Results 2019

Quarterly financial report 2nd QUARTER & FIRST HALF RESULTS 2019

WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Disclaimer

The financial information for the second quarter and first half of 2019 for Crédit Agricole S.A. and the Crédit Agricole Group comprises this quarterly financial report, and the attached presentation and press release, available at https://www.credit- agricole.com/en/finance/finance/financial-publications.

This report may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, § 10).

This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections.

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

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

The figures presented for the six-month period ending 30 June 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. 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 groups Crédit Agricole S.A. and Crédit Agricole have not changed materially since the registration with the French market regulatory authority AMF of the 2018 Registration Document and its A.01 update (including all regulatory information about Crédit Agricole Group) were filed with the AMF (French Securities Regulator).

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.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 2/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Content

Disclaimer ...... 2 Applicable standards and comparability ...... 2 Results for the second quarter and first half of 2019: Business lines deliver increased revenues ...... 5 Crédit Agricole S.A...... 6 High quarterly underlying net income ...... 6 Increase in Q2/Q2 revenues (+1.9% for the business lines) and H1/H1 revenues (+1.4%) ...... 6 Expenses well under control and cost of risk still very low ...... 6 Financial solidity confirmed this quarter ...... 6 First achievements of the 2022 Medium-Term Plan ...... 6 Crédit Agricole Group ...... 14 Corporate Social and Environmental Responsibility ...... 19 Crédit Agricole Group is committed to a proactive climate strategy in line with the Paris Agreement ...... 19 Recent financing to support the energy transition ...... 19 The Group strengthens its leadership position in Green bonds...... 19 Crédit Agricole S.A. consolidates its global CSR performance ...... 19 Economic and financial environment ...... 20 First half 2019: prevention rather than cure ...... 20 Recent trends and outlook (2019 scenario) ...... 21 Crédit Agricole S.A...... 23 Consolidated results ...... 23 Results by business line – Crédit Agricole S.A...... 27 Asset gathering (AG) ...... 28 Insurance (CA Assurances)...... 29 Asset management (Amundi) ...... 34 Wealth management (CA Indosuez Wealth Management) ...... 37 Retail banking in France (LCL) ...... 39 International retail banking (IRB) ...... 44 Retail banking in Italy (IRB Italy) ...... 45 Other international retail banking (Other IRB) ...... 48 Specialised financial services (SFS) ...... 50 Consumer finance (CACF) ...... 51 Leasing & factoring (CAL&F) ...... 53 Large customers (CIB and Asset Servicing) ...... 55 Corporate and investment banking (CIB) ...... 57 Asset servicing (CACEIS)...... 60 Corporate centre (CC) ...... 62 Crédit Agricole Group ...... 64 Consolidated results ...... 64 Results by business line – Crédit Agricole Group ...... 66 Regional Banks ...... 67 Solvency ...... 69 Crédit Agricole S.A...... 69 Crédit Agricole Group ...... 70 Liquidity and Funding ...... 76 Bilan ...... 82 Crédit Agricole S.A...... 83 Breakdown of share capital ...... 83 Data per share and ROTE ...... 83 RWAs and capital allocation by bysiness line ...... 84 Appendix...... 85 Appendix 1 • Specific items ...... 85 Crédit Agricole Group ...... 85 Crédit Agricole S.A...... 86 Appendix 2 – Crédit Agricole Group : detailed, stated and underlying income statement ...... 87 Appendix 3 – Crédit Agricole Group : résults by business line ...... 88 Appendix 4 – Crédit Agricole S.A. : detailed, stated and underlying income statement ...... 90 Appendix 5 – Crédit Agricole S.A. : résults by business line ...... 91 Appendix 6 – By business line: reconciliation between stated and underlying ...... 93 Appendix 7 – Credit risk ...... 97 Appendix 8– Detail of net equity and subordinated debt ...... 99 Developments in legal risks ...... 100

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 3/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Litigation and exceptional event ...... 100 Other recent information ...... 106 Press release ...... 106 Ratings ...... 107 Glossary...... 108 Developments in governance ...... 111 Composition of the Executive Committee ...... 111 Composition of the Management Committee ...... 111 Composition of the Board of Directors ...... 112 Composition of Committees of the Board of Directors ...... 113 Risk Committee ...... 113 Audit Committee ...... 113 Joint Risk and Audit Committee ...... 113 United States Risk Committee ...... 113 Compensation Committee ...... 113 Appointments and Governance Committee ...... 114 Strategy and Corporate Social Responsibility (CSR) Committee ...... 114 Financial Agenda & Contacts ...... 115 Financial Agenda ...... 115 Contacts ...... 115

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 4/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Results for the second quarter and first half of 2019: Business lines deliver increased revenues

Crédit Agricole S.A.

Underlying1 revenues Underlying net income2 CET1 ratio Q2: €5,179m Q2: €1,242m 11.6% +0.6% Q2/Q2 -12.4% Q2/Q2 +0.1 pp in Q2, well above the MTP target H1: €10,081m H1: €2,038m +0.4% H1/H1 -7.6% H1/H1

1  Q2 stated net income €1,222m, -14.9% Q2/Q2 (H1: €1,985m, -13.4% H1/H1), down compared to Q2-18, marked by net reversals in cost of risk in CIB, and at the highest level since Crédit Agricole S.A.’s IPO. 1  Good performance in the business lines, stable underlying net income of business lines H1/H1. 3  Underlying EPS: Q2 €0.40, -14.1% Q2/Q2, H1 €0.63, -9.8% H1/H1; ROTE 11.0% H1 annualised

 Increased revenues in the business lines despite a challenging market environment 1 4  Costs under control while financing development projects: underlying cost/income ratio excluding SRF at 58.6%, positive jaws effect for the business lines. 5  Cost of risk still low: 25bp , one-off provisions in CIB.

 CET1 ratio up to 11.6% in Q2, making a first unwinding of the Switch possible in 2020.

 First achievements of the 2022 Medium-Term Plan: development of non-Group partnerships (Abanca, Banco BPM, FCA), acceleration in green finance, CAA becomes the #1 life insurer in France.

Crédit Agricole Group*

Underlying7 revenues Underlying net income2 CET1 ratio Q2: €8,534 m Q2: €1,846 m 15.4% +1.6% Q2/Q2 -10.2% Q2/Q2 +0.1 pp in Q2 6 H1: €16,857 m H1: €3,281 m 5.9 pp above the SREP +1.2 H1/H1 -3.7% H1/H1

2  Stated net income for Q2: €1,813m, -12.7% Q2/Q2 (H1: €3,163m, -9.8% H1/H1) 4  Operating expenses excluding SRF under control over H1 (+1% H1/H1), SRF expenses up (+9.4% H1/H1) 5  Cost of credit risk low at 19bp , one-off provisions in CIB and in the Regional Banks

 Increase in Regional Bank underlying revenues of +2.8% H1/H1 * Crédit Agricole S.A. and Regional Banks at 100%. This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 56.6% of Crédit Agricole S.A. Please see p.86 onwards of this press release for details of specific items, which are restated in the various indicators to calculate underlying results. A reconciliation between the stated income statement and the underlying income statement can be found from p. 87 onwards for Crédit Agricole Group and from p. 90 onwards for Crédit Agricole S.A.

1 In this press release, “underlying” refers to intermediary balances adjusted for the specific items described on p. 85 and onwards 2 Net income Group share 3 Underlying, excluding specific items. See p. 85 and onwards for more details on specific items and p. 82 for the ROTE calculation 4 Contribution to the Single Resolution Fund (SRF) 5 Average over last four rolling quarters, annualised 6 According to the 9.5% SREP requirement (including countercyclical buffer)

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 5/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole S.A.

High quarterly underlying net income - Underlying Group net income: Q2-19 €1,242m, -12.4% Q2/Q2, H1-19 €2,038m, -7.6% H1/H1, stable business line results (excluding Corporate centre) (+0.1% H1/H1); - Annualised underlying ROTE7 11.0%, good profitability in all business lines; - Growth in activity in a challenging environment and compared to an historic Q2-18; - Contribution of Asset gathering (AG) division to net income up, and positive in all divisions except in Large customers due to a reversal in cost of risk; deterioration of the volatile component of the Corporate Centre. Increase in Q2/Q2 revenues (+1.9% for the business lines8) and H1/H1 revenues (+1.4%) - Dynamic customer capture, equipment, loans and customers savings in Retail banking, strong inflows in Savings/retirement, market share gains in Property and casualty Insurance; - Outstandings at a record high in Asset management, in Insurance and in Asset servicing, in particular thanks to a market effect. - Automobile JVs achieved excellent business growth, generating equity-accounted income; - Stable revenues H1/H1 in the Large customers division; - Underlying revenues up +0.6% Q2/Q2, +0.4% H1/H1. Expenses well under control and cost of risk still very low - Underlying costs excluding SRF: +2.0% Q2/Q2 in an environment of high investment; development costs increasing in all divisions, €10m in one-off consulting fees on structural operation projects (15% of the increase); - Underlying cost/income ratio excluding SRF at 58.6% in Q2, positive jaws effect for business lines; - Cost of risk still very low at 25 bp, one-off provisions in CIB;

Financial solidity confirmed this quarter - CET1 ratio at 11.6%, up 0.1 pp, well above the 11% MTP target, making a first unwinding the Switch possible in 2020; RWAs up moderately +0.9% June/March. First achievements of the 2022 Medium-Term Plan - Development of non-Group partnerships: signature of a partnership in non-life insurance with Abanca, expansion and extension of the agreement between CACF and Banco BPM and renewal of the partnership with FCA this quarter. Operations with Santander and Kas Bank in Asset servicing this half-year. - Acceleration in green finance: adoption of a Group climate strategy and strengthening our leading position in green bonds. - Crédit Agricole Assurance becomes the #1 life insurer in France9.

7 See calculation of ROTE p. 82; annualised rate calculated without restating IFRIC21 charges, taking into account AT1 coupons deducted directly from Group net equity; RONE of the divisions and business lines calculated using the same method 8 Underlying revenues of the business lines (excluding Corporate Centre) 9 Source : Argus de l’Assurance 28/06/2019

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 6/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 1 August 2019 to examine the financial statements for the second quarter and first half of 2019.

In the second quarter of 2019, stated net income reached €1,222 million, versus €1,436 million in the second quarter of 2018. Specific items for this quarter had a limited net negative impact of -€20 million on net income, while they had a limited but positive +€19 million impact during the second quarter of 2018. Excluding these specific items, underlying net income for the second quarter of 2019 totalled €1,242 million, a high point but down -12.4% compared to the all-time high observed in the second quarter of 2018 (the highest underlying quarterly net income published by Crédit Agricole S.A. since its IPO in December 2001). Underlying earnings per share stood at €0.40 in the second quarter of 2019, down -14.1% compared to second quarter 2018.

Crédit Agricole S.A. - Stated and underlying results, Q2-19 and Q2-18

Q2-19 Q2-18 Var Q2/Q2 Q2-19 Q2-18 Var Q2/Q2 €m stated stated stated underlying underlying underlying

Revenues 5,149 5,171 (0.4%) 5,179 5,146 +0.6% Operating expenses excl.SRF (3,033) (2,966) +2.3% (3,033) (2,974) +2.0% SRF (6) (11) (47.3%) (6) (11) (47.3%) Gross operating income 2,111 2,195 (3.8%) 2,140 2,162 (1.0%) Cost of risk (358) (223) +60.3% (358) (223) +60.3% Cost of legal risk - (5) (100.0%) - - n.m. Equity-accounted entities 108 77 +39.7% 108 77 +39.7% Net income on other assets (1) 14 n.m. (1) 14 n.m. Change in value of goodwill - - n.m. - - n.m. Income before tax 1,861 2,059 (9.6%) 1,890 2,030 (6.9%) Tax (485) (448) +8.4% (494) (439) +12.7% Net income from discont'd or held-for-sale 8 (1) n.m. 8 (1) n.m. ope. Net income 1,384 1,610 (14.1%) 1,404 1,590 (11.7%) Non controlling interests (161) (174) (7.0%) (162) (172) (6.2%) Net income Group Share 1,222 1,436 (14.9%) 1,242 1,418 (12.4%) Earnings per share (€) 0.39 0.47 (16.8%) 0.40 0.46 (14.1%) Cost/Income ratio excl.SRF (%) 58.9% 57.3% +1.5 pp 58.6% 57.8% +0.8 pp

Activity grew in Crédit Agricole SA’s business lines, despite a challenging environment, and compared to a historically high second quarter 2018. The Crédit Agricole S.A. business lines and the Crédit Agricole Group retail networks, in particular the Regional banks, which distribute the products and services of Crédit Agricole S.A.’s business lines, again enjoyed strong activity levels this quarter, in lending, customer savings and protection of assets and individuals. Customer equipment increased, reflecting the potential for organic growth through revenue synergies of the Group’s Universal Customer-focused Banking model.

In Savings/Retirement, premium income increased by 26.9% compared to the second quarter 2018. Net inflows continued to accelerate, reaching +€3.3 billion in second quarter 2019, a level that has been growing steadily for the past seven quarters. Crédit Agricole Assurances, which remains France’s leading insurance company, also became the leading life insurer in 201810. Inflows on unit-linked contracts reached their highest level, at €1.5 billion (46% of total net inflows). The share of ULs in outstandings reached 22.2%, an increase of 0.5 percentage points over one year. Over the last few years, Crédit Agricole Assurances has adapted its strategy to the low interest rate environment, and

10 Source : Argus de l’Assurance 28/06/2019

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 7/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 benefits from considerable flexibility in coping with these conditions. At end June 2019, the Policyholder Participation Reserve (“PPE”) stood at €10.9 billion (versus €9.8 billion at end 2018), with represents 5.2% of outstanding euro-denominated contracts. To promote UL inflows, Crédit Agricole Assurances is also in the process of implementing measures to encourage alternatives to investments in the Euro fund. - Crédit Agricole Assurances continued to enjoy steady growth in property and casualty insurance, both in France and abroad. Premium income increased by +7.8% compared to the second quarter 2018. With another +191,000 contracts this quarter, and over 400,000 contracts for the half year, the number of contracts reached more than 13.8 million at end June 2019. In the LCL networks the equipment rate for individual customers11 increased (24.4% as at end June 2019, an increase of +1.3 percentage points since June 2018), as it did in the Regional Banks (37.0% at end June 2019, an increase of +1.5 percentage points since June 2018). The combined ratio is well managed at 95.2%, an improvement of 0.9 percentage points year on year, despite the frost/hail event of June 2019. - Asset management (Amundi) saw sustained net inflows of MLT assets (+€8 billion12) and outflows in treasury products this half year, and benefitted from the recovery in financial markets, bringing assets under management to €1,487 billion at end June 2019, up +1.4% year on year. Activity is in line with the European asset management market. - Retail banking is still showing strong sales momentum, with high rates of credit growth, particularly in France for LCL (up 9.5% compared to end June 2018), thanks to home loans (+8.9%) and the small businesses and corporate markets (+11.4%), but also in Italy for CA Italia (+3.6% excluding disposals of doubtful loans), there again with a sharp increase in home loans, (up +6.8%). Customer savings grew year on year at LCL (+6.0%), driven by demand deposits (+12.4%) and passbook accounts (+9.8%), whereas they declined for CA Italia (-0.5%), despite the growth in off-balance sheet savings (+3.8%), due to action initiated since the third quarter of 2018 aimed at reducing high-cost volatile resources. Net customer capture is still buoyant at LCL (+28,000 individual and small business customers in the first half of 2019, including +8,000 new customers since the launch of LCL Essentiel) and at CA Italia (+12,000 customers in first half 2019). Equipment rates continue to rise at a sustained pace (e.g. +8.2% in Comprehensive Home-Auto-Health contracts at LCL, and, since second quarter 2019, a multiplication by 1.7 in home loans at the three banks acquired by CA Italia at the end of 2017).

- In Specialised financial services, gross managed loans increased by 6.2% compared to end June 2018, and CA Consumer Finance passed the €90 billion managed loans mark this quarter, thanks to sustained production this quarter (+4.5%), driven by Agos (+7.5%) and by automotive partnerships (+9.3%). CAL&F’s factoring business is very buoyant, with production reaching a four-year high in the second quarter of 2019, with several large contracts, due to generate revenues in the second half of the year. - Lastly, activity in the Large customers business line was close to the high second quarter 2018, thanks to the resumption of investment banking activities, in a market that is nevertheless still sluggish, and of capital markets, despite a continuous erosion of margins. In Financing activities, CACIB remains the world’s second largest project finance company in EMEA at the end of June 201913, and has confirmed its leadership in Commercial banking, becoming the number one in syndication in EMEA14. Lastly, Asset servicing (CACEIS) posted record levels of assets under custody (€2,874 billion, +9.2% year on year) and assets under administration (€1,819 billion, +2.4% year on year), thanks to sustained activity and a favourable market effect. In keeping with the strategy outlined at the presentation of the Group’s Medium Term Plan on 6 June 2019, CA Consumer Finance and Crédit Agricole Assurances developed non-Group partnerships in Europe this quarter.

11 Equipment rate: percentage of individual banking clients holding at least one insurance product (Pacifica estimates). Scope: auto, home, health, life accidents and legal protection insurance. 12 Excluding the end of a mandate insourced by an Italian institution in the first quarter of 2019, in the amount of €6.3 billion 13 Project finance loans over H1-19, mandated arranger in volume and in amount (USD – source: Refinitiv X15) 14 Syndicated loans over H1-19, bookrunner in volume and in amount (USD - source: Refinitiv R17)

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 8/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451

- On 8 July, Crédit Agricole Assurances and Abanca signed a partnership agreement to create a non-life insurance company for the Spanish and Portuguese markets over a 30 year period. The agreement provides for the creation of a 50/50-owned joint venture that will offer the market innovative products based on technological solutions and a differentiated customer experience. The alliance will combine ABANCA’s knowledge of the customer base with the expertise developed by Crédit Agricole Assurances in the European insurance market. The transaction will be finalised once authorisations have been obtained from the competent authorities. - On 28 June 2019, CA Consumer Finance also signed a final agreement with Banco BPM (Italy’s third- largest bank) to strengthen their global partnership, expanding their commercial relationship to the entire Banco BPM branch network, including the acquisition of Profamily’s banking business, and extending it for 15 years. On 19 July 2019, CACF also signed an agreement with Fiat Chrysler Automobiles (FCA) to extend their 50/50 joint venture until 31 December 2024.

Besides these operations, the following transactions were announced since the beginning of 2019:

- On 29 April, CACIB completed the disposal of a 4.9% stake in Banque Saudi Fransi (BSF) to a consortium headed by Ripplewood, thereby reducing its stake in Banque Saudi Fransi to 10% and, subject to the exercise of a warrant on 6% of the equity, to 4% by the end of the year; the impact of this transaction was booked in the second quarter directly in equity that may not be reclassified. - On 17 April, Crédit Agricole S.A. and Santander announced the merger of their custody and asset servicing operations; after this merger, Crédit Agricole S.A. and Santander would hold 69.5% and 30.5% respectively of this new entity that would keep the name “CACEIS” and combine the activities of CACEIS and Santander Securities Services (“S3”) in Spain and Latin America (Brazil, Mexico and Colombia); this new entity would benefit from greater scale and stronger competitive positioning thanks to an expanded geographical presence, which would make it be better placed to capture growth in high potential markets (Latin America and Asia). The operation should be completed before the end of 2019. - Lastly, on 26 July, CACEIS launched a friendly public takeover bid for the total capital of KAS Bank; CACEIS is confirming its pan-European ambition by strengthening its position in the Netherlands and its ability to serve the customers of insurance companies and pension funds; this acquisition will create value thanks its the strong potential for synergies; completion of this takeover bid is expected to occur in the second half of 2019.

Specific items in this quarter had a limited net effect of -€20 million on net income. They include only recurring volatile accounting items, namely the DVA for -€3 million in net income and hedges of the loan portfolios for -€6 million in the Large customers business line, as well as the provision for home purchase savings schemes for -€2 million and -€10 million respectively in net income in the French Retail banking division and the Corporate Centre. In second quarter 2018, specific items had a positive impact of +€19 million and consisted of integration costs for Pioneer Investments at Amundi in the amount of -€4 million, a provision reversal on the integration costs for the three Italian banks for +€8 million15, the negative impact from a -€5 million fine imposed by the ECB on Crédit Agricole S.A. and two of its subsidiaries for non-compliance with ECB notification deadlines regarding capital increases, and the net balance of +€19 million of recurring accounting volatility items. The business lines performed strongly in second quarter and first half 2019. Underlying net income of business lines16 fell -5.2% this quarter, in a challenging environment, but the contribution of the Asset gathering business

15 Reversal of provisions on termination costs for distribution contracts with external partners, as the fees proved to be lower than anticipated. 16 Excluding the Corporate Centre.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 9/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 line increased by +2.0%, to €496 million, French Retail banking contributed +€172 million (+6.5%), thanks in particular to a positive scissors effect, and International retail banking contributed +€98 million (+9.0%). Strong performance of the automotive partnerships in Specialised financial services generated result on the equity- accounted line (contribution up by +21.3% between second quarter 2018 and second quarter 2019). Lastly, the decrease in the contribution to underlying net income by the Large customers business line, to €461 million (- 17.6% compared to second quarter 2018) is due to the reversal of CACIB’s cost of risk, which offset the good level of activity in all this division’s business lines (compared to a high base in second quarter 2018).

In second quarter 2019, underlying revenues reached €5,179 million, up +0.6% despite a difficult market environment and thanks in particular to the sharp increase in revenue in the Asset gathering business line (+6.6%, benefiting in particular from portfolio revaluations in line with market growth). The performance of all the business divisions also contributed, with underlying revenues of business divisions (excluding Corporate Centre) growing by 1.9% this quarter. These good trends in revenues were accompanied by a good control of costs. While allowing for the development of activity in all business lines, underlying operating expenses excluding SRF increased in a controlled manner by +2.0% compared to the second quarter 2018, and by +1.3% for business lines alone, reflecting a positive jaws effect for business lines. This moderate increase includes a one-off impact of consulting fees related to the Group’s structural operations, for a total of -€10 million (particularly in the Consumer finance, Asset servicing and Insurance divisions), contributing by 15% to the increase in expenses over the period. The underlying cost/income ratio excluding SRF reached 58.6% for the second quarter 2019.

The underlying gross operating income was therefore down -1.0% compared to the second quarter 2018.

Cost of risk increased by +60.3% / -€135 million, to -€358 million against -€223 million in second quarter 2018, mainly due to a reversal of the cost of credit risk in Corporate and Investment Banking, which reported net reversals of provisions for +€46 million in the second quarter 2018, while it reported net charges of -€67 million (i.e., -€113 million differences) this quarter. Cost of risk on outstandings17 stood at 25 basis points, down -1 basis point compared to the second quarter 2018, up +4 basis points from the previous quarter, still at a low level. The other three divisions that contributed the most to the cost of risk show contrasting variations, albeit of very limited magnitude. Thus, LCL shows a decrease in cost of risk, of -10.3%, to -€51 million; CA Italia was down slightly by -1.9%, with the cost of risk on outstandings continuing to improve to 62 basis points (compared to 78 points in the second quarter of 2018 and 63 points in the first quarter of 2019). Lastly, CA CF reported a moderate increase of 2.1% to €118 million, with a cost of risk on outstandings of 122 basis points.

17 Average loan loss reserves over the last four rolling quarters, annualised

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 10/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451

The contribution of equity-accounted entities increased sharply by +39.7%, to €108 million, reflecting in particular the very good performance of CA Consumer Finance’s partnerships (+21.3% compared to the second quarter 2018). Net income on other assets fell by -€15 million, whereby the second quarter 2018 had reported the positive impact of +€14 million related to the capital gains from the disposal of CACEIS’ activities in North America. Underlying income18 before tax, discontinued operations and non-controlling interests thus decreased by -6.9% to €1,890 million. The second quarter of 2018 benefited from a relatively low tax rate of 22.5%, benefiting in particular from low taxes on long-term capital gains in insurance. This quarter, the tax rate stood at 27.7%, and the underlying tax charge was therefore up by +12.7% to -€494 million, and net result before non- controlling interests thus showed a decrease of -11.7%. Net income attributable to non-controlling interests fell -6.2% to €162 million, mainly in line with the evolution of the underlying result. Underlying net income decreased by -12.4% compared to the second quarter 2018 to €1,242 million.

Over the first half of 2019, stated net income amounted to €1,985 million, compared with €2,292 million in the first half of 2018, a decrease of -13.4%. Specific items in the first half of 2019 had a negative impact of -€53 million on stated net income. In addition to the second quarter items already mentioned above, the first quarter 2019 items had a negative impact of −€33 million and also corresponded to the recurring accounting volatility items, i.e. the DVA for -€6 million, hedges of the loan portfolios of the Large customers division for -€14 million, and changes in the Home Purchase Savings Plan for -€13 million. Specific items from the first half of 2018 had an impact of +€87 million on net income. In addition to the second quarter 2018 items already mentioned above, they had an impact of +€68 million on net income in first quarter 2018, namely the adjustment of the amount of badwill recorded at the time of the acquisition of the three Italian banks for +€66 million, the integration costs of Pioneer of ‑ €4 million, the DVA for +4, hedges of the loan portfolios of the Large Customers division for +3. Excluding these specific items, underlying net income fell to €2,038 million, down -7.6% compared to the first half 2018, which was the highest half-year level since the first half of 2007, before the financial crisis.

Underlying earnings per share came to €0.63 per share, a decrease of -9.8% compared to the first half of 2018. Annualised ROTE19 (return on tangible equity Group share excluding intangibles) net of coupons on Additional Tier 1 securities reached 11.0% in the first half of 2019, lower than the financial year 2018 (12.7%). Annualised RONE (normalised return on capital) of the business lines was stable or declining this half year, in line with the decline in results, compared to the peak of 2018.

18 See p. 85 for more details on specific items related to Crédit Agricole S.A. 19 See details on the calculation of the business lines’ ROTE (return on tangible equity) and RONE (return on normalised equity) on p.82.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 11/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole S.A. - Stated and underlying results, H1-19 and H1-18

H1-19 H1-18 Var H1/H1 H1-19 H1-18 Var H1/H1 €m stated stated stated underlying underlying underlying

Revenues 10,004 10,081 (0.8%) 10,081 10,046 +0.4% Operating expenses excl.SRF (6,136) (6,075) +1.0% (6,136) (6,074) +1.0% SRF (337) (302) +11.7% (337) (302) +11.7% Gross operating income 3,530 3,703 (4.7%) 3,607 3,670 (1.7%) Cost of risk (582) (537) +8.4% (582) (537) +8.4% Cost of legal risk - (5) (100.0%) - - n.m. Equity-accounted entities 193 170 +13.7% 193 170 +13.7% Net income on other assets 22 32 (32.5%) 22 32 (32.5%) Change in value of goodwill - 86 (100.0%) - - n.m. Income before tax 3,163 3,450 (8.3%) 3,240 3,335 (2.8%) Tax (880) (810) +8.6% (903) (801) +12.7% Net income from discont'd or held-for-sale 8 (2) n.m. 8 (2) n.m. ope. Net income 2,291 2,638 (13.1%) 2,346 2,532 (7.4%) Non controlling interests (307) (346) (11.3%) (308) (327) (5.9%) Net income Group Share 1,985 2,292 (13.4%) 2,038 2,205 (7.6%) Earnings per share (€) 0.61 0.73 (16.1%) 0.63 0.70 (9.8%) Cost/Income ratio excl.SRF (%) 61.3% 60.3% +1.1 pp 60.9% 60.5% +0.4 pp

In the first half of 2019, business results were stable (+0.1%), thanks to good growth in activity and control of expenses, despite a significant +7% increase in the SRF, and the maintenance of the cost of risk at a very low level. The negative contribution of the Corporate Centre (-€478 million, compared to -€308 million in the first half of 2018) resulted from a deterioration of the volatile component of this sector compared to a high 2018 base. Underlying revenues were up +0.4% compared to first half 2018, with a positive contribution to this growth by all business lines except Specialised financial services. The environment for consumer finance is one of strong competitive pressure in France, and the division launched new partnerships (resulting in customer acquisition costs) over the period. Factoring suffers from an unfavourable 2018 base effect and a slowdown in the Cash in time business. Revenues in the Large customers business line were up slightly (+0.6%) compared to a high level in the first half of 2018. Underlying operating expenses increased by +1.0%, excluding the SRF contributions, which increased by a significant +11.7% to €337 million in the first half of 2019 versus €302 million in first half 2018. In the business divisions alone, the increase amounted to +0.9%, centring mainly on the Specialised financial services and Large customers business lines. Both are experiencing increases in expenses related to the development of their activities, as well as consulting fees pertaining to the external growth transactions at CACEIS and CACF. The underlying cost/income ratio excluding SRF is 60.9%, including IFRIC21 expenses in the first quarter.

Lastly, the cost of risk showed an increase of +8.4%/-€45 million compared to first half 2018, to €582 million. This increase derives chiefly from the Large customers business line (which reported an additional risk charge of -€40 million this quarter) and in particular from Financing activities, stemming from the one-off provisions reported in the second quarter. Changes in the contributions of the other activities more or less cancelled each other out: a slight increase for Specialised financial services (+5.4%/-€12 million) but a decrease for International retail banking (-3.6%/+€6 million) and LCL (-11.3%/+€12 million).

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 12/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 At end June 2019, Crédit Agricole S.A. retains a high level of solvency, with a Common Equity Tier 1 (CET1) ratio20 of 11.6%, up +0.1 percentage points from end March 2019. Capital generation in the quarter (+18 basis points) and positive change in OCI reserves (+11 basis points) were partially offset by growth in risk-weighted assets (-7 basis points) and other movements (-18 basis points, including -10 basis points related to the completion of the CACF deal with Banco BPM). Risk-weighted assets reached €323 billion at end June 2019, compared with €321 billion at end March, i.e. a limited increase of +0.9% over one quarter. It should be noted that the ratio includes a dividend provision equivalent to 50% of the earnings per share published for the half year, i.e. €0.30 per share, which corresponds to €0.19 per share for the second quarter 2019. Net equity Group share is expected to increase by +€151 million in the third quarter, in connection with the capital increase reserved for employees. The phased-in leverage ratio was 4.3% at end June 2019 as defined in the Delegated Act adopted by the European Commission. The intra-quarter average phased-in leverage ratio21 stands at 4.1% in the second quarter.

Crédit Agricole S.A.’s average LCR (Liquidity Coverage Ratio) over 12 months stood at 133.5%22 at end June 2019, which is higher than the target level of around 110% set out in the Medium-Term Plan. At the end of July 2019, Crédit Agricole S.A. completed 69% of its medium/long-term market funding programme for the year. The bank raised the equivalent of €11.7 billion, of which €6.3 billion equivalent of senior preferred debt and secured senior debt, and €3.5 billion equivalent of senior non-preferred debt and €1.8 billion equivalent of Tier 2 debt. The 2019 programme is set at €17 billion, including around €5 to €6 billion of TLAC eligible debt (Tier 2 debt or senior non-preferred debt). It should be noted that in February 2019 Crédit Agricole S.A. carried out an AT1 instrument issue for $1.25 billion (€1.1 billion equivalent). This issue was not part of the annual funding programme.

* * *

Philippe Brassac, Chief Executive Officer, commented on the second quarter 2019 and first half 2019 results and activity of Crédit Agricole S.A. as follows: “As recently announced in our new Medium term plan, Crédit Agricole and Crédit Agricole S.A. once again delivered very high level of financial results, particularly illustrated by the 11% RoTE ratio of Credit Agricole S.A. Sales performances continued to be outstanding – a new milestone was passed with Credit Agricole becoming #1 life insurer in France. We have also continued to develop partnerships in Europe, with the signing of partnerships between our Insurance division and Abanca in Spain and Portugal and the renewal of CACF’s partnerships with Banco BPM and FCA. Our cost of risk remains very low and our financial strength is confirmed. The increase in Credit Agricole S.A.’s CET1 this quarter further secures our dividend policy and makes a first unwinding of the Switch possible in 2020.”

.”

20 Including first half 2018 retained earnings. 21 The intra-quarter leverage refers to the average of the end of month exposures for the first two months of sais quarter 22 The ratio’s numerator and denominator stand at €181.9 billion and €136.2 billion, respectively, for Crédit Agricole S.A.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 13/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole Group

In second quarter, Crédit Agricole Group’s underlying Net income Group Share was high, at €1,846 million, despite a fall of -10.2% compared to second quarter 2018, the highest quarterly level since Crédit Agricole S.A.’s IPO. In the first half-year, Crédit Agricole Group’s underlying Net income Group Share was €3,281 million, a year-on-year decrease of -3.7% compared to first half 2018. This performance was achieved thanks to very high levels of activity across all business lines : buoyant customer capture (+140 000 net customer capture for the Regional Banks, LCL and CA Italia in first half 2019), credit, inflows and equipment in Retail banking, sustained inflows in Asset gathering and savings/retirement, increased market share in property and casualty insurance, and a return to the levels of activity seen in first half 2018 in Large customers. This activity demonstrates the strength of the Universal Customer-focused Banking model, which generates revenue synergies. Expenses were well controlled, and there was a positive jaws effect in the first half of the year, with revenue up +1.2% and non-SRF operating expenses up +1.0%. Revenues from Regional Banks increased by +2.8% this half-year, thanks to the dynamism in life insurance fees and commissions (+4.9%) and the positive effect of portfolio valuation. At the Group level, the cost of risk increased to 19 bp from the very low level in the second quarter of 2018 (18 bp), due in particular to one-off provisions in CIB and the Regional Banks, but remained very low. The coverage ratio stood at 83.7%. The Common Equity Tier 1 ratio reached 15.4% at end June 2019, an increase of 0.1 percentage point compared to end March 2019, and 590 basis points above the required regulatory level23. In line with the “raison d’être” it formulated when the Medium-Term Plan was presented in June 2019, the Group focuses on excellence in customer relations, empowered teams for customers, and societal commitment. Its stable, diversified and profitable business model drives organic growth in all its business lines, in particular through synergies between specialised business lines and retail networks, and ensuring a high level of operating efficiency while generating capacity to invest in business development. The Group has recorded first achievements of the Medium-Term Plan this quarter, in particular by stepping up green finance.

In the second quarter of 2019, Crédit Agricole Group’s stated Net income Group Share reached €1,813 million, versus €2,076 million in second quarter 2018. The specific items recorded this quarter generated a limited negative net impact of -€33 million on Net income Group Share. Excluding these specific items, underlying Net income Group Share 24 reached €1,846 million, a decrease of -10.2% compared to second quarter 2018, when Net income Group Share was at its highest level since 2001, the year of CASA’s IPO.

