PRESS RELEASE - 4th quarter 2020

A solid Group, determined to support the economy as a whole
CAGCA and Crédit Agricole S.A. STATED AND UNDERLYING DATA 2020

Very strong results; prudent provisioning of performing loans; high capital level
CRÉDIT AGRICOLE GROUPCRÉDIT AGRICOLE S.A.

StatedUnderlying

StatedUnderlying

Revenues

33,596 m€

34,035 m€

20,500 m€

20,764 m€+0.9% 12M/12M+0.7% 12M/12M+1.7% 12M/12M+2.1% 12M/12M

Expenses

21,266 m€

21,169 m€

12,452 m€

12,366 m€-0.6% 12M/12M-0.9% 12M/12M+0.3% 12M/12M-0.3% 12M/12M

11,768 m€

12,304 m€

7,609 m€7,959 m€+2.5% 12M/12M+2.6% 12M/12M+2.9% 12M/12M+4.8% 12M/12M

3,651 m€

3,651 m€

2,606 m€

2,606 m€x2.1 12M/12M

x2.1 12M/12M1

X2.1 12M/12M

X2.1 12M/12M 2

4,689 m€6,129 m€2,692 m€3,849 m€-34.9% 12M/12M-14.8% 12M/12M-44.4% 12M/12M-16.0% 12M/12M

63.3%

62.2%

60.7%

59.6%

-0.9 pp 12M/12M-1.0 pp 12M/12M-0.9 pp 12M/12M-1.4 pp 12M/12M

Gross
operatingincomeCost of risk
Net income
Group share
Cost/income
ratio(excl.SRF)

UNDERLYING DATA Crédit Agricole S.A. 2020
Gross operating income: +7.8% Q4/Q4 to €2,090m; cost of risk : x1.5 Q4/Q4 to -€500m
Net income Group share: -26.0% Q4/Q4 to €975m
Cost/ income ratio (excl. SRF) : 60.5% (-2.0 pp Q4/Q4)

Dividend policy adjusted for the current exceptional circumstances
CRÉDIT AGRICOLE GROUP
Phased-in
CET1

17.2%

+0.2 pp Q4/Q3+8.3 pp above SREP requirements€438 bn in liquidity at end Dec.
2020

CRÉDIT AGRICOLE S.A.
13.1%

+0.5 pp Q4/Q3+5.2 pp above SREP requirements
Dividend of €0.80/share with a scrip
dividend option
Unwinding of 100% of Switch by2022
Underlying ROTE : 9.3%

Post-lockdown rebound in activities; overall strong momentum over the fullyear, reflecting the strength of the global relationship model
CRÉDIT AGRICOLE GROUP
French retail banking: loans
outstanding: +5.0% excl. SGL+1,500,000 new retail banking
customers in 2020

CRÉDIT AGRICOLE S.A.
Asset gathering: strong net inflows
CIB: strengthened leading positions

1 93% of the increase in Crédit Agricole Group cost of risk related to the provisioning of performing loans.
2 77% of the increase in Crédit Agricole S.A. cost of risk related to the provisioning of performing loans.

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PRESS RELEASE - 4th quarter 2020

HIGHLIGHTSThe Group is fully committed to supporting its customers through the crisis: €31.5 bn
in SGLs in France, €2.4 bn in Italy; 552,000 moratoria in 2020 in France. Beginning of
normalization (98% of expired payment holidays have resumed payments in the Regional
Banks), but the Group continues to support its customers in difficulty
The crisis confirms the relevance of the Group project and the differentiating nature of
the global relationship model.
o Digitisation: app utilisation rate up (+3.3 pp to 68.2% for Regional banks and+7.1pp to 53.4% for LCL, year-on-year)
o Customer satisfaction: NPS +7 points in Retail banking in France, Top 25 ofbrands having proven their utility during the lockdowno Empowered local teams for customers: 80% ERI participation rate, managerial
and organisational transformationo Innovative solution ranges (Youzful, Blank, Up2Pay)
The Group supports societal transitions and is committed to regions and to climateo Amundi: €22 bn in green and social loans in 2020
o CACIB: €11 bn green loans outstanding and #2 worldwide in green, social andsustainability bonds ($28 bn arranged) in 2020o LCL: an LCL impacts climat green investment range, CAA contrat solidaireo PRI: A+ for Amundi; CDP: A- for the Crédit Agricole Group
Continued development initiatives in Europe and Asia, through business line
partnerships (Asset management, Insurance, Consumer finance) and in Retail banking
in Italy.

Dominique Lefebvre,
Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors“Facing Covid-19, Crédit Agricole demonstrates the strength of its model and the relevanceof its action.”

Philippe Brassac,
Chief Executive Officer of Crédit Agricole S.A.

“Thanks to our solid results, we are committed to support the economy as a whole overthe long term.”

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PRESS RELEASE - 4th quarter 2020

Crédit Agricole GroupThe Group is fully committed to supporting its customers
through the crisis
Group commitment through the crisis
Thanks to its capital position and resilient model, since the beginning of the public health crisis, the Group has
been fully committed to supporting its customers through the crisis and to fostering societal transitions.
Since the introduction of State-Guaranteed Loans (SGLs) on 25 March 2020, the Group has processed over
211,000 applications from SMEs and small businesses and corporates, for a total of €31.5 billion3, i.e. close to
27% of all SGLs requested in France. With an acceptance rate exceeding 97%, the Group thus supports its
customers in all its regions through its various networks (three quarters for Regional banks4). In Italy, CA Italia
also granted €2.4 billion in SGLs to 40,000 customers. SGL outstandings within the Group rose slightly in the
fourth quarter in France (+6.6% compared to 16 October 2020 for the SGLs), but more noticeably in Italy (+32.7%
compared to end September 2020).
At the same time, the Group continues to support the economy by implementing loan repayment moratoria,
notably for corporate, SME and small business customers, whose activities have been impacted by the economic
consequences of the COVID-19 public health crisis. After a high of 552,000 payment holidays granted, for€4.2 billion in maturities extended in June 2020, as at 15 January 2021, a total of 95,300 payment holidays werestill active at the Regional Banks and LCL, representing €0.7 billion in deferred maturities (of which 70% for SME
and small business and corporate customers and 30% for households, and 87% at the Regional Banks and 13%
at LCL5). This corresponds to total of remaining capital of €10.7 billion, of which €5.1 billion due from corporates,
SMEs and small businesses and farmers.
A return to normal is thus gradually taking shape and several indicators point to certain risks steadily decreasing.
Accordingly, the number of loans with a deferred maturity has very significantly decreased in the final quarter of2020 (-45% since end September and -83% compared to end June 2020). Furthermore, in the specialised
markets (corporate customers, SMEs and small businesses and farmers), in the Regional Banks, more than 98%
of deferred maturities that expired at 31 December 2020 resumed payments, reflecting the Group’s prudent policy
in matters of risk management. At Crédit Agricole Consumer Finance, payments have resumed on 98% of expired
payment holidays. Lastly, CACIB reported a return of drawdowns on liquidity facilities to pre-crisis levels (19% in
December 2020, at the same level as in February 2020, but after a 32% peak recorded in March and April 2020)
and regulatory VaR at 31 December 2020 was back to a low of €9.2 million, versus €22.2 million at 31 March
2020.
Along with these actions, the Group mobilised more than €300 million in the form of solidarity donations for its
most vulnerable customers. Thus, in April 2020, the Group provided an extra-contractual mutualist stimulus(geste mutualiste) in the amount of €239 million to multi-risk business insurance policyholders with businessinterruption cover. Moreover, the various Group entities provided nearly €70 million in solidarity donations.
Accordingly,-

Crédit Agricole Assurances paid €39 million into the solidarity fund set up for the very small businesses
and independent workers in particularly hard hit sectors;-

Crédit Agricole in Italy made a €2 million donation to the Italian Red Cross and to hospitals;-

Crédit du Maroc contributed €8 million to the national COVID-19 solidarity fund

3 Amounts of SGLs requested (RBs, LCL and CACIB) at 15/01/2021, 97.3% acceptance rate
4 Breakdown by number of customer applications. Breakdown by amounts: 62% for the RBs, 30% for LCL and 8% for CACIB.
5 In deferred maturities.

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PRESS RELEASE - 4th quarter 2020-

Collectively, the Crédit Agricole Group contributed €20 million to the financing of the protection of theelderly.

Despite the return to normal gradually taking shape, the Group continued its actions intended for its customers
in greatest difficulty, by setting up targeted facilities. For individual customers, insurance coverage is preserved
even in the event of late payment; for SMEs and small businesses, electronic payment subscriptions (payment
terminal fees) are reimbursed for customers whose shops are closed; for the aerospace sector, the Group is the
only bank with a €100 million contribution to the Ace investment fund dedicated to mid-caps and SMEs in the
sector. Lastly, the Group extended by one year the first year of the SGL in accordance with public regulations.

The crisis confirms the relevance of the Group Project and thedifferentiating nature of the global relationship model.
-Firstly, as part of the Customer Pillar of its Group Project, presented in June 2019, the Group ramped up
the digitisation of its offerings in the interests of customer satisfaction. Thus, the utilisation rate of Groupapps (active profile on the apps or connection on the website in the last month) sharply increased, postinga rise in both banks of the Regional Banks and LCL (respectively +3.3 percentage points compared to
end-2019 to 68.2% and by +7.1 percentage points to 53.4%). Likewise, the Group rolled out new digital
tools intended for its customers to make their activities easier during lockdown, such as the Up2Pay
Range (enabling remote payment through a digital loyalty program) and Click & Collect to support
retailers in the new methods of consumption. Innovative non-banking services were also set up for young
people and small businesses (Youzful, Blank, Agilauto).

-

This translated into a sharp improvement in the Group's positioning in terms of customer satisfaction: theGroup is thus the only bank among the 25 brands which have proven their utility during the lockdown6,
while the Net Promoter Score (NPS) was up in 2020 compared to 2019, both in the Regional Banks andat LCL (+7 points, to respectively +8 and +2 7) and at CA Italia (+8 points compared to 2019), whichbecame this year the second Italian bank in terms of customer satisfaction.

-

This success was made possible as a result of the full commitment of Group employees and tostrengthened local customer relations. The sharp increase in the participation rate of employees in the
ERI (Engagement and Recommendation Index) survey to 80% (+3 points compared to 2019 and+21 points compared to 2016) illustrates this well. In addition, the Group launched innovative initiatives
in managerial transformation, supported by organisational transformation, to ramp up our employee
empowering process, aimed at creating more value for customers.

The Group supports societal transitions, and is more than ever committed
for regions and for climate.
Green finance and SRI
As part of the human and societal pillars of the Group Project, the Group supports the societal transitions that its
customers have requested and are experiencing. Accordingly, thanks to its leading position in SRI matters,
through its various entities, the Group is able to offer its customers all the green and social solutions that they
may need.
Accordingly, 100% of the funds opened by Amundi present a SRI score that is higher than their benchmark; atyear-end 2020, Amundi exceeded its target for “green solutions” funds, which increased from €12.3 billion to€21.9 billion at year-end 2020. (2022 target: €20bn). In addition, Amundi has been selected to manage aeurozone equity index fund aligned with the Paris Agreement on climate change, on behalf of 12 institutional
6 Study Brand Asset Valuator, October 2020,all sectors, only one bank in the top.
7 Net Promoter Score, internal sources 2020.

