 FC ALT to Banque Fédérative du Crédit Mutuel France Régie France 100.00 99.50 FC 100.00 89.15 FC GEIE Synergie France 99.99 54.62 FC 99.99 42.58 FC Gestunion 2 France 100.00 97.94 FC 100.00 97.77 FC Gestunion 3 France 100.00 97.94 FC 100.00 97.77 FC Gestunion 4 France 100.00 97.94 FC 100.00 97.77 FC Groupe Progrès France 100.00 100.00 FC 100.00 100.00 FC Groupe L Est Républicain (GRLC) France 100.00 100.00 FC 100.00 100.00 FC Groupe Républicain Lorrain Imprimeries (GRLI) France 100.00 100.00 FC 100.00 100.00 FC Immocity France 100.00 100.00 FC 100.00 100.00 FC Impex Finance France 100.00 97.94 FC 100.00 97.77 FC Imprimerie Michel France - - NC 100.00 100.00 FC Sold outside the group Interprint France - - NC 100.00 100.00 FC Sold outside the group Jean Bozzi Communication France 100.00 100.00 FC 100.00 100.00 FC Journal de la Haute Marne France 50.00 46.02 EM 50.00 45.69 EM La Liberté de l Est France 97.13 89.40 FC 97.13 88.75 FC L Alsace France 99.98 98.76 FC 99.98 98.71 FC La Tribune France 100.00 99.97 FC 100.00 99.97 FC Le Dauphiné Libéré France 99.97 99.97 FC 99.97 99.97 FC Le Républicain Lorrain France 100.00 100.00 FC 100.00 100.00 FC L Est Républicain France 92.04 92.04 FC 91.74 91.37 FC Les Editions de l Echiquier France 100.00 98.78 FC 100.00 98.73 FC Lumedia France 50.00 50.00 PM 50.00 50.00 PM Marsovalor France 100.00 97.94 FC 100.00 97.77 FC Mediaportage France 100.00 98.78 FC 100.00 98.73 FC Pargestion 2 France 100.00 97.94 FC 100.00 97.77 FC Pargestion 4 France 100.00 97.94 FC 100.00 97.77 FC * Method: FC = Full Consolidation, PM = Proportional Method, EM = Equity Method, NC = Not Consolidated, ALT =Asset, liability transfer ** Presentation by majority-owning Crédit Mutuel group. 133 Annual Report 2013

Financial Statements Notes Consolidated entities are presented according to the sectors used for preparing segment information under IFRS 8. Accordingly, for example, entities included under Retail Banking do not necessarily have the legal status of credit institutions 31.12.2013 31.12.2012 Comments % Method % Method Control Interest +* Control Interest +* Placinvest France 99.96 97.89 FC 99.96 97.72 FC Presse Diffusion France 100.00 100.00 FC 100.00 100.00 FC Promopresse France - - NC 100.00 99.97 FC ALT to Le Dauphiné Libéré Publiprint Dauphiné France 100.00 99.97 FC 100.00 99.97 FC Publiprint Province n 1 France 100.00 100.00 FC 100.00 100.00 FC Roto Offset Imprimerie France 100.00 98.78 FC 100.00 98.73 FC Républicain Lorrain Communication France 100.00 100.00 FC 100.00 100.00 FC Républicain Lorrain - TV News France 100.00 100.00 FC 100.00 100.00 FC SCI Alsace France 90.00 88.90 FC 90.00 88.85 FC SCI Gutenberg France - - NC 100.00 100.00 FC Sold outside the group SCI Le Progrès Confluence France 100.00 100.00 FC 100.00 100.00 FC SDV Plurimédia France - - NC 20.45 18.24 EM Sold outside the group Société Civile de Gestion des Parts dans l Alsace (SCGPA) France 100.00 100.00 FC 100.00 100.00 FC Société Française d Edition de Journaux et d Imprimés Commerciaux «l Alsace»(SFEJIC) France 98.78 98.78 FC 98.72 98.72 FC Société de Presse Investissement France 100.00 99.71 FC 100.00 90.29 FC Sofiholding 2 France 100.00 97.94 FC 100.00 97.77 FC Sofiholding 3 France 100.00 97.94 FC 100.00 97.77 FC Sofiholding 4 France 100.00 97.94 FC 100.00 97.77 FC Sofinaction France 100.00 97.94 FC 100.00 97.77 FC Société Edition Hebdomadaire du Louhannais & du Jura France 100.00 100.00 FC 100.00 100.00 FC Targo Akademie GmbH Germany 100.00 100.00 FC 100.00 100.00 FC Targo Deutschland GmbH Germany 100.00 100.00 FC 100.00 100.00 FC Targo Dienstleistungs GmbH Germany 100.00 100.00 FC 100.00 100.00 FC Targo IT Consulting GmbH Germany 100.00 100.00 FC 100.00 100.00 FC Targo IT Consulting Singapore Singapore 100.00 100.00 FC 100.00 100.00 FC Targo Management AG Germany 100.00 100.00 FC 100.00 100.00 FC Targo Realty Services GmbH Germany 100.00 100.00 FC 100.00 100.00 FC Ufigestion 2 France 100.00 97.94 FC 100.00 97.77 FC Ugépar Service France 100.00 97.94 FC 100.00 97.77 FC Valimar 2 France 100.00 97.94 FC 100.00 97.77 FC Valimar 4 France 100.00 97.94 FC 100.00 97.77 FC Ventadour Investissement France 100.00 100.00 FC 100.00 100.00 FC VTP1 France 99.98 97.93 FC 99.98 97.75 FC VTP5 France 100.00 97.94 FC 100.00 97.77 FC CMNE (*) Actéa Environnement France 100.00 100.00 FC 100.00 100.00 FC CMN Environnement France 100.00 100.00 FC 100.00 100.00 FC CMN Tel France 100.00 100.00 FC 100.00 100.00 FC Financière Nord Europe France 100.00 100.00 FC 100.00 100.00 FC Fininmad France 100.00 100.00 FC 100.00 100.00 FC Immo W16 Belgium 100.00 100.00 FC 100.00 100.00 FC LFP Nexity Services Immobiliers France 24.64 24.37 EM 24.64 24.44 EM Nord Europe Participations et Investissements (NEPI) France 100.00 100.00 FC 100.00 100.00 FC Nouvelles Expertises et Talents AM France 100.00 98.74 FC 100.00 99.06 FC SCI Centre Gare France 100.00 100.00 FC 100.00 100.00 FC Sicorfe Maintenance France 90.00 89.86 FC 90.00 89.84 FC Sofimmo3 France 100.00 100.00 FC 100.00 100.00 FC Sofimpar Belgium 100.00 100.00 FC 100.00 100.00 FC CMO (*) Sodelem Services France 100.00 100.00 FC 100.00 100.00 FC * Method: FC = Full Consolidation, PM = Proportional Method, EM = Equity Method, NC = Not Consolidated, ALT =Asset, liability transfer ** Presentation by majority-owning Crédit Mutuel group. 134 Crédit Mutuel Group

NOTE 2: CONSOLIDATION POLICIES AND METHODS 2.1 Consolidation methods The following consolidation methods have been used: Full consolidation This method consists of substituting the various assets and liabilities of the subsidiary concerned for the value of the securities held and of recognising the share of noncontrolling interests in shareholders equity and net profit. It is applied to all exclusively-controlled entities, including those with a different accounts structure, regardless of whether or not the activity concerned forms part of the consolidating entity s activities. Proportional consolidation This method consists of including in the accounts of the consolidating entity the proportion of the subsidiary s assets and liabilities represented by the interest held in the consolidated entity, as restated where required; non-controlling interests are therefore not recognised. It is applied to all jointly-controlled entities, including those with a different accounts structure, regardless of whether or not the activity concerned forms part of the consolidating entity s activities. Equity method of consolidation The equity method of consolidation consists of substituting the group s share of the shareholders equity and net profit of the entity concerned for the value of the securities held. It is applied to all entities over which significant influence is exercised. Non-controlling interests correspond to participating interests not resulting in control being exercised as defined by IAS 27 (revised) and include instruments constituting present ownership interests and conferring rights to a share of the net assets in the event of liquidation and other capital instruments issued by the subsidiary when held outside the group. 2.2 Closing date All the companies included in the group consolidation scope close their accounts on 31 December of each year. 2.3 Elimination of intra-group transactions Intra-group accounts and any effects resulting from intra-group transfers that would have a material impact on the consolidated financial statements are eliminated. Intra-group receivables, liabilities, reciprocal commitments, charges and income are eliminated for entities consolidated using the full or proportional methods. 2.4 Translation of ACCOUNTS denominated in a foreign currency Concerning foreign entities whose accounts are denominated in a foreign currency, the balance sheet is translated using the official exchange rate on the closing date. The translation difference arising on the capital, reserves and retained earnings is recognised in shareholders equity, under Translation reserves. The income statement is translated using the average exchange rate for the year. The resulting translation differences are recognised directly in Translation reserves. Such differences are transferred to profit and loss in the event of the disposal or liquidation of all or part of the holding in the foreign entity. 2.5 Goodwill valuation differences On the date that control of a new entity is acquired, the assets, liabilities and contingent operating liabilities are measured at their fair value. Valuation differences between the carrying amount and the fair value are recognised. Goodwill In compliance with IFRS 3 (revised), on the date that control of a new entity is acquired, those identifiable assets, liabilities and contingent liabilities of the acquiree meeting criteria for recognition under IFRS are measured at fair value on the date of acquisition, except for non-current assets classified as assets held for sale, which are recognised at the lowest of fair value less costs to sell and carrying amount. IFRS 3 (revised) permits goodwill to be recognised on a full basis or on a proportional basis, the choice being available for each business combination. In the first case, non-controlling interests are measured at fair value (so-called total goodwill method), while under the second they are measured at their proportionate interest in the value of the assets and liabilities of the acquiree (partial goodwill method). If goodwill is positive, it is recorded as an asset, and if it is negative, it is recognised immediately in profit or loss, under Changes in goodwill. If there is an increase (decrease) in the group s percentage holding in a controlled entity, the difference between the acquisition cost (sale price) of the securities and the share of consolidated shareholders equity represented by such securities on the date of acquisition (date of sale) is recognised in shareholders equity. 135 Annual Report 2013

Financial Statements Notes The group regularly (at least once each year) tests goodwill for impairment. These tests are intended to ensure that goodwill has not experienced any impairment. If the recoverable value of the cash-generating unit (CGU) to which the goodwill is allocated is less than its carrying amount, the difference is recognised as an impairment. This impairment, recognised in profit and loss, is irreversible. Practically speaking, the CGUs correspond to the various business lines as used by management to oversee the group s activity. NOTE 3: ACCOUNTING POLICIES AND METHODS International Financial Reporting Standards (IFRS) offer a choice of accounting methods in certain areas. The main options adopted by the group are as follows: - The group has measured at fair value certain liabilities issued by the enterprise that are not included in a trading portfolio. - The group has applied the eligibility for fair-value hedging relationships of macro-hedging transactions entered into in the context of the asset-liability management of fixed-rate positions (notably including customer demand deposits) authorised by EU Regulation 2086/2004. - The group has availed itself of the amendment to IAS 39 issued in October 2008 permitting the reclassification of some financial instruments from the fair-valuethrough-profit-or-loss category to loans and receivables or assets held to maturity. Note that reclassifications to available-for-sale assets are also permitted (see Note 3.4). 3.1 Loans and receivables Loans and receivables are fixed or determinable-income financial assets not listed on an active market, which are not intended for sale when acquired or granted. They include loans granted directly or the bank s share of syndicated loans, loans acquired and unlisted debt securities. When first recorded on the balance sheet, they are recognised at their fair value, which is generally the net amount disbursed. The rates applied are presumed to be market rates in that the rate scales are constantly adjusted as a function, in particular, of the rates applied by the large majority of competitor institutions. At subsequent period ends, the outstandings are measured at their amortised cost using the effective interest rate method (other than those recognised using the fair value by option method). A restructuring considered as arising from financial difficulties experienced by the debtor entails novation of the contract. Following the definition of this concept by the European Banking Authority in the draft Implementing Technical Standards published at the end of October 2013, the group is preparing to implement this in its information system in order to harmonise the accounting and prudential definitions. All commissions received or paid relating directly to the setting in place of the loan and in the nature of interest are spread over the life of the loan in accordance with the effective interest rate method and are recorded in the income statement as an interest item. The fair value of loans and receivables is disclosed in the notes to the financial statements on each closing date: it comprises the present value of projected future cash flows discounted using a zero-coupon interest rate curve, which includes the signature cost inherent to the debtor. 3.2 provisions for impairment of LOANS and receivables and for financing commitments and guarantee commitments Individual provisions for impairment of loans and receivables Impairment is recognised once there is objective evidence of the existence of an event or events occurring subsequent to the granting of the loan or group of loans likely to generate a loss. An analysis is performed on a contract-bycontract basis at each period end. The amount of impairment is equal to the difference between the carrying amount and the present value of the projected future cash flows discounted at the original effective interest rate on the loan, taking into account any guarantees. For variable-rate loans, the last known contractual rate is used. The existence of unpaid past due amounts for more than three months (or six months for mortgages and local governments) or of current accounts that have been noncompliant for more than three months represents objective evidence of a loss event. Similarly, an objective indication of loss is identified when it is probable that the debtor will not be able to repay all the amounts due, when a default event has taken place or in the event of a court-ordered liquidation. Impairment losses and provisions are recognised as a component of the cost of risk. When reversed, impairment losses and provisions are treated as a reduction in the cost of risk with the exception of the portion relating to the impact of the passage of time, which is recognised in the interest margin. The provision is deducted from loans 136 Crédit Mutuel Group

and receivables when it relates to impaired assets and is recognised as a liability under provisions for risks when it relates to loan and guarantee commitments (see Note 3.9). Irrecoverable receivables are written off and the corresponding provisions are written back. General provisions for impairment of loans and receivables All loans to customers not written down for impairment on an individual basis are grouped together into homogenous pools of exposures. Exposures at risk are subject to an impairment provision based on the actual loss rate and the probability of default to maturity observed internally or externally, applied to the loan outstandings. This provision is recognised as a deduction from the corresponding assets in the balance sheet and changes during the period are recognised in the cost of risk in profit or loss. 3.3 Leases A lease is an agreement under which the lessor grants to the lessee, for a pre-determined period, the right to use an asset in exchange for a payment or series of payments. A finance lease is a lease under which virtually all of the risks and benefits inherent in the ownership of an asset are transferred to the lessee. Ownership of the asset may or may not eventually be transferred. An operating lease is any lease that is not a finance lease. Finance leases lessor In accordance with IAS 17, finance lease transactions with non-group companies are reported on the consolidated balance sheet at their financial accounting amount. Analysis of the economic substance of transactions results, in the accounts of the lessor, in: - recognition of a financial receivable due from the customer, amortised by the lease payments received; - breakdown of the lease payments between interest and the amortisation of the principal, known as financial amortisation; - recognition of a net unrealised reserve, equal to the difference between: the net financial outstanding: the amount due by the lessee, comprising the remaining capital due and accrued interest at the closing date; the net carrying amount of the leased non-current assets; the deferred tax provision. In accordance with IAS 17, the non-current assets concerned are recorded on the balance sheet as assets and the borrowing from credit institutions is recorded as a liability. Lease payments are broken down between interest expense and repayment of principal. 3.4 Securities Determination of fair value of financial instruments Fair value is the amount for which an asset could be sold, or a liability transferred, between knowledgeable, willing parties in an arm s length transaction. On initial recognition of a financial instrument, fair value is generally the transaction price. When measured subsequently, fair value must be determined. The measurement method applied varies depending on whether the financial instrument is traded in a market considered as active or not. Financial instruments traded in an active market When financial instruments are traded in an active market, fair value is determined by reference to their quoted price as this represents the best possible estimate of fair value. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker or pricing service, and those prices represent actual market transactions regularly occurring on an arm s length basis. Financial instruments not traded in an active market When the market is not active, market prices may be used as an element in determining fair value, but cannot be the overriding element. When there is no observable data or when adjustments to market prices require reliance to be placed on nonobservable data, the entity may use internal assumptions regarding future cash flows and discount rates, comprising adjustments for risks in the same way as the market would. These valuation adjustments are used, notably, to integrate risks that would not be captured by the model, liquidity risks associated with the instrument or parameter concerned, and specific risk premiums intended to offset any additional costs resulting from a dynamic management strategy associated with the model in certain market conditions. When determining valuation adjustments, each risk factor is considered individually, without allowance for 137 Annual Report 2013

