Crédit Agricole CIB in 2015: a well-fitted model able to deliver sustainable returns

Crédit Agricole CIB in 2015: a well-fitted model able to deliver sustainable returns Jean-Yves Hocher CEO of Crédit Agricole CIB & Deputy CEO of Crédit Agricole S.A. Morgan Stanley Conference London, 25 th March 2015

AGENDA 1 2 3 4 5 2014, first year of the Crédit Agricole Group Medium Term Plan A well-fitted CIB model Review of 2014 results: A RoE above CoE, in line with MTP objectives Conclusion: key messages Appendices p. 3 p. 7 p. 19 p. 24 p. 26 2

STRENGTH OF CRÉDIT AGRICOLE GROUP CONFIRMED (1/2) 2014: good results for Crédit Agricole Good resilience in French retail banking Continued growth in the other business lines Expenses under tight control Strong decrease in the cost of risk Further improvement in balance sheet structure 3

STRENGTH OF CRÉDIT AGRICOLE GROUP CONFIRMED (2/2) Crédit Agricole Group Crédit Agricole S.A. Net income Group share Stated Of which Regional Banks 4.9bn 3.5bn 2.3bn 1.0bn Underlying* 6.0bn 3.3bn ROTE Stated Underlying* 7.5% 10.7% Proposal of a 0.35 dividend per share, taking into account 2014 CET1 increase and structure Data per share Net tangible asset value Dividend pay-out** 12.2, +12% 43%, + 8pp * Excluding change in the CVA/DVA/ methodology, FVA Day one, DVA running, loan hedges, issuer spreads, revaluation of Bankit shares, impact of BES in share of net income of equity-accounted entities ** profit attributable to shareholders: 2,340m net income Group share minus 221m interest paid to hybrid debt holders 4

CRÉDIT AGRICOLE S.A. RESULTS Change 2014/2013 Increase in revenues +1.1% Consolidated data Decrease in expenses (0.3%) Increase of gross operating income +4.5% Sharp drop of the cost of risk (23.9%) Income before tax +10.4% Business lines* Stability of the gross operating income Decrease of the cost of risk +0.0% (20.7%) Net income Group share +13.0% * Restated for home purchase savings plans provisions and specific items impacting the business lines: in 2013 and 2014: change in the CVA/DVA methodology, FVA Day one, DVA running, loan hedges. In 2014: revaluation of Bankit shares and impact of BES in share of net income of equity-accounted entities. In 2013: planned disposal of CA Bulgaria and CACF Nordic entities and disposal of brokers 5

AGENDA 1 2 3 4 5 2014, first year of the Crédit Agricole Group Medium Term Plan A well-fitted CIB model Review of 2014 results: A RoE above CoE, in line with MTP objectives Conclusion: key messages Appendices p. 3 p. 7 p. 19 p. 24 p. 26 6

CIB activities: a significant share in Crédit Agricole S.A. economics CIB within Crédit Agricole S.A. CIB activities are a key growth driver for Crédit Agricole S.A. Revenue mix by business line 29% 14% 15% CIB International Retail Specialised Financial Services 21% 21% 1 French Retail Savings Mgt & Insurance Strong revenue growth for CIB activities yoy (+9% for ongoing activities) 4 Strong dynamics in terms of origination Increased firepower thanks to DtO model Sector based coverage proving efficient to sustain and develop our commercial activity Net Income Group Share by business line 2 33% 4% 6% 22% 35% 3 A local presence in dynamic regions (Asia, Americas, Middle East and North Africa) which offer growth opportunities CIB International Retail Specialised Financial Services French Retail Savings Mgt & Insurance 1. LCL only ; 2. Excl. impact of BES in share of net income of equity-accounted entities ; 3. LCL + Regional Banks ~25% equity accounted 4. Excl. impact of Excl, change in the CVA/DVA/ methodology, FVA Day one, DVA running, loan hedges 7

