GROUP PROJECT

& MTP 2022

Crédit Agricole CIB Investors workshop

Wednesday, December 11th - 2019

Table of contents

The CIB arm of one of the most solid international banks

1 Jérôme GRIVET

2 A positioning resulting from three major strategic choices

3 Client and international strategy

4 Financing and Transactional activities

5 Market activities

6 Transversal levers

7 Financial targets for 2022

2
 THE CIB ARM OF ONE OF THE MOST
The corporate and investment arm of one of the most SOLID INTERNATIONAL BANKS

solid international bank

All data are at end of September 2019 unless otherwise stated

#1 European asset manager

Regional banks
€1.6tn AuM
1st provider of financing
to the French economy - 2018 #1 bancassurer in Europe 2

€301bn AuM
#6 Bank in Italy 1 - 2018
€134bn AuM 3

10th largest bank

in the world5
CET1: 15.5% Rating: A+/Aa3 Top 5 worldwide
€90.6bn loans managed €2.0tn AuA

€78.7bn in factored turnover 4

#6 EUR Bonds worldwide 6

Worldwide leader on Sustainable capital markets

Source: Financial communication ; 1- Total client saving (both on and off B/S as of end of 2018) ; 2- 2017 data ; 3- Life insurance and retirement ; 4- over rolling 12 months ; 5- The Banker 2018 – by total assets ; 6- Source: Refinitiv 3
 THE CIB ARM OF ONE OF THE MOST
SOLID INTERNATIONAL BANKS
A major contributor and a source of diversification

High and stable contribution to Limited sensitivity

Crédit Agricole S.A. revenues & results Geographical diversification
to interest rates

CIB contribution to Crédit Agricole S.A. revenues1

Share of revenues
Non-interest related
~50% revenues2 ~70% achieved outside
24% 23% 22% 23% France4

Share of non euro-

2016 2017 2018 9M-19 related revenues, less Share of revenues
~60% impacted by low rate ~40% achieved outside
CIB contribution to Crédit Agricole S.A. results1 environment3 Europe4
(excl. Treasury & Market activities)

29% 26% 27% 26%

Most of our portfolio at
variable rates, with limited A significant share of
sensitivity to low interest rate revenues achieved abroad
environment
2016 2017 2018 9M-19

1- Underlying and excluding Corporate Centre ; 2- Based on 2018 business revenues ; 3- Based on 2018 gross business revenues (excl. liquidity costs) ; 4- Based on 2018 business revenues, excl. revenues generated with CA Group entities 4
 THE CIB ARM OF ONE OF THE MOST
SOLID INTERNATIONAL BANKS
Serving the Group and its clients

A valuable service provider and a source of synergies

An ALM expertise & solution-provider for the An access provider to Crédit Agricole Group offering
CA Group entities (international retail networks, Insurance,…) for our clients

A real assets expertise to originate and distribute assets A service to SMEs/Midcaps clients in their International
for the Group entities (Amundi and CAA) development through support and expertise

Serving the Group’s entities… …and the Group’s clients

~100% hedging operations for the Group entities ~50% of Crédit Agricole CIB’s revenues1
Bookrunner of CASA’s MLT issuances
generated with ~1,100 common clients with
other CA Group entities

€300m dedicated Real Estate fund with CAA investor

& Crédit Agricole CIB selling €80m of loans ~€465m revenues generated
on common Private Equity clients

Crédit Agricole CIB involved in ~80% of CAA Assistance of Group

SME/ Midcaps
equity investments since 2016
clients internationalisation
€600m private debt investments since 2017
Common approach on Family Holdings
Systematic involvement in
securitisation programs Creation of a co-investment fund in the
debt originated by Crédit Agricole CIB

1- Business revenues 5
 THE CIB ARM OF ONE OF THE MOST
A key component of the Group’s ambition SOLID INTERNATIONAL BANKS

to become the strategic partner for SMEs/Midcaps

A strong positioning of the Group in its domestic A new organisation to meet SMEs/Midcaps needs
markets for SMEs/Midcaps in coordination with other Group entities

France Italy

Dedicated coverage and product teams

A financing, cash management and forex offering that covers

all the clients’ needs

International support with a network of international desks

(more than 90 countries covered) and tailor-made trainings to
better serve the Group's clients

Penetration rate:

>50% on Midcaps clients A network focused
>40% on SMEs clients on the most dynamic
Italian regions
>35% on individual clients
#6 Bank in Italy1
Innovative digital solutions at the service of clients (Trade
Club, Komgo,...) and at the service of networks (opening of our
CRM to International Retail Banks)

1- Total client saving (both on and off balance sheet as of end of 2018) 6
Table of contents

1 The CIB arm of one of the most solid international banks

A positioning resulting from three major strategic choices

2 Jacques RIPOLL

3 Client and international strategy

4 Financing and Transactional activities

5 Market activities

6 Transversal levers

7 Financial targets for 2022

7
 STRATEGIC POSITIONING
A MTP that will continue to deliver >10% RoNE

Homogeneous revenues evolution A Medium Term Plan delivering > 10% RoNE and <55% C/I ratio
despite Basel IV and normalisation of cost of risk