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PRESS RELEASE - 4th quarter 2020

investors on the Paris stock exchange who are launching an unprecedented initiative to promote climate issues.
It is the first investment solution that is fully eligible for the future European “Paris Aligned Benchmark” label.
Crédit Agricole Assurances and Amundi launched “Energies Vertes”, the first energy transition fund eligible forlife-insurance policies.
CACIB saw its green loan outstandings increase from €7.1 billion to €11.7 billion in one year (2022 targets:€13bn). CACIB also ranks second worldwide in terms of green, social and sustainable bonds ($28 billion arranged
in 2020). This year, the Federal Republic of Germany has entrusted the emission of its first green bond, for €6.5
billion, to the Crédit Agricole Group. It represents approximately 10% of the volume of sovereign green bonds
outstanding and will be used to finance Germany’s climate and environmental strategy. CACIB took part in thishistoric transaction as associate bookrunner and also acted as exclusive adviser for Germany in the structuringof its Green Bonds program published in August 2020.
Meanwhile LCL rolled out a green investment range, LCL Impact Climat.
Finally, the Group reached its medium term objective in terms of green social or sustainable outstandings in theliquidity portfolio, with €9.3 bn outstandings end 2020.
These efforts were rewarded. The Group received two positive assessments from agencies in 2020: theinternational climate reference agency, the Carbon disclosure project (CDP) raised the Group’s rating from C toA-, and the annual evaluation of the Principles for Responsible Investment (PRI) led to Amundi being awarded amaximum rating of A+ for its SRI strategy and management.
As it committed to do under the Medium-Term Plan as launched in June of 2019, the Group has set up a global
governance to drive its extra-financial performance. It is supported by a scientific committee of high-level experts.
A SRI steering platform was developed in 2020. Unique in its kind, it enables the collection of external and internal
extra-financial data in order to calculate the main societal impact indices for all Group entities. Based on publicdata, it generates a unique climate transition rating for listed companies. Amundi and Crédit Agricole CIB havebeen using this rating as a commercial tool for dialogue since 2020. In 2021, the transition rating will be expanded
to include unlisted companies.
To monitor the extra-financial performance of unlisted companies, the Group also set up a standard SRIquestionnaire that is currently being rolled out at LCL, the Regional Banks and in some international entities.

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PRESS RELEASE - 4th quarter 2020

Inclusive finance
The Group also demonstrated its inclusive commitment by supporting regions and the young. For example, in
2020, the Group recruited 18,000 new employees 8, 30% of whom are under 30 years of age, as well as 4,700
work-study students (i.e.+50% in two years). The Group also posted a sharp increase in its attractiveness inhigher education institutions for the last three years (ranked 47th out 130 (+23)) in business schools and 85th outof 130 (+17) in engineering schools 9. Thus, the Group ranked 1st place in financial services in France among
Diversity Leaders, the FT’s European ranking (ranking 133rd out of 70010).
The Group also supports the solidarity economy through several initiatives: the Amundi Solidarité fund recorded€331 million at end 2020 and this year, Amundi launched CPR invest social impact, the first global equity fund toplace reducing inequalities at the center of its investment process; lastly, Crédit Agricole Assurances created“Contrat solidaire”, the first Finansol-certified social multi-vehicle life insurance policy. Crédit Agricole S.A. also
completed its first social bond issue, for local, sustainable and inclusive growth in the regions. For the amount of€1 billion and subscribed 2.5 times, this bond is designed to finance businesses in areas with unemployment
rates that exceed the national average, digital tools for the regions, development of the health sector, and theimproving social cohesion.

The Group strengthens its universal customer-focused banking model,
open to multi-business partnerships
The Group strengthened its universal customer focused banking model through the rollout of several internal
projects. Thus, LCL sold to Crédit Agricole Assurances a home loan book for €445 million, making it possible tooptimise the refinancing of LCL and to diversify the investment portfolio of Crédit Agricole Assurances; CACIB
and CA Indosuez Wealth Management in turn created a joint team to assist high net worth customers and family
holding companies. Finally, a Group level multi-business Group division was created for mid-cap corporates, andwill be managed by CACIB. In the area of IT expenses, for the full year 2020 the Group allocated to thetechnological transformation €8 billion11, of which 38% in investments notably for datacentricity or information
system overhaul.
The rollout of synergies within Crédit Agricole Group is also reflected in the continued improvement in theequipment of retail banking customers with property and casualty insurance products12: 41.7% of Regional Bank
customers (+1.0 point year-on-year), 25.5% of LCL customers (+0.5 point) and 17.1% of Crédit Agricole Italia
customers (+1.7 point) have a property and casualty insurance policy with the Group.
The Group continued to open its universal customer-focused banking model in Europe through multi-businessline partnerships in Europe and in Asia.
In Europe, Amundi, number one asset manager in Europe, finalised in January the Sabadell AM acquisition andentered into a strategic partnership with Banca Sabadell; in October, Crédit Agricole Assurances finalised theacquisition of 100% de GNB Seguros and along with this came the signature of a 22-year distribution partnershipfor non-life insurance products with Novo Banco in Portugal; Crédit Agricole Italia announced at the end of
November the launch of a cash takeover bid for Credito Valtellinese and CACF announced in December thestrengthening of its partnership agreement with Banco BPM. Furthermore, CACF printed an agreement with
Bankia to buy back the 49% of capital owend by Bankia in their joint-venture in Spain (subject to Bank of Spain’s
approval). Lastly, Azqore, a subsidiary of Indosuez Wealth Management, signed an agreement with Société

8 Total hires in 2020, including permanent contracts, fixed-term contracts and work-study contracts.
9 Source Universum 2020.
10 FT European ranking, No. 1 position in France in financial services.
11 €15 billion planned for the entire duration of the MTP.
12 Car, home, health, legal, all mobile phones or personal accident insurance.

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PRESS RELEASE - 4th quarter 2020

Générale, in January 2021, to perform the back-office operations and a large percentage of the IT services
internationally for the private bank Société Générale.
In Asia, Amundi and Bank of China created in September the first Wealth Management company in China withan international shareholder holding a majority stake. Furthermore, Amundi signed a technological alliance with
BNY Mellon January 2021 in the field of asset management and the custody of securities.
Furthermore, the Group continued its refocusing outside the non-strategic entities. Thus, CACIB finalised thesale of its remaining stake in the capital of Banque Saudi Fransi in September; CACF announced the sale inprogress of its subsidiary in the Netherlands; CA Indosuez Wealth Management initiated a planned sale of its
private banking activities in Miami and Brazil, and Crédit Agricole S.A. announced the signature of an agreement
to sell its Romanian subsidiary Crédit Agricole Bank Romania S.A. to Vista Bank Romania S.A.

Group activity
The fourth quarter 2020 was marked by a new lockdown in France during the month of November. Its
impact on the economy has been more limited compared to the first lockdown in the second quarter.
Accordingly, the volume of payments at merchants, recorded by the Regional Banks and LCL during
November, represented 1.5 times the volumes recorded in April. In the fourth quarter, the Group’sbusiness lines showed strong momentum despite this new lockdown, and in 2020, business was
generally good, thanks to rebounds after each lockdown.
Thus, Crédit Agricole Assurances reported a strong rebound in activities in the fourth quarter 2020 (+19%
in fourth quarter compared to third quarter) with very strong UL inflows levels (+26.9% in fourth quarter2020 compared to fourth quarter 2019 and +24.3% compared to third quarter 2020). In asset management,
Amundi also reported strong net inflow levels (+€29.8 billion, excl. JVs). In Retail Banking, all loan,
deposit and insurance product equipment activities grew in France and Italy. Loans outstanding in Retail
Banking for all networks combined, in France and Italy and excluding SGL, thus reported a +4.9%
increase at end December 2020 year-on-year. Similarly CACF recorded a net rebound in production at
the end of the second lockdown, with production for the month of December up +16.8% compared to thatof the month of November. In CIB, CACIB strengthened its leading syndicated loan and bond issue
positions (world’s 2nd largest arranger of green, social and sustainable bonds), in a context of normalizing
markets.
Gross customer capture remained strong over the full year; the Group recorded +1,500,000 new
customers between 2019 and 2020, with over +1,000,000 for the Regional Banks, +300,000 for LCL andclose to +120,000 for CA Italia. Against this backdrop, the customer base continued to rise markedly
during the year (+148,000 net additional customers in 2020).
Overall, the levels of activity of the Group’s business lines demonstrated good resilience over the fullyear: accordingly, the overall home loan production in the Regional Banks and LCL for full year 2020 was
96% of the full year 2019 level; the volume of new business in property and casualty insurance
represented 91% of the 2019 volume, while consumer finance production in 2020 represented 86% of the2019 volume.

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PRESS RELEASE - 4th quarter 2020

Group results
In the fourth quarter 2020, Crédit Agricole Group’s stated net income Group share was €530 million,
versus €2,186 million in fourth quarter 2019. This quarter, specific items generated a net negative impact of-€898 million on net income Group share.
Specific items this quarter included CA Italia’s impairment of goodwill, with a negative impact of -€884 million
on net income Group share. Also included under specific items is the reclassification of entities held for sale
(CACF NL, CA Bank Romania) and the ongoing disposal project of the Private banking activities in Miami andBrazil, for a total de -€97 million on net income Group share, including on the one hand -€66 million for CACF NL
and -€7 million for CA Bank Romania, and, on the other hand, -€24 million for Private banking. Specific items
also included exceptional contributions related to the COVID-19 crisis: CAA's exceptional contribution for
supplementary healthcare contributions in the amount of -€15 million in net income Group share and CA Italia's
exceptional contribution to the Italian banks safeguard plan for -€7 million. Also included under specific items is
the reversal of the provision AGCM (Italian Competition Authority) addressed to FCA Bank for +€89 million. The
impact of the better fortune adjustment on the activation of Switch 2 was neutralised at Group level. The recurring
accounting volatility items are to be added with a net positive impact of +€27 million in revenues and +€19 million
in net income Group share, namely DVA (Debt Valuation Adjustment, i.e. gains and losses on financial
instruments related to changes in the Group’s issuer spread), totalling +€13 million, the hedge on the
Large customers loan book amounting to -€21 million, and the variation in the provision forhome purchase savings plans amounting to +€26 million. During the fourth quarter 2019, specific items had anegative net impact of -€200 million on net income Group share and included the recurring accounting
volatility items, namely a DVA (Debt Valuation Adjustment, i.e. gains and losses on financial instruments related
to changes in the Group’s issuer spread) for -€4 million, the hedge on the Large customers loan book amounting
to -€12 million and the change in the provision for home purchase savings plans amounting to -€119 million, as
well as the positive impact of the outcome of the Emporiki litigation in the amount of +€1,038 million, LCL’s
goodwill impairment in the amount of -€664 million, Kas Bank’s badwill in the amount of +€22 million, thereclassification of CA Bank Romania to assets held-for-sale in the amount of -€46 million and Kas Bank’s
integration / acquisition costs in the amount of -€16 million.
Excluding these specific items, Crédit Agricole Group’s13 underlying net income Group share amounted to€1,429 million, down -28.1% from fourth quarter 2019. Underlying GOI, at a solid level (€3,093 million in fourth
quarter 2020, up +1.9% from fourth quarter 2019), made it possible to absorb the cost of risk (an expense of €919 million in fourth quarter 2020, i.e. x1.9 compared to fourth quarter 2019).

13 Underlying, excluding specific items. See Appendixes for more details on specific items.

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PRESS RELEASE - 4th quarter 2020

Crédit Agricole Group – Stated and underlying results, Q4-2020 and Q4-2019
Specific
items

Q4-19
underlyin
g

∆
Q4/Q4
stated∆ Q4/Q4
underlying

8,399

(202)

8,602

+3.2%

+0.7%

(5,567)(5,582)(15)(5,566)

+0.1%

+0.0%

-

-

-

-

-

n.m.

n.m.

3,080

(13)

3,093

2,818

(218)

3,035

+9.3%

+1.9%

Cost of risk

(919)

0

(919)

(494)

-

(494)

+86.1%+86.1%

Equity-accounted
entities

163

89

74

83

-

83

+96.4%(11.1%)Net income on otherassets

(26)

-

(26)

15

(6)

21

n.m.

n.m.

Change in value of
goodwill

(965)

(965)

-

(642)

(642)

-

+50.3%

n.m.

Income before tax

1,334

(889)

2,223

1,780

(866)

2,646

(25.0%)(16.0%)

Tax

(634)

4

(638)

587

1,112

(525)

n.m.

+21.4%Net income fromdiscont'd or held-forsale ope.

(91)

(98)

7

(46)

(46)

(0)

+98.0%

n.m.