A CLIENT-DRIVEN CIB WITH A SECTOR-BASED APPROACH A Bank structured around 4 client segments covered on a sector basis, to ensure excellence and maximal relevance in customer relationships Supporting the development of our clients activities (financing and capital market activities) Corporates Structured Finance Financing assets and projects Structured Finance 8 sectors Oil & Gas Infrastructure Shipping TMT 1 Utilities & Power Aviation & Rail Corporates 6 sectors Automotive Capital Goods Luxury Mining & Metals Consumer Goods Agrifood Financial Institutions 3 sectors Banks - Europe Sovereigns Insurer- Europe 20% of business NBI 2 Offering investment and hedging solutions Financial Institutions Crédit Supporting Agricole the Group Group and its clients notably thanks to the French regional network Direction des régions de France (DRF) 1.Telecom, Media & Technology ; 2. Residual NBI made on non sectorised clients Real Estate Commodities 40% of business NBI 2 3 main advantages of the sectorbased approach 25% of business NBI 2 1. We are more relevant with our clients 2. We are more efficient commercially 3. We optimize resource allocation 8

A CIB ANCHORED TO EUROPE, BUT WITH A LARGE NETWORK AND A GLOBAL REACH TO SERVE ITS CLIENTS A presence in about thirty countries representing ~85% of the global GDP 1 Geographical breakdown of the commercial NBI (as of 31/12/2014) Commercial income made in EMEA Americas Asia Chicago Houston Mexico Montreal NEW YORK LONDON PARIS Helsinki Oslo Stockholm Moscow Brussels Frankfurt Geneva Milano Madrid Alger Dubai / Abu Dhabi Beijing Guangzhou Tianjin Xiamen HONG KONG Seoul Shanghai Taipei Tokyo Income related to clients coming from EMEA 60% 4% 2% Americas 5% 13% 1% Asia 3% 2% 10% 100% 100% Sao Paulo Buenos Aires Mumbai Bangalore Chennai New Delhi Pune Singapore Sydney ~75% of the activity related to EMEA Assist French and European players, which are our core client franchise Help major non-european players in Europe 6% of the activity specifically related to Middle East and Africa 2 An international network covering 32 countries Four regional hubs: Paris, London, Hong Kong, New York ~25% of the activity exclusively related to Asia and Americas Maintain our worldwide franchises Reinforce our investor base, notably through our relations with FIs An international set up enabling CACIB to finance locally its large Corporate and FI clients, across all business lines 1. Source: World Bank 9

GLOBAL REACH: THE AIRCRAFT FRANCHISE UK Canada Ireland Finland Russia USA France Germany Turkey China South Korea Morocco Emirats Arabes Unis India Thailand Colombia- Salvador Brazil Malaysia Chile-Brazil Australia Legend Non exhaustive list of clients Countries covered by CACIB (via a local presence or through Aircraft coverage) Country Emblematic Client 10

UNITED KINGDOM - MARCH 2014 EUROPE: CACIB HOMELAND, WITH A STRONG POSITION A CIB anchored to Europe, which leadership positions rely notably on our strong underwriting capacity Major positions: European Securitization - ABCP: # 1 sponsor, Project Finance: # 3 mandated arranger in EMEA, Syndicated Loans: # 3 bookrunner in Western Europe 1 2 nd Best Trade Finance Bank in Western Europe 2 Cross border transactions: a strategic development for EMEA Outbound: by supporting European companies in their geographical diversification efforts Inbound: by accompanying clients from Asia and Americas in their European developments - Ex : Japanese desk in London Our key strength: our capacity to innovate The largest Green Bond ever (inaugural), contributing to reinforce CACIB n 1 position in the Green Bond league tables M8 road, Scotland GBP 350 000 000 Bond & EIB loan for a greenfield road DBFO project Bond Lead Manager M8 (Scotland) road. First publicly listed Project Bond with delayed drawdowns 1. Source: Thomson Financial ; 2. Source: Global Trade Review magazine 11

