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Crédit Agricole S.A. - Morgan Stanley Presentation

Jérôme Grivet - Deputy General Manager & CFO

March 2020

DISCLAIMER

• Financial information on Crédit Agricole S.A. and Crédit Agricole Group for the fourth quarter and full year period 2019 comprises this presentation and the attached press release and quarterly financial report which are available on the website https://www.credit-agricole.com/en/finance/finance/financial-publications.
• 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 March 14, 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 twelve-month period ending 31 December 2019 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. The Statutory
  Auditor's audit work on the financial consolidated statements is underway.
• Note: The scopes of consolidation of Crédit Agricole S.A. and Crédit Agricole Group have not changed materially since the Crédit Agricole S.A. 2018 Registration Document and its 2018 A.01 update (including all regulatory information about Crédit Agricole Group) were filed with the AMF (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 3 May 2018, Banca Leonardo has been included in the scope of consolidation of Crédit Agricole Group as a subsidiary of Indosuez Wealth Management. Historical data have not been restated on a proforma basis.
• 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 with 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.

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)

HOW ARE WE ADAPTING TO THE CURRENT CONTEXT ?

CRÉDIT AGRICOLE GROUP

Banks are part of the solution to the crisis

CRÉDIT AGRICOLE S.A.

• All essential banking and insurance services are « up and running » (payments, cash, contacts with local teams, including in branches, loans, deposits, market activities…)

We are supporting…

• Our customers, with dedicated measures to help them get through the crisis
• • Moratorium of 6 months for credit repayments in France (12 months in Italy)
  • Short term credit facilities for French corporates, guaranteed by the State up to EUR300bn
  • An accelerated procedure for credit agreement (less than 5 days) for the most urgent situations
  • Removal of penalties and additional costs for deferment of the payment date on loans
  • Speeding up our responses for insured customers' claims
  • Individual support for the most fragile clients (CA Consumer Finance especially)
• Our employees, with preventive measures
• • Rolling-outof "remote work" allowed by the digitalization of banking process (more than 70 000 remote accesses for the Group)
  • Branches, back-offices open, with the implementation of security measures.

We are monitoring closely the impact of the crisis on activity and processes

• Market activities, lending books, large corporates' activity, credit lines, liquidity situation…

3 l ROAD SHOW PRESENTATION - MARCH 2020

HOW ARE WE ADAPTING TO THE CURRENT CONTEXT ?

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

Banks's actions are part of a wider array of supporting measures (1/2)

• In France: temporary measures on top of existing social cushions which help to mitigate economic shocks

For individuals:

• Individuals on minimum wage will continue to earn 100% of their salaries, people above that level (up to a limit) will earn 84%
• Rolling-outof exceptional partial unemployment support (guaranteed as much as 4,5 the French minimum wage - SMIC)
• A solidarity fund for self-employed will be installed

For companies ('No companies whatever their size will be allowed to go bankrupt'):

• The State, via the "Banque Publique d'investissement" will guarantee new loans up to EUR300bn (15% of GDP, 30% of bank corporate loans and c. 20% of corporate overall)
• Suspension of taxes and social contributions for companies in March (at least)

4 l ROAD SHOW PRESENTATION - MARCH 2020

HOW ARE WE ADAPTING IN THE CURRENT CONTEXT ?

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

Banks's actions are part of a wider array of supporting measures (2/2)

