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Update of the 2011 R Egistration Document - A01 Crédit Agricole Group fi Nancial Statements 2011 3 Table of Contents Update of the 2011 R egistration document - A01 Crédit Agricole Group fi nancial statements 2011 3 Table of contents Organisation of Crédit Agricole Group and Crédit Agricole S.A. 2 Crédit Agricole Group key figures 3 The six business lines of Crédit Agricole Group 4 1 Management report 7 Operating and financial information 8 Risk factors 45 Basel 2 Pillar 3 disclosures 87 2 Crédit Agricole Group consolidated financial statements 121 General framework 122 Consolidated financial statements 126 Notes to the financial statements 134 Statutory Auditors’ report on the consolidated financial statements 247 Persons responsible for the registration document 3 and its updates 249 Responsibility statement 249 Statutory Auditors 250 This update supplements the information published in the registration document of Crédit Agricole S.A. under heading 7. “Organisational structure”, sub-heading 7.1 “Group Description” in accordance with Annex 1 of European Regulation 809/2004, as shown in the cross- reference table on pages 487-489 of the 2011 registration document. It presents the Crédit Agricole Group financial statements for 2011. Update of the 2011 R egistration document -A01 Financial review 2011 of Crédit Agricole Group Group profile Crédit Agricole Group is the leading full-service retail bank in France and one of the major banking groups in Europe. Serving the real economy, Crédit Agricole Group supports the projects of its customers in all retail banking business lines and associated specialised businesses. The new slogan, “Le bon sens a de l’avenir” (the bank of common sense ), reaffirms Crédit Agricole’s values and commitment. It places the satisfaction and interests of its 54 million customers, 1.2 million shareholders, 6.5 million mutual shareholders and 160,000 employees at the heart of its activities. With its cooperative and mutual foundations, Crédit Agricole Group pursues a resolute policy of social and environmental responsibility. This is reflected in an improvement process for customers, employees and the environment, backed up by detailed indicators. A bank serving 54 million customers 3 domestic markets: France, Italy, Greece 11,600 branches in 13 countries Present in 70 countries A player committed to servicing the economy Signature of the United Nations Global Compact and the Climate Principles Adoption of the Equator Principles by Crédit Agricole Corporate and Investment Bank Signature of the Principles for Responsible Investment by Amundi, Crédit Agricole Cheuvreux and Crédit Agricole Assurances Only the French version of this upda te has been submitted to the AMF. It is therefore the only version that is binding by law. The original French version of this update was registered with the Autorité des Marchés Financiers on 27 March 2012, in accordance with Article 212-13 of the AMF’s General Regulations. It supplements the Registration Document registered with the AMF on 15 March 2012 under number D.12-0160. It may be used in support of a financial transaction if accompanied by a transaction circular approved by the AMF. This document was prepared by the issuer and incurs the liability of its signatories. FINANCIAL REVIEW 2011 OF CRÉDIT AGRICOLE GROUP Organisation of Crédit Agricole Group and Crédit Agricole S.A. Organisation of Crédit Agricole Group and Crédit Agricole S.A. Crédit Agricole Group includes Crédit Agricole S.A., all the Regional and Local Banks and their subsidiaries 6.5 million mutual shareholders Crédit Agricole’s Fédération Nationale 2,531 Local Banks 39 Regional Banks Float Together holding, via SAS Rue La Boétie, a controlling interest in Crédit Agricole S.A. including treasury shares 25%(1) 56.2% 43.8% Crédit Agricole S.A. Retail Banks Specialised business lines Corporate and investment t$SÏEJU"HSJDPMF t Specialised financial services : banking Regional Banks Crédit Agricole Consumer Crédit Agricole CIB (25% of each Regional Bank) (1) Finance, Crédit Agricole t-$- Leasing & Factoring tInternational retail tAsset management, banking Insurance and private Cariparma FriulAdria Group, banking : Emporiki, Crédit du Maroc, Amundi, Crédit Agricole Crédit Agricole Egypt, Assurances, Crédit Agricole Crédit Agricole Bank Polska private banking Specialised businesses and subsidiaries: Crédit Agricole Capital Investissement & Finance, Crédit Agricole Immobilier, Uni-Éditions, Cedicam As of 31 December 2011 (1) Apart from the Caisse Régionale de la Corse. The exact percentage holding in each Regional Bank is listed in Note 12 to the Financial Statements. 