WORKING EVERY DAY IN THE INTEREST

OF OUR CUSTOMERS AND SOCIETY

RESULTS

of the second quarter and first half 2020

Disclaimer

The financial information on Crédit Agricole S.A. and Crédit Agricole Group for second quarter and first half 2020 comprises this presentation and the attached appendices and press release which are available on the website:https://www.credit-agricole.com/finance/finance/publications-financieres.

This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU delegated regulation 2019/980 of 14 March 2019 (chapter 1, article 1, d).

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 impairment.

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

The figures presented for the six-month period ending 30 June 2020 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 has not been audited.

Note: the scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have not changed materially since the Crédit Agricole S.A. 2019 Universal Registration Document and its 2019 A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

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

Since 30 September 2019, Kas Bank has been included in the scope of consolidation of Crédit Agricole Group as a subsidiary of CACEIS. SoYou has also been included in the scope of consolidation as a joint-venture between Crédit Agricole Consumer Finance and Bankia. Historical data have not been restated on a proforma basis.

Since 23 December 2019, Caceis and Santander Securities Services (S3) have merged their operations. As of said date, Crédit Agricole S.A. and Santander respectively hold 69.5% and 30.5% of the capital of CACEIS.

On 30 June 2020, once all necessary regulatory approvals were secured, Amundi acquired the entire share capital of Sabadell Asset Management.

Since 30 June 2020, Menafinance has been wholly owned by Crédit Agricole Consumer Finance and is fully consolidated by Crédit Agricole S.A.

NOTE

The Crédit Agricole Group scope

of consolidation comprises:

the Regional Banks, the Local Banks, Crédit Agricole S.A. and their subsidiaries. This is the scope of consolidation that has been selected by the competent authorities to assess the Group's position, notably in the 2016 and 2018 stress test exercises.

Crédit Agricole S.A.

is the listed entity, which notably owns the subsidiaries of its business lines (Asset gathering, French retail banking,

International retail banking, Specialised financial services and Large Customers)

2 SECOND QUARTER AND FIRST HALF 2020 RESULTS

01

General summary

02

Contents

03

04

05

06

07

3

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

SUMMARY

Key figures

Crédit Agricole Group

Crédit Agricole S.A.

NPL ratio

2.4%

16.1%

NPL ratio

3.2%

12.0%

stable vs. 31/03

Solvency

+0.1 pp vs. 31/03

Solvency

Coverage

Coverage

84.5%

(phased-in CET1)

+7.2pp

73.4%

(phased-in CET1)

+4.1pp

ratio

+0.2 pp vs. 31/03

vs. SREP

ratio

+0.9 pp vs. 31/03

vs. SREP

€1,483m

€1,785m

€954m

€1,107m

Net income

-18.2% Q2/Q2

Net income

-3.3% Q2/Q2

Net income

-21.9% Q2/Q2

Net income

-10.9% Q2/Q2

Group share -

€2,391m

Group share -

€2,767m

Group share -

€1,592m

Group share -

€1,758m

stated

underlying

stated

underlying

-24.4% H1/H1

-15.7% H1/H1

-19.8% H1/H1

-13.7% H1/H1

Earnings per share - underlying

NPL = Non performing loans

The data for the cost/income ratio (excluding SRF - Q2-20), RoTE (H1-20 annualised) and EPS are shown as underlying; see slide 49 for details of specific items EPS is calculated after deducting the AT1 coupons, which are entered in shareholders' equity; see slide 61

The RoNE of Crédit Agricole S.A. calculated with 11% of RWA is 9.5% for the H1-20 annualised after deducting the AT1 coupons

4

SECOND QUARTER AND FIRST HALF 2020 RESULTS

€0.36

Net tangible

€13.2

-10.1% Q2/Q2

asset value

+0.5€ vs. 31/12/2019

per share

€0.53

Underlying

8.5%

-15.5% H1/H1

ROTE (%)

Annualised HY1-20

CRÉDIT AGRICOLE S.A.

CREDIT AGRICOLE GROUP

SUMMARY

A "V" shaped recovery for Crédit Agricole Group

Massive mobilisation of the 1st bank in France to support its customers

€28.7bn in State guaranteed loans, €4.2bn in extended maturities, €239m in support for professional policyholders; customer satisfaction up in Regional Banks, LCL and CA Italia

Strong recovery in the Group's activity in June

Solid results thanks to an increase in GOI over the first half of the year

Improvement of the cost/income ratio(1) by 1.2pt: stability of revenues(1) (+0.1% Q2/Q2) and good cost control(1) (-1.9% Q2/Q2, excluding SRF)

High GOI(1): €2.1bn in Q2-20-0.5% Q2/Q2; €3.7bn in H1-20 +2.9% H1/H1

One of the best levels of loan-loss reserves in Europe

NPL ratio: 2.4% CAG, 3.2% CASA, coverage ratio: 84.5% CAG, 73.4% CASA

Loan loss provisioning: €908m for CASA (x2.5 vs. Q2-19 and +46% vs. Q1-20);€1,208m CAG (x2.0); half / two-thirds of the increase due to an update in the parameters for the provisioning of performing loans

Very strong solvency

Liquidity reserves up

CET1(3): 16.1% CAG, 12.0% CASA

€405bn of liquidity reserves at end June 2020, +€67bn vs. end March 2020

Switch activation, due to the tensions on equity and bond markets over the first half of the year

No CAG impact; positive impact of CASA classified as specific items: +€65m cost of risk, €44m net income

Any future increase in the equity-accounted value will benefit Regional Banks until the value returns to its pre-decline level

Crédit Agricole S.A.

Crédit Agricole S.A.

57.4%

8.5%

Underlying cost/income

Underlying RoTE(1)

ratio(1) Q2-20, excluding SRF

H1-20 annualised

Crédit Agricole S.A.

Crédit Agricole S.A.

3.2% 73.4%

74bp

NPL ratio Coverage ratio

Cost of risk on

at 30/06/2020

outstandings(2)

Crédit Agricole S.A.

Crédit Agricole Group

4.1pp

7.2pp

Buffer(4) above SREP

Buffer(4) above

requirements

SREP requirements

  1. Underlying data, cost/income ratio excluding Single Resolution Fund (SRF), see slide 49 for details of specific Crédit Agricole S.A. items
  2. Annualised cost of risk on H1-20 outstandings
  3. Except any mention, the CET1 ratio is phased-in
  4. deviation from SREP on pro-forma CET1 of the impact of State guaranteed loans

5

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CREDIT AGRICOLE GROUP

SUMMARY

Largest bank in France, massively committed to support the economy

Mobilised in

the front lines

Close to our

most impacted

customers

Massive mobilisation of all of the employees at the service of the customers 90% of branches reachable, either in person or remotely

€28.7bn

State-guaranteed loans for 179,500 customers (professionals and corporates), i.e.

23.7% of applications in France(1) (62% Regional Banks, 30% LCL and 8% CACIB)(2)

552,000

Payment holidays granted, i.e. €4.2bn in deferred maturities(3) in Retail banking

in France (83% to small businesses and corporates, of which 71% Regional

Banks and 29% LCL)

€239m

Mutualist support for customers insured against business interruption

€2bn

Payment holidays and State guaranteed loans for CA Italia customers

  1. Requests by Regional Banks, LCL and CACIB at 24/07/2020; 97.5% acceptance rate
  2. Breakdown of demands in numbers.
  3. Corresponding to a remaining capital share of €58.5bn, of which €39.9bn on corporates, SMEs and small businesses, and agriculture. Data at 17/07/2020.

6

SECOND QUARTER AND FIRST HALF 2020 RESULTS

SUMMARY

A crisis that reveals the full relevance of our Group Project

Customer Project

Digital and Human

  • Increase in customer satisfaction(1)

+8

+7pts

vs. 2019+7pts vs. 2019

+2

Regional Banks

LCL

  • A continually enhanced digitalisation
    • Electronic signature for SMEs and small businesses State guaranteed loans
    • Dematerialisation of the claims submission process
    • Automated processing of moratoria leasing files
    • Contactless payment ceiling brought to €50
  1. 2020 individual customers' national Net Promoter Score: distinction between advocates and critics

7

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE GROUP

Human-centric Project

Empowered teamsSocietalfor customersProject

  • Instant adaptation of the organisation to the lockdown context
  • Exceptional delegations in branches

Societal Project

Commitment to society

Environment

  • CACIB: No. 1 worldwide in social/green bonds
  • Amundi (CPR AM): 1st international equity fund focused on reducing inequalities
  • LCL: 1st complete range of asset investments in the fight against global warming
  • Creation of a Group-levelnon-financial reporting platform

Inclusion

  • 4,000 work-study students in 2020 (Top 2 Figaro/Cadremploi)
  • Top 50 2020 award for feminisation of corporate decision-making bodies (+46 in 2020)

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

SUMMARY

Faster and stronger than expected rebound in France

60

Monthly manufacturing PMI

55

50

45

40

35

30

2018

2019

2020

World

Euro zone

France

Italy

Trends in card payments and withdrawals (RB+LCL)

Payments (€m)

Withdrawals (€m)

4,000

1,000

Lockdown

3,500

900

3,000

800

700

2,500

600

2,000

500

1,500

400

Merchant payments

1,000

300

ATMs withdrawals

200

500

100

0

0

30/12

06/01

13/01

20/01

27/01

03/02

10/02

17/02

24/02

02/03

09/03

16/03

23/03

30/03

06/04

13/04

20/04

27/04

04/05

11/05

18/05

25/05

01/06

08/06

15/06

22/06

29/06

06/07

Jan

Feb

Mar

Apr

May

Jun

Jul

Rebound in household confidence and in business climate in France in June and July

Consumer confidence(1): near pre-crisis level (97 vs. 104 June/February)

Apple Mobility Indicator (all types)(2): > pre-crisis level June/February

Manufacturing PMI(3): > pre-crisis level (52.3 vs. 51.1 June/February)

Business climate(1): 85pts July (+7pts/June, +18pts June/May), optimism in all sectors: industry 83pts, services 89pts

Short-time working: decrease to 4.5m employees in June (vs. 8.8m April) Production capacity utilisation rate (4): 70% +7 pts June/May (vs. 78% pre- crisis). Strong rebound automotive/clothing-textile/rubber-plastics

Findings confirmed by the level of activity of the Group's networks, largest bank in France

Pre-crisis levels reached for property loan simulation in RB and LCL (98% vs Jan) and for consumer finance contracts (101% vs Jan)

Payments(5): from 25/05 to 29/06, €406m merchant payment terminal transactions/day (vs. €334m before and €240m during lockdown)

Demand deposit outstandings: sharpe increase in May (+5.4% vs April)(6), normalisation in June (+2.5% vs May), but still higher than the pre-crisis level

  1. Insee (2) Apple: mobility indicator for France (car, transit, pedestrian, bicycling) (3) IHS Markit (4) Monthly Bank of France Survey of 26/06 and 03/07 of 8,500 businesses (5)Scope: RB + LCL (6)Scope : RB
  • A V-shaped recovery in a still uncertain context (use of accumulated savings, evolution of the
    health situation, agenda of the support measures)

8

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

CREDIT AGRICOLE GROUP

SUMMARY

A "V" shaped recovery of the Group's activity thanks to the Universal Banking Model

Retail gross customer acquisition - Crédit

Agricole Group

+2.4% vs. June 2019

170,000

155,000

150,000

92,000

74,000

46,000

Jan. 20

Feb. 20

Mar. 20

Apr. 20

May 20

Jun. 20

Home loans simulations (Regional Banks and LCL) -

Number of savings accounts opened

Consumer finance agreements

(Regional Banks)

370,360

393,157

141,165

327,173

139,273

Number of home

132,088

241,701

417,074

422,117

loans simulations

327,409

304,272

Number of consumer

89,542

135,620

260,658

finance agreements

90,320

229,195

39,269

253,884

180,825

164,678

181,666

176,334

195,085

152,159

21,999

107,644

68,895

96,246

68,321

96,351

Jan. 20

Feb. 20

Mar. 20

Apr. 20

May 20

Jun. 20

Jan. 20

Feb. 20

Mar. 20

Apr. 20

May 20

Jun. 20

Off- balance- sheet

Balance- sheet

Crédit Agricole Assurances - Volume of new business in property and casualty insurance (in thousands)

228

220

220

135114

59

Jan. 20

Feb. 20

Mar. 20

Apr. 20

May 20

Jun. 20

685,000 new retail banking customers in H1 2020 (480,000 customers in Regional Banks),

recovery of credit activities (outstandings excluding State guaranteed loans(1): +5.9% June/June)

9

SECOND QUARTER AND FIRST HALF 2020 RESULTS

(1) Scope: Regional Banks - LCL - CA Italia, including SG loan Regional Banks/LCL: +8.7%

01

05

02

Crédit Agricole S.A. -

06

Summary

Contents

0307

04

10

SECOND QUARTER AND FIRST HALF 2020 RESULTS

REVENUES

Increasing revenues Q2/Q2 and H1/H1

Q2/Q2 and H1/H1 change in underlying revenues(1), by business line

+0.1%

€6m

5,179

+22

5,185

(138)

(106)

+309

(80)

Q2-19 underlying Asset gathering Retail banking

SFS

Large customers Corporate centreQ2-20 underlying

+2.4% €241m

10,322

+149

10,081

(127)

+426

(94) (114)

H1-19 underlying Asset gathering Retail banking

SFS

Large Customers Corporate centre H1-20 underlying

Underlying: details of specific items on slide 49

CRÉDIT AGRICOLE S.A.