• Liquidity support from the ECB
• • LTRO : providing bridge to banks that initially did not intend to participate in TLTRO III (immediate weekly lines at deposit rate, all maturing on 24 June 2020)
  • TLTRO III: set of supportive measures (temporary improved rate by 25bp, net lending threshold reduced to 0%, drawdown limit increased to 50% from 30%, cap at 10% per drawdown removed, callable quarterly from one year from issuance effective Sept 21 instead of one year from maturity), easing of collateral standards
  • QE: €750bn asset purchase program (Pandemic Emergency Purchase Program (PEPP)) on top of the current APP, expansion of the scope of corporate sector purchases
• Additional prudential measures
• • Capital relief (P2G, Article 104a applicable immediately), liquidity requirement relief (LCR)
  • All countercyclical buffers expected to be released by national authorities (already announced for UK, Belgium, Germany and France), Dutch systemic buffers reduced and introduction of a floor for mortgage loan risk weighting postponed
  • Postponement of EBA stress tests
• Coordinated worldwide actions
• • Central bank liquidity, interest rate relief, an QE at global level
  • Government fiscal and economic support at European union level

5 l ROAD SHOW PRESENTATION - MARCH 2020

OUR FINANCIAL STRENGTHS PUT US IN THE BEST POSSIBLE POSITION TO FIGHT THE CRISIS Strong capital position

High level of capital thanks to Group Crédit Agricole structure

• Higher solvency than during previous crises
• Solvency further strengthened in Q4-19 : continued growth in CET1 of CASA (+0.4pp), and CAG (+0.4pp) in 2019, thanks to the income generation capacity of the Group.

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

Crédit Agricole S.A.	Crédit Agricole Group
12.1%	15.9%
CET1 ratio at 31/12/2019	CET1 ratio at 31/12/2019
+0.4pp Dec/Sept	+0.4pp Dec/Sept

	Crédit Agricole	Groupe Crédit
	S.A.	Agricole
Current ratio	12.1%	15.9%
Common Equity Tier 1 Q4-2019
13.7%	16.8%
Tier 1 ratio (phased)
Ratio observed ahead of the sovereign debt crisis	11.2%	11.9%
Tier 1 Q4-2011
Ratio observed ahead of the financial crisis
Tier 1 Q4-2008	9.1%	9.4%

Entry into force of article 104a of CRD V and expected reduction in countercyclical buffer rates are further increasing CET1 buffers on top of SREP requirements:

• Respectively by 66bp and 17bp at CASA level and by 66bp and 20bp at CA Group level
• As a reminder, such CET1 buffers were 345 bp for CASA and 623 bp for CA Group at 31/12/2019

6 l ROAD SHOW PRESENTATION - MARCH 2020

OUR FINANCIAL STRENGTHS PUT US IN THE BEST		CRÉDIT AGRICOLE GROUP
POSSIBLE POSITION TO FIGHT THE CRISIS
Buffers above distribution restrictions threshold as of today

Phased-in solvency ratios:

Distance to SREP requirements

Distance to Maximum Distributable Amount (MDA)

trigger threshold (1)

31.12.19 Phased-	CET1		Tier 1		Total capital
in solvency ratios	15.9%		16.8%		19.3%

Distance to SREP
requirements	623bp	565bp	607bp

31.12.19

Risk Weighted Assets

The lowest of the 3 buffers is the distance to MDA trigger threshold

€559bn

565bp

						13.196%
					11.196%	0.196%
					1.000%
				9.696%	0.196%	2.500%
		Countercyclical buffer	0.196%	1.000%
				1.000%	2.500%	1.500%
		G-SIB buffer	2.500%	1.500%
		Conservation buffer	1.500%
		Pillar 2 requirement (P2R)		6.000%	8.000%
				4.500%
		Pillar 1 minimum
		requirement
				CET1 SREP	Tier 1 SREP	Overall
				requirement	requirement	capital SREP
						requirement

€32bn

distance to restrictions

on distribution

1. According to CRD IV, institutions must meet the combined capital buffer requirement (consisting of the capital conservation buffer, countercyclical buffer and systemic buffer). Failure to do so means the bank must calculate the Maximum Distributable Amount (MDA). MDA trigger threshold is 10.279% of RWA as of 31/12/2019 for Crédit Agricole Group.