CIB underlying revenues (€Bn) CAGR 18-22

CIB’s profitability evolution over the MTP

~5.0 +3.0% 2018 RoNE1

2018
2022 RoNE1
normalised RoNE1
~4.4 MTP growth
1.3 +3.9%
Capital Market &
1.1 ~12% ~10% >10%
Regulation
Investment Banking 0.9 +3.4% Normalisation
& models
0.8
of cost of risk

Financing 2.8 +2.4% CIB’s cost-income ratio evolution over the MTP
2.5

2018 C/I2 2022 C/I2

Investments
2018 2022
~57% Revenues
Growth
<55%
Structured finance & Capital market Hedging, investment and
commercial bank financing advisory solutions
Savings

1- Return on normalised Equity: normative Return on Equity based on 9.5%*RWA ; 2- Underlying and excluding SRF 8
 A distinctive and profitable business model resulting STRATEGIC POSITIONING

from three major strategic choices

~12%
Sound profitability Low cost-income ratio ~54%2
RoNE

vs. ~72% for our

Annualised 9M 20191
French peers3 9M-2019

1 2 3
A CIB generating more revenues
…with more Financing activities than …and which has developed a strong
from Corporates than Financial
pure Capital Markets ones… & coordinated international network
Institutions,…

Distribution of 2018 commercial revenues by client segment Distribution of 2018 commercial revenues by solution type
Hedging, investment and
advisory solutions : 25%

30%

70% Financing
solutions : 75%

Financial Corporates Capital markets

financing
Structured finance and
commercial bank
Wide international presence with
institutions
more than 30 markets covered

1- Underlying ; 2- Excl. SRF ; 3- Excl. SRF for SG, Natixis and undetermined for BNPP 9
Market activities focused on clients’ needs and STRATEGIC POSITIONING

on our competitive advantages

Margin compressions Cost inflation

(product simplification, electronification,…) (e.g. regulatory burden,…)
Market business models
have dragged down the High cost-income
profitability of most Market models under
Investment Banks over the high pressure Challenged RoE
last decade
Higher capital requirements Increased competition
(Basel IV, FRTB,…) (ex. : Fintech,…)

Crédit Agricole CIB has rightsized its market setup, post financial crises, and focused it on increasing penetration
of the Group’s strong corporate franchise

From 2014, a return to growth thanks to a resilient

Subprime and sovereign debt crises
Fixed income model

2008 – 2012 : refocusing and adaptation plans A leading franchise in financing solutions

 Deleveraging  Reduction of the market risk level

A strong positioning in hedging and investment solutions
 Simplification of the risks held  Refocusing on our core clients and to serve our corporate franchise
by the Bank geographies

10
Take advantage of our financing business model strengths STRATEGIC POSITIONING

to deliver a superior RoNE

 Lower Cost-Income ratio

Whereas plain vanilla financing delivers
 Lower revenues volatility
low profitability…
 Lower RoE if plain vanilla

…Crédit Agricole CIB’s value added financing model combines the advantage of a low C/I ratio while boosting the RoNE

We are experts in value added financing… … with core strengths which boost our RoNE…

Historical franchise in value added Wide international footprint

financing activities: shipping, infra, real
RoNE
estate,… Proven Distribute-to-Originate model
C/I
Leading position in securitisation Market activities in continuum with our
Financing franchises

Strong ambition in transactional … and a strict discipline in the choice and follow-up of clients
commercial Banking

An EVA©1 process based on a structured and systematic

approach (economic value added tool)

1- Economic Value Added

11
 STRATEGIC POSITIONING
In line with the Group DNA, a low-risk profile CIB

A prudent risk management framework… ► Business lines and geographies are operating ► Forward-looking monitoring of our exposures
through a predefined risk framework (Early detection tool, early warning committees,…)
► A proactive distribution and portfolio rotation ► Dynamic monitoring of our underwriting risks
strategy (weekly reporting)

Quality of portfolios
…combined with a prudent risk approach on exposed to credit risk
Ratio average annual losses on average exposure from financing activities
over the 2012-9M 2019 period1
financing activities,… 13%
► 1bp on Aviation ► 31bps on Shipping
 Large share of secured financing activities
(asset backed / securitisation) 87%
 Low risk portfolio ► 7bps on Automotive ► 7bps on Oil & Gas2

2018
Investment Grade ► 17bps on Real Estate
Non-investment Grade

…, a conservative market risk profile… ► An average VaR of ~€7m vs. ~€17m for our French peers3 as of 9M-2019

… and a low level of operational risk ► Average annual operational losses: <€15m over 5 years4
► The OFAC remediation plan (USLCP) led by the Crédit Agricole Group, in which Crédit Agricole CIB
participates, is well on track