23 According to pro forma SREP requirement for 2019 of 9.5% as notified by the ECB (incl. countercyclical buffer) 24 Underlying, excluding specific items. See p. 84 onwards for more details on specific items

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 14/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Credit Agricole Group - Stated and underlying results, Q2-19 and Q2-18

Q2-19 Q2-18 Var Q2/Q2 Q2-19 Q2-18 Var Q2/Q2 €m stated stated stated underlying underlying underlying

Revenues 8,485 8,428 +0.7% 8,534 8,402 +1.6% Operating expenses excl.SRF (5,308) (5,141) +3.3% (5,308) (5,149) +3.1% SRF (4) (30) (87.0%) (4) (30) (87.0%) Gross operating income 3,174 3,257 (2.6%) 3,223 3,224 (0.0%) Cost of risk (598) (397) +50.5% (598) (397) +50.5% Cost of legal risk - (5) (100.0%) - - n.m. Equity-accounted entities 94 80 +16.7% 94 80 +16.7% Net income on other assets (8) 17 n.m. (8) 17 n.m. Change in value of goodwill - - n.m. - - n.m. Income before tax 2,662 2,953 (9.9%) 2,711 2,924 (7.3%) Tax (728) (734) (0.9%) (743) (725) +2.5% Net income from discont'd or held-for-sale 8 (1) n.m. 8 (1) n.m. ope. Net income 1,942 2,218 (12.4%) 1,976 2,198 (10.1%) Non controlling interests (130) (142) (8.3%) (130) (142) (8.5%) Net income Group Share 1,813 2,076 (12.7%) 1,846 2,056 (10.2%) Cost/Income ratio excl.SRF (%) 62.6% 61.0% +1.6 pp 62.2% 61.3% +0.9 pp

In the second quarter 2019, underlying revenues increased by +1.6% compared to second quarter 2018, to €8,534 million, and by +1.8% for the business lines excluding the Corporate Centre, despite the unfavourable macroeconomic and monetary environment. This growth was driven by revenues from the Asset gathering business line, which increased by +6.8%, International retail banking, which were up +3.5%, and French retail banking, which rose +1.5%. Revenues from the Specialised financial services and Large customers business lines fell -1.1% and -1.8%, respectively. Underlying operating expenses excluding SRF were up +3.1% from second quarter 2018, in connection with IT investments in the Regional Banks under the Medium-Term Plan, and development expenses in the Credit Agricole S.A. business lines. Compared to second quarter 2018, the underlying cost/income ratio excluding SRF increased by 0.9 percentage points, to 62.2%. Underlying gross operating income, including contributions to the SRF, was fully stable at €3,223 million compared to second quarter 2018 (which included a contribution of -€30 million to the SRF). The cost of credit risk rose by +50.5% to -€598 million, versus -€397 million in the second quarter of 2018. This increase mainly stems from Retail banking through the Regional Banks, which posted a 35.6% rise in their cost of risk, from -€176 million to -€238 million owing to one-off provisions, and from the Large customers division, where the cost of credit risk is returning to normal, with net provisions of -€69 million while net reversals of +€45 million were recorded in second quarter 2018, and which is also subject to one-off provisions. Crédit Agricole Group’s cost of risk relative to outstandings25 was 19 basis points, up one basis point compared to the second quarter of 2018 but low, and below the Medium-Term Plan assumption of 25 basis points.

By incorporating the contribution from equity-accounted entities, which was up by 16.7% from €80 million to €94 million as a result of the good performance of automotive partnerships at CACF, the underlying pre-tax income was €2,711 million, down -7.3% compared to second quarter 2018.

25 Average loan loss reserves over the last four rolling quarters, annualised

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 15/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 The underlying tax charge was up 2.5% compared to second quarter 2018, showing a sharp increase of +2.9 percentage points in the underlying tax rate, from 25.5% to 28.4%. Accordingly, underlying net income before non-controlling interests was down -10.1% and underlying net income was down -10.2% compared to second quarter 2018.

Specific items had a limited net negative impact of -€33 million on Net income Group Share this quarter. These only included the net balance of recurring volatile accounting items such as the DVA (Debt Valuation Adjustment, i.e. gains and losses on financial instruments related to changes in the Group’s issuer spread), amounting to −€3 million, hedges on the Large customers loan book for -€6 million, and the change in the provision for home purchase savings schemes in the amount of -€25 million. In second quarter 2018, specific items had a positive impact on Net income groupe Share of +€20 million, including -€4 million from Pioneer Investments integration costs, +€9 million from the reversal of a provision on the integration costs of the three Italian banks (+€16 million before tax and non-controlling interests), a -€5 million fine imposed by the ECB on Crédit Agricole S.A. and two of its subsidiaries for non-compliance with ECB notification deadlines regarding capital increases and, lastly, +€19 million from the net balance in Net income Group Share from recurring volatile accounting items, namely the DVA in the amount of +€8 million and loan book hedges in the Large customers division in the amount of +€12 million.

In the first half of 2019, underlying Net income Group Share declined by -3.7% compared to first half 2018; excluding SRF contribution, it declined by -2.6%. Underlying revenues were up by +1.2% and underlying operating expenses excluding SRF increased by +1.0%, resulting in a positive jaws effect of +0.2 percentage point. SRF contribution increased by +9.4%, cost of credit risk rose by +7.5% and the tax charge was up by 9.4% in first half 2019.

Credit Agricole Group - Stated and underlying results, H1-19 and H1-18

H1-19 H1-18 Var H1/H1 H1-19 H1-18 Var H1/H1 €m stated stated stated underlying underlying underlying

Revenues 16,682 16,686 (0.0%) 16,857 16,651 +1.2% Operating expenses excl.SRF (10,585) (10,483) +1.0% (10,585) (10,482) +1.0% SRF (426) (389) +9.4% (426) (389) +9.4% Gross operating income 5,671 5,813 (2.5%) 5,846 5,780 +1.1% Cost of risk (879) (818) +7.5% (879) (818) +7.5% Cost of legal risk - (5) (100.0%) - - n.m. Equity-accounted entities 188 179 +5.5% 188 179 +5.5% Net income on other assets 3 38 (92.4%) 3 38 (92.4%) Change in value of goodwill - 86 (100.0%) - - n.m. Income before tax 4,983 5,293 (5.8%) 5,158 5,178 (0.4%) Tax (1,576) (1,501) +5.0% (1,633) (1,492) +9.4% Net income from discont'd or held-for-sale 8 (2) n.m. 8 (2) n.m. ope. Net income 3,415 3,789 (9.9%) 3,534 3,684 (4.1%) Non controlling interests (253) (285) (11.2%) (253) (276) (8.3%) Net income Group Share 3,163 3,505 (9.8%) 3,281 3,408 (3.7%) Cost/Income ratio excl.SRF (%) 63.5% 62.8% +0.6 pp 62.8% 63.0% -0.2 pp

In second quarter 2019, Regional Banks’ customer capture continued to demonstrate strong momentum, with an additional 96,000 individual customers and 30,000 new EKO accounts registered since the start of 2019. This commercial performance made a significant contribution to growth in Crédit Agricole S.A.’s business lines, whose products are distributed by the Regional Banks, as the Group’s leading distribution channel and the leading retail bank in France. As a result, the customers equipment continues to increase: the inventory of premium cards for individual customers rose +8.8% between June 2018 and June 2019 and property and personal insurance policies increased by +4.5% over the same period.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 16/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Outstanding loans grew +6.6% compared to 30 June 2018. This growth was driven by home loans (+7.4%), consumer loans (+7.4%), and SMEs and corporate loans (+7.3%). Customer savings rose +4.1% year on year, driven by on-balance sheet deposits (+5.8%) and, in particular, demand deposits (+9.4%) and passbook accounts (notably Livret A+10.9%). Off-balance sheet savings rose more modestly by +1.4% year-on-year, driven by life insurance assets (+3.9%). The contribution of Regional Banks to Crédit Agricole Group’s underlying net income Group share reached €563 million, down -7.5% compared to second quarter 2018. At €3,277 million, underlying revenues recorded an increase of +1.5% compared to second quarter 2018. This improvement can be attributed primarily to a slight year-on-year increase in fees and commissions (+0.6%), driven mainly by insurance (+4.9%), and to positive impact of market conditions on the revaluation of the Regional Banks’ investment portfolio.

In the second quarter, Regional Banks received their dividend share from Crédit Agricole S.A. of €1.1 billion, compared with €1.0 billion in second quarter 2018; this income is nevertheless eliminated from the contribution of the Regional Banks to the Group’s accounts. Operating expenses (excluding SRF) saw an increase of +3.6% compared to second quarter 2018, mainly reflecting IT investments under the Group’s Medium-Term Plan. As a result, the underlying cost/income ratio excluding SRF reached 67.8%. The cost of risk remains low at €238 million, up +35.6% year on year due to one-off provisions over the quarter and corresponding to 13 basis points on outstandings. The non-performing loan ratio stabilised at 2.0% and the coverage ratio stands at 97.7% In the first half, the contribution of the Regional Banks to underlying net income Group share reached €1,228 million, an increase of +2.8%.

The performance of the other Crédit Agricole Group business lines is described in detail in the section of this press release on Crédit Agricole S.A.

Over the quarter, Crédit Agricole Group’s financial solidity remained robust, with a Common Equity Tier 1 (CET1) ratio26 of 15.4%, up by +0.1 percentage points compared to end March 2019. This ratio provides a substantial buffer above the SREP requirement applicable to Crédit Agricole Group, set at 9.5% by the ECB. The MREL ratio was estimated at 34% of risk-weighted assets (RWA) at 30 June 2019, and stood at 22.7% excluding eligible preferred senior debt. The target under the Crédit Agricole Group’s Medium-Term Plan is to achieve a subordinated MREL ratio (excluding potentially eligible preferred senior debt) of 24-25% of RWA, by the end of 2022. Expressed as a percentage of the institution’s total liabilities and own funds, after certain prudential restatements (Total Liabilities Own Funds – TLOF), the MREL ratio stood at 8.7% at 30 June 2019, excluding eligible preferred senior debt. This is in line with the Medium-Term Plan target of maintaining this ratio above 8% of TLOF, a level which would enable recourse to the Single Resolution Fund, subject to the decision of the Resolution Authority. The TLAC ratio requirements are applicable since 27 June 2019, when European Regulation CRR2 (Capital Requirement Regulation 2) came into force. At 30 June 2019, the Crédit Agricole Group’s TLAC ratio stood at 22.7% of RWA and 7.6% of leverage risk exposure (LRE), excluding eligible preferred senior debt. It was up compared to 31 March 2019 and much higher than CRR2/CRDV requirements27, by 3.2 points for RWA and 1.6 points for LRE respectively.

26 Including first-half 2018 retained earnings. 27 With the entry into force of CRR2, the Crédit Agricole Group must meet the following TLAC requirements at all times: 16% of risk- weighted assets, plus the combined buffer requirement according to CRDV (including a 2.5% capital conservation buffer, a 1% systemic buffer and a 0.03% countercyclical buffer at 30 June 2019); and 6% of leverage risk exposure.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 17/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 The phased-in leverage ratio came to 5.7% at end June 2019. The liquidity position of Crédit Agricole Group is solid. Its banking cash balance sheet, at €1,273 billion at 30 June 2019, showed a surplus of stable funding sources over stable assets of €116 billion, down by €4.3 billion compared to end March 2019, and in line with the target under the Medium-Term Plan (over €100 billion). The surplus of stable resources finances the HQLA (High Quality Liquid Assets) securities portfolio generated by the LCR (Liquidity Coverage Ratio) requirement for customer and customer-related activities. These securities (€116 billion) covered more than three times the short-term debt net of Central Bank deposits. The liquidity reserves, which include capital gains and haircuts on securities portfolios, stood at €277 billion at 30 June 2019. The Group’s average LCR ratio over 12 months stood at 131.9%28 at the end of June 2019, exceeding the Medium-Term Plan target of around 110%. At the end of June 2019, the Group’s main issuers raised the equivalent of €24.0 billion in medium/long- term debt on the markets, 49% of which was issued by Crédit Agricole SA. Furthermore, €1.8 billion was also placed in Crédit Agricole Group’s retail networks (Regional Banks, LCL and CA Italia) and other external networks or borrowed from supranational organisations at the end of June 2019.

* *

* Dominique Lefebvre, Chairman of SAS Rue La Boétie and Chairman of Crédit Agricole S.A.’s Board of Directors, commented on the Group’s second quarter 2019 and first half 2019 results and activity as follows: “In the first half of the year, Crédit Agricole Group continued to develop activity in all business lines, both in France and internationally. Consistently with the “raison d’être” we formulated when we presented our Medium-Term Plan in June, we are strengthening our positioning in the range of products and services we offer in accordance with our climate strategy, confirming our position as a world leader in Green Bonds. We continue to build synergies between Crédit Agricole S.A. business lines, leaders in their markets, and the Group’s retail banks, focusing on customer satisfaction. The three pillars of our unique relationship model, namely excellence in customer relations, empowered teams for customers, and societal commitment, create value in the uncertain economic environment we are experiencing.”

28 The ratio’s numerator and denominator stand at €216.1 billion and €163.8 billion respectively

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 18/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Corporate Social and Environmental Responsibility

Crédit Agricole Group is committed to a proactive climate strategy in line with the Paris Agreement The Crédit Agricole Group announced in its new MTP its goal of making green finance one of its growth drivers. Accordingly, Crédit Agricole published a Group climate strategy in line with the Paris Agreement with the aim of strengthening its energy transition initiatives. The strategy will be rolled out by all of its entities, resulting in the phased reallocation of its financing, investment and AuM portfolios to energy transition. Its commitments include exiting from thermal coal production by 2030 for the EU and OECD countries, by 2040 for China, by 2050 for the rest of the world, as well as the financing of one renewable energy project out of every three in France. Implementation of the climate strategy will be certified by an independent body. Recent financing to support the energy transition In June, the European Investment Bank (EIB) signed a partnership agreement with the Crédit Agricole Group to support the funding of energy transition investment projects in France with a financing package worth €500 million. The package will fund investments by SMEs, mid-caps, the public sector, farms and local authorities to encourage the energy transition in the renewable energy, energy efficiency and electric vehicle sectors. During the quarter, Crédit Agricole Regional Banks finalised a large number of renewable energy production projects. New loan offers were launched to support French consumers at key moments such as when they purchase a low emission vehicle or carry out improvements to reduce their energy consumption. In addition, LCL also launched an expanded range of new “Sustainable City” commercial offers to finance clean vehicles and energy equipment and improvement projects that are eligible for the energy transition tax credit. The Group strengthens its leadership position in Green bonds CACIB, the world’s leading arranger of green bonds, confirmed its leadership position this half-year with a number of major arrangements, including the first euro issuance for the government of Chile, and, for the Société du Grand Paris, a key role in the structuring of the first 100% green EMTN programme worth €5 billion. Amundi’s expertise in green finance was also recognised and rewarded, with the “Green Bond Fund of the Year” prize awarded to Amundi for the Planet Emerging Green One fund, and the “Initiative Green Finance Collaboration of the year” prize awarded by the Climate Bonds initiative. Amundi launched the Green Credit Continuum programme with the EIB, with €1 billion for green finance in Europe. Crédit Agricole S.A. consolidates its global CSR performance Crédit Agricole S.A was awarded a rating of A1 from the non-financial rating agency Vigeo Eiris, ranking the Group as one of the world’s best companies29. Crédit Agricole S.A.’s overall rating increased by 1 point compared to the previous rating back in 2016. Vigeo Eiris commended the Group’s ability to incorporate the ESG factors into its strategy, operations and risk management, as well as the solid results that create sustainable value for its customers and stakeholders.

29 Of the 4,916 companies evaluated by Vigeo Eiris worldwide, Crédit Agricole S.A. is one of the 2% that were awarded the top rating.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 19/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Economic and financial environment

First half 2019: prevention rather than cure In an international environment marked by multiple multifaceted risks (e.g. the trade dispute between US and China, geopolitical tensions in the Gulf, political concerns in Europe and Brexit), the first half of the year confirmed that the strong, synchronous global growth cycle was indeed over. Although the fundamentals of primarily domestic growth are holding firm overall, the slowdown in the manufacturing sector and the erosion of the contribution of net foreign trade are already weighing on growth. Different economies are clearly impacted very unevenly depending on their exposure to global trade and the place that the industrial sector still holds in those economies: the United States, which is closed and not very industrial, contrasts with Germany, which is largely open and still industrial. Growth in the major economies in the first quarter of 2019 was reassuring, although the second quarter appears to have been less buoyant. The resumption of hostilities between China and the United States in May, Donald Trump’s possible offensives against the US’ other trade partners, the heightened tensions in the Persian Gulf, and the postponement of Brexit (twice), along with Theresa May’s resignation, have raised the degree of uncertainty to very high levels. That kind of climate harms customer confidence and results in a wait-and-see stance, which is unfavourable to economic growth. In the United States, the start of 2019 was marked by the longest-ever shutdown in the country’s history, ending on 25 January. First-quarter growth was not greatly impacted, however, at over 3% (on an annualised quarterly basis). As the impact of the tax reductions in 2018 subsides and the global climate worsens, business in the second quarter is expected to slow significantly, with quarterly annualised growth estimated at 1.9%. Despite the strength of the labour market and wage increases, which support household spending, inflationary pressures have remained very contained. China also held up well in the first quarter, with growth remaining at 6.4% year on year. Nonetheless, the impact of the trade war is significant, as shown by the second quarter figure: the country is experiencing historically weak growth, at 6.2% year on year, with a slowdown in the industrial sector. In the face of this decline, the government instituted support measures, and the June activity indicators, which exceeded expectations, suggest that these stimuli are beginning to have a positive impact on domestic demand and Chinese growth. The eurozone saw a bumpy end to 2018, with the impact of the trade war and special temporary factors (new automotive standards and the low level of the Rhine), which had had significant negative impacts on the industrial sector, particularly in Germany and Italy. France also underwent some turbulence related to the “gilets jaunes” crisis. In spite of this, GDP growth in the first quarter of 2019 ultimately proved to be more dynamic than expected (+0.4% over Q1 after +0.2% in Q4 2018) due to internal fundamentals remaining positive and enabling consumption and investment to hold up. The latest economic indicators mean, however, that this trend cannot continue and actual GDP is expected to increase by 0.3% at best over Q2. The surveys (PMI) describe a landscape of contrasts – between industry, hampered by the decline in international trade, and services, driven by a more buoyant domestic environment (decline in unemployment, increase in purchasing power, fiscal stimulus packages). European economic activity is accordingly fragile and some countries such as Germany and Italy, which are more open and industrial, are suffering more than others, such as France, which depends less on foreign trade and is benefiting from initiatives in the wake of the “gilets jaunes” crisis, and even Spain. Preferring prevention over cure, the central banks have opted for monetary policies that are more accommodative than anticipated. Citing the global slowdown, the Federal Reserve started the ball rolling and changed its rhetoric surprisingly quickly, the implication being that it feared that the financial tensions seen in late 2018 might recur. It stated in March that it was inclined to be patient and would not have gone through with the anticipated return to normal. The ECB put an early end to the “normalisation” it had only tentatively undertaken. In early June, it deferred any movement (hike) in rates beyond mid-2020 and announced new long-term financing operations for banks (TLTRO III) for September. It was subsequently very quick to adopt an even more resolutely

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 20/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 accommodative tone, stating that it was ready to ease its monetary policy by using all the tools at its disposal (lowering rates, restarting net asset purchases). Bouts of risk aversion and accommodative central banks warding off any possibility of a hike in key interest rates allowed the German and US long-term (10-year) interest rates to retreat to low levels (so low that they are negative): -0.30% and 2% respectively at end June 2019 (or -55 and −65 basis points over the half-year). Similarly, over the first half year the spread between the 10-year OAT and the German Bund lost around 20 basis points (bp), falling to 30 bp and leading the French rate into negative territory, at -0.004% at end June, to be precise. The fall in interest rates coupled with a still respectable rate of growth and the search for returns allowed the equity markets to record very good performances during the first half of the year: by way of example, the Eurostoxx 50 and S&P 500 indexes increased by 16.5% and 15% respectively.

Recent trends and outlook (2019 scenario) The trade war is only one element, albeit a very visible one, of the multifaceted tensions between China and America. This dispute, a confrontation between a power feeling that its hegemony is threatened and a competing conquering power, is likely to be sustained. “Pseudo” periods of respite are obviously conceivable but will not in any way foreshadow lasting lull in Sino-American relations. Despite the new truce reached at the meeting between Presidents Trump and Xi at the G20 summit in Osaka at the end of June, both trade and geopolitical tensions are therefore likely to continue and will inhibit growth.

In the United States, in addition to the natural slowing of the growth rate, uncertainties and the contraction of company margins might end up leading to a slowdown in production investment. Despite the good performance of consumer spending, which is due to the strength of the labour market and a gradual increase in income, growth is expected to retreat. With two reductions of 25 basis points each in the Fed Funds rate, the preventive monetary easing we are assuming the Federal Reserve will apply (all the more justified since there is no threat of inflation), would, however, prevent growth and the equity markets from foundering. The American cycle, whose longevity has been impressive (10 years of continuous growth), would thus end with a rate of growth even greater than its potential of 2%, with an annual average of 2.5% in 2019 versus 2.9% in 2018, a year in which deficit-funded tax cuts had provided temporary stimulus to business.

In China, the extended long-term trade dispute with the United States will have negative effects, both direct (on trade flows) and indirect (on consumption and investment) and when taken together, these could subtract nearly one percentage point from GDP growth in 2019. The consequences of the slowdown are already evident in the labour market, whose resilience is a key factor in social stability. The Chinese authorities are therefore preparing to adopt a response commensurate with the challenge, in order to offset the aggregate loss in demand. They will take action on all fronts (easing monetary policy, tolerance for depreciation, bank credit stimulus and infrastructure projects), boosting growth to ensure it does not diverge too much from the target of 6%, a floor that is compatible with satisfactory labour market performance. However, even if Chinese growth stabilises at a high level, it would be pointless to think that it could pull the rest of the world along.

In the eurozone, the end of the cycle is proving to be “abnormal”. The recent figures, which are generally favourable, suggested that growth had fallen excessively in response to temporary factors. Once this correction had been assimilated, growth would then have been likely to recover while increasing at a subdued rate. The discrepancy between these “hard data”, which still demonstrate the strength of domestic demand, and the less encouraging signals from the surveys calls for caution, though. The surveys seem to capture a level of concern that is greater than the simple cautiousness that customarily surrounds a cyclical slowdown. Uncertainty, the materialisation of the risk relating to international developments, therefore weighs on the forecasts, particularly on the investment forecast, although the deterioration in profit outlook is still limited. Domestic demand is not, however, expected to suffer a severe correction and it is expected that the ECB’s accommodative rhetoric (without even revealing the precise details of its forthcoming actions) will enable growth to be close to its potential (1.2% on an average annual basis in 2019 after 1.9% in 2018), by lifting the financial constraint permanently. Thanks to the policy of preventive monetary easing that the major central banks will undertake, a policy that is fully justified by the deterioration in the economic outlook without inflation and the increasing number of sources

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 21/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 of concern and financial turbulence, our scenario may represent a substantial slowdown but not a collapse in growth.

Beyond the messages signalling the accommodative stance of the Federal Reserve and the ECB, the latter are developing their monetary strategy, a medium-term strategy in line with an environment in which inflation now seems virtually non-existent. Long-term interest rates will be persistently very low in this environment of accommodative central banks, reflecting on their mandate and appropriate tools for fulfilling it, risk aversion and economic slowdown without inflation. Our scenario uses long-term German and US rates (10 years) close to the levels at the end of June, of -0.25% and 2% respectively at the end of 2019, and an OAT of 0%.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 22/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole S.A.

Consolidated results

Stated net income Group share in second quarter 2019 reached €1,222 million, compared to €1,436 million in second quarter 2018, down -14.9%. Specific items during the quarter were few in number and only included recurring accounting volatility items with a limited net negative effect of -€20 million on net income Group share, namely the DVA (Debt Valuation Adjustment, i.e. gains and losses on financial instruments related to changes in the Group’s issuer spread, plus the FVA - Funding Valuation Adjustment - portion associated with the change in the issuer spread, which is not hedged), amounting to -€3 million, the hedge on the Large customers loan book for -€6 million, and the change in the provision for home purchase savings schemes in the amount of -€12 million. In the second quarter of 2018, specific items had a limited positive net impact of +€19 million on net income Group share and included the integration costs of Pioneer Investments at Amundi in the amount of -€4 million (-€8 million before tax and non- controlling interests), a provision reversal on the integration costs of the three Italian banks for +€8 million30 (+€16 million before tax and non-controlling interests), the negative impact from a -€5 million fine imposed by the ECB on Crédit Agricole S.A. and two of its subsidiaries for non-compliance with ECB notification deadlines regarding capital increases, and a net balance of +€19 million in net income Group share from recurring volatile accounting items, namely the DVA (Debt Valuation Adjustment, i.e. gains and losses on financial instruments related to changes in the Group’s issuer spread) in the amount of +€7 million and hedging of the Large customers loan book for +€12 million. Excluding these specific items, underlying net income Group share for the second quarter of 2019 reached €1,242 million, a decline of -12.4% from the second quarter of 2018 at €1,418 million, the latter being the highest quarterly underlying net income published by Crédit Agricole S.A. since its listing in December 2001.

Underlying earnings per share came to €0.40, down -14.1% compared to second quarter 2018.

30 Reversal of provisions on termination costs for distribution contracts with external partners, as the fees proved to be lower than anticipated.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 23/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451

Crédit Agricole S.A. - Stated and underlying results, Q2-19 and Q2-18

Q2-19 Q2-18 ∆ Q2/Q2 Q2-19 Q2-18 ∆ Q2/Q2 €m stated stated stated underlying underlying underlying Revenues 5,149 5,171 (0.4%) 5,179 5,146 +0.6% Operating expenses excl.SRF (3,033) (2,966) +2.3% (3,033) (2,974) +2.0% SRF (6) (11) (47.3%) (6) (11) (47.3%) Gross operating income 2,111 2,195 (3.8%) 2,140 2,162 (1.0%) Cost of risk (358) (223) +60.3% (358) (223) +60.3% Cost of legal risk - (5) (100.0%) - - n.m. Equity-accounted entities 108 77 +39.7% 108 77 +39.7% Net income on other assets (1) 14 n.m. (1) 14 n.m. Change in value of goodw ill - - n.m. - - n.m. Income before tax 1,861 2,059 (9.6%) 1,890 2,030 (6.9%) Tax (485) (448) +8.4% (494) (439) +12.7% Net income from discont'd or held-for-sale ope. 8 (1) n.m. 8 (1) n.m. Net income 1,384 1,610 (14.1%) 1,404 1,590 (11.7%) Non controlling interests (161) (174) (7.0%) (162) (172) (6.2%) Net income Group Share 1,222 1,436 (14.9%) 1,242 1,418 (12.4%) Earnings per share (€) 0.39 0.47 (16.8%) 0.40 0.46 (14.1%) Cost/Income ratio excl.SRF (%) 58.9% 57.3% +1.5 pp 58.6% 57.8% +0.8 pp

Underlying revenues were slightly up (+0.6%) compared to second quarter 2018, totalling €5,179 million. Excluding the Corporate Centre, which appeared to be in sharp decline compared to a very high level in the second quarter of 2018, revenues from the business lines posted a +1.9% increase. This originated for the most part from Insurance activities (+20.8%) and from the continued growth in Retail banking (+2.5%) in France and abroad. Specialised financial services in turn experienced strong business growth in its automotive joint ventures. These generate equity-accounted income which are are not included in the increase of the underlying revenues. The excellent performance of Joint Ventures which generate equity-accounted entities (contribution up by +21.3% between second quarter 2019 and second quarter 2018). Revenues from the Large customers division were down -1.7% for the quarter, related to a high comparative basis in second quarter 2018. Underlying operating expenses were up +2.0% from second quarter 2018, but remained under control. In the second quarter they included fees related to the Group’s structural transactions, in the amount of -€10 million, specifically in Consumer finance, Asset servicing and Insurance, which represent overall 15% of the the overall costs increase of the period. The underlying cost of credit risk remained very low at €358 million, up +60.3% compared to second quarter 2018, mainly due to a reversal in the cost of credit risk in the Large customers division (provisions in the amount of -€69 million in second quarter 2019 after net reversals in provisions of +€45 million over the same period in 2018). The cost of credit risk relative to outstandings31 was 25 basis points, versus 26 basis points in second quarter 2018. The underlying share of net income from equity-accounted entities was up +39.7% (+€31 million), totalling €108 million in second quarter 2019. This reflects the strong underlying performance of the consumer finance joint ventures (particularly FCA Bank and GAC Sofinco in China) and a positive contribution of +€19 million related to the effect of CAGIP – Credit Agricole Group Investment Platform consolidation in the Corporate Centre.

The underlying tax expense was up +12.7% compared to second quarter 2018, to €494 million, while underlying income before tax was down -6.9% (-8.8% excluding net income of equity-accounted entities). The underlying effective tax rate was 27.7%, a rise of more than 5 points compared to second quarter 2018, which benefited in particular from low taxes on long-term capital gains in Insurance. Accordingly, underlying net income before non-controlling interests was down -11.7% compared to second quarter 2018. Non-controlling interests declined -6.2%/-€10 million.

31 Average provisions on loans outstanding over last four rolling quarters, annualised

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 24/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Underlying net income Group share fell by -12.4% to €1,242 million.

In the first half 2019, stated net income Group share amounted to €1,985 million, compared with €2,292 million in the first half of 2018, a decrease of -13.4%. Specific items in the first half of 2019 had an impact of -€53 million on stated net income Group share. In addition to the second quarter items already mentioned above, first quarter 2019 items had had a limited net negative impact of -€33 million on net income Group share; they included recurring accounting volatility items such as the DVA (Debt Valuation Adjustment, i.e. gains and losses on financial instruments related to changes in the Group’s issuer spread, plus the FVA – Funding Valuation Adjustment – portion associated with the change in the issuer spread, which is not hedged), amounting to -€6 million, the hedge on the Large customers loan book for -€14 million, and the change in the provision for home purchase savings schemes in the amount of -€13 million. Specific items in the first half of 2018 had an impact of +€87 million on stated net income Group share. Compared to the second quarter 2018 items already mentioned above, they had a positive impact of +€68 million in first quarter 2018, i.e. the adjustment of negative goodwill recognised at the time of acquisition of the three Italian savings banks totalling +€66 million, -€4 million for the costs of integrating Pioneer Investments (-€9 million before tax and non-controlling interests) as well as recurring specific items, namely the DVA for +€4 million (+€5 million before tax) and hedges of the loan books of the Large customers division for +€3 million (+€4 million before tax). Excluding these specific items, underlying net income Group share fell to €2,038 million, down -7.6% compared to first half 2018. The decrease in this half was largely due to the volatility of some items posted in the Corporate Centre. Accordingly, the underlying net income Group share of business lines (excluding the Corporate Centre) was unchanged compared to first half 2018 (+0.1% compared to first half 2018). In addition, as in the case of second quarter 2019, the comparison between first half 2018 and first half 2019 is impacted by the high level of income in all business lines in the first half of 2018. This half also marks a return in second quarter 2019 of the cost of risk in financing activities after four quarters of net reversal. Underlying earnings per share stood at €0.63, down -9.8% compared to first-half year 2018. Underlying RoTE32 (return on tangible equity, Group share, excluding intangibles) reached 11.0% in the first-half 2019 in annualised terms, in line with the new 2022 medium-term plan (>11% in 2022).

32 See details on the calculation of the business lines’ ROTE (return on tangible equity) and RONE (return on normalised equity) on p. 82.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 25/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole S.A. - Stated and underlying results, H1-19 and H1-18

H1-19 H1-18 ∆ H1/H1 H1-19 H1-18 ∆ H1/H1 €m stated stated stated underlying underlying underlying

Revenues 10,004 10,081 (0.8%) 10,081 10,046 +0.4% Operating expenses excl.SRF (6,136) (6,075) +1.0% (6,136) (6,074) +1.0% SRF (337) (302) +11.7% (337) (302) +11.7% Gross operating income 3,530 3,703 (4.7%) 3,607 3,670 (1.7%) Cost of risk (582) (537) +8.4% (582) (537) +8.4% Cost of legal risk - (5) (100.0%) - - n.m. Equity-accounted entities 193 170 +13.7% 193 170 +13.7% Net income on other assets 22 32 (32.5%) 22 32 (32.5%) Change in value of goodw ill - 86 (100.0%) - - n.m. Income before tax 3,163 3,450 (8.3%) 3,240 3,335 (2.8%) Tax (880) (810) +8.6% (903) (801) +12.7% Net income from discont'd or held-for-sale ope. 8 (2) n.m. 8 (2) n.m. Net income 2,291 2,638 (13.1%) 2,346 2,532 (7.4%) Non controlling interests (307) (346) (11.3%) (308) (327) (5.9%) Net income Group Share 1,985 2,292 (13.4%) 2,038 2,205 (7.6%) Earnings per share (€) 0.61 0.73 (16.1%) 0.63 0.70 (9.8%) Cost/Income ratio excl.SRF (%) 61.3% 60.3% +1.1 pp 60.9% 60.5% +0.4 pp

Underlying revenues totalled €10,081 million, up +0.4% compared to first half 2018. Excluding the Corporate Centre, growth in the business lines was more marked, at +1.4%. Asset gathering and Insurance posted a +3.3% increase in revenues, while the Large customers and Retail banking divisions posted growths of respectively +0.6% and +1.6%. The revenues of the Specialised financial services division, which conducts part of its business through joint ventures generating earnings under Equity-accounted entities rather than under revenues, in turn dropped by -1.1%. Underlying operating expenses remained well controlled and rose +1.0% to €6,136 million excluding SRF. The contribution to the Single Resolution Fund in turn increased sharply to €337 million, i.e. +11.7% compared to first half 2018. The underlying cost of credit risk rose by +8.4% to €582 million, versus €537 million in the first half of 2018. The rate of non-performing loans remained very low at 3.3% and the coverage ratio (including collective provisions) was 72.6% at end-June 2019. The share of net income from equity-accounted entities was up +13.7% between first half 2018 and 2019, as a result of the automotive partnerships in Consumer finance. Underlying income before tax fell by -2.8% to €3,240 million. The underlying tax charge was €903 million in first half 2019, i.e. +12.7% compared to first half 2018. The underlying effective tax rate (excluding the contribution of equity-accounted entities, already subject to tax, and non-specific legal provisions, which are not deductible) increased to 29.6% in first half 2019 compared to 25.3% in first half 2018. These developments combined led to a decrease in underlying net income before non-controlling interests of -7.4% compared to first half 2018. Non-controlling interests fell by -5.9%, in line with the drop in net income.

Underlying net income Group share decreased by -7.6% to €2,038 million.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 26/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Results by business line – Crédit Agricole S.A.

Crédit Agricole S.A.'s stable, diversified and profitable customer-focused universal banking model has a low risk profile that guarantees a high level of recurring net income.