Exceptional half-year in LC, penalised by an unfavourable market effect in AG

Retail activities (RB and SFS) heavily penalised by the two months lockdown

Very good business momentum for Corporates and Institutions, generating high revenues in LC

CIB: exceptional business momentum in capital markets: +37.7% Q2/Q2 and +26.1% H1/H1 and a good level of activity in financing activities: +5.8% Q2/Q2 and +1.6% H1/H1

Asset servicing: +23.9% Q2/Q2 thanks to strong business momentum and scope effect

Market effect penalising AG half year revenues(-4.3% H1/H1)

Breakdown of underlying

revenues H1-20

11.7%

NIM

77%

11.9% -0.6 pp

35.8%

Fees

Part of recurring

-1,1 pp

+35.8

Other revenues

40.6%

Insurance

revenues Q2-20 in

+0.9 pp

total

AG: Asset Gathering, including Insurance; RB: Retail banking; SFS: Specialised financial services; LC: Large customers; CC: Corporate Centre

  1. Recurring revenues: revenues related to outstandings (loans, savings, assets under management) or a policy (non-life insurance, death& disability); Transaction revenues: revenues related to fees, flows and market activities.

11

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

EXPENSES

Expenses down Q2/Q2

Q2/Q2 and H1/H1 change in underlying costs excluding SRF(1), by business line

Decrease in cost-income ratio Q2/Q2

LC: increase due to a base effect in CIB (reversal of reserves for

-1.9%

€-57m

employee expenses in Q2-19) and a scope effect for AS

Asset management: very good cost control (-7.3% Q2/Q2 and

3,033

-4.6% H1/H1) thanks to variable compensation adjustments and

(26)

(46)

+55

2,976

Pioneer related cost synergies

(20)

Insurance: increase in headcount to support the development of the

(20)

business line

GMP: decrease in HR costs

CA Italia: savings on external expenses and mobility

Q2-19 underlying

Asset gathering

Retail banking

SFS

Large customers

Corporate centre

Q2-20 underlying

SFS: -6.2% strict management of expenses in CACF

excl. SRF

excl. SRF

Covid impact: -€80m of avoided expenses and +€57m to

safeguard employees

+0.5%

€33m

SRF costs: €79m in Q2-20 vs. €6m in Q2-19 / €439m in H1-20

+30.0% H1/H1

6,136

+117

6,170

(8)

(11)

(53)

(11)

C/I ratio(1)

Jaws effect(1)

Q2-20

+2.0pt Q2/Q2

-1.2pt Q2/Q2

+1.8pt H1/H1

H1-19 underlying

Asset gathering

Retail banking

SFS

Large Customers

Corporate centre

H1-20 underlying

57.4%

excl. SRF

excl. SRF

(1) Underlying data, excluding SRF (Single Resolution Fund); Underlying: details of specific items on slide 49

AG: Asset Gathering, including Insurance; RB: Retail banking; SFS: Specialised financial services; LC: Large customers; CC: Corporate

Centre

12

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

RISKS

One of the lowest NPL ratios and highest coverage ratios in Europe

Crédit Agricole S.A.

Regional Banks

Crédit Agricole S.A.(1)

Regional Banks(1)

NPL ratio:

3.2%

1.8%

ratio(1):

73.4%

99.7%

NPL coverage

+0.1 pp / March 20

Stable / March 20

+0.9 pp / March 20

-0.3 pp / March 20

Crédit Agricole Group

Crédit Agricole Group(1)

2.4%

84.5%

Stable / March 20

+0.2 pp / March 20

24% of loan loss reserves related to the provisioning of performing loans for CASA, 37% for the Regional Banks, 30% for CAG

A diversified loan book, skewed towards large corporates (46% CASA, 16% CAG) and home loans (27% CASA, 46% CAG) (see Appendix p. 40)

73% of large corporates EAD(2) for CASA rated as investment

grade (see Appendix p. 41)

Loans loss

Crédit Agricole S.A.

Regional banks

reserves:

€10.1bn

€10.0bn

Groupe Crédit Agricole

€20.1bn

  1. Including the full scale of reserves for performing loans due to COVID-19. Loan loss reserves, including collective provisions. Coverage ratios are calculated based on loans and receivables due from customers.
  2. EAD (Exposure At Default) is a regulatory definition used in pillar 3. It corresponds to the exposure in the event of default after risk mitigation factors. It encompasses balance sheet assets plus a proportion of off-balance sheet commitments

13

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

RISKS

Controlled Q2/Q2 increase in provisioning, half of which related to performing loans provisioning

Breakdown of cost of risk per Stage (in €m): S1&S2: provisioning of performing loans; S3: provisioning for proven risks

Crédit Agricole S.A.

Group Crédit Agricole

x 2.5

x 2.8

908

x 2.0

621

236

x 3.3

1,208

314

358

335

340

223

Others

930

424

Others

246

S1&S2 CoR

499

598

494

29

223

218

225

398

S1&S2 CoR

0

S3 CoR*

421

398

31

384

28

29

323

281

S3 CoR*

273

262

242

316

216

371

331

531

382

667

Total CoR

5

372

382

371

505

294

588

420

602

516

785

Total CoR

-30

-40

-59

-26

-7

-184

-64

0

-33

-87

Q1-18

Q2-18

Q3-18

Q4-18

Q1-19

Q2-19

Q3-19

Q4-19

Q1-20

Q2-20

Q1-18

Q2-18

Q3-18

Q4-18

Q1-19

Q2-19

Q3-19

Q4-19

Q1-20

Q2-20

Crédit Agricole S.A.

Cost of risk

Crédit Agricole Group

Cost of risk

x2.5 Q2/Q2

x2.0 Q2/Q2

74 bp

(1, 2)

45 bp (1, 2)

48% increase related to

70% increase related to

CoR/outstandings

performing loans

CoR/outstandings

performing loans

annualised on the basis of H1 2020

annualised on the basis of H1 2020

Underlying cost of risk

(1) Cost of risk on outstandings (in annualised basis points); Cost of risk on outstandings (in basis points over a rolling four-quarter period) at 55 bp for Crédit Agricole S.A., 33 bp for Crédit Agricole Group; Cost of risk on outstandings (in basis points over an annualised quarter) at 86 bp for Crédit Agricole S.A., 51 bp for Crédit Agricole Group; The CoR on outstandings is calculated on the basis of the cost of risk recorded over the annualised half-year, to which the average outstandings at the beginning of the period for the first and second quarters are added; (2) Since Q1-19, loans outstanding included in credit risk indicators are only loans to customers, before impairment. (*) Including non provisioning losses.

14

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

RISKS

High NPL coverage ratios in all of the Group's business lines

Cost of credit risk by stage and by business line (in €m) - Cost of credit risk/outstandings (in bp, annualised on the basis of H1-20)

Regional Banks

307

299

CA-Italia

LCL

117

146

238

101

26

30

29

155

64

176

51

58

40

82

177

44

67

61

62

62

1

24

4

48

96

16

84

0

0

1

56

78

217

89

70

134

118

28

46

61

86

55

65

59

57

64

57

115

-2

-22

-26

-1

S3 CoR*

S1&S2 CoR

Others

Total CoR

S3 CoR*

S1&S2 CoR

Others

Total CoR

S3 CoR*

S1&S2 CoR

Others

Total CoR

Q1-19

Q2-19

Q3-19

Q4-19

Q1-20

Q2-20

Q1-19

Q2-19

Q3-19

Q4-19

Q1-20

Q2-20

Q1-19

Q2-19

Q3-19

Q4-19

Q1-20

Q2-20

CoR: +16.3% Q2/Q1; CoR/outstandings: 33bp;

CoR: +77.5% Q2/Q1; CoR/outstandings: 102bp;

CoR/outstandings: 23bp;

NPL ratio: 1.8%; coverage ratio: 99.7%

NPL ratio: 1.7%; coverage ratio: 78.1%

NPL ratio: 7.4%; coverage ratio: 62.9%

CA-CF

218

Financing activities

312

19

164

58

90

37

121

96

118

115

137

54

39

40

6

71

42

219

81

222

-15

-38

-3

104

136

123

127

127

199

-159

-9

-19

-3

-8

S3 CoR*

S1&S2 CoR

Others

Total CoR

S3 CoR*

S1&S2 CoR

Others

Total CoR

Q1-19

Q2-19

Q3-19

Q4-19

Q1-20

Q2-20

Q1-19

Q2-19

Q3-19

Q4-19

Q1-20

Q2-20

Underlying cost of risk

CoR: +32.8% Q2/Q1; CoR/outstandings: 211bp;

CoR: x2.3 Q2/Q1; CoR/outstandings: 78bp;

NPL ratio: 6.1%; coverage ratio: 92.8%

NPL ratio 2.2%; coverage ratio: 72.3%

  1. Including non provisioned losses; CoR on outstandings is calculated on the basis of the cost of risk recorded over the annualised half-year to which the average outstandings at the beginning of the period for the first and second quarters are added. Cost of credit risk/outstandings (in basis points over a rolling four-quarter period) at 15bp for the Regional Banks; 26bp for LCL, 79bp for CA Italia, 172bp for CA Consumer Finance, 50bp for Financing activities. Cost of credit risk/outstandings (in basis points over an annualised quarter) at 22bp for the Regional Banks; 35bp for LCL, 129bp for CA Italia, 241bp for CA Consumer Finance, 102bp for Financing activities.
    Coverage ratios are calculated based on loans and receivables due from customers

15

SECOND QUARTER AND FIRST HALF 2020 RESULTS

NET INCOME

Solid results thanks to growth in GOI over the first half year

Q2/Q2 and H1/H1 change in underlying net income(1), by business line

CRÉDIT AGRICOLE S.A.

Q2/Q2: Resilient GOI (-0.5%) despite the lockdown

1,242 +55

-10.9%€-136m

(105)

(58)

(24)

1,107

(3)

AG: positive market effect, partially offsetting the negative effect in Q1-20

RB and SFS: businesses lines affected by the virtual shutdown of the European economies and increases in the cost of risk (x2.4 and +88.3% Q2/Q2)

LC: Strong growth in GOI (+26.7%), but a 4.9-fold increase in the cost of risk, after a low level in Q2-19

H1/H1: GOI up (+2.9%), cost of risk x2.6

Q2-19 underlying Asset gathering Retail banking

SFS

Large customers Corporate centre Q2-20 underlying

-13.7%€-280m

2,038

(42)

(150)

(143)

1,758

(49)

+103

Half of the increase in provisioning is related to provisioning of performing loans

Underlying GOI excl. SRF: +2.9% Q2/Q2, +5.3% H1/H1

Underlying net income, excl. SRF: -6.0% Q2/Q2, -8.5% H1/H1

H1-19 underlying Asset gathering Retail banking

SFS

Large Customers Corporate centre H1-20 underlying

Underlying: details of specific items on slide 49

AG: Asset Gathering, including Insurance; RB: Retail banking; SFS: Specialised financial services; LC: Large customers; CC: Corporate Centre

  1. Net income including tax effect for CAA, Amundi and Corporate Center and non controlling interests forr Amundi and Corporate Center

16

SECOND QUARTER AND FIRST HALF 2020 RESULTS

01

02

Contents

03

Crédit Agricole S.A. -

Business lines

04

05

06

07

17

SECOND QUARTER AND FIRST HALF 2020 RESULTS

ASSET GATHERING AND INSURANCE

Net Income Group Share up over the quarter

Activity indicators (Outstandings under management €bn)

+5.4%

1,964

1,998

+ 74.7

2,071

180

172

-0.8

-0.9

-0.9

177

302

297

299

Net inflows

1,487

1,527

-€2.6bn

1,592

June 19

Mar. 20

Asset management*

Life insurance

Wealth management Market & forex

June 20

effects

Asset management*

Life insurance

Wealth management

Increase in assets under management (+4% June/March) and sustained activity

Asset management: a level of assets under management remaining high, €1,592bn at 30/06/2020, with strong inflows of MLT assets (+€3.5bn in Q2-2020)

Insurance: increase in the UL share of AuM (22.7%, +0.5pp June/June) and in the UL share of gross inflows (41.6%, i.e. +12.4pp Q2/Q2)

Wealth management: slight outflows over the quarter

Strong growth in results over the quarter

Insurance: results boosted by a positive market effect, recovery of the property-casualty business

Asset management: maintaining an excellent C/I ratio (53.5% excluding SRF in Q2-20)

Wealth management: outperformance compared to Q2-19 explained notably by taxes (lower average tax rate and a tax credit booked on a tax dispute)

Underlying: specific items include provisions on Home purchase savings plans (revenues) of -€11m in Q1-20 vs -€8m in Q1-19 - see slide 49. (1) Cost of risk relative to outstandings (annualised) *Including advised and distributed assets

18

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

Contribution to earnings

Q2-20

∆ Q2/Q2

H1-20

∆ H1/H1

underlyin

underlyin

underlyin

underlyin

(in €m)

g

g

g

g

Insurance

+20.6%

590

(2.5%)

386

Asset management

146

(10.3%)

274

(13.9%)

Wealth management

19

+42.7%

44

+62.9%

Net income Group Share

551

+11.0%

907

(4.4%)

INSURANCE

Business recovery in June, results up Q2/Q2

Activity indicators (€bn)

Savings/Retirement

Protection of assets and individuals

3.3

Net inflows (€bn)

Premium income (€bn)

-2.2%

+1.5

2.4

+1.3

0.8

1.0

1.97

1.91

1.92

+1.8

+1.7

+1.1

+1.0

+0.9

Unit-linked

0.97

0.89

0.96

Property & Casualty

(0.0)

Q2-19

Q3-19

Q4-19

Q1-20

Q2-20

(1.0)

0.99

1.02

0.96

(1.8)

In Euros

Death & disability /

-0.9

Q2-19

Q4-19

Q2-20

Creditor / Group

Savings/Retirement: lower inflows, but higher UL rate

Negative net inflows, with a positive UL contribution (+€0.9bn) high UL rate in gross inflows at 41.6%, i.e. +12.4pp Q2/Q2

Outstandings(1): €302bn, +1.6% June/June, +1.2% March/June due to the increase in UL outstandings, UL share 22.7% (+0.5pp June/June)

PPE(2) stock: €11.5bn at end June 2020 (i.e., 5.5% of outstandings), allocation of €0.6bn over one year.