UNITED STATES - NOVEMBER 2014 AMERICAS: SEIZING DEVELOPMENT OPPORTUNITIES IN A CORE REGION FOR CACIB Recognition gained and expertise demonstrated for our US$ credit platform First Billing and Delivery Agent role on a corporate Investment Grade USD unsecured offering - $1.5bn unsecured issuance for Ford Motor Credit First-ever Left Lead role for a US High Yield issuer Avis Budget Group via the offering of a senior unsecured note of $175m AVIS BUDGET CAR RENTAL, LLC AND AVIS BUDGET FINANCE, INC. USD 175 000 000 Add-On Offering to 5.50% Sr Notes due 2023 (High Yield) Lead Left Joint bookrunner Major milestones for CACIB that are franchise enhancing going forward Canadian representative office to be transformed into a local branch to offer our clients comprehensive corporate and investment banking services Latin America: it offers a true growth opportunity on our comparative strengths in Structured Finance, International Trade and Commercial Banking as well as Capital Markets and we extend the coverage of this region out of our existing local teams in Mexico, Brazil and Argentina 12

ASIA: ACCELERATING THE DEVELOPMENT CACIB is taking advantage of Asia-Pacific Growth and Wealth Strong franchises with a presence in 8 countries to seize opportunities across the Region Innovative products such as Green Uridachi and Formosa Bond to tap the pool of liquidity Excellence of CACIB in Asia-Pacific awarded on key transactions IFR Asia Best Investment Grade Bond 2014 IFR Asia Best High Yield Bond 2014 GTF AWARDS WINNER 2014 Aircraft Lessor Debt Deal of the Year Asia EUR portion of a USD 5.4bn Bond, the largest corporate issue in Asia First US-denominated HYB in the Int l capital markets for TATA First secured capital markets offering for a Chinese lessor Upcoming Strategic developments Broaden the Corporate Clientele Onboard new Corporate clients, leveraging on our credit risk expertise Pursue the development on a sector based approach, with a focus on Automotive Beef-up our Investment Banking offer to systematically go alongside our Clients on cross-border transactions Deepen relationships with Financial Institutions Intensify the distribution of flow products, especially toward Supranationals, Agencies & Sovereigns (SAS) and Lifers Diversify our offer based on our savoir-faire and a new fully-fledged Emerging Market platform New Target: + 20% in revenues over the medium term 13

MENA: A HISTORICALLY IMPORTANT REGION, WHICH VISIBILITY WILL BE ENHANCED CACIB has been present in MENA for 40 years, 4 countries covered U.A.E. (hub in Dubai, Abu Dhabi) and Algeria: direct CACIB presence Saudi Arabia: covered by Banque Saudi Fransi (31% owned by CACIB), through 80 branches Egypt: partnership with Solid relationships in the key areas of Oil & Gas, Telecommunications Aviation and Trade A recognised leader in the field of Islamic banking across all business lines, notably Structured Finance and Commercial banking Fixed Income Markets Ex : Inaugural Sukuk for this Dubai-based low cost airline To foster its development, a MENA region will be created 14

A WELL-BALANCED BUSINESS MIX ALIGNED WITH THE DEBT-HOUSE MODEL CACIB business NBI mix in 2014 by business line 2 Syndicated loans, bilateral facilities and distribution: a leader position on syndication, ensuring a strong capacity of distribution Financing activities : ~55% Debt Optimisation & Distribution 12% Structured Finance 32% 3 Structured Finance: a global leader position 1 Commercial Banking & Trade Finance: conquering our natural market share Commercial Banking & Trade Finance 10% 5 Investment banking: a high level contact with our clients Investment banking 6% Capital Market activities 40% 4 Capital Market activities: a strong position on debt activities Capital Market and Investment Banking activities : ~45% 15

CACIB DISTRIBUTE TO ORIGINATE MODEL: A KEYSTONE OF OUR CLIENT DRIVEN APPROACH (1/2) A model that is proving its worth 1 By strengthening our client intimacy 3 By leveraging our origination expertise A model that fosters our client driven approach A distribution strategy elaborated upstream by the different business lines Joint pitches by all business lines, mobilized to strengthen their value-adding funding advisor role to the benefit of the client An approach which also benefits to CA Group 2 Loan repackaging vehicle specifically devised for Crédit Agricole Assurances loan investments in real estate Sub-participations to Crédit Agricole Regional Banks By encompassing gradually all Structured Finance asset classes Beyond real estate and infrastructure, new asset classes have been added with a major breakthrough in Shipping Strategic joint venture signed in Dec. 2014 with SMTB - first of its kind in the banking world with an initial lending capacity of US$ 1Bn in the form of ship financings Loan repackaging vehicle for Crédit Agricole Assurances investments extended to aircraft loans Base 100 Distributed volumes 1 - Ex: Structured Finance 2013-Q1 2013-Q2 2013-Q3 2013-Q4 2014-Q1 2014-Q2 2014-Q3 2014-Q4 To banks To investors Strong acceleration of DtO model in 2014 +70% of distributed volumes yoy. (incl. structured finance bonds) New CACIB B/S loans leveraged ~2x with distributed volumes (loans + bonds) on structured finance DtO Model: a leverage to increase our origination firepower and maximize our fees without incremental scarce resources 1. Medium and long term financings 16