1- Source: Internal data ; 2- Internal data, average annual losses over the 2012-9M 2019 period and average exposure over the 2015-9M 2019 period only – incl. Commodity traders ;
3- Source: Financial communication, 99% day-1, average VaR of French peers (BNPP, SG & Natixis) ; 4- Internal date - Detection vision 12
 STRATEGIC POSITIONING
A trajectory aligned with the Group’s project

The reference bank for

A historical and deep commitment to sustainable banking
sustainable banking

An embedded digital
Digitisation and innovation through an ambitious data plan
and innovation strategy

Employees at the core

A human project in line with the Group's DNA
of our client strategy

A realistic growth
Ambitious financial targets within a tight risk framework
strategy

13
Table of contents

1 The CIB arm of one of the most solid international banks

2 A positioning resulting from three major strategic choices

Client and international strategy

3 Didier GAFFINEL

4 Financing and Transactional activities

5 Market activities

6 Transversal levers

7 Financial targets for 2022

14
 CLIENT AND
Enhancing our clients’ business INTERNATIONAL
STRATEGY

Leveraging our streamlined organisation…

…to generate more revenues with our clients

A single global reporting line gathering Coverage

and Investment Banking

Focus on high value clients

330
Senior
Bankers ~4,000
clients ~220 Boost Client profitability
Investment
Bankers1

Enhance Client dialogue through

our strong sector expertise
 Integrated approach with a single entry-point for clients

 Client-focused and product neutral

 Agility in the resources allocation across regions

1- IB: M&A, ECM, IB Sectors, SET, SFS and EQ JV 15

 CLIENT AND
A structured and systematic monitoring of profitability INTERNATIONAL
STRATEGY
per client & transaction

An automated process to monitor our clients' performance (Client EVA© dashboard)

Illustrative example of our EVA© dashboard

Systematic process assessing client economic

value added1 (EVA©) from on-boarding to
continuous tracking

 Presentation by the Senior Bankers of 3 years

business plan for each client and assessment
of every transaction with the EVA© to increase
discipline in client selection & follow-up

 Review with Senior Bankers of every client

with negative/low EVA© and implementation
Change 2017 - 2019
of specific action plans/exit strategies

16
 CLIENT AND
INTERNATIONAL
Prioritise 8 sectors to deliver superior growth STRATEGY

Specific focus will be given to Crédit Agricole CIB’s differentiating sectors

… generating already a large share
Strong client franchises & solid credentials Sectors with deep wallet…
of Crédit Agricole CIB’s revenues
Debt & IB market fees 20182 2018 Crédit Agricole CIB’s business revenues3

Differentiating
Infra, Cons. Power, Utilities sectors
TMT Insurance
& Conc. & Renewables
€42Bn ~45% €4.4Bn ~55%

Real Estate Transportation1 Automotive Agri-food

Other sectors

+ other products
(Trade Fin., Cash Mgmt, Market,…)

Address new opportunities & challenges

Emerging ecosystems Digitisation impacts Green/sustainability challenges

Address cross-sectors opportunities and challenges

Revenues ambition on differentiating sectors over the period >+5% p.a.

1- Regrouping Aviation, Rail & Shipping sectors ; 2- Refinitiv fees, perimeter: Loans, DCM, ECM & M&A ; 3- Internal data 17
 CLIENT AND
A global footprint with 70% of revenues achieved INTERNATIONAL
STRATEGY
outside France

Distribution of Crédit Agricole CIB business revenues1 2018

(€4.4Bn)
Europe
Others
UK

~29%
Iberian
peninsula Italy

Germany
More than 30 markets ~30%
covered amounting to
~80% of the world GDP Asia-Pacific
France
Others
Share of revenues generated ~18%
~25% with the international Japan
subsidiaries of our clients2 ~20% ~3% South
Korea

Americas China
Hong Kong
MENA

Regional platform International retail banking

A historical presence across the globe to support our clients and the Group in their cross-border needs

东方汇理银行3
1879 1937 1975
Crédit Lyonnais
1898 Banque de l’Indochine Crédit Lyonnais
Banque de l’Indochine
United States China Japan United Arab Emirates

1- Source: Internal data ; excluding CA Group ; 2- Revenues generated with international subsidiaries of our clients benefiting from a local coverage (business revenues, YE 2018) ; 3- Chinese name and trademark unchanged since 1898
18
 CLIENT AND
INTERNATIONAL
Asia-Pacific as a growth driver for the Bank STRATEGY

Accelerate our growth in Asia-Pacific by

selectively extending our client base and CHINA FOCUS: CAPTURE THE GROWTH POTENTIAL
leveraging our strengths

Amplify and extend the coverage of Chinese and international clients

Deepen existing FI relationships and selectively Increase selectively the corporate client base in the Top 200/300 largest
grow the corporate client base companies with an Investment Grade risk profile
Support Chinese clients in their international expansion and international clients
in their development in China