Property & Casualty: strong rebound in post-lockdown activities

New business: +94% increase in June compared to May 2020, returning to the strong level of June 2019

14.2m policies(3) in portfolio, steady increase (+3.1% over one year)

Equipment(4): 41.0% of Regional Bank customers (+1.0pp June/June), 25.2% LCL (+0.6pp) and 15.9% CA Italia (+1.3pp)

Personal insurance: premiums up -3.5% Q2/Q2

Results up this quarter due to the recovery in financial markets

Revenues: positive market effect in Q2 (+€140m), partially offsetting the negative market impact of Q1

Combined Property & Casualty Ratio(5) at 97.7% as at 30/06/2020

Solvency 2 Ratio as of 30/06/20 at 233%(6)

CRÉDIT AGRICOLE S.A.

Contribution to earnings

Q2-20

∆ Q2/Q2

H1-20

∆ H1/H1

(in €m)

underlying underlying underlying underlying

Revenues

+13.5%

1,212

(2.7%)

701

Operating expenses

(167)

+4.1%

(414)

+5.5%

Gross operating income

534

+16.8%

798

(6.6%)

Tax

(152)

+4.6%

(203)

(20.7%)

Net income Group Share

386

+20.6%

590

(2.5%)

Cost/Income ratio

23.8%

-2.2 pp

34.2%

+2.7 pp

excl.SRF (%)

Underlying: Specific items for the half year include i) the contribution to the State Solidarity Fund (-€39m in expenses, -€39m in net income), ii) the cost of the mutual support mechanism on the operating loss guarantee (-€135 m in revenues, -€92m in net income), iii) the extra- contractual measure in favour of vulnerable persons (-€8m in revenues, -€5m in net income),

  1. the impact of the triggering of the switch guarantee (+€65m in cost of risk, +€45m in net income).
  1. Savings/retirement/death & disability assets under management; (2) Policyholder Participation Reserve. Life Insurance (Predica + Spirica); (3) Scope: Property & Casualty France and international (4) Car, home, health, legal or personal accident insurance (5) Ratio of (claims + operating expenses + fee and commission income) / premium income, net of reinsurance, Pacifica scope; (6) Standard formula with no transitional measure, except for the grandfathering of subordinated debt

19

SECOND QUARTER AND FIRST HALF 2020 RESULTS

ASSET MANAGEMENT

Resilient activity and results maintained at a high level

Activity indicators (Assets under management €bn)

+7.1%

1,487

1,527

+ 3.1

+ 0.6

+ 64.9

1,592

443

448

- 4.5

451

Net inflows

487

463

-€0.8bn

503

108

100

104

111

118

123

174

178

180

232

238

146

Jun.19

Mar. 20

Retail ex. JVs

JVs

Institutionals

Market/Forex

Jun. 20

effect

JVs Third-party distributors

International networks

French networks

Institutionals and Corporates

CA & SG insurers

Resilient activity (-€0.8bn in inflows) and strong inflows MLT assets (+€3.5bn)

Retail net inflows (ex. JV) MLT: positive in the French networks (+€1.2bn) and stable internationally

Institutional & Corporate MLT: dynamic inflows (+€4.6bn) linked to the resumption of risk appetite of institutional and sovereign customers

JVs: good net inflows (+€3.1bn)

Partnership with Société Générale renewed for five years

High level of results and excellent C/I ratio level (53.5% excluding SRF as at Q2-20)

Revenues: lower net management fee and commission income (-7.2% Q2/Q2; market effect and product mix effect), good level of performance fees, increased financial results

Expenses substantially down: reduction in variable compensation and IT cost synergies related to Pioneer

CRÉDIT AGRICOLE S.A.

Contribution to earnings

Q2-20

∆ Q2/Q2

H1-20

∆ H1/H1

(in €m)

underlying underlying underlying underlying

Revenues

(7.5%)

1,201

(7.2%)

607

Operating expenses

(325)

(7.3%)

(659)

(4.6%)

excl.SRF

SRF

0

n.m.

(3)

(1.8%)

Gross operating income

282

(7.1%)

538

(10.3%)

Cost of risk

(4)

+68.8%

(17)

n.m.

Equity-accounted entities

15

+26.6%

29

+17.6%

Tax

(77)

+6.0%

(146)

(8.3%)

Net income

216

(10.1%)

404

(13.6%)

Non controlling interests

(70)

(9.7%)

(131)

(13.1%)

Net income Group Share

146

(10.3%)

274

(13.9%)

Cost/Income ratio

53.5%

+0.1 pp

54.9%

+1.5 pp

excl.SRF (%)

Underlying = stated

20

SECOND QUARTER AND FIRST HALF 2020 RESULTS

FRENCH RETAIL BANKING - LCL

Resilient activity and controlled costs

Activity indicators (€bn)

Loans outstanding

Customer savings

+7.4%

199.5

202.9

206.4

202.6

214.3

Off-B/S

81.4

81.8

82.4

77.8

80.7

On-B/S

118.1

121.2

124.0

124.8

133.6

June 19

Sept. 19

Dec. 19

Mar. 20

June 20

New business down over the quarter, rebound in June, outstandings up:

Decline in loan production (-21% Q2/Q2), rebound in June (+51% june/april 20)

Loans outstanding: +7% June/June excl. State guaranteed loans (SMEs and small businesses +11%, corporates +6%, consumer credit +2%, home loans +7%); €5.9bn of State guaranteed loans in place at end June

Inflows: Increase in on-balance sheet deposits (+13.6% June/June) driven by demand deposits (+28.2%) and passbook savings accounts (+4.9%); off-balance sheet savings stable (-1.2% June/June)

Resilience of GOI but moderate decline in net income due to the cost of risk (x2.3)

Revenues: lower NII (-4.0% Q2/Q2, valuation effects); lower fee and commission income (-3.0% Q2/Q2)

Operating expenses: (-5.1% Q2/Q2), down each yearsince 2017 (-2.7%(1) average per year); C/I ratio improving (-1pp Q2/Q2)

Increase in provisioning, in particular including €29m related to the provisioning of performing loans; NPL ratio at 1.7% and coverage ratio at 78.1% at end June 2020

CRÉDIT AGRICOLE S.A.

Contribution to earnings

Q2-20

∆ Q2/Q2

H1-20

∆ H1/H1

(in €m)

underlying underlying underlying underlying

Revenues

(3.6%)

1,746

(0.7%)

857

Operating expenses

(544)

(5.1%)

(1,128)

(3.2%)

.SRF

(7)

x 6.3

(42)

+32.4%

operating income

306

(2.7%)

575

+2.6%

of risk

(117)

x 2.3

(218)

x 2.3

Income before tax

189

(28.5%)

357

(23.4%)

Tax

(55)

(35.2%)

(115)

(26.7%)

Net income Group Share

128

(25.3%)

232

(21.7%)

Cost/Income ratio

63.4%

-1.0 pp

64.6%

-1.7 pp

excl.SRF (%)

(1) Operating expenses CAGR Q2 17/Q2 20

21

SECOND QUARTER AND FIRST HALF 2020 RESULTS

INTERNATIONAL RETAIL BANKING - ITALY lockdown

Loans outstanding

Customer savings

+4.9%

+5.4%

75.7

76.7

77.9

76.8

79.8

Off-

balance

35.8

36.7

34.9

37.4

sheet*

35.2

On-

43.4

44.2

45.1

balance

43.0

43.3

sheet

40.6

40.9

41.2

41.8

42.4

June 19

Sept. 19

Dec. 19

Mar. 20

June 20

June 19

Sept. 19

Dec. 19

Mar. 20

June 20

*

of

Loans outstanding: +4.9% June/June, stronger-than-average growth in the sector (+1.4%(1)), mainly driven by loans to corporates (in particular the State guaranteed loans: €800m in Q2); Outstanding home loans were stable, with a sharp upturn in new home loans in June. (+26.9% June/April 2020)

Buoyant managed inflows (+5.4% Q2/Q2), rebound in production at the end of the quarter (+95.7% June/April 2020), on-balance sheet deposits (+4.6% June/June)

Revenues impacted by the crisis, but expenses under control; prudent provisioning

Revenues: NII impacted by the drop in market rates; fee and commission income returned to the level of January 20

Expenses excluding SRF down Q2/Q2(2) (3) in particular due to savings on external expenditure and mobility

Increase in provisioning, related to allocations on performing loans, significant strengthening of reserves for proven risks to prepare for disposals of non performing loans; improvement in the NPL ratio (7.4%, -0.3pp Q2/Q2)

Disposal of a building for a profit of €65m(4)

CRÉDIT AGRICOLE S.A.

Contribution to earnings

Q2-20

∆ Q2/Q2

H1-20

∆ H1/H1

(in €m)

underlying underlying underlying underlying

Revenues

(10.8%)

875

(6.4%)

431

Operating expenses

(288)

(2.3%)

(567)

(2.1%)

excl.SRF

SRF

(9)

+35.2%

(25)

+14.2%

Gross operating income

133

(26.5%)

282

(15.3%)

Cost of risk

(146)

x 2.4

(229)

+79.1%

Net income on other

65

n.m.

66

n.m.

assets

Income before tax

51

(57.2%)

120

(41.9%)

Tax

(17)

(56.4%)

(38)

(42.9%)

Net income

34

(57.7%)

82

(41.4%)

Non controlling interests

(10)

(57.0%)

(23)

(40.4%)

Net income Group Share

25

(57.9%)

59

(41.8%)

Cost/Income ratio

67.0%

+5.8 pp

64.8%

+2.9 pp

excl.SRF (%)

Crédit Agricole S.A. Group in Italy: Net income €257m, -25% H1/H1

(1) source Abi, (2) 5% decrease in expenses excluding SRF and Covid-related expenses, (3) net income H1-20 excluding Covid effects to €77m, (4) Gross amount, before tax

22

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

INTERNATIONAL RETAIL BANKING - EXCL. ITALY

Prudent management of liquidity and risk coverage

Activity indicators (€bn)

Customer savings

+5.7%

+2.5%

14.3

14.8

15.0

14.6

15.1

2.2

2.1

2.1

2.2

2.1

Off-balance

sheet*

11.5

11.8

11.9

11.5

11.7

12.2

12.7

12.8

12.5

12.9

On-balance

sheet

June 19

Sept. 19

Dec. 19

Mar. 20

June 20

June 19

Sept. 19

Dec. 19

Mar. 20

June 20

* Excluding assets under custody

production

Loans(1): +4% Q2/Q2, increase in Egypt (+13%) and Morocco (+4%)

On-balancesheet deposits(1) +6% Q2/Q2, driven by increases in Ukraine (+12%), Morocco (+7%), and Poland (+2%)

Liquidity: comfortable position with a net surplus of deposits over loans: +€1.8bn at 30/06/2020

Contained reduction in GOI (-13% Q2/Q2) due to cost control

CA Egypt(1): Revenues down -13% Q2/Q2 impacted by the NII (-15%, effect of lower rates); low NPL ratio (2.6%) and high coverage ratio (169%)

CA Poland(1): Negative net income in H1-20, revenues penalised (-10%) by the decrease in reference rates, partially offset by a decrease in expenses (-10%); strengthening of provisions

CA Ukraine(1): Revenues (-11% Q2/Q2) impacted by the drop in the reference rate and lower fee and commission income (-30% Q2/Q2), improvement in the NPL ratio (4.4%, -1.3pp Q2/Q2); high coverage ratio (180%)

Crédit du Maroc(1): Revenues down slightly by -3%, cost control (+1%), coverage ratio at 96%

(1) change excluding foreign exchange impact

Contribution to earnings

Q2-20

∆ Q2/Q2

H1-20

∆ H1/H1

(in €m)

underlying underlying underlying underlying

Revenues

(9.8%)

435

(4.6%)

209

Operating expenses

(130)

(7.7%)

(273)

(1.4%)

SRF

-

n.m.

-

n.m.

Gross operating income

79

(13.1%)

162

(9.4%)

Cost of risk

(52)

x 2.3

(85)

+91.3%

Income before tax

27

(60.0%)

77

(42.3%)

Tax

1

n.m.

