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Crédit Agricole SA Group As of 31 December 2017

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Crédit Agricole SA Group As of 31 December 2017 CRÉDIT AGRICOLE S.A. CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2017 Approved by the Crédit Agricole S.A. Board of Directors on 13 February 2018 and subject to approval by the General Meeting of Shareholders on 16 May 2018 UNAUDITED VERSION Consolidated financial statements of Crédit Agricole S.A. – 31 December 2017 CONTENTS GENERAL FRAMEWORK ................................................................................................................................... 4 >> LEGAL PRESENTATION OF THE ENTITY ........................................................................................... 4 >> CREDIT AGRICOLE INTERNAL RELATIONS ...................................................................................... 5 >> RELATED PARTIES ............................................................................................................................ 12 CONSOLIDATED FINANCIAL STATEMENTS ................................................................................................. 14 >> INCOME STATEMENT ......................................................................................................................... 14 >> NET INCOME AND OTHER COMPREHENSIVE INCOME ................................................................. 15 >> BALANCE SHEET – ASSETS ............................................................................................................. 16 >> BALANCE SHEET – LIABILITIES ....................................................................................................... 17 >> STATEMENT OF CHANGES IN EQUITY ............................................................................................ 18 >> CASH FLOW STATEMENT ................................................................................................................. 20 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ...................................................................... 23 1. GROUP ACCOUNTING POLICIES AND PRINCIPLES, ASSESSMENTS AND ESTIMATES. ............................... 23 1.1 Applicable standards and comparability ............................................................................. 23 1.2 Presentation of financial statements ................................................................................... 32 1.3 Accounting policies and principles ...................................................................................... 33 1.4 Consolidation principles and methods (IFRS 10, IFRS 11 and IAS 28) ............................ 62 2. MAJOR STRUCTURAL TRANSACTIONS AND MATERIAL EVENTS DURING THE PERIOD .............................. 68 2.1 Tax law changes in France and the United States .............................................................. 68 2.2 Main changes in the scope of consolidation ....................................................................... 69 2.3 Impairment losses on goodwill International retail banking - Poland CGU ..................... 74 2.4 Home purchase savings schemes provision ...................................................................... 74 2.5 Cheque Image Exchange litigation ....................................................................................... 74 2.6 Consequences of early redemption of macro-hedged loans ............................................ 75 2.7 Optimising the debt of the Crédit Agricole S.A. group ...................................................... 75 3. FINANCIAL MANAGEMENT, RISK EXPOSURE AND HEDGING POLICY....................................................... 76 3.1 Credit risk ................................................................................................................................ 76 3.2 Market risk ............................................................................................................................... 83 3.3 Liquidity and financing risk ................................................................................................... 86 3.4 Cash flow and fair value interest rate and foreign exchange hedging ............................. 88 3.5 Operational risks .................................................................................................................... 89 3.6 Capital management and regulatory ratios ......................................................................... 89 4. NOTES TO THE INCOME STATEMENT AND OTHER COMPREHENSIVE INCOME .......................................... 90 4.1 Interest income and expenses ............................................................................................................ 90 4.2 Net fees and commissions ................................................................................................................... 90 4.3 Net gains (losses) on financial instruments at fair value through profit or loss............................. 91 4.4 Net gains (losses) on available-for-sale financial assets ......................................................................... 92 4.5 Net income (expenses) on other activities ............................................................................................... 93 4.6 Operating expenses ................................................................................................................................. 93 4.7 Depreciation, amortisation and impairment of property, plant & equipment and intangible assets ......... 94 4.8 Cost of risk ............................................................................................................................................... 95 4.9 Net gains (losses) on other assets ........................................................................................................... 95 4.10 Income tax charge .................................................................................................................................. 96 4.11 Changes in other comprehensive income ............................................................................................. 98 5. SEGMENT REPORTING .................................................................................................................... 100 2 Consolidated financial statements of Crédit Agricole S.A. – 31 December 2017 5.1 Operating segment information .............................................................................................. 103 5.2 Segment information : geographical analysis ........................................................................ 104 5.3 Insurance specificities ............................................................................................................ 105 6. NOTES TO THE BALANCE SHEET .............................................................................................................. 107 6.1 Cash, central banks ............................................................................................................................... 107 6.2 Financial assets and liabilities at fair value through profit or loss .......................................................... 107 6.3 Hedging derivative instruments .............................................................................................................. 109 6.4 Available-for-sale financial assets .......................................................................................................... 110 6.5 Loans and receivables due from credit institutions and due from customers ........................................ 111 6.6 Held-to-maturity financial assets ............................................................................................................ 112 6.7 Transferred assets not derecognised or derecognised with on-going involvement .............................. 113 6.8 Impairment deducted from financial assets ........................................................................................... 116 6.9 Exposure to sovereign risk ..................................................................................................................... 117 6.10 Due to credit institutions and to customers .......................................................................................... 118 6.11 Debt securities and subordinated debt ................................................................................................ 119 6.12 Information on the offsetting of financial assets and financial liabilities ............................................... 123 6.13 Current and deferred tax assets and liabilities ..................................................................................... 125 6.14 Accrued income and expenses and other assets and liabilities .......................................................... 126 6.15 Joint ventures and associates .............................................................................................................. 127 6.16 Investment properties........................................................................................................................... 130 6.17 Property, plant & equipment and intangible assets (excluding goodwill) ............................................. 131 6.18 Goodwill 131 6.19 Insurance company technical reserves ................................................................................................ 134 6.20 Provisions ............................................................................................................................................. 135 6.21 Equity 142 6.22 Non-controlling interests .....................................................................................................................
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