7 l ROAD SHOW PRESENTATION - MARCH 2020

OUR FINANCIAL STRENGTHS PUT US IN THE BEST		CRÉDIT AGRICOLE S.A.
POSSIBLE POSITION TO FIGHT THE CRISIS
Buffers above distribution restrictions threshold as of today
	Phased-in solvency ratios:		Distance to Maximum Distributable Amount (MDA)
	Distance to SREP requirements				trigger threshold (1)

31.12.19 Phased-	CET1		Tier 1		Total capital
in solvency ratios	12.1%		13.7%		17.5%
Distance to SREP
requirements	345bp		352bp		529bp

31.12.19

Risk Weighted Assets

The lowest of the 3 buffers is the distance to MDA trigger threshold

€324bn

345bp

			12.166%
		10.166%	0.166%
		2.500%		€11bn
	8.666%	0.166%
Countercyclical buffer	0.166%	2.500%	1.500%
	2.500%	1.500%			distance to restrictions
Conservation buffer
1.500%				on distribution
Pillar 2 requirement		8.000%
(P2R)	4.500%	6.000%
Pillar 1 minimum
requirement				 Distributable items at 31/12/19 for Crédit Agricole SA
	CET1 SREP	Tier 1 SREP	Overall	(individual accounts) amount to €38.8bn (2)
	requirement	requirement	capital SREP

requirement

(1) According to CRD IV, institutions must meet the combined capital buffer requirement (consisting of the capital conservation buffer, countercyclical buffer and systemic buffer). Failure to do so means the bank must calculate the Maximum Distributable Amount (MDA). MDA trigger threshold is 8.666% of RWA as of 31/12/2019 for Credit Agricole S.A.

(2) Including reserves of €26.3bn and share issue premium of €12.5bn as of 31/12/2019.

8 l ROAD SHOW PRESENTATION - MARCH 2020

OUR FINANCIAL STRENGTHS PUT US IN THE BEST

CRÉDIT AGRICOLE GROUP

POSSIBLE POSITION TO FIGHT THE CRISIS

Strongsliquidity reserves, calibrated to withhold one year without access to markets

Liquidity reserves at 31/12/2019 (€ bn)

		252
€298bn	Reverse repos & other ST	19
Securities portfolio
liquidity reserves	113
at 31/12/2019
versus €110 bn at 31/12/2011
	Cash and Central Bank deposits 120	106
	o/w cash 4	14
	o/w mandatory reserves 10

298
	Assets eligible to Central Banks after ECB
48	haircut (immediate access)
22	Self-securitisations eligible to Central Banks
Other non-HQLA securities (1)
14
108	HQLA (High Quality Liquid	126
	Assets) securities(1) portfolio
		20	ST debt net of Central Bank
			deposits
106	Central Bank deposits		106
		Central Bank deposits
	(excl. cash & mandatory reserves)
		(excl. cash & mandatory reserves)

Cash balance	Liquidity	Short term
sheet assets	reserves	debt

• Short-termdebt (net of Central Bank deposits) covered more than 5 times over by HQLA securities.
• LCR: Crédit Agricole Group 128.8%(2), Crédit Agricole S.A. 131.6%(2), exceeding the MTP target of ~110%
• Stable Resources Position >€100 bn at 31/12/2019, in accordance with the MTP target
   Ratio of stable resources(3) / long-term applications of funds at 111.8%
• 1. Available liquid market securities, at market value and after haircuts
  2. Average 12-month LCR (Liquidity Coverage Ratio); the ratio's numerators and denominators total €223.2bn and €173.3bn respectively for CAG and €189.3bn and €143.8bn for CASA.
  3. LT market funds include T-LTRO drawings

9 l

OUR FINANCIAL STRENGTHS PUT US IN THE BEST		CRÉDIT AGRICOLE GROUP
POSSIBLE POSITION TO FIGHT THE CRISIS
38% of the MLT 12 bn€ 2020 funding program already completed