Financial Statements Notes any diversification effect for risks, parameters or models of a different nature. A portfolio approach is most often used for a given risk factor. Observable market data is used when this data reflects the reality of a transaction in an arm s length exchange and there is no need for material adjustments to the valuation obtained in this way. Otherwise, the group uses non-observable data, applying a mark-to-model approach. In all instances, the adjustments made by the group are reasonable and appropriate, with reliance placed on judgement. Fair value hierarchy A three-level hierarchy is used for fair value measurement: - Level 1: quoted prices in active markets for identical assets or liabilities; this notably concerns debt securities quoted by at least three contributors, and derivatives quoted on an organised market; - Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability in question, either directly (i.e. as prices) or indirectly (i.e. derived from prices); this level includes notably interest rate swaps for which fair value is determined with the help of yield curves produced on the basis of market interest rates at the balance sheet date; and - Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs); this category includes notably non-consolidated participating interests held (via venture capital entities or not) as part of the market activities, debt securities quoted by a sole contributor, and derivatives valued using mainly non-observable parameters. Given the diverse nature and quantity of the instruments valued as Level 3, the calculation of fair value sensitivity to changes in the valuation parameters would not provide meaningful information. Classification of securities Securities may be classified in one of the following categories: - financial assets at fair value through profit or loss; - available-for-sale financial assets; - held-to-maturity financial assets; or - loans and receivables. Classification in one or other of these categories reflects the group s management intention and determines how a particular financial asset is recognised and measured in the financial statements. Financial assets and financial liabilities at fair value through profit or loss Classification criteria and transfer rules Securities are classified in this category when acquired for the purpose of selling them in the near term or because, upon initial recognition, they were designated as at fair value through profit or loss. a) Instruments held for trading Securities are classified as held for trading if they were acquired principally for the purpose of selling them in the near term or if they are part of a globally managed portfolio for which there is evidence of a recent actual pattern of short-term profit-taking. Market conditions may prompt the group to review the investment strategy and management intention for these securities. When it would be untimely to sell securities purchased initially for the purpose of selling them in the near term, these securities may be reclassified in accordance with the provisions of the amendments to IAS 39 issued in October 2008. Transfers to financial assets available for sale or to financial assets held to maturity are permitted in exceptional circumstances. Transfers to loans and receivables are permitted when the group has the positive intention and ability to hold these securities over the foreseeable future or until their maturity, and when assets transferred meet the criteria for recognition as loans and receivables, in particular the requirement that they not be quoted in an active market. These portfolio transfers are intended to better reflect the current management intention for these instruments and to reflect more faithfully their impact on the group s results. b) Instruments designated at fair value through profit or loss Financial instruments may be designated as at fair value through profit or loss upon initial recognition. Once designated as such, financial instruments cannot be reclassified. This classification is permitted in the following circumstances: - financial instruments containing one or several separable embedded derivatives; - instruments for which the accounting treatment would be inconsistent with that applied to another related instrument, were the fair value option not applied; and - instruments belonging to a pool of financial assets measured and accounted for at fair value. The group has used this option in particular for unit-linked insurance policies, for consistency with the treatment applied to liabilities, and for private equity securities and certain liabilities issued that contain embedded derivatives. 138 Crédit Mutuel Group

Basis for the measurement and recognition of income and charges Securities classified as assets and liabilities at fair value through profit or loss are recognised on the balance sheet at fair value when they are first recorded and at all subsequent balance sheet dates until such time as they are disposed of. Changes in fair value and income received or accrued on fixed-income securities classified in this category are recorded in profit or loss under Net gains (losses) on financial instruments at fair value through profit or loss. Purchases and sales of securities measured at fair value through profit or loss are recognised on the settlement date. Changes in fair value between the transaction and settlement dates are recognised in profit or loss. If there is a transfer to one of the three other categories, the asset s fair value on the transfer date is treated subsequently as representing cost or amortised cost. No gain or loss recognised prior to transfer may be reversed. Financial assets available for sale Classification criteria and transfer rules Available-for-sale financial assets comprise financial assets not classified as loans and receivables, as held-to-maturity financial assets, nor as at fair value through profit or loss. Fixed-income securities may be reclassified as: - held-to-maturity financial assets if there is a change in management intention, providing these assets meet the classification criteria for this category. - Loans and receivables if there is a change in management intention and a positive intention and ability to hold these securities over the foreseeable future or until their maturity, providing these assets meet the classification criteria for this category. Basis for measurement and recognition of income and charges These assets are recognised on the balance sheet at fair value when they are acquired and at subsequent balance sheet dates until such time as they are disposed of. Changes in fair value are recorded in shareholders equity under a specific heading entitled Unrealised or deferred gains or losses, excluding accrued income. Unrealised gains or losses recognised in shareholders equity are recognised in profit or loss only when the assets are disposed of or when evidence of permanent impairment is observed. On disposal, the unrealised gains or losses previously recognised in shareholders equity are transferred to profit or loss under Net gains (losses) on available-for-sale financial assets, together with the gain or loss on disposal. Purchases and sales of securities are recognised on the settlement date. If securities with a fixed maturity are transferred out to held-to-maturity financial assets or to loans and receivables, and in the absence of impairment losses, unrealised gains or losses previously recognised directly to equity are reversed over the residual life of the asset. If securities with no fixed maturity are transferred out to loans and receivables, unrealised gains or losses previously recognised directly to equity are maintained in equity until the sale of the securities. Income accrued or received on fixed-income securities is recognised in profit or loss using the effective interest method under Interest and similar income. Dividends received on variable-yield securities are recorded in profit or loss under Net gains (losses) on available-for-sale financial assets. Impairment and credit risk a) Lasting diminution in the value of shares and other equity instruments Impairment losses are recognised in respect of variableincome financial assets classified as available for sale in the event of a prolonged or material decline in fair value relative to cost. In the case of variable-income securities, Crédit Mutuel considers that a loss in the value of an instrument relative to its acquisition cost of 50% or more or a over a period of 36 consecutive months triggers the recognition of an impairment loss. Impairment testing is carried out on a line by line basis. Judgement is also exercised for securities not meeting the aforementioned criteria when management estimates that the recovery of the amount invested cannot be expected reasonably in the near future. The probable loss is recognised in profit and loss under «Net gains (losses) on available-for-sale financial assets». Any subsequent impairment is also recognised in profit and loss. Losses for permanent impairment of shares and other equity instruments recorded in profit and loss may not be reversed as long as the instrument is carried on the balance sheet. Any subsequent appreciation is recognised to equity under Unrealised or deferred gains and losses. b) Impairment losses in respect of credit risk Impairment losses relating to fixed-income securities available for sale (mainly bonds) are recognised under Cost of risk. The existence of a credit risk alone justifies 139 Annual Report 2013

Financial Statements Notes recognising impairment losses against fixed-income securities; a decline in value due simply to an increase in interest rates does not. In the event an impairment loss is recognised, all accumulated unrealised losses taken to equity must be reversed to profit or loss. Impairment losses may be reversed. Any subsequent appreciation resulting from an event occurring since the recognition of the impairment is also recognised to profit or loss under Cost of risk when there has been an improvement in the borrower s credit situation. Held-to-maturity financial assets Classification criteria and transfer rules Held-to-maturity financial assets are securities with fixed or determinable payments and a fixed maturity, and which the Crédit Mutuel group has the positive intention and ability to hold to maturity. Transactions to hedge the interest rate risk in respect of this category of securities are not eligible for hedge accounting under IAS 39. Moreover, possibilities for selling or transferring held-tomaturity securities are extremely restricted under IAS 39 which, on failure to comply and depending on the circumstances, may require the entire portfolio to be reclassified at the level of the group and prohibit the use of this category for two years. Basis for measurement and recognition of income and charges Held-to-maturity securities are recognised at fair value when acquired. Subsequently they are measured at amortised cost using the effective interest rate method, which factors in the amortisation of any premiums, discounts and, if material, acquisition costs. Purchases and sales of securities are recognised on the date of settlement. Income received from these securities is recorded under Interest and similar income in profit or loss. Credit risk An impairment loss is recognised when there is objective evidence that the asset is impaired as a result of one or more events having occurred after initial recognition of the asset and when this could generate a loss (proven credit risk). Impairment testing is carried out at each balance sheet date for each security in turn. The amount of the loss is measured as the difference between the asset s carrying amount and the present value of estimated cash flows discounted at the asset s original effective interest rate, taking into account any guarantees. The impairment loss is recognised to profit or loss under Cost of risk. Any subsequent appreciation resulting from an event having occurred since the recognition of the impairment loss is also recognised to profit or loss under Cost of risk. Loans and receivables Classification criteria and transfer rules IAS 39 authorises certain securities to be classified as loans and receivables when they have fixed or determinable payments and they are not quoted in an active market. Classification as loans and receivables may take place upon initial recognition of the securities or upon their transfer from financial assets at fair value through profit or loss or from available-for-sale securities, pursuant to the amendment to IAS 39 of October 2008. Basis for measurement and recognition of income and charges Loans and receivables are recognised initially at fair value. Subsequently they are accounted for and measured in accordance with the rules applied to loans and receivables described in Note 3.1 dealing with loans and receivables. Credit risk An impairment loss is recognised when there is objective evidence that the asset is impaired as a result of one or more events having occurred after initial recognition of the asset and when this could generate a loss (proven credit risk). The amount of the loss is measured as the difference between the asset s carrying amount and the present value of estimated cash flows discounted at the asset s effective interest rate, taking into account any guarantees. The impairment loss is recognised to profit or loss under Cost of risk. Any subsequent appreciation resulting from an event having occurred since the recognition of the impairment loss is also recognised to profit or loss under Cost of risk. 3.5 Derivatives and hedge ACCOUNTING Determination of fair value of derivatives The majority of over-the-counter derivatives, swaps, future rate agreements, caps, floors and simple options are valued using standard, generally accepted models (present value of future cash flows, Black and Scholes model, interpolation techniques), based on observable market data such as yield curves. The valuations given by these models are adjusted to take into account the 140 Crédit Mutuel Group

liquidity risk and the credit risk associated to the model in given market conditions and the counterparty risk captured by the positive fair value of over-the-counter derivatives. The latter includes the specific counterparty risk in the negative fair value of the over-the-counter derivatives. When determining valuation adjustments, each risk factor is considered individually, without allowance for any diversification effect for risks, parameters or models of a different nature. A portfolio approach is most often used for a given risk factor. Derivatives are recognised as financial assets when their market value is positive and as financial liabilities when their market value is negative. Classification of derivatives and hedge accounting Derivatives classified as financial assets or financial liabilities at fair value through profit or loss All derivatives not designated as hedging instruments under International Financial Reporting Standards are automatically classified as financial assets or financial liabilities at fair value through profit or loss, even when for financial purposes they were entered into to hedge one or more risks. Embedded derivatives An embedded derivative is a component of a hybrid instrument that, when separated from its host contract, meets the definition criteria for a derivative. It has the effect, notably, of changing certain cash flows in a manner analogous to that of a stand-alone derivative. The derivative is detached from the host contract and recognised separately as a derivative instrument at fair value through profit or loss only if all of the following conditions are satisfied: - it meets the definition of a derivative instrument; - the hybrid instrument hosting the embedded derivative is not measured at fair value through profit or loss; - the economic characteristics of the derivative and the associated risks are not considered as being closely related to those of the host contract; and - separate measurement of the embedded derivative is sufficiently reliable to provide relevant information. Accounting Realised and unrealised gains and losses are recognised to profit or loss under Gains and losses on financial instruments at fair value through profit or loss. Hedge accounting IAS 39 provides for three types of hedging relationship. The choice of the hedging relationship is made according to the nature of the risk being hedged. A fair value hedge is a hedge of the exposure to changes in the fair value of financial assets or financial liabilities. A cash flow hedge is a hedge of the exposure to the variability in cash flows of financial assets or financial liabilities, firm commitments or forward transactions. Hedges of net investments in foreign operations, which are accounted for in the same way as cash flow hedges, are not used by the group. Hedging derivatives must meet the criteria stipulated by IAS 39 to be designated as hedging instruments for accounting purposes. The hedging instrument and the hedged item must both qualify for hedge accounting. The relationship between the instrument covered and the hedging instrument is documented formally immediately upon inception of the hedging relationship. This documentation includes the risk management objectives of the hedging relationship, as determined by management, the nature of the risk hedged, the underlying strategy, the identification of the hedging instrument and of the item hedged, and the methods used to measure the effectiveness of the hedge. Hedge effectiveness must be proved immediately upon inception of the hedging relationship and subsequently throughout its life, at the very least at each balance sheet date. Changes in the fair value or cash flows of the hedging instrument must approximately offset changes in the fair value or cash flows of the hedged item. Actual results must be within a range of 80% to 125%. If this is not the case, hedge accounting is discontinued prospectively. Fair value hedge of identified assets and liabilities In the case of a fair value hedge, derivatives are measured at their fair value as an offset to profit or loss in Net gains (losses) on financial instruments at fair value through profit or loss symmetrically to the revaluation in profit or loss of the hedged items carried out in connection with the hedged risk. This rule is also applied if the hedged item is recognised at its amortised cost or in the case of a financial asset classified as available for sale. Changes in the fair value of the hedging instrument and hedged risk 141 Annual Report 2013