CACIB DISTRIBUTE TO ORIGINATE MODEL: A KEYSTONE OF OUR CLIENT DRIVEN APPROACH (2/2) Project bonds: a high growth market on which CACIB has strengthened its position $Bn 60 50 40 30 20 10 A high growth market 1 0 2010 2011 2012 2013 2014 Volumes DtO model launch CACIB Mkt share and a strong position for CACIB 1 Rank Lead manager No of deals Volume (US$m) 1 Citigroup 16 4,350 2 JP Morgan 14 3,074 3 CACIB 18 2,981 4 BNP Paribas 17 2,965 5 RBS 14 2,655 6 HSBC 13 2,934 7% 6% 5% 4% 3% 2% 1% 0% A key activity for CACIB CACIB strongly leveraging on its leadership positions in its Project Finance and Capital Markets franchises to become #3 Project Bond Lead Manager in 2014 Market share almost doubled 1 : 6% in 2014 vs. 3.8% in 2013 #1 ranking in terms of number of transactions lead managed (18) showing the depth of the franchise CACIB s strong performance being rewarded by the Global Project Bond House of the Year 2014 Award CACIB is at the forefront in terms of innovation First foray of USPP investors in Euro denominated PF bonds (Copenhagen Airport) First ever publicly listed project bond to be issued with delayed draws through construction (M8 highway in Scotland) First German project benefiting from the EIB credit Enhancement support (A7 highway in Germany) 1, Source: PFI Thomson Reuters 17

AGENDA 1 2 3 4 5 2014, first year of the Crédit Agricole Group Medium Term Plan A well-fitted CIB model Review of 2014 results : A RoE above CoE, in line with MTP objectives Conclusion: key messages Appendices p. 3 p. 7 p. 19 p. 24 p. 26 18

SATISFACTORY OVERALL BUSINESS AND OPERATING PERFORMANCE, ON TRACK WITH MTP Revenues from ongoing activities 1 CIB expenses m +9.0% m 4,024 3,692 +4,9% 2,124 1,880 1,900 1,812 2,287 +0% 2,295 Capital market and Investment Banking 890 750 966 806 Financing activities 990 1,062 1,158 1,094 579 567 568 573 558 565 578 594 H1 2013 H2 2013 H1 2014 H2 2014 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Strong growth in CIB revenues in H2-14 vs H2-13 and an overall growth of ~9% in 2014 Operating expenses under control An overall annual revenue growth (+9%) above MTP target (+ 3%) Note: 2013 figures restated to reflect the application of IFRS 11 to UBAF and Elipso Finance S.r.l. and the analytical reallocation of certain Commercial banking businesses to Structured finance 1. Restated for loan hedges, DVA running, CVA/DVA Day 1 (Q1-13), FVA Day 1 and change in the CVA/DVA/FVA methodology (Q4-13, Q2-14 and Q4-14) ) and impacts of brokers in 2013 19

