Goldman Sachs Conference - credit-agricole.com

Goldman Sachs Conference

Philippe Brassac

CEO

June 9th 2016

GOLDMAN SACHS CONFERENCE – JUNE 2016 2

This presentation may include prospective information on the Group, supplied as information on trends. This data does not

represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, § 10). This information

was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment.

Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections.

Likewise, the financial statements are based on estimates, particularly in calculating market value and asset depreciation.

Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

The figures presented are not audited.

The figures presented have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date,

and with prudential regulations currently in force. This financial information does not constitute a set of financial statements for an

interim period as defined by IAS 34 “Interim Financial Reporting” and it has not been audited.

Throughout the document, data on 2015 results is presented pro forma: transfer of CACEIS from Asset Gathering to Large

Customers, transfer of Insurance Switch from the Corporate centre to Insurance and reclassification of the contribution of the

Regional Banks under IFRS5. Within Crédit Agricole S.A., “Retail banking” now covers only LCL and International retail banking.

Note:

The Crédit Agricole Group scope of consolidation comprises: the Regional Banks, the Local Banks and Crédit Agricole S.A. and

their subsidiaries. This is the scope of consolidation that has been privileged by the competent authorities to assess the Group’s

situation, notably in the 2015 Balance sheet assessment exercise

Crédit Agricole S.A. is the listed entity. It notably owns the subsidiaries of its business lines (French retail banking, International

retail banking, Asset gathering, Specialised financial services, and Corporate and investment banking). Crédit Agricole S.A. also

owns circa 25% of the Regional Banks up to the completion of the intragroup reclassification of CCI/CCAs held by Crédit Agricole

S.A. in the Regional Banks, expected in the third quarter of 2016.

DISCLAIMER

GOLDMAN SACHS CONFERENCE – PARIS, JUNE 9 2016


A STRATEGIC AMBITION EMBEDDED IN FOUR PRIORITIES

Simplify the Group's capital structure

Roll out an ambitious

Customer Project,

enhanced by the digital

transformation

Strengthen the Group's

growth momentum in its

core business lines

Transform the Group to sustainably

improve our industrial efficiency

1

2 3

4


(1) CASA holds at least one mutual share (or a limited number of mutual shares) in each of the Regional Banks, conferring it the status of mutual shareholder and therefore the right to hold CCAs

(2) RB of Corsica, fully owned by Crédit Agricole S.A., will also be a shareholder of SACAM Mutualisation

(3) As of December 31 2015

(4) The scope of the transaction includes all CCI/CCAs held by CASA except for (i) securities held by Predica, (ii) the portion of CCI/CCAs held in excess of 50% of the capital of 4 Regional

Banks (Brie Picardie, Loire Haute-Loire, Nord de France and Toulouse31). This excess part will be retained by Crédit Agricole S.A. to comply with regulations regarding the capital structure of

the Regional Banks, which authorise the issuance of CCI/CCAs above 50% only if they are held by the Central body (in total, residual value of €0.5bn) and (iii) CCIs potentially detained

through liquidity schemes

PROJECT TO SIMPLIFY THE GROUP’S STRUCTURE

Change in the Crédit Agricole Group structure

Float SAS

Rue la Boétie

100%

56.7% (3)

43.3% (3)

Crédit Agricole S.A.

Local Banks of

Crédit Agricole

and other

members

Holders of

CCI/CCAs

RB

1

RB

3

RB

38

RB

2

38 Regional Banks (excl. RB of Corsica)(2)

SACAM Mutualisation

100%(2)

~25%

(through

CCI/CCAs (4))

Current Crédit Agricole Group structure New Crédit Agricole Group structure

Float

100%

43.3% (3)

Mutual

share(s)(1)

25% of

capital

under the

form of

CCI/CCAs

(no voting

right) +

Switch

Guarantee

SAS

Rue la Boétie


Local Banks of Crédit Agricole and

other members

Holders of

CCI/CCAs

mutual shares (with voting right)

and CCAs (no voting right)

CCIs

(no voting right) 75% of capital

RB

1

RB

3

RB

38

RB

2

38 Regional Banks (excl. RB of Corsica)(2)

56.7% (3)

4


PROJECT TO SIMPLIFY THE GROUP'S STRUCTURE

Impacts on the financial situation of the Group and CASA

Positive impact of 41bps

Pro forma fully-loaded 2015 CET1 ratio ≥ 11%: target achieved one year

ahead of schedule, with better quality of capital

Immediate positive impact

on the capital position of


Impact on net income, excluding one-time items, of around -€470m

Elimination of the dilutive effect of scrip dividend, around 5% annually1

Limited effect on net EPS

of Crédit Agricole S.A

On net income

On regulatory ratios

On liquidity position (Intragroup funding of the transaction)