Net income

609

(983)

1,592

2,320

200

2,120

(73.7%)(24.9%)

Non controllinginterests

(80)

84

(163)

(134)

-

(134)

(40.6%)+21.7%Net income Group
Share

530

(899)

1,429

2,186

200

1,986

(75.8%)(28.1%)

Cost/Income ratio
excl.SRF (%)

64.5%

64.3%

66.5%

64.7%

-2.0 pp-0.4 pp€m

Q4-20
statedSpecific
items

Revenues

8,665

5

8,660

Operating expenses
excl.SRF(5,585)(18)-

Gross operating
income

SRF

Q4-20
Q4-19
underlying stated

In the fourth quarter 2020, underlying revenues increased by +0.7% compared to fourth quarter 2019, to€8,660 million, thanks to strong momentum across most business lines. The Asset gathering and Largecustomers business lines posted respectively increases of +2.1% (+€35 million) and +1.0% (+€14 million) inrevenues; likewise for Retail banking in France, the Regional Banks posted an increase of +0.3%, i.e. +€12 millionand LCL an increase of +4.5%, i.e. +€39 million. Specialised Financial Services have proven resilient, indeed
while the underlying revenues decreases by -3.8%, excluding CACF NL the decrease in revenues remains limited-1.1% (-€7 million) despite a strong sensitivity of this activity to the economic environment. The International
Retail Banking, in turn, posted, a decline of -2.8% (-€19 million), due to the drop in interest rates in Egypt, Poland
and Ukraine.
Underlying operating expenses excluding SRF (Single Resolution Fund) were stable (+0.0%) compared tofourth quarter 2019 at €5,567 million. The Asset gathering and International retail banking business lines posted
a drop in expenses for respectively -1.5% (-€11 million) and -1.6% (-€8 million). Expenses decreased inSpecialised financial services by -3.8% (-€12 million), including the reclassification of CA Consumer Finance NL
under IFRS 5 to activity held-for-sale. On a like-for-like basis, expenses increase by +4.0% in relation with thedevelopment of Specialised financial services in France and in Europe. Expenses rose marginally over the period
for French Retail banking: +1.2% (+€36 million), and in the Large customers business line: +2.0% (+€18 million).
Overall, the Group posted a positive +0.7 percentage points jaws effect. The contribution to the Single Resolution

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PRESS RELEASE - 4th quarter 2020

Fund was nil this quarter, as in fourth quarter 2019. The underlying cost/income ratio stood at 64.3%, an
improvement of +0.4 percentage points compared to the fourth quarter of 2019.
Underlying gross operating income was therefore up +1.9% to €3,093 million compared to fourth quarter 2019.
Cost of credit risk was up, albeit under control (x1.9 compared to fourth quarter 2019, with 93% of the increase
attributable to performing loan provisioning in the context of the COVID-19 crisis for all business lines. It stood at€919 million (including €651 million in level 1 and 2 cost of risk and €334 million in level 3 cost of risk) versus€596 million in third quarter 2020, and €494 million in fourth quarter 2019. Asset quality remains good: the nonperforming loan ratio was down to 2.4% at end December 2020 (-0.2 percentage point compared to third quarter2020) and the coverage ratio14, up to 84.0%, further strengthened this quarter (+3.6 percentage points). The
diversified loan book is mainly geared towards home loans (47% of gross outstandings at Group level) andcorporates (32% of gross outstandings at Group level). Loan loss reserves amounted to €19.6 billion at end
September 2020, of which 34% was for performing loans (Stages 1 and 2). Loan loss reserves were down €0.4 billion compared to September 2020 following the disposal of non-performing loans recorded by CA Italia.
Starting in first quarter 2020, the context and uncertainties related to the global economic conditions were
gradually taken into account and the expected effect of public measures were incorporated to anticipate futurerisks. Provisioning levels were established to reflect the sharp deterioration in the environment, taking into
account several weighted economic scenarios and applying flat-rate adjustments for the retail banking
portfolios and corporates portfolios and specific additions for some target sectors, namely tourism, automotive,
aerospace, retail textile, and energy. Several weighted economic scenarios were used to determine theprovisioning of performing loans, of which a more favourable scenario (GDP at +7.1% in France in 2021 and+2.7% in 2022) and a less favourable scenario (GDP at +3.0% in France in 2021 and +4.8% in 2022). These
scenarios have been revised since second quarter 2020. As a reminder, they previously included a morefavourable scenario with GDP at +7.3% in France in 2021 and +1.8% in 2022 and a less favourable scenario with
GDP at +6.6% in France in 2021 and +8.0% in 2022.
Annualised cost of risk/outstandings15 over the twelve months of 2020 was 38 basis points(37 basis points on a quarterly annualised basis). Cost of risk for Stages 1 and 2 amounted to -€651 million,
versus a reversal of -€87 million in fourth quarter 2019 and -€170 million in third quarter 2020. Stage 3 cost ofrisk stood at -€334 million (versus -€602 million in fourth quarter 2019 and -€428 million in third quarter 2020).
Underlying pre-tax income stood at €2,223 million, a year-on-year decrease of -16.0% from fourth quarter2019. In addition to the changes explained above, underlying pre-tax income also included the contribution fromequity-accounted entities in the amount of €74 million (down -11.1% notably due to CA Consumer Finance) andnet income on other assets, which stood at -€26 million this quarter versus +€21 million in fourth quarter 2019,
related to declassified IT projects. The underlying tax charge was up +21.4% over the period. The underlying
tax rate rose, due to a base effect (it had reached 20.5% in fourth quarter 2019, and currently stands at 29.7%.
However, the effective tax rate is as usual not very representative on a quarterly basis, and the full year is more
relevant, so at end 2020 it stood at 26.6% (versus 28.7% at end 2019). Underlying net income before noncontrolling interests was down -25.0%. Non-controlling interests rose by +21.7%, notably due to a change inInsurance in the recognition methods used for subordinated debt (RT1) coupons, without impact on net earnings
per share, and following CACEIS’s acquisitions of 2020. Lastly, underlying net income Group share was€1,429 million, down compared to fourth quarter 2019 (-28.1%).

Over full year 2020, underlying net income Group share declined by -14.8% compared to 2019. Underlying
revenues were stable (+0.7%), while underlying operating expenses excluding SRF were down -0.9%, resulting
in a positive jaws effect of +1.7 percentage points. Underlying gross operating income totalled €12,304 million,
up +2.6% compared to 2019. Cost of credit risk increased 2.1-fold, gains or losses on other assets rose 24.3%
to €52 million and the tax charge was down -21.3% compared to full year 2019.

14 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator
15 Cost of risk on outstandings (in annualised basis points)

10/63

PRESS RELEASE - 4th quarter 2020

Résultats consolidés du Groupe Crédit Agricole au 12M-2020 et au 12M-2019∆∆
2020/2019 2020/2019
statedunderlying

€m

2020
statedSpecific
items

2020
underlying

2019
statedSpecific
items

2019
underlyingRevenues

33,596(439)

34,03533,297(493)

33,790

+0.9%

+0.7%

Operating expenses
excl.SRF(21,266)(96)(21,169)(21,386)(15)(21,371)(0.6%)(0.9%)

SRF

(562)

-

(562)

(426)

-

(426)

+31.9%+31.9%

Gross operating
income11,768(536)

12,304

11,485(508)

11,993

+2.5%

+2.6%

Cost of risk

(3,651)0(3,651)(1,757)-(1,757)

x 2.1

x 2.1

Equity-accounted
entities

419

89

330

356

-

356

+17.6%(7.5%)Net income on otherassets

52

-

52

36

(6)

42

+46.0%+24.3%

Change in value of
goodwill

(968)

(965)

(3)

(642)

(642)

-

+50.8%

n.m.

Income before tax

7,620(1,411)

9,031

9,478

(1,156)

10,634(19.6%)(15.1%)

Tax(2,165)152(2,317)(1,737)1,208(2,945)+24.7%(21.3%)Net income fromdiscont'd or held-forsale ope.

(262)

(268)

6

(38)

(46)

8

x 6.9

(21.2%)Net income

5,193(1,528)

6,720

7,704

6

7,697

(32.6%)(12.7%)

Non controllinginterests

(504)

87

(591)

(506)

-

(506)

(0.4%)+16.9%Net income Group
Share

4,689

(1,440)

6,129

7,198

6

7,191

(34.9%)(14.8%)

Cost/Income ratio
excl.SRF (%)

63.3%

62.2%

64.2%

63.2%

-0.9 pp-1.0 pp

11/63

PRESS RELEASE - 4th quarter 2020

Regional Banks
For Regional banks, the crisis led to an acceleration and a strengthening of the transformation of their distribution
model, with a particular focus placed on the quality of the customer relationship, confirmed by the 8 percentage
points improvement of the NPS (Net Promoter Score) over the full year. The customer base over the full year,with 1.1 million new customers, continued to grow and the actual attrition rate (excluding deaths) was down to
2.9% for the full year. Accordingly, note that the number of active demand deposits was up +0.7% year-on-year,
an increase exceeding France’s population growth rate over the same period. The Group is also continuing todevelop its multi-channel model and recorded a +3.8-percentage point increase year-on-year in the number ofdigital customers, taking it to 68.2%,16 as well as a +45% increase in online signatures year-on-year.
Commercial activity at the Regional Banks continued to be buoyant this quarter, with growth in outstandings
remaining strong. Loans outstanding amounted to €563.7 billion (€547.1 billion excluding SGLs), up +8.4%
from December 2019 (+5.2% excluding SGLs). There was a strong increase in home loans (+6.6%) and loans
to corporates, SMEs and small businesses, and farmers (+12.6%, +3.3% excl. SGLs). The increase in
specialised market loans excluding SGLs was particularly marked by corporate equipment loans being up +8.5%
over the full year. Loan production was up compared to fourth quarter 2019 (+7.4%; +2.6% excl. SGLs). The
decrease in new specialised markets17 excl. SGLs (-8%) and in consumer finance was offset by the home loan
momentum (+11%). On-balance sheet deposits stood at €517.9 billion, representing an increase from
December 2019 of +12.3% (of which +25.3% for demand deposits and +11.8% for passbooks), while off-balance
sheet deposits were unchanged (+0.4% to €272.4 billion) with life insurance outstandings up slightly (+0.5%; ofwhich +6.3% unit-linked outstandings) and outstandings linked to securities and transferable securities stable(+0.2%) in line with the recovery in the markets during the quarter.

In fourth quarter 2020, underlying revenues of the Regional Banks amounted to €3,373 million, down -1.2%
from fourth quarter 2019. Favourable refinancing conditions led to an increase in the net interest margin(+4.0%), while the overall level of fee and commission income was down in line with the lower penalty-based
fees. Operating expenses were under control and slightly up over the period (+1.5% compared to fourth quarter2019) related to the adjustment over the period of the employee profit-sharing and incentive plans, with otherexternal services remaining down. Thus, underlying gross operating income was down in fourth quarter 2020(-6.6%). Underlying cost of risk stood at -€415 million, sharply up compared to fourth quarter 2019 (x2.7).
Provisions were primarily for performing loans and the non-performing loan ratio was down to 1.7% (versus 1.8%
at end December 2019). Loan loss reserves were slightly up to €10.0 billion. This translated into a high coverage
ratio, at 100.9%. The Regional Banks’ contribution to underlying net income Group share thus stood at€470 million, down -30.8%.
In full year 2020, underlying revenues were down -1.4% compared to full year 2019. Operating expenses were
down -1.1% despite the increase in SRF in the first half of the year (+42.6%). GOI was down -2.1% (-1.3% excl.
SRF). The underlying cost/income ratio excluding SRF remained unchanged at 65.8%. Lastly, with underlying
cost of risk up (x2.1) to €1.0 billion over the full year, the Regional Banks’ contribution to the Group’s underlying
net income Group share was down -14.1% to €2,230 million.
The performance of the other Crédit Agricole Group business lines is described in detail in the section of thispress release on Crédit Agricole S.A.