Financial Statements Notes component will offset each other partially or totally; only the ineffective portion of the hedge is recognised in profit or loss. The portion corresponding to the rediscounting of the derivative financial instrument is recognised in profit or loss under Interest income and charges symmetrically to the interest income or charges for the hedged item. If the hedging relationship is interrupted or the effectiveness criteria are not met, hedge accounting is discontinued on a prospective basis. The hedging derivatives are transferred to financial assets or financial liabilities at fair value through profit or loss and are accounted for in accordance with the principles applicable to this category. The carrying amount of the hedged item is subsequently no longer adjusted to reflect changes in fair value. In the case of initially hedged identified interest rate instruments, valuation adjustments are amortised over their remaining life. If the hedged item has been derecognised, due notably to early repayments, the cumulative adjustments are recognised immediately in profit or loss. The group has availed itself of the possibilities offered by the European Commission as regards accounting for macro-hedging transactions. The European Union s so-called carve out amendment to IAS 39 enables customer demand deposits to be included in hedged fixed-rate liability portfolios with no effectiveness measurement if under-hedged. The maturities of demand deposits are established as a function of the run-off rules defined for asset-liability management purposes. For each portfolio of fixed-rate financial assets or liabilities, the maturity schedule of the hedging derivatives is reconciled with that of the hedged items to ensure that there is no over-hedging. The accounting method for fair value macro-hedging derivatives is the same as for fair value hedges. Changes in the fair value of the hedged portfolios are recorded in a specific line of the balance sheet, Revaluation difference on portfolios hedged for interest rate risk, the other side of the entry being to profit or loss. Cash flow hedges In the case of cash flow hedging relationships, the derivatives are re-measured in shareholders equity on the balance sheet at their fair value for the portion considered effective while the portion considered as ineffective is recorded in profit or loss under Net gains (losses) on financial instruments at fair value through profit or loss. Amounts recorded in shareholders equity are reversed through profit or loss under Interest income and charges symmetrically to the flows of the hedged item affecting profit or loss. The hedged items continue to be recognised in accordance with the rules specific to their accounting category. If the hedging relationship is interrupted or the effectiveness criteria are not met, hedge accounting ceases to be applied. The cumulative amounts recorded in shareholders equity for the re-measurement of the hedging derivative are maintained in shareholders equity until such time as the hedged transaction itself affects profit or loss or when it is determined that the transaction will not take place. These amounts are then transferred to profit or loss. If the hedged item has been derecognised, the cumulative amounts recorded in shareholders equity are immediately transferred to profit or loss. 3.6 Debt securities Debt securities (certificates of deposit, interbank market securities, bonds, etc.) that are not classified at fair value through profit or loss by option are recognised initially at their issue amount, when applicable net of transaction costs. These securities are subsequently measured at amortised cost using the effective interest rate method. 3.7 Subordinated debt Both dated and undated subordinated debt is separated from other debt securities as, in the event of the issuer s liquidation, it is repaid only after claims by other creditors have been extinguished. Subordinated debt is measured at amortised cost. 3.8 Distinction between liabilities and shareholders equity In accordance with IFRIC 2, the interests of members are classified as shareholders equity if the entity has the unconditional right to refuse to redeem such interests, or if there are legal or statutory provisions that prohibit or significantly limit such redemption. Under existing articles of association and applicable legal provisions, shares issued by the structures making up the consolidating entity of the Crédit Mutuel group are recognised under shareholders equity. The other financial instruments issued by the group qualify for accounting purposes as debt instruments if the group has a contractual obligation to deliver cash to the holders of such instruments. This is the case, in particular, for all the subordinated securities issued by the group. 142 Crédit Mutuel Group

3.9 Provisions Provisions and reversals of provisions are classified by type under the corresponding item of income or expenditure. A provision is set aside whenever it is probable that an outflow of resources representing economic benefits will be necessary to extinguish an obligation arising from a past event and when the amount of the obligation can be estimated accurately. Where applicable, the net present value of this obligation is calculated to determine the amount of the provision to be set aside. The provisions constituted by the group cover, in particular: - operating risks; - employee obligations (see Note 3.12); - execution risks on signature commitments; - legal disputes and liability guarantees; - tax risks; and - risks related to home savings (see Note 3.10). 3.10 Amounts due to CUSTOMERS and credit institutions These are fixed- or determinable-rate financial liabilities. They are initially recognised at fair value and measured at subsequent balance sheet dates at amortised cost using the effective interest rate method, except in the case of those recognised at fair value by option. Home savings accounts Home savings accounts (comptes épargne logement - CEL) and home savings schemes (plans épargne logement - PEL) are French regulated products available to individual customers. These products provide retail investors with interest-bearing savings vehicles during a first phase, and grant them access to a mortgage during a second phase. They generate two kinds of commitments for the establishments that distribute them: a commitment to pay a fixed rate of interest in the future on the savings (solely for home savings schemes, as the interest rate on home savings accounts is comparable to a variable rate and is periodically revised in accordance with an indexation formula); a commitment to extend a loan based on pre-determined conditions to customers who request one (both products). These commitments are estimated on the basis of customer behavioural statistics and market data. A provision is set aside on the liability side of the balance sheet to cover future charges related to the potentially disadvantageous conditions of these products in comparison with the interest rates offered to individual customers for products that are similar but whose remuneration is not regulated. This approach is carried out by homogeneous generation in terms of the regulated conditions for both home savings accounts and home savings schemes. The impact on profit or loss is recorded as interest paid to customers. 3.11 Cash and cash equivalents Cash and cash equivalents comprise cash in hand, deposits and demand loans and borrowings with central banks and credit institutions. For cash flow statement purposes, UCITS are classified as an operating activity and are not therefore reclassified as cash. 3.12 Employee benefits The group elected for the early application of IAS 19 (revised) last year. Where applicable, provisions are recognised in respect of employee obligations under Provisions for risks and charges. Changes in such provisions are recognised in profit or loss under Staff costs, except for amounts representing actuarial differences, which are recognised directly in equity as unrealised or deferred gains or losses. Post-employment defined benefit plans These comprise retirement, early retirement and supplementary retirement plans under which the group has a formal or implicit obligation to provide employees with pre-defined benefits. These obligations are calculated using the projected unit credit method, which involves allocating entitlement to benefits to periods of service by applying the contractual formula for calculating plan benefits. Such entitlements are then discounted using demographic and financial assumptions such as: - a discount rate, determined by reference to the rate on long-term private-sector borrowings as a function of the term of the commitments; - the rate of salary increases, assessed as a function of age brackets, manager/non-manager classification and regional characteristics; - inflation rates, estimated by comparing French treasury bond rates and inflation-linked French treasury bond rates at different maturities; - staff turnover rates, determined by age bracket, using the three-year average for the ratio of resignations and dismissals relative to the year-end number of employees with permanent contracts; 143 Annual Report 2013

Financial Statements Notes - retirement ages: estimated on a case-by-case basis using the actual or estimated date of commencement of full-time employment and the assumptions set out in the law reforming pensions, with a ceiling set at 67 years of age; and - life expectancy rates set out in INSEE table TH/TF 00-02. Differences arising from changes in these assumptions and from differences between previous assumptions and actual experience constitute actuarial differences. When the plan is funded by assets, these are measured at fair value and recognised in the income statement for their expected yield. Differences between actual and expected yields also constitute actuarial differences. Actuarial differences are recognised as unrealised or deferred gains or losses directly in equity. Any plan curtailments or terminations generate a change in the obligation, which is recognised immediately in profit or loss. Post-employment defined contribution plans Group entities contribute to various retirement plans managed by independent organisations, to which they have no formal or implicit obligation to make supplementary payments in the event, notably, that the fund s assets are insufficient to meet its commitments. As such plans do not represent a commitment for the group they are not subject to a provision. The charges are recognised in the period in which the contribution is due. Other long-term benefits These represent benefits other than post-employment benefits and end-of-service indemnities expected to be paid more than 12 months after the end of the financial year in which staff rendered the corresponding service. They include, for example, long-service awards. The group s commitment in respect of other long-term benefits is measured using the projected unit credit method. Actuarial differences are recognised immediately in profit or loss. Certain commitments in respect of long-service awards are covered by insurance policies. Only the portion not covered is provisioned. End-of-contract indemnities These indemnities consist of benefits granted by the group when an employment contract is terminated before the usual retirement age or following the employee s decision to leave the group voluntarily in exchange for an indemnity. End-of-contract indemnity provisions are discounted if payment is expected to be made more than 12 months after the balance sheet date. Short-term benefits These are benefits, other than end-of-contract indemnities, payable within the 12 months following the closing date and include salaries, social security contributions and certain bonuses. A charge is recognised in respect of short-term benefits in the period in which the services giving rise to the entitlement to the benefit are provided to the entity. 3.13 Insurance activities The accounting principles and measurement rules relating to assets and liabilities arising from the writing of insurance policies, including inwards and outwards reinsurance, and financial contracts that include a discretionary profit-sharing clause, are in accordance with IFRS 4. Other assets held and liabilities issued by fully-consolidated insurance companies are recognised in accordance with the rules applicable to all assets and liabilities of the group. Assets For financial assets, investment properties and non-current assets, the accounting methods applied are those described in these notes. By way of an exception to the above, financial assets representing technical provisions relating to contracts denominated in units of account are presented under Financial assets at fair value through profit or loss. Liabilities Insurance liabilities representing commitments towards policyholders or designated beneficiaries are presented under Technical provisions for insurance contracts. They continue to be valued, recognised and consolidated applying French accounting standards. Technical provisions for insurance contracts consist mainly of mathematical provisions. As a rule, these provisions correspond to the redemption value of the contracts. The main risks covered by these contracts are death, disability and industrial disablement (for loan insurance). Technical provisions for unit-linked contracts are measured, at the balance sheet date, by reference to the realisable value of the contracts underlying assets. 144 Crédit Mutuel Group

Technical provisions for non-life insurance contracts correspond to unearned premiums (i.e. premiums written relating to future accounting periods) and to claims payable. Mirror accounting is applied to insurance contracts providing for the discretionary sharing of profits with policyholders. The provision for deferred profit-sharing resulting from the application of this method represents the share of unrealised gains and losses on assets accruing to the policyholders. Provisions for deferred profit-sharing are shown under assets or liabilities by each legal entity and are not netted off between entities in the consolidation scope. When on the asset side, they are reported under a separate heading. At the balance sheet date, a test is performed to determine if the liabilities recognised in connection with the contracts (net of other related assets and liabilities such as deferred acquisition costs and portfolio securities acquired) are adequate to cover estimated future cash flows at that date. Any shortfall in technical provisions is recognised in profit or loss for the period, and may subsequently be reversed if appropriate. When a non-current asset comprises several components likely to be replaced at regular intervals, with different uses or providing economic benefits over differing lengths of time, each component is recognised separately from the outset and is depreciated or amortised in accordance with its own depreciation schedule. The component approach is applied to both operating and investment properties. The depreciable or amortisable value of a non-current asset is determined after deducting its residual value net of disposal costs. As the useful life of non-current assets is generally equal to their expected economic life, residual values are not recognised. Non-current assets are depreciated or amortised over their estimated useful lives at rates reflecting the estimated consumption of the assets economic benefits by the entity owning the assets. Intangible assets with an indefinite useful life are not amortised. Depreciation and amortisation charges on operating non-current assets are recognised under Provisions, amortisation and depreciation for operating non-current assets in profit or loss. Income statement Income and expenses arising from insurance contracts issued by the group are reported under Income from other activities and Expenses on other activities. Income and expenses arising from proprietary activities carried on by insurance entities are reported under the headings corresponding to the nature of the transactions. 3.14 Non-current assets Non-current assets reported on the balance sheet include property, plant and equipment and intangible assets used in operations as well as investment properties. Operating non-current assets are used for the production of services or for administrative purposes. Investment properties are property assets held to generate rental income and/or gains on the invested capital. The historical cost method is used to recognise both operating and investment properties. Non-current assets are initially recognised at acquisition cost plus any directly attributable costs required to bring them into working order with a view to their use. They are subsequently measured at amortised historical cost, i.e. their cost less accumulated depreciation and amortisation and any impairment. Depreciation charges on investment properties are recognised under Expenses on other activities in profit or loss. The following depreciation and amortisation periods are used: Property, plant and equipment: - Land improvements: 15-30 years - Buildings shell: 20-80 years (depending on the type of building) - Buildings equipment: 10-40 years - Fixtures and fittings: 5-15 years - Office furniture and equipment: 5-10 years - Safety equipment: 3-10 years - Vehicles and moveable equipment: 3-5 years - IT hardware: 3-5 years Intangible assets: - Software purchased or developed internally: 1-10 years - Business goodwill acquired: 9-10 years (if customer contract portfolio acquired) Depreciable non-current assets are tested for impairment at each period end whenever there is evidence of loss of value. Non-depreciable non-current assets such as lease rights are tested for impairment once a year. 145 Annual Report 2013

