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Our strengths combined I 2003 annual report Crédit Agricole S.A. 2003 annual report Crédit Agricole S.A. A French limited company with a share capital of € 4,420,567,311 Paris Trade and Company Registry No. 784 608 416 91-93, boulevard Pasteur - 75015 Paris - France Tel. 33 (0) 1 43 23 52 02 www.credit-agricole-sa.fr 2.7375.9 - DRI/03 The Crédit Agricole group > Our strengths combined Combining power with proximity, unity with decentralisation I 2003 business review • Profile I 1 • Message from the Chairman and the Chief Executive Officer I 2 • A powerful Group I 4 2003, an ambitious project becomes reality • 2003 key figures I 6 • Corporate governance I 8 • Crédit Agricole S.A. group Management I 12 • 2003 review of operations I 14 • French retail banking – Regional Banks I 16 • French retail banking – Crédit Lyonnais I 26 • Specialised financial services I 34 • Asset management, insurance and private banking I 44 • Corporate and investment banking I 54 • International retail banking I 64 • Sustainable development I 68 Solidarity and commitment to society Human resources and relations Customer and supplier relations Environmental protection Crédit Agricole S.A. share data • Summary chart of subsidiaries and affiliates I 92 Crédit Agricole S.A. 2003 annual report • Crédit Agricole group I 94 Summary balance sheet and income statement Addresses and management of the Regional Banks Crédit Agricole S.A. A French limited company with a share capital of € 4,420,567,311 Paris Trade and Company Registry No. 784 608 416 AMF Only the French language version of the shelf-registration document has been submitted to the AMF. It is therefore the only version that is binding in law. Crédit Agricole S.A.’s shelf-registration 91-93, boulevard Pasteur - 75015 Paris - France document comprises this document, together with the ‘2003 financial statements and legal and administrative information’. In accordance with COB regulation 98-01, this shelf-registration Tel. 33 (0) 1 43 23 52 02 document was registered with the AMF on 4 May 2004 under number R.04-073. It may not be used in support of a financial transaction unless it is accompanied by a transaction note also approved by the AMF. This shelf-registration document has been drafted by the issuer and is the responsibility of its signatories. It was registered following a review of the relevance and www.credit-agricole-sa.fr consistency of the information provided on the company’s financial position. However, this registration does not imply that the accounting and financial items shown have been verified. The Crédit Agricole group > Our strengths combined Combining power with proximity, unity with decentralisation I 2003 business review • Profile I 1 • Message from the Chairman and the Chief Executive Officer I 2 • A powerful Group I 4 2003, an ambitious project becomes reality • 2003 key figures I 6 • Corporate governance I 8 • Crédit Agricole S.A. group Management I 12 • 2003 review of operations I 14 • French retail banking – Regional Banks I 16 • French retail banking – Crédit Lyonnais I 26 • Specialised financial services I 34 • Asset management, insurance and private banking I 44 • Corporate and investment banking I 54 • International retail banking I 64 • Sustainable development I 68 Solidarity and commitment to society Human resources and relations Customer and supplier relations Environmental protection Crédit Agricole S.A. share data • Summary chart of subsidiaries and affiliates I 92 Crédit Agricole S.A. 2003 annual report • Crédit Agricole group I 94 Summary balance sheet and income statement Addresses and management of the Regional Banks Crédit Agricole S.A. A French limited company with a share capital of € 4,420,567,311 Paris Trade and Company Registry No. 784 608 416 AMF Only the French language version of the shelf-registration document has been submitted to the AMF. It is therefore the only version that is binding in law. Crédit Agricole S.A.’s shelf-registration 91-93, boulevard Pasteur - 75015 Paris - France document comprises this document, together with the ‘2003 financial statements and legal and administrative information’. In accordance with COB regulation 98-01, this shelf-registration Tel. 33 (0) 1 43 23 52 02 document was registered with the AMF on 4 May 2004 under number R.04-073. It may not be used in support of a financial transaction unless it is accompanied by a transaction note also approved by the AMF. This shelf-registration document has been drafted by the issuer and is the responsibility of its signatories. It was registered following a review of the relevance and www.credit-agricole-sa.fr consistency of the information provided on the company’s financial position. However, this registration does not imply that the