16 Rate of digital customers : number of customers with an active profile on the Ma Banque app or who had visited CAEL (CA online) during the month/ number of adult clients having an active demand deposit account17 Corporates, SMEs and small businesses, farmers and local authorities

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PRESS RELEASE - 4th quarter 2020

Crédit Agricole S.A.
Strong momentum across all business lines in fourth quarter 2020, reflecting
the strength of the global relationship model-

Strong net inflows in Asset gathering: +€14.1 billion in Q4 2020 (including JVs), driven in
insurance by UL (38.7% of gross inflows)
Sharp increase in LCL's loan outstandings: +4.4% Dec./Dec. excl. SGL;
Rebound in consumer finance production: +16.8% Dec/ Nov;
Strengthened leading positions in Corporate and investment banking in a normalizing
market in the fourth quarter: syndicated loans (No. 1 France, No. 3 EMEA); bonds (No. 1
France corporate bonds, No. 1 world financial bonds, No. 2 global green, social andsustainability bonds).

Continued partnership strategy in Europe and Asia:-

Insurance: stake in GNB Seguros increased to 100% in Portugal and distribution agreement
signed with Novo Banco
Amundi: acquisition of Sabadell AM and strategic partnership launched with Banca Sabadell
CA Italia: announcement of a cash tender offer for Credito Valtellinese
CACF: strengthening of CA Consumer Finance's partnership with Banco BPM
Amundi: creation with Bank of China of the first Wealth Management company in China withan international shareholder holding a majority stake

Exit from non-strategic entities (Banque Saudi Fransi, CA Bank Romania, CA Consumer
Finance NL, private banking activities in Miami and Brazil)

Excellent resilience of 2020 results, the operating income momentum making it possible toabsorb a significant proportion of the 2.1-fold increase in the cost of risk
- Dynamic revenues in 2020 (+2.1% 12M/12M) and stable expenses (-0.3% 12M/12M)- Operational agility: 2022 cost/income ratio excluding SRF target (<60%) achieved two
years ahead of schedule: 59.6% in 2020;- Underlying gross operating income up: +4.8% 12M/12M;- Underlying net income Group share of Crédit Agricole S.A.: -16.0% 12M/12M (€734 million 2020/2019, including +€1 bn in performing loan provisioning);- Underlying ROTE over 12 months 2020 of 9.3%18

Dividend policy adjusted for the current special circumstances-

Very comfortable capital position: CET1 CASA 13.1%, 5.2 pp above SREP requirements,
CAG 17.2%, 8.3 pp above SREP requirements
Dividend: 80 cents, a 8% yield, with a scrip dividend payment option. The set up strictly
respects the ECB’s latest recommendation
Switch: 100% unwinding by 2022, with 50% unwound as early as Q1-21, completion of thesimplification of the Group’s structure

18 Stated ROTE excluding goodwill impairment for full year 2020 stood at 8.3%

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PRESS RELEASE - 4th quarter 2020

Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 10 February 2021 to examine
the financial statements for the fourth quarter and full year 2020.

Activity
Crédit Agricole S.A.’s business lines recorded a robust business level in fourth quarter 2020, despite theimpacts of the second lockdown in France on the economy. The commercial momentum remained buoyant,especially for Amundi which reported positive net inflows of +€14.4 billion (including JVs) in the quarter and+3.7% growth in assets under management year-on-year; life-insurance also posted strong net inflows in thequarter, up +€0.8 billion, driven by UL products, while casualty insurance confirmed its momentum with +7.7%
increase in premium income in fourth quarter 2020 compared to fourth quarter 2019 and 5.8% year-on-year. The
share of UL products in gross inflows increased (+9.8 percentage points from fourth quarter 2019 to 38.7%),
as did the share in outstandings (+1.4 percentage point year-on-year), which rose to 24.2% to a record high.
Premium income from personal protection insurance increased sharply (+8.9% compared to fourth
quarter 2019). Loans outstanding in Retail Banking were up year-on-year, excluding SGL (+4.4% at LCL,
+0.5% at CA Italia). Inflows at LCL continued on the sharp up trend already observed in previous quarters (onbalance sheet deposits up +11.5% year-on-year, driven by sight deposits (+15.5%) and off-balance sheet
deposits dipped slightly by -1.1%). CA Italia also reported significant growth in savings outstandings (+8.8%
increase in inflows). Consumer finance managed loans dipped slightly year-on-year (-1.3%), despite the reported
rebound in production levels after each lockdown (production in fourth quarter 2020 shrank by -3.3% compared
to fourth quarter 2019 and was down -14% for the full year). Lastly, the Large customers division remained
dynamic in the fourth quarter and the leading syndicated loan and bond issue positions were confirmed in amarket undergoing normalisation. Capital markets’ revenues continue to normalise, after starting off the year ata high level (revenues were down -5.0% compared to very high fourth quarter 2019), financing activities remained
dynamic (+3.9% compared to fourth quarter 2019 and +8.6% excluding forex effect). Risk profile was prudent,with moderate VaR at €9 million at 31 December 2020.

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PRESS RELEASE - 4th quarter 2020

Results
Credit Agricole S.A. – Stated and underlying results, Q4-20 and Q4-19
€m

Q4-20
statedSpecific
items

Q4-20
underlying

Q4-19
statedSpecific
items

Q4-19
underlying

Q4/Q4
statedQ4/Q4
underlying

Revenues

5,251

(47)

5,299

5,119

(66)

5,184

+2.6%

+2.2%

Operating expenses
excl.SRF(3,226)(18)(3,208)(3,260)(15)(3,244)(1.0%)(1.1%)

-

-

-

(0)

-

(0)

(100.0%)(100.0%)Gross operating income

2,025

(65)

2,090

1,859

(81)

1,940

+8.9%

+7.8%

Cost of risk

(538)

(38)

(500)

(340)

-

(340)

+58.5%+47.4%

Equity-accounted entities

137

89

47

76

-

76

+78.9%(38.3%)Net income on other assets

(9)

-

(9)

14

(6)

20

n.m.

n.m.

Change in value of goodwill

(903)

(903)

-

(589)

(589)

-

+53.2%

n.m.

Income before tax

712

(916)

1,628

1,021

(677)

1,697

(30.3%)(4.1%)

Tax

(436)

33

(469)

847

1,065

(219)

n.m.

x 2.1

Net income from discont'dor held-for-sale ope.

(96)

(97)

1

(46)

(46)

(0)

n.m.

n.m.

Net income

179

(981)

1,160

1,821

343

1,479

(90.2%)(21.6%)

Non controlling interests

(56)

129

(185)

(160)

1

(161)

(65.3%)+15.0%Net income Group Share

124

(851)

975

1,661

343

1,318

(92.6%)(26.0%)

Earnings per share (€)

0.02(0.30)

0.31

0.54

0.12

0.42

(97.1%)(26.1%)

Cost/Income ratio excl.
SRF (%)

61.4%

60.5%

63.7%

62.6%

-2.2 pp-2.0 pp

Net income Group Shareexcl. SRF

124

975

1,661

1,318

(92.6%)(26.0%)

SRF

(851)

343

In the fourth quarter 2020, Crédit Agricole S.A.’s stated net income Group share amounted to €124 million
versus €1,661 million in fourth quarter 2019. 2020 and 2019 were characterised respectively by CA Italia's
goodwill impairment for -€778 million in net income Group share impact on the one hand, and LCL’s goodwill
impairment for -€611 million and the outcome of the Emporiki litigation for +€1,038 million. Adjusted for these
items, Crédit Agricole S.A.’s stated net income Group share for fourth quarter 2020 was €902 million, down 27.0% compared to fourth quarter 2019. In total, specific items in fourth quarter 2020 generated a net negative
impact of -€851 million on net income Group share.
Excluding these specific items, underlying net income Group share19 was €975 million, down -26.0%
compared to fourth quarter 2019, in connection with the rise in the cost of risk related to the prudent provisioningof performing loans.
This quarter's specific items included CA Italia's goodwill impairment for -€903 million in goodwill impairment
and -€778 million in net income Group share impact, net of non-controlling interests, better fortune adjustment ofof the Switch 2 guarantee call (Insurance) for -€38 million in cost of risk and -€26 million in net income Group
share. Specific items also included exceptional contributions related to the COVID-19 crisis: an exceptional
contribution by CAA for supplementary healthcare contributions with an impact of -€22 million in revenues and €15 million in net income Group share as well as an exceptional contribution by CA Italia to the Italian banks
19 Underlying, excluding specific items. See Appendixes for more details on specific items.

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PRESS RELEASE - 4th quarter 2020

safeguard plan for -€11 million in expenses and -€6 million net income Group share. The other non-recurring
specific items stood at -€10 million including for CA Consumer Finance a reversal of a provision for the AGCM
(Italian Competition Authority) fine of FCA Bank with an impact of +€89 million in net income Group share offset
by the reclassification of CA Consumer Finance NL as asset held-for-sale for -€66 million to net income Group
share; the planned disposal in progress of the private banking activities in Miami and Brazil for -€23 million to net
income Group share, the reclassification of CA Bank Romania’s asset held for sale for -€8 million to net income
Group share and the consolidation costs for the acquisitions made by CACEIS (Kas and S3) with an impact of €7 million to expenses and -€3 million to net income Group share. The recurring specific items this quarter had
an impact on net income Group share of -€16 million, including the DVA (Debt Valuation Adjustment, i.e. gains
and losses on financial instruments related to changes in the Group’s issuer spread) for +€13 million, the hedge
on the Large customers loan book amounting to -€21 million, and the change in the provision forhome purchase savings plans amounting to -€9 million. In fourth quarter 2019, specific items had a negative
net impact of +€343 million on net income Group share and included LCL's goodwill impairment for €611 million offset by Kas Bank's negative goodwill for +€22 million, the outcome of the Emporiki litigation for+€1,038 million, and the consolidation and acquisition costs of Kas Bank and S3 for a total of -€16 million, only
the 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 -€4 million and hedging
of the Large customers loan book for -€11 million and changes in provisions for home savings schemesfor -€29 million.
The results of the business lines demonstrated excellent resilience in fourth quarter 2020 given the public healthand economic context. Underlying gross operating income was up +7.8% compared to fourth quarter 2019,reaching €2,090 million, thanks to increased revenues (+2.2% to €5,299 million) and tight cost control by thebusiness lines (-1.1% to -€3,208 million). Crédit Agricole S.A.’s excellent operational agility has once again been
demonstrated this quarter, with an underlying cost/income ratio of 60.5%, up +2.0 percentage points from fourth
quarter 2019 and with a positive jaws effect of 3.3 points in fourth quarter 2020. Underlying net income Group
share was, however, down by -26.0%. This decline was due to the increased cost of risk, which stood at €500 million in fourth quarter 2020 (x1.5 compared to fourth quarter 2019). Of that rise, 77% was due to increased
provisioning for performing loans, primarily related to prudent provisioning in sensitive sectors (such as
aerospace, hotels, tourism, restaurants and certain professionals). Thus, the Asset gathering business line washelped by market recovery and the good management of the funds thus generating performance fees and posted
gross operating income of +6.2%, the business line’s result posted a drop of -12.0% from fourth quarter 2019
due notably to a change in the recognition methods used for subordinated debt (RT1) coupons, without impact
on net earnings per share. The Retail banking business line generated a +3.4% increase in its gross operating
income, driven by strong growth in revenues, particularly at LCL (+4.5% from fourth quarter 2019) and by provenoperational efficiency (underlying cost/income ratio excluding SRF of retail banks in fourth quarter 2020 of 66.0%(an improvement by +0.7 percentage point compared to fourth quarter 2019). Consequently, with a 1.5-foldincrease in cost of risk compared to fourth quarter 2019, the Retail banking net income Group share posted adecline of -13.9% compared to fourth quarter 2019. Specialised financial services recorded a drop of -1.8% ingross operating income and of -5.5% on a like-for like basis20 with a good general resistance of sales revenues(-2.8% and -1.1% on a like-for-like basis20) and of costs related to the development in France and in Europe (3.8% and +4.0% on a like-for-like basis20). Lastly, the Large customers business line, despite stable underlying
gross operating income (-0.4%) this quarter, was impacted by the 2.0-fold increase in the cost of risk, resulting
in a -17.0% decline in net income Group share.
In fourth quarter 2020, underlying revenues stood at €5,299 million, up +2.2% compared to fourth quarter 2019.
The revenues of the Asset gathering business line were helped by market recovery and by Amundi’s excellent
management performance and posted a +2.7% increase compared to fourth quarter 2019. Retail banking
revenues (+1.2%) were driven by LCL’s net interest margin increase due to the good refinancing conditions, eventhough international retail banking was still hit by the drop in different markets. Sales revenues of Specialised
financial services showed good resistance (-1.1%20 compared to fourth quarter 2019), and the post-lockdown
20 Excl. CA Consumer Finance NL