2 Crédit Agricole S.A. 3 Update of the 2011 R egistration document - A01 FINANCIAL REVIEW 2011 OF CRÉDIT AGRICOLE GROUP Crédit Agricole Group key figures Crédit Agricole Group key figures Including the Regional Banks, Local Banks, Crédit Agricole S.A. and their subsidiaries SUMMARY INCOME STATEMENT (in millions of euros) 2011 2010 2009 Revenues 35,129 34,206 31,305 Gross operating income 13,500 13,357 11,652 Cost of risk (6 ,708 ) (5,191) (6,482) Net income 1,127 4,091 3,069 Net income Group share 812 3,611 2,747 BUSINESS OPERATIONS (in billions of euros) 2011 2010 2009 Total assets 1,880 1,731 1,694 Gross loans 929.8 882. 0 828.1 Customer deposits 833.0 811.8 774.0 Equity 76.7 77.4 74.7 Equity Group share 70.7 71.5 68.8 RATINGS Agency Short term Long term Outlook Moody’s P1 Aa3 Negative credit watch Standard and Poor’s A-1 A Stable Fitch Ratings F1+ A+ Stable Crédit Agricole S.A. 3 Update of the 2011 R egistration document - A01 3 FINANCIAL REVIEW 2011 OF CRÉDIT AGRICOLE GROUP The six business lines of Crédit Agricole Group The six business lines of Crédit Agricole Group French retail banking – Regional Banks French retail banking – LCL International retail banking 3 Revenues : €14.0 billion 3 R evenues : €3.8 billion 3 Revenues of consolidated subsidiaries: €3.5 billion Banking services for individual customers, farmers, LCL is a French retail banking network with a strong small businesses, SMEs and local authorities, with presence in urban areas.It is organised into four main Crédit Agricole has a substantial presence in retail strong local roots. business lines: retail banking for individual customers, banking in Europe (particularly in the euro zone) and Crédit Agricole Regional Banks provide a full range retail banking for small businesses, private banking around the Mediterranean B asin, and has reinforced of banking and financial products and services: and corporate banking. The cross-cutting payments its footprint in Italy. Crédit Agricole, which has been savings products (money market, bonds, securities); division rounds out the business. present in Italy under the brand names Cariparma and life insurance investment products; lending (namely LCL offers a full range of banking products and FriulAdria since 2007, strengthened its presence in home and consumer finance, loans to corporates, services, together with asset management, insurance 2011, with the acquisition from Caisse d’Épargne of small businesses and farmers); payment instuments; and wealth management. These services are La Spezia (Carispezia), with its 76 branches, together personal services; banking-related services; and distributed through a variety of channels: the branch with 96 branches from Intesa Sanpaolo S.p.A. In wealth management. The Regional Banks also network, with dedicated sites for corporate customers total, the new entity’s 962 points of sale (902 bank distribute a very large range of property & casualty and private banking; websites and telephone. branches and 60 business centres), the vast majority and death & disability insurance products. being located in the richest parts of Italy, especially in 6 million individual customers, 320,000 small the country’s north, will serve more than 1.7 million 21 million individual customers businesses, 27,000 corporates. customers. 7,007 branches and 6,868 in-store servicing 2,065 points of sale, including: Crédit Agricole is active in Greece via Emporiki Bank, points 3 87 locations dedicated to corporates and with 337 points of sale and 1.3 million customers. Leader by market share (source: Bank institutional customers; Outside the euro zone, in Central Europe, Crédit of France) in: 3 68 locations and sites dedicated to private Agricole now operates under the Crédit Agricole 3 household deposits: 23.4%; banking; brand in Poland (Crédit Agricole Bank Polska), 3 household credit: 20.9%; 3 3 locations for key private investors. Ukraine (Crédit Agricole) and Serbia (Crédit Agricole Srbija). 3 lending to farmers: 78.5% (source: RICA 2010). Crédit Agricole is also present around the Mediterranean Basin, in Morocco (Crédit du Maroc, Penetration rate: in which it ha s a 77.0% interest) and in Egypt (Crédit 3 farming sector: 88% (source: Adéquation Agricole Egypt, with a 60.5 % interest). 2011); Crédit Agricole is present in Madagascar, via BNI 3 small businesses: 33% (source: Pépites (51% interest). CSA 2010); Lastly, Crédit Agricole owns stakes in two well- 3 SMEs : 34% (source: TNS Sofres 2011); established banks in their respective markets: in 3 associations : 23% (source: CSA 2010 Portugal, in Banco Espirito Santo, the country’s – French observatory of behaviour of third-largest bank by balance-sheet size, with a associations in respect of finance and 20.5 % interest; and in Spain, in Bankinter, with a insurance). 24.5 % interest. In accordance with its strategy of focusing its expansion on Europe, Crédit Agricole finalised in early 2011 the sale of three of its subsidiaries: in January, Crédit Uruguay Banco S.A. to BBVA;
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