The following chart shows a breakdown of underlying revenues and net income by business line (excluding the Corporate Centre) for the first half of 2019:

Crédit Agricole S.A. - Total underlying revenues, excl.Corporate centre, H1-19

Large Asset Asset customers servicing Insurance gathering 28% 4% 12% 29% CIB Asset 23% Underlying Mngt revenues 13% Wealth Leasing & excl. CC Mngt Factoring H1-19: 4% 3% €10,3bn Consumer finance LCL 11% 17% Spec. fin. serv. IRB 13% Retail banking 13% 31%

AG: Asset Gathering, including Insurance; RB: Retail Banking; SFS: Specialised financial services; LC: Large Customers CIB: Corporate & Investment banking; CC: Corporate Centre

Underlying revenues excluding Corporate centre in first half 2019: 10310 million euros, +1.4% compared to 10165 million euros in first half 2018

Crédit Agricole S.A. - Underlying Net income Group share, excl.Corporate centre, H1-19 Large customers Asset 28% servicing 2% Insurance Asset CIB 24% 25% gathering Underlying 38% Net income Leasing & excl. CC Asset Factoring H1-19: Mngt 3% 13% €2,5bn Wealth Consumer finance Mngt Spec. fin. serv. 13% 1% IRB LCL 16% 7% 12% Retail banking 19% AG: Asset Gathering, including Insurance; RB: Retail Banking; SFS: Specialised financial services; LC: Large Customers CIB: Corporate & Investment banking; CC: Corporate Centre

Underlying net income excluding Corporate centre in first half 2019: 2516 million euros, +0.1% compared to 2513 million euros in first half 2018

No business line represents more than 25% of underlying net income excluding Corporate centre, and no core business more than 40%. The largest contributor is Asset gathering, at 38%, which comprises business lines with strong commercial momentum requiring little capital for their organic growth.

The following sections discuss the activity and results of each of Credit Agricole S.A.'s business lines.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 27/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Asset gathering (AG)

This business encompasses Insurance (Crédit Agricole Assurances), Asset Management (Amundi) and Wealth Management (Indosuez Wealth Management).

Asset gathering (AG) - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues 1,479 1,479 +6.6% 2,948 2,948 +3.3% Operating expenses excl.SRF (691) (691) +2.1% (1,444) (1,444) +2.3% SRF (3) (3) n.m. (7) (7) x 2.2 Gross operating income 786 786 +10.5% 1,497 1,497 +3.9% Cost of risk (8) (8) x 2 (3) (3) (60.1%) Equity-accounted entities 12 12 (11.9%) 25 25 (2.3%) Net income on other assets (0) (0) (3.4%) (0) (0) +69.2% Income before tax 790 790 +9.6% 1,518 1,518 +4.2% Tax (221) (221) +47.8% (420) (420) +15.9% Net income Group Share 496 496 +2.0% 949 949 +1.5% Cost/Income ratio excl.SRF (%) 46.7% 46.7% -2.1 pp 49.0% 49.0% -0.5 pp

Activity At 30 June 2019, the division’s assets under management totalled €1,964 billion, a year-on-year increase of +€43 billion (+2.3%). It should be noted that the last quarter of 2018 was strongly impacted by the very adverse market environment, leading to a negative market and currency effect of -€51.4 billion and a decline in outstandings of -€55 million in the fourth quarter of 2018. In the first half of 2019, the improved market environment compared to the end of 2018 resulted in a very positive contribution to assets under management (market and currency effect at +€86.6 billion for the period, including +€73.4 billion for Amundi). Since the start of the year, assets under management have increased by +€85 billion, with net inflows of -€2.5 billion (- 11.7 billion for Amundi, +€6.1 billion for life insurance and +€3.1 billion for wealth management). It should be noted that the division continued to experience very strong customer risk aversion over the quarter. Assets under management after elimination of double counting amounted to €1,652.6 billion at 30 June 2019, a year-on-year increase of +1.6%.

Asset gathering - assets under management after elimination of double counting

∆ €bn Jun. 17 Sept. 17 Dec. 17 Mar. 18 Jun. 18 Sept. 18 Dec. 18 Mar. 19 Jun. 19 Jun./Jun.

Asset management – Amundi 1,121.4 1,400.0 1,426.2 1,452.4 1,466.4 1,475.2 1,425.1 1,476.5 1,486.8 +1.4%

Savings/retirement 274.0 276.1 278.6 280.3 282.6 285.6 285.2 292.3 297.3 +5.2%

Wealth management 155.5 157.5 162.8 162.3 171.8 173.6 168.9 177.0 180.0 +4.8%

Assets under management - Total 1,550.9 1,833.6 1,867.6 1,895.0 1,920.8 1,934.5 1,879.2 1,945.8 1,964.1 +2.3%

AuM excl. double counting 1,277.2 1,559.1 1,591.9 1,602.7 1,626.9 1,640.4 1,587.4 1,641.9 1,652.6 +1.6%

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 28/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Results In second quarter 2019, the division’s contribution to its underlying net income was up +2% at €496 million.

Within this division, the Insurance business line recorded a +2.2% increase from an underlying perspective, with gross operating income up +23%, mitigated by a normalisation of the tax charge; the Asset management business line posted a +4% increase in its contribution, with revenues unchanged and expenses under control; over the same period, Wealth management recorded a decrease in its contribution of -22.5%, income continued to be impacted by the wait-and-see attitude of investors although operating expenses were down. In first half 2019, the division’s contribution to the underlying net income was up +1.5% year on year at €949 million.

Asset gathering contributed 38% to the underlying net income of the Crédit Agricole S.A. business lines (excluding the Corporate Centre) in first half 2019 and 29% to underlying revenues also excluding the Corporate Centre.

At 30 June 2019, capital allocated to the division amounted to €9 billion, of which €1.0 billion to Asset Management, €0.5 billion to Wealth Management and €7.5 billion to Insurance. The division’s risk-weighted assets totalled €30.8 billion, of which €10.5 billion for Asset Management, €5.0 billion for Wealth Management and €15.3 billion for Insurance Risk-weighted assets are calculated net of the effect of the “Switch” guarantee, allowing the Crédit Agricole S.A. Group to save €34 billion in risk-weighted assets on the prudential treatment of the Insurance business line, but generating a negative impact of around -€50 million per quarter on the division’s net income (i.e. around - 75 million per quarter booked to net banking income). Underlying RoNE (return on normalised equity calculated on the basis of a capital allocation) was 25.3% for first half 2019, compared to 25.2% in 2018. Insurance (CA Assurances) The Insurance business line reflects the results of Crédit Agricole Assurances, a wholly-owned subsidiary of Crédit Agricole S.A., which covers all insurance businesses: savings/retirement, death & disability/creditor group and property & casualty insurance. As no specific items were recognised in the financial statements for the second quarter of 2019 and 2018 or the first half of 2019 or 2018, the underlying income of the Insurance business is equal to the stated income for both periods.

Insurance - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying

Revenues 618 618 +20.8% 1,246 1,246 +9.5% Operating expenses (160) (160) +14.9% (393) (393) +6.4% o/w tax expenses* (8) (8) n.m. (85) (85) +7.4% o/w general expenditure* (152) (152) +6.7% (308) (308) +6.2% Tax (145) (145) x 2.8 (256) (256) +48.3% Net income 321 321 +0.3% 606 606 +1.6% Non controlling interests (1) (1) (87.9%) (2) (2) (79.0%) Net income Group Share 320 320 +2.2% 604 604 +2.6% Cost/Income ratio (%) 26.0% 26.0% -1.3 pp 31.5% 31.5% -0.9 pp

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 29/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Business In second quarter 2019, Crédit Agricole Assurance posted premium income of €9.8 billion, a +22% improvement compared to second quarter 2018. All the Crédit Agricole Assurances businesses posted very good levels of growth. At end-June 2019, total premium income were €20.4 billion, an increase of +18.7% compared to the first six months of 2018. In Savings/Retirement, premium income amounted to €7.8 billion in second quarter 2019 (+26.9% compared to second quarter 2018). The first quarter of 2019 had been marked by a rebound in net euro-denominated inflows, and these reached €1.8 million in the second quarter, their highest-ever level. UL contracts made up 29.2% of gross inflows in second quarter 2019, down -2.3 percentage points compared to second quarter 2018 but up +4.2 percentage points compared to first quarter 2019. Compared to 2018, there is a net rebound in euro- denominated inflows. Net inflows in Savings/Retirement continued to accelerate, reaching +€3.3 billion in second quarter 2019, a very high level that follows continuous growth for the past seven quarters. This total consists of +€1.8 billion on euro-denominated contracts (vs +€0.4 billion in second quarter 2018) and +€1.5 billion on UL contracts (vs +€1.3 billion in second quarter 2018). This represents a UL share of 46% in net inflows. Over the whole of first half 2019, premium income in the Savings/Retirement activity reached €15.7 billion, an increase of +22.2% versus first half 2019, with strong momentum in the international activities (+52%). This strong growth was evident in both types of contracts: net inflows on UL contracts reached +€2.8 billion this half-year (up +8% versus 2018) and net inflows on euro-denominated contracts reached +€3.4 billion (more than five times the level of €0.7 billion seen in the first half of 2018). Crédit Agricole Assurances is adapting its strategy to the low interest rate environment and is preparing for a downward adjustment in the rates provided to its customers so that to adapt to interest rate changes, and by the implementation of a minimum proportion of UL for high-net-worth customers. In addition, Crédit Agricole Assurances is further building up its Policyholder Participation Reserve (PPE)33, which was over €10.9 billion at 30 June 2019, or 5.2% of euro-denominated outstandings, which represents several years of rates paid to policyholders (based on the rates paid in 2017 and 2018) and is a level of coverage that exceeds the French market average. Lastly, Crédit Agricole Assurances is continuing the diversification of its product mix by the development of property & casualty and protection of individuals insurances.

Crédit Agricole Assurances, already France’s leading insurance company, also became the number one life insurer in France in “l’Argus de l’assurance” ranking, dated 28 June 2019.

33 Scope: Life insurance France (Predica + Spirica)

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 30/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Savings/Retirement: Savings/Retirement: return of assets net inflows (€bn) and policyholders yields (%)

+3.3 +6.8% 2.76 +2.8 2.52 +1.5 +2.0 +2.1 1.97 +1.2 1.84 1.72 1.77 +1.6 1.74 +1.6 1.61 0.97 +1.2 +1.3 0.90 0.82 0.83 +1.3 +1.3 +1.6 +1.8 +0.8 +0.8 0.91 0.94 0.90 0.94 1.01 0.99 +0.3 +0.4 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Property & Casualty Euro contracts Unit-linked (UL) Death & disability / Creditor / Group

Assets under management continued to increase, standing at €297 billion34 at end June 2019, a +5.2% increase year on year. In favourable market conditions, UL assets under management amounted to nearly €66 billion and were up sharply compared to end-June 2018 (+€4.7 billion/+7.7%), while euro-denominated outstandings amounted to €231.4 billion (+€10 billion/+4.5%). At end-June 2019, UL contracts made up 22.2% of assets under management, up 0.5 percentage points compared to end-June 2018. The annualised rate of return on assets for euro-denominated contracts was 2.80% over first half 2019, down -46 basis points over one year, i.e. a level still significantly above the average guaranteed minimum rate (0.32% of outstandings at end-2018). Accordingly, it reflects the excellent quality of the Crédit Agricole Assurances investment portfolio and its ability to adjust the rate paid to its customers so as to adapt to market rate trends.

Insurance - Savings/Retirement: assets under management

∆ €bn Jun. 17 Sept. 17 Dec. 17 Mar. 18 Jun. 18 Sept. 18 Dec. 18 Mar. 19 Jun. 19 Jun./Jun.

Unit-linked (UL) 56.9 58.1 59.7 60.2 61.2 61.8 59.9 63.7 65.9 +7.7% In Euros 217.1 218.0 219.0 220.1 221.4 223.8 225.3 228.6 231.4 +4.5% Total 274.0 276.1 278.6 280.3 282.6 285.6 285.2 292.3 297.3 +5.2% Share of unit-linked 20.8% 21.0% 21.4% 21.5% 21.7% 21.7% 21.0% 21.8% 22.2% +0.5pp

34 Savings/retirement/death & disability assets under management

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 31/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Insurance: Breakdown of investments (excl. Unit-linked contracts)

Real estate (buildings, property shares, shares in SCIs) 7.3% 7.1% 7.1% 6.5% 6.7% 7.0% Other shares net of hedging

Interest rate products (bonds, etc…)

81.7% 83.2% 82.5%

Short term investments

Other (private equity, convertible 2.6%1.8% 2.8%0.2% 2.9%0.5% bonds, etc…) Market value Market value Market value Jun. 18 Dec. 18 Jun. 19

In property and personal protection (property & casualty, death & disability, creditor and group insurance), premium income reached close to €2 billion, an increase of +6.8% compared to second quarter 2018. In first half 2019, it reached €4.7 billion, up +8.4% compared to first half 2018. Crédit Agricole Assurances continued to enjoy steady growth in property & casualty insurance, both in France and abroad. Premium income increased by +7,8% compared to second quarter 2018, to €972 million, recording a net contribution of +191,000 contracts over the quarter, to reach more than 13.8 million contracts at end- June 2019 (France and international scope). The termination rate continued to be well controlled and was particularly low despite the Hamon Act35. As in previous quarters, premium income continued to post significant above-market growth in France in the second quarter. Over the first half of 2019, premium income posted strong growth of +8.4%, particularly in France thanks to Pacifica, which outperformed the market. Premium income totalled €2.7 billion, with a net contribution of more than 400,000 new contracts over the half year. The strong growth in equipment rates by individual customers36 in the LCL network (24.4% at end-June 2019, a +1.3 point increase since June 2018) and the Regional Banks network (37.0% at end-June 2019, up 1.5 point since June 2018) reflected excellent business momentum as well as the continued potential for sizeable growth in the Group’s customer take-up rates. In the Death & Disability/Creditor/Group segment, premium income totalled €993 million in second quarter 2019 versus €940 million in second quarter 2018, i.e. +5.7% year on year. In the first half of 2019, premium income grew sharply by +8.3% year on year to €2.0 billion. This increase was driven by the growth in all three business segments: - creditor insurance saw a significant rise in premium income over the half year of +9.8% compared to first half 2018;

- group insurance maintained solid momentum, with premium income up more than +3.5% compared to first half 2018;

- death & disability insurance picked up +6.8% year on year.

35 Under the Hamon Act, a property & casualty insurance contract may be terminated at any point over the term of the contract, and not only at the anniversary date. 36 Equipment rate: percentage of individual banking clients holding at least one insurance product (Pacifica estimates). Scope: auto, home, health, life accidents and legal protection insurance.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 32/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Partnerships Continuing its strategy of developing partnerships with external banking groups, on 8 July 2019 Crédit Agricole Assurances and Abanca signed a 30-year partnership to create a non-life company for the Spanish and Portuguese markets. The agreement provides for the creation of a 50/50 joint venture, which will offer the market innovative products based on technological solutions and a differentiated customer experience. The alliance will combine Abanca’s knowledge of the customer base with the scale achieved by Crédit Agricole Assurances in the European insurance market. The transaction will be finalised once authorisations have been obtained from the competent authorities.

Results

Insurance: Underlying Revenues and Net attributable income

652 645 667 607 631 629 627 629 618 566 541 556 546 533 526 507 512 476 391 369 341 363 313 330 320 293 306 308 284 252 251 275 267 268 276 220

Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

Revenues Net income Group Share

In second quarter 2019, Crédit Agricole Assurances posted net income of €320 million, a +2.2% increase over second quarter 2018. Revenues totalled €618 million, up +20.8% compared to second quarter 2018. In Savings/Retirement, this excellent performance is attributable to investment portfolio revaluations due to the performance of the financial markets. Since early 2019, Crédit Agricole Assurances has continued its prudent policy toward the management of financial margin in life insurance and has continued to reinforce its reserves (PPE37). In Property & casualty insurance, the combined ratio was well controlled, up 0.9 percentage point over one year to reach 95.2%38. It benefited in particular from a favourable pattern of claims compared to first half 2018, which had been marked by major events (storms, hail, floods). Operating expenses recorded an increase compared to second quarter 2018 of +14.9%, reaching €160 million. This increase can be explained mainly by a negative base effect on taxes expenses compared to second quarter 2018. Excluding this effect, general expenditure went up by +6.7% and reflect the investments made by the Crédit Agricole Assurances Group to develop its business activities, mainly internationally. The cost/income ratio came out to 26.0%, down from second quarter 2018.

37 PPE: Policyholder Participation Reserve 38 Ratio of (claims + operating expenses + commissions) to premium income, net of reinsurance, Pacifica scope.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 33/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Profit before tax amounted to €457 million in the second quarter of 2019, up +22.7% from second quarter 2018. The tax charge of €145 million in second quarter 2019 was consequently up over second quarter 2018, when a low tax charge had been posted (€52 million). The tax rate returned to normal over the quarter compared to second quarter 2018, similar to the rate noted in first quarter 2019.

In the first half 2019, the Insurance business line’s net income was €604 million, an increase of 2.6% compared to first half 2018. The cost/income ratio stood at 31.5%.

Insurance contributed 24% to Crédit Agricole S.A.’s underlying net income of the business lines (excluding the Corporate Centre) over first half 2019 and 12% to their underlying revenues. At 30 June 2019, capital allocated to Insurance was €7.5 billion and risk-weighted assets totalled €15.3 billion.

Risk-weighted assets are calculated net of the effect of the “Switch” guarantee, allowing the Crédit Agricole S.A. Group to save €34 billion in risk-weighted assets on the prudential treatment of the Insurance business line, but generating a negative impact of around -€50 million per quarter on the division’s net income. Asset management (Amundi) Asset management comprises the results of Amundi, a subsidiary owned 70.0% by Crédit Agricole Group, including 68.4% held by Crédit Agricole S.A. Since the third quarter 2017, the financial statements have included the full contribution of Pioneer, UniCredit's asset management company, which was acquired on 3 July 2017. As of the first quarter of 2019, consolidation costs associated with this acquisition are no longer recognised as specific items. In first-quarter 2018, these consolidation costs amounted to -€9 million before tax, i.e. -€4 million in net income. In second quarter 2018, the amounts were -€8 million and -€4 million, respectively. The specific items in the income statement used to calculate the transition from stated amounts to underlying amounts for first and second quarters 2018 are detailed in the Notes on p.93. There were no specific items recorded in first half 2019.

Asset management - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues 656 656 (0.1%) 1,294 1,294 (0.5%) Operating expenses excl.SRF (350) (350) +0.7% (691) (691) +0.1% SRF (2) (2) n.m. (3) (3) x 2.3 Gross operating income 304 304 (1.5%) 600 600 (1.5%) Cost of risk (2) (2) (57.9%) 3 3 n.m. Equity-accounted entities 12 12 (11.9%) 25 25 (2.3%) Tax (73) (73) (14.4%) (159) (159) (7.5%) Net income 240 240 +4.1% 468 468 +3.5% Non controlling interests (77) (77) +4.2% (150) (150) +3.5% Net income Group Share 163 163 +4.0% 318 318 +3.5% Cost/Income ratio excl.SRF (%) 53.4% 53.4% +0.4 pp 53.4% 53.4% +0.3 pp

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 34/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Business Amundi posted assets under management39 of €1,487 billion at end-June 2019, up +1.4% compared to June 2018. This year-on-year change masks any contrasting trends between the end of 2018 and the first half of 2019. The level of business activity was affected in the last quarter of 2018 by a very unfavourable market environment. By contrast, the first half of 2019, with the recovery of financial markets, had a very positive market effect on the +€73.4 billion assets under management, offsetting a net outflow of -€11.7 billion in a climate of persistent risk aversion among savers and investors. Amundi’s business is in line with activity in the European asset management market, which has seen a sharp slowdown in inflows since the second half 2018. In second quarter 2019, total net inflows amounted to -€4.8 billion, which is broken down into net inflows of +€1.9 billion for the Retail segment and outflows of -€6.7 billion from the Institutional segment. This outflow, which is centred on Corporate clients, is explained by seasonal outflows related to dividend payments in the second quarter of the year. In terms of asset classes, inflows of medium- and long-term assets were -€0.4 billion in second quarter 2019, compared with €8.4 billion in second quarter 2018, and continued to be affected by persistent risk aversion.

Asset management - Assets under managements(1) (€bn)

+1.4%

1,487 1,466 1,425 + 73.4

- 3.5 - 8.2 421 417 443

Net inflows 492 476 -€11.7bn 487

110 104 108 122 116 123 182 170 180 140 142 146 June. 18 Dec.18 Retail Institutionals Market/Forex June. 19 effect JVs Third-party distributors International networks French networks Institutionals and Corporates CA & SG insurers

(1) Assets managed, advised and distributed including 100% of AuM and net inflows of Asian JVs (for Wafa in Marocco, AuM at percentage of ownership interest)

39 Assets managed, advised and distributed including 100% of AuM and inflows of Asian JVs, except Wafa in Morocco, for which AuM and inflows are reported on a proportional consolidation basis

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 35/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Asset management - Assets under managements(1), breakdown by asset class (€bn)

1,466 1,425 1,487 Equities 16.6% 15.7% 16.9%

15.6% 16.0% 14.5% Treasury

Bonds 44.8% 45.4% 45.8%

Real, alternative and structured assets 4.8% 5.3% 5.5% 18.2% 17.6% 17.3% Multi-assets

June. 18 Dec.18 June. 19

(1) Assets managed, advised and distributed including 100% of AuM and net inflows of Asian JVs (for Wafa in Marocco, AuM at percentage of ownership interest)

Results Underlying net income rose +4% year on year in second quarter 2019 compared to the same quarter 2018, thanks to stable revenues and continued firm cost control. Revenues was stable at (-0.1%) year on year, reaching €656 million. In the context of continued strong customer risk aversion, management fees declined relatively modestly, by -3.9% compared to second quarter 2018. Performance fees remained at a good level, even though the level was already high in the second quarter of 2018 (€40 million in second quarter 2019 compared to €36 million in second quarter 2018). Financial income rose sharply (€15 million in second quarter 2019, compared to -€2 million in the same period in 2018), in line with the recovery in the markets during the quarter. Underlying operating expenses totalled -€350 million in second quarter 2019 and continue to be under control (-0.7% compared to the same quarter 2018). Growth investments (targeted recruitment) are offset by the completion of synergies related to the integration of Pioneer. The underlying cost/income ratio stood at 53.4%. The contribution of equity-accounted entities, including the earnings from Amundi’s joint ventures in Asia, totalled €12 million, a decrease of -11.9% compared to second quarter 2018. The decrease in JV income in China was partially offset by the increase in JV income in India and Korea. In first half 2019, underlying net income was €318 million, a year-on-year increase of +3.5%. Revenues totalled €1,294 million and was stable compared to the same period in 2018 (-0.5%). Underlying operating expenses amounted to €691 million, and were also stable over the period (+0.1%). The first half of 2019 includes a contribution to the Single Resolution Fund (SRF) of €3 million, compared to €1 million in the first half of 2018. Asset management contributed 13% to the underlying net income of the Crédit Agricole S.A. business lines (excluding the Corporate Centre) for the first half year 2019 and 13% of their underlying income.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 36/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Wealth management (CA Indosuez Wealth Management) The Wealth Management business line reflects the results of CA Indosuez Wealth (Group), a wholly owned subsidiary of Crédit Agricole Corporate & Investment Bank (CACIB), which itself owns 100% of its subsidiaries CA Indosuez (Switzerland) SA, CA Indosuez Wealth (France) and CA Indosuez Wealth (Europe), 70% of CFM Indosuez Wealth in Monaco, and as of 3 May 2018, 99.93% of Banca Leonardo in Italy. As no specific items were recognised in the financial statements for second quarter 2019 and 2018, nor in either first half 2019 or 2018, the underlying income of the Wealth Management business is equal to the stated income for both periods.

Wealth management - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues 206 206 (6.5%) 408 408 (2.1%) Operating expenses excl.SRF (181) (181) (4.9%) (360) (360) +2.2% SRF (1) (1) x 80.2 (4) (4) x 2.1 Gross operating income 24 24 (19.6%) 44 44 (29.6%) Cost of risk (5) (5) n.m. (7) (7) n.m. Income before tax 19 19 (39.6%) 37 37 (41.1%) Tax (4) (4) (69.1%) (5) (5) (73.3%) Net income 15 15 (20.5%) 32 32 (28.3%) Net income Group Share 13 13 (22.5%) 27 27 (30.6%) Cost/Income ratio excl.SRF (%) 87.8% 87.8% +1.5 pp 88.3% 88.3% +3.7 pp

Business The assets under management referred to in business figures only include those of the Indosuez Wealth Management group. As a reminder, LCL’s private banking customer assets amounted to €49.6 billion at end-June 2019, up +9.8% compared to end-June 2018. The results generated by LCL’s private banking business are recognised under LCL.

CA Indosuez Wealth Management saw assets under management increase by +3% year on year (+€3.8 billion), to €130.4 billion at end-June 2019, an historic high. As a reminder, the difficult market environment had a negative impact on the level of outstandings, with an unfavourable market effect at the end of 2018. The first half of 2019 and the market rebound resulted in good growth in outstandings, with positive net inflows and strong business momentum in Luxembourg, Brazil and France. Overall, assets under management in Wealth Management stood at €180 billion at end-June 2019, up +4.8% year on year.

Wealth management - breakdown of assets under management

∆ €bn Jun. 17 Sept. 17 Dec. 17 Mar. 18 Jun. 18 Sept. 18 Dec. 18 Mar. 19 Jun. 19 Jun./Jun.

LCL Private Banking 43.5 44.1 44.5 44.2 45.2 46.1 46.1 48.4 49.6 +9.8%

CAI Wealth Management 112.0 113.5 118.3 118.1 126.6 127.4 122.8 128.6 130.4 +3.0% Of which France 30.0 30.5 30.8 31.2 31.8 32.1 30.6 31.9 32.7 +3.0% Of which International 82.0 83.0 87.5 86.9 94.8 95.3 92.2 96.7 97.6 +3.0%

Total 155.5 157.5 162.8 162.3 171.8 173.6 168.9 177.0 180.0 +4.8%

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 37/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Results In second quarter 2019, net income was down at 13 million euros, compared to 17 million euros in second quarter 2018. The decline in revenues of -6.5% over the same period was due to an unfavourable base effect compared to second quarter 2018, which had been particularly buoyant for the Wealth Management sector, as well as the effect of a wait-and-see attitude among customers. Operating expenses also fell significantly, dropping -4.5% in the second quarter 2019. Gross operating income therefore amounted to €24 million (-19.6% compared to second quarter 2018).

In the first half 2019, the Wealth Management business line’s net income was €27 million, down -30.6% compared to first half 2018 for the same reasons. The rebound seen in the first half of 2019 has not enabled a return to the profitability levels of first half 2018. Nevertheless, net income for first half 2019 increased by 40% compared to second half 2018.

Wealth management contributed 1% to the underlying net income of the Crédit Agricole S.A. business lines (excluding the Corporate Centre) in first half 2019 and 4% of their underlying income.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 38/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Retail banking in France (LCL)

For Crédit Agricole S.A., Retail banking in France includes only the results of its subsidiary LCL, of which it owns 95.6%. The results of Crédit Agricole’s Regional Banks have been excluded from the Crédit Agricole S.A. scope since the beginning of 2016.

The change in the provision for home purchase savings plans is classified as a recurring specific item in LCL's financial statements. In the second quarter of 2019, this item had an impact of -€3 million on revenues and - €2 million on net income. No impact was seen in second quarter 2018. In the first half of 2019, the provision for home purchase savings schemes represented -€11 million in net banking income and -€7 million in net income, versus no impact in the same period of 2018. The specific items in the income statement used to calculate the transition from stated amounts to underlying amounts for first and second quarters 2018 are detailed in the Notes on p.94. There were no specific items recorded in first half 2019.

Retail banking in France (LCL) - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues 886 889 +1.5% 1,747 1,758 +1.4% Operating expenses excl.SRF (573) (573) (0.6%) (1,166) (1,166) (1.9%) SRF (1) (1) (42.3%) (32) (32) +13.2% Gross operating income 312 315 +5.8% 550 561 +8.4% Cost of risk (51) (51) (10.3%) (95) (95) (11.3%) Net income on other assets (0) (0) n.m. 1 1 (72.2%) Income before tax 262 264 +9.2% 456 467 +13.1% Tax (84) (85) +15.8% (153) (157) +18.8% Net income 178 180 +6.8% 303 310 +10.9% Net income Group Share 170 172 +6.5% 289 296 +11.0% Cost/Income ratio excl.SRF (%) 64.6% 64.4% -1.3 pp 66.7% 66.3% -2.3 pp

Business LCL continues to grow, with a capture of new customers of +28,000 since the beginning of the year. LCL launch its new “LCL essentiel” and enrolled 8,000 customers. The inventory of premium cards saw a year-on-year increase of +4.8% compared with end June 2018, while the inventory of Home-Car-Health insurance policies was up by +75,000 or +8.2% for the same period. The trend in the take-up rate for the different insurance products remained favourable.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 39/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 LCL - Customer savings (€bn)*

Customer savings (€bn)* Jun. 17 Sept. 17 Dec. 17 Mar.18 Jun. 18 Sept. 18 Dec. 18 Mar.19 Jun. 19 ∆ Jun./Jun.

Securities 10.2 10.0 10.0 9.7 9.9 9.9 8.7 10.1 10.2 +2.2% Mutual funds and REITs 10.4 10.4 10.2 9.5 9.4 9.2 9.0 8.7 8.5 (9.8%) Life insurance 60.0 60.2 60.6 60.6 61.2 61.1 60.1 61.5 62.7 +2.5% Off-balance sheet savings 80.5 80.5 80.8 79.8 80.5 80.2 77.8 80.3 81.4 +1.1% Demand deposits 42.0 43.5 45.0 43.2 45.5 47.2 48.6 48.3 51.2 +12.4% Home purchase savings plans 9.4 9.4 9.4 9.6 9.6 9.6 9.6 9.8 9.8 +1.9% Bonds 3.5 3.5 3.5 3.5 3.5 4.0 4.3 4.5 4.1 +14.9% Passbooks* 36.5 37.3 36.3 37.8 37.2 37.4 39.4 40.7 40.9 +9.8% Time deposits 12.5 12.4 12.2 11.8 11.8 11.9 12.2 11.9 12.2 +3.5% On-balance sheet savings 103.9 106.1 106.4 106.0 107.7 110.1 114.1 115.2 118.1 +9.7% TOTAL 184.5 186.7 187.2 185.8 188.2 190.3 191.9 195.5 199.5 +6.0%

Passbooks* o/w (€bn) Jun. 17 Sept. 17 Dec. 17 Mar.18 Jun. 18 Sept. 18 Dec. 18 Mar.19 Jun. 19 ∆ Jun./Jun.

Livret A 8.3 8.4 8.4 8.7 8.9 9.0 9.1 9.5 9.8 +9.5% LEP 1.1 1.1 1.1 1.1 0.9 0.9 1.0 1.0 0.9 (0.4%) LDD 7.9 7.9 7.8 7.9 8.0 8.0 7.9 8.2 8.2 +3.3% * Including liquid company savings

Total customer assets grew by +6.0% on a yearly basis and reached €199.5 billion at end June 2019, driven by demand deposits (+12.4%) and passbooks (+9.8%). On-balance sheet deposits grew by +9.7% to €118.1 billion at end June 2019, driven by the increase in all sub-funds. Off-balance sheet savings increased by +1.1% to €81.4 billion. Loans outstanding posted a year-on-year increase of +9.5% for a total of 124.6 billion at end-June 2019. Home loans outstanding surpassed €78.3 billion (62.8% of total loans), showing strong growth of +8.9% year on year at end June 2019. Outstanding consumer loans grew +5.7% and loans to SME and corporate customers continued to climb, gaining +11.3% and +11.6% respectively at end June 2019.

Retail Banking in France (LCL) - Loans outstandings

Loans outstanding (€bn) Jun. 17 Sept. 17 Dec. 17 Mar.18 Jun. 18 Sept. 18 Dec. 18 Mar.19 Jun. 19 ∆ Jun./Jun.

SMEs 19.6 20.0 20.8 20.8 21.6 22.5 23.2 23.5 24.1 +11.4% Small businesses 12.2 12.4 12.6 12.9 13.2 13.5 13.8 14.2 14.6 +11.3% Consumer credit 6.9 7.0 7.1 7.1 7.2 7.3 7.6 7.4 7.6 +5.7% Home loans 70.1 70.6 70.8 71.0 71.9 73.8 75.4 76.9 78.3 +8.9%

TOTAL 108.8 110.0 111.4 111.8 113.8 117.0 120.0 122.0 124.6 +9.5%

In second quarter 2019, renegotiation volumes were €0.4 billion, still at a low level compared to a high of €5 billion, with the trend remaining relatively constant since the beginning of 2019. It should be noted that renegotiations reached around €0.5 billion in the second quarter 2018. Early repayment volumes have remained at around €1 billion since fourth quarter 2017. Note that the highest level was €1.7 billion, in second quarter 2017.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 40/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 LCL - Monthly renegotiated outstandings, 2014-2019 (€bn)

2016 monthly average: 2017 monthly average: €1bn €0.6bn 2018 monthly average: 2019 monthly average: €0.1bn 2.1 €0.1bn

1.8 1.9 1.8 1.6 1.5 1.5

1.2 1.1 1.1

0.7 0.7 0.5 0.4 0.4 0.4 0.2 0.30.30.3 0.3 0.2 0.20.20.20.2 0.2

0.20.10.10.10.10.10.10.10.1 0.10.1 0.10.10.10.10.10.2

2014* 2015*

Jul. 16 Jul. 17 Jul. 18 Jul.

May16 May17 May18 May19

Mar.17 Mar.18 Mar.19 Mar.16

Apr. 16 Apr. 17 Apr. 18 Apr. 19 Apr. Oct. 16 Oct. 17 Oct. 18 Oct.

Jun. 16 Jun. 17 Jun. 18 Jun. 19 Jun. Jan. 16 Jan. 17 Jan. 18 Jan. 19 Jan.

Feb. 16 Feb. 17 Feb. 18 Feb. 19 Feb.

Aug. 16 Aug. Nov. 16 Nov. 16 Dec. 17 Aug. 17 Nov. 17 Dec. 18 Aug. 18 Nov. 18 Dec.

Sept. 17 Sept. 18 Sept. 16 Sept.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 41/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Results Underlying net income for second quarter 2019 was €172 million, up +6.5% year on year, mainly as a result of an increase of +1.5% in revenues, a decrease in cost of risk of -10.3%. Underlying gross operating income increased by +5.8% compared to second quarter 2018, and the cost/income ratio improved by 1.3 percentage point. Revenues totalled €889 million, up +1.5% compared to second quarter 2018. Despite an economic environment marked by persistently low interest rates, interest income rose by +5.6% compared to the same period in 2018. Fees and commissions remained stable at €413 million compared to second quarter 2018. The strong performance of property and life insurance fees and commissions, and management of service accounts and payment instruments, up +2.2% and +1.9% respectively, are helping to offset the decline in fees and commissions for asset management. Fees and commissions contributed approximately +50% of underlying net banking income this quarter.