Crédit Agricole Group - MLT market issues Breakdown by issuer : €38.4bn at 31/12/19

Crédit Agricole S.A. - MLT market issues Breakdown by segment : €16.4bn at 31/12/19

• Crédit Agricole Group in 2019
• • €38.4bn 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, €3.9bn also placed in the Group's retail networks (Regional Banks, LCL, CA Italia) and other external retail networks, as well as borrowing from Supranational organisations

Subordinated
Tier 2
11%
Senior	Senior preferred (€4.4bn)		€10.1bn
secured
& senior secured (€5.7bn)
35%
Senior non-	Average maturity: 8.7 years
preferred
Spread vs 3m Euribor: 36bp
27%
	Senior non-preferred (€4.5bn)		€6.3bn
	& Tier 2 (€1.8bn)
Senior	Average maturity: 7.9 years
Spread vs 3m Euribor: 128bp
preferred
27%

• Crédit Agricole S.A. in 2019
• • 97% of the €17bn MLT market funding programme completed - well diversified benchmark issuances in EUR, USD, JPY, CHF, SGD, AUD, GBP and CNY including:
  • • First senior preferred Panda Bond (CNY 1bn) issued by a European GSIB
    • A senior non-preferredGreen Bond (€1bn) and an inaugural senior secured Green Bond issued by CAHL SFH (€1.25bn), in line with the Group Project
    • AT1 in USD: €1.1bn equivalent in February 2019 (not included in the funding plan)
• Crédit Agricole S.A. in 2020

• MLT market funding programme set at €12bn, of which €5bn to €6bn in Tier 2 or senior non-preferred debt, 22% completed at 31/01/20
• €1bn RMBS placed on the wholesale market in March 2020, 38% of funding plan completed as of today

10 l ROAD SHOW PRESENTATION - MARCH 2020

A STRONG RISK CULTURE, AND CLOSE MONITORING	CRÉDIT AGRICOLE S.A.
OF THE SITUATION
A prudent risk approach notably on Large Corporates

A prudent risk approach on Large Corporate financing activities

• Large share of secured financing activities on (asset backed / securitisation)
• Low risk portfolio

Quality of portfolios exposed to credit risk

87%

13%	2018
Investment Grade

Non-investment Grade

Ratio average annual losses on average exposure from financing activities over the 2012-9M2019 period1

► 1bp on Aviation	►	31bps on Shipping
►	7bps on Automotive	►	7bps on Oil & Gas2
►	17bps on Real Estate

A conservative capital market risk profile…

• A VaR of ~€7m vs. ~€18m for our French peers3 over the year 2019

1- Source: Internal data ; 2- Internal data, average annual losses over the 2012-9M 2019 period and average exposure over the 2015-9M 2019 period only - incl. Commodity traders ;

3- Source: Financial communication, 99% day-1, average VaR of French peers (BNPP, SG & Natixis)

11 l ROAD SHOW PRESENTATION - MARCH 2020

WE ARE WELL POSITIONNED TO HAVE A STEEP RECOVERY CURVE

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

Political measures aim for a rapid recovery, and Crédit Agricole is well positioned in this context

Historic level of underlying(1) net income in 2019	€4,582m	61.0%
Thanks to positive contribution of all business lines to annual growth in net income	Underlying net income CASA	Underlying cost/income ratio(1)
excl. SRF 2019
		-1.1 pp 2019/2018

Strong profitability in 2009 thanks the universal banking model of Crédit Agricole

A good level of profitability in all business lines

11.9%

2019 underlying

ROTE

2019 annualised underlying RoNE(1) by business line and 2022 targets (%)

>30%					2018 underlying	2019 underlying
27.5%					2022 MTP target
			19.3%
			>18%	16.0%
	>12.5%	>13%	20.5%	>14%	12.7%	11.9%
25.2%				11%
10.8%			16.3%	>10%
	9.3%
	11.0%
				12.5%	12.7%
		9.5%
AG	LCL	CA Italia	IRB Other	SFS	LC	RoTE underlying
						CASA
	12 l ROAD SHOW PRESENTATION - MARCH 2020

A STABLE AND DIVERSIFIED BUSINESS MODEL

CRÉDIT AGRICOLE S.A.