accounting and financial items shown have been verified. The Crédit Agricole group Combining power with proximity, unity with decentralisation 44 Regional Banks Nord de France Somme Normandie- Seine Oise A bank with mutual roots The Fédération Nationale du Crédit Agricole (FNCA) acts as A major universal retail bank Calvados Nord Est Finistère Normand Paris et Lorraine a consultative and representative body, and as a means of Côtes-d’Armor Ile-de-France After its successful offer for Crédit Lyonnais in 2003 and the Ille- Brie Crédit Agricole is France’s largest bank, and is one of the expression for the Regional Banks. et-Vilaine combination of the two groups, Crédit Agricole has strengthened Morbihan Anjou Val de Alsace largest in the world in terms of capital. It has a unified yet Maine France Champagne- Vosges its positions in all business lines. The strong market Bourgogne decentralised organisation, handling financial, commercial As a result of Crédit Agricole’s desire to embrace the Touraine Centre Loire Franche- positions built up by the Regional Banks and the excellent Atlantique et Poitou Comté and legal issues in a cohesive manner, while encouraging market while strengthening its mutual identity, Crédit Vendée Centre- Ouest fit between the two networks, in terms of both geographical Centre-Est Charente- decentralised responsibility. Agricole S.A. was floated on the stock market in December Réunion location and customer profile, are enabling Crédit Agricole Maritime 2001. Crédit Agricole S.A. represents all Group business Deux-Sèvres to extend its lead in the French retail banking market. Centre France des Crédit Agricole’s 2,629 local credit co-operatives (Caisses lines and entities, and has three main roles within the Charente- Savoie Périgord Loire Locales) form the bedrock of the Group’s mutual organisation. Group, i.e. lead institution, central banker and the entity Haute- Sud Loire Rhône Alpes With 7,260 branches, the Regional Banks control France’s Guadeloupe With 5.7 million members and 35,000 directors, they play a responsible for ensuring consistent commercial Aquitaine Quercy Rouergue largest banking network, serving 16.1 million individual, Sud Alliance key part in maintaining a strong local presence and close development. Crédit Agricole S.A. owns 25% of the Regional Gard Provence professional and small business customers. The network Pyrénées Alpes Côte d’Azur relationships between the Group and its customers. The Banks’ capital and 94.8%* of Crédit Lyonnais, along with all Gascogne Toulouse et Provence combines a dynamic commercial approach with strong local Martinique Midi Toulousain Midi local credit co-operatives hold the bulk of the capital of the Group interests in foreign banks and operating subsidiaries relationship and high-quality service, and represents Sud Regional Banks, which are co-operative entities and fully- specialising in particular business lines. Merger pending Méditerranée Corse a major competitive advantage. fledged banks. The Regional Banks, via SAS Rue La Boétie, hold a majority stake in Crédit Agricole S.A.’s capital. * The Regional Banks, via SACAM Développement, own a further 5.1% stake in Crédit Lyonnais. Crédit Lyonnais, meanwhile, has a well-known and well-liked brand, along with a high-quality network of 1,850 branches. A leading european bank, with operations worldwide Overall, therefore, the Group serves over 21 million Crédit Agricole has a targeted strategy of expansion outside customers through more than 9,100 branches. France. Today, the Group operates in 66 countries, and has built a genuinely pan-European business out of its principal 5.7 million members – 2,629 local credit co-operatives In addition, the Group’s leading positions in consumer finance subsidiaries and a network of strategic alliances and and other specialised financial services – life and non-life partnerships with major European banks. FNCA insurance, asset management and private banking – form the basis of a new universal retail banking model, with the Calyon, which is to be formed in May 2004 from the combination emphasis on service quality. of Crédit Agricole Indosuez and the corresponding Crédit 44 Lyonnais activities, brings together the Group’s corporate Regional Banks and investment banking businesses. In most of its business lines, Calyon is one of Europe’s leading players, and offers 100 % a wide range of products and services to companies both in France and abroad. SAS General public* 25 % Rue La Boétie and Group employees 52.4 % 47.6 % French retail banking – Crédit Agricole Regional Banks French retail banking – Crédit Lyonnais Crédit Agricole S.A. Specialised financial services (consumer finance, leasing, factoring) lead institution, central banker Asset management, insurance and private banking