LCL - Changes in detailed revenues (€bn)

Revenues (€m) Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 ∆ Q2/Q2

Net interest income 512 449 433 430 462 460 419 458 473 +2.5% Home purchase savings plans (PEL/CEL) 55 8 2 - - (2) 1 (8) (3) Net interest income excl. HPSP 457 442 431 430 462 462 418 466 476 +3.1% (0.2%) Fee and commission Income 401 399 394 428 413 398 422 403 413 - Securities 37 31 40 33 35 31 26 28 26 (24.6%) - Insurance 151 149 160 162 155 147 155 167 158 +2.2% - Account management and payment 213 219 194 233 223 220 241 208 228 +1.9% instruments

TOTAL 912 848 827 858 875 858 842 861 886 +1.2% TOTAL excl. HPSP 857 841 825 858 875 860 841 869 889 +1.5% * Excluding adjustment of funding costs

LCL - Changes in revenues (€bn)

912 875 886 848 827 858 858 842 861 55 - 8 2 - 1 413 401 399 394 428 413 398 422 403

457 442 431 430 462 462 418 466 476

(2) (8) (3) Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

Net interest income excl. HPSP Fee and commission Income Home purchase savings plans (PEL/CEL)

*Excluding refinancing cost adjustment

Operating expenses excluding SRF totalled €573 million in second quarter 2019, a slight decrease of -0.6% compared to second quarter 2018. The underlying cost/income ratio for the quarter was 64.4%, an improvement of 1.3 percentage points year on year. Note that there was an additional amount of €1 million this quarter as a contribution to the Single Resolution Fund (SRF), down -42.3% compared to the second quarter 2018.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 42/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Cost of risk was €51 million in second quarter 2019, down -10.3% compared to second quarter 2018. Cost of risk on outstandings40 remained low, at 16 basis points. IFRS9 provisions on Buckets 1 and 2 represent a reversal of €1.2 million. The non-performing loans rate fell sharply to 1.6% at end June 2019, from 1.7% at end June 2018, and the coverage ratio reached 80.4% including collective provisions. Pre-tax income was up +9.2% in second quarter 2019 compared to second quarter 2018.

In first half 2019, underlying net income Group share was €296 million, a sharp increase of +11.0% as a result of revenue growth of +1.4%, a decrease of -1.9% in underlying operating expenses, and a decrease of -11.3% in the cost of risk (related to an improvement in risk on retail customers and a return to normal of the risk on Corporates).

Gross operating income increased by +8.4% and the underlying cost/income ratio excluding SRF was 66.3%, an improvement of -2.3 percentage points compared to first half 2018 thanks to a positive jaws of 0.5%. This quarter, the increase in the contribution to the Single Resolution Fund – SRF of +13.2% to €32 million should be noted.

LCL contributed 12% to the underlying net income Group share of the Crédit Agricole S.A. business lines (excluding the Corporate Centre) in first half 2019 and 17% of their underlying revenues. At 30 June 2019, capital allocated to LCL stood at €4.7 billion (13% of the total) and risk-weighted assets were €51.7 billion (16% of the total).

RoNE (Return on Normalised Equity calculated on the basis of a capital allocation, annualised) stands at 10.8% in first half 2019 stable compared to 2018.

40 Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 43/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 International retail banking (IRB)

International retail banking encompasses the local banking networks in Italy, grouped under the name “Gruppo Bancario Crédit Agricole Italia” (hereafter referred to as “CA Italia”), including Cariparma, Friuladria and Carispezia, and now the three banks acquired in late December 2017, namely Cassa di Risparmio (CR) di Cesena, CR di San Miniato and CR di Rimini, as well as all of the Group’s retail banks abroad, mainly Crédit Agricole Poland (wholly owned41), Crédit Agricole Ukraine (wholly owned41), Crédit Agricole Egypt (60.2%41), and Crédit du Maroc (78.7%41).

International retail banking (IRB) - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues 715 715 +3.8% 1,391 1,391 +1.8% Operating expenses excl.SRF (436) (436) +2.5% (856) (856) +0.9% SRF (7) (7) +37.0% (22) (22) +1.5% Gross operating income 272 272 +5.2% 513 513 +3.5% Cost of risk (84) (84) (1.9%) (172) (172) (3.6%) Income before tax 187 187 +8.2% 340 340 +7.3% Tax (52) (52) +6.9% (96) (96) +0.8% Net income from discont'd or held-for-sale ope. - - n.m. - - n.m. Net income 135 135 +8.8% 243 243 +10.1% Non controlling interests (36) (36) +8.1% (66) (66) +7.4% Net income Group Share 98 98 +9.0% 178 178 +11.1% Cost/Income ratio excl.SRF (%) 61.0% 61.0% -0.8 pp 61.5% 61.5% -0.6 pp

In the first quarter 2019, underlying net income Group share from international retail banking stood at €98 million, up +9.0% compared to second quarter 2018, mainly driven by a growth in gross operating income of +5.2% compared to 2018 and the improvement in credit quality (with a decrease in the cost of risk of -1.9% at IRB Italy and other IRB compared to the same period in 2018). The underlying cost/income ratio for the quarter stood at 61.0%, a slight decline of -0.8 percentage points compared to the same period in 2018.

For first half 2019, net income Group share was €178 million, a sharp increase of +11.1% compared to first half 2018, again as a result of an increase of +3.5% in gross operating income and a decrease of -3.6% in the cost of risk, leading to pre-tax income of €340 million (+7.3% compared to the same period in 2018). The cost/income ratio excluding SRF for the half year remains at 61.5%, representing a slight improvement of 0.6 point compared to first half 2018. This reflects not only the realisation of cost synergies in connection with the integration of the three banks in Italy, but also the improvement in the operational efficiency of the other retail banks, whose cost/income ratio improved by 1.9 percentage points (as a result of an increase in revenues of +9.0%, well above the growth of +5.6% in expenses during the period).

International retail banking contributed 7% to the underlying net income Group share of the Crédit Agricole S.A. business lines (excluding the Corporate Centre) over first half 2019 and 13% of their underlying revenues.

41 Percentage owned at 31 December 2018

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 44/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 At 30 June 2019, capital allocated to the International Retail banking division was €4.0 billion (11% of the total allocation); and risk-weighted assets stood at €42.0 billion (13% of the total).

International Retail Banking - Geographical breakdown

Outstanding loans Q2-19 by entity Outstanding on-B/S deposits Q2- Revenues Q2-19 by entity 19 by entity 2% Italy 2% Italy 2%2% 4% 2% Italy 4%2% 7% 7% 8% Poland Poland 8% Poland 8% 7% Morocco Morocco Morocco 12% Egypt Egypt Egypt 67% Ukraine 79% Ukraine 77% Ukraine Other Other Other

Retail banking in Italy (IRB Italy) Retail banking in Italy includes the networks of Gruppo Bancario Crédit Agricole Italia (“CA Italia”), which operates under the Crédit Agricole, Cariparma, Friuladria and Carispezia brands, as well as the three banks (Cassa di Risparmio – CR, Rimini and San Miniato) acquired in late December 2017. All three banks were legally merged with CA Italia at end September 2018. The financial statements for the second quarter 2018 show a specific item for IRB Italy. This is a provision reversal for the costs of integrating the three Italian banks, which had an impact of +8 million euros on net income Group share. The amount was the same for first half 2018. This reversal is related to the provision for the costs of terminating distribution agreements, which turned to be lower than expected. There were no specific items in second quarter or first half 2019.

The specific items in the income statement used to calculate the transition from stated amounts to underlying amounts are detailed in the Notes on p.94.

Retail banking in Italy (IRB Italy) - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues 483 483 +1.3% 935 935 (1.3%) Operating expenses excl.SRF (295) (295) (0.9%) (579) (579) (1.2%) SRF (7) (7) +37.0% (22) (22) +1.5% Gross operating income 181 181 +4.0% 334 334 (1.6%) Cost of risk (61) (61) (1.9%) (128) (128) (9.3%) Income before tax 120 120 +7.3% 206 206 +3.8% Tax (38) (38) +12.4% (66) (66) (0.5%) Net income 81 81 +5.0% 140 140 +5.9% Non controlling interests (22) (22) +0.1% (38) (38) +1.9% Net income Group Share 59 59 +7.0% 102 102 +7.4% Cost/Income ratio excl.SRF (%) 61.1% 61.1% -1.4 pp 62.0% 62.0% +0.0 pp

Business Commercial activity remains strong in Italy, with continued momentum in sales growth and +12,000 net new customers in first half 2019.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 45/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Total customer assets fell by -0.5% compared to 30 June 2018, to €75.7 billion at end June 2019, excluding assets under custody, thanks to strong off-balance sheet inflows (+3.8%), offsetting the decline in on-balance sheet deposits of -3.8% over the same period, continuing initiatives to reduce high-cost volatile resources. Off-balance sheet inflows performed well despite a complex economic climate in the country in this part of the year and reached €35.2 billion at end June 2019, excluding assets under custody. Outstanding loans reached €43.0 billion at end June 2019, up slightly by +0.4% from end June 2018. It should be noted that CA Italia has made a disposal of €1.4 billion non-performing outstanding loans in 2018. Excluding this disposal, outstanding loans climbed +3.6% compared to end June 2018. Contrary to the trend in the Italian market (down -9.4%42), CA Italia performed well in home loans, up sharply +6.8% compared to June 2018. The integration of the three acquired banks also enabled them to achieve remarkable business performance, with volume increases of x 1.7 in home loans and +20.8% in consumer credit.

IRB Italy - Customer savings and loans outstandings

CA Italy (€bn) March 17* June 17 Sept. 17 Dec. 17** Mar. 18** June 18** Sept 18** Déc 18** Mar. 19** June 19** ∆ June/June

Total loans outstanding 37.7 37.1 42.3 43.1 42.9 42.1 42.2 42.5 43.0 +0.4% o/w retail customer loans 17.5 17.6 22.6 22.9 22.1 20.0 20.3 20.5 20.8 (5.7%) o/w SMEs and small businesses 15.0 14.8 14.9 15.0 15.5 16.7 16.6 14.9 15.0 (2.8%) o/w Large corporates 3.1 2.8 2.8 3.1 3.2 3.3 3.2 5.0 5.0 +56.0%

On-balance sheet customer assets** 34.1 34.1 42.4 42.1 42.2 40.9 40.6 39.8 40.6 (3.8%) Off-balance sheet customer assets*** 29.4 30.0 33.7 33.6 33.9 34.3 33.7 34.5 35.2 +3.8% Total assets (€bn) 63.5 64.2 76.1 75.7 76.1 75.3 74.3 74.3 75.7 (0.5%) * including intergration of Calit for €1.9bn ** pro forma the reclassification in Q3-16 of financial clients deposits from on-B/S deposits to market funding

** excluding assets under custody

Results In second quarter 2019, IRB Italy’s net income Group share was €59 million, a year-on-year increase of +7.0%.

Revenues was €483 million, an increase of +1.3% compared to second quarter 2018, driven in particular by a good level of fees and commissions and interest margin (both up, by +€7 million and +€4 million, respectively). Operating expenses were down slightly by -0.9%, to €295 million compared to second quarter 2018, mainly due to depreciation and amortisation, offset by lower staff costs. This allowed a slight positive jaws effect to be achieved over the quarter.

The cost/income ratio for the quarter improved by 1.4 percentage points to 61.1% compared to second quarter 2018, the result of the efforts initiated to stabilise expenses and strong revenue performance for the quarter. Cost of risk was €61 million in second quarter 2019, down -1.9% compared to second quarter 2018. IFRS9 provisions on Buckets 1 and 2 represent a net reversal of €0.5 million. Cost of risk on outstandings stood at 62 basis points43, down -16 basis points year on year (showing a better credit quality) and -1 basis point compared to first quarter 2019. The rate of non-performing loans stood at 8.2% compared to 10.3% at end June 2018, an improvement of 2.1 percentage points. A point of note in 2018 was the disposal of non- performing loans for €1.4 billion in 2018 (€445 million in the second quarter, €700 million in the third quarter, and €230 million in the fourth quarter). The coverage ratio increased for the same reason to 60.4% versus 50.1% at end June 2018.

42 Source Crif 43 Average loan loss reserves over the last four rolling quarters, annualised

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 46/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 In first half 2019, the division’s underlying net income Group share was €102 million, up +7.4% compared to first half 2018. It should be noted that over the first half of the year, there was a contribution to the Single Resolution Fund (SRF) of -€22 million, up slightly +1.5% compared to the same period in 2018. The cost/income ratio for the half-year was 62.0%, stable compared to the same period in 2018.

The business line’s RoNE (Return on Normalised Equity calculated on the basis of a capital allocation, annualised) stands at 8.5% compared to 9.1% for the first half 2018.

Crédit Agricole Group in Italy Net income for all Crédit Agricole S.A. entities in Italy amounted to €344 million in first half 2019, up +19% compared to first half 2018. They contributed for 13% to the underlying net income of the Crédit Agricole S.A. core businesses. Loans outstanding amounted to 68 billion euros at the end of June 2019, up +2.7% year-on-year, while customer deposits and funds grew to 253 billion euros.

Groupe in Italy – Gross NPL (€bn) and coverage ratio

70.2% 69.6% 66.0%

Coverage ratio (%) 55.4% 51.0% 52.0% (incl.collective reserves) 7.2 6.8 6.6 0.7 0.1 0.7 0.4 CACIB 0.2 0.2 1.2 5.2 5.1 5.0 FCA Bank (@50%) 0.9 0.9 0.4 0.3 0.4 Agos 0.1 0.2 0.2 1.0 0.9 0.9 BPI Italie

5.2 5.0 5.1 3.7 3.6 3.6

2015 2016 2017 2018 2019-03 2019-06

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 47/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Other international retail banking (Other IRB) There were no specific items in the second quarter of either 2018 or 2019 or in the first half of either 2018 or 2019. Underlying net income is therefore the same as that disclosed for these four periods.

Other International retail banking (Other IRB) - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues 232 232 +9.4% 456 456 +9.0% Operating expenses (141) (141) +10.5% (277) (277) +5.6% Gross operating income 91 91 +7.8% 179 179 +14.7% Cost of risk (23) (23) (1.9%) (44) (44) +17.7% Income before tax 67 67 +10.0% 134 134 +13.2% Tax (14) (14) (5.4%) (31) (31) +3.7% Net income 53 53 +15.0% 103 103 +16.3% Non controlling interests (14) (14) +23.5% (28) (28) +15.9% Net income Group Share 39 39 +12.2% 76 76 +16.4% Cost/Income ratio excl.SRF (%) 60.7% 60.7% +0.6 pp 60.7% 60.7% -1.9 pp

Business International Retail banking excluding Italy (Other IRB) continued to grow during this quarter, thanks to an acceleration in commercial activity in various entities. Total on- and off-balance sheet customer savings increased by +14.7%44 to €14.3 billion between end June 2018 and end June 2019. On-balance sheet deposits totalled €12.2 billion at end June 2019, up +8.1%44 compared to the same period in 2018. The increase was driven in particular by strong increases in on-balance sheet deposits in Ukraine (+16.2%44), Poland (+8.9%), Egypt (+6.0%44). Loans outstanding were €11.5 billion at end June 2019, up +12.6%44 compared to June 2018, driven by Ukraine (+27.9%) and Egypt (+14.3%),.

The surplus of deposits over loans remained at €1.4 billion at end June 2019.

Other IRB - Customer savings and loans outstandings

IRB Others (€bn) March 17* June 17 Sept. 17 Dec. 17** Mar. 18** June 18** Sept 18** Déc 18** Mar. 19** June 19** ∆ June/June

Total loans outstanding 10.0 9.9 10.0 9.9 10.2 10.7 10.7 11.0 11.5 +12.6% o/w retail customer loans 5.1 5.1 5.1 5.2 5.2 5.3 5.4 5.7 5.6 +8.5% o/w SMEs and small businesses 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.1 +21.9% o/w Large corporates 4.0 3.9 3.9 4.0 4.2 4.3 4.4 4.2 4.7 +13.2%

On-balance sheet customer assets 10.6 10.5 10.7 10.5 10.9 11.4 11.6 11.8 12.2 +11.8% Off-balance sheet customer assets 1.3 1.3 1.3 1.5 1.5 1.6 1.7 1.8 2.1 +34.8% Total assets (€bn) 11.9 11.8 12.0 12.0 12.5 13.0 13.3 13.6 14.3 +14.7%

44 Excluding exchange rate effect

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 48/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Results In second quarter 2019, net income Group share of Other IRB was €39 million, up +12.2% compared to second quarter 2018, as a result of an increase in gross operating income (+7.8%) and a continued decrease in cost of risk (-1.9%). Revenues rose +9.4% compared to second quarter 2018, to €232 million, +5.7% excluding currency effects. Operating expenses saw a slight increase of +10.5% over the same period, mainly due to staff costs in Egypt and Ukraine. The cost/income ratio stood at 60.7%, an improvement of 0.6 point compared to second quarter 2018. The cost of risk fell slightly by -1.9% over the same period to -€23 million.

By country: - Egypt experienced a strong increase in revenues (+9.6%45 compared to second quarter 2018); net income rose sharply to +12.7%45 compared to second quarter 2018;

- Poland enjoyed revenue growth of +3.1% as well as good control of expenses (up slightly, by +2.4%), despite strong wage pressure, making it possible to achieve an increase of +6.6% in net income Group share compared to the same period in 2018; - Ukraine continued its excellent performance, thanks to the increase in revenue (+12.2%45 year on year); net income showed an increase of +11.5%45; - Crédit du Maroc recorded an increase in expenses of +4.4% mainly due to staff costs; revenues also increased by +3.5%, and gross operating income grew by +2.7% compared to second quarter 2019.

In first half 2019 the business line’s underlying net income Group share was €76 million, an increase of +16.4% compared to first half 2018. The cost/income ratio improved by 1.9 percentage point to 60.7%. This business line achieves constant profitability. It now accounts for 7% of Crédit Agricole S.A.’s underlying net income excluding the Corporate Centre.

The business line’s RoNE (Return on Normalised Equity calculated on the basis of a capital allocation, annualised) stands at 20.2%.

45 Excluding exchange rate effect

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 49/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Specialised financial services (SFS)

Specialised Financial Services includes consumer credit (CA Consumer Finance – CACF) and leasing and factoring activities (CA Leasing & Factoring – CAL&F).

Specialised financial services (SFS) - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues 687 687 (1.1%) 1,368 1,368 (1.1%) o/w CACF 551 551 +0.0% 1,092 1,092 (0.9%) o/w CAL&F 136 136 (5.6%) 276 276 (1.8%) Operating expenses excl.SRF (329) (329) +6.1% (671) (671) +0.6% SRF (0) (0) (91.3%) (18) (18) +4.3% Gross operating income 358 358 (6.8%) 678 678 (2.9%) Cost of risk (132) (132) +3.4% (239) (239) +5.4% Equity-accounted entities 78 78 +21.3% 156 156 +23.6% Income before tax 305 305 (5.2%) 596 596 (0.4%) Tax (73) (73) (4.0%) (137) (137) (2.7%) Net income 232 232 (5.6%) 459 459 +0.2% Net income Group Share 207 207 (4.2%) 401 401 +1.7% o/w CACF 171 171 +2.3% 333 333 +6.0% o/w CAL&F 36 36 (26.3%) 68 68 (14.8%) Cost/Income ratio excl.SRF (%) 47.9% 47.9% +3.3 pp 49.1% 49.1% +0.8 pp

In second quarter 2019, underlying net income Group share of the Specialised financial services (SFS) business division was €207 million, a decrease of -4.2% compared to second quarter 2018. Gross operating income showed a one-off decrease (-6.8%), penalised by a slight slowdown in net banking income (-1.1%) and by the increase in operating expenses excluding the contribution to the SRF (+6.1%) stemming from development costs and consulting fees. At the same time, the cost of risk increased by +3.4% particularly in relation to specific provisions at CA Leasing & Factoring. Equity-accounted entities, mainly CA Consumer Finance’s auto joint ventures recorded a significant increase in their contribution (+21.3%) and a decrease of -4.0% in the tax charge. The cost/income ratio for the quarter stood at 47.9%, a deterioration of 3.3 percentage points on second quarter 2018.

The underlying net income Group share for first half 2019 was €401 million, up +1.7% compared to first half 2018, in particular as a result of the sharp increase of +23.6% in the contribution of equity-accounted entities. The one-off decrease in gross operating income in the second quarter, combined with the first quarter IFRIC 21 impacts, resulted in a decrease in gross operating income of -2.9% in first half 2019 compared to first half 2018. In first half 2019, the cost/income ratio (excluding SRF) was 49.1%, a slight decrease of 0.8 percentage points compared to first half 2018.

Specialised financial services contributed 16% of Crédit Agricole S.A.’s underlying net income Group share of the business lines (excluding the Corporate centre) in first half 2019 and 13% of underlying revenues (excluding the Corporate centre).

At 30 June 2019, the capital allocated to the Specialised financial services division was €5.3 billion (15% of total allocated capital); the risk-weighted assets were €55.6 billion (17% of the total). RoNE (Return on Normalised Equity) of the Specialised financial services came out at 15.8% for the first-half year 2019 annualised, versis 16.0% for the first-half year 2018 and 16.3% for the full year 2018.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 50/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Consumer finance (CACF) The Consumer finance business line includes parent company CA Consumer Finance (CACF), which operates in France under the Sofinco brand name, and its 61%-owned subsidiary Agos in Italy (the remaining share capital is held by Banco BPM), Creditplus in Germany, Credibom in Portugal, CACF NL in the Netherlands, and its joint ventures with auto manufacturers, namely FCA Bank (with Fiat Chrysler Automotive, 50%-owned by CACF and 50%-owned by FCA) and GAC-Sofinco in China (with Guangzhou Automobile Group, 50%-owned by CACF and 50%-owned by GAC), and a banking partnership in Morocco, Wafasalaf (49%-owned by CACF and 51%-owned by Attijariwafa Bank). No specific items were recorded in the financial statements for either second quarter 2019 or 2018.

Consumer credit (CACF) - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues 551 551 +0.0% 1,092 1,092 (0.9%) Operating expenses excl.SRF (259) (259) +6.1% (526) (526) +0.4% SRF (0) (0) x 2.4 (11) (11) +5.2% Gross operating income 292 292 (4.9%) 555 555 (2.3%) Cost of risk (118) (118) +2.1% (214) (214) +4.3% Cost of legal risk - - n.m. - - n.m. Equity-accounted entities 78 78 +21.3% 156 156 +23.6% Net income on other assets 0 0 (29.2%) 0 0 (38.3%) Change in value of goodw ill - - n.m. - - n.m. Income before tax 253 253 (1.5%) 498 498 +1.6% Tax (57) (57) (4.6%) (107) (107) (4.7%) Net income from discont'd or held-for-sale ope. - - n.m. - - n.m. Net income 196 196 (0.5%) 391 391 +3.5% Non controlling interests (25) (25) (16.2%) (58) (58) (8.9%) Net income Group Share 171 171 +2.3% 333 333 +6.0% Cost/Income ratio excl.SRF (%) 46.9% 46.9% +2.7 pp 48.2% 48.2% +0.6 pp

Business Business in the second quarter of 2019 continued its upward trend, with assets under management exceeding €90 billion as at 30 June 2019, totalling €90.5 billion. Production for the quarter reached €11.8 billion, an increase of +4.5% compared to second quarter 2018 and driven mainly by the business activities of the automotive partnerships (+9.3%) and of Agos (+7.5%). Gross managed outstandings increased by +6.2% between June 2018 and June 2019, driven by the automotive partnerships (+8.4%) and Crédit Agricole Group’s retail banks (+8.1%).

Partnerships On 28 June 2019, CA Consumer Finance also signed a final agreement with Banco BPM (Italy’s third-largest bank) to strengthen their global partnership, expanding their commercial relationship to the entire Banco BPM branch network (including the acquisition of the banking activity of Profamily) and extending it for 15 years. On 19 July 2019, CA Consumer Finance also signed an agreement with Fiat Chrysler Automobiles Italy (FCA) to extend their 50/50 joint venture until 31 December 2024).

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 51/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Consumer credit (CACF) - Gross managed loans (€bn) (1/2)

+6.2% 89.2 90.5 85.3 85.9 88.4 3.4 3.7 3.6 3.7 3.7 18.7 18.8 19.3 17.9 18.3 Other Crédit Agricole Group 32.5 33.2 33.3 30.7 30.8 Car finance partnerships Consolidated loan book

33.1 33.2 33.6 33.7 34.2

Jun. 18 Sept. 18 Dec. 18 Mar. 19 Jun. 19 *

(*) Geographical breakdown : 37% in France, 31% in Italy and 32% in other countries.

Consumer credit (CACF) - Gross managed loans (2/2)

∆ (€bn) Jun. 17 Sept. 17 Dec. 17 Mar. 18 Jun. 18 Sept. 18 Dec. 18 Mar. 19 Jun. 19 * Jun./Jun. Consolidated loan book 32.6 32.7 32.9 32.9 33.1 33.2 33.6 33.7 34.2 +3.3% Car finance partnerships 27.5 27.8 29.2 29.5 30.7 30.8 32.5 33.2 33.3 +8.4% Crédit Agricole Group 16.2 16.4 17.0 17.3 17.9 18.3 18.7 18.8 19.3 +8.1% Other 4.5 3.5 3.5 3.5 3.6 3.7 3.7 3.4 3.7 4.5% Total 80.8 80.4 82.6 83.2 85.3 85.9 88.4 89.2 90.5 +6.2% O/w Agos (total managed loan book) 15.0 14.0 13.8 13.9 13.9 13.8 13.9 13.9 14.4 3.7%

Results Underlying net income Group share amounted to €171 million in second quarter 2019, an increase of +2.3% year on year, aided by a higher contribution from equity-accounted entities (+21.3%). Revenues totalled €551 million, stable compared to second quarter 2018, in a context of strong competitive pressure in France and the launch of new partnerships (resulting in customer acquisition costs of approximately €5.8 million – building up new partnerships with Ikea in Italy and Burgos in Germany). Operating expenses excluding SRF were up +6.1% year on year, mainly due to consulting fees related to the signing of partnership agreements with Banco BPM and FCA (negative impact of -€4 million). The cost/income ratio excluding SRF came to 46.9%, a decrease of 2.7 percentage points compared to second quarter 2018. Cost of risk increased slightly compared to second quarter 2018, rising by +2.1% to €118 million. Cost of risk relative to outstandings came out46 at 122 basis points, up +8 basis points compared to second quarter 2018 and +1 basis point compared to first quarter 2019. The contribution from equity-accounted entities to net income Group share increased significantly this quarter, up by +21.3% to €78 million on the back of persistently strong commercial performance, leading to growth in the average outstandings of auto loan joint ventures (FCA Bank in Europe : contribution up by +22% and GAC- Sofinco in China : +74%). According to accounting rules, these partnerships are consolidated using the equity accounting method, generating net income, but with no impact on operating income. It is interesting to note, though, that by simulating a proportional integration of 50% for these partnerships47, net banking income would increase by +2.6% this quarter (versus stability in accounting terms) and expenses by +5.4% (versus

46 Average loan loss reserves over the last four rolling quarters, annualised 47 Based on management data.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 52/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 +6.2%), resulting in an increase in gross operating income of +0.7% (versus a decrease of -4.9% in accounting terms) as well as a cost/income ratio of 43.3% (versus 46.9% in accounting terms).

Underlying net income Group share for the first half 2019 was €333 million. Gross operating income was down -2.3%, due to the slight contraction in revenues (-0.9%) and the increase in the contribution to the SRF (+5.2%), while the cost of risk rose by +4.3%. The cost income ratio excluding SRF came out to 48.2%, a slight deterioration of 0.6 percentage point compared to first half 2018. The excellent performance of equity- accounted entities, up 23.6% to €156 million, as well as the -4.7% decline in the tax charge helped to boost the operating performance and drive growth in net income to +6.0%.

Leasing & factoring (CAL&F) Crédit Agricole Leasing & Factoring (CAL&F) encompasses leasing business (operating assets and property) for corporate clients and factoring.

No specific items were recorded in the financial statements for either 2019 or 2018.

Leasing & factoring (CAL&F) - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues 136 136 (5.6%) 276 276 (1.8%) Operating expenses excl.SRF (71) (71) +6.1% (145) (145) +1.3% SRF 0 0 n.m. (8) (8) +3.2% Gross operating income 66 66 (14.6%) 123 123 (5.4%) Cost of risk (14) (14) +15.6% (25) (25) +16.3% Cost of legal risk - - n.m. - - n.m. Equity-accounted entities - - n.m. - - n.m. Net income on other assets 0 0 x 2.6 0 0 +42.3% Change in value of goodw ill - - n.m. - - n.m. Income before tax 52 52 (20.1%) 98 98 (9.6%) Tax (16) (16) (1.6%) (30) (30) +5.3% Net income from discont'd or held-for-sale ope. - - n.m. - - n.m. Net income 36 36 (26.2%) 68 68 (14.9%) Non controlling interests (0) (0) +99.8% (0) (0) (79.9%) Net income Group Share 36 36 (26.3%) 68 68 (14.8%) Cost/Income ratio excl.SRF (%) 51.9% 51.9% +5.7 pp 52.6% 52.6% +1.6 pp

Business Second quarter 2019 was marked by strong momentum in factoring business. Sales of factoring reached a four- year high of €4,189 million (x2.3 compared to second quarter 2018) thanks to the signing of several significant contracts which will generate income from the second half of 2019. Factored turnover also posted good growth, rising +5.1% to €20.6 million, driven by France and the large corporates market.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 53/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Leasing outstanding amounted to €14.8 billion at 30 June 2019, up +3.4% compared to 30 June 2018 and driven by a very good level of sales in second quarter 2019 (+8.2% year on year), particularly in France (+10% and mainly with the Group’s retail banks).

Leasing & Factoring (CAL&F) - Leasing book and factored receivables

∆ (€bn) Jun. 17 Sept. 17 Dec. 17 Mar. 18 Jun. 18 Sept. 18 Dec. 18 Mar. 19 Jun. 19 Jun./Jun. Leasing portfolio 13.8 13.9 14.2 14.3 14.3 14.3 14.6 14.7 14.8 +3.4% incl. France 11.5 11.5 11.7 11.8 11.8 11.8 11.9 11.9 11.9 +1.3% Factored turnover 18.3 17.4 19.6 18.4 19.6 18.0 20.5 18.9 20.6 +5.1% incl. France 12.2 11.4 13.1 11.9 12.9 11.6 13.5 12.2 13.7 5.9%

Results In second quarter 2019, underlying net income Group share for CA Leasing & Factoring (CAL&F) was €36 million, a decline of -26.3% compared to second quarter 2018. Revenues totalled €136 million, down -5.6% compared to the same quarter in 2018. This decrease is temporary in anticipation of the income generated by the very high level of sales of factoring this quarter and should be seen in the context of revenues that were already strong in second quarter 2018. It is also the result of a contraction in the Cash in Time business. Operating expenses excluding SRF stood at €71 million, an increase of +6.1% due to costs incurred for new information technology projects. The cost of risk, at -€14 million, increased by +15.6% compared to second quarter 2019 in line with a one-time provision this quarter. The cost income ratio excluding SRF for the quarter was 51.9%, a deterioration of 5.7 percentage points compared to second quarter 2018.

Net income Group share for first half 2019 was €68 million, down -14.8% year on year, reflecting a decline in gross operating income (-5.4%) and a one-off increase of +16.3% in the cost of risk, to €25 million.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 54/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Large customers (CIB and Asset Servicing)

The Large customers division includes the Capital Markets, Investment Banking, Structured Finance and Commercial Banking business lines housed within Crédit Agricole Corporate & Investment Bank (CACIB), as well as Asset Servicing, hosted within CACEIS.

Large customers (LC) - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues 1,467 1,479 (1.7%) 2,806 2,845 +0.6% Operating expenses excl.SRF (797) (797) (0.5%) (1,616) (1,616) +2.0% SRF 8 8 n.m. (177) (177) +4.6% Gross operating income 679 691 (1.7%) 1,013 1,052 (2.1%) Cost of risk (69) (69) n.m. (59) (59) x 3.1 Net income on other assets (0) (0) n.m. 3 3 (81.1%) Income before tax 609 621 (18.4%) 955 994 (7.0%) Tax (148) (151) (20.8%) (278) (288) (2.9%) Net income 460 469 (17.6%) 677 706 (8.6%) Net income Group Share 452 461 (17.6%) 664 692 (8.6%) o/w Corporate & Investment Banking 408 417 (16.3%) 603 631 (6.7%) o/w Asset servicing 43 43 (27.9%) 61 61 (24.3%) Cost/Income ratio excl. SRF (%) 54.3% 53.9% +0.7 pp 57.6% 56.8% +0.8 pp Underlying: restated for accounting impacts (loan portfolio hedges, DVA), see p. 86

Business Large customers - underlying revenues by division

2,826 +0.6% 2,845

1,504 1,479 (1.7%) 1,366 1,322 1,318 219 233 1,178 218 211 107 219 88 Asset servicing 58 68 50 230 Investment banking 506 58 479 Mkts 472 464 398 Capital markets 313

329 281 346 Structured finance 266 259 302 Fin Commercial banking & other 312 343 370 319 315 334

Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Underlying: Restated for accounting impacts (loan portfolio hedges, DVA), see p. 86. A transfer of portfolios between Commercial banking and Structured finance was completed in the second quarter of 2019, a proforma statement was made on the historical series.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 55/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Results In second quarter 2019, the Large customers division reported net income Group share of €452 million, down -21.8% compared to second quarter 2018.

In second quarter 2019, specific items48 had a net impact of -€9 million on net income Group share, i.e.:

- DVA (Debt Valuation Adjustment), -€5 million in net banking income and -€4 million in net income Group share, recognised under CIB/Capital Markets and Investment Banking; - Loan portfolio hedges, -€8 million in net banking income and -€6 million in net income Group share, recognised under CIB/Financing activities. As a reminder, the total net impact of specific items in second quarter 2018 (including DVA and loan portfolio hedges) was +€19 million in net income Group share. Excluding specific items, underlying net income Group share for the Large customers division amounted to €461 million, a decline of -17.6% compared to second quarter 2018. The division’s revenues were down slightly, falling -1.7% from the high point of second quarter 2018. Operating expenses were stable (down slightly, by -0.5%) and the cost income ratio declined slightly to 53.9%, dropping 0.7 percentage point compared to second quarter 2018. The decline in net income Group share is therefore due to the inversion of the cost of risk, which included provisions of -€69 million in second quarter 2019, compared with net reversals of +€45 million in second quarter 2018 (a negative change of -€114 million) and the capital gain on disposal recorded by CACEIS in second quarter 2018, which amounted to +€13 million. For first half 2019 and 2018, the specific items in the income statement are of the same nature as they were in second quarters 2019 and 2018 (DVA and loan portfolio hedges).Their impact before tax was -€39 million for first half 2019 (-€28 million in net income Group share) and +€35 million for first half 2018 (+€25 million in net income Group share). For first half 2019, underlying net income Group share was €692 million, down -8.6%/- €65 million compared to first half 2018. Underlying revenues came up +0.6% compared to the high level of the first half 2018, but in the same time, the cost of risk is higher this first half (x3.1), the first half 2018 included a capital gain on the disposal by CACEIS of North America’s activities and laslty the contribution to the SRF increased by +4.6%. The underlying cost income ratio excluding SRF stood at 56.8%, deteriorating slightly by 0.8 percentage point year on year. The table detailing the transition from stated results to underlying results is provided in the Notes on p. 95.

The Large customers division contributed 28% of the underlying net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre) over first half 2019 and 28% of their underlying revenues.

At 30 June 2019, capital allocated to Large customers was €11.4 billion, of which €7.0 billion for Financing activities, €3.6 billion for Capital markets and investment banking and €0.8 billion for Asset servicing. Risk-weighted assets for the business lines totalled €119.8 billion, of which €73.3 billion for Financing activities, €38.0 billion for Capital markets and investment banking and €8.6 billion for Asset servicing.