No change in the scope of tax consolidation

Transaction overall neutral at

Crédit Agricole Group level

Regulatory situation sufficiently strong to largely absorb the impact of

the transaction (average pro forma 2015 CET1 ratio of 17.3%)

Limited impact for

the Regional Banks

1. Relative to a situation in which an option to pay a scrip dividend would have been proposed with respect to the 2016 annual result. Earnings-enhancement calculation based on the assumption that the take-up rate for the scrip dividend would be the same as that observed in 2015


PROJECT TO SIMPLIFY THE GROUP'S STRUCTURE

Stability of Crédit Agricole S.A. business mix

A balanced business mix

which remained very largely dominated by retail banking activities until now

and this will not significantly change between 2015 (pro forma) and 2019

Revenues: CASA business mix

(excluding Corporate Centre) in %

(excluding Regional Banks1)

Net income Group share: CASA business mix

(excluding Corporate Centre) in % (including Regional Banks in 2015 underlying)

Specialised financial services Large customers (CACIB and CACEIS) Asset gathering Retail banking

1. The share of Crédit Agricole S.A. in the Regional Banks was equity-accounted until 2015

36%20% 22%

33%

38% 35%

22%29% 30%

9% 13% 13%

2019 2015 underlying

pro forma

2015 underlying

33% 34% 33%

26% 25% 26%

27% 27% 27%

14% 14% 14%

2019 2015 underlying

pro forma

2015 underlying


Recognised ability to distribute products created by our specialised business lines

through our retail banking networks to meet our customer needs

THE GROUP'S DNA

A Customer-focused Universal banking model

1. Source: Regional Bank customer database

Large

customers

Specialised

financial

services

Asset

gathering

Retail

banking

€7.8bn of revenue synergies in 2015

for Crédit Agricole Group

An average of 9 products per

demand deposit account1 for

Regional Bank customers at end

2015


A Customer-Focused Universal banking model

A model based on the expertise of all our business lines, on the excellence and the know-how required to

meet the financial and wealth management needs of our customers

A «Full Multi-Channel » distribution model

A model that enables our customers to choose how and when they interact with their bank and switch

easily between the various channels

A strategic investment in customer relationships

An acceleration of the digital transformation and foster innovation

A new wealth advisory approach with a renowned sales/advisory method of customer advisers

New products and services

ROLL OUT AN AMBITIOUS CUSTOMER PROJECT, ENHANCED BY THE DIGITAL REVOLUTION

MULTI-CHANNEL

Attached to the simplicity of digital for some transactions and the extra value

provided by an adviser

~70%

DIGITAL

Attached to the freedom and simplicity of digital banking

~20%

BRANCH

Prefers to have a face-to-face relationship with his adviser ~10%

% of customers1

1. source: McKinsey “Retail distribution 2015: full digitalisation with a human touch”; estimation of banking customer behaviours on complex operations


Accelerate the pace of customer capture

Continue our multi-product strategy

Reinforce business in specialised markets

Digital transformation and branch network upgrade

Cost control

Retail Banking

STRENGTHEN THE GROUP'S GROWTH MOMENTUM

Business line strategies

Growth in the capital allocated to the Asset

gathering business line

Pursuit of value-creating acquisitions Primarily in asset management

And, to a lesser extent, in wealth management

Increase in costs to support growth, mainly in insurance :~

+2% p.a. business line costs

Asset gathering

Further integration with the Group's retail banks Support the Group’s networks

Increase sales of insurance product at CACF

Selectively relaunch profitable production in stand-

alone business Direct channel

Partnerships and car finance joint ventures

Operating optimisation with sustained cost-cutting

efforts

Specialised financial services

A coherent business line serving the Group

generating additional synergies Support the development of the Regional Banks and

Cariparma in the mid-corp segment

Develop market activities with corporate and local

authority customers of the Regional Banks and LCL

Servicing on market transactions for other Group entities

… whilst maintaining a low risk profile

Large customers

RONE 20191

>16%

RONE 20191

>11%

RONE 20191

>25%

RONE 20191

>13%

1. RoNE calculated as the net income (post tax) on normative equity, on the basis of a capital allocation tailored to the need and risks of each business line


TRANSFORM THE GROUP TO SUSTAINABLY IMPROVE OUR INDUSTRIAL EFFICIENCY

A €900m operational efficiency programme for Crédit Agricole S.A.