Financial Statements Notes If evidence of impairment is found, the asset s recoverable amount is compared with its net carrying amount. In the event of a loss of value, impairment is recognised in profit or loss, thus modifying the basis for future depreciation. Impairment losses are reversed if there is an improvement in the estimated recoverable value or there is no longer any evidence of impairment. The net carrying amount following the reversal of an impairment provision cannot exceed the net carrying amount that would have been calculated if the impairment had not been recognised. Impairment charges and reversals on operating non-current assets are recognised under Provisions, amortisation and depreciation for operating non-current assets in profit or loss. Impairment charges and reversals on investment properties are recognised in profit or loss under Charges on other activities and Income from other activities, respectively. Gains or losses on disposals of operating non-current assets are recorded in profit or loss on the line Net gains (losses) on other assets. Gains or losses on disposals of investment properties are recorded in profit or loss on the lines Income from other activities and Charges on other activities, respectively. The fair value of investment properties is disclosed in the notes to the financial statements at the end of each financial year. It is based on the market value determined by appraisals carried out by independent valuers (Level 2). 3.15 Fees and commissions Fees and commissions in respect of services are recorded as income and charges according to the nature of the services involved. Fees and commissions linked directly to the grant of a loan are amortised (see Note 3.1). Fees and commissions remunerating a service provided on a continuous basis are recognised to profit or loss over the period during which the service is provided. Fees and commissions remunerating a significant service are recognised to profit or loss in full upon execution of the service. 3.16 Corporation tax The income tax charge includes all tax, both current and deferred, chargeable in respect of the income for the period under review. Current income taxes are determined in accordance with applicable tax regulations. The Territorial Economic Contribution (Contribution Economique Territoriale CET), which is composed of the Business Real Property Contribution (Cotisation Foncière des Entreprises - CFE) and the Business Contribution on Added Value (Cotisation sur la Valeur Ajoutée des Entreprises - CVAE), is treated as an operating charge and, accordingly, the group does not recognise any deferred taxes in the consolidated financial statements. Deferred tax As required by IAS 12, deferred taxes are calculated in respect of temporary differences between the carrying value on the consolidated balance sheet of an asset or liability and its tax value, with the exception of goodwill. Deferred taxes are calculated using the liability method, applying the corporation tax rate known at the end of the period and applicable to subsequent years. Deferred tax assets net of deferred tax liabilities are recorded only when there is a high probability that they will be utilised. Current or deferred tax is recognised as income or a charge, except for that relating to unrealised or deferred gains or losses recognised in shareholders equity, for which the deferred tax is allocated directly to shareholders equity. Deferred tax assets and liabilities are netted if they arise in the same entity or in the same tax group, are subject to the same tax authority and if there is a legal right of set off. Deferred tax is not discounted. 3.17 Interest payable by the State on CERTAIN LOANS In the context of government measures to assist the agricultural and rural sector, and to assist with home purchases, certain group entities grant loans at reduced rates that are set by the State. Such entities therefore receive State subsidies equivalent to the differential between the interest rate granted to the customer and a pre-determined benchmark rate. Accordingly, no discount is applied to these subsidised loans. The terms and conditions of this compensation mechanism are periodically reviewed by the State. 146 Crédit Mutuel Group

The State subsidies received are recognised under Interest and similar income and spread over the term of the relevant loans, in accordance with IAS 20. fair value through profit or loss, or under Unrealised or deferred gains or losses if the item is classified under available-for-sale financial assets. 3.18 Financial guarantees and financing commitments A financial guarantee is treated as an insurance policy if it provides for a specific payment to be made to reimburse the holder of the guarantee for a loss incurred as the result of the failure of a specific debtor to make a payment on maturity of a debt instrument. When consolidated securities denominated in a foreign currency are funded by a borrowing in the same foreign currency, the future cash flows relating to the borrowing are hedged. 3.20 Non-current ASSETS CLASSIFIED as held for sale and discontinued operations In accordance with IFRS 4, such financial guarantees continue to be measured using French accounting standards, i.e. they are treated as off-balance sheet items, until such time as the current standards are revised. Accordingly, they are subject to a provision for liabilities if an outflow of resources is probable. By contrast, financial guarantees requiring a payment to be made in the event of a change in a financial variable (price, rating, credit index, etc.) or a non-financial variable, provided that in such a case the variable is not specific to one of the parties to the contract, are covered by IAS 39 and are therefore treated as derivative instruments. Financing commitments that are not considered as derivatives within the meaning of IAS 39 are not shown on the balance sheet. However, they give rise to provisions in accordance with the provisions of IAS 37. 3.19 TRANSACTIONS denominated in foreign currencies Non-current assets, or groups of assets, are classified as held for sale if they are available for sale and provided a sale is highly probable and likely to be completed within the next 12 months. The related assets and liabilities are presented on two distinct balance sheet lines under, respectively, Non-current assets classified as held for sale and Liabilities directly associated with non-current assets classified as held for sale. They are recognised at the lower of their carrying amount and their fair value less the costs to sell, and are no longer depreciated or amortised. Any recognised impairment loss on such assets and liabilities is recognised to profit and loss. Discontinued operations are a component of an entity that either has ceased to trade or is classified as held for sale, or correspond to a subsidiary acquired exclusively with a view to resale. They are shown on a separate line of profit or loss under Gains and losses on discontinued operations, net of tax. Financial assets and financial liabilities denominated in a currency other than the local currency are translated at the exchange rate ruling on the balance sheet date. 3.21 Judgements and ESTIMATES used in preparation of the financial STATEMENTS Monetary financial assets and liabilities Foreign exchange gains and losses arising on the translation of monetary assets and liabilities are recognised in profit or loss under Net gains (losses) on portfolios at fair value through profit or loss. Non-monetary financial assets and liabilities Foreign exchange gains and losses arising on the translation of non-monetary assets and liabilities are recognised in profit or loss under Net gains (losses) on portfolios at fair value through profit or loss if the item is classified as at The preparation of the group s financial statements necessitates the formulation of assumptions in order to effect the required measurements, which carries risks and uncertainties concerning these assumptions future realisation. The future outcome of such assumptions may be influenced by several factors, in particular: the activities of national and international markets; changes in interest rates and foreign exchange rates; economic and political conditions in certain business sectors or countries; and regulatory and legislative changes. 147 Annual Report 2013

Financial Statements Notes Accounting estimates requiring the formulation of assumptions are used mainly for measurement of the following items: fair value of financial instruments not quoted on an active market. The definition of a forced transaction and the definition of an observable parameter require the exercise of judgement (see Note 3.4 Securities); retirement plans and other future employee benefits; permanent impairment losses; impairment of receivables; provisions; impairment of intangible assets and goodwill; and deferred tax assets. Note 4: SEGMENT REPORTING In terms of segment reporting, the group has two levels of disclosure that are based on the group s own internal reporting system. Data by sector of activity is the primary level and data by geographic area is the secondary level. Segment reporting by activity (primary level) Sector data for the Crédit Mutuel group is organised into five operating segments: - Retail Banking; - Corporate and Investment Banking; - Insurance; - Asset Management and Private Banking; and - Other Activities. Retail Banking covers the network of Crédit Mutuel s local mutual banks, CIC s regional banks as well as all the specialised activities whose products are marketed through the network: all business banking (i.e. microenterprises, small and medium-sized enterprises and industries excluding large corporates), finance and property leasing, factoring, real estate, etc. Corporate and Investment Banking comprises the following activities: - corporate banking, which covers banking and related services provided to large companies through a specific sales department or subsidiary; and - investment banking, which covers market activities, merchant banking, venture capital, private equity, financial intermediation and mergers and acquisitions. Asset Management and Private Banking comprises two activities: - asset management: fund management (UCITS, real estate funds), employees savings schemes, custody and depositary services for its own customer base, as opposed to that of the network; and - private banking: wealth management and estate planning. Other Activities comprise technical support subsidiaries that cannot be included in the retail banking segment (technology, electronic payments, training, media and travel). Transactions between the different operating segments are carried out at market conditions. Segment reporting by geographic area (secondary level) For the Crédit Mutuel group, three geographic areas have been defined for this secondary level of reporting: - France; - rest of Europe; and - rest of world. The geographic analysis of assets and earnings is based on the country in which the activities are recorded for accounting purposes. Note 5: RELATED PARTIES Parties related to the Crédit Mutuel group are the consolidated companies, including companies accounted for using the equity method, and the third-level administrative entities (Caisse Centrale du Crédit Mutuel and Confédération Nationale du Crédit Mutuel). Transactions between the Crédit Mutuel group and related parties are carried out at the normal market conditions prevailing at the time of the transaction. The list of consolidated companies is provided in Note 1.2. As transactions carried out and any outstandings at the end of the period between group companies consolidated using the full method are totally eliminated on consolidation, only transactions between companies over which the group exercises joint control (consolidated using the proportional method) are included in the tables in the notes for the portion not eliminated on consolidation, along with transactions between companies over which the group exercises significant influence, which are consolidated using the equity method. Insurance comprises the life and non-life insurance activities (life insurance, property and casualty insurance and insurance brokerage). 148 Crédit Mutuel Group

Note 6: STANDARDS AND INTERPRETATIONS ADOPTED BY THE EUROPEAN UNION NOT YET APPLIED DUE TO THEIR APPLICATION DATE IAS/IFRS Subject Application DATE Impact of application Amendment to IAS 32 Offsetting of financial assets and financial liabilities 1 January 2014 Limited IFRS 10, 11 and 12 and IAS 28 Standards dealing with the consolidation of and financial information provided regarding non-consolidated entities 1 January 2014 Limited. The main impact, which will not be material, will stem from the consolidation of certain funds. Note 7: EVENTS AFTER THE END OF THE REPORTING PERIOD None 149 Annual Report 2013

Financial Statements Notes II/ FINANCIAL DATA 1. NOTES TO THE STATEMENT OF FINANCIAL POSITION NOTE 1: CASH IN HAND, BALANCES WITH CENTRAL BANKS NOTE 1A - LOANS AND ADVANCES TO CREDIT INSTITUTIONS 31.12.2013 31.12.2012 Cash in hand and balances with central banks Central banks 21,927 15,114 of which mandatory reserves 2,610 2,510 Cash in hand 1,355 1,214 Total 23,282 16,328 Loans and advances to credit institutions Crédit Mutuel network accounts (1) 32,416 34,652 Other ordinary accounts 4,101 2,427 Loans 3,147 16,654 Other receivables 825 788 Securities not listed on an active market 1,822 2,344 Repurchase agreements 2,615 1,361 Loans having given rise to specific provisions 8 925 Accrued interest 557 706 Provisions -4-280 Total 45,487 59,577 (1) Relates mainly to outstandings transferred to CDC (LEP, LDD, Livret Bleu, Livret A). NOTE 1B - AMOUNTS DUE TO CREDIT INSTITUTIONS 31.12.2013 31.12.2012 Central banks 460 343 Amounts due to credit institutions 18,041 26,993 Crédit Mutuel network accounts - - Other ordinary accounts 1,919 1,765 Loans 12,718 23,089 Others liabilities 349 601 Repurchase agreements 2,954 1,343 Accrued interest 101 195 150 Crédit Mutuel Group

NOTE 2: FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS NOTE 2A - FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS Trading 31.12.2013 31.12.2012 Fair value by option Total Trading Fair value by option Total Securities 11,227 34,059 45,286 15,404 33,829 49,233 - Government securities 1,764 1 1,765 1,644 1 1,645 - Bonds and other fixedincome 8,701 8,804 17,505 13,156 8,874 22,030 securities. Listed 8,701 8,370 17,071 13,156 8,721 21,877. Not listed - 434 434-153 153 - Shares and other variable-yield 762 25,254 26,016 604 24,954 25,558 securities. Listed 762 22,044 22,806 580 22,583 23,163. Not listed - 3,210 3,210 24 2,371 2,395 Trading derivatives 6,172-6,172 2,893-2,893 Other financial assets - 10,591 10,591-10,337 10,337 of which repurchase - 10,571 10,571-10,312 10,312 agreements Total 17,399 44,650 62,049 18,297 44,166 62,463 The maximum exposure to credit risk on assets classified as at fair value by option through profit or loss amounted to 43,580 million in 2013. NOTE 2B - FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 31.12.2013 31.12.2012 Financial liabilities held for trading purposes 11,096 8,106 Financial liabilities at fair value by option through profit or loss 20,344 24,270 Total 31,440 32,376 Financial liabilities held for trading purposes 31.12.2013 31.12.2012 Short sales of securities 1,809 1,506 - Government securities - - - Bonds and other fixed-income securities 1,192 1,048 - Shares and other variable-yield securities 617 458 Liabilities representing securities delivered under - - repurchase agreements Trading derivatives 8,450 6,091 Other financial liabilities held for trading purposes 837 509 Total 11,096 8,106 151 Annual Report 2013

Financial Statements Notes Financial liabilities at fair value by option through profit or loss Carrying amount 31.12.2013 31.12.2012 Amount due at maturity Difference Carrying amount Amount due at maturity Difference Debt securities 365 348 17 222 214 8 Subordinated debt - - - - - - Due to credit institutions 17,632 17,632-23,284 23,281 3 Due to customers 2,347 2,346 764 762 2 Total 20,344 20,326 18 24,270 24,257 13 NOTE 3: HEDGING NOTE 3A - DERIVATIVE HEDGING INSTRUMENTS 31.12.2013 31.12.2012 Assets Liabilities Assets Liabilities Cash flow hedges 10 102 13 166 Fair value hedges (change through profit or loss) 3,527 4,299 2,410 3,469 Total 3,537 4,401 2,423 3,635 Hedge ineffectiveness recognised to profit or loss amounted to a gain of 6 million reported under Net gains on financial instruments at fair value through profit or loss (see Note 26). Amounts arising on the re-measurement of derivative cash flow hedges reclassified to profit or loss amounted to 4 million. NOTE 3B - REVALUATION DIFFERENCE ON PORTFOLIOS HEDGED AGAINST INTEREST RATE RISK Fair value 31.12.2013 Fair value 31.12.2012 Change in fair value Fair value of interest rate risk by portfolio. Financial assets 849 1,360-511. Financial liabilities -2,344-3,451 1,107 152 Crédit Mutuel Group

NOTE 4: BREAKDOWN OF DERIVATIVES 31.12.2013 31.12.2012 Notional Assets Liabilities Notional Assets Liabilities Trading derivatives Interest rate instruments Swaps 216,084 4,706 6,791 276,373 2,076 4,984 Other firm contracts 26,115 5 1 27,360 4 2 Options and conditional instruments 31,140 142 258 26,123 94 284 Foreign exchange instruments Swaps 75,936 21 42 81,684 20 71 Other firm contracts (*) 71 341 325 13,407 401 391 Options and conditional instruments 22,720 62 58 16,388 60 55 Other instruments Swaps 13,286 110 180 13,658 75 142 Other firm contracts 1,572 - - 2,569 - - Options and conditional instruments 28,030 785 795 4,560 163 162 Sub-total 414,954 6,172 8,450 464,122 2,893 6,091 Hedging derivatives Fair value hedges Swaps 87,890 3,527 4,299 86,062 2,410 3,469 Other firm contracts - - - - - - Options and conditional instruments 1,913 - - 3,427 - - Cash flow hedges Swaps 1,937 10 99 1,546 13 161 Other firm contracts - - 3 - - 5 Options and conditional instruments 30 - - 30 - - Sub-total 91,770 3,537 4,401 91,065 2,423 3,635 Total 506,724 9,709 12,851 553,187 5,316 9,726 (*) Impact of change in parameterisation in 2013 Swaps are valued with an OIS curve if they are collateralised or with a BOR curve otherwise. Hedged items are valued with a BOR curve. The difference resulting from the use of different valuation curves for the hedged items and the hedging instruments is accounted for as hedge ineffectiveness. Note that, from 31 December 2012, the valuation of the derivatives makes allowance for the counterparty risk. 153 Annual Report 2013