48 For details of the specific items for the second quarter and the half year 2019, and for the same periods in 2018, see p. 86

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 56/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 In the Corporate and investment banking alone, risk-weighted assets reached €111.2 billion, a decrease of -1.2% compared to end March 2019 and +2.7% as a result of work to streamline non-operating risk- weighted assets. RONE (return on normalised equity calculated on the basis of a capital allocation) of the Large customers division was 10.9% for the annualised first-half 2019, compared to 12.8% for annualised first half 2018 and 12.5% for full year 2018.

Corporate and investment banking (CIB) The specific items in the income statement used to reconcile stated amounts and changes with underlying amounts and changes for second quarter and first half 2019 as well as for the same periods in 2018 are detailed in the Notes on p. 95.

Corporate & investment banking (CIB) - Contribution to results, stated and underlying, Q2- 19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying

Revenues 1,234 1,247 (3.1%) 2,355 2,394 (0.1%) Operating expenses excl.SRF (624) (624) (2.6%) (1,273) (1,273) +1.1% SRF 8 8 n.m. (161) (161) +4.2% Gross operating income 619 631 (1.9%) 920 960 (2.4%) Cost of risk (67) (67) n.m. (53) (53) x 2.8 Equity-accounted entities (1) (1) x 3.6 (1) (1) n.m. Net income on other assets (0) (0) n.m. 3 3 n.m. Income before tax 550 562 (18.3%) 869 908 (5.9%) Tax (133) (136) (23.6%) (253) (263) (3.6%) Net income 417 426 (16.4%) 616 645 (6.8%) Non controlling interests (9) (9) (21.3%) (13) (14) (9.0%) Net income Group Share 408 417 (16.3%) 603 631 (6.7%) Cost/Income ratio excl. SRF (%) 50.6% 50.1% +0.3 pp 54.1% 53.2% +0.6 pp

Underlying: Restated for accounting impacts (DVA, loan book hedges), see page 86

Business Corporate and investment banking performed well this quarter, reaching levels almost as high as those of second quarter 2018 (income down -3.2%/-€40 million). Capital markets continued the upturn after fourth quarter 2018 with strong momentum in commercial activity but still within a context of persistent margin erosion. Revenues from investment banking remained in decline in a market that is still sluggish. By contrast, financing activities performed well this quarter (+1.1%).

Results In second quarter 2019, CIB’s stated net income Group share was €408 million. Excluding the specific items referred to above, underlying net income Group share was €417 million, down -16.3% compared to second quarter 2018. Underlying revenues totalled €1,247 million, down -3.1% compared with second quarter 2018; the improvement in financing activities (+1.1%) did not offset the decline in income in Capital Markets and Investment Banking (-7.5%). By contrast, operating expenses excluding SRF totalled €624 million in second quarter 2019, down -2.6% from second quarter 2018. In all, the underlying cost income ratio stood at 50.1%, a slight deterioration of 0.3 percentage point from second quarter 2018.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 57/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 For the first time in the last five quarters, the cost of credit risk posted net provisions of -€67 million this quarter, primarily owing to one-off provisions, while posting a net reversal in second quarter 2018 (+€46 million). This corresponds to a material additional charge of -€113 million. The cost of risk on outstandings49 for financing activities remained negative at -4 basis points over four rolling quarters.

CIB’s underlying net income Group share includes the contribution from Financing activities in the amount of €285 million (-13.4% year on year) and from Capital Markets and Investment Banking in the amount of €132 million (-21.9% year on year).

Corporate and Investment Banking’s underlying net income Group share in first half 2019 was €631 million, down -6.7% year on year, mainly due to an inversion in the cost of credit risk, with net provisions of -€53 million for the period (versus -€19 million in first half 2018) owing to one-off provisions this quarter. Conversely, revenues were unchanged between the two periods, while operating expenses excluding SRF increased by only +1.1%. First half 2019 includes a contribution to the Single Resolution Fund (SRF) of €161 million, up +4.2% from the same period in 2018. The underlying cost income ratio excluding SRF stood at 53.2%, a slight deterioration of 0.6 percentage points.

Financing activities

Financing activities - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying

Revenues 673 680 +1.1% 1,271 1,298 +3.7% Operating expenses excl.SRF (237) (237) (4.9%) (487) (487) (0.8%) SRF (1) (1) (14.0%) (45) (45) (2.6%) Gross operating income 435 442 +4.6% 739 765 +7.2% Cost of risk (39) (39) n.m. (33) (33) x 9.1 Equity-accounted entities (1) (1) x 3.6 (1) (1) n.m. Net income on other assets (0) (0) n.m. 1 1 n.m. Income before tax 394 402 (15.1%) 705 732 +2.9% Tax (109) (111) (18.9%) (203) (210) +6.0% Net income 285 291 (13.5%) 502 522 +1.7% Non controlling interests (6) (6) (18.1%) (10) (11) (0.6%) Net income Group Share 279 285 (13.4%) 492 511 +1.8% Cost/Income ratio excl. SRF (%) 35.3% 34.9% -2.2 pp 38.3% 37.5% -1.7 pp

In the structured finance business, CACIB was still number two in EMEA region project finance50 at end June 2019. Production levels remained high and well diversified in second quarter 2019 with year-on-year growth in real estate, energy and maritime assets. Furthermore, under the Distribute to Originate model, financing activities recorded a primary syndication rate of 44% year on year, +8 percentage points in one year and +18 percentage points compared to 2013, the year in which the policy was ramped up.

49 Relative to consolidated outstandings, calculated on an average annualised basis over four rolling quarters. 50 Project finance loans over H1-19, mandated arranger in volume and in amount (USD – source: Refinitiv X15)

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 58/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Major deals completed by financing activities during the quarter were:

Accordingly, in second quarter 2019, Structured finance revenues were €346 million, up +5.2% year on year.

In Commercial banking, CACIB confirmed its leadership and became the number one in EMEA region syndication51 (climbing one place from end December 2018). The eurozone syndicated loan market nevertheless reached its lowest point since 2010 and CACIB posted a drop-off in its corporate loans and distribution business (Debt Optimisation and Distribution) compared to second quarter 2018, which saw two jumbo deals. Moreover, export financing activities, international trade finance and cash management (International Trade & Transaction Banking) are enjoying persistently strong customer flows. Accordingly, overall, underlying revenues from Commercial banking were €334 million, a slight drop of -2.8% compared with second quarter 2018. In second quarter 2019, Financing activities as a whole delivered stated net income Group share of €279 million. Excluding specific items, such as loan book hedges of -€6 million, underlying net income Group share came to €285 million, down -13.4%. In first half 2019, underlying net income Group share was €511 million, a year-on-year increase of +1.8%. The underlying cost income ratio excluding SRF was 37.5%, a year-on-year improvement of 1.7 percentage point.

Capital markets and investment banking

Capital markets & investment banking - Contribution to results, stated and underlying, Q2- 19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying

Revenues 562 566 (7.6%) 1,084 1,096 (4.3%) Operating expenses excl.SRF (387) (387) (1.1%) (786) (786) +2.3% SRF 9 9 n.m. (116) (116) +7.1% Gross operating income 184 188 (14.2%) 182 194 (27.8%) Cost of risk (28) (28) x 5.4 (20) (20) +30.2% Net income on other assets 0 0 n.m. 2 2 n.m. Income before tax 156 160 (25.3%) 164 176 (30.6%) Tax (24) (25) (39.1%) (50) (54) (28.8%) Net income 132 135 (22.0%) 113 123 (31.3%) Non controlling interests (3) (3) (27.4%) (3) (3) (31.6%) Net income Group Share 129 132 (21.9%) 111 120 (31.3%) Cost/Income ratio excl. SRF (%) 68.8% 68.3% +4.5 pp 72.5% 71.7% +4.6 pp

In second quarter 2019, underlying Capital markets’revenues (FICC only) totalled €479 million, excluding DVA, down -5.3% from the high of second quarter 2018. Interest rate, currency and credit business activities are experiencing relatively strong commercial momentum, but continue to be penalised by ongoing margin erosion. In terms of market risk, VaR remained practically unchanged over the quarter, at €5.4 million on average compared to €5.1 million on average in first quarter 2019.CACIB climbed two places from end 2018 to take

51 Syndicated loans over H1-19, bookrunner in volume and in amount (USD - source: Refinitiv R17)

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 59/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 third place in the world ranking for issues in euros at end June 201952. In green financing, CACIB remained the global leader in Green bonds53. Investment banking posted a sharp drop this quarter compared to second quarter 2018 (-18.0%), with revenues amounting to €88 million. Equity Capital Market and M&A consulting activities were penalised by a generally sluggish market and a sharp decline in volumes.

Major mandates won by Capital markets and investment banking in the second quarter 2019 were:

In the second quarter 2019, Capital markets and investment banking’s stated net income Group share was €129 million. Restated for specific elements, namely DVA in the amount of -€3 million, underlying net income Group share stood at €132 million, down -21.9% from the second quarter 2018.

In the first half 2019, underlying net income Group share was €120 million, down -31.3% from the first half 2018. These results include a contribution to the Single Resolution Fund (SRF) of -€116 million, an increase by +7.1% compared to the same period in 2018. The underlying cost income ratio excluding SRF stood at 71.7%, a deterioration by 5.4 percentage points. Asset servicing (CACEIS) No specific items were recorded in the financial statements for either second quarter 2019 or 2018.

Asset servicing - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying

Revenues 233 233 +6.1% 451 451 +4.9% Operating expenses excl.SRF (173) (173) +7.6% (342) (342) +5.7% SRF 0 0 (93.0%) (16) (16) +8.6% Gross operating income 60 60 +0.2% 92 92 +1.4% Cost of risk (2) (2) x 3.9 (7) (7) x 22.1 Income before tax 58 58 (19.8%) 86 86 (17.6%) Tax (15) (15) +18.9% (24) (24) +5.8% Net income 43 43 (27.9%) 61 61 (24.3%) Net income Group Share 43 43 (27.9%) 61 61 (24.3%) Cost/Income ratio excl. SRF (%) 74.2% 74.2% +1.0 pp 76.0% 76.0% +0.6 pp

52 All bonds in euro, bookrunner in volume and in amount (EUR – source: Refinitif N1) 53Source: Bloomberg

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 60/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Business In second quarter 2019, CACEIS posted record levels of assets under custody as a result of a sustained level of activity and a positive market effect. Assets under custody totalled €2,874 billion at end June 2019, up +9.2%/+€243 billion year on year and +€98 billion from end March 2019. This growth reflects an increase in business from the existing customer base and the addition of new customers in 2018 and 2019 as well as stronger Group synergies; it also benefited from a positive market effect. Assets under administration totalled €1,819 billion, up +2.4%/+€43 billion year on year and +€41 billion compared with the previous quarter.

Asset servicing - Outstandings

€bn Jun. 17 Sept. 17 Dec. 17 Mar. 18 Jun. 18 Sept. 18 Dec. 18 Mar. 19 Jun. 19 ∆ Jun./Jun. Assets under custody 2,647 2,612 2,656 2,605 2,631 2,702 2,633 2,776 2,874 +9.2% Assets under administration 1,678 1,725 1,762 1,768 1,776 1,786 1,692 1,778 1,819 +2.4%

Results In second quarter 2019, CACEIS’s underlying net income Group share was €43 million, down -27.9% from second quarter 2018. Second quarter 2018 also included a +€13 million capital gain, however, related to the disposal of business lines in North America; excluding this effect, net income Group share posted a less marked drop of -7.4% between second quarter 2018 and second quarter 2019.

Revenues were up +6.1% compared to second quarter 2018, reaching €233 million in connection with strong business growth and with the increase in net fees and commissions and net interest income. Operating expenses excluding contribution to SRF were €173 million, up +7.6% compared to second quarter 2018. This increase can be attributed primarily to expenses in relation to consulting fees in the amount of €5 million (specifically for current external growth transactions), but also to investments related to new business developments (increase in personnel and IT costs in relation to new customer acquisition).

In first half 2019, net income Group share was €61 million, a year-on-year decrease of -24.3%. Excluding capital gains on the disposal of the CACEIS business in North America in the amount of €13 million recorded in second quarter 2018, net income Group share was down -9.4% between the two periods. Revenues increased by +4.9% due to a favourable volume effect on the portfolio and the increase in fees and commissions resulting from the increase in assets, as well as to treasury - which benefited from the drop in the cost of resources – performing well. Operating expenses excluding the contribution to SFR were up +5.7% over the same period as a result of consulting fee expenses incurred during the period, specifically for external growth transactions, while the contribution to SFR increased by +8.6%. The cost income ratio excluding SRF was 76.0%, a slight deterioration of 0.6 point.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 61/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Corporate centre (CC)

The division includes three types of activities.

- it acts as Crédit Agricole S.A.’s corporate centre, and is responsible for asset and liability management and for the management of debt related to acquisitions of subsidiaries and equity investments, as well as the net effects of Crédit Agricole S.A.’s group tax consolidation arrangements;

- the results of the private equity business and various other Crédit Agricole S.A. group companies (including Crédit Agricole Immobilier, Uni-médias, Foncaris, etc.);

- the results of resource pooling companies carrying out specific activities on behalf of the Group and its subsidiaries: IT production (CAGIP), payment activities (CAPS) and operation of the property portfolio (SCI).

- The division also includes other elements, notably the technical and volatile impacts related to intragroup transactions.

The second quarter 2019 financial statements include the home-purchase savings provision established by Crédit Agricole S.A. That provision is the only specific item for the quarter (-€15 million in revenues, impact on net income Group share of -€10 million). The second quarter 2018 financial statements include a fine of €5 million imposed by the ECB on Crédit Agricole S.A. and two of its subsidiaries for failure to report capital increases within the required time limit, posted to cost of risk. The specific items in the income statement used to reconcile stated amounts and changes with underlying amounts and changes for second quarter and first half 2019 as well as for the same periods in 2018 are detailed in the Notes on p. 95.

Corporate centre (CC) - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues (85) (70) x 10.8 (256) (229) +92.4% Operating expenses excl.SRF (207) (207) +12.4% (384) (384) +2.4% SRF (3) (3) x 2.5 (81) (81) +30.5% Gross operating income (296) (280) +46.0% (721) (693) +24.8% Cost of risk (15) (15) n.m. (13) (13) n.m. Equity-accounted entities 19 19 n.m. 13 13 (23.7%) Net income on other assets 0 0 n.m. 19 19 +18.5% Change in value of goodw ill - - n.m. - - n.m. Income before tax (292) (277) +47.1% (702) (674) +29.9% Tax 94 88 (11.7%) 205 195 (13.7%) Net income (198) (188) x 2.1 (497) (479) +63.6% Non controlling interests (3) (3) (58.3%) 1 1 n.m. Net income Group Share (201) (191) x 2 (496) (478) +55.2%

Underlying : Restated for specific items, see p. 95

Excluding those specific items, the division’s underlying net income Group share was a loss of -€191 million, further down -€96 million from second quarter 2018.

Analysis of the negative contribution of the Corporate Centre looks at both “structural” contribution and other items. “Structural” contribution includes three types of activities: - the activities and the role of the corporate centre of Crédit Agricole S.A. corporate entity. The negative contribution was -€246 million in second quarter 2019 and is improving gradually due to the reduction in the structural equity deficit and the lower cost of debt (an improvement of +€7 million from second quarter 2018);

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 62/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 - the businesses that are not part of the business lines, such as CACIF (Private equity) and CA Immobilier; their contribution was down slightly in second quarter 2019 (+€15 million, i.e. -€5 million compared to second quarter 2018, reflecting CACIF’s strong activity levels); - the Group’s support functions: the second quarter 2019 posted a one-off positive impact compared to second quarter 2018, but their overall contribution is zero over a rolling one-year period, since their services are charged back to the other entities of the Group. The deterioration of -€96 million of this division compared to the second quarter 2018 is explained by the “structural” contribution for €+19 million and by the other elements for -€115 million, notably the accounting intragroup impacts which may be volatile. The decrease of the net income Group share is mainly due to other items which had a high base in the second quarter 2018.

CC: Quarterly change in underlying net income

Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

139 75 22 24 (288) (234) (228) (203) (278) (215)

(14)

(9) ( 213) ( 95) ( 207) ( 217) ( 287) ( 191)

Structural net income excl. IFRIC21 IFRIC21 Other elements Underlying net income

In €m Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

Net income Group share underlying (213) (95) (207) (217) (287) (191)

Of which structural net income (288) (234) (228) (203) (278) (215) - Balance sheet & holding Crédit Agricole S.A. (315) (253) (235) (251) (287) (246)

- Other activities (CACIF, CA Immobilier, etc.) 25 20 21 53 11 15 - Support functions (CAPS, CAGIP, SCI) 2 (1) (15) (5) (2) 16

Of which other elements of the division 75 139 22 (14) (9) 24

In first half 2019, underlying net income Group share was -€478 million (versus -€308 million in first half 2018). This included a contribution of -€81 million to the Single Resolution Fund, up +30.5% from first half 2018.

At 30 June 2019, risk-weighted assets stood at €23.3 billion and allocated capital at €2.2 billion.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 63/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole Group

Consolidated results

Crédit Agricole Group - Stated and underlying results, Q2-19 and Q2-18

Q2-19 Q2-18 ∆ Q2/Q2 Q2-19 Q2-18 ∆ Q2/Q2 €m stated stated stated underlying underlying underlying Revenues 8,485 8,428 +0.7% 8,534 8,402 +1.6% Operating expenses excl.SRF (5,308) (5,141) +3.3% (5,308) (5,149) +3.1% SRF (4) (30) (87.0%) (4) (30) (87.0%) Gross operating income 3,174 3,257 (2.6%) 3,223 3,224 (0.0%) Cost of risk (598) (397) +50.5% (598) (397) +50.5% Cost of legal risk - (5) (100.0%) - - n.m. Equity-accounted entities 94 80 +16.7% 94 80 +16.7% Net income on other assets (8) 17 n.m. (8) 17 n.m. Change in value of goodw ill - - n.m. - - n.m. Income before tax 2,662 2,953 (9.9%) 2,711 2,924 (7.3%) Tax (728) (734) (0.9%) (743) (725) +2.5% Net income from discont'd or held-for-sale ope. 8 (1) n.m. 8 (1) n.m. Net income 1,942 2,218 (12.4%) 1,976 2,198 (10.1%) Non controlling interests (130) (142) (8.3%) (130) (142) (8.5%) Net income Group Share 1,813 2,076 (12.7%) 1,846 2,056 (10.2%) Cost/Income ratio excl.SRF (%) 62.6% 61.0% +1.6 pp 62.2% 61.3% +0.9 pp

In second quarter 2019, Crédit Agricole Group’s stated Net income Group Share was €1,813 million versus €2,076 million in second quarter 2018, down -12.7%. Specific items had a limited net negative impact of -€33 million on Net income Group Share this quarter. These included only the net balance of recurring volatile accounting items such as the DVA (Debt Valuation Adjustment, i.e. gains and losses on financial instruments related to changes in the Group’s issuer spread), amounting to - €3 million, loan book hedges in the Large customers division for -€6 million, and the change in the provision for home purchase savings schemes in the amount of -€25 million. In second quarter 2018, specific items had a positive impact on net income of +€20 million, including -€4 million from Pioneer Investments integration costs, +€9 million from the reversal of a provision on the integration costs of the three Italian banks (+€16 million before tax and non-controlling interests), a -€5 million fine imposed by the ECB on Crédit Agricole S.A. and two of its subsidiaries for non-compliance with ECB notification deadlines regarding capital increases and, lastly, +€19 million from the net balance in Net income Group Share from recurring volatile accounting items, namely the DVA in the amount of +€8 million and loan book hedges in the Large customers division in the amount of +€12 million. Excluding specific items54, underlying Net income Group Share totalled €1,846 million, down -10.2% year on year, with the figure for second quarter 2018 being the highest quarterly underlying Net income Group Share reported for Crédit Agricole Group since 2001. At €8,534 million this quarter, underlying revenues were up +1.6%.Underlying operating expenses excluding SRF contributions were up +3.1% from second quarter 2018, which was related to the IT investments under the Group’s Medium-Term Plan with respect to Regional Banks and to development costs in Crédit Agricole SA’s business lines.

54 See p. 85 for more details on Crédit Agricole Group specific items

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 64/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 At -€598 million versus -€397 million in second quarter 2018, the cost of credit risk rose +50.5%.The increase derived from Retail banking through the Regional Banks, which posted a 35.6% rise in their cost of risk, from - €176 million to -€238 million owing to one-off charges, and from the Large customers division, where the cost of credit risk is returning to normal, with net provisions of -€69 million while net reversals of +€45 million were recorded in second quarter 2018. The cost of risk to outstandings55 of Crédit Agricole Group stood at 19 basis points, up one basis point from second quarter 2018, but still at a low level, below the Medium-Term Plan assumption of 25 basis points. At +€94 million, the underlying contribution from equity-accounted entities was up +16.7%/+€14 million from second quarter 2018, reflecting the good performance of CACF automotive partnerships. Underlying income before tax amounted to €2,711 million, down -7.3% down from second quarter 2018. The underlying tax charge was up 2.5% compared to second quarter 2018, showing an increase of +2.9 percentage points in the underlying tax rate, from 25.5% to 28.4%. Accordingly, underlying net income before non- controlling interests was down -10.1% and underlying Net income Group Share was down -10.2% compared to second quarter 2018.

Crédit Agricole Group - Stated and underlying results, H1-19 and H1-18

H1-19 H1-18 ∆ H1/H1 H1-19 H1-18 ∆ H1/H1 €m stated stated stated underlying underlying underlying

Revenues 16,682 16,686 (0.0%) 16,857 16,651 +1.2% Operating expenses excl.SRF (10,585) (10,483) +1.0% (10,585) (10,482) +1.0% SRF (426) (389) +9.4% (426) (389) +9.4% Gross operating income 5,671 5,813 (2.5%) 5,846 5,780 +1.1% Cost of risk (879) (818) +7.5% (879) (818) +7.5% Cost of legal risk - (5) (100.0%) - - n.m. Equity-accounted entities 188 179 +5.5% 188 179 +5.5% Net income on other assets 3 38 (92.4%) 3 38 (92.4%) Change in value of goodw ill - 86 (100.0%) - - n.m. Income before tax 4,983 5,293 (5.8%) 5,158 5,178 (0.4%) Tax (1,576) (1,501) +5.0% (1,633) (1,492) +9.4% Net income from discont'd or held-for-sale ope. 8 (2) n.m. 8 (2) n.m. Net income 3,415 3,789 (9.9%) 3,534 3,684 (4.1%) Non controlling interests (253) (285) (11.2%) (253) (276) (8.3%) Net income Group Share 3,163 3,505 (9.8%) 3,281 3,408 (3.7%) Cost/Income ratio excl.SRF (%) 63.5% 62.8% +0.6 pp 62.8% 63.0% -0.2 pp

In first half 2019, underlying Net income Group Share declined to €3,281 million, a fall of -3.7% or -€127 million compared to the same period in 2018. The increase in the contribution to the SRF (-€37 million impact before tax), the increase in the cost of credit risk (-€61 million) and the increase in the tax charge (-€141 million) were major contributors to this fall, but it should be noted that revenues and operating expenses excluding SRF generated a positive jaws effect of 0.2%. Underlying revenues were up +1.2% and operating expenses excluding SRF remained under tight control, at +1%.The contribution to the SRF, on the other hand, increased by +9.4% compared to first half 2018, to €426 million. The cost of credit risk posted a 7.5% increase excluding non-specific provisions for legal risks. The doubtful loans ratio remained very low at 2.6% and the coverage ratio (including collective provisions) was 83.7% at end-June 2019. The tax charge increased by +9.4% to €1,633 million.

55 Average loan loss reserves over the last four rolling quarters, annualised

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 65/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Results by business line – Crédit Agricole Group Crédit Agricole Group's diversified and profitable customer-focused universal banking model has a low risk profile that guarantees a high level of recurring net income. The breakdown of underlying Net income Group Share56 excluding the Corporate Centre is as follows: Crédit Agricole Group - Total underlying revenues, excl.Corporate centre, H1-19

Large customers Asset servicing CIB 3% 16% 14% Retail banking Spec. fin. Leasing & 58% Factoring serv. 2% Regional 8% Cons. Finance Underlying Banks 6% revenues 40% Insurance excl. CC H1-19: 7% €17.1bn Asset Asset management Wealth gathering 8% 17% management LCL 2% IRB 10% 8%

AG: Asset Gathering, including Insurance; RB: Retail Banking; RB: Regional banks; SFS: Specialised financial services; LC: Large Customers CIB: Corporate & Investment banking; CC: Corporate Centre Six-month 2019 underlying revenues56 excluding the Corporate Centre: €17,117 million, +1,9% compared to the same period in 2018. Retail banking was the top contributor, representing 58% of underlying revenues in first half 2019 (excluding the Corporate Centre), including 40% from the Regional Banks.

Crédit Agricole Group - Underlying net income, excl. Corp. centre, H1-19 Large Asset servicing customers 2% 19% CIB 17% Leasing & Regional Spec. fin. Factoring Banks Retail 2% Underlying 32% serv. Consumer Net income banking 11% Finance excl. CC H1-19: 46% 9% €3.8bn LCL Insurance 8% Asset 16% Asset IRB managementWealth5% gathering 8%management 25% 1%

Retail banking was the top contributor, representing 46% of underlying Net income Group Share (excluding the Corporate Centre) in first half 2019, including 32% from the Regional Banks.

56 See p. 85 for more details on Crédit Agricole Group specific items

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 66/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Regional Banks Activity Customer assets were up +4.1% year on year, to €712.5 billion. This increase was driven by solid growth in on- balance sheet deposits: €446.4 billion at end-June 2019, i.e. +5.8% year on year. Growth continued to be driven by demand deposits (+9.4% year on year) and Livret A passbooks accounts (+10.9%). Off-balance sheet deposits (€266.1 billion) posted a moderate improvement of +1.4%, driven by life insurance (+3.9%). Loans outstanding rose by +6.6% compared to 30 June 2018, to €501.1 billion. The increase in loans outstanding was underpinned by all credit categories: home loans (+7.4%), consumer loans (+7.4%), SMEs (+7.3%) and small businesses loans (+5.0%).

Regional banks - Loans and customer assets outstandings

DM Customer assets (€bn)* June 17 Sept. 17 Dec. 17 Mar. 18 June 18 Sept 18 Déc 18 Mar. 19* Jun. 19* ∆ June/June* ea Securities 45.3 46.3 46.2 45.8 46.6 46.7 44.2 44.7 43.8 (5.9%) Mutual funds and REITs 27.7 27.9 27.6 26.8 26.6 25.7 23.7 25.3 25.7 (3.3%) Life insurance 183.1 183.2 186.7 187.8 189.1 189.6 190.2 194.7 196.5 +3.9% Off-balance sheet assets 256.0 257.4 260.5 260.4 262.3 262.0 258.0 264.7 266.1 +1.4% Demand deposits 126.8 131.9 137.0 135.6 142.4 144.4 148.8 149.7 155.6 +9.4% Home purchase savings schemes 96.6 97.3 99.8 100.4 100.7 101.0 103.2 103.7 104.0 +3.4% Passbook accounts 120.5 122.1 123.2 125.6 126.9 128.8 131.0 133.9 135.7 +6.9% Time deposits 55.4 54.2 53.3 52.6 52.0 52.1 51.0 51.1 51.1 (2.2%) On-balance sheet assets 399.4 405.0 413.3 414.2 422.0 426.3 434.0 438.4 446.4 +5.8% TOTAL 655.4 662.5 673.8 674.7 684.3 688.3 691.9 703.1 712.5 +4.1%

(*) Change in method in March: recognition of life insurance policies purchased from non-Group providers

DM Passbooks, o/w (€bn) June 17 Sept. 17 Dec. 17 Mar. 18 June 18 Sept 18 Déc 18 Mar. 19 Jun. 19 ∆ June/June ea Livret A 38.9 39.8 40.6 41.9 42.7 43.5 44.6 46.3 47.4 +10.9% LEP 12.1 12.0 12.2 12.1 12.0 12.0 12.2 11.7 11.0 (8.5%) LDD 30.4 30.4 30.6 30.9 31.0 31.1 31.5 31.9 32.2 +3.8% Mutual shareholders passbook account 8.7 8.8 8.8 8.8 9.0 9.2 9.3 9.5 9.6 +7.0% * including customer financial instruments

DM Loans outstanding (€bn) June 17 Sept. 17 Dec. 17 Mar. 18 June 18 Sept 18 Déc 18 Mar. 19 Jun. 19 ∆ June/June ea Home loans 264.1 269.8 275.6 279.6 285.0 291.3 296.9 300.2 306.2 +7.4% Consumer credit 17.5 17.7 18.5 18.7 19.2 19.5 20.1 21.7 20.6 +7.4% SMEs 67.9 69.4 71.2 73.2 73.9 76.4 78.5 77.4 79.3 +7.3% Small businesses 20.5 20.5 20.6 21.0 21.2 21.4 21.7 22.0 22.3 +5.0% Farming loans 39.1 39.2 38.1 38.5 39.2 39.3 38.6 39.2 40.2 +2.7% Local authorities 32.9 32.7 32.8 31.7 31.6 31.2 31.5 32.0 32.5 +2.7% TOTAL 442.1 449.3 456.7 462.6 470.2 479.1 487.4 492.5 501.1 +6.6%

These gains went hand-in-hand with persistently strong customers capture (96,000 additional individual customers since 1 January 2019), as well as with increase in customers equipment, a +8.8% increase in individual premium cards and a +4.5% increase in the number of property and personal insurance policies.

As a result of the EKO offer (launched in December 2017), 30,000 new accounts were opened in first half 2019.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 67/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Results Specific items in second quarter 2019 included an allowance for home purchase savings plan of -€19 million under revenues (-€13 million under net income). In first half 2019, these totalled -€98 million under revenues (-€64 million under net income) with the same type of restatement. No specific items were recorded in second quarter 2018. The specific items in the income statement used to reconcile stated amounts and changes to underlying amounts and changes are detailed in the Notes on p.Table 77. .

Regional Banks - Contribution to results, stated and underlying, Q2-19 and H1-19

Q2-19 Q2-19 ∆ Q2/Q2 H1-19 H1-19 ∆ H1/H1 €m stated underlying underlying stated underlying underlying Revenues 3,257 3,277 +1.5% 6,669 6,766 +2.8% Operating expenses excl.SRF (2,221) (2,221) +3.6% (4,413) (4,413) +1.6% SRF 2 2 n.m. (88) (88) +1.4% Gross operating income 1,038 1,057 (0.5%) 2,167 2,265 +5.2% Cost of risk (238) (238) +35.6% (295) (295) +5.2% Income before tax 797 816 (8.6%) 1,874 1,972 +4.6% Tax (247) (254) (11.0%) (710) (744) +7.7% Net income Group Share 550 563 (7.5%) 1,164 1,228 +2.8% Cost/Income ratio excl.SRF (%) 68.2% 67.8% +1.3 pp 66.2% 65.2% -0.8 pp

In second quarter 2019, the Regional Banks’ contribution to underlying net income Group share was €563 million, down -7.5% from second quarter 2018. The Regional Banks posted a +1.5 % increase in underlying revenues compared to second quarter 2018, to €3,277 million. This improvement can be attributed primarily to a slight year-on-year increase in fees and commissions (+0.6%), driven mainly by insurance (+4.9%), and to the positive effect of the loan book valuation. Operating expenses (exc.SRF) were up +3.6% compared to the first quarter 2018, mainly in line with IT investments included in the Group’s Medium-Term Plan. The cost of risk remains low at -238 million euros, up +35.6% year on year due to one-off provisions over the quarter and corresponding to 13 basis points on outstandings. The non-performing loans ratio steadied at 2.0% and the coverage ratio was 97.7%.

Regional Banks – detail of fees and commissions, from Q2-17 to Q2-19

QQ €m Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 ∆ Q2/Q2 41 Services and other banking transactions 191 194 161 209 203 184 206 210 200 (1.5%) Securities 78 66 72 75 73 64 64 63 61 (16.0%) Insurance 603 582 720 789 606 593 755 854 636 +4.9% Account management and payment instruments 535 513 505 520 548 534 530 519 535 (2.3%) Net fees & commissions from other customer activities(1)97 97 90 89 91 97 103 90 98 +6.9% TOTAL(1) 1,505 1,451 1,549 1,683 1,520 1,473 1,658 1,736 1,529 +0.6% (1) Revenues generated by the subsidiaries of the Regional Banks, namely fees and commisions from leasing and operating leasing transactions

In first half 2019, the underlying net income Group share was €1,228 million, a +2.8% increase compared to first half 2018.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 68/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Solvency

Crédit Agricole S.A. At end-June 2019, Crédit Agricole S.A.’s financial strength remained high and was reflected in its CET1 ratio, which stood at 11.6%, up 0.1 basis point compared to March 2019. This change is attributable to the following items: - +18 basis points from retained earnings for the quarter, with a dividend provision of €0.19 per share for second quarter 2019 (€0.30 for the first half); - +11 basis points from positive57 impact on OCI reserves, which at end-June 2019 represented 55 basis points of the fully loaded CET1 ratio; - -7 basis points related to the increase in risk-weighted assets (€2.8 billion/ +0.9%) in Retail banking and Specialised financial services;

- -18 basis points which can be broken down mainly into -10 basis points related to the completion of the Agos/Banco BPM transaction. The disposal of a 4.9% stake in Banque Saudi Fransi had an impact of about +3 basis points on the Crédit Agricole S.A. ratios for the quarter.

Note the following to come in third quarter 2019: capital increase reserved for employees (€151 million), positive effect of +5 basis points on the CET1 ratio; +0.6% increase in the number of shares in the third quarter, no material effect on the tangible book value per share. Risk-weighted assets amounted to €323 billion at end-June 2019, up by €2.5 billion/ +0.9%compared to end- March 2019. The phased-in Tier one ratio stood at 14.0% at 30 June 2019 and the phased-in total capital ratio stood at 18.3%.

Lastly, Crédit Agricole S.A.’s phased-in leverage ratio stood at 4.3% at end June 2019.

The intra-quarter average measure of phased-in leverage ratio, which refers to the average of end-of-month measures for the first two months of this second quarter was 4.1%.

57 Amount of unrealised OCI gains in CET1 capital after deduction of the impact of insurance reserves on risk-weighted assets

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 69/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Solvency of Crédit Agricole S.A.