Underlying 2019 revenues by business line

(excluding CC) (%)

Large	Asset			Asset
customers
Insurance	gathering
servicing
27%
4%	13%		29%
CIB			Asset
23%	Underlying
Mngt
	revenues	13%
Leasing &	excl. CC	Wealth
Factoring	2019:	Mngt
3%	€20.7bn	4%
Consumer
finance			LCL
10%	IRB		17%
Spec. fin. serv.		Retail banking
13%
13%
			30%

	Underlying 2019 net income by business		A strong European footprint continuing
		line (excluding CC) (%)				to expand outside France
	Large
	customers	Asset							Italy
29%		servicing
	3%	Insurance	Asset
					17%
		CIB		25%	gathering
		26%							+2pp
		Underlying	38%		France
			Net income					by
			excl. CC	Asset	-2pp
		Leasing &	48%	geographic		Other
		2019:	Mngt
		Factoring					area	20%
		€5.4bn	12%					Europe
		3%					in 2022
			Wealth
Spec. fin. serv Consumer finance	Mngt
LCL 1%
15%	12%	IRB
11%					6%
	7%
									6%
				Retail					3%	Asia
				banking					America
								Africa
				18%
								& Middle-East

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

13 l ROAD SHOW PRESENTATION - MARCH 2020

CREDIT AGRICOLE'S CAPITAL AND LIQUIDITY POSITIONS AND ITS ROBUST BUSINESS MODEL SHOULD ALLOW FOR A RAPID RECOVERY

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

• An unprecedented crisis
• • In 2008 and 2011, banks were part of the problem, they are now part of the solution
  • The sanitary crisis and the mitigating measure are causing a massive decrease in output and in consumer demand.
• In line with its "Raison d'Etre", Credit Agricole has taken strong measures of support for individual and corporate customers
• • Our financial strengths (CET1 CAG 15.9%, CET1 CASA 12.1%, GCA liquidity reserves 298 Bn€) place us an excellent position to face the crisis
• Coordinated public measures all aim for a "v" shaped recovery curve, in line with the nature of the crisis.
• Crédit Agricole's business model should allow the Group to recover quickly.
• • Universal customer-focused banking model, a stable and diversified
  • Strong customer capture in France and Italy: 1,800,000 customers in 2019 (individuals and entrepreneurs(2))
  • Profitable business lines, leaders on their markets
  • Rolling-outof the three pillars of the Group Project underway
  • Priority to organic growth and the business lines' development through international partnerships
  • A stable and diversified business model (by business line and geographically)
  1. Underlying: details on the specific items available on slide 41, with an impact on net income of +€262m for Crédit Agricole S.A. (2) LCL/CA Italia: including professionals - Regional Banks: including, professionals, farmers, small businesses and associations (3) Including 280,000 individual customers (4) price of €13.44 at 07/02/2020

14 l ROAD SHOW PRESENTATION - MARCH 2020

APPENDICES

15 ROAD SHOW PRESENTATION - MARCH 2020

LOW COST OF RISK IN 2019

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

Cost of risk/outstandings (in basis points over a rolling four-quarter period)

MTP assumption 2020: 50bps

41

	37	35
28		31	29	29
26		26	25
				23
		21
					18
		18	17	17	18	18

	MTP assumption 2022: 40bps	32bp
			32	cost of credit risk/outstandings
		29		in Q4-19
	25
21	19	20	20
17

• Crédit Agricole S.A.(1)(2): return to a normal level in CIB
• • NPL ratio: 3.2% (+0.1% Dec/Sep)
  • NPL coverage ratio: 70.1% (vs. 72.7% at 30/09/2019)
  • Net reversal B1+B2: +€183.6m in Q4-19
    (+€215.8m for 2019)