Financial Statements Notes NOTE 5: FINANCIAL ASSETS AVAILABLE FOR SALE NOTE 5A - FINANCIAL ASSETS AVAILABLE FOR SALE 31.12.2013 31.12.2012 Government securities 22,338 12,477 Bonds and other fixed-income securities 87,728 77,514 - Listed 85,292 76,694 - Not listed 2,436 820 Shares and other variable-yield securities 9,763 8,676 - Listed 8,879 7,682 - Not listed 884 994 Long-term investments 2,558 2,360 - Investments in associates 1,769 1,582 - Other long-term investments 304 341 - Investments in related undertakings 484 433 - Securities lent 1 4 - Doubtful current account advances to SCI - - Accrued interest 929 884 Total 123,316 101,911 o/w unrealised gains or losses recognised in shareholders' equity 1,202 810 o/w impaired assets 4 4 o/w impaired fixed-income securities 263 230 o/w provisions for impairment -2,277-2,496 o/w listed investments in associates 1,075 857 NOTE 5B LIST OF MAIN UNCONSOLIDATED INVESTMENTS % held Shareholders equity Total assets Net banking income or revenue Net profit or loss Crédit Logement Not listed < 10% 1,488 9,921 225 104 Caisse de Refinancement de l'habitat (CRH) Not listed < 40% 313 55,338 5 2 Tickehau Capital PaRTNers Not listed 13% 174 255 31 8 Foncière des Régions Listed < 10% 6,062 14,117 713 59 Véolia Environnement Listed < 5% 9,126 44,612 29,439 530 The above information, except for percentages held, relates to 2012. 154 Crédit Mutuel Group

NOTE 6 - FAIR VALUE HIERARCHY FOR FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE IN THE BALANCE SHEET 31.12.2013 Level 1 Level 2 Level 3 Total Financial assets Available for sale 116,729 4,123 2,464 123,316 - Government and equivalent securities Available for sale 22,429 53-22,482 - Bonds and other fixed-income securities - Available for sale 84,387 3,714 407 88,508 - Shares and other variable-yield securities - Available for sale 8,687 283 793 9,763 - Participating interests and other long-term investments Available for sale 1,191 25 858 2,074 - Investments in related companies - Available for sale 35 48 406 489 Trading and fair value option 35,841 23,006 3,202 62,049 - Government and equivalent securities - Trading 1,499 100 165 1,764 - Government and equivalent securities - Fair value option 1 - - 1 - Bonds and other fixed-income securities - Trading 7,213 1,235 253 8,701 - Bonds and other fixed-income securities - Fair value option 3,760 4,665 379 8,804 - Shares and other variable-yield securities - Trading 756-6 762 - Shares and other variable-yield securities - Fair value option 22,573 445 2,236 25,254 - Loans and receivables from credit institutions - Fair value option - 5,507-5,507 - Loans and receivables from customers - Fair value option - 5,084-5,084 - Derivatives and other financial assets - Trading 39 5,975 158 6,172 Derivative instruments entered into for hedging purposes - 3,533 4 3,537 Total 152,570 30,667 5,665 188,902 Financial liabilities Trading and fair value option 2,689 28,597 154 31,440 - Due to credit institutions - Fair value option - 17,632-17,632 - Due to customers - Fair value option - 2,347-2,347 - Debt securities - Fair value option - 365-365 - Subordinated debt - Fair value option - - - - Derivatives and other financial liabilities - Trading 2,689 8,264 143 11,096 Derivative instruments entered into for hedging purposes 1 4,395 5 4,401 Total 2,690 33,003 148 35,841 In 2013, there was no material transfer (i.e. exceeding 10% of total respective assets or total respective liabilities) between level 1 and level 2 lines. 155 Annual Report 2013

Financial Statements Notes 31.12.2012 Level 1 Level 2 Level 3 Total Financial assets Available for sale 98,508 1,447 1,956 101,911 - Government and equivalent securities Available for sale 12,589 32-12,621 - Bonds and other fixed-income securities - Available for sale 76,420 1,359 464 78,243 - Shares and other variable-yield securities - Available for sale 8,309-329 8,638 - Participating interests and other long-term investments Available for sale 1,157 9 763 1,929 - Investments in related companies - Available for sale 33 47 400 480 Trading and fair value option 39,174 20,954 2,335 62,463 - Government and equivalent securities - Trading 1,558 86-1,644 - Government and equivalent securities - Fair value option 1 - - 1 - Bonds and other fixed-income securities - Trading 10,082 2,681 393 13,156 - Bonds and other fixed-income securities - Fair value option 4,172 4,693 9 8,874 - Shares and other variable-yield securities - Trading 594-10 604 - Shares and other variable-yield securities - Fair value option 22,720 416 1,818 24,954 - Loans and receivables from credit institutions - Fair value option - 5,804-5,804 - Loans and receivables from customers - Fair value option - 4,533-4,533 Derivatives and other financial assets - Trading 47 2,741 105 2,893 Derivative instruments entered into for hedging purposes - 2,400 23 2,423 Total 137,682 24,801 4,314 166,797 Financial liabilities Trading and fair value option 2,081 30,189 106 32,376 - Due to credit institutions - Fair value option - 23,284-23,284 - Due to customers - Fair value option - 764-764 - Debt securities - Fair value option - 222-222 - Subordinated debt - Fair value option - - - - Derivatives and other financial liabilities - Trading 2,081 5,919 106 8,106 Derivative instruments entered into for hedging purposes - 3,601 34 3,635 Total 2,081 33,790 140 36,011 In 2012, there was no material transfer (i.e. exceeding 10% of total respective assets or total respective liabilities) between level 1 and level 2 lines. Fair value hierarchy - Details of level 3 31.12.2013 Opening balance Shares and other variable-yield securities - Fair value option Purchases Issues Sales Redemptions Transfers Gains and losses to P&L Gains and losses to equity Other Closing balance 1 818 617 3-185 - 1 212 56 1-285 2 236 31.12.2012 Opening balance Shares and other variable-yield securities - Fair value option Purchases Issues Sales Redemptions Transfers Gains and losses to P&L Gains and losses to equity Other Closing balance 1,756 366 - -374-1 - 62-9 1,818 156 Crédit Mutuel Group

NOTE 7 - OFFSETTING OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES 31.12.2013 Gross value of financial assets Gross value of financial liabilities offset in balance sheet Net value reported on the balance sheet Amounts linked but not offset on balance sheet Impact of master offsetting agreements Financial instruments received as guarantee Cash collateral Net amount Financial assets Derivatives 9,709 `- 9,709-5,380 - -1,902 2,427 Repos 13,645-13,645 - -13,519-34 92 Total 23,354-23,354-5,380-13,519-1,936 2,519 31.12.2013 Gross value of financial liabilities Gross value of financial assets offset in balance sheet Net value reported on the balance sheet Amounts linked but not offset on balance sheet Impact of master offsetting agreements Financial instruments received as guarantee Cash collateral Net amount Financial liabilities Derivatives 12,851-12,851-5,323 - -6,046 1,482 Repos 22,847-22,847 - -22,008-809 30 Total 35,698-35,698-5,323-22,008-6,855 1,512 31.12.2012 Gross value of financial assets Gross value of financial liabilities offset in balance sheet Net value reported on the balance sheet Amounts linked but not offset on balance sheet Impact of master offsetting agreements Financial instruments received as guarantee Cash collateral Net amount Financial assets Derivatives 5,316-5,316-1,660 - -1,105 2,551 Repos 12,467-12,467 - -12,160-153 154 Total 17,783-17,783-1,660-12,160-1,258 2,705 31.12.2012 Gross value of financial liabilities Gross value of financial assets offset in balance sheet Net value reported on the balance sheet Amounts linked but not offset on balance sheet Impact of master offsetting agreements Financial instruments received as guarantee Cash collateral Net amount Financial liabilities Derivatives 9,726-9,726-1,650 - -6,587 1,489 Repos 25,433-25,433-26 -24,621-682 104 Total 35,159-35,159-1,676-24,621-7,269 1,593 These disclosures (required by the amendment to IFRS 7, effective for annual periods beginning on or after 1 January 2013) seek to provide a basis for comparisons with the treatment under generally accepted accounting principles in the United States (US GAAP), which are less restrictive than IFRS. The group does not engage in offsetting for accounting purposes, as permitted under IAS 32, which explains why no amounts are reported in the second column in the tables above. The fourth column detailing the impact of master offsetting agreements corresponds to outstanding transactions under executory contracts that are not offset for accounting purposes. The fifth column detailing financial instruments received as guarantee concerns collateral exchanged in the form of securities at their market value. The sixth column detailing cash collateral includes guarantee deposits received or given to cover changes in the market value of financial instruments. These amounts are reported under other creditors or other debtors in the balance sheet. 157 Annual Report 2013

Financial Statements Notes NOTE 8: CUSTOMERS NOTE 8A - CUSTOMER LOANS AND RECEIVABLES 31.12.2013 31.12.2012 Performing receivables 334,098 327,221. Receivable-related claims 5,081 4,912. Other customer loans and advances 327,646 321,223 - Home loans 186,299 180,021 - Other loans and receivables including repurchase agreements 141,347 141,202. Accrued interest 795 816. Securities not quoted on an active market 576 270 Insurance and reinsurance receivables 331 313 Loans having given rise to specific provisions 15,635 15,046 Gross loans and advances 350,064 342,580 Specific provisions -9,635-9,540 General provisions -796-688 SUB-TOTAL I 339,633 332,352 Finance leases (net investment) 11,724 11,027. Equipment 6,865 6,535. Property 4,453 4,065. Receivables having given rise to specific provisions 406 427 Provisions for impairment -166-163 SUB-TOTAL II 11,558 10,864 Total 351,191 343,216 o/w participating loans 13 12 o/w subordinated loans 21 19 Finance leases with customers 31.12.2012 Increase Decrease Other 31.12.2013 Gross carrying amount 11,027 2,573-1,895 19 11,724 Impairment of uncollectable lease payments -163-51 48 - -166 Valeur nette comptable 10 864 2 522-1 847 19 11 558 158 Crédit Mutuel Group

NOTE 8B AMOUNTS DUE TO CUSTOMERS 31.12.2013 31.12.2012 Regulated savings deposit accounts 135,787 132,736 - Demand 98,999 97,536 - Term 36,788 35,200 Accrued interest 84 84 Sub-total 135,871 132,820 Demand accounts 88,336 76,717 Term accounts and borrowings 69,492 66,337 Repurchase agreements 166 202 Accrued interest 950 942 Insurance and reinsurance liabilities 207 169 Sub-total 159,151 144,367 Total 295,022 277,187 NOTE 9: FINANCIAL ASSETS HELD TO MATURITY 31.12.2013 31.12.2012 Securities 14,663 16,623 - Government securities 1,623 1,377 - Bonds and other fixed-income securities 13,040 15,246. Listed 12,608 14,666. Not listed 432 580. Conversion - - Accrued interest 38 52 Total gross 14,701 16,675 Of which written down for impairment 41 51 Provisions for impairment -30-35 Total net 14,671 16,640 NOTE 10: CHANGE IN IMPAIRMENT PROVISIONS 31.12.2012 Charges Write-backs Other 31.12.2013 Loans and receivables - Credit institutions -280-2 274-4 Loans and receivables - Customers -10,391-2,168 2,029-67 -10,597 Securities available for sale - Fixed-income -124-29 38-2 -117 Securities available for sale - Variable-income -2,372-15 202 25-2,160 Securities held to maturity -35-9 14 - -30 Total -13,202-2,221 2,285 230-12,908 At 31 December 2013, loans and receivables from credit institutions no longer include any impairments in respect of securities not listed in an active market. 159 Annual Report 2013

Financial Statements Notes NOTE 11: RECLASSIFICATIONS OF FINANCIAL INSTRUMENTS The information below concerns reclassifications made in 2008. There has been no reclassification since then. 31.12.2013 31.12.2012 Assets reclassified Carrying value Fair value Carrying value Fair value Portfolio of loans and receivables 2,109 2,193 2,929 2,910 Portfolio of financial assets available for sale 4,685 4,684 5,489 5,492 Total 6,794 6,877 8,418 8,402 31.12.2013 31.12.2012 Gains (losses) that would have been recognised to profit or loss in application of fair value rule had the assets not been reclassified Gains (losses) that would have been recognised to equity had the assets not been reclassified Gains (losses) recognised to profit or loss in respect of reclassified assets -97 635 154-498 19 92 NOTE 12: DEBT SECURITIES 31.12.2013 31.12.2012 Certificates of deposit 1,133 1,094 Interbank certificates and negotiable debt securities 59,485 64,774 Bonds 61,925 55,961 Accrued interest 1,678 1,622 Total 124,221 123,451 NOTE 13: TAXES 13A - CURRENT TAXES 31.12.2013 31.12.2012 Current tax assets (to profit or loss) 1,716 1,921 Current tax liabilities (to profit or loss) 800 906 13B - DEFERRED TAXES 31.12.2013 31.12.2012 Deferred tax assets (to profit or loss) 1,296 1,337 Deferred tax assets (to equity) 153 313 Deferred tax liabilities (to profit or loss) 579 578 Deferred tax liabilities (to equity) 517 486 160 Crédit Mutuel Group

Breakdown of deferred taxes by main category 31.12.2013 31.12.2012 Assets Liabilities Assets Liabilities. Tax losses carried forward 119-181 -. Temporary differences 2,169 1,935 2,557 2,152 - Deferred gains or losses on available-for-sale securities 134 544 272 509 - Other unrealised or deferred gains or losses 45-64 - - Provisions 670 26 652 32 - Unrealised finance leasing reserve 1 215 1 155 - Results of transparent companies - - - 1 - Other temporary differences 1,319 1,150 1,568 1,455. Offsetting -839-839 -1,088-1,088 - to equity -26-26 -23-23 - to profit or loss -813-813 -1,065-1,065 Total deferred tax assets and liabilities 1,449 1,096 1,650 1,064 Deferred tax is calculated using the liability method. For French companies, the deferred tax rate is 34.43%, rising to 38% to include an exceptional additional contribution when net banking income or revenue exceeds 250 million. NOTE 14: ACCRUAL ACCOUNTS AND OTHER ASSETS AND LIABILITIES 14A - PREPAYMENTS, ACCRUED INCOME AND OTHER ASSETS 31.12.2013 31.12.2012 Prepayments and accrued income Securities collection accounts 843 696 Currency adjustment accounts 12 87 Accrued income 594 556 Sundry adjustment accounts 3,876 3,177 Sub-total 5,325 4,516 Other assets Settlement accounts on securities transactions 279 235 Guarantee deposits paid 6,446 8,706 Other debtors 4,403 7,558 Inventories and similar 50 49 Sundry 74 67 Sub-total 11,252 16,615 Other assets of insurance companies Technical provisions - reinsurers share 347 340 Other 112 106 Sub-total 459 446 Total 17,036 21,577 161 Annual Report 2013