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PRESS RELEASE - 4th quarter 2020

rebound helped to limit the Q4/Q4 drop in production to -3%. Lastly, within the Large customer business line,
financing activities recorded good performance (+3.9% in revenues compared to fourth quarter 2019), while
market activities suffered a base effect, in the context of activities returning to normal (-5.0% in revenues
compared to fourth quarter 2019). Lastly, Asset servicing revenues were up +8.1% thanks to a scope effectrelated to the latest acquisition of Santander Securities Services in 2020.
Underlying operating expenses were down -1.1% between fourth quarter 2019 and fourth quarter 2020,
resulting in indicators that showed very good levels of operational efficiency: the underlying cost/income ratio
was 60.5% in fourth quarter 2020, an improvement of +2.0 percentage points compared to fourth quarter 2019,
while the jaws effect was positive at 3.3 percentage points. Within the Asset gathering business line, Insurance
saw a sharp decline in expenses (-7.5% compared to fourth quarter 2019), offsetting the increase in asset
management expenses (+3.0%), primarily related to a scope effect – the expenses of the Asset gatheringbusiness line, on a like-for-like basis21 were down -0.9% compared to fourth quarter 2019. Retail banking
confirmed its operational efficiency with a 66.0% underlying cost/income ratio excluding SRF, up +0.7 percentage
points compared to fourth quarter 2019, thanks to stable expenses at LCL (+0.2% compared to fourth quarter2019) and stable expenses for International retail banking (-0.1%) due to additional productivity efforts madewithin the entities following their decrease in revenues. Within the Large customers business line, Corporate andinvestment banking posted very good cost control (+0.3% compared to fourth quarter 2019), while Asset servicing
posted an increase of +7.9% in expenses notably due to a scope effect. Specialised financial services posted a-3.8% decrease in expenses in underlying terms, but a +4.0% increase on a like-for-like basis20 over the quarter.
Thus, underlying gross operating income rose high to €2,090 million, an increase of +7.8% from fourth quarter2019. This was due to a strong and increased contribution from Asset gathering (+6.2% compared to fourth
quarter 2019), Retail banking (+3.4%) and the resilience of the other business lines: Large customers -0.4%,
Specialised financial services -1.8% in underlying terms and -5.5% on a like-for-like basis.

21 Excluding the scope effect of Sabadell and the establishment of Amundi Bank of China Wealth Management

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PRESS RELEASE - 4th quarter 2020

As at 31 December 2020, risk indicators confirmed the high quality of Crédit Agricole S.A.'s assets and risk
coverage level. The diversified loan book is mainly geared towards home loans (28% of gross outstandings)
and corporates (44% of Crédit Agricole S.A. gross outstandings). The non-performing loan ratio was still low at
3.2% (-0.2 percentage point compared to 30 September 2020), while the coverage ratio22 was high, at 71.5%
and up +1.7 percentage points for the quarter. Loan loss reserves totalled €9.6 billion for Crédit Agricole S.A.,
down compared to 30 September 2020, following loan disposals at CA Italia for €450 million. Of these loan loss
reserves, 28% were for performing loan provisioning. Provisioning levels this quarter were based on several
weighted economic scenarios – revised in fourth quarter 2020 – with notably for GDP in France: a morefavourable scenario (+7.1% in 2021 and +2,7% in 2022) and a less favourable scenario (+3.0% in 2021 and+4.8% in 2022)23, and included flat-rate adjustments for retail banking portfolios and for corporates and specificadditions for some target sectors such as aerospace, hotels, tourism, restaurants.
The increase in cost of risk was kept under control (x1.5/-€161 million compared to fourth quarter 2019,at -€500 million, versus -€340 million in fourth quarter 2019 and -€577 million in third quarter 2020). 77% of theincreased cost of risk compared to fourth quarter 2019 was due to additional performing loan provisioning (Stages
1 & 2), related notably to prudent provisioning in sensitive sectors (such as aerospace, cruise ships, hotels,
tourism, restaurants and certain small businesses). The -€500 million expense in third quarter 2020 consisted ofperforming loan provisioning (Stages 1 & 2) totalling -€193 million (versus a reversal of €184 million in fourth
quarter 2019 and an allocation of -€165 million in third quarter 2020) and provisioning for proven risks (Stage 3)
amounting to -€291 million (versus -€531 million in fourth quarter 2019 and -€425 million in third quarter 2020).
In full year 2020, the cost of risk on outstandings stood at 62 basis points (47 basis points in annualised quarters
for fourth quarter 2020). Accordingly, LCL posted cost of risk at -€89 million (x1.4 compared to fourth quarter2019 and a modest increase (+7.7%) since the third quarter 2020), with a ratio cost of risk relative to outstandings
stable at 29 basis points for full year 2020 (25 basis points on an annualised quarterly basis); CA Italia recordeda cost of risk of -€113 million in fourth quarter 2020, i.e. 1.8 times the level of fourth quarter 2019, and an increaseby +30% as compared to the third quarter 2020, with cost of risk relative to outstandings increasing to 93 basis
points for full year 2020 (95 basis points on an annualised quarterly basis); CA Consumer Finance’s cost of risk
was stable at -€128 million compared to third quarter 2020 and up +11.0% in underlying terms and stable since
the third quarter 2020 +1,3%, with cost of risk on outstandings at 179 basis points for full year 2020 (and150 basis points on a quarterly annualised basis). Lastly, in financing activities, the cost of risk for the quarterstood at -€121 million, versus an allocation of just -€58 million in fourth quarter 2019, but was up +51% ascompared to the third quarter 2020. Its cost of risk on outstandings was 67 basis points for full year 2020 (versus
41 basis points on a quarterly annualised basis).
The contribution in underlying terms of the equity-accounted entities was down -38.3%, to €47 million, notably
due to Specialised financial services with deteriorated performance of international entities, partiallycompensated by the resilience of automobile joint-ventures.

22 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator
23 A decrease of 10 points in the weight of the favourable scenario towards the less favourable scenario would lead to a change in “forward-looking

central” ECL inventory of around 5% of total ECL inventory. However, such a change in the weight would not necessarily have a significant impact
due to “forward looking local” adjustments, which could mitigate the effect.

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PRESS RELEASE - 4th quarter 2020

Net income on other assets this quarter showed a negative impact of -€9 million, related to declassified IT
projects versus a positive impact of +€20 million in fourth quarter 2019 which was due to a real estate capitalgain in Wealth Management.
Underlying income24 before tax, discontinued operations and non-controlling interests was therefore down -4.1%,
to €1,628 million. Underlying effective tax rate was 29.7%, up +16.2 percentage points compared to fourth
quarter 2019, whose level had been very low at 13.5%, a consequence of favourable legal cases at Crédit
Agricole CIB. The underlying tax charge therefore increased two-fold to -€469 million. At end 2020, it amounted
to 22.6% (versus 24.4% in 2019). The underlying net income before non-controlling interests was therefore
down -21.6%.
Non-controlling interests stood at -€185 million in fourth quarter 2020, i.e. a +15.0% increase, notably due toa change in Insurance in the recognition methods used for subordinated debt (RT1) coupons, without impact on
net earnings per share, and following CACEIS’s acquisitions of 2020.
Underlying net income Group share was down -26.0% from fourth quarter 2019 to €1,318 million.

24 See Appendixes for more details on specific items.

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PRESS RELEASE - 4th quarter 2020

Credit Agricole S.A. – Stated and underlying results, 2020 and 2019€m

2020
statedSpecific
items

2020
underlying

2019
statedSpecific
items

2019
underlying∆ 2020/2019
stated∆2020/2019
underlying

Revenues

20,500(264)

20,764

20,153(186)

20,339

+1.7%

+2.1%

Operating expenses
excl.SRF(12,452)(86)(12,366)(12,421)(15)(12,405)+0.3%(0.3%)

SRF

(439)

-

(439)

(340)

-

(340)

+29.1%+29.1%

Gross operating income

7,609

(351)

7,959

7,392

(201)

7,594

+2.9%

+4.8%

Cost of risk

(2,606)0(2,606)(1,256)-(1,256)

x 2.1

x 2.1

Equity-accounted entities

413

89

324

352

-

352

+17.5%(7.9%)Net income on other assets

75

-

75

54

(6)

60

+39.7%+25.2%

Change in value of goodwill

(903)

(903)

-

(589)

(589)

-

+53.2%

n.m.

Income before tax

4,588(1,164)

5,752

5,952

(797)

6,749

(22.9%)(14.8%)

Tax(1,129)96(1,225)

(456)

1,103

(1,559)x 2.5(21.4%)Net income from discont'dor held-for-sale ope.

(221)

(221)

(0)

(38)

(46)

8

n.m.

n.m.

Net income

3,238(1,289)

4,527

5,458

260

5,198

(40.7%)(12.9%)

Non controlling interests

(546)

133

(679)

(614)

2

(616)

(11.1%)+10.2%Net income Group Share

2,692(1,157)

3,849

4,844

262

4,582

(44.4%)(16.0%)

Earnings per share (€)

0.80(0.40)

1.20

1.48

0.09

1.39

(45.8%)(13.4%)

Cost/Income ratio
excl.SRF (%)

60.7%

59.6%

61.6%

61.0%

-0.9 pp-1.4 pp

Net income Group Shareexcl. SRF

3,085

4,241

5,159

4,897

(40.2%)(13.4%)(1,157)262

Over the full year 2020, stated net income Group share amounted to €2,692 million, versus €4,844 million for
full year 2019, a decrease of -44.4%.
Specific items in full year 2020 had a negative impact of -€1,157 million on stated net income Group share.
Added to the fourth-quarter items already mentioned above were first-nine-month 2020 items that had a negative
impact of -€305 million and also corresponded to recurring volatile accounting items. These were the DVA for €5 million, hedges of the Large customers' loan book for +€27 million, and changes in the provision for homepurchase savings plans for -€10 million at LCL and -€34 million in the Corporate Centre business line. The nonrecurring items comprised integration costs of Kas Bank and Santander Securities Services at CACEIS totalling-€6 million, support for SME and small business policyholders totalling -€97 million in Asset gathering and €1 million at LCL, Switch activation totalling +€26 million, the Liability Management cash adjustment at CC
totalling -€28 million, and COVID-19 solidarity donations totalling -€38 million in the Asset gathering businessline, -€4 million in the International retail banking business line and -€10 million in Corporate Centre, thereclassification of CA Consumer Finance NL in entity held-for-sale with an impact of -€55 million under CC related
to goodwill impairment and an impact of -€69 million at SFS related to the IFRS 5 treatment. Specific items from2019 had an impact of +€262 million on net income Group share. Compared to the specific fourth-quarter 2019
items mentioned above, these items had an impact of -€81 million on net income Group share in the first ninemonths of 2019 and corresponded to recurring volatile accounting items, specifically the DVA for -€11 million,

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PRESS RELEASE - 4th quarter 2020

hedges of the Large customers loan book for -€20 million, and changes in the provision for home purchasesavings plans for -€12 million at LCL and -€38 million in the Corporate Centre business line.
Excluding these specific items, underlying net income Group share stood at €3,849 million, down -16.0%
compared to full year 2019.
Underlying earnings per share for year 2020 came to €1.20 per share, a decrease of -13.4% compared to year
2019.
Underlying RoTE25 net of coupons on Additional Tier 1 securities (return on equity Group share excluding
intangible assets) was 9.3% in 2020. RoNE (Return on Net Equity) was down full year 2020, in connection withthe decline in results, compared to full year 2019 and the increase in risk weighted assets compared to December
2019.