OCTOBER 2014 DECEMBEER 2014 A ROBUST GROWTH FOR FINANCING ACTIVITIES m Commercial banking and other Structured finance Solid growth in revenues compared to MTP targets 1 990 2,052 1,062 +9.7% +3% 1,158 2,252 1,094 398 479 576 498 592 583 582 596 Strong market positions on our key financing activities Syndicated loans: # 4 bookrunner in EMEA and # 1 in France 2 European Leveraged loans: # 1 bookrunner in EMEA 2 and # 3 bookrunner for LBO in EMEA 2 Project finance: # 3 mandated arranger in EMEA 2 Aircraft finance: # 1 mandated arranger worldwide 3 Export Finance: # 4 worldwide (excl. Shipping & Aircraft) 4 Significant deals and awards H1-2013 H2-2013 H1-2014 H2-2014 Commercial banking: growth in revenues (+22.5% yoy) with a solid performance in terms of interest margin and fee income, driven by a strong level of production on Corporate Credits and Trade Finance GENERALE DE SANTE FRANCE EUR 1 075 000 000 Senior Facilities Sector: Private Clinics MLA & Bookrunner FAREVA GROUP EUR 200 000 000 Syndicated Facility MLA Co-bookrunner Coordinator Arranger Structured finance: revenues resilient over the period, driven by Asset Finance An overall annual revenue growth for financing activities (+9.7%) above MTP target (+2%) Rail Finance House of the Year Project Finance Bond House of the Year Airport Finance House of the Year 1. Restated for loan hedges; 2. Source: Thomson Financial (31 December 2014); 3. Source: Air Finance Journal (13 January 2015); 4. Source: Dealogic (31 December 2014) 20

A RESILIENT PERFORMANCE FOR MARKET ACTIVITIES GIVEN CURRENT MARKET CONDITIONS Strong performance for capital markets and investment banking 1 A performance in line with MTP trajectories and much better than competitors m 1,640 +8.0% +7,5% 1,772 FICC Revenues 2014 vs. 2013 2 Investment banking Fixed income 890 143 750 91 966 123 806 69 ~ -1% French CIB sector 3 747 659 843 737 ~ +12% H1-13 H2-13 H1-14 H2-14 Fixed Income: revenue increase with a strong performance in Treasury and Credit & Rates Investment banking: down on a high basis of comparison (solid level of business in equity issues in Q4 2013) Lower sensitivity to market moves for CACIB due to more limited trading activities Strongest performance among French peers on fixed income activities An overall annual revenue growth for market and investment banking activities (+8%), in line with MTP target (+7%) A relevant model which is more resilient and less volatile than our French FICC competitors 1. Restated for DVA running, CVA/DVA Day 1 (Q1-13), FVA Day 1 and change in the CVA/DVA/FVA methodology (Q4-13, Q2-14 and Q4-14) and impacts of brokers in 2013; 2. Financial communication; 3. Including BNP Paribas, Société Générale, Natixis and Crédit Agricole CIB 21

A SATISFACTORY ROE GIVEN CACIB RISK PROFILE A satisfactory level of RoE for CACIB 1 Restated 2014 post tax RoE of European CIBs 2 A very limited risk profile which is not fully factored in our CoE A lower risk profile 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 18% 11% 11% 3% Max Average CACIB Min 60 Société 50 Ex: average 99% quaterly VaR 3 Générale CIB 40 30 20 10 m 0 BNP Paribas CIB Natixis Crédit Agricole CACIB 2014 RoE equal to the average of a pool of European CIBs (~11% on a restated basis) in a difficult macroeconomic and regulatory environment Current results on track for reaching 2016 MTP target of 12% which should be better taken into account by the market when estimating CoE CACIB CoE calculated by analysts amounting to ~11% 4, similar to other CIB players with different risk profiles CACIB model is value-creating for its shareholders (RoE>CoE) 1. Based on CIB restated Net Income Group Share in 2014 ( 1,168 m) including run off activities, capital allocation of 9% of risk weighted assets and including main deductions from the CET1 numerator; 2. Source: CACIB estimates based on financial publications of Deutsche Bank, BNPP, HSBC, Commerzbank, Société Générale, CACIB, Natixis, Barclays, Royal Bank of Scotland ; 3. Source: financial communication ; 4. Average of CoE estimates from Morgan Stanley, Mediobanca, Exane, Natixis, Kepler Cheuvreux, Nomura, Oddo, CM-CIC, Macquarie 22

AGENDA 1 2 3 4 5 2014, first year of the Crédit Agricole Group Medium Term Plan A well-fitted CIB model Review of 2014 results : A RoE above CoE, in line with MTP objectives Conclusion: key messages Appendices p. 3 p. 7 p. 19 p. 24 p. 26 23