Financial Statements Notes 14B - ACCRUED CHARGES, DEFERRED INCOME AND OTHER LIABILITIES 31.12.2013 31.12.2012 Accrued charges and deferred income Blocked accounts on collection transactions 426 482 Currency adjustment accounts 196 22 Accrued charges 1,414 1,334 Deferred income 2,134 2,226 Sundry adjustment accounts 6,536 8,843 Sub-total 10,706 12,907 Other liabilities Settlement accounts on securities transactions 1,141 1,002 Payments to be made on securities 194 231 Other creditors 4,187 5,685 Sub-total 5,522 6,918 Other liabilities of insurance companies Security deposits and guarantees received 197 184 Other - - Sub-total 197 184 Total 16,425 20,009 NOTE 14C: NON-CURRENT ASSETS AND LIABILITIES HELD FOR SALE Not material NOTE 15: INVESTMENTS IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD Share in net profit or loss of companies ACCounted for using the equity method Investment 31.12.2013 31.12.2012 Share of net profit or loss Investment Share of net profit or loss Banca Popolare di Milano (*) 107-47 147-58 Banco Popular Español (*) 484 16 410-105 Banque de Tunisie 159 12 52 6 Banque Marocaine du Commerce Extérieur (*) 940 35 923 15 LFP Nexity Services Immobiliers 25 1 25 1 Royal Automobile Club de Catalogne 45 4 59 4 RMA Watanya (*) (**) 151-39 209-25 Other 46 3 32 2 Total 1,957-15 1,857-160 (*) In accordance with IAS 28, goodwill recognised in respect of entities over which significant influence is exercised is included in the value of the investments accounted for using the equity method. (**) Goodwill recognised in respect of RMA Watanya, amounting to 87 million, gave rise to an impairment loss of 15 million in 2013. 162 Crédit Mutuel Group

Financial information published by the main companies accounted for using the equity method Total assets Net banking income Net profit Banca Popolare di Milano (*) 52,475 1,550-435 Banco Popular Español 147,852 3,707 325 Banque de Tunisie (1) 3,745 161 63 Banque Marocaine du Commerce Extérieur (2) 230,889 9,018 1,579 RMA Watanya (2) 261,296 4,670-1,205 * 2012 data (1) In millions of Tunisian dinar (2) In millions of Moroccan dirham Banca Popolare di Milano Scarl In the year ended 31 December 2013, an additional impairment loss of 34 million was recognised against this investment. There follows that the carrying value of the investment, as reported in the balance sheet at 31 December 2013, amounted to 107 million. The group s share of the results of Banca Popolare di Milano (BPM) in the year ended 31 December 2013 was a loss of 13 million before impairment. For the record, the closing price for the BPM share on the Milan Stock Exchange on 31 December 2013 was 45 euro cents. On this basis, the market capitalisation of the group s investment was 102 million at 31 December 2013. Banco Popular Español The investment in Banco Popular Español (BPE) is consolidated by the equity method given the significant influence exercised by the group over BPE: Crédit Mutuel-CIC is represented on the Board of Directors of BPE, a banking joint venture has been set up by the two groups, and there are a series of reciprocal commercial agreements in the French and Spanish retail and corporate banking markets. The value at which the group s investment in BPE is reported in the accounts represents the group s share of the net assets of BPE determined in accordance with IFRS, within the limit of the recoverable amount based on the investment s useful value. The useful value was determined from estimated future cash flows distributable to shareholders discounted to present value, making allowance for regulatory capital requirements applicable to credit institutions. The discount rate corresponds to the rate for long-term Spanish government bonds augmented by a BPE risk premium that is a function of the sensitivity displayed by the BPE share price to market risk, determined by reference to the IBEX 35 index published by the Sociedad de Bolsas in Madrid. Based on this approach the useful value is 6.2 per share, which results in a higher value than the equity-method carrying value of the BPE investment in the consolidated financial statements at 31 December 2013 ( 484 million in total). A sensitivity analysis of the model s main parameters, notably the discount rate, reveals that at 50-basis point increase in this rate would reduce the useful value by 4.5%. Similarly, a 1% reduction in earnings as forecast in BPE s business plan would reduce the useful value by 1.0%. These reductions in the investment s useful value would not, however, affect its carrying value in the group s consolidated financial statements. For the record, the closing price for the BPE share on the Madrid Stock Exchange was 4.3850 on 31 December 2013. On this basis, the market capitalisation of the group s investment was 366 million at 31 December 2013. NOTE 16: INVESTMENT PROPERTY 31.12.2012 Increase Decrease Other 31.12.2013 Historical cost 2,144 591-18 19 2,736 Depreciation and impairment -391-72 3-8 -468 Net carrying amount 1,753 519-15 11 2,268 The fair value of property recognised at cost came to 3,228 million at 31 December 2013 ( 2,391 million at 31 December 2012). 163 Annual Report 2013

Financial Statements Notes NOTE 17: NON-CURRENT ASSETS 17A - PROPERTY, PLANT AND EQUIPMENT 31.12.2012 Increase Decrease Other changes 31.12.2013 Cost Land used in operations 513 14-2 -4 521 Buildings used in operations 5,237 273-81 -14 5,415 Other property, plant and equipment 2,885 326-282 -11 2,918 Total 8,635 613-365 -29 8,854 Depreciation and impairment Land used in operations -1 - - - -1 Buildings used in operations -2,922-245 60 45-3,062 Other property, plant and equipment -2,148-221 149-41 -2,261 Total -5,071-466 209 4-5,324 Net carrying amount 3,564 147-156 -25 3,530 Of which buildings rented under finance leases 31.12.2012 Increase Decrease Other 31.12.2013 Gross carrying amount 120 - - - 120 Depreciation and impairment -34 - - 2-32 Total 86 - - 2 88 17b - Immobilisations incorporelles 31.12.2012 Increase Decrease Other 31.12.2013 Historical cost Non-current assets produced internally 242 66-6 314 Non-current assets acquired 2,375 227-57 -26 2,519 - Software 790 34-11 -1 812 - Other 1,585 193-46 -25 1,707 Total 2,617 293-57 -20 2,833 Amortisation and impairment Non-current assets produced internally -147-36 1 - -182 Non-current assets acquired -1,106-169 17 6-1,252 - Software -564-80 8-1 -637 - Other -542-89 9 7-615 Total -1,253-205 18 6-1,434 Net carrying amount 1,364 88-39 -14 1,399 164 Crédit Mutuel Group

NOTE 18: GOODWILL 31.12.2012 Increase Decrease Other changes 31.12.2013 Goodwill - gross amount 5,034 25-1 -1 5,057 Impairment -183 - - - -183 Carrying amount 4,851 25-1 -1 4,874 Subsidiary Carrying amount of goodwill at 31 December 2012 Increase Decrease Impairment Other changes Carrying amount of goodwill at 31 December 2013 Targobank Germany 2,763 20 - - - 2,783 Groupe CIC 515 - - - - 515 Cofidis/Monabanq 395 - - - - 395 Targobank Spain 183 - - - - 183 UFG -La Française des Placements 162 - - - - 162 Procapital 122 - - - - 122 Fortunéo 107 - - - - 107 Monext 100 - - - - 100 EI Télécom 78 - - - - 78 CIC Private Banking - Banque Pasche 55 - -1 - -1 53 Banque Casino 26 - - - - 26 Other 345 5 - - - 350 Total 4,851 25-1 - -1 4,874 NOTE 19: INSURANCE TECHNICAL RESERVES 31.12.2013 31.12.2012 Life 103,128 96,931 Non-life 2,825 2,654 Unit-linked 13,012 12,462 Other 349 338 Total 119,314 112,385 Of which: Deferred profit-sharing - liability 9,124 8,157 Deferred profit-sharing - asset - - Reinsurers share of technical provisions 348 340 Net technical reserves 118,966 112,045 Details regarding the results of the insurance activity are provided in Note 28. 165 Annual Report 2013

Financial Statements Notes NOTE 20: PROVISIONS AND CONTINGENT LIABILITIES NOTE 20A - PROVISIONS 31.12.2012 Increases Reversals for the period (used) Reversals for the period (not used) Other changes 31.12.2013 Provisions for risks 445 142-53 -108-11 415 Guarantee obligations 167 76-6 -59 2 180 Loan and guarantee commitments - 2 - - 3 5 Country risks 16 - - - - 16 Tax 54 6-8 -13 2 41 Disputes 149 33-33 -25-12 112 Sundry receivables 59 25-6 -11-6 61 Other provisions 885 227-83 -105-28 896 Home savings accounts and schemes 111 14-1 -5 1 120 Sundry contingencies 460 144-70 -74-19 441 Other 314 69-12 -26-10 335 Retirement commitments 1,185 72-24 -24 19 1,228 Total 2,515 441-160 -237-20 2,539 31.12.2011 Increases Reversals for the period (used) Reversals for the period (not used) Other changes 31.12.2012 Provisions for risks 495 135-74 -149 38 445 Guarantee obligations 164 56-7 -64 18 167 Loan and guarantee commitments 1 - - -4 3 - Country risks 18 - - - -2 16 Tax 69 20-23 -22 10 54 Disputes 184 26-35 -37 11 149 Sundry receivables 59 33-9 -22-2 59 Other provisions 862 192-95 -90 16 885 Home savings accounts and schemes 155 5-18 -30-1 111 Sundry contingencies 421 125-66 -33 13 460 Other 286 62-11 -27 4 314 Retirement commitments 822 199-39 -17 220 1,185 Total 2,179 526-208 -256 274 2,515 166 Crédit Mutuel Group

Provisions for home savings accounts and schemes 0-4 years 4-10 years +10 years Total Deposits in respect of home savings schemes during the savings phase 9,349 8,230 9,679 27,258 Provisions in respect of home savings schemes - 1 49 50 Deposits taken on home savings accounts during the savings phase 4,415 Provisions in respect of home savings accounts 44 Provisions set aside in respect of home savings products -14 Reversal of provisions set aside in respect of home savings products 6 Outstanding loans granted in respect of home savings products 1,126 Provisions in respect of home savings loans 26 Deposits in respect of home savings schemes excluding the Capital range Commitments for retirement and similar benefits 31.12.2012 Increases Reversals Other changes (1) 31.12.2013 Obligations relating to defined benefit retirement plans and similar, excluding pension funds Retirement indemnities 811 42-11 -20 822 Top-up retirement benefits 209 10-32 8 195 Premiums linked to long-service awards 139 10-5 3 147 (other long-term benefits) Total recognised 1,159 62-48 -9 1,164 Top-up defined benefit plans covered by the group's pension funds Commitments to employees and retired employees 26 5 - -13 18 Fair value of assets - - - - - Total recognised 26 5 - -13 18 Other commitments - 5-41 46 Total recognised - 5-41 46 Total 1,185 72-48 19 1,228 31.12.2011 Increases Reversals Other changes (1) 31.12.2012 Obligations relating to defined benefit retirement plans and similar, excluding pension funds Retirement indemnities 548 84-24 203 811 Top-up retirement benefits 150 82-25 2 209 Premiums linked to long-service awards 111 32-6 2 139 (other long-term benefits) Total recognised 809 198-55 207 1,159 Top-up defined benefit plans covered by the group's pension funds Commitments to employees and retired employees 13 1-1 13 26 Fair value of assets - - - - - Total recognised 13 1-1 13 26 Other commitments Total recognised Total 822 199-56 220 1,185 (1) This column concerns mainly the restatement of benefits covered by internal contracts (reclassification of technical reserves as retirement commitments). 167 Annual Report 2013

Financial Statements Notes Defined benefit plans: main actuarial assumptions 31.12.2013 31.12.2012 Discount rate (1) 3% 2.8% to 2.9% Expected rate of increase in salaries 1.3% to 2% 1.2% to 3% (1) The discount rate is determined by reference to long-term interest rates for private-sector loans, estimated from the iboxx index. Retirement indemnities Change in actuarial liability 2013 31.12.2012 Interest charge Cost of services rendered Cost of past services Insurance premiums Actuarial differences arising from changes in demographic assumptions Actuarial differences arising from changes in financial assumptions Payments to beneficiaries Translation differences Other (business combinations, liquidations) 31.12.2013 Commitments 1,214 36 51-2 - 16-14 -60 - -1 1,240 Insurance contract 403 13 - - 7-6 -8 - -3 418 outside group and assets managed externally Provisions 811 23 51-2 -7 16-20 -52-2 822 Change in actuarial liability 2012 31.12.2011* Interest charge Cost of services rendered Cost of past services Insurance premiums Change in actuarial differences Payments to beneficiaries Translation differences Other (business combinations, liquidations) Other (business combinations, liquidations) Commitments 869 43 41 21-176 -39-104 1,214 Insurance contract 321 16 - - 6 10-6 - 56 403 outside group and assets managed externally Provisions 548 27 41 21-6 166-33 - 48 811 * Application of IAS 19 (revised) increased the provision by 53 million (restatement and deferred recognition of CIC group s commitments in respect of retirement indemnities). A 50 basis point increase in the discount rate would lead to a 74 million decrease in 2013 commitments, while a 50 basis point decrease would lead to a 81 million increase in these commitments. Change in fair value of plan assets 2013 31.12.2012 Discounting effect Yield in plan assets in excess of interest income Insurance premiums Payments to beneficiaries Translation differences Other (business combinations, liquidations) 31.12.2013 Fair value of plan assets 840 15 16 57-44 - -4 880 Change in fair value of plan assets 2012 31.12.2011 Discounting effect Yield in plan assets in excess of interest income Insurance premiums Payments to beneficiaries Translation differences Other (business combinations, liquidations) 31.12.2012 Fair value of plan assets 631 11 44 128-25 - 51 840 168 Crédit Mutuel Group

Details of fair value of plan assets 31.12.2013 Debt instruments Equity instruments Real estate Other Actifs cotés sur un marché actif 73 % 20 % 0 % 4 % Actifs non cotés sur un marché actif 0 % 0 % 2 % 1 % Total recognised 73% 20% 2% 5% Details of fair value of plan assets 31.12.2012 Debt instruments Equity instruments Real estate Other Assets listed in an active market 74% 19% - 3% Assets not listed in an active market - - 1% 3% Total recognised 74% 19% 1% 6% Commitments in respect of retirement indemnities arising from defined benefit plans Duration moyenne* Retirement indemnities 16.03 Top-up retirement benefits (Article 39) * Excluding foreign entities of CM11 group NOTE 20B - CONTINGENT LIABILITIES None NOTE 21: SUBORDINATED DEBT 31.12.2013 31.12.2012 Subordinated debt 4,210 4,909 Participating loans 30 32 Undated subordinated debt 1,693 1,705 Other debt 1 1 Accrued interest 52 96 Total 5,986 6,743 169 Annual Report 2013