Underlying revenues rose by +2.1% compared to full year 2020, thanks to significant growth in revenues in the
Large customers business line (+10.7%), while revenues in the other business lines overall demonstrated
resilience: -1.4% in Retail banking, -3.0% for the Asset gathering business line and -7.0% in
Specialised financial services, in underlying terms or -4.3% on a like-for-like basis15. Overall, recurring revenues,
i.e. revenues attached to an inventory item (outstanding loans/customer assets, assets under management) oran insurance policy (property and casualty insurance, death and disability insurance), accounted for 76% of
Crédit Agricole S.A.’s underlying revenues. Interest revenues contribute to 37% of the underlying full-year
revenues, while commissions contribute by 41%, other revenues (including trading) 10% and insurance 12%.

Underlying operating expenses excluding SRF were stable (-0.3%). The contribution to the SRF andsupervisory costs have increased significantly, it was up +24.7% to €540 million in full year 2020 compared to€433 million in full year 2019. Expenses were stable thanks to excellent operational efficiency by the businesslines: Asset gathering reduced expenses by -2.4% compared to full year 2019, Retail banking by -2.1% andSpecialised financial services by -5.6% in underlying terms and stable (0.0%) on a like-for-like basis. The Largecustomers business line reported a +6.0% increase in expenses over the full year, but this was mainly due to ascope effect (with the integration of Kas and S3 within Asset Servicing). The underlying cost/income ratio
excluding SRF was 59.6% over the full year, an improvement of +1.4 percentage points compared to full year
2019, and ahead of the target set out in the Medium-Term Plan in June 2019, i.e. 60%.
Lastly, the cost of risk increased significantly during the period (x2.1/-€1,350 million to -€2,606 million
versus -€1,256 million for full year 2019).

25 See Annexes for details on the calculation of the business lines' ROTE (return on tangible equity) and RONE (return on normalised equity). The

stated ROTE for 2020 stands at 6.2%, and the stated ROTE excluding CA Italia goodwill impairment stand at 8.3%

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PRESS RELEASE - 4th quarter 2020

Dividends
The dividend policy was adapted in 2020 to take the exceptional circumstances into account. Since Crédit
Agricole Group and Crédit Agricole S.A. boast very comfortable levels of capital (a CET1 ratio of 17.2% or +8.3
percentage points above the SREP requirement for Crédit Agricole Group and 13.1% or 5.2 percentage points
above the SREP requirement for Crédit Agricole S.A.), Crédit Agricole S.A.’s Board of Directors will submit to the
12 May 2021 General Assembly a 2020 dividend of 80 centimes per share, with a scrip dividend payment. The
nominal amount exceeds what would have been our traditional payout ratio of 50% in cash, and allows us tocompensate a portion of the unpaid 2019 dividend. This amount is made possible by SAS La Boétie's commitment
to subscribe to the scrip dividend payment option. The proposed mechanism is in strict compliance with the ECB’s
15 December 2020 recommendation.
The proposed dividend means that all shareholders will receive a return of 8%, based upon a €10 share price26.
To limit the impact of this mechanism on earnings per share which, assuming zero public participation in the scrip
dividend payment option, and assuming participation in said option by the employee mutual funds (FCPEs),
would be less than -6%, Crédit Agricole S.A.commits to fully unwind the switch guarantee mechanism 27 by theend of 2022, with 50% of it (i.e. an additional 15%) completed by first quarter 2021. The full unwinding will havea positive impact on Crédit Agricole S.A.’s net income Group share of +€141 million (+€190 million in revenues)
on a full year, and on earnings per share around 4%, resulting in an impact on Crédit Agricole S.A.'s CET1 ratioof -90 basis points (of which -20 basis points related to the unwinding of the additional 15% in first quarter 2021).
Assuming zero public participation in the scrip dividend payment option, the overall effect on earnings per share
would be around -1%. Crédit Agricole S.A. moreover intends to put in place a share buyback program, up to a
maximum of 5% of capital, in two steps: after the payment of the dividend, in order to offset the EPS impact ofthe public participation in the scrip dividend payment, and, once regulatory constraints have been lifted, and withthe usual authorization of the ECB, in order to correct the impact of the transaction on the net tangible assets per
share.

26 Yield calculated based of a 10€ share price. Impact on the 2020 EPS <-6% assuming zero public opting for the scrip dividend payment, taking into

account the formal commitment of SAS La Boétie to opt for a scrip dividend payment, and assuming that the employee mutual funds (FCPE’s) also
opt for the scrip dividend payment.
27 The Insurance Switch guarantee transfers to the Regional Banks the regulatory prudential requirements related to Crédit Agricole S.A.’s equity
interest in Crédit Agricole Assurances.

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PRESS RELEASE - 4th quarter 2020

Analysis of the results of Crédit Agricole S.A.’s divisions
and business lines Activity
Asset gathering
In Savings/Retirement, Crédit Agricole Assurances continued to diversify its product mix in 2020, having madeadjustments to its offering over the past year. Thus, net inflows were positive (+€1 billion), despite the euro outflow(-€3.9 billion), and thanks to robust UL net inflows (+26.9% versus fourth quarter 2019). Furthermore, the UL
share accounted for 38.7% of gross inflows in 2020, an increase of +9.8 percentage points from 2019. In fourth
quarter 2020, net inflows were negative in euro terms (-€0.5 billion) but up in terms of the number of unit-linked
contracts (+€1.3 billion). Total net inflows stood at +€0.8 billion, down -€0.2 billion compared to fourth quarter2019 but up +€0.4 billion from third quarter 2020. Assets (savings, retirement and death and disability) stood at€308.3 billion, up +1.4% from December 2019. Unit-linked contracts as a percentage of outstandings reached ahistoric high of 24.2%, up +1.4 percentage points from December 2019. Premium income amounted to €6.1 billion
in fourth quarter 2020 (stable compared to fourth quarter 2019). Lastly, the Policy Participation Reserve (PPE)stood at €11.6 billion at 31 December 2020, which was 5.6% of total outstandings. The average yield of the Crédit
Agricole Assurances group’s assets was 2.13% in 2020, well above even the average guaranteed minimum rate
(0.27% at end 2020) and the profit sharing rate of euro-denominated policies of 1.28% at the end of 2020. The
adjustment these policies in the context of low interest rates, from 1.44% to 1.28%, allowed the spread between
the return on assets and the return on liabilities to be maintained.
In property and casualty insurance, business in fourth quarter 2020 was dynamic compared fourth quarter
2019, with a growth of 7.7%, confirming the rebound seen in third quarter 2020. Premium income stood at€4.8 billion in 2020, up +5.8%28 from 2019. With a net contribution for the year of more than 508,000 policies, thenumber of property and casualty policies in the portfolio of Crédit Agricole Assurances was close to 14.6 million
at end 2020, a year-on-year increase of +3.6%. The equipment rate for individual customers 29 continued toincrease in the Regional Bank networks (41.7% at end December 2020, i.e. a +1.0 percentage point increasesince December 2019) and LCL (25.5% at end December 2020, i.e. a +0.5 percentage point increase since
December 2019), as well as at CA Italia (17.1% at end December 2020, i.e. a +1.7 percentage point increasesince December 2019). The combined ratio remained under control at 94.9%, down slightly year-on-year by -1.0
percentage points. This ratio was calculated excluding the cost of the extra-contractual mutualist mechanism forsmall businesses with operating loss cover, excluding the contribution to the solidarity fund for very small
businesses and independent workers, and excluding the exceptional contribution for supplementary healthcare
contributions. Excluding these adjustments, the combined ratio was 97.6%.
In death & disability/creditor/group insurance, premium income stood at €4.2 billion, an increase of +5,7%26
from 2019, with a positive contribution from the three business lines. Premium income amounted to €1.1 billion
this quarter, up 8.9%28 compared with the fourth quarter of 2019.
Asset Management (Amundi) recorded good business growth this quarter, with strong momentum in net inflows
excluding JVs (+€29.8 billion) thanks to a good level of net inflows in both MLT assets and treasury products. As
a result, Amundi posted net MLT inflows of +€12.3 billion, driven by Retail excluding JVs (+€6.4 billion) andInstitutionals & Corporates (+€5.8 billion). Inflows on treasury products remained high at +€17.5 billion, driven by
Corporates. Net inflows on joint ventures totalled +€6.0 billion excluding outflows of low-margin products (€21.6 billion) related to institutional mandates in India and channel business in China. Assets under management
were up +4.6% from December 2019 to €1,729 billion at end December 2020. Assets under management include
Sabadell AM, which has been included in Amundi’s consolidation scope since July 1st 2020 with AUM of€20.7 billion. The market/foreign exchange impact on assets under management was +€52.1 billion compared
to September 2020. Note that the joint venture with BOC Wealth Management, which was operational in Q4
28 Increases adjusted for a change in accounting method; excluding adjustment, growth was +16.4% Q4/Q4 and +7.6% compared to 2019 in Property& Casualty insurance and +10.2% Q4/Q4 and +6.1% in Death & Disability/Creditor/Group insurance.

29 Equipment rate: percentage of individual banking customers holding at least one insurance product (Pacifica estimates). Scope: auto, home, health,life accidents, legal protection insurance and all mobile phones.

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PRESS RELEASE - 4th quarter 2020

2020, has targeted net income at 100% of €50 million by 2025. Lastly, this year Amundi established Amundi
Technology, a technology services business line, with a target of €150 million in revenues by 2025. In January
2021, BNY Mellon and Amundi announced their technology partnership in order to provide asset management
customers an integrated offering.
In wealth management, assets under management were down slightly in fourth quarter 2020. In January 2021,
Azqore, a subsidiary of CAIWM, signed an agreement with Société Générale to perform the back-office
operations and a large percentage of the IT services for the international part of Société Générale private bank.

The Asset Gathering (AG) business line posted underlying net income Group share of €513 million in fourth
quarter 2020, down -12.0% compared to fourth quarter 2019 notably due to a change in the recognition methods
used for subordinated debt coupons (without impact on net earnings per share). Net income Group shareremained unchanged excluding this effect. The business line contributed by 41% to the underlying net income
Group share of the Crédit Agricole S.A. core businesses (excluding the Corporate Centre division) in fourth
quarter 2020 and 28% to underlying revenues excluding the Corporate Centre.
The Asset Gathering (AG) business line posted underlying net income Group share of €1,879 million in 2020,
down -7.6% from 2019.
As at 31 December 2020, own funds allocated to the business line amounted to €10.6 billion, including €9.1 billion
for Insurance, €1.0 billion for Asset Management, and €0.5 billion for Wealth Management. The business line’s
risk-weighted assets accounted for €43.0 billion, including €27.3 billion for Insurance, €10.7 billion for AssetManagement and €5.0 billion for Wealth Management.
Underlying RONE (Return on Normalised Equity) stood at 22.5% for the full year of 2020, versus 27.5% for 2019.

Insurance
Underlying revenues totalled €734 million in fourth quarter 2020, a year-on-year increase of +3.4%, largely due
to a positive market effect of +€60 million compared to fourth quarter 2019. Underlying expenses fell sharply by-7.5% in fourth quarter 2020 versus fourth quarter 2019, to €179 million. This was mainly due to tax cuts, which
resulted in an increase in underlying GOI of +7.4% to €555 million in fourth quarter 2020. The underlying
cost/income ratio in fourth quarter 2020 stood at 24.4%, an improvement of -2.9 percentage points compared tofourth quarter 2019. The tax charge was up +57% to €206 million due to non-deductible additions to provisions
in fourth quarter 2020. Underlying net income thus totalled €351 million, down -8.9% compared to fourth
quarter 2019. In the end, the business line's contribution to underlying net income Group share was down -17.6%,
to €317 million, mostly due to non-controlling interests (€34 million in fourth quarter 2020) following a change inthe recognition methods used for subordinated RT1 debt coupons (without impact on net earnings per share).
Underlying revenues totalled €2,557 million in 2020, down -2.3% from 2019. Underlying expenses remained
under control, rising just +0.9% over the period to €761 million. As a result, underlying GOI decreased by -3.6%
to €1,796 million, and the cost/income ratio deteriorated slightly by +1.0 percentage points to 29.8% for full-year
2020. Compared to 2019, underlying net income decreased by -3.4% to €1,287 million and underlying net income
Group share by -9.2% to €1,207 million, mostly due to a change in the recognition methods used for subordinatedRT1 debt coupons (without impact on net earnings per share). Without this impact, the decline in net income
Group share would have been more limited (-3.4% versus 2019).
Crédit Agricole Assurances also demonstrated its solidity and resilience with a Solvency 2 regulatory prudential
ratio still high at 227% at 31 December 2020.