KEY MESSAGES 1 A CIB 2014 performance which confirms our strategic model relevance 2 2016 MTP objectives confirmed including Return on Equity target 3 A positive flavour for Q1 2015 24

AGENDA 1 2 3 4 5 2014, first year of the Crédit Agricole Group Medium Term Plan A well-fitted CIB model Review of 2014 results : A RoE above CoE, in line with MTP objectives Conclusion: key messages Appendices p. 3 p. 7 p. 19 p. 24 p. 26 25

KEY MESSAGES French retail banking: a very good contribution in 2014 Strong growth in deposits, lending resilient in 2014 Positive net new inflows in both on- and off-balance sheet deposits Growth in loan book driven by home loans thanks to a persistently healthy property market Rebound in consumer credit outstandings between September and December 2014 Corporate clients: growth in loans outstanding to SMEs and small businesses* A very strong local presence - an advantage in supporting recovery in economy Continued very high contribution to results in 2014 despite persistently low interest rates and weak economic growth 2013 was a record year for French retail banking Net income Group share in French retail banking: - 4.1bn in 2014 with Regional Banks at 100% (Crédit Agricole Group) - 1.6bn attributable to Crédit Agricole S.A. with Regional Banks at 25% On-balance sheet deposits ( bn) +2.6% Dec/Dec 433 444 OAT 10 years 4,1% 3,4% 2,8% 3,0 0,5 2,5 85 88 348 356 Dec. 13 Dec. 14 1,6% 3,4 3,8% 3,6 0,6 0,7 2,8 2,9 2,7 Crédit Agricole Group: Regional Banks and LCL contribution 2,4% 2,4% Change in French GDP (%) 4,3% 4,3% 3,3 0,6 LCL Regional Banks 0,2% -2,9% 3,1 2,7 0,6 0,7 2,0 3,7% 2,5 Loans outstanding ( bn) +0.9% Dec/Dec 487 491 89 91 398 400 Dec. 13 Dec. 14 3,1% 3,3% 2,5% 2,2% 2,0% 2,1% 0,3% 0,3% 4,0 4,1 4,2 4,3 0,7 0,7 0,7 0,6 LCL Regional Banks 1,7% 4,1 0,6 3,3 3,4 3,5 3,7 3,5 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 0,4% * Loans outstandings drawn by domestic corporates according to Banque de France definition NIGS in bn Regional Banks LCL 26

KEY MESSAGES Growth drivers in areas other than retail banking Business lines NIGS excluding retail banking ( m) Asset management and Insurance: expanding businesses Insurance: Strong business momentum; premium income growth accelerated to +22% in Q4 Average quarter 2012 (44) Average quarter 2013 607 +18% 739 726 715 Average quarter 2014 680 715 Amundi: Very high net new inflows in Q4-14 ( 13.1bn), the highest level in any quarter in 2013-2014 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Financing businesses: growth drivers SFS: A business adapted to prevailing interest rate climate (margins resilient) with growth in Q4 following the restructuring period of 2011-2014 CIB: YoY growth in Q4 in Financing activities and Capital markets confirms relevance of Distributeto-Originate model Assets under management ( bn) + 112bn Dec/Dec 1,144 132 235 777 1,229 1,257 140 142 245 249 844 866 NIGS Savings management NIGS Insurance NIGS Specialised financial services NIGS CIB Private banking Insurance / Savings management Amundi Loans outstandings ( bn) + 17bn Dec/Dec 175 105 189 192 120 123 70 69 69 Financing activities Consumer credit (managed loan book) Dec. 13 Sept. 14 Dec. 14 Dec.13 Sept. 14 Dec.14 27