Continue to foster cross-border transactions Invest in business lines onshore and offshore
with/within the APAC region
Expand capital market activities (e.g. domestic IRS/IRD)
Develop a domestic Cash Management capacity
Grow M&A advisory
Support the development of the real economy
Build a solid onshore structure Crédit Agricole S.A. is the first
European bank to set up a Panda
Leverage the recent capital increase of Bond Issuance Programme to Secure
our local entity to extend our B/S capacity CNY Funding

+6.4% p.a.
Revenues ambition in Asia-Pacific over the period
~+€100m on China franchise1

1- Increase in business revenues in coverage vision on Chinese client base

19
 CLIENT AND
INTERNATIONAL
Client and international strategy: wrap-up STRATEGY

Streamlined organisation to generate more revenues

Dynamic client selectivity and profitability

Eight sectors to ensure superior growth

Global footprint supporting cross-border business and

covering ~80% of the world’s GDP

Focused on China to capture the Asia-Pacific growth

20
Table of contents

1 The CIB arm of one of the most solid international banks

2 A positioning resulting from three major strategic choices

3 Client and international strategy

Financing and Transactional activities

4 Jean-François BALAŸ

5 Market activities

6 Transversal levers

7 Financial targets for 2022

21
 FINANCING AND
TRANSACTIONAL
A leading and long-standing team of experts in real assets ACTIVITIES

Our expert teams are global leaders in real assets financing

Maintain our leadership on our
#2 – Aircraft Financing – Worldwide – ~260 aircrafts 20181 / different franchises
financed this year and with more than 1,000 in portfolio – 9M 2019

#5 – Telecom Finance – Worldwide – 9M 20192 (vs. #7 in 2018) /

~25 new financings completed per year
Consolidate our worldwide
#6 – Project Finance Loans – Worldwide – 9M 20193 (vs. #4 in 2018) / leading positions through deep
~100 new financings completed per year (o/w ~30 in renewables) expertise

~280 vessels financed this year and with close to 1,400

in portfolio – 10M 2019 Preserve high profitability level,
ensure stable and recurring
~270 Real Estate assets financed this year and with more than
revenues
1,000 in portfolio – 10M 2019

Our franchises have been rewarded by the industry

Maintain a strict control over
Global Bank of the Year 2018 Transport Finance
- Infrastructure and Energy House of the Year 2018 risks and RWA
Rail Finance
Shipping M&A Deal of the Year 2018
House of the Year 2018

Revenues ambition on Structured Financed over the 2018-2022 period +3% p.a.
1- Bookrunner, Air Finance journal ; 2- Refintiv T64 – Bookrunner by volume ; 3- Refinitiv X02 - Mandated Arranger by volume 22
 FINANCING AND
Deliver growth with the 3 “A’s” TRANSACTIONAL
ACTIVITIES

Further develop Capital Structure & Rating Advisory offers and reinforce the Structured Finance
Advisory activities
Advisory
Further grow M&A advisory (Infrastructure, Transportation,…) leveraging Structured Finance teams

Arranging Grow event-driven financing platform to support large clients and Leveraged Corporates

Agency Strengthen loan agency services to provide expert solutions in all stages of the syndication process

Revenues ambition on Acquisition Finance & Advisory over the period +6% p.a.

23
 FINANCING AND
A leading distribution arm delivering improved TRANSACTIONAL
ACTIVITIES
financial performance for Crédit Agricole CIB

Strong distribution and underwriting capacities… …to consolidate our leading positions

#1 - Syndicated Loans1 – EMEA – 9M 2019 (vs. #2 in 2018)

A global and unified distribution platform to 2013 2018 Q3-192 2022

implement global underwriting and distribution Primary distribution rate 26% 39% 42% >40%

strategy across sectors and investor type 9M-19

Secondary loan sales (in €Bn) 4.5 3.7

+27% vs. 9M-18
Creation of new Private Debt Solutions team to
Syndication fees3 +28%
structure tailor-made solutions for investors in
vs. 2017
loans
Global underwriting amount +66%
vs. 2017

Strong underwriting capacities in a Innovative solutions

conservative risk framework, particularly for  MRPA4 programs with Insurers leading to ~$1.5Bn ship mortgage
corporates’ acquisitions and asset-based loans distribution
transactions  Synthetic securitisation transactions transferring the credit
exposure on large portfolios (current total of ~€9Bn) to specialised
funds or multilaterals

1- Source Refinitiv, as of end of September 2019 ; 2- Distribution rate over rolling 12 months ; 3- All loans ; 4- Master Risk Participation Agreement 24
 FINANCING AND
TRANSACTIONAL
Reinforce our transactional banking business ACTIVITIES

… leveraging our leading positions

An ambition to support our clients in their day-to-day transactions…
in tailor-made transactions
Main client types Crédit Agricole CIB offering