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PRESS RELEASE - 4th quarter 2020

Asset management
Underlying revenues totalled €712 million in fourth quarter 2020, up +1.4% on fourth quarter 2019. Net
management revenues were up +2.0% on fourth quarter 2019, driven by the +0.9% increase in net management
fee and commission income and the sharp +9.8% increase in performance fee and commission income.
Underlying expenses excluding SRF remained under control (+3.0%), at €379 million. This increase can be
explained by the Sabadell scope effect, and the creation of Amundi Bank of China WM. Without these different
effects, expenses would have dropped -0.9%. Underlying GOI was stable (-0.3%) at €334 million and thecost/income ratio excluding SRF remained at a good level at 53.2%, slightly down year-on-year (+0.8 percentage
points). The contribution of equity-accounted entities, comprising in particular income from Amundi’s joint
ventures in Asia, was up +49.9% on fourth quarter 2020 and reached €20 million. The underlying tax charge
stayed unchanged (-0.9%) at €84 million this quarter. In the end, underlying net income Group share was solidand rose by +2.2% compared to fourth quarter 2019, to €180 million.
In full-year 2020, revenues fell -4.3% compared to 2019 to €2,522 million. Underlying expenses excluding SRF
fell -2.5% to €1,367 million. Accordingly, underlying GOI was down -6.4% to €1,152 million and the underlying
cost/income ratio excluding SRF remained at a good level (54.2%), slightly down 1.0 percentage point compared
to 2019. Underlying income of equity-accounted entities rose sharply (+43.5%) to €66 million. In the end,
underlying net income Group share decreased by -5.9% compared to 2019, to €600 million.

Wealth management
Underlying revenues rose +4.6% compared to fourth quarter 2019 to €219 million in fourth quarter 2020, thanks
in particular to the resilience of performance fees. Underlying costs excluding SRF dropped (-4.2%) to €177
million mainly due to the savings plan. Accordingly, underlying GOI increased significantly year-on-year by+69.2%, to €42 million and the underlying cost/income ratio excluding SRF significantly improved by -7.4
percentage points to 80.7% in fourth quarter 2020. Cost of risk totalled €21 million and the tax charge dropped
by -48.4% to €4 million. In the end, underlying net income Group share fell -27.9% to €15 million in fourth quarter2020. The recognition, this quarter, of €23 million in specific items with an impact on net income Group shareshould be noted. These losses are related to an ongoing disposal plan for the Miami and Brazilian entities.
Revenues totalled €820 million in 2020, stable (-0.6%) compared with 2019. Underlying expenses excluding SRF
decreased significantly (-5.7%) to €698 million. Accordingly, underlying GOI increased sharply (+48.5% to €119
million) and the underlying cost/income ratio excluding SRF improved (-4.7 percentage points) to 85.2%.
Underlying net income Group share was up +8.4% to €72 million in 2020.

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PRESS RELEASE - 4th quarter 2020

Retail Banking
The Group’s Retail banking continued to support the economy and activity remains strong in the fourth quarter.
The impact of the second lockdown ended up being limited, as reflected in the resumption of loan production:€7.8 billion for LCL (+13% since third quarter 2020 respectively), of which €1.9 billion in the corporate market(+59% since third quarter 2020 respectively) and €3.9 billion in the home loans market (stable since third quarter2020 respectively); and €2.3 billion for CA Italia with record home loan production of €1.0 billion (+2.7% and+42.9% versus third quarter 2020 respectively). The level of outstanding loans remained high at €143.4 billion
for LCL (+10.5% year-on-year) and €45.5 billion in Italy (+5.0% year-on-year), despite the disposal of nonperforming loans amounting to €450 million in fourth quarter 2020. As at 31 December 2020, state-guaranteedloan outstandings stood at €8 billion for LCL and €2.4 billion for CA Italia. Excluding state-guaranteed loans,outstanding loans were also up year-on-year for LCL (+4.4%), driven by small business loans (+11.8%) andhome loans (+4.5%). For CA Italia numbers were stable (+0.5% 30). In France, renegotiations on LCL home loans
continued to trend downwards in fourth quarter to €0.2 billion in outstandings, compared with €0.3 billion in thethird quarter of 2020 and €1 billion in the fourth quarter of 2019. This was still well below the high point of€5.2 billion in fourth quarter 2016. Lastly, for all International retail banking excluding Italy, loan growth was+4.7%25 at end December 2020 versus end December 2019, driven primarily by Ukraine (+18.4% 25), Egypt(+10.0%31) and Poland (+2.5%25), with Morocco remaining stable (-0.7%25). On-balance sheet deposits at LCL
were up +11.5% year-on-year in line with the increase in precautionary household savings and deposits of a
portion of the state-guaranteed loans that were granted to promote corporate liquidity. Against this backdrop,
demand deposits showed a rise for both individual customers (+15.5% Dec/Dec) and small business andcorporate customers (+51.9% Dec/Dec). At CA Italia, on-balance sheet deposits were also up year-on-year(+8.9%), for the most part demand deposits of individual and corporate customers (+11.1%). Off-balance sheetsavings were down slightly at LCL (-1.1%), particularly in life insurance (-1.6%), reflecting the market effects
related to the public health crisis which were still negative for the year. At CA Italia, off-balance sheet deposits
were up year-on-year (+8.8%), driven by life insurance deposits (+13.8%). Customer assets increased by +12.2%
year-on-year for all International Retail Banking excluding Italy, driven by Ukraine (+50.1%32) and Poland(+12.5%28), with more modest growth in Morocco (+5.1%28) and Egypt (+4.1%28). The equipment rate inautomotive, multi-risk household, healthcare, legal or accident insurance rose to 25.5% at LCL (+0.5 percentage
point compared to end December 2019) and 17.1% at CA Italia (+1.7 percentage points compared to end
December 2019).

French retail banking
Underlying revenues were up +4.5% compared to fourth quarter 2019, to €902 million in fourth quarter 2020. This
increase was driven by the net interest margin (+16.2%), supported by good refinancing conditions. Fee andcommission income dropped (-4.4%) with an electronic payments activity impacted by the sanitary crisis.
Underlying costs excluding SRF remained under control at €599 million in fourth quarter 2020 (+0.2%), whichleads to an improvement in the underlying cost/income ratio excluding SRF of 2.9 percentage points year-onyear, to 66.4%. This made it possible to achieve underlying gross operating income of €304 million, a sharp
improvement (+14.2%) on fourth quarter 2019. Cost of risk stayed high (+39.1% compared to fourth quarter 2019)
and totalled -€89 million in fourth quarter 2020. This increase can be explained by prudent provisioning of
performing loans, which entails, first, prudent provisioning in sensitive sectors (such as hospitality, tourism,
restaurants) and secondly, the update of economic scenarios. The doubtful loans ratio stands at 1.5% (-0.1
percentage point compared to third quarter 2020) and the coverage ratio stands at 86.2% (+1.6 percentage points
compared to third quarter 2020). All in all, underlying net income Group share was up +0.6% compared to fourth
quarter 2019, to €140 million in fourth quarter 2020.

30 Excluding disposal of non-performing loans
31 Excluding foreign exchange impact.
32 Excluding foreign exchange impact.

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PRESS RELEASE - 4th quarter 2020

Revenues were up +1.4% in full-year 2020 compared to 2019, to €3,537 million. Underlying expenses excluding
SRF decreased by -2.7%, due in particular to a continued improvement in external expenses, which resulted in
a -2.7 percentage point improvement in the underlying cost/income ratio excluding SRF to 64.4%. Gross
operating income thus fell sharply (+9.1% at €1,218 million). Cost of risk was up in full-year 2020 (+79.9% to€390 million), but this increase was mostly (+€191 million) due to performing loans provisioning. The businessline’s contribution to net income Group share fell -7.1% to €548 million.
The underlying RoNE (return on normalized equity) of LCL stood at 9.7% for 2020, compared to 10.8% for 2019.

International retail banking
International retail banking revenues fell by -2.8% to €692 million in fourth quarter 2020. Underlying costs
remained virtually unchanged (-0.1%), at €453 million. As a result, underlying gross operating income decreasedby -7.7% to €239 million. Cost of risk increased +67.5% this quarter to -€131 million. All in all, net income Group
share of International retail banking was €70 million, down -33.3% compared to the fourth quarter 2019.
For the full-year 2020, underlying revenues decreased -4.9% to €2,659 million. Underlying operating expenses
excluding SRF were down -1.3% to €1,708 million, resulting in a 2.3 percentage point deterioration in theunderlying cost/income ratio to 64.3%. SRF increased by 14.2% to -€25 million. Gross underlying operating
income totalled €925 million, down -11.2%. Excluding SRF, the drop in gross operating income is lowered
to -10.7%. Provisioning increased by 70.2% to €569 million for full-year 2020. This translated into underlying net
income Group share of €225 million for full-year 2020 (down -40.6%).

Italy
Crédit Agricole Italia’s revenues were slightly up in fourth quarter 2020 compared to 2019 at €490 million (+0.9%
compared to fourth quarter 2019). Net interest margin fell in spite of the favourable refinancing terms, and fee
and commission income returned to the fourth quarter 2019 level thanks to credit insurance and UCITS.
Underlying costs fell slightly year-on-year (+1.1%) following the investments made in new distribution models thatwere not offset by savings on recurring costs. Underlying cost/income ratio excluding SRF remained unchanged
at 65.5% (+0.1 percentage points compared to fourth quarter 2019). Cost of risk increased +81.9% to ­€113
million, a well-controlled level reflecting both an additional provisions on a €450 million doubtful loans disposal
and an increase in provisions for proven risks (46% of the increase in cost of risk related to the provisioning of
performing loans). The cost of risk on outstandings for the year therefore stood at 93 basis points. The ratio of
non performing loans loans improved this quarter to 6.5% (-0.8 percentage points Dec/Sept) thanks to the loan
disposal, and the coverage ratio stood at 60.8% on portfolio loans. Excluding loan disposals, the coverage ratio
improved by 120 basis points.
For full-year 2020, revenues dropped -3.0% to €1,827 million. Operating expenses excluding SRF were down by
only -0.9%, resulting in a deterioration in the underlying cost/income ratio excluding SRF, which stood at 64.0%,
an increase of 1.4 percentage points Dec./Dec. Gross operating income was down -7.2%, to €632 million (-6.5%
excluding SRF). Lastly, the business line’s contribution to underlying net income Group share was down by 33.3% to €144 million.
The underlying RoNE (return on normalized equity) of CA Italia stood at 5.7% for the full-year 2020, compared
to 9.3% for 2019.

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Crédit Agricole Group in Italy
The Group’s results in Italy were €579 million for full-year 2020, i.e. a -11% decrease compared to full-year 2019
due to the increase in cost of risk.

International Retail Banking – excluding Italy
Underlying revenues declined in fourth quarter 2020 compared to fourth quarter 2019 (-11.0%), mainly due to a
net interest margin still impacted by the fall in reference interest rates in Egypt, Poland, Ukraine and Morocco,and fee and commission income affected by the slowdown in commercial activity. However, there was a +3.8%
uptick in revenues compared to third quarter 2020. Underlying costs also fell by -2.8%. As expenses declined
less than revenues, the underlying cost/income ratio of IRB excluding Italy deteriorated this quarter to 65.4%, up+5.5 points. Underlying gross operating income thus decreased by -23.1%. Cost of risk increased (+12.9%)
to -€18 million in fourth quarter 2020. The coverage ratio was up 5 percentage points compared to third quarter2020 at 109%. All in all, underlying net income Group share stood at €37 million, i.e. a decrease of -27.8%.
By country:-

CA Egypt (33): underlying revenues were down -8% in fourth quarter 2020 compared to fourth quarter
2019, penalised by lower rates. The risk profile remained good with a low NPL ratio of 3.1% and a highcoverage ratio of 166%.