(18)

(40.5%)

Net income

27

(48.5%)

58

(43.4%)

Non controlling interests

(16)

+11.2%

(25)

(7.9%)

Net income Group Share

12

(70.3%)

33

(56.4%)

Cost/Income ratio

62.1%

+1.5 pp

62.7%

+2.0 pp

excl.SRF (%)

23

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

SPECIALISED FINANCIAL SERVICES

Decrease in production and control of expenses

Activity indicators (€bn)

CA Consumer Finance - Gross managed loans

CAL&F - Gross consolidated loans

-2.4%

+2.2%

90.5

92.0

88.4

15.1

Other

14.8

15.1

3.7

3.8

3.3

19.3

20.1

19.7

2.8

2.9

2.8

Crédit Agricole Group

Leasing international

33.3

33.2

31.1

Car finance

11.9

12.1

12.3

34.2

34.8

34.3

partnerships

Leasing France

Consolidated loan book

Jun. 19

Dec. 19

Jun. 20*

Jun. 19

Dec. 19

Jun. 20

  1. 38.1% in France, 29.7% in Italy and 32.2% in other countries

Commercial production affected by the crisis, but almost back to normal in June

CA Consumer Finance: decline in commercial production (-40% Q2/Q2) but pick up in June: +170%/+€2.3bn June/April, GAC Sofinco: +97%/+€159m June/March

CAL&F: decline in new leasing production (-23.9% Q2/Q2, in France and Poland) but pick up in June (+90% June/April), contraction in year-on-year factored turnover (-24.6% Q2/Q2) but increase in June/April (+33%)

Decrease in revenues, strict management of expenses to keep C/I ratio under control

CA CF (Net income: -23.3%Q2/Q2): revenues down (-12% Q2/Q2) notably on insurance revenues (EUR -€18m); lower operating expenses (-7.1% excluding SRF Q2/Q2); higher cost of risk (+85.1% Q2/Q2), 37% of the increase of which is related to the provisioning for performing loans; tax bonus for Agos related to the Affrancamento (+€39m); lower contribution from JVs (-22.7%) due to an increase in the cost of risk at Wafasalaf (+€24m)

CAL&F (net income: -49.7%Q2/Q2): revenues down (-10.4% Q2/Q2) particularly in factoring production (-29%), decline in expenses (-2.9% excl. SRF Q2/Q2)

Contribution to earnings

Q2-20

∆ Q2/Q2

H1-20

∆ H1/H1

(in €m)

underlying

underlying

underlying

underlying

Revenues

(11.7%)

1,254

(8.3%)

607

o/w CACF

485

(12.0%)

1,003

(8.1%)

o/w CAL&F

122

(10.4%)

251

(9.2%)

Operating expenses

(309)

(6.2%)

(661)

(1.6%)

excl.SRF

SRF

(0)

+38.4%

(20)

+7.9%

Gross operating income

298

(16.7%)

573

(15.5%)

Cost of risk

(248)

+88.7%

(438)

+83.4%

Equity-accounted entities

60

(22.7%)

132

(15.4%)

Income before tax

128

(57.9%)

286

(52.1%)

Tax

47

n.m.

18

n.m.

Net income Group Share

149

(27.9%)

258

(35.7%)

o/w CACF

131

(23.3%)

228

(31.5%)

o/w CAL&F

18

(49.7%)

30

(55.8%)

Cost/Income ratio

50.9%

+3.0 pp

52.7%

+3.6 pp

excl.SRF (%)

24

SECOND QUARTER AND FIRST HALF 2020 RESULTS

LARGE CUSTOMERS

GOI sharply up thanks to sustained activity

Activity indicators (Underlying revenues of Large Customers (€m))

+20.9%

1,788

1,479

288

1,423

91

233

260

88

68

Asset servicing

689

479

505

Investment banking

Mkts

Capital markets

346

311

277

Structured finance

Fin

408

Commercial banking & other

334

311

Q2-19

Q4-19

Q2-20

Dynamic activity for the entire business line

Corporate and investment banking: capital markets up sharply (+44% Q2/Q2), customers supported in their hedging needs, excellent activity in bond issuance. Good level of activity in financing activities (+6% Q2/Q2) thanks to the excellent activity of commercial banking

Asset Servicing: increase in assets under custody resulting from the addition of new customers offsetting a negative

market impact (+€173bn/+6%), and from the consolidation of KAS Bank and S3 (+€826bn/+29%)

GOI up sharply (+27% Q2/Q2), positive jaws effect (+13.9pp excl. SRF Q2/Q2)

Corporate and investment banking (Net income: -4% Q2/Q2): significant increase in revenues and GOI (+27% Q2/Q2);

cost/income ratio under control (49% excl. SRF H1-20)

Asset Servicing (Net income Group share: -16%Q2/Q2): increase in revenues (+24% Q2/Q2); positive jaws effect (+3.9pp excluding SRF); increase in Net income (before non-controlling interests) - +24%

CRÉDIT AGRICOLE S.A.

Contribution to earnings

Q2-20

∆ Q2/Q2

H1-20

∆ H1/H1

(in €m)

underlying underlying underlying underlying

Revenues

+20.9%

3,271

+15.0%

1,788

Operating expenses

(852)

+7.0%

(1,732)

+7.2%

excl.SRF

SRF

(60)

n.m.

(260)

+46.7%

Gross operating income

875

+26.7%

1,279

+21.6%

Cost of risk

(342)

x 4.9

(501)

x 8.4

Income before tax

536

(13.6%)

782

(21.4%)

Tax

(74)

(50.8%)

(97)

(66.3%)

Net income

462

(1.6%)

685

(3.0%)

Net income Group Share

436

(5.3%)

644

(7.0%)

o/w Corporate &

400

(4.2%)

585

(7.4%)

Investment Banking

o/w Asset servicing

37

(15.7%)

59

(3.3%)

Cost/Income ratio excl.

47.7%

-6.2 pp

53.0%

-3.8 pp

SRF (%)

25

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CORPORATE AND INVESTMENT BANKING

Very strong activity and top-ranking positions, RWA under control

Activity indicators (Bond origination - Activity volume in €bn)

x2

34

28

1719

10

Q2-19

Q3-19

Q4-19

Q1-20

Q2-20

Very strong activity thanks to the continued support provided to our customers

Financing activities: good overall level of activity due to our ability to mobilise a range of financing solutions for our customers (underwriting, club deal and bilateral loan), syndicated loans-EMEA: ranked second at end June 2020 with 7.6% market share (vs 6.9% at end June 2019)

Capital markets: excellent FICC activity (+44% incl. CVA), record in bond issuance, top-ranking positions (No. 1 in All French Corporate bonds, No. 1 in Global Green, Social and Sustainability bonds); risk profile continues to be prudent (VaR at €14m as of 30/06)

Dynamic GOI (+27%) but increase in provisioning in financing activities

Strong revenues (+20% Q2/Q2) and cost control (+3% excl. SRF), increased provisioning in financing activities with a base effect, 47% of this increase related to performing loans provisioning

RWA under control (-€0.4bn Q2/Q1) thanks to optimisation measures and the decrease of RCTB(1) (-€4bn); net impact of downgraded ratings: +€1.9bn

CRÉDIT AGRICOLE S.A.

Contribution to earnings

Q2-20

∆ Q2/Q2

H1-20

∆ H1/H1

(in €m)

underlying underlying underlying underlying

Revenues

+20.3%

2,702

+12.9%

1,500

Operating expenses

(645)

+3.4%

(1,313)

+3.1%

excl.SRF

SRF

(53)

n.m.

(232)

+43.6%

Gross operating income

802

+27.1%

1,157

+20.6%

Cost of risk

(339)

x 5

(496)

x 9.4

Equity-accounted entities

1

n.m.

1

n.m.

Net income on other

(0)

n.m.

(0)

n.m.

assets

Income before tax

464

(17.4%)

662

(27.1%)

Tax

(56)

(58.6%)

(66)

(75.1%)

Net income

408

(4.2%)

597

(7.5%)

Non controlling interests

(8)

(5.6%)

(12)

(10.9%)

Net income Group Share

400

(4.2%)

585

(7.4%)

Cost/Income ratio excl.

43.0%

-7.1 pp

48.6%

-4.6 pp

SRF (%)

(1) Counterparty risk on trading book

26 SECOND QUARTER AND FIRST HALF 2020 RESULTS

CORPORATE CENTRE

Decrease in financing costs, but unfavorable market effect

Activity indicators (€bn)

Q2-18

Q3-18

Q4-18

Q1-19

Q2-19

Q3-19

Q4-19

Q1-20

Q2-20

139

111

38

22

36

5

(234)

(228)

(203)

(229)

(240)

(135)

(292)

(156)

(95)

(130)

(272)

(39)

(14)

(191)

(181)

(205)

(194)

(207)

(217)

(15)

(287)

Structural net income excl. IFRIC21

IFRIC21

Other elements

Underlying net income

"Structural" net income: significant improvement of the Q2/Q2 (+€74m) and H1/H1 (+€54m) contribution

Crédit Agricole S.A. balance sheet & holding: decrease in financing costs and in operating expenses (HR expenses and travel costs)

Other business lines of the division: decrease in net income, due to negative impacts of revaluations in CACIF Support functions: temporary delay in the accounting of profits and costs

Other elements of the division:

Impact of the rebound in markets on intragroup transactions (unfavorable effect Q2/Q2: -€77m)

Underlying: specific items include provisions on Home purchase savings plans (revenues) of -€16m in Q2-20 vs -€46m in Q2-19 and the impact of a Liability management transaction for -€41m - see slide 49

CRÉDIT AGRICOLE S.A.

€m

Q2-20

Q2-19

∆ Q2/Q2

H1-20

H1-19

∆ H1/H1

Revenues

(266)

(85)

(181)

(167)

(256)

+90

Operating expenses excl.

(187)

(207)

+20

(385)

(384)

(2)

SRF

SRF

(2)

(3)

+1

(86)

(81)

(5)

Gross operating income

(456)

(296)

(160)

(638)

(721)

+83

Cost of risk

(1)

(15)

+14

(37)

(13)

(24)

Equity-accounted

10

19

(9)

13

13

(1)

entities

Net income on other

(0)

0

-

(0)

19

(20)

assets

Pre-tax income

(447)

(292)

(155)

(662)

(702)

+39

Tax

185

94

+91

224

205

+19

Net income Group share

(233)

(201)

(32)

(444)

(496)

+52

stated

Net income Group share

(194)

(191)

(3)

(375)

(478)

+103

underlying

Of which structural net

(156)

(229)

+74

(447)

(502)

+54

income

- Balance sheet & holding

(139)

(260)

+121

(433)

(542)

+109

Crédit Agricole S.A.

- Other activities (CACIF,

(26)

15

(41)

(28)

26

(54)

CA Immobilier, etc.)

- Support functions (CAPS,

10

16

(6)

14

14

(1)

CAGIP, SCI)

Of which other elements

(39)

38

(77)

73

24

+49

of the division

27

SECOND QUARTER AND FIRST HALF 2020 RESULTS

01

02

Contents

03

04

05

06

07

Crédit Agricole Group

28

SECOND QUARTER AND FIRST HALF 2020 RESULTS

REGIONAL BANKS

Dynamic activity, sharp increase in GOI and Net income Group Share

Activity indicators (€bn)

Customer savings

Loans outstanding

+6.7%

761

+8.4%

543

712

733

501

520

271

265

174

179

195

SMEs-Small

266

21

22

21

business.-Farm.-

Local auth.

Off-balance sheet

Consumer credit

446

461

496

Deposits

306

320

327,8

Home loans

Jun. 19

Dec. 19

Jun. 20

Jun. 19

Dec. 19

Jun. 20

Growth in outstandings still dynamic. Customer capture very active.

Loans: increase new in loans (+32.6% Q2/Q2, -14.8% excl. State guaranteed loans), clear rebound in activity in June: production in June 2020 higher than production in June 2019 (+36% o/w home loans: +7%, excl. State guaranteed loans: +3%), increase in outstanding loans excl. State guaranteed loans: +5.9%

Deposits: increase in on-balance sheet deposits (demand deposits +25.2%, passbook accounts +8.7%), stable off- balance sheet deposits (-0.5% Q2/Q2)

Customer capture: 480,000 new customers in 2020 with sharp acceleration in June (+110,000 customers +1.9% June/June), strong growth in customer base (+27,000 customers in 2020, +6.7% June/June)

Revenues up and expenses under control. Positive jaws effect (+10.1pp excl. SRF Q2/Q2)

Revenues (+1.2% Q2/Q2): net interest income steady (Q2/Q2), fee and commission income down (-2.3%) due to a moderation of penalty-based fees and a decrease in payment fees and commissions, portfolio revenues down due to adverse market effects since Q2-19 but up compared to Q1-20

Net income Group Share(1) up (+17.9%) despite an increase in provisioning (+24.9% Q2/Q2) NPL ratio down (1.8% vs 2.0% at end June 2019), coverage ratio still high (99.7%)

CRÉDIT AGRICOLE GROUP

Contribution to earnings

Q2-20

∆ Q2/Q2

H1-20

∆ H1/H1

(in €m)

underlying underlying underlying underlying

Revenues

3,316

+1.2%

6,550

(3.2%)

Operating expenses

(2,023)

(8.9%)

(4,276)

(3.1%)

excl.SRF

SRF

(29)

n.m.

(123)

+38.8%

Gross operating income

1,264

+19.6%

2,152

(5.0%)

Cost of risk

(298)

+24.9%

(605)

x 2.1

Income before tax

959

+17.5%

1,543

(21.7%)

Tax

(295)

+16.4%

(558)

(25.0%)

Net income Group Share

663

+17.9%

984

(19.8%)

Cost/Income ratio

61.0%

-6.8 pp

65.3%

+0.1 pp

excl.SRF (%)

(1) Contribution of Regional Banks to Crédit Agricole Group Net income Group Share

29

SECOND QUARTER AND FIRST HALF 2020 RESULTS

01

05

0206

Contents

0307

04

Financial strength

30

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CREDIT AGRICOLE S.A.