Suppliers/ Receivable & Supply chain finance solutions

Buyers
 Cover Europe, Asia and the Americas Top 3 in Trade Finance
Top 5 in Commodity Finance
Top 10 in Transaction Banking
Imports/ International trade & Import / Export financing
Exports
 Structured and tailor-made offering
Best Trade Finance Bank
in Western Europe

Parent company Cash Management

and foreign
subsidiaries  Domestic offering in selected countries, regional and overlay
capacities globally
Best Export Finance Bank

A common set of client needs  Crédit Agricole CIB as a trusted third party

Financing Securing Paying

25
 FINANCING AND
An ambitious strategy aiming at developing TRANSACTIONAL
ACTIVITIES
our flow offering

Our 2022 ambition

2022 revenues targets

Supply Chain solutions

 Develop the offering in Europe, in Asia and in the United States X2

International Trade
 Develop and digitise the flow offering X1.2

Cash Management
 Accelerate the development of the offering in Europe, X1.71
leveraging the Group’s retail network, and in Asia

Transactional commercial bank will deliver

~25% of the CIB’s growth by 2022

1- Excluding Correspondent Banking & Short-term loan 26

 FINANCING AND
TRANSACTIONAL
Financing and Transactional activities: wrap-up ACTIVITIES

Global leader in asset financing

Creating value through the 3 “A’s”

Leveraging growth through our leading distribution arm

A plan to increase the flow business

Ambitious targets for 2022

27
Table of contents

1 The CIB arm of one of the most solid international banks

2 A positioning resulting from three major strategic choices

3 Client and international strategy

4 Financing and Transactional activities

Market activities
5 Pierre GAY

6 Transversal levers

7 Financial targets for 2022

28
Leverage our strengths to serve our clients’ needs MARKET
ACTIVITIES

Well positioned market activities focusing on A portfolio well-balanced between Corporates

CA Group and Crédit Agricole CIB strengths and Financial Institutions

CA Group Distribution of Fixed Income commercial revenues by client segment (9M-19)

 A strong balance sheet
strengths
 A good rating / credit signature (rating A+/Aa3) CA Group
10%
Financial institutions
CA Group & Crédit Agricole CIB strong corporate franchise – flow activities

 A historically strong network 33%

Crédit
Agricole CIB  A leadership on the EUR markets (#6 EUR
strengths Bonds worldwide1, #2 on Euro Government
Bonds worldwide2)
 A recognised expertise in product innovation
due to long standing technical DNA Corporates 40%

A recognised expertise 9%
8% Financial institutions
– primary distribution
Financial institutions
– corporates activities
(insurers)

1- Source: Refinitiv – 30.09.2019 ; 2- All Sovereigns, Agencies and Supranational Bonds in EUR – source: Refinitiv – 30.09.2019 29
 A resilient fixed income model generating MARKET
+€300m revenues by 2022 ACTIVITIES

Post right-sizing, we have outperformed the market …and we have the ambition to reach ~€2.0bn revenues
over the 2014-2018 period… on FIC-T by 2022

Fiixed Income & Treasury revenues (€m)

FICC wallet evolution CIB FIC-T +€300m

-4.5% per annum
over the period CAGR 14-a19
(from ~€77Bn to ~€64Bn)
2014-20181 ~+2%
Fixed Income & Treasury revenues (€bn)

9M-2019 ~2,000
~50 ~25
~100 ~50
1.8 ~75
1.6 1.7 ~1,700

1.4

2014 2018 Annualised 9M-19 2018 2019 rebound Repo, Expertise / Development CA Group 2022
on Credit collateral Solutions in Asia synergies
management
& funding

1- Source: Coalition – perimeter: G10 Rates, Credit, G10 FX, Securitisation, EM Macro & Commodities 30
Ensure a continuum with our financing MARKET
ACTIVITIES
and transactional activities

A new organisation mirroring our clients’ needs

 Credit chain  FX  Investment

 Securitisation  Rates products
 Structured  Secured Funding
products

STRUCTURED
FINANCE & FINANCING HEDGING &
COMMERCIAL & FUNDING INVESTMENT
BANK

Maintain our leadership Further reinforce activities where we

► Remain in the Top 5 in origination
in EUR and leader in Green &
sustainable bonds
► Keep our leadership position on
the European securitisation
market
benefit from strong positioning
► Repo / Secured Funding and LT derivatives
► EUR products (e.g.: swaps)
► Solutions (e.g.: green and sustainable products,
non-linear interest rate derivatives,…)

Achieve a balance between both segments to deliver the RoNE bank target

31
 MARKET
To continue outperforming we have to keep our agility ACTIVITIES

… and adopt a more disruptive approach

Optimise today our set-up…
on value chain analysis…

Implement a vertical credit chain combining Free-up resources by joining forces with … to invest in our strong
Origination, Credit Sales and Credit Trading third party players areas of expertise…
► Right-sizing & full-alignement of Credit set-up
► An ongoing reflexion started in 2019 on
potential partnerships with:
Foster front-to-accounting “Value Chain”
- Fintechs
… and reduce our
organisation
- Banks (white-label service)
market activities
► Ensure the full alignment across the various direct cost base
stakeholders to increase the efficiency of our - A pool of banks (creation of a common structure)
Front-to-accounting processes (e.g. FX) ► Launch of initiatives with identified players
► Maximise cost reduction impact, time-to-market as of 2020 ~-10% by 2022
and reliability