 Crédit Agricole Group(1)(2): low cost of

20bp risk

Q4-16Q1-17Q2-17Q3-17Q4-17Q1-18Q2-18Q3-18Q4-18Q1-19Q2-19Q3-19Q4-19cost of credit risk/outstandings

CoR / outstandings (in bp on the quarter, annualised)	in Q4-19

 Regional Banks: 10bp in Q4-19 (net charge

of -€155m in Q4-19 vs.

-€250m in Q4-18)

 NPL ratio: 2.5%, stable Dec/Sep

€340m

Crédit Agricole S.A. cost of risk Q4-19,up +38.0% Q4/Q4

€494m

Crédit Agricole Group

cost of risk Q4-19,down -1.0%Q4/Q4

 NPL coverage ratio: 82.6% (vs. 83.5% at

30/09/2019)

 Net reversal B1+B2: +€87.5m in Q4-19

(+€115.9m over 2019)

1. Excluding impact of non-specific provisions for legal risk in Q2-16 at €50m, Q3-16 at €50m, Q1-17 at €40m, Q3-17 at €75m, Q2-18 at €5m and Q4-18 at €75m
2. Since Q1-19, loans outstanding included in credit risk indicators are only loans to customers, before impairment

16 l ROAD SHOW PRESENTATION - MARCH 2020

A DIVERSIFIED PORTFOLIO IN TERMS OF BUSINESS SECTORS

Commercial lending portfolio & Exposure at Default

Sector	Commercial lending portfolio**	Exposure at Default***
(€Bn) - 12/2019	(€Bn) - 12/2019
AGRICULTURE AND FOOD PROCESSING	18.7	14.6
AIR/SPACE	17.6	14.9
AUTOMOTIVE	22.8	19.2
BANKS	26.4	0.2
BTP	15.8	9.1
ENERGY*	61.7	49.2
HEALTHCARE/PHARMACEUTICALS	9.6	8.3
HEAVY INDUSTRY	19.8	17.6
INSURANCE	9.7	8.7
IT/TECHNOLOGY	11.4	9.8
MEDIA/PUBLISHING	3.0	2.8
NON-TRADING SERVICIES/PUBLIC SECTOR/LOCAL AUTHORITIES	175.5	0.6
OTHER	28.7	19.3
OTHER INDUSTRIES	13.5	7.6
OTHER NON-BANKING FINANCIAL ACTIVITIES	88.2	34.1
OTHER TRANSPORT	11.5	10.7
REAL ESTATE	29.4	22.5
RETAIL	223.3	212.2
RETAIL/CONSUMER GOODS INDUSTRIES	15.6	13.8
SHIPPING	15.2	13.8
TELECOM	14.7	12.0
TOURISM/HOTELS/RESTAURANTS	6.8	6.1
UTILITIES	2.4	2.1
WOOD/PAPER/PACKAGING	2.5	2.1
NON RETAIL AND NON CORPORATE****	NA	793.7
TOTAL	843.9	1,304.9

*including €41 Bn for Oil&Gas commercial lending portfolio and €28.1bn for Oil & Gas EAD for CACIB perimeter (including €4.9bn on commodity traders)

**The commercial lending portfolio figures are based on IFRS7 perimeter, gross of risk mitigations and Credit Export Agencies covers, they encompass both on balance-sheet and off-balance-sheet 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.