FINANCIAL STRENGTH

Phased-in CET1 ratio: 12.0%, +4.1 pp above SREP requirement

Change in Crédit Agricole S.A. risk weighted assets (€bn)

Change in CET1 ratio (bp)

Risk weighted assets stable over the quarter

Growth in business lines: neutral, increase in RB (+€2.8bn), mainly at LCL related to the introduction of State guaranteed loans, decrease at SFS (-€2.1bn)

Increase in insurance equity-accounted value: +€2.1bn (OCI reserves and

quarterly profit)

Methodology and regulatory effects: mainly SME supporting factor for

-€2.6bn and -€1.5bn at CACIB

June/March change in RWA, pro-forma of 2 months of waiting period in State guaranteed loans: -€2.3bn

CET1 ratio: 12.0%, fully-loaded 11.7%

Retained net income: +12bp, including a dividend provision of €0.16 per share in Q2, i.e. €0.24 for H1-20

OCI reserves on securities portfolios: variation of +19 bp, mainly due to the tightening of credit spreads over the quarter; inventory at 30/06/2020: 37bp

Methodology and regulatory effects: mainly "Quick fix" measures +41bp, o/w phasing-in IFRS 9 (+25bp), SME supporting factor (+9bp), prudent valuation (+7bp); software-related measure not applicable at 30/06/2020

M&A and other: -16bp, o/w acquisition of Sabadell AM (-9bp)

CET1 pro forma of State guaranteed loans 2 months' waiting period at 12.0%

Distance to SREP: +4.1pp (+0.6pp vs Q1 2020)

Phased-inTier 1 ratio: 13.5%; phased-in total ratio: 17.6%

Phased-inleverage ratio: 3.9% stable vs. end March 20 Intra-quarteraverage phased-inleverage ratio(1): 3.8% in Q2-20

(1) Intra-quarter leverage refers to the average of the end of month exposures for the first two months of the quarter

31

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CREDIT AGRICOLE GROUP

FINANCIAL STRENGTH

Phased-in CET1 ratio 16.1% achieving today the objective of the 2022 Group Project

Change in Crédit Agricole Group risk-weighted assets (€bn)

Change in CET1 ratio (bp)

Slight increase in risk-weighted assets

Distance to SREP: +7.2pp (+0.6pp vs Q1 2020)

Increase in insurance equity-accounted value: +€1.9bn (OCI reserves and

Phased-inTier 1 ratio: 17.0%; phased-in total ratio: 19.7%

quarterly profit)

Phased-inleverage ratio: stable at 5.3% vs. end March 20

Growth in risk-weighted assets in Retail banking: €2.6bn, o/w €1.4bn at LCL

Intra-quarter average phased-in leverage ratio(1): 5.2% in Q2-20

and €1.7bn in the Regional Banks (+€7.6bn in organic growth, o/w €7.4bn

TLAC ratio: 23.8% of risk weighted assets and 7.5% of leverage

State guaranteed loans, partially offset by the SME supporting factor -€6bn)

CET1 ratio: 16.1% (+0.6pp vs Q1-20), 15.8% fully-loaded

exposure, excluding eligible senior preferred debt

Ratio higher than regulatory requirements(2) by 4.3pp in risk weighted assets and

Retained net income: +20bp, including a dividend per share provision of 0.24€

1.5pp in leverage, excluding eligible senior preferred debt

in Q2-20

MREL ratio: approximately 32% of risk weighted assets and 23.8% excluding

Methodology and regulatory effects: mainly Quick fix (+55bp), o/w phasing-in of

IFRS 9 (+27bp) and SME supporting factor (+24bp)

eligible senior preferred debt, i.e. 8.2% of TLOF

RWA growth: -21bp, largely due to the introduction of State guaranteed loans in

Objective to achieve a subordinated MREL ratio (excluding eligible senior

Retail banking

preferred debt) of 24-25% of risk-weighted assets by the end of 2022

CET1 phased-in at 16.3% pro-forma of State guaranteed loans 2 months' waiting

At 30/06: ratio > 8% of TLOF

period

(1) The intra-quarter leverage refers to the average of the end-of-month exposures of the first two months of said quarter

(2) The Crédit Agricole Group must meet the following TLAC requirements at all times: 16% of the RWA plus the total buffer requirement

32

SECOND QUARTER AND FIRST HALF 2020 RESULTS

according to CRDV (including 2.5% for capital conservation buffer, 1% for systemic risk buffer and 0.01% for countercyclical buffer at 30

June 2020); and 6% of leverage exposure

FINANCIAL STRENGTH

Dynamic management of reserves in order to

serve client and benefit from competitive funding rate

Liquidity reserves (€bn)

CRÉDIT AGRICOLE GROUP

Very strong ability to mobilize collateral to create

405

338

64

298

23

55

19

48

21

18

119

22

14

110

108

180

134

106

Eligible claims to Central Banks after haircut (immediate access) (1)

Self-securitisations eligible to Central Banks (1)

Other non-HQLA securities (2)

HQLA (High Quality Liquid Assets) securities portfolio (2)

Central Bank deposits

(excl. cash (€4bn) & mandatory reserves (€9bn))

additional reserves

Before net drawing at Central Banks, pre-positioned reserves increased by more than €80bn over the quarter

€87bn of assets eligible to Central Banks, providing access to additional LCR compliant resources

Increase of asset encumbrance ratio in line with Central Banks drawings (21% at end March)

Evolution of the balance sheet structure

31/12/2019

31/03/2020

30/06/2020

(1)

Providing access to LCR compliant resources

+€67bn

(2)

Available market securities, at market value

and after haircut

liquidity reserves Q2-20/Q1-20

Liquidity reserves up to €405bn, + €67bn compared to 31/03/20

Quarterly LCR up at 155.5 % for Credit Agricole Group and 151.5 % for Credit Agricole S.A.

Increase in Central Banks drawings:

In June 2020, drawing of €90bn in TLTRO III

Meanwhile, repayments of TLTRO II (partially) and LTRO

Increase in Central Banks deposits resulting from the placement of large excess liquidity

Stable Resources Position up at €241bn from €132bn at end March

33

SECOND QUARTER AND FIRST HALF 2020 RESULTS

FINANCIAL STRENGTH

96% of MLT market programme completed by Crédit Agricole S.A. at end-July 2020

Crédit Agricole Group - MLT market issues

Breakdown by issuer : €21.8bn* at 30/06/20

EFL 1% CALF 1%

CACF 12%

CACIB 29%

Crédit Agricole S.A.

52%

CA Italia 6%

Crédit Agricole Group (at end-June)

€21.8bn equivalent issued on the market by Group issuers

Highly diversified market funding mix by types of instruments, investor categories and targeted geographic areas

In addition, €3.3bn borrowed from national and supranational organisations or placed in the Group's retail banking networks (Regional Banks, LCL and CA Italia) and other external retail networks

Crédit Agricole Assurances: €1bn 10 year bullet Tier 2 issued in July to refinance intra-group subordinated debt

CRÉDIT AGRICOLE GROUP

Crédit Agricole S.A. - MLT market issues Breakdown by segment : €11.5bn* at 31/07/20

Subordinated

Tier 2

19%

Senior secured

35%

Senior preferred (€0.1bn)

€4.1bn

& senior secured (€4.0bn)

Average maturity: 6.5 years

Spread vs 3m Euribor: 33bp

Senior non-preferred (€5.2bn)

€7.4bn

& Tier 2 (€2.2bn)

Average maturity: 7.3 years

Senior preferred

Spread vs 3m Euribor: 130bp

Senior non-

1%

preferred

45%

Crédit Agricole S.A. (at end July)

€11.5bn of MLT market funding programme of €12bn completed - such funding programme includes 6 to €8bn eq. of senior non-preferred and Tier 2 debt (revised up from the initial 5 to €6bn guidance) ; diversified funding with various formats and currencies

Liability Management on EUR/GBP/USD senior preferred notes: €3.4bn eq. repurchased to optimize the liability structure and to offer liquidity to investors

* Gross amount before buy back and amortisation

34

SECOND QUARTER AND FIRST HALF 2020 RESULTS

01

05

0206

Contents

0307

04

Conclusion

35

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

CREDIT AGRICOLE GROUP

CONCLUSION

A "V" shaped recovery for Crédit Agricole Group

Very solid results, thanks to the Group's universal banking model

Massive commitment of the 1st Bank in France to support its customers

Strong momentum in activity across all our business lines at the end of the quarter

Growth in GOI over the first half year, robust financial position, one of the best levels of loan loss reserves in Europe

Crédit Agricole S.A.

Crédit Agricole S.A.

Crédit Agricole Group

Crédit Agricole Group

Crédit Agricole S.A.

57.4%

Solvency

Crédit Agricole Group

8.5%

16.1%

€405bn

C/I ratio

ROTE

Crédit Agricole S.A.

Liquidity

Q2-20

Underlying ROTE H1

Underlying cost/in ome

ratio(1) excl. SRF

Solvency

reserves

Underlying cost/income

ratio

(1)

excl. SRF

2020 annualised

12.0%

Crédit Agricole Group

Crédit Agricole Group

€28.7bn

552,000

Crédit Agricole Group

in State

repayment

holidays granted

guaranteed loans

Crédit Agricole Group

+685,000

new customers

in H1-20

36

SECOND QUARTER AND FIRST HALF 2020 RESULTS

01

05

0206

Contents

0307

04

Appendices

37

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

APPENDICES

Market recovery, without a return to the pre-crisis level

Interest rates, in euros (%)

1.9

Avg. French 10y bond yield Q2-20:-0,007% (+7bp Q2/Q1)

(% )

Average spread Q2-20:

1.6

1.4

France: 44bp (+11bp Q2/Q1),

1.2

Italy: 207bp (+40bp Q2/Q1)

Average spread July > January

1.0

(France 118%/Italy 108%)

0.8

0.5

0.3

0.1 -0.1-0.4-0.6-0.8

12.1603.17 06.17 09.17 12.1703.1806.18 09.18 12.1803.1906.19 09.19 12.1903.2006.20

France 10y

Germany 10y

Euribor 3m

Equity indexes (base 100 = 31/12/2016)

115

105

95CAC 40 July < January

85(approx. -18%)

Avg. Stoxx: -9,8% Q2/Q1, -10,3% Q2/Q2,

75 Avg. CAC40: -14,6% Q2/Q1; -15% Q2/Q2

65 12.16 03.17 06.17 09.17 12.17 03.18 06.18 09.18 12.18 03.19 06.19 09.19 12.19 03.20

CAC40

Stoxx

Quarterly Avg. CAC40

Credit spreads (1-year iTraxx Main CDS index)

140

130

120

110

100

90

80

70

60

50

40

06.19

07.19

08.19

09.19

10.19

11.19

12.19

01.20

02.20

03.20

04.20

05.20

06.20

07.20

Currencies (rate for €1)

1.5

150

1.4

140

1.3

130

120

1.2

EUR vs. USD Q2-20:

110

1.1

100

1.0

Average -2% Q2/Q2,

End of period -1.2% juin/juin

90

0.9

80

0.8

70

0.7

60

12.1603.1706.1709.1712.1703.1806.1809.1812.1803.1906.1909.1912.1903.2006.20

EUR/USD (lhs)

EUR/GBP (lhs)

EUR/JPY (rhs)

38

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

APPENDICES

A more prudent central economic scenario than what business data indicates

France, Italy, Eurozone - Real GDP growth

%

7.5

4.9

5.5

1.8

1.9

1.5

1.2

0.7

0.3

-8.1

-10.2

-10.4

France

Italy

Euro zone

2018

2019

2020

2021

Source: Eurostat, Crédit Agricole S.A./ECO

estimations at 30 June 2020

For provisioning of performing loans, use of several weighted economic scenarios of which:

A more favourable scenario : France GDP -7% in 2020, +7.3% in 2021, +1.8% in 2022

A less favourable scenario : France GDP -15.1% in 2020, +6.6% in 2021, +8% in 2022

France, Italy, Eurozone - Unemployment rate

% of labour force

13

11

9

7

2018

2019

2020

2021

France

Italy

Euro zone

Source: Eurostat, Crédit Agricole S.A./ECO

39

SECOND QUARTER AND FIRST HALF 2020 RESULTS

APPENDICES

A diversified loan book, oriented more towards large corporates and home loans

Gross customer loans outstanding(1) at Crédit Agricole S.A. (30/06/20)

CRÉDIT AGRICOLE S.A.

Private

Leasing

Banking

Other

4%

1%

5%

Professionnals

7%

Corporate loans

€195bn

Home loans

€113bn

• O/w €141bn CACIB, €29bn LCL, €19bn IRB

•

O/w €84bn LCL: mostly fixed-rate,

amortisable, secured or mortgage-secured

loans

•

O/w €29bn at the IRBs

Consumer

Finances

10%

Crédit Agricole S.A.

€423bn(1)

Corporates 46%

Consumer

finance

€43bn

Loans to

professionals

•

O/w €36bn CA Consumer Finance (incl.

Agos) and €8bn retail networks, excl. non-

consolidated entities (automobile JVs)

•

O/w €19bn LCL and €9bn at the IRBs

Real Estates 27%

1 Gross customer loans outstanding excl. credit institutions

€28bn

40

SECOND QUARTER AND FIRST HALF 2020 RESULTS

APPENDICES

A limited share of EAD exposed to sectors sensitive to the economic effects of Covid-19

EAD excluding financial institutions(1) as of June 2020

Automotive

Shipping

Oil & Gas

Retail distribution (non food)

2%

2%

2%

1%

Tourism / Hotel /

Restaurants

1%

Aviation

2%

972 bn € EAD(1)

Oil & Gas EAD presented excl. commodity traders Asset quality is based on internal ratings

(1) EAD excluding financial institutions. Total obtained based on Corporate EAD at 30/06/2020, and EAD at 30/03/2020 on other segments forecast at end June 2020 based on growth between Q2 and Q1 recognised on accounting exposures, EAD (exposure at default) is a regulatory definition used in Pillar 3. It corresponds to the exposure in the event of default after risk mitigation factors. It encompasses balance sheet assets plus a proportion of off-balance sheet commitments (2) Source: Financial Stability Review (May 2020): ://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202005~1b75555f66.en.html#toc9

CRÉDIT AGRICOLE S.A.