Adapt our sales set-up in Europe on flow

products
► Concentration of some of the flow activities
in France

32
 MARKET
Market activities: wrap-up ACTIVITIES

A resilient Fixed Income model based on CA Group and Crédit Agricole CIB strengths

Market activities integrated in our financing and transactional activities

to serve clients

Streamlined and transformed set-up in order to invest in our areas of strong expertise
and reduce our costs

33
Table of contents

1 The CIB arm of one of the most solid international banks

2 A positioning resulting from three major strategic choices

3 Client and international strategy

4 Financing and Transactional activities

5 Market activities

Transversal levers
6 Jacques RIPOLL & Anne-Catherine ROPERS

7 Financial targets for 2022

34
 TRANSVERSAL
We are the leading bank for sustainable banking ... LEVERS

A worldwide leadership in green and ... and new product developments

sustainable debt products... in every business lines

A leading position in green and sustainable finance First-ever bond issuance of a SDG-linked2 in the
activities worldwide market, on behalf of Enel as a joint bookrunner
All green, social & sustainability
2016 2017 2018 H1 2019
bonds (all currencies) - A €100m Transition Bond issued, as a Private
Bookrunner - Worldwide #1 #1 #1
#2 Placement subscribed by AXA IM, on behalf of
AXA Group
Market share on green, social & sustainability bond1: 5.6% vs.
2.9% for all international bonds
Share of renewables in Successful offering of HKSAR3 Government’s
Leader in the financing of inaugural green bond under the Government
renewable energies 64% our electricity generation
portfolio in 2018 Green Bond Programme
A green liquidity factor introduced in 2015 to encourage green
financing products First Sustainability-Linked loan4 issued by Suez,
with Crédit Agricole CIB as the sole structuring
A recognized expertise and a major role in setting market advisor
standards
For the
Crédit Agricole CIB developed a structured green product
6th year linked to the performance of green equity indices, which offers
in a row
investors the opportunity to take a decisive part in the energy
transition
1- Comparison of Green, Social & Sustainability bonds (source: Bloomberg) and All Intl Bonds all currencies’ market share (source: Thomson One Banker / 9M-2019) ; 2- UN Sustainable Development Goals ;
3- Hong Kong Special Administrative Region of the People’s Republic of China ; 4- Loan margin indexed on the 4 pillars of the Group's ESG strategy
35
 TRANSVERSAL
... and we want to bring our commitment even further LEVERS

Align our sectoral policies with the Sustainable Paris Agreement

Development Scenario1 in line with the Paris
Agreement’s objectives ► Scheduled 2030 exit from thermal coal
financing in EU & OECD
− A 25% threshold from 2019
− A coal exposure measure
Remain in the world top 5 in green & sustainable of financing portfolios
financing ► A transition scoring reflecting clients'
(Green & Sustainability bonds, Green Lending incl. Green ability to adapt their business model to
Project Finance) the energy transition challenges applicable
from 2020

Expand our offering of innovative sustainable

solutions within all Crédit Agricole CIB’s business lines x2
(ex.: Green Transaction Banking, Green Equities & Equity
Solutions) ► Double the size of the green loan
portfolio to €13bn by 2022

A strong ambition benefiting our clients, which is also accompanied

by actions and reflections on behaviour within Crédit Agricole CIB
1- International Energy Agency 36
A data project as the foundation of TRANSVERSAL
LEVERS
our long-term digital strategy

Transformation to be achieved through the MTP period

Bundled Unbundled

a. Build a Data architecture vision

Life cycle of
and roadmap our products
Legacy systems
b. Implementation of golden sources

Bundled legacy c. Set up an optimised data control

systems & data process with a strong data model Agile
ownership developments
Data lakes

Increasing client relevance

Optimising our cost and our risk

A 3-year transformation
plan aiming at
Supporting our Innovation

Complying with new regulations

37
A long-term digital strategy to position us TRANSVERSAL
LEVERS
at the forefront of innovation

Identify new offers,

services or partnerships
External
digital watch

Seek and enable disruptive projects  Define a clear Data strategy for
Crédit Agricole CIB

Disruptive Data  Disciplined implementation of data

strategy & roadmap to truly enable
projects strategy the Bank’s digital maturity and new
services
Innovation team
directly reporting to
the CEO with
5 main mandates
Build a strong link with Credit Agricole Group  Develop data Analytics and Semantic
ecosystem (Group DataLab and Factory, Analysis (for early detection tools,
Innovation network, Villages by CA,…) compliance,...)
Group  Develop Blockchain for legitimate applications
Expertise
ecosystem (Komgo, NowCP)
 Strengthen our relation with our clients
through new channels (Portal, host to host, …)