KEY MESSAGES Cost-cutting programmes stepped up Expenses under control MUST 2014 Crédit Agricole Group expenses: -4.1% vs. 2012 Crédit Agricole S.A. expenses: -4.5% vs. 2012 In bn Savings of 178m achieved through MUST in 2014 MUST IT systems 2014: - 45m MUST external expenses 2014: - 83m MUST real estate 2014: - 50m Cost-cutting programmes MUST ( m) 20.0 19.2 11.6 11.1 351 178 650 Crédit Agricole Group Crédit Agricole S.A. 2012 2013 2014 Savings achieved at end 2013 vs. 2011 Savings achieved in 2014 2016 target Decrease in NICE IT expenses in 2014 New initiatives Over 100m of NICE savings achieved in 2014 compared with 2013 Cost-cutting programmes NICE ( m) > 100 Savings achieved at end-2014 240 Target 115m of additional savings in 2014 for Crédit Agricole S.A. thanks to the MTP new initiatives (target: 220m by 2016) Decrease of CACIB costs for discontinuing operations Substantial reduction in costs for CACF (particularly in restructuring costs for Agos) Additional synergies generated within Crédit Agricole Group, in particular: Transfer of LCL to Group's electronic banking services provider Launch by Regional Banks and LCL of common outsourcing in cheque processing Transformation of the IT services subsidiary of Crédit Agricole S.A. (Silca) : outsourcing and process industrialisation 28

KEY MESSAGES Cost of risk declined faster than forecast in MTP Cost of risk still decreasing Crédit Agricole Group *(bps) driven by Retail Banking in France Regional Banks (bps) 76 44 49 49 48 37 40 49 38 26 22 25 18 2009 2010 2011 2012 2013 2014 2016 target 2009 2010 2011 2012 2013 2014 Crédit Agricole S.A. *(bps) LCL (bps) 96 60 66 70 68 55 55 57 44 32 33 31 19 2009 2010 2011 2012 2013 2014 2016 target * Excluding impact for Greece from 2009 to 2012 2009 2010 2011 2012 2013 2014 A substantial coverage ratio Good improvement in coverage ratio for Credit Agricole S.A. with a comparable impaired loans ratio 3,9% 3,6% Impaired loans ratio 71,7% 71,9% Coverage ratio For Regional Banks, a coverage ratio above 100% 2013 2014 Market risks at very low level Market risk exposure of Crédit Agricole S.A. Group s capital market activities very limited in a climate of strong growth in associated revenues Mutualised VaR (99% - 1 day) for Crédit Agricole SA ( m) 20 9 9 9 2011 2012 2013 2014 29

KEY MESSAGES Active risk management Greece Ukraine - Exposure to Greece excluding shipping: ~ 200m at 31/12/2014 - Total exposure: ~ 1bn at 31/12/2014, of which ~4% located in conflict areas - Crédit Agricole Ukraine ~ 900m (net outstandings at 31/12/2014) mainly to corporate clients (~ 80%) and the agribusiness - CACIB: Credit to French corporate clients ~ 35m - No sovereign exposure NB : Shipping loans granted by Crédit Agricole CIB with mortgages on ships and denominated in dollars not subject to Greek law: $3.3bn at 31/12/2014 - Equity of the entity ~ 91m, and liquidity granted ~ 92m at 31/12/2014 Oil & Gas - Exposure in sensitive sectors: 6bn commitments at 31/12/2014 - Sectors that are structurally sensitive to price falls (independent exploration companies, Oil & Gas exploration services) - Factors of protection and actions: - Existence of collateral: 4.2bn commitments based on confirmed oil reserves given as collateral - Reinforced watch and reduction of exposures on the sensitive portfolio - Loans in default: 159m covered at 40% Russia - Exposure to Russia via CACIB ~ 3.7bn at 16/02/2015, (~ 4.2bn at 31/12/2014) - Of which more than half in Oil & Gas sector - Only on large corporates - Business with solid counterparties (large integrated groups with plenty of liquidity) - Significant percentage of short-term commitments with short residual terms - Total Exposure (net of guarantees): 33bn at 31/12/2014 - Mostly via CACIB and on large corporates - Of which 87% investment grade counterparties * Total exposure given for Crédit Agricole Group scope 30