June-20

EAD

% Investment

% default EAD

€Bn

Grade

Aeronautics

17.2

57.5%

2.4%

Tourism / Hotel / Restaurants

7.9

50.9%

2.6%

Retail distribution (non food)

13.7

75.1%

3.2%

Automotive

23.3

74.4%

0.6%

Shipping

14.6

56.8%

6.6%

Oil & Gas

24.0

73.2%

1.8%

The investment grade portion of Corporate EAD was 73% at June 2020

  • Aviation/Aerospace and Tourism/Hospitality/Restaurant sectors: likely to be affected in the MLT by the crisis(2)
  • Other sensitive sectors: impact more temporary or limited (2)
  1. Retail distribution (non-food items): recovery in consumption observed in June in France, except for (i) sales related to tourism flows (travel retail, Paris department stores, luxury

goods) and (ii) clothing/shoes (no catch-up effect)

  1. Automotive: car production expected to stabilise in Q3 2020
  1. Shipping: recovery of the BDI dry bulk sea freight index, a sign

that trading is continuing to pick up

  1. Oil & Gas: gradual rebalancing of the market (after an all-time low of €16 in April, Brent returned to around €40 in June)

41

SECOND QUARTER AND FIRST HALF 2020 RESULTS

ANNEXES

Crédit Agricole CIB:

Oil & Gas

25.2 bn€ EAD(1) on Oil & Gas excluding commodity traders as of May 2020

EAD is gross of Export Credit Agency and Credit Risk Insurance covers : as of 31/05/2020, there were 3.5 bn€ export credit agencies covers and 0.6 bn€ credit risk insurance covers on the Oil & Gas portfolio

CRÉDIT AGRICOLE S.A.

Oil & Gas EAD excl. Commodity Traders: 25.2 Bn€

Midstream

Upstream

(pipelines,

12%

LNG,

O&G

storage)

Services

21%

5%

Integrated

Oil & Gas

companies

20%

State

Owned Oil

Downstream

& Gas

& Refining

companies

13%

29%

70% of Oil & Gas EAD(1)(2) are Investment Grade(3)

Diversified exposure in terms of operators, activity type, commitments and geographies

84% of Oil & Gas EAD(1)(2) in segments with limited sensitivity to oil prices

17% of EAD(1)(2) in Exploration & Production and Oil services segments, more directly sensitive to oil prices First-ranking collateral on the vast majority of counterparties in the Exploration & Production segment

Oil & Gas EAD excl Commodity Traders

Watched list Defaulted

3% 2%

Sub-

investment

grade 23%

Investment

Grade

70%

Oil & Gas gross exposure net of ECA by geography

  1. CA CIB perimeter . EAD (Exposure At Default) is a regulatory definition used in pillar 3. It corresponds to the exposure in the event of default after risk mitigation factors. It encompasses balance sheet assets plus a proportion of off-balance sheet commitments.
  2. Excluding commodity traders (3) Internal rating equivalent.

To be mentioned, the gap between slide 41 and slide 42 exposure on oil & gas is due foreign exchange effect (as of May 2020 versus as of June 2020)

Gulf countries

Other

South Korea

3% China

3%

2%

3%

Africa

4%

Other Asia

4%

India

United States

4%

24%

Mexico

4%

United Kingdom

Brazil

15%

5%

Saudi Arabia

5%

Russia

Other Western

6%

France

Europe

CA CIB perimeter

6%

12%

42

RESULTATS DU DEUXIEME TRIMESTRE ET DU PREMIER SEMESTRE 2020

ANNEXES

Crédit Agricole CIB:

Aeronautics and Shipping

16.8 bn€ EAD(1) on aeronautics as of May 2020

EAD is gross of Export Credit Agency and Credit Risk Insurance covers : as of 31/05/2020, there were

1.4 bn€ export credit agencies covers on the aeronautics portfolio

59% of aviation EAD(1) are Investment Grade(2)

Diversified exposure in terms of operators, activity type, commitments and geographies

A portfolio, essentially secured and composed of major players, mainly focused on Manufacturers/ Suppliers and Air transportation. The share of asset based financing represents 46% of the exposure as of May 2020

The portfolio is secured by new generation of aircraft with an average age of the fleet relatively young (4,4 years)

14,0 bn€ EAD(1) on Shipping as of June 2020

EAD is gross of Export Credit Agency (3.3 Bn€ as of 30/06/2020, of which 83% applied on ship cruises financing) and Credit Risk Insurance covers (1.1 Bn€ as of 30/06/2020)

56 % of Shipping EAD are Investment Grade(2)

After a decrease in exposures from 2011, shipping portfolio has remained stable since 2018

81.4 % of the exposure is on ship financing, thus secured 77 % of the ships we finance are less than 10 years old

  1. CA CIB perimeter . EAD (Exposure At Default) is a regulatory definition used in pillar 3. It corresponds to the exposure in the event of default after risk mitigation factors. It encompasses balance sheet assets plus a proportion of off-balance sheet commitments.
  2. Internal rating equivalent

CRÉDIT AGRICOLE S.A.

Aeronautics exposure by geography

Other Europe

Japan

Latin America

3%

2%

3%

Middle East &

Africa

10%

France

Other Western

Europe

11%

37%

Asia (excl.

Japan)

16%

North America

19%

Shipping by geography

Monaco

Sweden

1%

Belgium

1%

1%

Japan

It

2%

Other

Unites

South Korea

2%

States of

Qatar

America

15%

Netherlands 2%

Greece

3%

Singapore

12%

3%

China

Switzerland

3%

Canada

11%

4%

United Arab

Hong-Kong

7%

Emirates

Norway

4%Denmark

5%

4%

Germany

France

5%

5%

CA CIB perimeter

43

RESULTATS DU DEUXIEME TRIMESTRE ET DU PREMIER SEMESTRE 2020

ANNEXES

A well-balanced corporate portfolio

Credit Agricole S.A. : €326bn corporate EAD at 30/06/2020

CRÉDIT AGRICOLE S.A.

NON BANKING FINANCIAL ACTIVITIES (32 Bn)

ENERGY (EXCL. OIL & GAS) (25 Bn)

OIL & GAS (24 Bn)

AUTOMOTIVE (23 Bn)

REAL ESTATE (22 Bn)

HEAVY INDUSTRY (19 Bn)

AIR/SPACE (17 Bn)

RETAIL / CONSUMER GOODS INDUSTRIES (16 Bn)

AGRICULTURE AND FOOD PROCESSING (15 Bn)

OTHER (15 Bn)

SHIPPING (15 Bn)

OTHER TRANSPORTS (12 Bn)

TELECOM (12 Bn)

INSURANCE (10 Bn)

MISCALLENEOUS (10 Bn)

BTP (10 Bn)

IT / TECHNOLOGY (9 Bn)

HEALTHCARE / PHARMACEUTICALS (9 Bn)

OTHER INDUSTRIES (9 Bn)

TOURISM / HOTELS / RESTAURANT (8 Bn)

COMMODITY TRADERS (5 Bn)

MEDIA / PUBLISHING (3 Bn)

WOOD / PAPER / PACKAGING (2 Bn)

UTILITIES (2 Bn)

NON TRADING SERVICES / LOCAL AUTHORITIES (0 Bn)

BANKS (0 Bn)

1.5% 0.9% 0.8% 0.7% 0.2% 0.1%

9.8% 7.6% 7.4% 7.1% 6.8% 5.9% 5.3% 5.0% 4.6% 4.6% 4.5% 3.8% 3.7% 3.2% 3.1% 2.9% 2.8% 2.7% 2.7% 2.4%

% des EAD Corporate

% of Corporate EAD

Africa

Other

5%

3%

Europe (Excl.

America and

France)

Asia

34%

29%

France

29%

  • 73% of Corporate exposures are Investment Grade(1)
  • SME exposure stands
    at 22 bn€ as of 30/06/2020
  • LBO exposure(2) stands
    at €4 bn as of 30/06/2020

(1)internal rating (2) CACIB perimeter

44

RESULTATS DU DEUXIEME TRIMESTRE ET DU PREMIER SEMESTRE 2020

CRÉDIT AGRICOLE S.A.

CREDIT AGRICOLE GROUP

APPENDICES

Financial impact of the activation of the Switch guarantee mechanism

Activation in Q2-2020 related to the drop in the equity- accounted value of insurance (-€147m) against a backdrop of adverse changes in market parameters:

  • Decline in the CAC40 (-17.4% in H1-2020), which led to a reduction in reserves of €507m in the first half

Crédit Agricole

Group

Income statement

No impact from the activation

of the Switch guarantee

  • Tension in spreads, which led to a reduction in reserves of more than €100m

Crédit

Agricole S.A.

Regional Banks

(at 100%)

Impact on the Crédit Agricole S.A. CET1 ratio not material

Cost of risk (AG): +€65m

Net income: +€44m

Cost of risk: -€65m

Net income: -€44m

Clawback provision: any increase in the overall equity-accounted value will benefit the Regional Banks until the equity-accounted value has returned to its pre-decline value if the guarantee is not terminated in the meantime.

45

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

CREDIT AGRICOLE GROUP

APPENDICES

Reminder of how the Switch guarantee mechanism works

The Switch guarantee transfers to the Regional Banks the regulatory prudential requirements related to Crédit Agricole S.A.'s equity interest in Crédit Agricole Assurances (CAA), thus attesting to the free movement of capital within the Group

Principle

The guarantee covers CAA's fixed equity-accounted value totalling €5.9bn at 30 June 2020

The risk transferred is the asset risk related to the semi-annually change in the equity-accounted value of Crédit Agricole Assurances, paid by Crédit Agricole S.A. to the Regional Banks in the amount of approximately €190m per year accounted in NBI (payment reduction of about €100m for the full year related to the unwinding of 35% of the Switch in Q1)

How it works

How it works

Security deposit

The Switch guarantee is activated when there is a decline in Crédit Agricole Assurances' equity-accounted value in a given half year

It results in a provision for cost of risk in the Regional Banks' financial statements and at the same time a reversal by the same amount recognised by Crédit Agricole S.A. in the AG business line (AG business line)

As well as in a reduction in Crédit Agricole S.A.'s capital requirements for the guaranteed fixed amount, namely approximately 70bp (reduction of 44bp when 35% of the Switch was unwound in Q1)

  • €22.0bn in risk weighted assets
  • non-deductionfrom the CET1 numerator of €143m mainly due to the expected loss (EL)

The guarantees include a €2.0bn security deposit set up by the Regional Banks and booked in the Crédit Agricole S.A. balance sheet

The security deposit is sized to reflect the capital saving achieved by Crédit Agricole S.A.

If guarantees are activated, the corresponding compensation is claimed by Crédit Agricole S.A. out of the security deposit, which is then replenished by the Regional Banks up to the level of the regulatory prudential requirement

46

SECOND QUARTER AND FIRST HALF 2020 RESULTS

APPENDICES

Crédit Agricole in Italy - a set of resilient businesses

CRÉDIT AGRICOLE S.A.

Crédit Agricole Group in Italy

Results of Crédit Agricole Group in Italy

  • Loans: dynamic commercial production, growth in total outstanding loans of +2.3% H1/H1
  • Customer savings: total outstandings(1) up (more than +1.5% H1/H1), thanks to the Group synergies

Risk Profile of the Group in Italy

70.2%

69.6%

71.1%

68.8%

69.3%

71.8%

  • All Group business lines present
  • Complete and resilient universal banking model in the faceofthe crisis thanks to the pursuitofintra-group synergies

€257m

-25%

Underlyingnet incomeH1-20

Growth H1/H1

Distribution of the Group's net income in Italy(2)

Large customers

66.0%

Coverage ratio (%)

51.0%

52.0%

55.4%

(incl.collective reserves)

7.2

6.8

6.6

0.7

CACIB

0.7

0.1

0.4

0.2

FCA Bank (@50%)

1.2

0.2

5.2

5.1

5.0

4.9

0.9

0.9

4.9

4.9

4.7

Asset gathering

12%

Retail banking

23%

Agos

0.4

0.1

0.3

0.2

0.4

0.4

0.3

0.3

0.3

0.2

0.2

BPI Italie

1.0

0.9

0.9

0.2

0.2

0.2

0.9

0.9

0.9

0.8

5.2

5.0

5.1

3.7

3.6

3.6

3.5

3.5

3.5

3.5

2015

2016

2017

2018

2019-03

2019-06

2019-09

2019-12

2020-03

2020-06

15%

Total

net income:

€257m

Specialised

50%

financial services

  1. Including AUM of Amundi and Asset under costudy CACEIS «excluding group»
  2. Agregation of the Group entities in Italy, including CA Italia, CACIB, CACEIS, CA Vita et CA Assicurazioni, CACI, Amundi Italia, Indosuez Wealth Management, Agos, CALIT, Eurofactor, FCA Bank (assumption: half of net income recorded in Italy).

47

RESULTATS DU PREMIER SEMESTRE 2020

CRÉDIT AGRICOLE S.A.