An ambitious investment programme of €7.7bn over 4 years1 to prepare for the future

Total

7.7

Crédit

Agricole S.A.

4.4

Regional

Banks

3.3

Cumulative investment over the plan period (€bn)

Developing the

business line

and digital

transformation

Industrial

efficiency

Regulatory

1. Cumulative investments. Investments on a cash-out basis

€4.9bn

in developing the

business lines and

digital transformation

(of which ~80% for

Retail banking)

€1.8bn

in improving industrial

efficiency and cutting

costs in all business

lines

~ €1bn

in strengthening the

Group's compliance

and risk mitigation

10%

16%

11%

37%

26%

CASA cost savings

by business line

900

CASA cost savings

by lever

35%

36%

16%

13%

900

Large

customers

Asset

gathering

Corporate

Centre

Retail

Banking

Specialised

financial

services

Simplification

of organisation

structures

Control of non

IT purchase

IT

transformation

Operational

optimisation

and efficiency

- 6 pts of Crédit Agricole S.A.’s

cost/income ratio by 2019

i.e. a cost/income ratio < 60% in 2019

Annual cost savings by 2019 (€m)


Crédit Agricole

Group

Of which


>+1.5% >+2.5% Revenue growth1

<60% <60% 2019 cost / income ratio

<35bps <50bps Cost of risk / outstandings

>€7.2bn >€4.2bn 2019 Net income Group share

>10% 2019 RoTE

22% TLAC excl. eligible senior debt

50%, in cash Pay-out ratio

≥11% Fully-loaded CET1 16%

2019 FINANCIAL TARGETS

Q1 to Q3-2016 are impacted by the implementation of the project to simplify the Group’s capital

structure. These atypical quarters are fully taken into account in the financial trajectory of the MTP

1. 2019 CAGR vs 2015 underlying pro forma for Crédit Agricole Group simplification transaction


Decrease of LCL revenues, expenses and cost of risk being well oriented

Strong business momentum in the last 2 years, with a deliberate policy to increase individual customer market share: growth in home

loans outstanding at LCL almost twice that of the market

Exceptional wave of renegotiations and early repayments since 2014: since the beginning of the decrease in interest rates in 2014,

almost half of home loans outstanding have been renegotiated or repaid early

• Strong impact on net interest margin, with pressure expected to remain in 2016; turnaround point expected in 2017

• Fees impacted in Q1-16 by market conditions, but healthy growth in insurance commissions and commissions on account

management, services and payment instruments

MTP targets confirmed: further potential to increase customer loyalty thanks to the implementation of MTP Group synergies

Underlying Q1-15* Retail Asset gathering SFS Large Customers Corp. Centre Underlying Q1-16*

Q1-16: Good resilience of the business lines in a difficult operating

environment, reflecting the relevance of Crédit Agricole S.A.'s business

model

394

(9.3%)

Change in Crédit Agricole S.A.’s underlying NIGS (€m)

(15) +36 +61 (175)

+52

435

Of which (41)

for LCL

Stable level of AuM

reflecting a satisfactory

commercial performance

in an adverse market

environment

Record

origination,

contribution to

NIGS almost

doubled

Market fall and strong increase in

volatility leading to wait-and-see attitude

of corporate clients

Fall in oil prices, reducing the volume of

trade finance operations

* Excluding balance sheet optimisation, Regional Banks’ dividend, accounting items (DVA running, issuer spread, loan hedges)


OUR COMMITMENT TO INVESTORS

Clarify the Group’s organisation

Project to simplify the Group’s structure implemented in 2016

Immediately normalise our regulatory situation

A 2019 CET1 target already achieved January 1st, 20161

A TLAC-compliant Group

Implement a realistic, but ambitious Medium Term Plan

Main targets for 2019

• NIGS: €4.2bn for Crédit Agricole S.A.