Financial Statements Notes Main subordinated debt issues Issuer (in millions) Type Date of issue Amount issued Amount outstanding at year-end Maturity date Banque Fédérative Subordinated, redeemable September 2003 and 800 768 September 2015 du Crédit Mutuel February 2004 Banque Fédérative Subordinated, redeemable December 2007 300 296 December 2015 du Crédit Mutuel Banque Fédérative Subordinated, redeemable June 2008 300 299 June 2016 du Crédit Mutuel Banque Fédérative Subordinated, redeemable December 2008 500 497 December 2016 du Crédit Mutuel Banque Fédérative Subordinated, redeemable December 2011 1,000 997 December 2018 du Crédit Mutuel Banque Fédérative Subordinated, redeemable October 2010 1,000 916 October 2020 du Crédit Mutuel Banque Fédérative Super-subordinated, undated December 2004 750 741 Undated du Crédit Mutuel Banque Fédérative Super-subordinated, undated February 2005 250 250 Undated du Crédit Mutuel Banque Fédérative Super-subordinated, undated April 2005 404 377 Undated du Crédit Mutuel Crédit Mutuel Arkéa Subordinated, redeemable September 2008 300 268 September 2018 Crédit Mutuel Arkéa Super-subordinated, undated July 2004 114 97 Undated NOTE 22: SHAREHOLDERS EQUITY AND RESERVES NOTE 22A - SHAREHOLDERS EQUITY - ATTRIBUTABLE TO THE OWNERS (EXCLUDING UNREALISED GAINS OR LOSSES) 31.12.2013 31.12.2012. Capital and capital reserves 9,815 9,770 - Share capital 9,785 9,747 - Share premium and other similar amounts 30 23. Consolidated reserves 26,882 25,018 - Legal reserve - - - Reserves provided for by the articles of association and by contract - - - Regulated reserves 12 12 - Translation reserves -11 16 - Other reserves (including impact of first-time application) 26,782 24,889 - Retained earnings 99 101 Total 36,697 34,788 NOTE 22B - UNREALISED OR DEFERRED GAINS OR LOSSES 31.12.2013 31.12.2012 Unrealised or deferred gains or losses (*) on: - Available-for-sale assets 1,202 810 - Derivative cash flow hedges -78-154 - Other -191-214 Total 933 442 * Net of corporation tax and after adjustment for mirror accounting 170 Crédit Mutuel Group

NOTE 23: COMMITMENTS GIVEN AND RECEIVED Commitments given 31.12.2013 31.12.2012 Financing commitments Commitments given to credit institutions 1,820 1,882 Commitments given to customers 61,801 58,502 Guarantee commitments Commitments given to credit institutions 1,924 1,691 Commitments given to customers 18,004 16,519 Commitments on securities Securities purchased with option to sell back - - Other commitments given 839 812 Commitments received 31.12.2013 31.12.2012 Financing commitments Commitments received from credit institutions 16,006 28,550 Commitments received from customers - 4 Guarantee commitments Commitments received from credit institutions 35,434 33,948 Commitments received from customers 16,206 14,937 Commitments on securities Securities sold with option to repurchase - - Other commitments received 880 628 Securities and loans given under repurchase agreements 31.12.2013 31.12.2012 Assets given under repurchase agreements 22,713 25,009 Related liabilities 22,832 25,413 For its refinancing activity, the group assigns debt instruments and/or equity instruments under repurchase agreements. This results in the transfer of these instruments, with full title, to the counterparty, who may in turn loan these instruments. Coupons and dividends accrue to the borrower. These transactions give rise to margin calls. The group is exposed to the risk that these instruments will not be returned. Other assets given as guarantees for liabilities 31.12.2013 31.12.2012 Securities loaned 1 11 Guarantee deposits for market transactions 6,444 8,706 Total 6,445 8,717 171 Annual Report 2013

Financial Statements Notes 2. NOTES TO THE INCOME STATEMENT NOTE 24: INTEREST AND SIMILAR INCOME AND CHARGES 31.12.2013 31.12.2012 Income Charges Income Charges Credit institutions and central banks 1,145-701 1,361-1,541 Customers 16,753-7,623 17,063-8,286 - o/w finance and operating leases 3,275-2,871 3,239-2,818 Hedging derivative instruments 2,347-2,495 3,331-4,004 Financial assets available for sale 589 862 Financial assets held to maturity 393 465 Debt securities -2,684-2,489 Subordinated debt -56-56 Total 21,227-13,559 23,082-16,736 o/w interest income and charges calculated 18,880-11,064 19,751-12,732 at the effective interest rate o/w interest on liabilities at amortised cost -11,064-12,732 NOTE 25: FEES AND COMMISSIONS 31.12.2013 31.12.2012 Income Charges Income Charges Credit institutions 27-6 26-6 Customers 1,634-57 1,357-27 Securities 873-53 827-51 o/w activities managed on behalf of third parties 556 545 Derivative instruments 6-4 10-5 Foreign exchange 22-3 20-2 Financing commitments and guarantee obligations 53-25 44-5 Services rendered 2,065-987 2,053-962 Total 4,680-1,135 4,337-1,058 NOTE 26: NET GAINS (LOSSES) ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS 31.12.2013 31.12.2012 Trading instruments -322 691 Instruments at fair value by option 143 250 Ineffective portion of hedges 6 8. On cash flow hedges -1 -. On fair value hedges 7 8. Change in fair value of hedged items -508-1,253. Change in fair value of hedging items 515 1,261 Foreign exchange gain (loss) 49 45 Total changes in fair value -124 994 Of which trading derivatives -732-781 Of which, at 31 December 2013, 56 million estimated based on a valuation model comprising non-observable market data 172 Crédit Mutuel Group

NOTE 27: NET GAINS (LOSSES) ON FINANCIAL ASSETS AVAILABLE FOR SALE Dividends Gains/losses realised 31.12.2013 Impairment Total Government securities, bonds and other fixed-income - 241-241 securities Shares and other variable-yield securities 22 40 42 104 Long-term investments 37 4 16 57 Other - -1 - -1 Total 59 284 58 401 Dividends Gains/losses realised 31.12.2012 Impairment Total Government securities, bonds and other fixed-income - 93-93 securities Shares and other variable-yield securities 14 35 18 67 Long-term investments 74 48 13 135 Other - -8 - -8 Total 88 168 31 287 NOTE 28: INCOME FROM AND CHARGES ON OTHER ACTIVITIES 31.12.2013 31.12.2012 Income from other activities Insurance contracts 19,559 16,746 Investment property: 8 5 - Provisions and impairment losses reversed 2 1 - Gains on disposals 6 4 Charges rebilled 90 88 Other income 1,952 2,066 Sub-total 21,609 18,905 Charges on other activities Insurance contracts -16,742-14,088 Investment property: -57-49 - Provisions and impairment losses recognised -55-47 - Losses on disposals -2-2 Other charges -1,024-1,101 Sub-total -17,823-15,238 Total net other income (charges) 3,786 3,667 173 Annual Report 2013

Financial Statements Notes Net income from insurance activities 31.12.2013 31.12.2012 Premiums earned 14,121 11,520 Cost of benefits -7,825-7,404 Changes in provisions -4,490-3,007 Other technical and non-technical charges -3,600-2,776 Net investment income 4,611 4,325 Total 2,817 2,658 NOTE 29: GENERAL OPERATING EXPENSES 31.12.2013 31.12.2012 Staff costs -5,758-5,694 Other charges -3,907-3,969 Total -9,665-9,663 NOTE 29A - STAFF COSTS 31.12.2013 31.12.2012 Wages and salaries -3,562-3,516 Social security costs -1,453-1,505 Short-term benefits -4-4 Employee profit-sharing and incentives -312-280 Payroll and other similar taxes -433-382 Other 6-7 Total -5,758-5,694 Average staff numbers 31.12.2013 31.12.2012 Operational staff 47,866 48,844 Executives 30,616 30,216 Total 78,482 79,060 o/w France 66,121 67,133 o/w Rest of world 12,361 11,927 NOTE 29B: OTHER OPERATING CHARGES 31.12.2013 31.12.2012 Taxes other than corporation tax -401-453 External services -2,663-2,702 Sundry expenses -192-146 Total -3,256-3,301 The tax credit for competitiveness and employment amounted to 54 million and is treated as a reduction in social security costs. 174 Crédit Mutuel Group

NOTE 29C: DEPRECIATION, AMORTISATION AND IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS RECOGNISED AND REVERSED 31.12.2013 31.12.2012 Depreciation and amortisation: -648-667 - Property, plant and equipment -469-474 - Intangible assets -179-193 Impairment: -3-1 - Property, plant and equipment -2-1 - Intangible assets -1 - Total -651-668 NOTE 30: COST OF RISK 31.12.2013 Increases Recoveries Uncollectable receivables covered Uncollectable receivables not covered Collections of receivables previously written off Total Credit institutions - 30-1 -1-28 Customers -2,071 1,928-954 -359 125-1,331. Finance leases -18 20-10 -4 1-11. Other -2,053 1,908-944 -355 124-1,320 Sub-total -2,071 1,958-955 -360 125-1,303 Held-to-maturity assets -9 14 - - - 5 Available-for-sale assets -29 16-24 -39 15-61 Other -105 86-3 -3 - -25 Total -2,214 2,074-982 -402 140-1,384 31.12.2012 Increases Recoveries Uncollectable receivables covered Uncollectable receivables not covered Collections of receivables previously written off TOTAL Credit institutions -15 38-3 -1-19 Customers -1,915 1,837-828 -411 139-1,178. Finance leases -12 15-8 -3 1-7. Other -1,903 1,822-820 -408 138-1,171 Sub-total -1,930 1,875-831 -412 139-1,159 Held-to-maturity assets -10 16 - - - 6 Available-for-sale assets -23 436-509 -45 31-110 Other -96 110-3 -2-9 Total -2,059 2,437-1,343-459 170-1,254 NOTE 31: GAINS OR LOSSES ON OTHER ASSETS 31.12.2013 31.12.2012 Property, plant and equipment and intangible assets 7 14. Losses on disposals -19-20. Gains on disposals 26 34 Gains (losses) on disposals of consolidated securities -1 - Total 6 14 175 Annual Report 2013

Financial Statements Notes NOTE 32: CHANGES IN GOODWILL 31.12.2013 31.12.2012 Impairment - -27 Negative goodwill charged to profit and loss - 45 Total - 18 NOTE 33: TAX CHARGE FOR THE PERIOD Breakdown of tax charge for the period 31.12.2013 31.12.2012 Current taxes -1,457-1,248 Deferred taxes -44-69 Adjustments for prior years - 6 Total -1,501-1,311 Reconciliation of actual tax charge and theoretical tax charge 31.12.2013 31.12.2012 Theoretical tax rate 38.00% 36.10% Impact of special tax regime for venture capital companies (SCR) -0.76% -0.68% and commercial real property leasing companies (SICOMI) Impact of reduced tax rate on long-term capital gains -0.09% -1.27% Impact of specific tax rates at foreign entities -0.69% -0.05% Impact of carry back 0.00% Permanent timing differences 0.99% 3.12% Other -2.00% -1.67% Effective tax rate 35.45% 35.55% Taxable income 4,234 3,688 Tax charge -1,501-1,311 176 Crédit Mutuel Group

3. NOTES TO THE STATEMENT OF COMPREHENSIVE INCOME NOTE 34: RECLASSIFICATION OF GAINS AND LOSSES RECOGNISED DIRECTLY TO EQUITY 31.12.2013 Mouvements 31.12.2012 Mouvements Translation differences Reclassified to profit and loss - - Other -29-9 Sub-total -29-9 Re-measurement of available-for-sale financial assets Reclassified to profit and loss 36 1 Other 357 1,824 Sub-total 393 1,825 Re-measurement of derivative hedging instruments Reclassified to profit and loss 4 4 Other 92-14 Sub-total 96-10 Re-measurement of non-current assets - - Actuarial differences on defined benefit plans 24-145 Share of unrealised or deferred gains and losses on companies accounted for using the equity method 29-26 Total 513 1,635 NOTE 35: TAX IN RESPECT OF EACH CATEGORY OF GAINS AND LOSSES RECOGNISED DIRECTLY TO EQUITY Gross amount 31.12.2013 31.12.2012 Tax Net Gross Tax amount amount Net amount Translation differences -29 - -29-9 - -9 Re-measurement of available-for-sale financial assets 532-139 393 2,767-942 1,825 Re-measurement of derivative hedging instruments 142-46 96-15 5-10 Re-measurement of non-current assets - - - - - - Actuarial differences on defined benefit plans 30-6 24-215 70-145 Share of unrealised or deferred gains and losses on companies accounted for using the equity method 29-29 -26 - -26 Total change in gains and losses recognised directly to equity 704-191 513 2,502-867 1,635 177 Annual Report 2013

Financial Statements Notes 4. SEGMENT REPORTING Breakdown of total assets by business line Retail banking Insurance Corporate and investment banking Asset management and private banking Other Total Elimination of intra-group transactions Consolidated total 2013 855,126 139,110 141,872 25,608 25,277 1,186,993-528,375 657,618 Total assets 72.0% 11.7% 12.0% 2.2% 2.1% 100.0% 2012 814,817 132,553 137,265 26,484 31,602 1,142,721-497,505 645,216 Total assets 71.3% 11.6% 12.0% 2.3% 2.8% 100.0% Breakdown of results by activity 31.12.2013 Retail banking Insurance Corporate and investment banking Private banking Other Elimination of intra-group transactions Net banking income 11,890 1,915 1,048 667 444-688 15,276 General operating expenses -7,724-561 -316-486 -1,266 688-9,665 Gross operating profit 4,166 1,354 732 181-822 - 5,611 Cost of risk -1,281 1-54 -8-42 - -1,384 Gains (losses) on other assets(*) 49-33 -2 2-25 - -9 Profit before tax 2,934 1,322 676 175-889 - 4,218 Income tax expense -982-498 -213-57 249 - -1,501 Consolidated net profit 1,952 824 463 118-640 - 2,717 Non-controlling interests 60 3 8 2-7 - 66 Net profit, attributable 1,892 821 455 116-633 - 2,651 to the owners Total 31.12.2012 Retail banking Insurance Corporate and investment banking Private banking Other Elimination of intra-group transactions Net banking income 11,201 1,873 1,139 664 384-688 14,573 General operating expenses -7,831-507 -333-466 -1,214 688-9,663 Gross operating profit 3,370 1,366 806 198-830 - 4,910 Cost of risk -1,039-1 -91-33 -90 - -1,254 Gains (losses) on other assets(*) -44-47 - 7-44 - -128 Profit before tax 2,287 1,318 715 172-964 - 3,528 Income tax expense -827-533 -223-50 322 - -1,311 Consolidated net profit 1,460 785 492 122-642 - 2,217 Non-controlling interests 64 3 8 1-9 - 67 Net profit, attributable to the owners 1,396 782 484 121-633 - -2,150 Total * Including share in net profit or loss of companies accounted for using the equity method and impairment losses on goodwill. 178 Crédit Mutuel Group