APPENDICES

Specific items: -€153m in net income in Q2-20 (vs. -€30m in Q2-19) and -€167m in H1-20 (vs. -€53m in H1-19)

Mutualist support for customers insured against business interruption in connection with the Covid-19 crises: -€145min revenues, -€98min net income

LCL: -€2m in revenues, -€1m in net income

Insurance: -€143m in revenues, -€97m in net income

Liability management upfront payment in Corporate Centre: -€41min revenues, -€28min net income

Integration costs related to the acquisitions of CACEIS (LC): -€5min operating costs, -€2min net income

Triggering of the Switch (Insurance): +€65m in cost of risk, +€44m in net income

Recurring specific items: net income impact of -€68m

DVA and issuer spread portion of FVA: -€7m in revenues, -€5m in net income

Loan book hedge(1): -€75m in revenues, -€50m in net income

Provisions for home purchase savings plans: -€20m in revenues (-€4m in LCL and -€16m in CC), -€14m in net income

Note: in Q2-20, recurring specific items -€20m

  1. Hedging of CACIB's loan book in order to adapt it to targeted exposure: sector, geography, etc. See slide 49 for details on specific items for Crédit Agricole S.A. and slide 53 for Crédit Agricole Group

48

SECOND QUARTER AND FIRST HALF 2020 RESULTS

APPENDICES

Alternative performance measures - specific items Q2-20 and H1-20

Q2-20

Q2-19

H1-20

H1-19

€m

Gross

Impact on

Gross

Impact on

Gross

Impact on

Gross

Impact on

Net

Net

Net

Net

impact*

impact*

impact*

impact*

income

income

income

income

DVA (LC)

(7)

(5)

(5)

(3)

(26)

(19)

(12)

(9)

Loan portfolio hedges (LC)

(75)

(50)

(8)

(6)

48

32

(27)

(20)

Home Purchase Savings Plans (FRB)

(4)

(2)

(3)

(2)

(15)

(10)

(11)

(7)

Home Purchase Savings Plans (CC)

(16)

(11)

(15)

(10)

(46)

(31)

(28)

(18)

Liability management upfront payment (CC)

(41)

(28)

-

-

(41)

(28)

-

-

Support to insured clients Covid-19 (LCL)

(2)

(1)

-

-

(2)

(1)

-

-

Support to insured clients Covid-19 (AG)

(143)

(97)

-

-

(143)

(97)

-

-

Total impact on revenues

(288)

(195)

(30)

(20)

(225)

(154)

(78)

(53)

Covid-19 donation (AG)

-

-

-

-

(38)

(38)

-

-

Covid-19 donation (IRB)

-

-

-

-

(8)

(4)

-

-

Covid-19 donation (CC)

-

-

-

-

(10)

(10)

-

-

S3 / Kas Bank integration costs (LC)

(5)

(2)

-

-

(9)

(4)

-

-

Total impact on operating expenses

(5)

(2)

-

-

-

(65)

(57)

-

-

Triggering of the Switch2 (AG)

65

44

-

-

65

44

-

-

Total impact on cost of credit risk

65

44

-

-

-

65

44

-

-

Total impact of specific items

(227)

(153)

(30)

(20)

(224)

(167)

(78)

(53)

Asset gathering

(77)

(53)

-

-

(116)

(91)

-

-

French Retail banking

(6)

(4)

(3)

(2)

(17)

(11)

(11)

(7)

International Retail banking

-

-

-

(8)

(4)

-

Specialised financial services

-

-

-

-

-

-

-

-

Large customers

(86)

(57)

(12)

(9)

13

9

(39)

(28)

Corporate centre

(58)

(39)

(15)

(10)

(97)

(69)

(28)

(18)

* Impact before tax and before minority interests

CREDIT AGRICOLE S.A.

-€153m

Net impact of specific

items on Q2-20 net

income

-€167m

Net impact of specific

items on H1-20 net

income

49

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CREDIT AGRICOLE S.A.

APPENDICES

Reconciliation between stated and underlying income - Q2-20

€m

Q2-20

Specific

Q2-20

Q2-19

Specific

Q2-19

∆ Q2/Q2

∆ Q2/Q2

stated

items

underlying

stated

items

underlying

stated

underlying

Revenues

4,897

(288)

5,185

5,149

(30)

5,179

(4.9%)

+0.1%

Operating expenses excl.SRF

(2,980)

(5)

(2,976)

(3,033)

-

(3,033)

(1.7%)

(1.9%)

SRF

(79)

-

(79)

(6)

-

(6)

x 13.8

x 13.8

Gross operating income

1,838

(293)

2,130

2,111

(30)

2,140

(12.9%)

(0.5%)

Cost of risk

(842)

65

(908)

(358)

-

(358)

x 2.4

x 2.5

Equity-accounted entities

88

-

88

108

-

108

(18.3%)

(18.3%)

Net income on other assets

82

-

82

(1)

-

(1)

n.m.

n.m.

Change in value of goodwill

-

-

-

-

-

-

n.m.

n.m.

Income before tax

1,166

(227)

1,393

1,861

(30)

1,890

(37.3%)

(26.3%)

Tax

(86)

72

(158)

(485)

9

(494)

(82.3%)

(68.1%)

Net income from discont'd or held-for-sale ope.

(0)

-

(0)

8

-

8

n.m.

n.m.

Net income

1,080

(155)

1,235

1,384

(20)

1,404

(21.9%)

(12.0%)

Non controlling interests

(126)

2

(129)

(161)

0

(162)

(21.9%)

(20.5%)

Net income Group Share

954

(153)

1,107

1,222

(20)

1,242

(21.9%)

(10.9%)

Earnings per share (€)

0.31

(0.05)

0.36

0.39

(0.01)

0.40

(22.0%)

(10.1%)

Cost/Income ratio excl. SRF (%)

60.9%

57.4%

58.9%

58.6%

+2.0 pp

-1.2 pp

Net income Group Share excl. SRF

1,020

(153)

1,173

1,227

(20)

1,247

(16.8%)

(6.0%)

€1,107m

€0.36

Underlying net income in Q2-20

Underlying earnings per share in Q2-20

50

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CREDIT AGRICOLE S.A.

APPENDICES

Reconciliation between stated and underlying income - H1-20

€m

H1-20

Specific

H1-20

H1-19

Specific

H1-19

∆ H1/H1

∆ H1/H1

stated

items

underlying

stated

items

underlying

stated

underlying

Revenues

10,097

(225)

10,322

10,004

(78)

10,081

+0.9%

+2.4%

Operating expenses excl.SRF

(6,235)

(65)

(6,170)

(6,136)

-

(6,136)

+1.6%

+0.5%

SRF

(439)

-

(439)

(337)

-

(337)

+30.0%

+30.0%

Gross operating income

3,423

(290)

3,713

3,530

(78)

3,607

(3.0%)

+2.9%

Cost of risk

(1,463)

65

(1,529)

(582)

-

(582)

x 2.5

x 2.6

Equity-accounted entities

178

-

178

193

-

193

(7.7%)

(7.7%)

Net income on other assets

87

-

87

22

-

22

x 4

x 4

Change in value of goodwill

-

-

-

-

-

-

n.m.

n.m.

Income before tax

2,226

(224)

2,450

3,163

(78)

3,240

(29.6%)

(24.4%)

Tax

(347)

55

(401)

(880)

23

(903)

(60.6%)

(55.6%)

Net income from discont'd or held-for-sale ope.

(1)

-

(1)

8

-

8

n.m.

n.m.

Net income

1,879

(170)

2,048

2,291

(54)

2,346

(18.0%)

(12.7%)

Non controlling interests

(287)

3

(290)

(307)

1

(308)

(6.4%)

(5.6%)

Net income Group Share

1,592

(167)

1,758

1,985

(53)

2,038

(19.8%)

(13.7%)

Earnings per share (€)

0.47

(0.06)

0.53

0.61

(0.02)

0.63

(22.4%)

(15.5%)

Cost/Income ratio excl.SRF (%)

61.7%

59.8%

61.3%

60.9%

+0.4 pp

-1.1 pp

Net income Group Share excl. SRF

1,984

(167)

2,151

2,297

(53)

2,350

(13.6%)

(8.5%)

€1,758m

€0.53

Underlying net income in H1-20

Underlying earnings per share in H1-20

51

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

APPENDICES

Changes in underlying net income Group share, by business lines - Q2/Q2 and H1/H1

€m

Q2-20

Q2-19

∆ Q2/Q2

∆ Q2/Q2

€m

underlying

underlying

underlying

underlying

Net income Group Share

Net income Group Share

1,107

1,242

(10.9%)

(136)

Asset gathering

551

496

+11.0%

55

Asset gathering

H1-20

H1-19

∆ H1/H1

∆ H1/H1

underlying

underlying

underlying

underlying

1,758

2,038

(13.7%)

(280)

907

949

(4.4%)

(42)

Insurance

386

320

+20.6%

66

Insurance

590

604

(2.5%)

(15)

Asset management

274

318

(13.9%)

(44)

Asset management

146

163

(10.3%)

(17)

Wealth management

44

27

+62.9%

17

Wealth management

19

13

+42.7%

6

Retail banking

165

270

(39.0%)

(105)

Retail banking

324

473

(31.6%)

(150)

LCL

232

296

(21.7%)

(64)

LCL

128

172

(25.3%)

(43)

CA Italia

25

59

(57.9%)

(34)

CA Italia

59

102

(41.8%)

(43)

IRB - others

12

39

(70.3%)

(27)

IRB - others

33

76

(56.4%)

(43)

Specialised financial services

149

207

(27.9%)

(58)

Specialised financial services

258

401

(35.7%)

(143)

CA-CF

131

171

(23.3%)

(40)

CA-CF

228

333

(31.5%)

(105)

CAL&F

18

36

(49.7%)

(18)

CAL&F

30

68

(55.8%)

(38)

Large corporates

436

461

(5.3%)

(24)

Large corporates

644

692

(7.0%)

(49)

CIB

400

417

(4.2%)

(18)

CIB

585

631

(7.4%)

(47)

AS

37

43

(15.7%)

(7)

AS

59

61

(3.3%)

(2)

Corporate Centre

(194)

(191)

+1.6%

(3)

Corporate Centre

(375)

(478)

(21.6%)

103

52

RESULTATS DU DEUXIEME TRIMESTRE ET DU PREMIER SEMESTRE 2020

APPENDICES

Alternative performance measures - specific items Q2-20 and H1-20

Q2-20

Q2-19

H1-20

H1-19

€m

Gross

Impact on

Gross

Impact on

Gross

Impact on

Gross

Impact on

impact*

Net

impact*

Net

impact*

Net

impact*

Net

DVA (LC)

(7)

(5)

(5)

(3)

(26)

(19)

(12)

(9)

Loan portfolio hedges (LC)

(75)

(51)

(8)

(6)

48

32

(27)

(20)

Home Purchase Savings Plans (LCL)

(4)

(3)

(3)

(2)

(15)

(10)

(11)

(7)

Home Purchase Savings Plans (CC)

(16)

(11)

(15)

(10)

(46)

(31)

(28)

(18)

Home Purchase Savings Plans (RB)

(58)

(40)

(19)

(13)

(133)

(90)

(98)

(64)

Liability management upfront payment (CC)

(41)

(28)

-

-

(41)

(28)

-

-

Support to insured clients Covid-19 (AG)

(2)

(1)

-

-

(2)

(1)

-

-

Support to insured clients Covid-19 (AG)

(143)

(97)

-

-

(143)

(97)

-

-

Support to insured clients Covid-19 (RB)

(94)

(64)

-

-

(94)

(64)

-

-

Total impact on revenues

(441)

(300)

(49)

(33)

(452)

(309)

(175)

(118)

Covid-19 donation (AG)

-

-

-

-

(38)

(38)

-

-

Covid-19 donation (IRB)

-

-

-

-

(8)

(4)

-

-

Covid-19 donation (CC)

-

-

-

-

(10)

(10)

-

-

Covid-19 donation (RB)

-

-

-

-

(10)

(10)

-

-

S3 / Kas Bank integration costs (LC)

(5)

(2)

-

-

(9)

(4)

-

-

Total impact on operating expenses

(5)

(2)

-

-

(75)

(67)

-

-

Triggering of the Switch2 (AG)

65

44

-

-

65

44

-

-

Triggering of the Switch2 (RB)

(65)

(44)

-

-

(65)

(44)

-

-

Total impact on cost of credit risk

-

-

-

-

-

-

-

-

Total impact of specific items

(445)

(302)

(49)

(33)

(527)

(376)

(175)

(118)

Asset gathering

(77)

(53)

-

-

(116)

(91)

-

-

French Retail banking

(224)

(152)

(22)

(14)

(320)

(221)

(108)

(71)

International Retail banking

-

-

-

(8)

(4)

-

-

Specialised financial services

-

-

-

-

-

-

-

-

Large customers

(86)

(58)

(12)

(9)

13

9

(39)

(29)

Corporate centre

(58)

(39)

(15)

(10)

(97)

(69)

(28)

(18)

CRÉDIT AGRICOLE GROUP

-€302m

Net impact of specific

items on Q2-20 net

income

-€376m

Net impact of specific

items on H1-20 net

income

53

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE GROUP

APPENDICES

Reconciliation between stated and underlying income - Q2-20

€m

Q2-20

Specific

Q2-20

Q2-19

Specific

Q2-19

∆ Q2/Q2

∆ Q2/Q2

stated

items

underlying

stated

items

underlying

stated

underlying

Revenues

8,096

(441)

8,536

8,485

(49)

8,534

(4.6%)

+0.0%

Operating expenses excl.SRF

(5,036)

(5)

(5,031)

(5,308)

-

(5,308)

(5.1%)

(5.2%)

SRF

(107)

-

(107)

(4)

-

(4)

x 27.5

x 27.5

Gross operating income

2,953

(445)

3,398

3,174

(49)

3,223

(7.0%)

+5.4%

Cost of risk

(1,208)

-

(1,208)

(598)

-

(598)

x 2

x 2

Equity-accounted entities

78

-

78

94

-

94

(17.0%)

(17.0%)

Net income on other assets

78

-

78

(8)

-

(8)

n.m.

n.m.

Change in value of goodwill

(3)

-

(3)

-

-

-

n.m.

n.m.

Income before tax

1,898

(445)

2,343

2,662

(49)

2,711

(28.7%)

(13.6%)

Tax

(308)

142

(450)

(728)

16

(743)

(57.7%)

(39.5%)

Net income from discont'd or held-for-sale ope.

(0)

-

(0)

8

-

8

n.m.

n.m.