Fully loaded Phased in in €bn 30/06/2019 31/12/2018 30/06/2019 31/12/2018

EQUITY, GROUP SHARE (ACCOUNTING AMOUNT) 61.2 58.8 61.2 58.8

Expected dividend payment on result of year Y (0.9) (2.0) (0.9) (2.0) Filtered unrealised gains / (losses) (issuer spread, cash flow hedge) (0.5) (0.2) (0.5) (0.2) Transitional treatment of OCI unrealised gains and losses 0.0 0.0 0.0 0.0 AT1 instruments included in accounting equity (6.1) (5.0) (6.1) (5.0) Other regulatory adjustments (0.2) (0.2) (0.2) (0.2)

CAPITAL AND RESERVES GROUP SHARE (REGULATORY AMOUNT) 53.5 51.4 53.5 51.4

Minority interests (after partial derecognition) 3.8 3.7 3.8 3.7 Prudent valuation (0.9) (1.2) (0.9) (1.2) Deductions of goodw ill and other intangible assets (18.3) (17.9) (18.3) (17.9) Amount exceeding the exemption threshold for CET1 instruments of significant financial stakes either >10% 0.0 0.0 0.0 0.0 or equity-accounted and for DTA carry-forw ard Other regulatory adjustments* (0.7) (0.7) (0.7) (0.7)

COMMON EQUITY TIER 1 (CET1) 37.4 35.4 37.4 35.4

ADDITIONAL TIER 1 (AT1) 4.6 5.0 7.9 6.8

TOTAL TIER 1 42.0 40.4 45.3 42.1

TIER 2 13.6 12.4 13.8 12.6

TOTAL CAPITAL 55.6 52.7 59.1 54.7

RWAs 323.4 306.9 323.4 306.9

CET1 ratio 11.6% 11.5% 11.6% 11.5%

Tier 1 ratio 13.0% 13.1% 14.0% 13.7%

Total capital ratio 17.2% 17.2% 18.3% 17.8%

* DTA timing differences, expected loss, deduction of UCIT-owned financial institutions and other transitional adjustments

Crédit Agricole Group At end-June 2019, Crédit Agricole Group had one of the strongest CET1 ratios in Europe at 15.4%, a change of +0.1 percentage point compared to end-March 2019. The change stems from the following items that offset each other overall:

- +26 basis points resulting from the quarter's retained earnings; - +6 basis points in net contribution58 to OCI reserves for the period, which at end-June 2019 represented 27 basis points of the fully loaded CET1 ratio; - -8 basis points related to the increase of risk-weighted assets (+€4.6 billion/ +0.8%) in retail banking (RB and LCL) and Specialised financial services;

- -10 basis points in other elemenrts, which include -6 basis points related to the completion of the Agos/Banco BPM transaction. The disposal of a 4.9% stake in Banque Saudi Fransi had an impact of about +3 basis points on the Crédit Agricole S.A. ratios for the quarter.

At 15.4%, this ratio offers a substantial buffer of +5.9 percentage points over the 2019 proforma SREP threshold of 9.5% (including the countercyclical capital buffer) and exceeds by €32 billion the threshold triggering distribution restrictions. The phased-in Tier one ratio stood at 16.8% at 30 June 2019 and the phased-in total capital ratio stood at 19.5%. Lastly, Crédit Agricole Group’s phased-in leverage ratio stood at 5.7% at end June 2019.

The intra-quarter average phased-in leverage ratio, which refers to the average of end of month measures for the first two months of this fourth quarter was 5.4%.

58 Amount of unrealised OCI gains in CET1 capital after deduction of the impact of insurance reserves on risk-weighted assets

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 70/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 The fully loaded leverage ratio was 5.4%.

Solvency of Crédit Agricole Group

€bn Fully-loaded Phased-in 30/06/2019 31/12/2018 30/06/2019 31/12/2018

EQUITY, GROUP SHARE (ACCOUNTING AMOUNT) 111.7 106.7 111.7 106.7

Expected dividend payment on result of year Y (0.5) (1.1) (0.5) (1.1) Filtered unrealised gains / (losses) (issuer spread, cash flow hedge) (0.5) (0.2) (0.5) (0.2) Transitional treatment of OCI unrealised gains and losses 0.0 0.0 0.0 0.0 AT1 instruments included in accounting equity (6.1) (5.0) (6.1) (5.0) Other regulatory adjustments (0.4) (0.3) (0.4) (0.3)

CAPITAL AND RESERVES GROUP SHARE (REGULATORY AMOUNT) 104.3 100.1 104.3 100.1

Minority interests (after partial derecognition) 2.8 2.7 2.8 2.7 Prudent valuation (1.5) (1.7) (1.5) (1.7) Deductions of goodw ill and other intangible assets (19.0) (18.6) (19.0) (18.6) Amount exceeding the exemption threshold for CET1 instruments of significant financial stakes either >10% 0.0 0.0 0.0 0.0 or equity-accounted and for DTA carry-forw ard Other regulatory adjustments* (1.6) (1.5) (1.6) (1.5)

COMMON EQUITY TIER 1 (CET1) 85.0 81.0 85.0 81.0

ADDITIONAL TIER 1 (AT1) 4.6 5.0 7.9 6.8

TOTAL TIER 1 89.6 86.0 92.9 87.8

TIER 2 14.6 13.2 14.8 13.5

TOTAL CAPITAL 104.2 99.2 107.8 101.3

RWAs 552.3 541.8 552.3 541.8

CET1 ratio 15.4% 15.0% 15.4% 15.0%

Tier 1 ratio 16.2% 15.9% 16.8% 16.2%

Total capital ratio 18.9% 18.3% 19.5% 18.7%

* DTA timing differences, expected loss, deduction of UCIT-owned financial institutions and other transational adjustments

Crédit Agricole Group's financial robustness is also reflected in its TLAC and MREL ratios.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 71/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 TLAC The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating the adequacy of the bail-in and recapitalisation capacity of Global Systemically Important Banks (G-SIBs). The new Total Loss Absorbing Capacity (TLAC) ratio provides resolution authorities with the means to assess whether G- SIBs have sufficient bail-in and recapitalisation capacity before and during resolution. It applies to Global Systemically Important Banks, and therefore to Crédit Agricole Group.

The elements that could absorb losses consist of equity, subordinated notes and debts to which the Resolution Authority can apply the bail-in. The TLAC ratio requirement has been transposed into European Union law via CRR2 and has been applicable since 27 June 2019. As from that date, Crédit Agricole Group must comply with the following requirements at all times: - TLAC ratio above 16% of risk-weighted assets (RWA), plus – in accordance with CRD V – a combined buffer requirement (including, for Crédit Agricole Group, a capital conservation buffer of 2.5%, a G-SIB buffer of 1% and the countercyclical buffer). Considering the combined buffer requirement, Crédit Agricole Group will have to adhere to a TLAC ratio of above 19.5% (plus the countercyclical buffer)

- A TLAC ratio of above 6% of the Leverage Ratio Exposure (LRE). As from 1 January 2022, the minimum TLAC ratio requirements will increase to 18% of risk-weighted assets – plus the combined buffer requirement at that date – and 6.75% of the leverage ratio exposure.

Crédit Agricole Group - TLAC ratio at 30/06/19

at 30/06/19 excl. eligible senior pref. debt

22.7% Requirements from 27/06/19 (1) 5.9% Senior non 19.5% + ccyb pref, T2 Combined Buffer 3.5% Requirement (w/o countercyclical AT1 1.4% capital buffer)

7.6% 15.4% 16.0% 6.0% CET1 Minimum TLAC requirement

1 2 3 4 5 TLAC (% RWA) TLAC (% LRE)

(1) According to CRDV, the combined buffer requirement (CBR) stacking on top of the TLAC requirement as % of RWA includes a 2.5% capital conservation buffer, a 1% G-SIB buffer and a countercyclical capital buffer; the latter is set at 0.03% for Credit Agricole Group as at 30/06/2019 and will reach 0.20% by the end of 2019 based on decisions known as of today.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 72/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole Group - TLAC requirements at resolution group level

30/06/19 in €bn 1 Total Loss Absorbing Capacity (TLAC) 125.2 2 Total risk-weighted assets (RWA) 552.3 3 TLAC (as a percentage of risk-weighted assets, RWA) 22.7% 4 Leverage exposure measure (LRE) 1,644.7 5 TLAC (as a percentage of leverage exposure, LRE) 7.6% 6a Does the subordination exemption in the antepenultimate paragraph of No Section 11 of the FSB TLAC Term Sheet apply? 6b Does the subordination exemption in the penultimate paragraph of No Section 11 of the FSB TLAC Term Sheet apply? 6c If the capped subordination exemption applies, the amount of funding issued that ranks pari passu with Excluded Liabilities and that is recognised as external TLAC, divided by funding issued that ranks pari N/A passu with Excluded Liabilities and that would be recognised as external TLAC if no cap was applied (%)

At 30 June 2019, Crédit Agricole Group’s TLAC ratio stood at 22.7% of RWAs and 7.6% of leverage ratio exposure, excluding eligible senior preferred debt. It exceeds the required 19.5% of RWA (according to CRR2/CRDV, plus, at 30 June 2019, the countercyclical buffer of 0.03%) and 6% of the leverage ratio exposure, respectively, despite the fact that it will be possible from that date to include up to 2.5% of eligible senior preferred debt. Achievement of the TLAC ratio is supported by a 2019 TLAC debt issuance programme of around €5 to €6 billion. At 30 June 2019, €5.3 billion has been issued and outstanding Crédit Agricole Group senior non-preferred debt totalled €17.0 billion.

MREL The MREL (Minimum Requirement for Own Funds and Eligible Liabilities) ratio is defined in the European “Bank Recovery and Resolution Directive” (BRRD). This Directive establishes a framework for the resolution of banks throughout the European Union, with the aim to provide resolution authorities with shared instruments and powers to pre-emptively tackle banking crises, preserve financial stability and reduce taxpayer exposure to losses. The ACPR, the national resolution authority, considers the “single point of entry” (SPE) resolution strategy as the most appropriate for the French banking system. Accordingly, Crédit Agricole SA, as the central body of Crédit Agricole Group, would be this single point of entry in case a resolution of Crédit Agricole group would occur. The MREL ratio corresponds to the minimum requirement of own funds and eligible liabilities in order to absorb losses in the event of resolution. It is calculated as the amount of own funds and eligible liabilities expressed as a percentage of the institution’s total liabilities and own funds, after certain prudential adjustments (TLOF), or expressed as risk-weighted assets (RWA). Regulatory capital, as well as subordinated notes, senior non- preferred debt instruments and certain senior preferred debt instruments with residual maturities of more than one year are eligible for the numerator of the MREL ratio.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 73/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole Group - MREL ratio at 30/06/19

~34%

Potentially eligible senior pref. debt >1 ~11% year

Senior non pref., T2, 5.9% T1 under Basel 2 22.7% Additional T1 1.4% ~13%

~4.2%

15.4% CET1

8.0% 8.7%

MREL possibly Estimate as % of Estimate as % of allowing recourse TLOF at 30/06/19 RWA at 30/06/19 to SRF (1) (1)

(1) Estimate based on Crédit Agricole S.A.’s understanding of texts; recourse to SRF subject to decision of the Resolution Authority

In 2018, the Single Resolution Board notified Crédit Agricole Group of its first consolidated MREL requirement, which was already applicable and has been met by the Group since then. This requirement could potentially change when the ratio for the year is set by the SRB and in connection with the changes in the European regulatory framework. The MREL Policy, published by the SRB in January 2019, describes the general framework that shall apply to requirements set by the SRB later in 2019, including a subordinated MREL requirement (from which senior debt will generally be excluded in line with the TLAC standards). Crédit Agricole Group’s objective is to reach a subordinated MREL ratio (excluding potentially eligible senior preferred debt) of 24-25% of the RWA by the end of 2022 and to maintain the subordinated MREL ratio above 8% TLOF. This level would enable recourse to the Single Resolution Fund (subject to the decision of the resolution authority) before applying the bail-in to preferred senior debt, creating an additional layer of protection for investors in preferred senior debt. At 30 June 2019, Crédit Agricole Group posted an estimated MREL ratio of around 13% TLOF (total liabilities and own funds, equivalent to the prudential balance sheet after netting of derivatives) and 8.7% excluding potentially eligible senior preferred debt. Expressed as a percentage of risk-weighted assets, Crédit Agricole Group’s estimated MREL ratio stood at around 34% and 22.7% excluding potentially eligible senior preferred debt at end-June 2019.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 74/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Maximum Distributable Amount (MDA) trigger The transposition of Basel regulations into European law (CRDIV) has established a restriction mechanism of the distributions which is applicable to dividends, AT1 instruments and variable compensation. The Maximum Distributable Amount (MDA, the maximum sum a bank is allowed to allocate to distributions) principle aims to place limitations on distributions in the event the latter were to result in non-compliance with combined buffer requirements.

The distance to the MDA trigger is the lowest of the respective distances to the SREP requirements in CET 1 capital, Tier 1 capital and total capital. At 30 June 2019, Crédit Agricole Group posted a buffer of 580 basis points above the MDA trigger, i.e. approximately €32 billion in CET1 capital. At 30 June 2019, Crédit Agricole SA posted a buffer of 302 basis points above the MDA trigger, i.e. approximately €10 billion in CET1 capital.

Credit Agricole Group - Maximum Distributable Amount (MDA) trigger threshold

CET1 Tier 1 Total capital 30/06/19 Phased- in solvency ratios 15.4% 16.8% 19.5%

Distance to SREP requirement 587 bps 580 bps 649 bps

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

13.026% 0.026% 11.026% 1.000% 580 bps Countercyclical buffer 9.526% 0.026% 1.000% 2.500% 0.026% €32bn G-SIB buffer 1.000% 2.500% 1.500% 2.500% Conservation buffer 1.500% Distance to 1.500% restrictions on Pillar 2 requirement 8.000% distribution (P2R) 6.000% 4.500% Pillar 1 minimum requirement CET1 SREP Tier 1 SREP Overall requirement requirement capital SREP requirement

The Pillar 2 Guidance (P2G) is no included because actual or potential failure to meet this recommendation has no automatic impact on distributed amounts.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 75/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Credit Agricole S.A. - Maximum Distributable Amount (MDA) trigger threshold

CET1 Tier 1 Total capital 30/06/19 Phased- in solvency ratios 11.6% 14.0% 18.3%

Distance to SREP requirement 302 bps 396 bps 623 bps

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

12.044% 0.044% 10.044% 302 bps Countercyclical 2.500% buffer 8.544% 0.044% 0.044% 2.500% 1.500% Conservation buffer €10bn 2.500% 1.500% Distance to 1.500% restrictions on Pillar 2 requirement (P2R) 8.000% distribution 6.000% Pillar 1 minimum 4.500% requirement

CET1 SREP Tier 1 SREP Overall requirement requirement capital SREP requirement

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

In order to provide simple, relevant and auditable information on the Group’s liquidity position, the banking cash balance sheet’s stable resources surplus is calculated quarterly. The banking cash balance sheet is derived from Crédit Agricole Group’s IFRS financial statements. It is based on the definition of a mapping table between the Group’s IFRS financial statements and the sections of the cash balance sheet as they appear in the next table whose definition is commonly accepted in the market place. It relates to the banking scope, with insurance activities being managed in accordance with their own specific prudential constraints. Further to the breakdown of the IFRS financial statements in sections of the cash balance sheet, netting calculations are carried out. They relate to certain assets and liabilities that have a symmetrical impact in terms of liquidity risk. Deferred taxes, fair value impacts, collective impairments, short-selling transactions and other assets and liabilities were netted for a total of €58 billion at end-June 2019. Similarly, €89 billion euros in repos/reverse repos were eliminated insofar as these outstandings reflect the activity of the securities desk carrying out securities borrowing and lending operations that offset each other. Other nettings calculated in order to build the cash balance sheet relate to derivatives, margin calls, adjustment/settlement/liaison accounts and to non-liquid securities held by the Corporate and Investment Banking division, included in the “Customer-related trading assets” section, for an amount totalling €167 billion at end-June 2019.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 76/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 It should be noted that deposits centralised with CDC are not netted in order to build the cash balance sheet; the amount of centralised deposits (€54 billion at end-June 2019) is booked to assets under “Customer-related trading assets” and to liabilities under “Customer-related funds”. In a final stage, other restatements reassign outstandings that accounting standards allocate to one section, when they are economically related to another. As such, senior issues placed through the banking networks as well as financing by the European Investment Bank, the Caisse des Dépôts et Consignations and other refinancing transactions of the same type backed by customer loans, which accounting standards would classify as “Long-term market funds”, are reclassified as “Customer-related funds”. Note that for Central Bank refinancing operations, outstandings related to the TLTRO (Targeted Longer-Term Refinancing Operation) are included in “Long-term market funds”. In fact, the TLTRO II operations do not allow for early redemption at the ECB’s discretion; given their four-year contractual maturity, they are deemed equivalent to long term secured refinancing, identical in liquidity risk terms to a secured issue. Medium/long-term repos are also included in “Long term market funds”.

Finally, the CIB’s counterparties that are banks with which we have a commercial relationship are considered as customers in the construction of the cash balance sheet.

Crédit Agricole Group - Construction of the banking cash balance sheet at 30/06/19 Assets Liabilities €1,954bn €1,954bn Other netted balance sheet items 58 58

Reverse repos 102 89 Repos

Derivative instruments - assets & other necessary elements for o/w 13 the activity 181 146 Derivative instruments - liabilities & other necessary elements for Accruals, prepayments & sundry assets o/w 83 the activity CDC centralisation 15 54 21 Accruals, deferred income & sundry liabilities 119 ST market funds Cash & Central Bank deposits (incl. mandatory reserves) 87 Interbank assets 13 9 Reverse repos & other ST 209 LT market funds Securities portfolio 126 Customer-related trading assets 83

Customer assets 901 818 Customer-related funds

127 Capital & similar items Tangible & intangible assets 54

Transition from statutory to prudential scope (exclusion of 367 367 insurance activity mainly) Nettings

The liquidity position of Crédit Agricole Group is solid. Standing at €1,273 billion at 30 June 2019, the Group's banking cash balance sheet shows a surplus of stable funding resources over stable application of funds of €116 billion, down 4.3 billion compared to March 2019 and up €10 billion compared to June 2018. This surplus of €116 billion, known as stable resources position, allows the Group to cover the LCR deficit generated by long-term assets and stable liabilities (customer, tangible and intangible assets, long-term funds, own funds). It is in line with the Medium Term Plan target of over €100 billion. The ratio of stable resources over long term applications of funds was 111.2%, down -0.7% compared to the former quarter.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 77/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole Group - Cash balance sheet at 30/06/19

ASSETS LIABILITIES

1,256 1,273 1,273 1,256 Cash & central bank deposits Surplus: (incl. mandatory reserves) 88 87 €116bn 119 116 Interbank assets 10 13 9 ST market funds Reverse repos (net) & other ST 16 123 126 Securities portfolio 209 212 Customer-related trading 83 assets 79

818 803 885 901

127 125 Equity & similar items Tangible & intangible assets 55 54 31/03/2019 30/06/2019 30/06/2019 31/03/2019

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 78/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Medium/long-term market funds amounted to €209 billion at 30 June 2019. They included senior secured preferred debt of €79 billion, senior unsecured preferred debt of €93 billion, senior non-preferred debt of €17 billion, Tier 2 securities amounting to €18 billion and Tier 1 securities totalling €2 billion. Medium/long-term market funds decreased by €3 billion compared to end-March 2019.

Crédit Agricole Group - Breakdown of stock of medium- to long-term market funds at 30/06/19

31/03/19 30/06/19

81 Senior secured 79

€212bn €209bn 93 Senior preferred 93

16 Senior non-preferred 17

20 Tier 2 (1) 18 2 Tier 1 (1) 2

6 AT1 6

(1) Notional amount

At 30 June 2019, the Group’s liquidity reserves, marked-to-market and after haircuts, amounted to €277 billion, an increase of €3 billion compared with end-March 2019 and €21 billion compared with 30 June 2018. They covered short-term debt more than twice over and HQLA securities covered short-term debt net of Central Bank deposits more than three times over.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 79/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole Group - Liquidity reserves at 30/06/19

277

Assets eligible to Central Banks after ECB 50 227 haircut (immediate access)

Reverse repos & other ST 13 22 Self-securitisations eligible to Central Banks 14 Other non-HQLA securities (1)

Securities portfolio 126 116 HQLA (High Quality Liquid Assets) securities(1) portfolio 110 ST debt net of Central Bank 35 deposits

Cash and Central Bank deposits 88 75 75 Central Bank deposits 75 Central Bank deposits (excl. cash & mandatory reserves) (excl. cash & mandatory reserves) o/w cash 4 13 o/w mandatory reserves 9 Cash balance Liquidity Short term sheet assets reserves debt

At end-June 2019, the numerator of the LCR ratio (including the HQLA securities portfolio, cash and Central Bank deposits, excluding mandatory reserves), calculated as an average over 12 months, stood respectively at €216.1 billion for Crédit Agricole Group and at €181.9 billion for Crédit Agricole S.A.. The denominator of the ratio (representing net cash outflows), calculated as an average over 12 months, stood respectively at €163.8 billion for Crédit Agricole Group and at €136.2 billion for Crédit Agricole S.A.. The average LCR ratios over 12 months for Crédit Agricole Group and Crédit Agricole S.A. were respectively 131.9 % and 133.5% at end-June 2019. They exceeded the Medium Term Plan target of around 110%. Credit Institutions are subject to a threshold for this ratio, set at 100% from 1 January 2018.

The Group continues to follow a prudent policy as regards medium/long-term funding, with a very diversified access to markets in terms of investor base and products. At 30 June 2019, the Group’s main issuers raised the equivalent of €24.0 billion in medium/long-term debt on the markets, 49% of which was issued by Crédit Agricole SA. In addition, €1.8 billion were placed in Crédit Agricole Group’s local banking networks (regional banks, LCL and CA Italia) and other external networks, or borrowed from supranational organisations at the end of June 2019.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 80/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole Group - MLT market issues - Breakdown by issuer: €24.0bn at 30/06/19

EFL 2% LCL 1%

CACF 23%

Crédit Agricole S.A. 49%

CACIB 22% CA Italia 3%

As the Group’s main issuer, Crédit Agricole SA raised 69% of the funding plan at the end of July 2019, i.e. the equivalent of €11.7 billion in medium/long-term debt on the markets. This figure is broken down as follows: €6.3 billion equivalent of senior preferred and of secured senior debt, as well as €5.3 billion equivalent of senior non-preferred and Tier 2 debt.

An AT1 instrument was also issued for €1.1 billion equivalent in February 2019.

Crédit Agricole S.A. - MLT market issues - Breakdown by segment: €11.7bn at 31/07/19

Subordinated Senior preferred & Tier 2 €6.3bn Senior senior secured 16% secured 32% Average maturity: 9.3 years Spread vs 3m Euribor: 36bp

Senior non-preferred Senior non- €5.3bn preferred & Tier 2 30% Average maturity: 8.2 years Spread vs 3m Euribor: 134bp

Senior preferred 22%

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 81/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Bilan

Crédit Agricole Group - Consolidated balance sheet (€bn)

Assets 30/06/2019 31/12/2018 Liabilities 30/06/2019 31/12/2018

Cash and Central banks 67.8 70.6 Central banks 0.9 1.1

Financial assets at fair value through profit or loss 405.6 372.1 Financial liabilities at fair value through profit or loss 244.5 225.9

Hedging derivative instruments 23.0 15.8 Hedging derivative instruments 23.3 16.2 Financial assets at fair value through other comprehensive 274.7 265.0 income Loans and receivables due from credit institutions 97.0 97.2 Due to banks 97.6 96.0

Loans and receivables due from customers 884.1 854.7 Customer accounts 811.4 789.8

Debt securities 89.4 80.6 Debt securities in issue 207.2 198.2

Revaluation adjustment on interest rate hedged portfolios 13.7 8.3 Revaluation adjustment on interest rate hedged portfolios 12.0 7.9

Current and deferred tax assets 5.5 6.2 Current and deferred tax liabilities 3.0 2.4

Accruals, prepayments and sundry assets 50.4 44.3 Accruals and sundry liabilities 55.3 48.0

Non-current assets held for sale and discontinued operations ‑ 0.3 Liabilities associated with non-current assets held for sale ‑ 0.2

Participations dans les entreprises mises en équivalence ‑ 0.1

Investments in equity affiliates 6.8 6.3 Insurance Company technical reserves 350.3 325.9

Investment property 7.2 7.0 Provisions 8.4 8.1

Property, plant and equipment 9.9 7.8 Subordinated debt 23.1 22.8

Intangible assets 2.8 2.4 Shareholder's equity 111.7 106.7

Goodwill 16.2 16.1 Non-controlling interests 5.3 5.5

Total assets 1,954.1 1,854.8 Total liabilities 1,954.1 1,854.8

Crédit Agricole S.A. - Consolidated balance sheet (€bn)

Assets 30/06/2019 31/12/2018 Liabilities 30/06/2019 31/12/2018

Cash and Central banks 64.3 67.0 Central banks 0.7 0.9

Financial assets at fair value through profit or loss 398.3 365.5 Financial liabilities at fair value through profit or loss 246.3 228.1

Hedging derivative instruments 21.4 14.3 Hedging derivative instruments 15.3 12.1 Financial assets at fair value through other comprehensive 263.3 253.6 income Loans and receivables due from credit institutions 420.0 413.0 Due to banks 133.9 132.0

Loans and receivables due from customers 384.8 369.5 Customer accounts 611.4 597.2

Debt securities 66.6 57.8 Debt securities in issue 193.4 184.5

Revaluation adjustment on interest rate hedged portfolios 8.5 6.4 Revaluation adjustment on interest rate hedged portfolios 10.6 6.6

Current and deferred tax assets 4.2 4.5 Current and deferred tax liabilities 3.1 2.4

Accruals, prepayments and sundry assets 45.3 38.0 Accruals and sundry liabilities 53.9 42.3

Non-current assets held for sale and discontinued operations - 0.3 Liabilities associated with non-current assets held for sale - 0.2

Investments in equity affiliates - 0.1

Investments in equity affiliates 7.0 6.4 Insurance Company technical reserves 348.2 324.0

Investment property 6.5 6.4 Provisions 5.9 5.8

Property, plant and equipment 5.4 4.1 Subordinated debt 23.1 22.8

Intangible assets 2.6 2.3 Shareholder's equity 61.2 58.8

Goodwill 15.6 15.5 Non-controlling interests 6.6 6.7

Total assets 1,713.8 1,624.4 Total liabilities 1,713.8 1,624.4

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 82/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole S.A.

Breakdown of share capital

Crédit Agricole S.A. – breakdown of share capital

30/06/2019 31/12/2018 30/06/2018 Number of Number of Number of Breakdown of share capital % % % shares shares shares SAS Rue La Boétie 1,612,517,290 56.3% 1,612,517,290 56.3% 1,612,517,290 56.5% Treasury shares 2,458,564 0.1% 4,378,305 0.2% 3,746,530 0.1% Employees (company investment fund, ESOP) 130,180,992 4.5% 126,627,820 4.4% 118,492,689 4.2% Float 1,121,280,310 39.1% 1,122,913,741 39.2% 1,117,878,061 39.2% Total shares in issue (period end) 2,866,437,156 2,866,437,156 2,852,634,570 Total shares in issue, excluding treasury shares (period end)2,863,978,592 2,862,058,851 2,848,888,040 Total shares in issue, excluding treasury shares (average number)2,863,694,478 2,853,704,584 2,846,556,656

Data per share and ROTE

Crédit Agricole S.A. – data per share and ROTE

(€m) Q2-19 Q2-18 H1-19 H1-18 ∆ Q2/Q2 ∆ H1/H1 Net income Group share - stated 1,222 1,436 1,985 2,292 -14.9% -13.4% - Interests on AT1, including issuance costs, before tax (99) (93) (240) (225) +6.1% +6.7% NIGS attributable to ordinary shares - stated [A] 1,123 1,343 1,745 2,067 -16.4% -15.6% Average number shares in issue, excluding treasury shares (m) [B] 2,864.1 2,849.2 2,863.7 2,846.6 +0.5% +0.6% Net earnings per share - stated [A]/[B] 0.39 € 0.47 € 0.61 € 0.73 € -16.8% -16.1% Underlying net income Group share (NIGS) 1,242 1,418 2,038 2,205 -12.4% -7.6% Underlying NIGS attributable to ordinary shares [C] 1,143 1,324 1,798 1,981 -13.7% -9.2% Net earnings per share - underlying [C]/[B] 0.40 € 0.46 € 0.63 € 0.70 € -14.1% -9.8%

(€m) 30/06/2019 30/06/2018 Shareholder's equity Group share 61,216 57,144 - AT1 issuances (6,094) (5,008) - Unrealised gains and losses on OCI - Group share (3,056) (2,522) - Payout assumption on annual results* - - Net book value (NBV), not revaluated, attributable to ordin. sh. [D] 52,066 49,615 - Goodwill & intangibles** - Group share (18,335) (17,764) Tangible NBV (TNBV), not revaluated attrib. to ordinary sh. [E] 33,731 31,851

Total shares in issue, excluding treasury shares (period end, m) [F] 2,864.0 2,848.9

NBV per share , after deduction of dividend to pay (€) [D]/[F] 18.2 € 17.4 € + Dividend to pay (€) [H] 0.00 € 0.00 € NBV per share , before deduction of dividend to pay (€) 18.2 € 17.4 €

TNBV per share, after deduction of dividend to pay (€) [G]=[E]/[F] 11.8 € 11.2 €

TNBV per sh., before deduct. of divid. to pay (€) [G]+[H] 11.8 € 11.2 € * dividend proposed to the Board meeting to be paid ** including goodwill in the equity-accounted entities

(€m) H1-19 H1-18 Net income Group share attributable to ordinary shares [H] 3,490 4,144 Tangible NBV (TNBV), not revaluated attrib. to ord. sh. - avg*** [J] 32,579 30,404 Stated ROTE (%) [H]/[J] 10.7% 13.6% Underlying Net income attrib. to ord. shares (annualised) [I] 3,596 3,971 Underlying ROTE (%) [I]/[J] 11.0% 13.1% *** including assumption of dividend for the current exercise

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 83/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 RWAs and capital allocation by bysiness line

Crédit Agricole S.A. – Fully loaded Basel 3 RWAs and capital allocation by business line

Risk-weighted assets Capital €bn June 2019 Dec. 2018 June 2018 June 2019 Dec. 2018 June 2018 Asset gathering 30.8 23.9 25.1 9.0 8.5 8.1 - Insurance* ** 15.3 10.6 13.0 7.5 6.6 6.1 - Asset management 10.5 9.6 8.7 1.0 1.6 1.7 - Wealth Management 5.0 3.7 3.4 0.5 0.3 0.3 French Retail Banking (LCL) 52.1 49.6 45.9 5.0 4.7 4.4 International retail Banking 41.9 39.7 39.6 4.0 3.8 3.8 Specialised financial services 55.6 53.6 53.5 5.3 5.1 5.1 Large customers 119.8 118.4 117.8 11.4 11.3 11.2 - Financing activities 73.3 71.2 73.4 7.0 6.8 7.0 - Capital markets and investment 38.0 38.7 35.3 3.6 3.7 3.4 - Asset servicing 8.6 8.6 9.0 0.8 0.8 0.9 Corporate Centre 23.3 21.7 24.9 2.2 2.1 2.4

TOTAL 323.4 306.9 306.7 36.8 35.4 34.9 *Implementation at 02/01/2014 of the switch gurantees transferring to the Regional Banks €34bn of RWAs related to Credit Agricole S.A.’s stake in Credit Agricole Assurances **Solvency 2 requirements for the calculation of allocated capital of June 2019 and 2018 and december2018 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

Crédit Agricole S.A. – Basel 3 RWAs by type of risk

+0.9% 307 307 307 321 323 13 11 11 10 10 32 28 28 31 31 Market risk Operational risk Credit risk 266 267 265 279 281

June 18 Sept 18 Dec 18 Mar 19 June 19

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 84/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Appendix

Appendix 1 • Specific items

Crédit Agricole Group

Crédit Agricole Group - Specific items, Q2-19 et Q2-18, H1-19 et H1-18

Q2-19 Q2-18 H1-19 H1-18 Impact on Impact on Gross Gross Gross Impact on Gross Impact on €m Net Net impact* impact* impact* Net income impact* Net income income income

DVA (LC) (5) (3) 10 8 (12) (9) 15 11 Loan portfolio hedges (LC) (8) (6) 15 12 (27) (20) 20 15 Home Purchase Savings Plans (LCL) (3) (2) - - (11) (7) - - Home Purchase Savings Plans (CC) (15) (10) - - (28) (18) - - Home Purchase Savings Plans (RB) (19) (13) - - (98) (64) - -

Total impact on revenues (49) (33) 25 19 (175) (118) 35 26

Pioneer integration costs (AG) - - (8) (4) - - (18) (8) Integration costs 3 Italian banks (IRB) - - 16 9 - - 16 9

Total impact on operating expenses - - 8 5 - - (1) 1 ECB fine (CC) - - (5) (5) - - (5) (5) Total impact Non-allocated legal risk provisions - - (5) (5) - - (5) (5) Change of value of goodwill (CC) ------86 74 Total impact on change of value of goodwill ------86 74

Total impact of specific items (49) (33) 29 20 (175) (118) 114 96 Asset gathering - - (8) (4) - - (18) (8) French Retail banking (22) (14) - (108) (71) - - International Retail banking - - 16 9 - - 16 9 Specialised financial services ------Large customers (12) (9) 25 19 (39) (29) 35 26 Corporate centre (15) (10) (5) (5) (28) (18) 81 69 *Impacts before tax and none-controlling interets

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 85/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole S.A.