KEY MESSAGES Further improvement in balance sheet structure, adapted to future regulatory requirements Continued increase of CET 1 ratio (fully loaded) A favourable phased-in global solvency ratio in view of MREL and TLAC CA Group: +180bps YoY 11,3% 13,1% Crédit Agricole S.A.: +190bps YoY 10,4% Global solvency ratio Group CA 15,2% 18.4% Crédit Agricole S.A. 15,6% 19,6% 8,5% Jan 14 Dec 14 Jan 14 Dec 14 Jan 14 Dec 14 Jan 14 Dec 14 For Crédit Agricole S.A., includes assumption of a dividend of 0.35 per share*, identical to the dividend paid in 2013 with a commitment by SAS Rue la Boétie to take its dividend in shares Crédit Agricole Group aims to meet MREL and TLAC requirements without including senior debt, through organic growth of capital funds and issues of 'bail-inable' subordinated debt * Subject to approval by the AGM on 20 May 2015 Substantial improvement in liquidity indicators Leverage and conglomerate ratios exceed guidelines LCR > 110% for Crédit Agricole S.A. and Crédit Agricole Group Robust increase in surplus of long term funding sources: up 102bn since 2011 for Crédit Agricole Group bn 71 101 Leverage ratio* higher than guideline recommended by the Basel Committee * According to Delegated Act in effect in January 2015 5,1% 5,2% 4,2% 3% -1 47 End 2011 End 2102 End 2013 End 2014 Sept. 14 Dec.14 Dec. 14 Crédit Group CA Agricole S.A. The conglomerate ratio reflects the solid capitalisation of the bancassurance model, for both Crédit Agricole S.A. (239%) and Crédit Agricole Group (181%) 31

KEY MESSAGES TLAC & MREL ratios: steered to protect senior creditors TLAC Target ratio >19.5% by end-2016, excluding senior debt (subject to change in RWA calculation methodology) MREL Target ratio > 8.0% by end-2016, excluding senior debt According to the current draft text, the potential TLAC requirement would be the higher of 2 x the leverage ratio and 19.5% to 23.5% of RWAs The target MREL ratio of 8% excluding senior unsecured debt would allow for recourse to the Single Resolution Fund, which would protect senior debt holders The achievement of targets is based on organic growth of own funds and complementary issuance of Tier 2, partially substituting for senior unsecured debt issues * Countercyclical buffer set at 0% ** Calculation based on Crédit Agricole S.A. s current understanding of draft regulatory texts 32

CRÉDIT AGRICOLE S.A. CONSOLIDATED RESULTS 2014 income statement m 2014 2013 2014/2013 2014/2013 of the business lines* Revenues 15,853 15,682 +1.1% (0.1%) Operating expenses (11,097) (11,134) (0.3%) (0.2%) Gross operating income 4,756 4,548 +4.5% +0.0% Cost of risk (2,204) (2,894) (23.9%) (20.7%) Share of net income of equity-accounted entities 647 1,175 (44.9%) +10.5% Net income on other assets 53 98 (45.5%) nm Change in value of goodwill (22) - nm nm Income before tax 3,230 2,927 +10.4% +11.9% Tax (469) (98) x4,8 +2.9% Net income from discontinued or held-for-sale operations (5) 56 nm nm Net income 2,756 2,885 (4.5%) +14.3% Net income Group share 2,340 2,510 (6.8%) +13.0% Cost/income ratio 70.0% 71.0% (1.0pp) (0.0pp) * Restated for home purchase savings plans provisions and specific items impacting the business lines: in 2013 and 2014: change in the CVA/DVA methodology, FVA Day one, DVA running and loan hedges. In 2014: revaluation of Bank of Italy shares and impact of BES in share of net income of equity-accounted entities. In 2013: planned disposal of CA Bulgaria and CACF Nordic entities and disposal of brokers 33

CRÉDIT AGRICOLE GROUP Presentation of the business lines SAVINGS MANAGEMENT & INSURANCE RETAIL BANKING CORPORATE AND INVESTMENT BANKING Insurance A full and integrated leader in bancassurance Asset management A global leader in asset management Private banking Dedicated expertise to high net worth customers Asset servicing A European leader in asset servicing Other international retail banks The multi-channel retail bank close to its customers Full online bank Leading relationship and digital bank in urban areas The Group's backbone in its second domestic market, Italy Profitable growth drivers in emerging countries A European debt house serving large companies and the Group Major players in their markets, anchored in the Group SPECIALISED SERVICES Consumer finance Leasing and factoring Real estate Payments Telemonitoring 34