Net income

1,590

(303)

1,893

1,942

(33)

1,976

(18.1%)

(4.2%)

Non controlling interests

(107)

1

(108)

(130)

-

(130)

(17.4%)

(16.6%)

Net income Group Share

1,483

(302)

1,785

1,813

(33)

1,846

(18.2%)

(3.3%)

Cost/Income ratio excl.SRF (%)

62.2%

58.9%

62.6%

62.2%

-0.3 pp

-3.3 pp

Net income Group Share excl. SRF

1,580

(302)

1,882

1,815

(33)

1,848

(13.0%)

+1.8%

€1,785m

Underlying net income in Q2-20

54

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE GROUP

APPENDICES

Reconciliation between stated and underlying income - H1-20

€m

H1-20

Specific

H1-20

H1-19

Specific

H1-19

∆ H1/H1

∆ H1/H1

stated

items

underlying

stated

items

underlying

stated

underlying

Revenues

16,462

(452)

16,914

16,682

(175)

16,857

(1.3%)

+0.3%

Operating expenses excl.SRF

(10,584)

(75)

(10,509)

(10,585)

-

(10,585)

(0.0%)

(0.7%)

SRF

(562)

-

(562)

(426)

-

(426)

+31.9%

+31.9%

Gross operating income

5,316

(527)

5,843

5,671

(175)

5,846

(6.3%)

(0.0%)

Cost of risk

(2,137)

-

(2,137)

(879)

-

(879)

x 2.4

x 2.4

Equity-accounted entities

168

-

168

188

-

188

(10.8%)

(10.8%)

Net income on other assets

84

-

84

3

-

3

x 29.2

x 29.2

Change in value of goodwill

(3)

-

(3)

-

-

-

n.m.

n.m.

Income before tax

3,428

(527)

3,955

4,983

(175)

5,158

(31.2%)

(23.3%)

Tax

(789)

148

(937)

(1,576)

57

(1,633)

(50.0%)

(42.6%)

Net income from discont'd or held-for-sale ope.

(1)

-

(1)

8

-

8

n.m.

n.m.

Net income

2,638

(379)

3,017

3,415

(118)

3,534

(22.8%)

(14.6%)

Non controlling interests

(248)

3

(251)

(253)

-

(253)

(2.0%)

(0.9%)

Net income Group Share

2,391

(376)

2,767

3,163

(118)

3,281

(24.4%)

(15.7%)

Cost/Income ratio excl.SRF (%)

64.3%

62.1%

63.5%

62.8%

+0.8 pp

-0.7 pp

Net income Group Share excl. SRF

2,913

(376)

3,289

3,569

(118)

3,687

(18.4%)

(10.8%)

€2,767m

Underlying net income in H1-20

55

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CRÉDIT AGRICOLE S.A.

APPENDICES

Profitability in business lines

H1-20 annualised underlying RoNE (1,2) by business line and 2022 targets(%)

>30%

Underlying 2019

Underlying H1-

2022 MTP target

>18%

27,5%

>12,5%

>13%

>14%

11%

21,4%

19,3%

>10%

16,0%

12,7%

10,8%

9,3%

12,1%

10,1%

10,0%

11,9%

8,5%

7,8%

4,2%

AG

LCL

CA Italia

IRB Other

SFS

LC

RoTE underlying CASA

AG: Asset Gathering, including Insurance; RB: Retail Banking, SFS: Specialised financial services; LC: Large customers; CC: Corporate Centre, (1) See slides 49 (Crédit Agricole S.A.) and 53 (Crédit Agricole Group) for further details on specific items, (2) Underlying after deduction of AT1 coupons, charged to net equity, see slide 61 for details on specific items

56

RESULTATS DU DEUXIEME TRIMESTRE ET DU PREMIER SEMESTRE 2020

APPENDICES

A stable, diversified and profitable business model

CREDIT AGRICOLE S.A.

Underlying revenues(1) H1-20 by business line

(excluding Corporate Centre) (%)

Large

Asset

Asset

customers

gathering

31%

servicingInsurance

5%

12%

27%

CIB

Asset

Underlying

Mngt

26%

revenues

11%

Wealth

excl. CC

Mngt

Leasing &

H1-20:

4%

€10.4bn

Factoring

LCL

2%

Consumer

17%

Spec. fin.

finance

10%

IRB

Retail banking

serv.

13%

12%

29%

  1. See slide 49 for details on specific items

Underlying net income (1) H1-20 by business line

(excluding Corporate Centre) (%)

Large

customers

Asset

30%

servicing

3%

Insurance

CIB

28%

27%

Underlying

Net income

excl. CC

Leasing &

H1-20:

Asset

€2.1bn

Factoring

Mngt

1%

Spec. fin. serv.

Consumer

Wealth 13%

finance

IRB

LCL

Mngt

12%

11%

4%

11%

2%

Asset

gathering

43%

Retail

banking

15%

57

SECOND QUARTER AND FIRST HALF 2020 RESULTS

APPENDICES

Risk-weighted assets and allocated capital by business line

Risk-weighted assets by business line at 30/06/2020 (€bn and %)

CorporateInsurance

Asset gathering

€40.9bn

Asset

centre

7% Asset

12%

servicing

8%

Mngt

3%

Wealth

3%Mngt

Large customers

1%

Retail banking

€131.7bn

LCL

38%

RWA

16%

€95.5bn

end-June 2020:

28%

CIB

€346.9bn

35%

IRB

12%

Serv. fin.

Leasing &Consumer

spécialisés

Factoring

finance12%

51,7 Md€

3%

15%

CREDIT AGRICOLE S.A.

Allocated capital by business line at 30/06/2020 (in €bn and %)

Large

customers

Corporate

Asset gathering

€12.5bn

Assetcentre

€10bn

34%

servicing0%

Insurance

27%

3%

23%

CIB

32% Total allocatedAssetMngt

capital

3%

Wealth

Mngt

end-June 2020:

1%

Leasing

€36.5bn

LCL

&

Factorin

14%

g…Consumer

IRB

Spec. fin. serv.

finance

Retail

11%

10%

€4.9bn

banking

13%

€9.1bn

25%

58

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CREDIT AGRICOLE S.A.

APPENDICES

RWA and allocated capital by business line

€bn

Asset gathering

Risk-weighted assets

Capital

June

March

June

June

March

June

2020

2020

2019

2020

2020

2019

40.9

39.2

30.8

10.0

9.2

9.0

- Insurance* **

24.8

22.7

15.3

- Asset management

11.1

11.3

10.5

- Wealth Management

5.0

5.2

5.0

French Retail Banking (LCL)

54.1

52.5

52.1

International retail Banking

41.3

41.9

41.9

Specialised financial services

51.7

54.2

55.6

Large customers

131.7

132.5

119.8

8.5

7.7

7.5

1.1

1.1

1.0

0.5

0.5

0.5

5.1

5.0

5.0

3.9

4.0

4.0

4.9

5.1

5.3

12.5

12.6

11.4

- Financing activities

74.7

74.0

73.3

7.1

7.0

7.0

- Capital markets and investment

46.7

47.8

38.0

4.4

4.5

3.6

banking

- Asset servicing

10.3

10.8

8.6

1.0

1.0

0.8

Corporate Centre

27.1

27.4

23.3

0.0

2.6

2.2

TOTAL

346.9

347.5

323.4

36.5

38.5

36.8

(0.2%)

323

330

324

348

347

12

12

13

10

12

34

Market risk

32

32

34

35

Operational

301

299

risk

281

286

278

Credit risk

June 19

Sept. 19

Dec. 19

Mar. 20

June 20

*** Methodology: 9,5% of RWAs for each business line except Insurance; Insurance: 80% of Solvency 2 capital requirements reduced by 9.5% of RWAs transferred by the Switch 2 guarantee to the regional banks.

59

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CREDIT AGRICOLE S.A.

APPENDICES

Distribution of share capital and number of shares

30/06/2020

31/12/2019

30/06/2019

Breakdow n of share capital

Number of

%

Number of

%

Number of

%

shares

shares

shares

SAS Rue La Boétie

1,612,517,290

55.9%

1,612,517,290

55.9%

1,612,517,290

56.3%

Treasury shares

1,900,000

0.1%

435,000

0.0%

2,458,564

0.1%

Employees (company investment fund, ESOP)

152,504,221

5.3%

134,900,173

4.7%

130,180,992

4.5%

Float

1,117,767,201

38.7%

1,136,836,249

39.4%

1,121,280,310

39.1%

Total shares in issue (period end)

2,884,688,712

2,884,688,712

2,866,437,156

Total shares in issue, excluding treasury shares (period end)

2,882,788,712

2,884,253,712

2,863,978,592

Total shares in issue, excluding treasury shares (average number)

2,882,727,994

2,873,414,500

2,863,261,762

60

SECOND QUARTER AND FIRST HALF 2020 RESULTS

CREDIT AGRICOLE S.A.

APPENDICES

Data per share

(€m)

Q2-20

Q2-19

H1-20

H1-19

∆ Q2/Q2

∆ H1/H1

Net income Group share - stated

954

1,222

1,592

1,985

(21.9%)

(19.8%)

- Interests on AT1, including issuance costs, before tax

(72)

(99)

(229)

(240)

(27.2%)

(4.5%)

NIGS attributable to ordinary shares - stated

[A]

882

1,123

1,363

1,745

(21.5%)

(21.9%)

Average number shares in issue, excluding treasury shares (m)

[B]

2,882.4

2,864.1

2,882.7

2,863.3

+0.6%

+0.7%

Net earnings per share - stated

[A]/[B]

0.31 €

0.39 €

0.47 €

0.61 €

(22.0%)

(22.4%)

Underlying net income Group share (NIGS)

1,107

1,242

1,758

2,038

(10.9%)

(13.7%)

Underlying NIGS attributable to ordinary shares

[C]

1,035

1,143

1,529

1,798

(9.5%)

(15.0%)

Net earnings per share - underlying

[C]/[B]

0.36 €

0.40 €

0.53 €

0.63 €

(10.1%)

(15.5%)

(€m)

30/06/2020

30/06/2019

Shareholder's equity Group share

63,895

61,216

- AT1 issuances

(5,130)

(6,094)

- Unrealised gains and losses on OCI - Group share

(2,291)

(3,056)

- Payout assumption on annual results*

-

-

Net book value (NBV), not revaluated, attributable to ordin.

[D]

56,474

52,066

sh.

- Goodwill & intangibles** - Group share

(18,502)

(18,335)

Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

[E]

37,972

33,731

Total shares in issue, excluding treasury shares (period end, m)

[F]

2,882.8

2,864.0

NBV per share , after deduction of dividend to pay (€)

[D]/[F]

19.6 €

18.2 €

+ Dividend to pay (€)

[H]

0.0 €

0.0 €

NBV per share , before deduction of dividend to pay (€)

19.6 €

18.2 €

TNBV per share, after deduction of dividend to pay (€)

[G]=[E]/[F]

13.2 €

11.8 €

TNBV per sh., before deduct. of divid. to pay (€)

[G]+[H]

13.2 €

11.8 €

Underlying ROTE (1)(%)

10,7% 11,0%

7,6%

8,5%

* dividend proposed to the Board meeting to be paid

** including goodwill in the equity-accounted entities

(€m)

H1-20

H1-19

Net income Group share attributable to ordinary shares

[H]

2,725

3,490

Tangible NBV (TNBV), not revaluated attrib. to ord. sh. - avg***

[J]

36,022

32,572

Stated ROTE (%)

[H]/[J]

7.6%

10.7%

Underlying Net income attrib. to ord. shares (annualised)

[I]

3,058

3,596

Underlying ROTE (%)

[I]/[J]

8.5%

11.0%

*** including assumption of dividend for the current exercise

H1-19

H1-20

Underlying ROTE (%)

Stated ROTE (%)

  1. Underlying. See slide 49 for details on specific items.

61

SECOND QUARTER AND FIRST HALF 2020 RESULTS

List of contacts:

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS :

Institutional shareholders + 33 1 43 23 04 31

investor.relations@credit-agricole-sa.fr

Individual shareholders

+ 33 800 000 777

credit-agricole-sa@relations-actionnaires.com

(toll-free call in France only)

CREDIT AGRICOLE PRESS CONTACTS:

Charlotte de Chavagnac + 33 1 57 72 11 17

charlotte.dechavagnac@credit-agricole-sa.fr

Olivier Tassain

+ 33 1 43 23 25 41

olivier.tassain@credit-agricole-sa.fr

Bertrand Schaefer

+ 33 1 49 53 43 76

bertrand.schaefer@ca-fnca.fr

Clotilde L'Angevin

+ 33 1 43 23 32 45

clotilde.langevin@credit-agricole-sa.fr

Toufik Belkhatir

+ 33 1 57 72 12 01

toufik.belkhatir@credit-agricole-sa.fr

Joséphine Brouard

+ 33 1 43 23 48 33

josephine.brouard@credit-agricole-sa.fr

Oriane Cante

+ 33 1 43 23 03 07

oriane.cante@credit-agricole-sa.fr

Emilie Gasnier

+ 33 1 43 23 15 67

emilie.gasnier@credit-agricole-sa.fr

Ibrahima Konaté

+ 33 1 43 23 51 35

ibrahima.konate@credit-agricole-sa.fr

Annabelle Wiriath

+ 33 1 43 23 55 52

annabelle.wiriath@credit-agricole-sa.fr

This presentation is available at:

www.credit-agricole.com/finance/finance/publications-financieres

See all our press releases at: www.credit-agricole.com - www.creditagricole.info

@Crédit_Agricole

Crédit Agricole Group

@créditagricole_sa

62

SECOND QUARTER AND FIRST HALF 2020 RESULTS

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