• RoTE: >10%

Conservative assumptions within a controlled business mix

Affirm our dividend policy

50% pay-out (as of 2015)

In cash (as of 2016)

PRUDENCE and PERFORMANCE

1. On a pro forma basis

Appendix


PROJECT TO SIMPLIFY THE GROUP’S STRUCTURE

(1) The scope of the transaction includes all CCI/CCAs held by CASA except for (i) securities held by Predica, (ii) the portion of CCI/CCAs held in excess of 50% of the capital of 4 Regional

Banks (Brie Picardie, Loire Haute-Loire, Nord de France and Toulouse31). This excess part will be retained by CASA to comply with regulations regarding the capital structure of the

Regional Banks, which authorise the issuance of CCI/CCAs above 50% only if they are held by the Central body (in total, residual value of €0.5bn) and (iii) CCIs potentially held through

liquidity schemes. This does not include the Regional Bank of Corsica, which is 99.9% owned by CASA

(2) Not taking into account the price adjustment. As an indication, based on the first half of 2015, the adjustment would have been ~+€0.5bn

Scope of the project to simplify the Group’s structure

One-off impacts for CASA Recurring impacts for CASA

The intragroup reclassification of CCI/CCAs(1) held by

CASA in the Regional Banks to an entity wholly owned by

the Regional Banks, SACAM Mutualisation

Capital gain:

+€725m(2)

Dividend on 2015

result: +€287m

Q3-16

Q1-16

mainly

Deconsolidation of the

contribution from

CCI/CCAs: -€1072m on

an annual basis

From

Q1-16

The unwinding of the guarantee mechanism ("Switch

1") associated with the holding of the CCI/CCAs

+€461m in revenues on

an annual basis

From

Q3-16

The initiation of a loan granted to the Regional Banks to

finance the transaction

+€261m in revenues on

an annual basis

From

Q3-16

Optimisation of the balance sheet -€683m in revenues Q1-16

In revenues:

+€160m in 2016

+€190m in 2017

+€128m in 2018

…

From

Q2-16

Total impact in Net income Group share ~+€560m(2) In 2016 ~-€470m on an annual basis


2019 FINANCIAL TARGETS

Business line indicators

Revenues

2015-2019 CAGR1

2019

Cost / income 2019 RoNE2

LCL

Cariparma

Retail

banking

~+0.5%

~+3%

~65%

~55%

>16%

>16%

Insurance

Asset management

Wealth management

Asset

gathering >+3% <45% >25%

Consumer credit

Leasing & Factoring

Specialised

financial

services >+2.5% <46% >13%

Corporate & investment

banking

Asset servicing

~+2% <60% >11% Large

customers

1. 2019 CAGR vs 2015 underlying pro forma for Crédit Agricole Group simplification transaction and analytical transfer of the cost of the Switch 2 guarantee to Insurance activity

2. RoNE calculated on the basis of a capital allocation tailored to the needs and risks of each business line (see “Profitability - Risk weighted assets and capital allocated by business line”).


SOLVENCY PLANNING

Fully-loaded CET1 ratio of Crédit Agricole S.A.

A capital planning reconciling a cash dividend policy in a constrained regulatory environment and

capital allocation favouring high profitability business lines

Fully-loaded CET1 ratio - Crédit Agricole S.A.

1. Regulatory impacts, including IFRS 9

50% dividend pay-out ratio, based on net income after AT1 coupon payments, paid in cash as of 2016 results

Downward trend in AFS reserves expected in the context of rising interest rates

Selectivity and optimisation actions, mainly on CIB

Expansion of business lines with strong added value driven mainly by retail banking

Leeway allowing flexibility in the solvency monitoring

1

-2.3%

31-Dec-15 Net income after

AT1 coupons

payment

Distribution

-0.7%

≥11% 11%

Flexibility

-0.6%

Regulatory

impacts1

Expansion of

each

business line

-0.7%

Selectivity &

optimisation

+4.6%

31 Dec

2019 Target

-1.0%

+0.7%

AFS reserve


Readability of Q1-16 results is made difficult by

different specific items:

It includes non-recurring negative impacts of the project

to simplify the Group’s capital structure* (Liability

management) for -€448m

It does not include recurring positive impacts of

implementation of the project to simplify the Group’s

capital structure, for ~€150m per quarter*, which will be

accounted for from Q3-16

Includes the annual contribution to the Single

Resolution Fund (SRF) of €201m

Q1-15 Q1-16

Stated NIGS 784 227

O/w specific accounting items (15) +25

O/w Regional Banks +364 contribution

+256 dividends

O/w Liability management 0 (448)

Underlying NIGS 435 394

O/w SRF (175) (201)


From stated NIGS to underlying NIGS (€m)

Crédit Agricole S.A.: Q1 impacted by the implementation of the project to

simplify the Group’s capital structure


Reclassification of the Regional Banks' contribution under IFRS 5 as of 01/01/2016

Final approval obtained from the Autorité des Marchés Financiers (AMF) on 06/04/2016

Q1 impacted by the implementation of the project to simplify the Group’s

capital structure

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