Credit Agricole S A : Bank of America conference – Xavier Musca

WORKING EVERY DAY IN THE INTEREST OF OUR CUSTOMERS AND SOCIETY

Bank of America conference

Xavier Musca Crédit Agricole S.A.

Disclaimer

The financial information on Crédit Agricole S.A. and Crédit Agricole Group for second quarter 2021 and first semester 2021 comprises this presentation and the attached appendices and press release which are available on the website:https://www.credit-agricole.com/en/finance/finance/financial-publications.

This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (chapter 1, article 1, d).

This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.

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

The figures presented for the six-month period ending 30th June 2021 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 the Crédit Agricole S.A. and Crédit Agricole Groups have not changed materially since the Crédit Agricole S.A. 2020 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.

On 30 June 2020, once all necessary regulatory approvals were secured, Amundi acquired the entire share capital of Sabadell Asset Management.

At 30 June 2021, following the buyback by Crédit Agricole Consumer Finance of 49% of the share capital of the CACF Bankia S.A. joint venture, CACF Bankia S.A. is fully consolidated in Crédit Agricole S.A.'s consolidated financial statements.

NOTE

The Crédit Agricole Group scope

of consolidation comprises:

the Regional Banks, the Local Banks, Crédit Agricole S.A. and their subsidiaries. This is the scope of consolidation that has been selected by the competent authorities to assess the Group's position, notably in the recent stress test exercises.

Crédit Agricole S.A.

is the listed entity, which notably owns

the subsidiaries of its business lines (Asset gathering, French retail banking, International retail banking, Specialised financial services and Large customers)

2	EUROPEAN FINANCIALS CONFERENCE

ASSET QUALITY AND COST OF RISK

Continued increase in the coverage ratio

DoubtfulCrédit AgricoleloanS.A. ratio (1)

Crédit Agricole S.A.	Crédit Agricole Group

3.2%	2.3%
3.4%2
stable/March 21	stable/March 20
-0.1 pp/Dec. 20

Doubtful loan ratio stable Q2/Q1

Loans loss reserves	Crédit Agricole Group
Crédit Agricole S.A.	Crédit Agricole Group

€10.3 bn €20.3 bn

Of which €10.0 billion in the

Regional Banks

Coverage ratio(1)

Crédit Agricole S.A.(1)Crédit Agricole Group(1)

73.6%	85.5%
+1.6 pp/March 21	+1.1 pp/March 21

Coverage ratio up Q2/Q1, among the best in Europe

Loans loss reserves of Crédit Agricole Group representing nearly seven years of average historical cost of risk, of which 26% is related to provisions for performing loans for CASA, 43% for the Regional Banks, 34% for CAG

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

Sharp drop in cost of risk

Crédit Agricole S.A.

41 bp/24 bp

CoR/loan	CoR/loan
4 rolling quarters	Annualised

Crédit Agricole Group

25 bp/18 bp

CoR/loan	CoR/loan
4 rolling quarters	Annualised

Cost of proven risk historically low,

reflecting the effectiveness of economic support measures

1. Including the full scale of reserves for performing loans due to COVID-19. Loan loss reserves, including collective provisions. Coverage ratios are calculated based on loans and receivables due from customers.

3	EUROPEAN FINANCIALS CONFERENCE
3

CRÉDIT AGRICOLE S.A.

REVENUES

Generation of regularly growing revenues over the past five years

Regular underlying revenue growth for the past 5 ans

Strong fees and commissions contribution to revenues

	REVENUE : GROWTH Q/Q SINCE 2017		Underlying revenue H1 2021
Q1/Q1	Q2/Q2	Q3/Q3	Q4/Q4	12%		NIM
						Crédit Agricole S.A.
					34%	Fees
		5,829		12%
	5,508					74%
5,137	5,146 5,179 5,185	5,073 5,143	5,184 5,299			Other revenues,
4,779 4,900 4,903		4,834	4,810 4,814
	4,619	4,564				incl. trading	H1 2021 recurring revenues(2)
		(1)
				42%		Insurance

(1) +1 pp H1-21/12M-20

(2) -2 pp H1-21/12M-20; recurring revenues are those attached to an inventory item (outstanding loans/customer assets, assets under management) or an insurance policy (property and casualty insurance, death and disability insurance)

Strong revenue resilience, thanks to the diversity of the universal banking model

4	EUROPEAN FINANCIALS CONFERENCE

GROUP DEVELOPMENT MODEL

Constantly renewed organic growth potential

RB		LCL
Insurance		Insurance
equipment rate8		equipment rate8
42.4%		26.2%
+1.7 pp vs end 2019	+1.2 pp vs end 2019
+6.2 pp vs end 2018	+2.5 pp vs end 2018

CRÉDIT AGRICOLE GROUP

CRÉDIT AGRICOLE S.A.

CA Italia

Insurance

equipment rate8

18.4%

+3.0 pp vs end 2019

+4.7 pp vs end 2018

1. Market share of UCITS in France at end December 2020 (2) End 2020, Crédit Agricole S.A. study - France - market share loans to LCL and RB households (3) End 2019, scope: annual contributions for temporary insurance for death + funeral coverage + long-term care (4) End 2019, annual contributions collected by CAA originated by CRCA and LCL (total Group market share of 25% including 9% insured by CNP) (5) End 2020, scope: Prédica, outstandings (6) End 2019, Pacifica & La Médicale de France Property & Casualty business, annual contributions. Market size: Argus de l'Assurance (7) Internal sources (8) Car, home, health, legal, all mobile phones or personal accident insurance

5	EUROPEAN FINANCIALS CONFERENCE