Analysis of balance sheet by geographic area ASSETS 31.12.2013 31.12.2012 France Rest of Europe Rest of world (*) Total France Rest of Europe Rest of world (*) Cash in hand and balances with central banks 15,882 3,279 4,121 23,282 8,043 2,693 5,592 16,328 Financial assets at fair value through profit or loss 59,909 880 1,260 62,049 60,115 1,338 1,010 62,463 Derivative hedging instruments 3,526 6 5 3,537 2,407 7 9 2,423 Available-for-sale financial assets 116,260 6,544 512 123,316 94,827 6,405 679 101,911 Loans and advances to credit institutions 41,958 2,316 1,213 45,487 54,884 3,318 1,375 59,577 Loans and advances to customers 320,097 27,920 3,174 351,191 313,686 26,344 3,186 343,216 Financial assets held to maturity 14,602 69-14,671 16,605 35-16,640 Investments in companies accounted for using the 627 771 559 1,957 598 710 549 1,857 equity method LIABILITIES 31.12.2013 31.12.2012 France Rest of Europe Rest of world (*) Total France Rest of Europe Rest of world (*) Balances with central banks - 460-460 - 343-343 Financial liabilities at fair value through 30,750 558 132 31,440 31,973 219 184 32,376 profit or loss Derivative hedging instruments 4,134 241 26 4,401 3,186 403 46 3,635 Amounts due to credit institutions 9,491 3,849 4,701 18,041 14,128 6,175 6,690 26,993 Amounts due to customers 262,182 31,499 1,341 295,022 245,899 30,586 702 277,187 Debt securities 118,073 1,738 4,410 124,221 118,911 604 3,936 123,451 Total Total * United States, Singapore, Morocco and Tunisia Analysis of income statement by geographic area France 31.12.2013 31.12.2012 Rest of Europe Rest of world (*) Total France Rest of Europe Rest of world (*) Net banking income 12,808 2,287 181 15,276 12,381 2,011 181 14,573 General operating expenses -7,985-1,599-81 -9,665-8,085-1,495-83 -9,663 Gross operating profit 4,823 688 100 5,611 4,296 516 98 4,910 Cost of risk -1,068-314 -2-1,384-849 -359-46 -1,254 Gains (losses) on other assets (**) -23 6 8-9 -37-61 -30-128 Profit before tax 3,732 380 106 4,218 3,410 96 22 3,528 Consolidated net profit 2,348 295 74 2,717 2,192 36-11 2,217 Profit attributable to the owners 2,342 291 18 2,651 2,188 33-71 2,150 Total (*) United States, Singapore, Morocco and Tunisia (**) Including net profit or loss of companies accounted for using the equity method and goodwill impairment. 179 Annual Report 2013

Financial Statements Notes 5. OTHER INFORMATION Note I.1 - FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS VALUED AT COST ON THE BALANCE SHEET The fair values given here are estimates based on observable parameters as at 31 December 2013. They are based on discounted future cash flows estimated based on a yield curve that takes into account the debtor s inherent signature risk. The financial instruments referred to in this note are loans and borrowings. They do not include non-monetary instruments (equities), trade payables, other assets, other liabilities or accrual accounts. Non-financial instruments are not covered by this note. The fair value of on-demand financial instruments and customers regulated savings contracts is the amount that can be demanded by the customer, i.e. the carrying amount. Some group entities also apply assumptions, for example that the market value is the carrying amount for contracts based on variable rates and for contracts with a residual maturity of one year or less. Note that, except for financial assets held to maturity, financial instruments recorded at amortised cost cannot or, in practice, are not sold before maturity. Accordingly, capital gains or losses are not recognised. However, if a financial instrument recognised at amortised cost were to be sold, the disposal proceeds could be significantly different to the fair value calculated as at 31 December. 31.12.2013 Market value Carrying Unrealised Fair value hierarchy amount gains or losses Level 1 Level 2 Level 2 Assets 420,359 411,349 9,010 14,566 54,899 350,894 Loans and receivables due from 41,909 45,487-3,578 1,011 40,898 - credit institutions (CI) - Debt securities - CI 1,826 1,822 4 1,011 815 - - Loans and receivables - CI 40,083 43,665-3,582-40,083 - Loans and receivables due from customers 362,438 351,191 11,247 243 11,301 350,894 - Debt securities - Customers 555 576-21 243 119 193 - Loans and receivable - Customers 361,883 350,615 11,268-11,182 350,701 Held-to-maturity financial assets 16,012 14,671 1,341 13,312 2,700 - Liabilities 445,240 443,270-1,970 1,740 242,952 200,548 Due to credit institutions 18,113 18,041-72 - 18,113 - Due to customers 291,386 295,022 3,636-90,838 200,548 Debt securities 128,855 124,221-4,634 672 128,183 - Subordinated debt 6,886 5,986-900 1,068 5,818-180 Crédit Mutuel Group

Montants en M 31.12.2012 Market value Carrying amount Unrealised gains or losses Assets 426,347 419,433 6,914 Loans and receivables due from credit institutions 56,432 59,577-3,145 Loans and receivables due from customers 351,937 343,216 8,721 Held-to-maturity financial assets 17,978 16,640 1,338 Liabilities 430,916 434,374 3,458 Due to credit institutions 26,984 26,993 9 Due to customers 272,064 277,187 5,123 Debt securities 125,506 123,451-2,055 Subordinated debt 6,362 6,743 381 NOTE I.2 - DIVIDENDS The consolidating entity intends to pay 228 million in dividends outside the group. NOTE I.3 - RELATED PARTIES Companies consolidated using the full method 31.12.2013 31.12.2012 Companies consolidated using the proportional method Companies accounted for using the equity method Companies consolidated using the full method Companies consolidated using the proportional method Companies accounted for using the equity method Assets Loans and advances to credit institutions - 285 27-268 - Of which ordinary accounts - 13 - - 17 - Loans and advances to customers - - - - - Assets at fair value through profit and loss - - - - - - Assets available for sale - - - - - - Assets held to maturity - - - - - - Derivative hedging instruments - - - - - - Other assets - 2 - - 1 - Liabilities Due to credit institutions - 2 2 - - - Of which ordinary accounts - 3 2 - - - Derivative hedging instruments - - - - - - Liabilities at fair value through profit and loss - - - - - - Due to customers - 4 - - 3 - Debt securities - - - - - - Subordinated debt - - - - - - Interest and similar income - 8 - - 1 - Interest and similar expense - - - - - - Fees and commissions (income) - 3 - - 1 - Fees and commissions (charges) - - - - - - Net gains (losses) on financial assets available for sale or at fair value through profit or loss - - 18-25 Other income (charges) - -8-4 - Net banking income - 3 18-6 25 General operating expenses - 17 - - 20 - Financing commitments given - 162 - - 76 - Guarantee commitments given - 14 - - 20 - Financing commitments received - - - - - - Guarantee commitments received - - - - - - 181 Annual Report 2013

Financial Statements Notes NOTE I.4 - REMUNERATION OF CORPORATE OFFICERS These amounts relate to overall remuneration paid to the main corporate officers of CNCM in respect of their functions in the various group entities. In addition, members of senior management benefited in 2013 from the group retirement and supplementary pension schemes in place for all employees. On the other hand, the group s corporate officers receive no other specific benefits. Note that corporate officers do not receive board attendance fees in respect of their functions at group companies or those at other companies carried out on behalf of the group. Corporate officers may hold assets in or receive loans from the group s banks on the same conditions that apply to all the staff. Pursuant to the above, the total remuneration (including all benefits of any type) paid to the group s corporate officers amounted to 1,618,000 in 2013. NOTE I.5 - EXPOSURE TO SOVEREIGN RISK I - Exposure to greek sovereign risk The restructuring of Greece s sovereign debt implemented in March 2012 involved the exchange of existing Greek sovereign bonds, with the following main characteristics: - 53.5% of the principal of existing bonds was waived; - 31.5% of the principal of existing bonds was exchanged for new bonds issued by the Greek Republic with maturities of between 11 and 30 years and with coupons that will increase in steps from 2% to 4.3%, which are indexed to Greek economic growth; - 15% of the principal of existing bonds was exchanged for 2-year securities issued by the European Financial Stability Facility (EFSF); and - GDP-linked warrants were issued by the Greek Republic for a notional amount equal to the face value of each new bond issued by the Greek Republic. Exchanges and/or sales transactions were recorded under cost of risk, net of amounts accruing to policyholders in the case of the group s insurance entities. 31.12.2013 Net exposure ( m) Banking Insurance Total Assets at fair value through profit and loss - - - Assets available for sale - - - Assets held to maturity - - - Total - - - Net banking income - - - Cost of risk - - - Impact on profit after tax - - - 31.12.2012 Net exposure ( m) Banking Insurance Total Assets at fair value through profit and loss - - - Assets available for sale - - - Assets held to maturity - - - Total - - - Net banking income 4-4 Cost of risk -34 - -34 Impact on profit after tax -19 - -19 182 Crédit Mutuel Group

II - Sovereign exposures to Portugal, Italy, Ireland and Spain II.1 - Other countries in receipt of aid Portugal & Ireland 31.12.2013 Net exposure ( m) - Banking and insurance Portugal Irland Assets at fair value through profit and loss 7 - Assets available for sale 66 409 Assets held to maturity - - Total 73 409 Gains (losses) recognised to equity -6-31.12.2012 Net exposure ( m) - Banking and insurance Portugal Irland Assets at fair value through profit and loss - - Assets available for sale 66 124 Assets held to maturity - - Total 66 124 Gains (losses) recognised to equity -17-24 II.2 - Other countries in receipt of aid - Spain and Italy 31.12.2013 Net exposure ( m) - Banking Spain Italy Assets at fair value through profit and loss 248 14 Assets available for sale 104 3,378 Assets held to maturity - - Total 352 3,392 Gains (losses) recognised to equity -4-77 31.12.2012 Net exposure ( m) - Banking Spain Italy Assets at fair value through profit and loss 204 39 Assets available for sale 66 3,502 Assets held to maturity - - Total 270 3,541 Gains (losses) recognised to equity -31-272 183 Annual Report 2013

Financial Statements Independent Auditors Report on the consolidated financial statements Crédit Mutuel Group Year ended 31 December 2012 MAZARS Tour Exaltis 61 Rue Henri Regnault 92400 Courbevoie, France Independent Auditors Member of the Versailles Institute of Chartered Accountants ERNST & YOUNG et Autres 1/2 Place des Saisons 92400 Courbevoie - Paris-La Défense 1 Simplified joint-stock company with a variable capital Independent Auditors Member of the Versailles Institute of Chartered Accountants To the Shareholders, In fulfilment of the assignment entrusted to us by your General Meetings of Shareholders, we present to you our report for the year ended 31 December 2013 on: the audit of the consolidated financial statements of the Crédit Mutuel group, as attached to this report; the basis of our opinion; and the specific verifications required by law. The consolidated financial statements have been prepared under the responsibility of the Board of Directors. It is our responsibility, based on our audit, to express an opinion on these financial statements. the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the information we have obtained provides an adequate and reasonable basis for our opinion. In our opinion, having regard to International Financial Reporting Standards (IFRS) as adopted by the European Union, the consolidated financial statements give a true and fair view of the group s financial position and its assets and liabilities at 31 December 2013, and of the results of the operations of the companies and entities included in the consolidation scope for the year then ended. I Opinion on the consolidated financial statements We conducted our audit in accordance with auditing standards applied in France. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. An audit includes examining, on a sample basis or via other means of selection, the evidence supporting II Basis of our opinion Pursuant to the provisions of Article L.823.9 of the French Commercial Code requiring that we indicate the basis for our opinion, we draw your attention to the following elements: The group uses internal models and methods for valuing certain financial instruments that are not traded on an active 184 Crédit Mutuel Group

market and for determining certain provisions, as described in Note I-3 Accounting principles and methods to the consolidated financial statements describing the accounting policies and methods. We examined the system of controls for these models and methods, the parameters used and the identification of the relevant financial instruments. As explained in Note I-3 to the consolidated financial statements describing the accounting policies and methods and in Note II-5a, impairment losses in respect of availablefor-sale assets are recognised when there is objective evidence of a prolonged or significant diminution in an asset s value. We examined the system of controls used to identify evidence of impairment, the valuation of the most material holdings and the estimates relied upon to recognise provisions in respect of these impairment losses, where applicable. As explained in Note I-3 to the consolidated financial statements describing the accounting policies and methods and in Notes II-1a, II-8a, II-9, II-18, II-20a and II-30, impairment losses and provisions are recognised to cover credit and counterparty risks inherent to the group s activities. We examined the system of controls used to monitor credit and counterparty risks, to assess impairment losses, and to cover these losses by recognising specific or general provisions. As explained in Note I-2 to the consolidated financial statements describing the consolidation methods and policies and in Notes II-15, II-18 and II-32, impairment tests were performed in respect of goodwill and investments and, when applicable, impairment losses were recognised in the year under review. We examined the conditions under which these tests were performed, the main assumptions and parameters used, and the resulting estimates that, when applicable, led to the recognition of impairment losses. As explained in Note I-3 to the consolidated financial statements describing the accounting policies and methods and in Note II-20a, provisions are recognised in respect of employee benefits. We examined the methodology used to measure these commitments, as well as the main assumptions and calculation methods used. These assessments were made as part of our audit of the consolidated financial statements taken as a whole, and therefore contributed to determining the opinion expressed in the first part of this report. II Specific verifications We also specifically verified the information on the group contained in the Management Report. This work was performed in accordance with French auditing standards. We have no comment to make as to its fair presentation and its consistency with the consolidated financial statements. Courbevoie and Paris-La Défense, 29 April 2014 The Independent Auditors MAZARS Pierre Masieri ERNST & YOUNG ET AUTRES Olivier Durand 185 Annual Report 2013

Confédération Nationale du Crédit Mutuel 88-90, rue Cardinet - 75847 Paris Cedex 17 Tel: +33 (0)1 44 01 10 10 - Fax: +33 (0)1 44 01 12 30 www.creditmutuel.com Institutional Communication Design / Production: BDC / Bela Vista Photos: Crédit Mutuel Thinkstock - Photo of Michel Lucas: Caroline Doutre Photo Haïti: Thierry Dromard