38

Our people, our strength
BUILDING OUR FUTURE
Growing resilience by onboarding a
new generation
Continuous investment in skills mix
Contain cost of workforce while
investing in our people
Systematise knowledge sharing to
benefit from our expertise
6% global turnover
23 learning Academies
1- Engagement & Recommendation Index
EMPOWERING OUR
EMPLOYEES
Giving people more responsibility
as a lever of performance
Managers actively engaged in
fostering a company wide spirit
More opportunities to work
across Crédit Agricole CIB to
develop new skills and promote
cross-selling
73% engagement rate
(ERI1 2018)
TRANSVERSAL
LEVERS
FOSTERING A
NEW DEAL
Building on our successful conduct
culture
Leading by example on diversity
and inclusion
Exploring new ways of working to
foster an entrepreneurial spirit
Creating synergies from a diverse
and integrated workforce
All employees trained
on culture & conduct
39
Table of contents

1 The CIB arm of one of the most solid international banks

2 A positioning resulting from three major strategic choices

3 Client and international strategy

4 Financing and Transactional activities

5 Market activities

6 Transversal levers

Financial targets for 2022

7 Olivier BELORGEY
40
 FINANCIAL TARGETS FOR 2022
A resilient model amidst the macroeconomic constraints

Fed Funds rate1 ECB rate1 Japan ST rate1 EUR/USD rate2 EUR/GBP rate2

1.75% -0.5% -0.1% 1.09 0.88

A limited impact of low interest rates environment A limited sensitivity to EUR/USD

on revenues (and to other FX due to our international activities)

 Most of our portfolio at variable rates Sensitivity to rate variation

 Flooring of loan financing allowing to compensate

negative impacts on cash management Revenues: -1.2%
EUR/USD rate variation
+0.1 pt change
 Benefit from tiering: replacement of a part of excess
liquidity at the tiering rate RoNE: -0.2 p.p.
 Residual impact on the placement of working capital

1- As of today ; 2- At end of September 2019 41

 FINANCIAL TARGETS FOR 2022
Scarce resources continuously under strict constraints

A constrained RWA trajectory through a strict monitoring

of RWAs… … and a tight liquidity management

In €bn Business lines organic

Structured finance
and Securitisation
bear the biggest
regulatory impacts
 No increase of Group MLT funding reliance
trajectory will remain
contained • Maintain a stable Loan-to-Deposit ratio
 No dependency to US Money Market Funds

+9 +5 -12 • LCR USD > 100%

+12 123
110 113 -4
Exposure to financial institutions NY >1 month in €bn

LCR in €bn

17.1 15.0
15.6
12.7 14.3 13.4
2018 Q3 2019 FX Regulatory Model New Rotation & 2022 9.3 11.1
changes changes origination optimisation
(incl. Basel IV)

8.8 8.7 9.4

8.0 7.4 7.5 8.1
6.9
 Strategic client selection: ~€4Bn
 Asset optimisation & rotation: ~€7Bn dec.-17 mar.-18 jun.-18 sept.-18 dec.-18 mar.-19 jun.-19 sept.-19
 Systematic review of unwarranted RWAs: ~€1Bn

Increase of RWA productivity in financing activities1 +0.7 p.p.

1- Revenues/RWA excl. models and Basel IV effects 42
 FINANCIAL TARGETS FOR 2022
A realistic plan for a +3% annual revenues growth

CIB revenues evolution over the 2018-2022 period CIB average annual revenues’
growth by region
Hedging, investment & advisory Capital markets financing Structured finance and
solutions solutions commercial bank

Capital Markets &

Europe1
In €Bn Financing
Investment Banking
~5.0 +2.7%
~0.2
~0.1 Asia-Pacific
~0.2
~4.4
~0.2 +6.4%
MEA

9M 2019
~72% MTP
9M 2019
~ 20% MTP
+7.1%
achievement achievement

Americas

2018 Hedging, investment & Capital markets Commercial bank High value-added 2022
+3.5%
advisory solutions financing financing

Financing solutions amounting to ~75% of the overall growth by 2022

1- Including France 43
 Our integrated business model enables a solid track record FINANCIAL TARGETS FOR 2022

of low cost-income ratio

CIB C/I ratio evolution over the 2014-2022 period1 French peers C/I – 9M-19

- 5 p.p.
81%

72%

60% 62%
57% 59%
55% 56% 54% <55%

2014 2015 2016 2017 2018 9M-19 2022 9M-19 9M-19 9M-19
Financing CMIB

French peers2 French peers3

A sustainably low C/I ratio consistent with our investment trajectory

1- Stated and excluding SRF ; 2- Excl. SRF for SG, Natixis and undetermined for BNPP ; 3- Excl. Natixis / stated, excluding SRF for SG and undetermined for BNPP 44
 FINANCIAL TARGETS FOR 2022
Organic trends covered by cost saving plans