Crédit Agricole S.A. - Specific items, Q2-19 et Q2-18, H1-19 et H1-18

Q2-19 Q2-18 H1-19 H1-18 €m Gross Impact on Gross Impact on Gross Impact on Gross Impact on impact* Net income impact* Net income impact* Net income impact* Net income

DVA (LC) (5) (3) 10 7 (12) (9) 15 11 Loan portfolio hedges (LC) (8) (6) 15 12 (27) (20) 20 14 Home Purchase Savings Plans (FRB) (3) (2) - - (11) (7) - - Home Purchase Savings Plans (CC) (15) (10) - - (28) (18) - -

Total impact on revenues (30) (20) 25 19 (78) (53) 35 25

Pioneer integration costs (AG) - - (8) (4) - - (18) (8) 3 Italian banks integration costs (IRB) - - 16 8 - - 16 8 Total impact on operating expenses - - 8 4 - - (1) (0) ECB fine (CC) - - (5) (5) - - (5) (5) Total impact Non-allocated legal risk provisions - - (5) (5) - - (5) (5)

Change of value of goodwill (CC)(2) ------86 66 Total impact on change of value of goodwill ------86 66

Total impact of specific items (30) (20) 29 19 (78) (53) 114 87 Asset gathering - - (8) (4) - - (18) (8) French Retail banking (3) (2) - - (11) (7) - - International Retail banking - - 16 8 - - 16 8 Specialised financial services ------Large customers (12) (9) 25 19 (39) (28) 35 25 Corporate centre (15) (10) (5) (5) (28) (18) 81 61 * Impact before tax and before minority interests

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 86/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Appendix 2 – Crédit Agricole Group : detailed, stated and underlying income statement

Crédit Agricole Group - Stated and underlying results, Q2-19 and Q2-18

Q2-19 Q2-19 Q2-18 Specific Q2-18 ∆ Q2/Q2 ∆ Q2/Q2 €m Specific items stated underlying stated items underlying stated underlying

Revenues 8,485 (49) 8,534 8,428 25 8,402 +0.7% +1.6% Operating expenses excl. SRF (5,308) - (5,308) (5,141) 8 (5,149) +3.3% +3.1% SRF (4) - (4) (30) - (30) (87.0%) (87.0%) Gross operating income 3,174 (49) 3,223 3,257 33 3,224 (2.6%) (0.0%) Cost of risk (598) - (598) (397) - (397) +50.5% +50.5% Cost of legal risk - - - (5) (5) - (100.0%) n.m. Equity-accounted entities 94 - 94 80 - 80 +16.7% +16.7% Net income on other assets (8) - (8) 17 - 17 n.m. n.m. Change in value of goodw ill ------n.m. n.m. Income before tax 2,662 (49) 2,711 2,953 29 2,924 (9.9%) (7.3%) Tax (728) 16 (743) (734) (9) (725) (0.9%) +2.5% Net income from discont'd or held-for-sale ope. 8 - 8 (1) - (1) n.m. n.m. Net income 1,942 (33) 1,976 2,218 20 2,198 (12.4%) (10.1%) Non controlling interests (130) - (130) (142) 0 (142) (8.3%) (8.5%) Net income Group Share 1,813 (33) 1,846 2,076 20 2,056 (12.7%) (10.2%) Cost/Income ratio excl. SRF (%) 62.6% 62.2% 61.0% 61.3% +1.6 pp +0.9 pp Net income Group Share excl. SRF 1,815 (33) 1,848 2,104 20 2,084 (13.7%) (11.3%)

Crédit Agricole Group - From stated to underlying results, H1-19 and H1-18

H1-19 H1-19 H1-18 Specific H1-18 ∆ H1/H1 ∆ H1/H1 €m Specific items stated underlying stated items underlying stated underlying

Revenues 16,682 (175) 16,857 16,686 35 16,651 (0.0%) +1.2% Operating expenses excl.SRF (10,585) - (10,585) (10,483) (1) (10,482) +1.0% +1.0% SRF (426) - (426) (389) - (389) +9.4% +9.4% Gross operating income 5,671 (175) 5,846 5,813 34 5,780 (2.5%) +1.1% Cost of risk (879) - (879) (818) - (818) +7.5% +7.5% Cost of legal risk - - - (5) (5) - (100.0%) n.m. Equity-accounted entities 188 - 188 179 - 179 +5.5% +5.5% Net income on other assets 3 - 3 38 - 38 (92.4%) (92.4%) Change in value of goodw ill - - - 86 86 - (100.0%) n.m. Income before tax 4,983 (175) 5,158 5,293 114 5,178 (5.8%) (0.4%) Tax (1,576) 57 (1,633) (1,501) (9) (1,492) +5.0% +9.4% Net income from discont'd or held-for-sale ope. 8 - 8 (2) - (2) n.m. n.m. Net income 3,415 (118) 3,534 3,789 105 3,684 (9.9%) (4.1%) Non controlling interests (253) - (253) (285) (9) (276) (11.2%) (8.3%) Net income Group Share 3,163 (118) 3,281 3,505 96 3,408 (9.8%) (3.7%) Cost/Income ratio excl.SRF (%) 63.5% 62.8% 62.8% 63.0% +0.6 pp -0.2 pp

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 87/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Appendix 3 – Crédit Agricole Group : résults by business line

Crédit Agricole Group: Contribution by divisions - Q2-2019 & Q2-2018

Q2-19 (stated) Q2-18 (stated) €m RB LCL IRB AG SFS LC CC Total Revenues 3,257 886 740 1,480 687 1,466 (30) 8,485 Operating expenses excl. SRF (2,221) (573) (455) (691) (329) (797) (242) (5,308) SRF 2 (1) (7) (3) (0) 8 (3) (4) Gross operating income 1,038 312 278 786 358 678 (275) 3,174 Cost of risk (238) (51) (87) (8) (132) (69) (14) (598) Cost of legal risk ------Equity-accounted entities 4 - - 12 78 (1) - 94 Net income on other assets (7) (0) (1) (0) 0 (0) 0 (8) Change in value of goodw ill ------Income before tax 797 262 190 790 305 608 (289) 2,662 Tax (247) (84) (53) (222) (73) (148) 99 (728) Net income from discont'd or held-for-sale - - - 8 - - - 8 ope. Net income 550 178 137 576 232 460 (190) 1,942 Non controlling interests 0 (0) (29) (76) (25) 1 (0) (130)

Net income Group Share 550 178 108 500 207 460 (190) 1,813

Q2-18 (stated) €m RB LCL AG IRB SFS LC CC Total Revenues 3,227 875 1,385 714 695 1,531 0 8,428 Operating expenses excl. SRF (2,145) (576) (685) (427) (310) (801) (196) (5,141) SRF (19) (2) 0 (5) (1) (2) (1) (30) Gross operating income 1,063 298 700 282 384 728 (197) 3,257 Cost of risk (176) (56) (4) (84) (127) 45 5 (397) Cost of legal risk ------(5) (5) Equity-accounted entities 2 - 14 - 65 (0) - 80 Net income on other assets 3 1 (0) (0) 1 13 (0) 17 Change in value of goodw ill ------Income before tax 893 242 709 198 322 787 (198) 2,953 Tax (285) (73) (147) (57) (76) (197) 101 (734) Net income from discont'd or held-for-sale - (1) (0) - - - - (1) ope. Net income 608 168 562 141 246 590 (97) 2,218 Non controlling interests 0 1 (78) (29) (30) (0) (6) (142)

Net income Group Share 608 169 484 113 216 589 (103) 2,076 AG: Asset Gathering and Insurance; RB: Retail Banking, SFS: Specialised Financial Services; LC: Large Customers; CC: Corporate Centre.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 88/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole Group. : Contribution by divisions - stated - H1-19 & H1-18

H1-19 (stated) H1-18 (stated) €m RB LCL IRB AG SFS LC CC Total

Revenues 6,669 1,747 1,442 2,940 1,368 2,804 (287) 16,682 Operating expenses excl. SRF (4,413) (1,166) (894) (1,444) (671) (1,616) (381) (10,585) SRF (88) (32) (22) (7) (18) (177) (81) (426) Gross operating income 2,167 550 526 1,489 678 1,011 (749) 5,671 Cost of risk (295) (95) (175) (3) (239) (59) (13) (879) Cost of legal risk ------Equity-accounted entities 9 - - 25 156 (1) - 188 Net income on other assets (7) 1 (1) (0) 1 3 7 3 Change in value of goodw ill ------Income before tax 1,874 456 350 1,510 596 953 (755) 4,983 Tax (710) (153) (99) (419) (137) (277) 219 (1,576) Net income from discontinued or held-for- - - - 8 - - - 8 sale operations Net income 1,164 302 251 1,099 459 676 (537) 3,415 Non controlling interests (0) (0) (53) (149) (58) 1 7 (253)

Net income Group Share 1,164 302 198 950 401 677 (530) 3,163

H1-18 (stated) €m RB LCL AG IRB SFS LC CC Total

Revenues 6,585 1,733 2,848 1,418 1,383 2,862 (143) 16,686 Operating expenses excl. SRF (4,344) (1,189) (1,429) (869) (667) (1,583) (402) (10,483) SRF (87) (28) (3) (22) (18) (170) (62) (389) Gross operating income 2,153 517 1,416 527 698 1,109 (606) 5,813 Cost of risk (280) (107) (9) (179) (227) (19) 3 (818) Cost of legal risk ------(5) (5) Equity-accounted entities 7 - 25 - 127 1 19 179 Net income on other assets 5 2 (0) (0) 1 13 16 38 Change in value of goodw ill ------86 86 Income before tax 1,886 412 1,432 347 599 1,104 (487) 5,293 Tax (690) (132) (356) (105) (141) (305) 228 (1,501) Net income from discontinued or held-for- - (1) (1) - - - - (2) sale operations Net income 1,195 279 1,075 243 458 799 (260) 3,789 Non controlling interests (0) 1 (148) (51) (64) 1 (24) (285) Net income Group Share 1,195 280 928 192 394 799 (283) 3,505

AG: Asset Gathering and Insurance; RB: Retail Banking, SFS: Specialised Financial Services; LC: Large Customers; CC: Corporate Centre.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 89/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Appendix 4 – Crédit Agricole S.A. : detailed, stated and underlying income statement

Crédit Agricole S.A. - From stated to underlying results, Q2-19 and Q2-18

Q2-19 Q2-19 Q2-18 Specific Q2-18 ∆ Q2/Q2 ∆ Q2/Q2 €m Specific items stated underlying stated items underlying stated underlying

Revenues 5,149 (30) 5,179 5,171 25 5,146 (0.4%) +0.6% Operating expenses excl.SRF (3,033) - (3,033) (2,966) 8 (2,974) +2.3% +2.0% SRF (6) - (6) (11) - (11) (47.3%) (47.3%) Gross operating income 2,111 (30) 2,140 2,195 33 2,162 (3.8%) (1.0%) Cost of risk (358) - (358) (223) - (223) +60.3% +60.3% Cost of legal risk - - - (5) (5) - (100.0%) n.m. Equity-accounted entities 108 - 108 77 - 77 +39.7% +39.7% Net income on other assets (1) - (1) 14 - 14 n.m. n.m. Change in value of goodw ill ------n.m. n.m. Income before tax 1,861 (30) 1,890 2,059 29 2,030 (9.6%) (6.9%) Tax (485) 9 (494) (448) (9) (439) +8.4% +12.7% Net income from discont'd or held-for-sale ope. 8 - 8 (1) - (1) n.m. n.m. Net income 1,384 (20) 1,404 1,610 20 1,590 (14.1%) (11.7%) Non controlling interests (161) 0 (162) (174) (1) (172) (7.0%) (6.2%) Net income Group Share 1,222 (20) 1,242 1,436 19 1,418 (14.9%) (12.4%) Earnings per share (€) 0.39 (0.01) 0.40 0.47 0.01 0.46 (16.8%) (14.1%) Cost/Income ratio excl.SRF (%) 58.9% 58.6% 57.3% 57.8% +1.5 pp +0.8 pp Net income Group Share excl. SRF 1,227 (20) 1,247 1,445 19 1,426 (15.1%) (12.5%)

Crédit Agricole S.A. - From stated to underlying results, H1-19 and H1-18

H1-19 H1-19 H1-18 Specific H1-18 ∆ H1/H1 ∆ H1/H1 €m Specific items stated underlying stated items underlying stated underlying

Revenues 10,004 (78) 10,081 10,081 35 10,046 (0.8%) +0.4% Operating expenses excl.SRF (6,136) - (6,136) (6,075) (1) (6,074) +1.0% +1.0% SRF (337) - (337) (302) - (302) +11.7% +11.7% Gross operating income 3,530 (78) 3,607 3,703 34 3,670 (4.7%) (1.7%) Cost of risk (582) - (582) (537) - (537) +8.4% +8.4% Cost of legal risk - - - (5) (5) - (100.0%) n.m. Equity-accounted entities 193 - 193 170 - 170 +13.7% +13.7% Net income on other assets 22 - 22 32 - 32 (32.5%) (32.5%) Change in value of goodw ill - - - 86 86 - (100.0%) n.m. Income before tax 3,163 (78) 3,240 3,450 114 3,335 (8.3%) (2.8%) Tax (880) 23 (903) (810) (9) (801) +8.6% +12.7% Net income from discont'd or held-for-sale ope. 8 - 8 (2) - (2) n.m. n.m. Net income 2,291 (54) 2,346 2,638 105 2,532 (13.1%) (7.4%) Non controlling interests (307) 1 (308) (346) (19) (327) (11.3%) (5.9%) Net income Group Share 1,985 (53) 2,038 2,292 87 2,205 (13.4%) (7.6%) Earnings per share (€) 0.61 (0.02) 0.63 0.73 0.03 0.70 (16.1%) (9.8%) Cost/Income ratio excl.SRF (%) 61.3% 60.9% 60.3% 60.5% +1.1 pp +0.4 pp

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 90/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Appendix 5 – Crédit Agricole S.A. : résults by business line

Crédit Agricole S.A.: Contribution by divisions - Q2-19 & Q2-18

Q2-19 (stated) Q2-18 (stated) €m AG FRB (LCL) IRB SFS LC CC Total

Revenues 1,479 886 715 687 1,467 (85) 5,149 Operating expenses excl. SRF (691) (573) (436) (329) (797) (207) (3,033) SRF (3) (1) (7) (0) 8 (3) (6) Gross operating income 786 312 272 358 679 (296) 2,111 Cost of risk (8) (51) (84) (132) (69) (15) (358) Cost of legal risk ------Equity-accounted entities 12 - - 78 (1) 19 108 Net income on other assets (0) (0) (1) 0 (0) 0 (1) Change in value of goodw ill ------Income before tax 790 262 187 305 609 (292) 1,861 Tax (221) (84) (52) (73) (148) 94 (485) Net income from discontinued or held-for- 8 - - - - - 8 sale operations Net income 577 178 135 232 460 (198) 1,384 Non controlling interests (80) (8) (36) (25) (9) (3) (161) Net income Group Share 496 170 98 207 452 (201) 1,222

Q2-18 (stated) €m AG FRB (LCL) IRB SFS LC CC Total

Revenues 1,388 875 689 695 1,531 (6) 5,171 Operating expenses excl. SRF (685) (576) (409) (310) (801) (184) (2,966) SRF 0 (2) (5) (1) (2) (1) (11) Gross operating income 703 298 274 384 728 (192) 2,195 Cost of risk (4) (56) (85) (127) 45 5 (223) Cost of legal risk - - - - - (5) (5) Equity-accounted entities 14 - - 65 (0) (0) 77 Net income on other assets (0) 1 (0) 1 13 (0) 14 Change in value of goodw ill ------Income before tax 712 242 189 322 786 (193) 2,059 Tax (147) (73) (54) (76) (197) 100 (448) Net income from discontinued or held-for- (0) (1) - - - - (1) sale operations Net income 564 168 135 246 589 (92) 1,610 Non controlling interests (82) (7) (36) (30) (12) (7) (174) Net income Group Share 483 161 98 216 578 (99) 1,436

AG: Asset Gathering and Insurance; RB: Retail Banking, SFS: Specialised Financial Services; LC: Large Customers; CC: Corporate Centre.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 91/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole S.A. : Contribution by divisions - H1-19 & H1-18

H1-19 (stated) H1-18 (stated)

€m AG FRB (LCL) IRB SFS LC CC Total

Revenues 2,948 1,747 1,391 1,368 2,806 (256) 10,004 Operating expenses excl. SRF (1,444) (1,166) (856) (671) (1,616) (384) (6,136) SRF (7) (32) (22) (18) (177) (81) (337) Gross operating income 1,497 550 513 678 1,013 (721) 3,530 Cost of risk (3) (95) (172) (239) (59) (13) (582) Cost of legal risk ------Equity-accounted entities 25 - - 156 (1) 13 193 Net income on other assets (0) 1 (1) 1 3 19 22 Change in value of goodw ill ------Income before tax 1,518 456 340 596 955 (702) 3,163 Tax (420) (153) (96) (137) (278) 205 (880) Net income from discontinued or held-for- 8 - - - - - 8 sale operations Net income 1,106 303 243 459 677 (497) 2,291 Non controlling interests (157) (14) (66) (58) (13) 1 (307) Net income Group Share 949 289 178 401 664 (496) 1,985

H1-18 (stated)

€m AG FRB (LCL) IRB SFS LC CC Total

Revenues 2,855 1,734 1,366 1,383 2,862 (119) 10,081 Operating expenses excl. SRF (1,429) (1,189) (832) (667) (1,583) (375) (6,075) SRF (3) (28) (22) (18) (170) (62) (302) Gross operating income 1,423 517 512 698 1,109 (556) 3,703 Cost of risk (9) (107) (179) (227) (19) 3 (537) Cost of legal risk - - - - - (5) (5) Equity-accounted entities 25 - - 127 1 17 170 Net income on other assets (0) 2 (0) 1 13 16 32 Change in value of goodw ill - - - - - 86 86 Income before tax 1,439 412 333 599 1,104 (438) 3,450 Tax (357) (132) (101) (141) (305) 226 (810) Net income from discontinued or held-for- (1) (1) - - - - (2) sale operations Net income 1,081 279 232 458 799 (212) 2,638 Non controlling interests (155) (13) (64) (64) (16) (35) (346) Net income Group Share 926 267 168 394 783 (247) 2,292

AG: Asset Gathering and Insurance; RB: Retail Banking, SFS: Specialised Financial Services; LC: Large Customers; CC: Corporate Centre.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 92/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Appendix 6 – By business line: reconciliation between stated and underlying

In the second quarter and the first half of 2019 and in the second quarter and the first half of 2018, Asset Management, Retail Banking in France (LCL and Regional Banks), Retail banking in Italy, Large Customers and the Corporate Centre included specific items.

Asset management (Amundi) - From stated to underlying results, Q2-19 vs. Q2-18 and H1-19 vs. H1-18

Q2-19 Specific Q2-19 Q2-18 Specific Q2-18 ∆ Q2/Q2 ∆ Q2/Q2 €m stated items underlying stated items underlying stated underlying Revenues 656 - 656 656 - 656 (0.1%) (0.1%) Operating expenses excl.SRF (350) - (350) (356) (8) (348) (1.6%) +0.7% SRF (2) - (2) 0 - 0 n.m. n.m. Gross operating income 304 - 304 300 (8) 309 +1.2% (1.5%) Cost of risk (2) - (2) (6) - (6) (57.9%) (57.9%) Net income on other assets (0) - (0) (0) - (0) (22.8%) (22.8%) Income before tax 313 - 313 308 (8) 316 +1.8% (0.9%) Tax (73) - (73) (82) 2 (85) (11.9%) (14.4%) Net income Group Share 163 - 163 153 (4) 157 +6.8% +4.0% Cost/Income ratio excl.SRF (%) 53.4% 53.4% 54.2% 53.0% -0.9 pp +0.4 pp

H1-19 Specific H1-19 H1-18 Specific H1-18 ∆ H1/H1 ∆ H1/H1 €m stated items underlying stated items underlying stated underlying

Revenues 1,294 - 1,294 1,300 - 1,300 (0.5%) (0.5%) Operating expenses excl.SRF (691) - (691) (707) (18) (690) (2.3%) +0.1% SRF (3) - (3) (1) - (1) x 2.3 x 2.3 Gross operating income 600 - 600 591 (18) 609 +1.4% (1.5%) Cost of risk 3 - 3 (10) - (10) n.m. n.m. Net income on other assets (0) - (0) (0) - (0) +86.9% +86.9% Income before tax 627 - 627 606 (18) 624 +3.4% +0.5% Tax (159) - (159) (167) 5 (172) (4.6%) (7.5%) Net income Group Share 318 - 318 298 (8) 307 +6.4% +3.5% Cost/Income ratio excl.SRF (%) 53.4% 53.4% 54.4% 53.1% -1.0 pp +0.3 pp

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 93/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Retail banking in France (LCL) - From stated to underlying results, Q2-19 vs. Q2-18 and H1- 19 vs. H1-18

Q2-19 Specific Q2-19 Q2-18 Specific Q2-18 ∆ Q2/Q2 ∆ Q2/Q2 €m stated items underlying stated items underlying stated underlying Revenues 886 (3) 889 875 - 875 +1.2% +1.5% Operating expenses excl.SRF (573) - (573) (576) - (576) (0.6%) (0.6%) SRF (1) - (1) (2) - (2) (42.3%) (42.3%) Gross operating income 312 (3) 315 298 - 298 +4.9% +5.8% Cost of risk (51) - (51) (56) - (56) (10.3%) (10.3%) Net income on other assets (0) - (0) 1 - 1 n.m. n.m. Income before tax 262 (3) 264 242 - 242 +8.2% +9.2% Tax (84) 1 (85) (73) - (73) +14.7% +15.8% Net income Group Share 170 (2) 172 161 - 161 +5.5% +6.5% Cost/Income ratio excl.SRF (%) 64.6% 64.4% 65.8% 65.8% -1.1 pp -1.3 pp

H1-19 Specific H1-19 H1-18 Specific H1-18 ∆ H1/H1 ∆ H1/H1 €m stated items underlying stated items underlying stated underlying

Revenues 1,747 (11) 1,758 1,734 - 1,734 +0.8% +1.4% Operating expenses excl.SRF (1,166) - (1,166) (1,189) - (1,189) (1.9%) (1.9%) SRF (32) - (32) (28) - (28) +13.2% +13.2% Gross operating income 550 (11) 561 517 - 517 +6.3% +8.4% Cost of risk (95) - (95) (107) - (107) (11.3%) (11.3%) Net income on other assets 1 - 1 2 - 2 (72.2%) (72.2%) Income before tax 456 (11) 467 412 - 412 +10.5% +13.1% Tax (153) 4 (157) (132) - (132) +15.9% +18.8% Net income Group Share 289 (7) 296 267 - 267 +8.4% +11.0% Cost/Income ratio excl.SRF (%) 66.7% 66.3% 68.6% 68.6% -1.8 pp -2.3 pp

Retail banking in Italy (IRB Italy) - From stated to underlying results, Q2-19 vs. Q2-18 and H1-19 vs. H1-18

Q2-19 Specific Q2-19 Q2-18 Specific Q2-18 ∆ Q2/Q2 ∆ Q2/Q2 €m stated items underlying stated items underlying stated underlying

Revenues 483 - 483 477 - 477 +1.3% +1.3% Operating expenses excl.SRF (295) - (295) (282) 16 (298) +4.7% (0.9%) SRF (7) - (7) (5) - (5) +37.0% +37.0% Gross operating income 181 - 181 190 16 174 (4.9%) +4.0% Cost of risk (61) - (61) (62) - (62) (1.9%) (1.9%) Net income on other assets - - - (0) - (0) (100.0%) (100.0%) Income before tax 120 - 120 128 16 112 (6.3%) +7.3% Tax (38) - (38) (39) (5) (34) (2.9%) +12.4% Net income from discont'd or held-for-sale ope. ------n.m. n.m. Net income 81 - 81 88 11 78 (7.9%) +5.0% Non controlling interests (22) - (22) (25) (3) (22) (10.1%) +0.1% Net income Group Share 59 - 59 64 8 55 (7.0%) +7.0% Cost/Income ratio excl.SRF (%) 61.1% 61.1% 59.1% 62.5% +2.0 pp -1.4 pp

H1-19 Specific H1-19 H1-18 Specific H1-18 ∆ H1/H1 ∆ H1/H1 €m stated items underlying stated items underlying stated underlying

Revenues 935 - 935 947 - 947 (1.3%) (1.3%) Operating expenses excl.SRF (579) - (579) (570) 16 (586) +1.6% (1.2%) SRF (22) - (22) (22) - (22) +1.5% +1.5% Gross operating income 334 - 334 355 16 339 (6.1%) (1.6%) Cost of risk (128) - (128) (141) - (141) (9.3%) (9.3%) Net income on other assets - - - 0 - 0 (100.0%) (100.0%) Income before tax 206 - 206 215 16 198 (4.0%) +3.8% Tax (66) - (66) (71) (5) (66) (7.9%) (0.5%) Net income from discont'd or held-for-sale ope. ------n.m. n.m. Net income 140 - 140 143 11 132 (2.1%) +5.9% Non controlling interests (38) - (38) (40) (3) (37) (4.5%) +1.9% Net income Group Share 102 - 102 103 8 95 (1.2%) +7.4% Cost/Income ratio excl.SRF (%) 62.0% 62.0% 60.2% 61.9% +1.8 pp +0.0 pp

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 94/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451

Large customers (LC) - From stated to underlying results, Q2-19 vs. Q2-18 and H1-19 vs. H1- 18

Q2-19 Specific Q2-19 Q2-18 Specific Q2-18 ∆ Q2/Q2 ∆ Q2/Q2 €m stated items underlying stated items underlying stated underlying

Revenues 1,467 (12) 1,479 1,531 25 1,505 (4.2%) (1.7%) Operating expenses excl.SRF (797) - (797) (801) - (801) (0.5%) (0.5%) SRF 8 - 8 (2) - (2) n.m. n.m. Gross operating income 679 (12) 691 728 25 702 (6.8%) (1.7%) Cost of risk (69) - (69) 45 - 45 n.m. n.m. Net income on other assets (0) - (0) 13 - 13 n.m. n.m. Income before tax 609 (12) 621 786 25 761 (22.6%) (18.4%) Tax (148) 3 (151) (197) (6) (191) (24.8%) (20.8%) Net income 460 (9) 469 589 19 570 (21.9%) (17.6%) Non controlling interests (9) 0 (9) (12) (0) (11) (25.9%) (21.3%) Net income Group Share 452 (9) 461 578 19 559 (21.8%) (17.6%) Cost/Income ratio excl.SRF (%) 54.3% 53.9% 52.3% 53.2% +2.0 pp +0.7 pp

H1-19 Specific H1-19 H1-18 Specific H1-18 ∆ H1/H1 ∆ H1/H1 €m stated items underlying stated items underlying stated underlying

Revenues 2,806 (39) 2,845 2,862 35 2,827 (2.0%) +0.6% Operating expenses excl.SRF (1,616) - (1,616) (1,583) - (1,583) +2.0% +2.0% SRF (177) - (177) (170) - (170) +4.6% +4.6% Gross operating income 1,013 (39) 1,052 1,109 35 1,074 (8.7%) (2.1%) Cost of risk (59) - (59) (19) - (19) x 3.1 x 3.1 Cost of legal risk ------n.m. n.m. Equity-accounted entities (1) - (1) 1 - 1 n.m. n.m. Net income on other assets 3 - 3 13 - 13 (81.1%) (81.1%) Change in value of goodw ill ------n.m. n.m. Income before tax 955 (39) 994 1,104 35 1,069 (13.5%) (7.0%) Tax (278) 10 (288) (305) (9) (296) (9.0%) (2.9%) Net income from discont'd or held-for-sale ope. ------n.m. n.m. Net income 677 (29) 706 799 26 773 (15.2%) (8.6%) Non controlling interests (13) 1 (14) (16) (1) (15) (16.5%) (9.0%) Net income Group Share 664 (28) 692 783 25 758 (15.2%) (8.6%) Cost/Income ratio excl.SRF (%) 57.6% 56.8% 55.3% 56.0% +2.3 pp +0.8 pp

Corporate centre (CC) - From stated to underlying results, Q2-19 vs. Q2-18 and H1-19 vs. H1- 18

Q2-19 Specific Q2-19 Q2-18 Q2-18 ∆ Q2/Q2 ∆ Q2/Q2 €m Specific items stated items underlying stated underlying stated underlying Revenues (85) (15) (70) (6) - (6) x 13.2 x 10.8 Operating expenses excl.SRF (207) - (207) (184) - (184) +12.4% +12.4% SRF (3) - (3) (1) - (1) x 2.5 x 2.5 Gross operating income (296) (15) (280) (192) - (192) +53.9% +46.0% Cost of risk (15) - (15) 5 - 5 n.m. n.m. Equity-accounted entities 19 - 19 (0) - (0) n.m. n.m. Net income on other assets 0 - 0 (0) - (0) n.m. n.m. Change in value of goodw ill ------n.m. n.m. Income before tax (292) (15) (277) (193) (5) (188) +51.4% +47.1% Tax 94 5 88 100 - 100 (6.5%) (11.7%) Net income (198) (10) (188) (92) (5) (88) x 2.1 x 2.1 Non controlling interests (3) - (3) (7) 0 (7) (58.3%) (58.3%) Net income Group Share (201) (10) (191) (99) (5) (95) x 2 x 2 Cost/Income ratio excl.SRF (%) -243.5% -295.7% -2850.7% -2850.7% +2607.1 pp +2555.0 pp

H1-19 Specific H1-19 H1-18 H1-18 ∆ H1/H1 ∆ H1/H1 €m Specific items stated items underlying stated underlying stated underlying

Revenues (256) (28) (229) (119) - (119) x 2.2 +92.4% Operating expenses excl.SRF (384) - (384) (375) - (375) +2.4% +2.4% SRF (81) - (81) (62) - (62) +30.5% +30.5% Gross operating income (721) (28) (693) (556) - (556) +29.8% +24.8% Cost of risk (13) - (13) 3 - 3 n.m. n.m. Net income on other assets 19 - 19 16 - 16 +18.5% +18.5% Income before tax (702) (28) (674) (438) 81 (519) +60.3% +29.9% Tax 205 9 195 226 - 226 (9.5%) (13.7%) Net income Group Share (496) (18) (478) (247) 61 (308) x 2 +55.2% Cost/Income ratio excl.SRF (%) -149.7% -167.7% -315.2% -315.2% +165.5 pp +147.4 pp

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 95/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Regional Banks - From stated to underlying results, Q2-19 vs. Q2-18 and H1-19 vs. H1-18

Q2-19 Specific Q2-19 Q2-18 Specific Q2-18 ∆ Q2/Q2 ∆ Q2/Q2 €m stated items underlying stated items underlying stated underlying

Revenues 3,257 (19) 3,277 3,227 - 3,227 +0.9% +1.5% Operating expenses excl.SRF (2,221) - (2,221) (2,145) - (2,145) +3.6% +3.6% SRF 2 - 2 (19) - (19) n.m. n.m. Gross operating income 1,038 (19) 1,057 1,063 - 1,063 (2.4%) (0.5%) Cost of risk (238) - (238) (176) - (176) +35.6% +35.6% Cost of legal risk ------n.m. n.m. Equity-accounted entities 4 - 4 2 - 2 +82.0% +82.0% Net income on other assets (7) - (7) 3 - 3 n.m. n.m. Change in value of goodw ill ------n.m. n.m. Income before tax 797 (19) 816 893 - 893 (10.7%) (8.6%) Tax (247) 7 (254) (285) - (285) (13.3%) (11.0%) Net income from discont'd or held-for-sale ope. ------n.m. n.m. Net income 550 (13) 563 608 - 608 (9.5%) (7.4%) Non controlling interests 0 - 0 0 - 0 (53.1%) (53.1%) Net income Group Share 550 (13) 563 608 - 608 (9.5%) (7.5%) Cost/Income ratio excl.SRF (%) 68.2% 67.8% 66.5% 66.5% +1.7 pp +1.3 pp

H1-19 Specific H1-19 H1-18 Specific H1-18 ∆ H1/H1 ∆ H1/H1 €m stated items underlying stated items underlying stated underlying

Revenues 6,669 (98) 6,766 6,585 - 6,585 +1.3% +2.8% Operating expenses excl.SRF (4,413) - (4,413) (4,344) - (4,344) +1.6% +1.6% SRF (88) - (88) (87) - (87) +1.4% +1.4% Gross operating income 2,167 (98) 2,265 2,153 - 2,153 +0.6% +5.2% Cost of risk (295) - (295) (280) - (280) +5.2% +5.2% Cost of legal risk ------n.m. n.m. Equity-accounted entities 9 - 9 7 - 7 +18.3% +18.3% Net income on other assets (7) - (7) 5 - 5 n.m. n.m. Change in value of goodw ill ------n.m. n.m. Income before tax 1,874 (98) 1,972 1,886 - 1,886 (0.6%) +4.6% Tax (710) 34 (744) (690) - (690) +2.8% +7.7% Net income from discont'd or held-for-sale ope. ------n.m. n.m. Net income 1,164 (64) 1,228 1,195 - 1,195 (2.6%) +2.7% Non controlling interests (0) - (0) (0) - (0) (59.6%) (59.6%) Net income Group Share 1,164 (64) 1,228 1,195 - 1,195 (2.6%) +2.8% Cost/Income ratio excl.SRF (%) 66.2% 65.2% 66.0% 66.0% +0.2 pp -0.8 pp

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 96/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Appendix 7 – Credit risk

Crédit Agricole Group - Evolution of credit risk outstandings

€m June 18 Dec. 18 June 19

Gross customer loans outstanding 846,791 874,156 903,401 of which: impaired loans 24,525 23,048 23,099 Loans loss reserves (incl. collective reserves) 20,803 19,475 19,337 Impaired loans ratio 2.9% 2.6% 2.6%

Coverage ratio (excl. collective reserves) 60.7% 60.6% 59.7%

Coverage ratio (incl. collective reserves) 84.8% 84.5% 83.7%

Crédit Agricole S.A. - Evolution of credit risk outstandings

€m June 18 Dec. 18 June 19

Gross customer loans outstanding 368,780 379,011 394,187 of which: impaired loans 14,181 13,016 12,889 Loans loss reserves (incl. collective reserves) 10,422 9,555 9,359 Impaired loans ratio 3.8% 3.4% 3.3%

Coverage ratio (excl. collective reserves) 57.4% 56.4% 55.7%

Coverage ratio (incl. collective reserves) 73.5% 73.4% 72.6%

Regional Banks - Evolution of credit risk outstandings

€m June 18 Dec. 18 June 19

Gross customer loans outstanding 477,936 495,083 509,178 of which: impaired loans 10,342 10,027 10,206 Loans loss reserves (incl. collective reserves) 10,380 9,916 9,973 Impaired loans ratio 2.2% 2.0% 2.0%

Coverage ratio (excl. collective reserves) 65.3% 65.9% 64.8%

Coverage ratio (incl. collective reserves) 100.4% 98.9% 97.7%

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 97/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Crédit Agricole S.A. – Risk breakdown

By geographic region Jun. 19 Dec. 18 By business sector Jun. 19 Dec. 18 France (excl. retail banking) 32.3% 32.4% France (retail banking) 16.7% 16.3% Retail banking 27.3% 27.0% Western Europe (excl. Italy) 12.6% 14.1% Non-merchant service / Public sector / Local 18.9% 19.7% Italy 12.6% 12.5% authorities North America 8.3% 7.9% Energy 7.5% 7.4% Asia and Oceania excl. Japan 5.4% 5.1% Other non banking financial activities 10.0% 10.2% Africa and Middle-East 3.8% 3.8% Banks 3.2% 2.9% Japan 4.5% 4.3% Real estate 3.7% 3.6% Eastern Europe 2.4% 2.3% Retail and consumer goods 2.2% 2.3% Central and South America 1.4% 1.4% Automotive 3.6% 3.4% Other 0.0% 0.0% Others 3.0% 3.0% Total 100.0% 100.0% Heavy industry 2.4% 2.3% Aerospace 1.9% 2.0% Construction 2.0% 2.1% Food 2.2% 2.3% Shipping 1.8% 1.8% Other transport 1.4% 1.4% Other industries 1.9% 1.8% Telecom 1.9% 1.6% Healthcare / pharmaceuticals 1.1% 1.1% Insurance 1.4% 1.5% Tourism / hotels / restaurants 1.0% 0.9% IT / computing 1.6% 1.5%

Total 100.0% 100.0%

Crédit Agricole SA - Market risk exposures

VAR (99% - 1 day) €m 1st January to 29 March 2019 Minimum Maximum Average 30 June 31/12/2018 Fixed income 2 4 3 4 3 Credit 2 4 3 3 2 Foreign Exchange 1 5 3 2 3 Equities 1 2 1 1 2 Commodities 0 0 0 0 0 Mutualised VaR for Crédit Agricole S.A. 4 7 5 6 5

Crédit Agricole S.A.’s VaR (99% - 1 day) is computed by taking into account the impact of diversification betw een the Group’s various entities VaR (99% - 1 day) at 30/06/19 : €6m for Crédit Agricole S.A.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 98/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Appendix 8– Detail of net equity and subordinated debt

Crédit Agricole S.A. - Equity and subordinated debt

Non-controlling €m Group share Total Subordinated debt interests At 31 December 2018 58,811 6,705 65,516 22,765 Capital increase ‑ ‑ ‑

Dividends paid out in first-half year of 2019 (1,976) (378) (2,354)

Change in treasury shares held 20 ‑ 20

Issue of undated deeply subordinated 1,076 ‑ 1,076 Additional Tier 1 net of issuance costs

Interests paid to the holders of the undated (233) (12) (245) deeply subordinated Additional Tier 1

Impact of acquisitions/disposals on non- ‑ ‑ - controlling interests

Change due to share-based payments 12 6 18

Change in other comprehensive income 1,652 17 1,669

Change in share of reserves of equity 5 - 5 affiliates Result for the period 1,985 306 2,291 Other (136) (65) (201)

At 30 June 2019 61,216 6,579 67,795 23,136

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 99/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Developments in legal risks

The main legal and tax proceedings outstanding at Crédit Agricole S.A. and its fully consolidated subsidiaries are described in the 2018 management report.