****Central government, central banks, institutions, shares, securitisations and assets other than obligations

17 l ROAD SHOW PRESENTATION - MARCH 2020

RISK BREAKDOWN BY BUSINESS SECTOR

Oil & Gas and Aeronautics

23.2 Bn€ EAD(1) on Oil & Gas excluding commodity traders as of December

2019,

Oil & Gas EAD excl. Commodity Traders : 23.2 Bn€*

Oil & Gas EAD excl Commodity Traders*

Oil & Gas Services

Watched list

Defaulted

accounting for 1.8% of total EAD

6%

Integrated Oil &

2%

3%

Upstream E&P

Gas companies

Sub-

16%

 4.9 Bn € EAD on commodity traders as of December 2019, accounting for 0.4% of total EAD

13%

investment

grade

 EAD is gross of Export Credit Agency and Credit Risk Insurance covers : as of 31/12/2019, there

were

24%

Downstream &

3.8 Bn$ export credit agencies covers and 0.7Bn$ credit risk insurance covers on the O&G portfolio

Refining

Invesment

Midstream

15%

grade

(Pipeline, LNG,

71%

Storage)

71% of Oil & Gas EAD(1)(2) are Investment Grade(3)

21%

 78% of Oil & Gas gross exposure net of ECA are Investment Grade counterparties

State owned Oil & Oil & Gas gross exposure net of ECA by geography*

Gas companies

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

29%

South Korea

Other

Saudi Arabia

3%

2%

2%

Africa

Mexico

4%

4%

France

82% of Oil & Gas EAD(1)(2) in segments with limited sensitivity to oil prices

4%

United States

India

24%

5%

 18% of EAD(1)(2) in Exploration & Production and Oil services segments, more directly sensitive to oil prices

Brazil

United

5%

 First-ranking collateral on the vast majority of counterparties in the Exploration & Production segment

Kingdom

Gulf countries

12%

5%

(1)

China

Other Russia

6%

Asia 9%

14.9 Bn€ EAD on Aeronautics, accounting for 1.1% of total EAD

Other Western

8%

 A portfolio, essentially secured and composed of major players, mainly focused on Manufacturers/ Suppliers and Air transportation. The share of asset based

Europe

7%

financing represents 50% of the exposure.

• The portfolio is concentrated on Investment Grade clients (76% of the exposure) and secured by new generation of of aircrafts with an average age of the fleet relatively young.
• Following Sept-11, total losses recorded on aero amounted to 38 m€

*CA CIB perimeter

1)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. Regulatory EAD EUR 23.2 Bn€ as of December 2019, on Oil & Gas excluding commodity traders. CA CIB perimeter. (2)The commercial lending portfolio is based on IFRS7 perimeter, gross of risk mitigations and Credit Export Agencies covers, they encompass both on balance sheet and off-balance-sheet exposures (2) excluding commodity traders (3) Internal rating equivalent.

18 l ROAD SHOW PRESENTATION - MARCH 2020

CREDIT AGRICOLE PRESS CONTACTS:
Charlotte de Chavagnac	+ 33 1 57 72 11 17	[e-mail]
Olivier Tassain	+ 33 1 43 23 25 41	[e-mail]
Caroline de Cassagne	+ 33 1 49 53 39 72	[e-mail]
CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS:
Institutional shareholders	+ 33 1 43 23 04 31	[e-mail]
Individual shareholders	+ 33 800 000 777	[e-mail]
	(toll-free call in France only)
Clotilde L'Angevin	+ 33 1 43 23 32 45	[e-mail]
Toufik Belkhatir	+ 33 1 57 72 12 01	[e-mail]
Joséphine Brouard	+ 33 1 43 23 48 33	[e-mail]
Oriane Cante	+ 33 1 43 23 03 07	[e-mail]
Emilie Gasnier	+ 33 1 43 23 15 67	[e-mail]
Ibrahima Konaté	+ 33 1 43 23 51 35	[e-mail]
Vincent Liscia	+ 33 1 57 72 38 48	[e-mail]
Annabelle Wiriath	+ 33 1 43 23 55 52	[e-mail]
See all our press releases at: www.credit-agricole.com - www.creditagricole.info
Crédit_Agricole	Groupe Crédit Agricole	créditagricole_sa