CIB costs evolution over the 2018-2022 period

2018 cost base ~€2.7Bn

A realistic approach  Inflation

on organic trends,…  IT maintenance +€220m

 Operational efficiency programs: sourcing optimisation, organisational

improvement initiatives,…
…and a cost saving -€190m
 Innovative solutions: cloudification, agile developments, A.I. & robotic CAGR
plan to keep our cost solutions,… +1.3%1
under control…  Processes optimisation: process efficiency initiatives (front-to-accounting), Well on track with ~30%
market set-up optimisation,… achieved at 9M 2019

… to invest in  IT transformation: unified & innovative distribution platform, Cash

business development management, IT security
+€110m
and transformation  Growth & regulatory investments

2022 cost base ~€2.8Bn

2022 cost base (incl. Regulatory taxes/SRF) ~€2.9Bn
1- CAGR excl. SRF 45
 A conservative cost of risk trajectory FINANCIAL TARGETS FOR 2022

in line with our historical level

A 2022 hypothesis of cost of risk converging towards the historical 9M-2019 cost of risk amounts to ~10%
average level and in line with our portfolio Expected Loss of cumulative hypothesis

Evolution of the Financing cost of risk/outstanding ratio over the 2012-2022 period1 Cumulative cost of risk
over the 2018-22 period ~€1.1Bn
36
33
26 25 20-25 bps
19
21 bps ~€100m
15
EL
~
5

-7

2012 2013 2014 2015 2016 2017 2018 9M 2019 2022

-101
Average CIB cost of risk over 9M 2019 cost of risk
the 2012-2018 period: -€302m
2019 to 2022 cumulative cost of risk

Financing cost of Historical average

CIB Cost of risk
XX bp risk/outstanding financing cost of risk/ xxx in €m
ratio1 outstanding ratio1

1- On financing activities, over rolling 4 quarters and excl. litigation provision 46

 FINANCIAL TARGETS FOR 2022
Financial targets synthesis

A homogeneous revenues growth

2022 key targets
CIB revenues (€Bn) - underlying CAGR 18-22 Costs CAGR +1.3% An important effort on
(excl. SRF)
operating expenses
C/I ratio1 <55%
~5.0 +3.0%
A normalisation of
~4.4 Cost of risk 20 to 25bp the cost of risk
1.3 +3.9%
Capital Market &
1.1
Stable RWA excluding
Investment Banking 0.9 +3.4% RWA ~€123Bn regulatory, BSF and FX impacts
0.8

Ambitious organic improvement of RoNE

Financing 2.5 2.8 +2.4%
2018
2018 RoNE2 2022 RoNE2
normalised RoNE2
MTP growth
2018 2022
~12% ~10% >10%
Regulation
Structured finance & Capital markets Hedging, investment and Normalisation & models
commercial bank financing advisory solutions
of cost of risk

1- Underlying and excluding SRF ; 2- Return on Normalised Equity: normalised ROE based on 9.5%*RWA 47
 CONCLUSION
Financial targets for 2022: wrap up

Resilience versus headwinds

A plan to absorb regulatory model changes

Ambitious, realistic and well balanced targets aligned with our

integrated business model

48
Conclusion

49
Disclaimer

This presentation may include forward-looking information and prospective statements on Crédit Agricole Group, supplied as information on trends. These statements and information
include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and
services, and statements regarding future performance. These statements and information do not represent forecasts within the meaning of European Regulation 809/2004 of 29 April
2004 (chapter 1, article 2, § 10). These statement and information were developed from scenarios based on a number of economic assumptions for a given competitive and regulatory
environment. These assumptions are by nature subject to random factors and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from
those expressed in, or implied or projected by, the forward-looking information and prospective statements.
Other than as required by applicable laws and regulations, neither Crédit Agricole S.A. nor any other entities of Crédit Agricole Group undertake any obligation to update or revised any
forward-looking information and prospective statements in light of any new information and/or event.

Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment. 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 for the twelve-month period ending 31 December 2018, approved by Crédit Agricole S.A.’s Board of Directors on 13
February 2019, have been prepared in accordance with IFRS as adopted in the European Union and applicable at end-2018, and with prudential regulations currently in force. The
financial targets have been prepared in accordance with IFRS as adopted in the European Union and applicable at 1st January of 2019, they are also based on a series of assumptions
on the application of prudential regulations.

Note:
Crédit Agricole Group’s scope of consolidation comprises: the Regional Banks, the Local Banks and Crédit Agricole S.A. and their respective subsidiaries. This is the scope of
consolidation that has been privileged by the competent authorities to assess Crédit Agricole Group’s situation, notably in the 2016 and 2018 Stress test exercises.
Crédit Agricole S.A. is a listed entity that owns subsidiaries performing the business line activities (Asset gathering, Retail banking France and International, Specialised financial
services, and Large customers).

The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.
CREDIT AGRICOLE PRESS CONTACTS:
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