With respect to the exceptional events and the litigations set out in this report and updated in the first quarter of 2019 in the A02 document, the new developments are mentioned: - at the end of the seventh paragraph and at the end of the penultimate paragraph of the part relating to Euribor/Libor and other indexes,

- in the last paragraph of the part relating to “O’Sullivan and Tavera”, - in the last paragraph of the part relating to “Banque Saudi Fransi”,

- in the penultimate paragraph and in the last paragraph of the part relating to “Intercontinental Exchange, Inc. (“ICE”),

- in the last paragraph of the part relating to “CACEIS Germany”.

Litigation and exceptional event

Strauss/Wolf/Faudem

US citizens and members of their families who were victims of terrorist attacks attributed to Hamas and committed in Israel between 2001 and 2004 have brought proceedings against Crédit Lyonnais and another bank before a New York court. They claim that these banks gave support to terrorists as they each kept an account opened (in 1990 in the case of Crédit Lyonnais) by a charity providing aid to Palestinians. The plaintiffs allege that the account was used to transfer funds to Palestinian entities accused of financing Hamas. The plaintiffs, who have not put a figure on the damages they have suffered, are claiming compensation for « injury, anguish and emotional pain ». As the matter and the proceedings currently stand, the plaintiffs have not provided proof that the charity was actually linked to terrorists, nor that Crédit Lyonnais was aware that its client could have been involved (if it were to be proven) in financing terrorism. The Court nonetheless demanded that this be demonstrated by the plaintiffs if they are to win their case. Crédit Lyonnais vigorously denies the plaintiffs’ allegations.

Under a ruling made on 28 February 2013, the judge issued a Summary Judgement referring Crédit Lyonnais and the plaintiffs to a jury trial on the merits. In February 2018, Crédit Lyonnais filed a new motion for a summary judgement based on a recent case-law so that the plaintiffs’ claims can be dismissed without such a jury trial.On January 2019 the plaintiffs tried to modify their briefs in order to add new plaintiffs before their action be time-barred. The judge refused this request and two new actions (Fisher and Miller) have been filed before the same court as the one in charge of the procedures Strauss /Wolf. They are similar to the pending actions, their legal analysis are identical and their result will depend on the outcome of the motion for a summary judgement filed by Crédit Lyonnais in February 2018. From a procedural standpoint they will remain outstanding until then. On 31 March 2019 the court upheld in its entirety the “motion for summary judgment” filed by Crédit Lyonnais in February 2018. It considered that no reasonable jury could find in favour of the plaintiffs and dismissed all their claims. The plaintiffs appealed against this decision.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 100/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 CIE case (Cheque Image Exchange)

In March 2008, LCL and Crédit Agricole S.A. and ten other banks were served notice of grievances on behalf of the Conseil de la concurrence i.e. the French Competition Council (now the Autorité de la concurrence). They are accused of colluding to implement and apply interchange fees for cashing cheques, since the passage of the Cheque Image Exchange system, i.e. between 2002 and 2007. In the opinion of the Autorité de la concurrence, these fees constitute anti-competitive price agreements in the meaning of Articles 81 paragraph 1 of the treaty establishing the European Community and Article L. 420-1 of the French Commercial Code, and allegedly caused damage to the economy.

In their defense, the banks categorically refuted the anticompetitiveness of the fees and contested the legality of the proceedings. In a decision published on 20 September 2010, the Autorité de la concurrence stated that the Cheque Image Exchange fee (CEIC) was anti-competitive by its very aim and that it artificially increased the costs borne by remitting banks, which resulted in an unfavourable impact on the prices of banking services. Concerning one of the fees for related services, the fee for cancellation of wrongly cleared transactions (AOCT), the Autorité de la concurrence called on the banks to revise their amount within six months of the notification of the decision.

The accused banks were sanctioned for an overall amount of €384.92 million. LCL and Crédit Agricole were respectively sentenced to pay €20.7 million and €82.1 million for the CEIC and €0.2 million and €0.8 million for the AOCT. All of the banks appealed the decision to the Paris Court of Appeal. By a decree of 23 February 2012, the Court overruled the decision, stating that the Autorité de la concurrence had not proven the existence of competition restrictions establishing the agreement as having an anti-competitive purpose.

The Autorité de la concurrence filed an appeal with the Supreme Court on 23 March 2012. On 14 April 2015, the French Supreme Court (Cour de cassation) overruled the Paris Court of Appeal’s decision dated 23 February 2012 and remanded the case to the Paris Court of Appeal with a change in the composition of the Court on the sole ground that the Paris Court of Appeal declared the UFC-Que Choisir and ADUMPE’s interventions in the proceedings devoid of purpose without having considered their arguments.

The Supreme Court did not rule on the merits of the case and Crédit Agricole has brought the case before the Paris Court of Appeal. The Paris Court of Appeal issued a decree on 21 December 2017. It confirmed the decision of the Autorité de la concurrence dated 20 September 2010 but reduced from euros 82 940 000 to euros 76 560 000 the sanction on Crédit Agricole. LCL’s sanction remains unchanged, at an amount of 20,930,000 euros. As well as the other banks parties to this procedure, LCL and Crédit Agricole filed an appeal with the Supreme Court.

Office of Foreign Assets Control (OFAC)

In October 2015, Crédit Agricole S.A. and its subsidiary Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) reached agreements with the US and New York authorities that had been conducting investigations regarding US dollar transactions with countries subject to US economic sanctions. The events covered by this agreement took place between 2003 and 2008.

Crédit Agricole CIB and Crédit Agricole S.A., which cooperated with the US and New York authorities in connection with their investigations, have agreed to pay a total penalty amount of $787.3 million (i.e. €692.7 million). The payment of this penalty has been allocated to the pre-existing reserve that had already been taken and, therefore, has not affected the accounts for the second half of 2015. The agreements with the Board of Governors of the Federal Reserve System (Fed) and the New-York State Department of Financial Services (NYDFS) are with CASA and Crédit Agricole CIB. The agreement with the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury is with Crédit Agricole CIB. Crédit Agricole CIB also entered into separate deferred prosecution agreements (DPAs) with the United States

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 101/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Attorney’s Office for the District of Columbia (USAO) and the District Attorney of the County of New York (DANY), the terms of which are three years. On October 19, 2018 the two deferred prosecution agreements with USAO and DANY ended at the end of the three year period, Crédit Agricole CIB having complied with all its obligations under the DPAs.

Crédit Agricole continues to strengthen its internal procedures and its compliance programs regarding laws on international sanctions and will continue to cooperate fully with the US and New York authorities with its home regulators, the European Central Bank and the French Regulatory and Resolution Supervisory Authority (ACPR), and with the other regulators across its worldwide network. Pursuant to the agreements with NYDFS and the US Federal Reserve, Crédit Agricole’s compliance program is subject to regular reviews to evaluate its effectiveness, including a review by an independent consultant appointed by NYDFS for a term of one year and annual reviews by an independent consultant approved by the Federal Reserve.

Euribor/Libor and other indexes

Crédit Agricole S.A. and its subsidiary Crédit Agricole CIB, in their capacity as contributors to a number of interbank rates, have received requests for information from a number of authorities as part of investigations into: (i) the calculation of the Libor (London Interbank Offered Rates) in a number of currencies, the Euribor (Euro Interbank Offered Rate) and certain other market indices; and (ii) transactions connected with these rates and indices. These demands covered several periods from 2005 to 2012. As part of its cooperation with the authorities, Crédit Agricole S.A. and its subsidiary Crédit Agricole CIB carried out investigations in order to gather the information requested by the various authorities and in particular the American authorities – the DOJ (Department of Justice) and CFTC (Commodity Future Trading Commission) – with which they are in discussions. It is currently not possible to know the outcome of these discussions, nor the date when they will be concluded.

Furthermore, Crédit Agricole CIB is currently under investigation opened by the Attorney General of the State of Florida on both the Libor and the Euribor. Following its investigation and an unsuccessful settlement procedure, on 21 May 2014, the European Commission sent a statement of objection to Crédit Agricole S.A. and to Crédit Agricole CIB pertaining to agreements or concerted practices for the purpose and/or effect of preventing, restricting or distorting competition in derivatives related to the Euribor.

In a decision dated 7 December 2016, the European Commission jointly fined Crédit Agricole S.A. and Crédit Agricole CIB €114,654,000 for participating in a cartel in euro interest rate derivatives. Crédit Agricole S.A. and Crédit Agricole CIB are challenging this decision and have asked the European Court of Justice to overturn it.

Additionally, the Swiss competition authority, COMCO, is conducting an investigation into the market for interest rate derivatives, including the Euribor, with regard to Crédit Agricole S.A. and several Swiss and international banks. Moreover, in June 2016 the South Korean competition authority (KFTC) decided to close the investigation launched in September 2015 into Crédit Agricole CIB and the Libor index on various currencies, Euribor and Tibor indices. The investigation into certain foreign exchange derivatives (ABS-NDF) has been closed by the KFTC according to a decision notified to Crédit Agricole CIB on 20 December 2018.

Concerning the two class actions in the United States of America in which Crédit Agricole S.A. and Crédit Agricole CIB have been named since 2012 and 2013 along with other financial institutions, both as defendants in one (“Sullivan” for the Euribor) and only Crédit Agricole S.A. as defendant for the other (“Lieberman” for Libor), the “Lieberman” class action is at the preliminary stage that consists in the examination of its admissibility; proceedings are still suspended before the US District Court of New York State. Concerning the“Sullivan” class action, Crédit Agricole S.A. and Crédit Agricole CIB introduced a motion to dismiss the applicants’ claim. The US District Court of New York State upheld the motion to dismiss regarding Crédit Agricole S.A. and Crédit Agricole CIB in first instance. On 14 June 2019, the plaintiffs appealed this decision. Since 1 July 2016, Crédit Agricole S.A. and Crédit Agricole CIB, together with other banks, are also party to a new class action suit in the United States (“Frontpoint”) relating to the SIBOR (Singapore Interbank Offered Rate)

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 102/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 and SOR (Singapore Swap Offer Rate) indices. After having granted a first motion to dismiss filed by Crédit Agricole SA and Crédit Agricole CIB, the New York Federal District Court, ruling on a new request by the plaintiffs, excluded Crédit Agricole SA from the Frontpoint case on the grounds that it had not contributed to the relevant indexes. The Court considered, however, taking into account recent developments in case law, that its jurisdiction could apply to Crédit Agricole CIB, as well as to all the banks that are members of the SIBOR index panel. The allegations contained in the complaint regarding the SIBOR/USD index and the SOR index were also rejected by the court, therefore the index SIBOR/Singapore dollar alone is still taken into account. On 26 December, the plaintiffs filed a new complaint aimed at reintroducing into the scope of the Frontpoint case the alleged manipulations of the SIBOR and SOR indexes that affected the transactions in US dollars. Crédit Agricole CIB, alongside the other defendants, objected to this new complaint at the hearing held on 2 May 2019 before the New York Federal District Court. The decision has been reserved. These class actions are civil actions in which the plaintiffs claim that they are victims of the methods used to set the Euribor, Libor, SIBOR and SOR rates, and seek repayment of the sums they allege were unlawfully received, as well as damages and reimbursement of costs and fees paid.

Banque Saudi Fransi

Crédit Agricole Corporate Investment Bank (Crédit Agricole CIB) has received a Request for Arbitration submitted by Banque Saudi Fransi (BSF) before the International Chamber of Commerce (ICC). The dispute relates to the performance of a Technical Services Agreement between BSF and Crédit Agricole CIB that is no longer in force. On 7 August 2018, BSF quantified its claim at SAR 1,011,670,654.00, the equivalent of about €232 million and reserved the right to submit additional claims. BSF submitted its “Claimant’s Memorial” on 21 June 2019 and reevaluated its claim at 1 023 523 357, 00 SAR in principal, the equivalent of about 242 million euros. Crédit Agricole CIB totally denies BSF’s allegations and claim.

Bonds SSA

Several regulators requested information to Crédit Agricole S.A. and to Crédit Agricole CIB for investigations relating to activities of different banks involved in the secondary trading of Bonds SSA (Supranational, Sub- Sovereign and Agencies) denominated in American dollars. Through the cooperation with these regulators, Crédit Agricole CIB proceeded to internal inquiries to gather the required information available. On 20 December 2018, the European Commission issued a Statement of Objections to a number of banks including Crédit Agricole S.A. and Crédit Agricole CIB within its inquiry on a possible infringement of rules of European Competition law in the secondary trading of Bonds SSA denominated in American dollars. Crédit Agricole S.A. and Crédit Agricole CIB became aware of these objections and issued a response on 29 March 2019. Crédit Agricole CIB is included with other banks in a putative consolidated class action before the United States District Court for the Southern District of New York. That action was dismissed on 29 August 2018 on the basis that the plaintiffs failed to allege an injury sufficient to give them standing. However the plaintiffs have been given an opportunity to attempt to remedy that defect. The plaintiffs filed an amended complaint on 7 November 2018. Crédit Agricole CIB as well as the other defendants have filed motions to dismiss the amended complaint.

On 7 February 2019, another class action was filed against CACIB and the other defendants named in the class action already pending before the United States District Court for the Southern District of New York. On 11 July 2018, Crédit Agricole S.A. and Crédit Agricole CIB were notified with other banks of a class action filed in Canada, before the Ontario Superior Court of Justice. Another class action, not notified to date, would have been filed before the Federal Court of Canada. It is not possible at this stage to predict the outcome of these investigations, proceedings or class actions or the date on which they will end.

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On November 9, 2017, a group of individuals, (or their families or estates), who claimed to have been injured or killed in attacks in Iraq filed a complaint (“O’Sullivan I”) against several banks including Crédit Agricole S.A., and its subsidiary Crédit Agricole Corporate Investment Bank (Crédit Agricole CIB), in US Federal District Court in New York.

On December 29, 2018, the same group of individuals, together with 57 new plaintiffs, filed a separate action (“O’Sullivan II”) against the same defendants. On December 21, 2018, a different group of individuals filed a complaint (“Tavera”) against the same defendants.

All three complaints allege that Crédit Agricole S.A., Crédit Agricole CIB, and other defendants conspired with Iran and its agents to violate US sanctions and engage in transactions with Iranian entities in violation of the US Anti-Terrorism Act and the Justice Against Sponsors of Terrorism Act. Specifically, the complaints allege that Crédit Agricole S.A., Crédit Agricole CIB, and other defendants processed US dollar transactions on behalf of Iran and Iranian entities in violation of sanctions administered by the US Treasury Department’s Office of Foreign Assets Control, which allegedly enabled Iran to fund terrorist organizations that, as is alleged, attacked plaintiffs. The plaintiffs are seeking an unspecified amount of compensatory damages. On 2 March 2018, Crédit Agricole CIB and other defendants filed a motion to dismiss the O’ Sullivan I Complaint. On 28 March 2019, the Court granted defendants’ motion to dismiss. On 22 April 2019, the plaintiffs filed a motion to amend their complaint. Defendants submitted an opposition to that motion on 20 May 2019 and plaintiffs filed a reply on 10 June 2019.

Italian Competition Authority

On 5 October 2018, CA Consumer Finance SA (“CACF”) and its subsisidiary FCA Bank SpA owned at 50% received – together with several other banks and certain car manufacturers – a statement of objections from the Autorità Garante della Concorrenza e del Mercato (Italian Competition Authority). It was alleged in this statement of objections that several banks offering financing solutions for vehicles commercialized by certain car manufacturers have restricted competition as a result of certain exchanges of information, in particular within two professional associations. In a decision notified on 9 January 2019 the Autorità Garante della Concorrenza e del Mercato considered that FCA Bank SpA had participated in this alleged infringement and this infringement was also attributable to CACF. FCA Bank SpA has been fined 178.9 million euro. FCA Bank SpA and CACF appealed against this decision before the Administrative Regional Court (TAR) of Lazio. On 4 April 2019, the TAR of Lazio issued an interim relief order staying the execution of the obligation to pay the fine imposed on FCA Bank S.p.A. subject to the provision by FCA Bank S.p.A. of a guarantee covering the amount of the fine.

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On January 15, 2019 a class action (“Putnam Bank”) was filed before a federal court in New-York (US District Court Southern District of New-York) against the Intercontinental Exchange, Inc. (“ICE”) and a number of banks including Crédit Agricole S.A., Crédit Agricole CIB and Crédit Agricole Securities-USA. This action has been filed by plaintiffs who allege that they have invested in financial instruments indexed to the USD ICE LIBOR. They accuse the banks of having collusively set the index USD ICE LIBOR at artificially low levels since February 2014 and made thus illegal profits.

On January 31, 2019 a similar action (“Livonia”) has been filed before the US District Court Southern District of New-York, against a number of banks including Crédit Agricole S.A., Crédit Agricole CIB and Crédit Agricole Securities-USA. On February 1, 2019, these two class actions were consolidated for pre-trial purposes.

On March 4, 2019, a third class action (“Hawaï Sheet Metal Workers retirement funds”) was filed against the same banks in the same courtand consolidated with the two previous actions on April 26, 2019. On July 1st, 2019, the plaintiffs filed a “Consolidated Class Action Complaint”.

Crédit Agricole Consumer Finance Nederland B.V.

The conditions for the review of the interest rates of revolving loans marketed by Crédit Agricole Consumer Finance Nederland BV, a fully owned subsidiary of Crédit Agricole Consumer Finance SA, and its subsidiaries are the subject of borrowers’ claims relating to the criteria for revising these rates and possible overpayments of interests.

On 21 January 2019, in 2 individual cases concerning two subsidiaries of Crédit Agricole Consumer Finance Nederland BV, the Appeals Committee of KIFID (the Financial Services Complaints Authority) in the Netherlands decided that in case the consumers had no or insufficient information on the specific factors that determine the interest rate, the individual interest rate needed to follow the movement of market interest rates on consumer loans. Crédit Agricole Consumer Finance Nederland BV and its subsidiaries are analysing the impact of this decision on the concerned portfolios.

CACEIS Germany

CACEIS Germany has received from the Bavarian tax authorities a claim for the repayment of the dividend tax refunded to a number of its customers in 2010. This claim amounts to 312 million euros. It is accompanied by a demand for the payment of 148 million euros of interests (calculated at the rate of 6% per annum).

CACEIS Germany strongly challenge this claim that it finds to be totally unfounded. CACEIS Germany filed an appeal against it and requested a stay of enforcement of the payment obligation pending a final decision on the substance.

Binding agreements

Crédit Agricole S.A. does not depend on any industrial, commercial or financial patent, license or contract.

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Press release

Those press releases can be found on the following website: https://www.credit-agricole.com/en/finance/finance/financial-press-releases

Press release of 21 May 2019

General Shareholder's meeting of Crédit Agricole S.A.

Press release of 6 June 2019

Group Project & 2022 Medium-Term Plan

Press release of 28 June 2019

Crédit Agricole Consumer Finance and Banco BPM strengthen their partnership in consumer finance in Italy for the next 15 years

Press release of 8 July 2019

ABANCA and Crédit Agricole Assurances announce they have signed a partnership for the creation of a property and casualty insurance company aimed at the Spanish and Portuguese market

Press release of 17 July 2019

Crédit Agricole Consumer Finance and Fiat Chrysler Automobiles extend their FCA Bank joint venture until December 2024

Press release of 25 July 2019 CACEIS’s recommended public offer in cash for all the securities in KAS BANK

Press release of 31 July 2019 2019 Capital increase reserved for employees

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Crédit Agricole S.A. - Ratings at 30/06/19

Issuer / LT ST senior Last Issuer / LT / ST senior Outlook / Ratings preferred Debt rating Rating action Counterparty preferred Review debt action debt LT ratings upgraded (1 notch); S&P Global AA-/A-1+ (RCR) A+ Stable outlook A-1 19/10/2018 outlook changed to stable from positive; Ratings ST debt ratings confirmed Outlook changed to positive from stable; Moody’s Aa3/P-1 (CRR) A1 Positive outlook P-1 05/07/2018 LT / ST ratings affirmed LT / ST ratings affirmed; Fitch Ratings A+(DCR) A+ Stable outlook F1 04/12/2018 outlook unchanged AA (high) / R-1 LT / ST ratings affirmed; DBRS AA (low ) Stable outlook R-1 (middle) 01/10/2018 (high) (COR) outlook unchanged

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 107/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Glossary

Cost/income ratio The cost/income ratio is calculated by dividing expenses by revenues, indicating the proportion of revenues needed to cover expenses. Cost of risk Cost of risk reflects allocations to and reversals from provisions for all banking risks, including credit and counterparty risk (loans, securities, off-balance sheet commitments) and operational risk (litigation), as well as the corresponding losses not covered by provisions. Cost of risk/outstandings59 Calculated by dividing cost of risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). Since the first quarter 2019, loans outstanding considered are only loans to customers, before impairment. Impaired loans ratio60 This ratio compares the gross impaired customer loans to total gross customer loans outstanding. Coverage ratio This ratio compares the total loans loss reserves the gross impaired customer loans. CVA (Credit Valuation Adjustment) Expected loss arising from the risk of a counterparty default, factoring in the possibility that the full market value of instruments may not be recovered. The methodology used to determine the CVA is based largely on the same type of market parameters that market participants use. Dilution

A transaction is described as “dilutive” when it reduces the portion of net asset value (e.g. net book value per share) or earnings (e.g. earnings per share) attributable to each share in the company. DVA (Debt Valuation Adjustment) Symmetrical to the CVA, and representing the expected loss from the counterparty’s perspective on passive valuations of financial instruments. It reflects the impact of the entity’s own credit risk on the valuation of these instruments. Encumbered assets: Encumbered assets are assets serving as collateral, sureties or credit enhancements for a transaction of any kind. EPS (Earnings Per Share)59 Net income Group share (excluding AT1 issues interests) divided by the average number of shares outstanding, excluding Treasury shares. EPS indicates the portion of profits attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming net income Group share remains unchanged, if the number of shares increases (see Dilution). Goodwill Amount by which the acquisition cost of a business exceeds the value of the net assets measured at the time of acquisition. Every year, goodwill has to be tested for impairment, and any reduction in its value is recognised in the income statement.

59 An alternative performance indicator. 60 Figures from previous years for impaired loans ratios and coverage ratios have been restated according the same methodology

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 108/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Gross operating income Calculated as revenues less operating expenses (general operating expenses, such as employee expenses and other administrative expenses, depreciation and amortisation). Issuer spread The actuarial margin representing the difference between the actuarial rate of return at which the Group can borrow funds and the rate on risk-free loan with the same term. Loan book hedge The impact of loan hedges determines the value of market changes in credit risk hedges and the resulting level of reserves. Net asset value per share - Net tangible asset value per share59 One of the methods for calculating the value of a share. NAV per share is net equity Group share restated from AT1 issues divided by the number of shares outstanding at the end of the period. Net tangible assets per share is tangible net equity Group share, i.e. restated for intangible assets and goodwill, divided by the number of shares outstanding at the end of the period. Net book value59 Net book value is net equity Group share, restated for AT1 issues, HTCS hidden reserves and proposed dividends on annual earnings. Net income Group share Net income/(loss) for the financial year (after corporate income tax). Equal to net income less the share attributable to non-controlling interests in fully consolidated subsidiaries. Net income Group share attributable to ordinary shares59 – stated Net income Group share attributable to ordinary shares is calculated as net income Group share less interest on AT1 instruments, including issue costs before tax. Operating income Calculated as gross operating income less cost of risk. Provision for home purchase savings plans The provision set aside to pay interest on home purchase savings plans, offering an attractive rate and liable to be closed in the short term by the account-holders. Revenues Difference between banking income (interest income, fee income, capital gains from market activities and other income from banking operations) and banking expenses (interest paid by the bank on its funding sources, fee expenses, capital losses arising on market activities and other expenses incurred by banking operations). ROE (Return on Equity)59 Indicator measuring the return on equity, calculated by dividing a company’s net income by its equity.

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 109/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 ROTE (Return on Tangible Equity)59 Measures the return on tangible equity (the bank’s net assets restated to eliminate intangibles and goodwill). TLAC (Total Loss Absorbing Capacity) ratio Designed at the G20’s request by the Financial Stability Board. It aims to provide an indication of the loss- absorbing capacity and the ability to raise additional capital of global systemically important banks (G-SIBs) (see Chapter 5 on Risk factors and Pillar 3/ Indicators and regulatory ratios). Underlying net income Group share59 Underlying net income Group share is calculated as net income Group share restated for specific items (i.e. non- recurring or exceptional items).

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At the time of the release of this document, the composition of the Board of Directors is as follows: Composition of the Executive Committee

Chief Executive Officer Philippe BRASSAC Deputy Chief Executive Officer Xavier MUSCA Deputy General Manager, Head of Development, Client and Innovation Bertrand CORBEAU Deputy General Manager, Head of Specialised Financial Services Philippe DUMONT Deputy General Manager, Head of Operations and Transformation Michel GANZIN Deputy General Manager, Chief Financial Officer Jérôme GRIVET Deputy General Manager, Head of Retail Banking Subsidiaries Michel MATHIEU Deputy General Manager, Head of Savings Management, Insurance and Property Yves PERRIER Deputy General Manager, Head of Major Clients Jacques RIPOLL Corporate Secretary Jérôme BRUNEL Head of Human Resources Bénédicte CHRÉTIEN Group Head of Internal Audit Michel LE MASSON Head of Crédit Agricole S.A. Group for Italy Giampiero MAIOLI Group Head of Compliance Stéphane PRIAMI Group Chief Risk Officer Hubert REYNIER Chief ExecutiveOfficer of Crédit Agricole Assurances Frédéric THOMAS

Composition of the Management Committee

The Management Committee consists in the Executive Committee, as well as:

Chief Executive Officer of CACEIS Jean-François ABADIE Head of Group Public Affairs Alban AUCOIN Deputy General Manager of Crédit Agricole CIB Jean-François BALAŸ Head of Group Information Systems Eric BAUDSON Chief Operating Officer of LCL Laure BELLUZZO Global Head of Institutional Division & Chief Investment Officer of Amundi Pascal BLANQUÉ Head of CSR and CEO of Fondation Grameen Crédit Agricole Karine BOURGUIGNON Head of Societal and Environmental Resposibility and Chief Executive Officer of the Foundation Grameen Crédit Agricole Éric CAMPOS Chief Executive Officer of Crédit Agricole Leasing & Factoring Philippe CARAYOL Head of the Institutional and Corporate Clients Division of Amundi Dominique CARREL-BILLIARD Chief Executive Officer France of CA Consumer Finance Laurent CAZELLES Head of Payment Systems Bertrand CHEVALLIER Head of International Retail and Commercial Banking François-Edouard RDION Head of Marketing and Communication Véronique FAUJOUR Senior Country Officer Group, Egypt Pierre FINAS Head of group Financial Management Paul FOUBERT Chief Operating Officer of LCL - Retail Bank Laurent FROMAGEAU Head of Coverage of Crédit Agricole CIB Investment Bank Didier GAFFINEL Deputy General Manager of Crédit Agricole CIB Isabelle GIROLAMI Global Head of Retail Division of Amundi Fathi JERFEL Chief Economist Isabelle JOB-BAZILLE Chief Executive Officer of Pacifica Thierry LANGRENEY Chief Executive Officer of Caci Henri LE BIHAN Chief Operating Officer of Amundi Guillaume LESAGE Head of Group digital paths Serge MAGDELEINE

RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2019 111/115 WorldReginfo - 96deb62e-b01b-4b16-87cb-6ac148653451 Deputy Chief Execuive Officer of Crédit Agricole CIB François MARION Head of Communications Denis MARQUET Senior Country Officer Group, Poland Jean-Bernard MAS Head of Legal Affairs Pierre MINOR Deputy General Manager of Crédit Agricole CIB Régis MONFRONT Head of Corporates, Institutionals and Wealth Management and Private Banking of LCL Olivier NICOLAS Chief Executive Officer of Crédit Agricole Immobilier Marc OPPENHEIM Chief Executive Officer of Agos Ducato Dominique PASQUIER Senior Regional Officer Americas of Crédit Agricole CIB Marc-André POIRIER Head of Private Banking Jacques PROST Head of Agriculture, Agrifood and Specialised Markets Didier REBOUL Head of Group Purchasing Sylvie ROBIN-ROMET Senior Regional Officer Asia-Pacific of Crédit Agricole CIB Michel ROY Head of Regional Banks Relations Nicolas TAVERNIER* Senior Country Officer Group, Morocco Baldoméro VALVERDE Head of Monitoring and Control of Amundi Bernard de WIT

From 1er August 2019. Composition of the Board of Directors

Chairman of the Board of Directors Chairman of the Caisse régionale Val de France Chairman of the Fédération nationale du Crédit Agricole Chairman of SAS Rue La Boétie Dominique LEFEBVRE

Deputy Chairman of the Board of Directors Chief Executive Officer of the Caisse régionale Centre-est First Deputy Chairman of the Fédération nationale du Crédit Agricole Raphaël APPERT Deputy Chairman of SAS Rue La Boétie Representative of SAS Rue La Boétie

Crédit Agricole Regional Banks Employee Representative Pascale BERGER

Chairman of the Caisse régionale Charente-Périgord Philippe BOUJUT

Corporate Director Caroline CATOIRE Corporate Director Laurence DORS

Chairman of the Caisse régionale de Normandie Daniel EPRON

Chief Executive Officer of the Caisse régionale du Languedoc Véronique FLACHAIRE

Chairman of the Caisse régionale Sud Rhône Alpes Jean-Pierre GAILLARD

Corporate Director Françoise GRI

Chairman of the Caisse régionale du Finistère Jean-Paul KERRIEN

Chief Executive Officer of CIR S.p.A. Monica MONDARDINI

Chief Executive Officer of the Caisse régionale Loire Haute-Loire Gérard OUVRIER-BUFFET

Manager of CPO Services (Luxembourg) Corporate Director Catherine POURRE

Corporate Director Christian STREIFF

Chairman of the Caisse régionale Charente-Maritime Deux-Sèvres Louis TERCINIER

Chief Executive Officer of the Caisse régionale de Lorraine Renée TALAMONA

Chairman of the Caisse régionale Centre Loire François THIBAULT

Representing the employees (UES Crédit Agricole S.A.) François HEYMAN

Representing the employees (UES Crédit Agricole S.A.) Simone VEDIE

Chairwoman of the FNSEA, representing professional farming associations Christiane LAMBERT

Non-voting Director Philippe de WAAL

Non-voting Director Pierre CAMBEFORT

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Risk Committee

Chairwoman, independent Director Françoise GRI Chief Executive Ofﬁcer of a Crédit Agricole Regional Bank Véronique FLACHAIRE Independent Director Catherine POURRE Independent Director Christian STREIFF Chairman of a Crédit Agricole Regional Bank François THIBAULT

Audit Committee

Chairwoman, independent Director Catherine POURRE Independent Director Caroline CATOIRE Independent Director Laurence DORS Independent Director Françoise GRI Chief Executive Ofﬁcer of a Crédit Agricole Regional Bank Gérard OUVRIER-BUFFET Chairman of a Crédit Agricole Regional Bank Jean-Pierre GAILLARD

Joint Risk and Audit Committee

Co-chair of the Committee, independent Director Françoise GRI Co-chair of the Committee, independent Director Catherine POURRE Independent Director Caroline CATOIRE Independent Director Laurence DORS Chief Executive Ofﬁcer of a Crédit Agricole Regional Bank Véronique FLACHAIRE Chairman of a Crédit Agricole Regional Bank Jean-Pierre GAILLARD Chief Executive Ofﬁcer of a Crédit Agricole Regional Bank Gérard OUVRIER-BUFFET Independent Director Christian STREIFF Chairman of a Crédit Agricole Regional Bank François THIBAULT

United States Risk Committee

Chairwoman, independent Director Françoise GRI Independent Director Caroline CATOIRE Chief Executive Ofﬁcer of a Crédit Agricole Regional Bank Véronique FLACHAIRE

Compensation Committee

Chairwoman, independent Director Laurence DORS Chairman of a Crédit Agricole Regional Bank Daniel ÉPRON Independent Director Françoise GRI Director representing employees François HEYMAN Chairman of a Crédit Agricole Regional Bank Jean-Paul KERRIEN Independent Director Christian STREIFF

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Chairwoman, independent Director Monica MONDARDINI Deputy Chairman of the Board of Directors Chief Executive Ofﬁcer of a Crédit Agricole Regional Bank Raphaël APPERT Independent Director Laurence DORS Chairman of a Crédit Agricole Regional Bank Jean-Pierre GAILLARD Chairman of the Board of Directors Chairman of a Crédit Agricole Regional Bank Dominique LEFEBVRE Chairman of a Crédit Agricole Regional Bank Louis TERCINIER

Strategy and Corporate Social Responsibility (CSR) Committee

Chairman of the Committee, Chairman of the Board of Directors Chairman of a Crédit Agricole Regional Bank Dominique LEFEBVRE Deputy Chairman of the Board of Directors Chief Executive Ofﬁcer of a Crédit Agricole Regional Bank Raphaël APPERT Chairman of a Crédit Agricole Regional Bank Daniel EPRON Independent Director Françoise GRI Chief Executive Ofﬁcer of a Crédit Agricole Regional Bank Renée TALAMONA Chairman of a Crédit Agricole Regional Bank Françoise THIBAULT Independent Director Christian STREIFF

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Financial Agenda

 8 November 2019 Publication of third quarter and nine months 2019 results  14 February 2020 Publication of fourth quarter and annual 2019 results

 6 May 2020 Publication of first quarter 2020 results  13 May 2020 Shareholders’meeting in Paris

 6 August 2020 Publication of second quarter and first half 2020 results  4 November 2020 Publication of third quarter and nine months 2020 results

Contacts

CRÉDIT AGRICOLE PRESS CONTACTS

Charlotte de Chavagnac + 33 1 57 72 11 17 [email protected] Olivier Tassain + 33 1 43 23 25 41 [email protected] Caroline de Cassagne + 33 1 49 53 41 72 [email protected]

CREDIT AGRICOLE S.A INVESTOR RELATIONS CONTACTS

Investisseurs institutionnels + 33 1 43 23 04 31 [email protected] Actionnaires individuels + 33 800 000 777 [email protected] (Toll-free number France only)

Clotilde L’Angevin + 33 1 43 23 32 45 [email protected] Cyril Meilland, CFA + 33 1 43 23 53 82 [email protected] Oriane Cante + 33 1 43 23 03 07 [email protected] Emilie Gasnier + 33 1 43 23 15 67 [email protected] Ibrahima Konaté + 33 1 43 23 51 35 [email protected] Vincent Liscia + 33 1 57 72 38 48 [email protected] Annabelle Wiriath + 33 1 43 23 55 52 [email protected]

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

Crédit_Agricole Groupe Crédit Agricole créditagricole_sa

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