-

CA Poland(33): revenues decreased this quarter (-20%), penalised by the decrease in reference rates anddespite a sustained level of new business in the quarter (+16,000 clients). Costs also fell (-3%) leading
to a -56% decline in gross operating income. The non performing loans coverage ratio rose to 116% .

-CA Ukraine(33): underlying revenues were slightly up this quarter (+1%) as a result of a sharp upturn incommercial activity. The 17% increase in costs reflects investments made in digital technology andnetwork transformation. NPL ratio improved to 1.4% (-2.7 percentage points compared to December2019) and the coverage ratio stayed very high at 351%.

-

Crédit du Maroc(33): revenues remained unchanged, and costs fell sharply (-19%). Provisioning remained
prudent, with the coverage ratio reaching 94% (+3 percentage points compared to September 2020).

For full-year 2020, revenues were down by -8.8% to €833 million. Operating expenses decreased by -2.3% only,
which resulted in a deterioration of the underlying cost/income ratio to 64.7%, up by 4.3 percentage points
Dec./Dec. Underlying gross operating income stood at €294 million, down -18.7%. Cost of risk totalled€142 million, up 69.6%. All in all, the business-line’s contribution to net income Group share totalled €81 million,
down -50.3%.
The underlying RoNE (return on normalized equity) of other IRB stood at 12.3% for the year 2020, compared to19.3% for 2019.

The International retail banking business line contributed for 5% to the underlying net income Group share ofCrédit Agricole S.A.'s core businesses (excluding the Corporate Centre division) in 2020 and 13% to underlying
revenues excluding the Corporate Centre.
The entire Retail banking business line contributed for 17% to the underlying net income Group share ofCrédit Agricole S.A.'s core businesses (excluding the Corporate Centre division) in 2020 and 30% to underlying
revenues excluding the Corporate Centre.
As of 31 December 2020, the capital allocated to the division was €8.7 billion including €4.9 billion for French
retail banking and €3.8 billion for International retail banking. Risk weighted assets totalled €91.6 billion including€52.0 billion for French retail banking and €49.5 billion for International retail banking.

33 Excluding forex effect

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Specialised Financial Services
Specialised financial services activity rebounded in December after a limited second lockdown impact. CA
Consumer Finance’s loan production in fourth quarter 2020 was up compared to third quarter 2020 (+1.8%),
reaching €11.1 billion (-3% compared to fourth quarter 2019) returning to the average level of 2019. The reason
for this was the strong performance of the automobile JVs (+11% in fourth quarter 2020 compared to fourth
quarter 2019). In France, loan production withstood the impact of the second wave of covid-19, slipping by just 3% in fourth quarter 2020 compared to fourth quarter 2019. The production margin on depreciable loans remained
stable, except for automobile JV this quarter. Gross managed loans were more or less stable year-on-year (1.3% compared to December 2019), resulting in the postponement to 2023 of the gross managed loans
target initially announced for 2022, cost/income ratio and RoNE targets being achievable by 2022.
Nevertheless, the rebound in gross managed loans that began in September 2020 continued (+1.9% at end
December 2020 compared with September, after +0.9% between June and September 2020). At CAL&F, leasing
production showed good momentum, reaching €1.8 billion in fourth quarter 2020, higher than the already very
good level of fourth quarter 2019 (+0.8%). This sharp upturn compared to third quarter 2020 (+28.7%) was driven
by France’s and Poland’s performances. The gross consolidated loans were up year-on-year (+3.2% at
December 2020 compared to 2019), driven by France. Factoring activity had a very good fourth quarter 2020
with factored revenues up by +4.4% from fourth quarter 2019. However, this level of activity was not directlyreflected in the change in overall revenues because there was a decline in the share of turnover subject tofactoring, in the context of lower liquidity requirements for corporates considering exceptional governmental
liquidity support measures such as SGLs.

Fourth quarter 2020 results of Specialised financial services were resilient. Gross operating income wasslightly down (-1.8% compared to fourth quarter 2019) and cost/income ratio improved to 48.8% (i.e. -0.5
percentage point decrease). In addition, the cost of risk increase was brought below 50% over the full year
2020. The results of the year have been marked by the reclassification under IFRS 5 on third quarter of the Dutch
subsidiary CACF Nederland BV, an entity held for sale. In fourth quarter 2020, this translated into the posting of
CA Consumer Finance NL’s fourth quarter income to net income from held-for-sale operations of -€66 million(classified under specific items of the quarter and subtracted from underlying results). Accordingly, in fourth
quarter 2020, the business line’s underlying net income Group share stood at €165 million, i.e. a decline of 22.3% and of -25.4% at constant scope compared to fourth quarter 2019 (i.e. excluding CA Consumer Finance
NL).
The business line contributed 13% to the underlying net income Group share of the Crédit Agricole S.A. corebusinesses (excluding the Corporate Centre Division) for full-year 2020
RoNE (return on normalised equity) of the business line stood at 11.7% for full-year 2020 compared to 16% in
2019. Own funds allocated to the business line totalled €4.9 billion, compared to €5.2 billion in 2019.

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Consumer financeIn the fourth quarter 2020, CA Consumer Finance’s underlying revenues totalled €502 million, down -4.0%
compared to fourth quarter 2019, due to an unfavourable product mix and competitive pressures. However, on aconstant scope basis, i.e., excluding CA Consumer Finance NL34, underlying revenues contracted slightly by 1.9%. Gross operating income remained stable compared to fourth quarter 2019 (-0.3% and -5.2% excluding
scope effect, due to a base effect on fourth quarter 2019 expenses). As such, the cost/income ratio excluding
SRF, up 1.9 percentage points compared to fourth quarter 2019, stood at 48.1% this quarter (excluding scope
effect, cost/income ratio increases of 1.8 percentage points, due to a base effect on fourth quarter 2019
expenses). Equity-accounted entities totalled €140 million this quarter, i.e. a multiplication by 2.2 compared tofourth quarter 2019, on account of a partial provision reversal on a €89 million fine issued to FCA Bank by AGCM,
the Italian competition authority, restated under specific items. Consequently, the equity-accounted entities
underlying contribution contracted by -22.7% compared to fourth quarter 2019, notably impacted by the resultsof the other international entities, especially Wafasalaf, slightly more affected by the crisis. However, cost of risk
was kept under control during the second wave of the pandemic, up by a mere 1.3% compared to the previous
quarter, and up by only 11.0% compared to fourth quarter 2019 (+23% excluding scope effect). Cost of risk on
outstandings stood at 179 basis points, down 9 basis compared to annualised September 2020. NPL ratio
stood at 6.8%, down 0.5 percentage point compared to September 2020. All in all, underlying net income
Group share totalled €128 million this quarter, down 19% on fourth quarter 2019 and -23% excluding scope
effect.
For full-year 2020, CACF recorded resilient results during the crisis, for instance, compared to 2019, CA-CF’sunderlying revenues dropped -7.1% and -3.7% excluding scope effect. Cost/income ratio excluding SRF
slightly improved and reached 49.3% (compared to 49% on full year 2019). Cost of risk rose by only 41.3% thisyear compared to 2019. Equity-accounted entities contribution fell (-13.9%) due to the poor performance ofother international entities (particularly at Wafasalaf, which was slightly more impacted by the health crisis) partly
offset by the resilience of the automotive joint ventures. CA Consumer Finance’s underlying net income Group
share for the year decreased by -21.9% and by -22% excluding scope effect. Lastly, the business line’s
contribution to net income Group share in full-year 2020 was 11%.

Leasing & Factoring
In fourth quarter 2020, the underlying revenues of CAL&F totalled €152 million, slightly up by 1.5% compared
to fourth quarter 2020, thanks to robust recovery of the activity that began in June 2020 but again curbed by afactoring business, which was penalised by a decrease in the share of factored turnover resulting from the impactof State-guaranteed loans for corporates. Cost/income ratio returned to a normal level at 51.1% this quarter, an
improvement compared to third trimester 2020, but slightly down compared to fourth quarter 2019 (-4.3
percentage points). Cost of risk increased sharply (x2.1 compared to fourth quarter 2019, reaching €25 million)
notably related to performing loans provisioning, which accounts for 80% of total outstandings. Nevertheless,
CAL&F’s underlying net income Group share was €37 million this quarter, down -32% compared to fourth
quarter 2019, but up 8.9% compared to the previous quarter.
For full-year 2020, CAL&F revenues decreased by -6.7% compared to 2019 impacted by a lower factoring
performance, strongly linked to the crisis and clients lower liquidity requirements. This lead to an increase incost/income ratio excluding SRF, which rose by 4.6 percentage points to 54.6%. As the cost of risk doubled
compared to 2019, CAL&F’s net income Group share stood at €101 million, down -40.8% compared to 2019.

34 Excluding IFRS 5 impact CACF NL in Q4-20

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Large customers
Corporate and Investment Banking activity was brisk in fourth quarter 2020 with stable underlying revenues (0.5% to €1,157 million) compared to a very high fourth quarter 2019. Capital markets and investment banking(-5.0% to €545 million) continued its revenue normalisation initiated in the third quarter (FICC activities: -7.4%,
including CVA) due to a slowdown in hedging activities caused by a massive return of liquidity and lower volatility.
Bond originations were stable, with a good level of activity (same level in fourth quarter 2020 as in fourth quarter2019). In a normalising market, Crédit Agricole CIB kept its leadership positions (No. 1 in All French Corporate
bonds,35 No. 1 in All Financial Bonds,36 and No. 2 worldwide in Global Green and Sustainability bonds 37).
Regulatory VaR at 31 December 2020 remained at a low level, in line with the prudent risk management
model (€9.2 at 31 December 2020 versus €22.2 million at 31 March 2020, average regulatory VaR: €10.9 million
in fourth quarter 2020 versus €18.8 million in second quarter 2020). Financing activities reported higher
underlying revenues (+3.9% and +8.6% excluding the foreign exchange impact) in fourth quarter 2020 compared
to fourth quarter 2019, totalling €612 million. They were driven on the one hand by a good performance fromcommercial banking (+6.1% to €331 million), particularly in acquisition financing, and on the other hand by
structured finance (+1.5% to €281 million in the telecoms and energy/infrastructure sectors). In particular, Crédit
Agricole CIB maintained good positions in syndicated loans: Crédit Agricole CIB is the leader in France andNo. 3 in the EMEA market. The drawdown rate on revolving credit facilities (RCFs) returned almost to pre-crisis
levels. It stood at 20% in fourth quarter 2020, very close to the pre-crisis level of 18%, having reached a highpoint of 32% at the end of April.
Lastly, Asset Servicing (CACEIS) recorded a good level of activity this quarter. Assets under custody totalled€4.2 trillion at end December 2020, up +8% year-on-year, exceeding the level in value set as a target in the 2022
Medium Term Plan. Assets under administration also increased by +6% to €2,175 billion. These increases
were largely due to customer capture and asset growth in existing customers.

In fourth quarter 2020, underlying net income Group share for the Large customers business line amounted
to €303 million, down -18.6% compared to third quarter of 2019. Gross operating income was stable (-0.4% in
fourth quarter 2020 compared to fourth quarter 2019) thanks to robust activity across all business lines, anddespite the ongoing normalisation for capital markets and investment banking. The business line still reported anincrease, although it is slowing down, in provisioning (cost of risk increased two-fold to €111 million), particularly
in financing activities (multiplied by 2.1 to €121 million in fourth quarter 2020).
In 2020, underlying net income Group share totalled €1,325 million, down -16.1% on the same period in 2019.
The business line contributed 29% to the underlying net income Group share of Crédit Agricole S.A.'s corebusinesses (excluding the Corporate Centre division) for full-year 2020 and 30% to underlying revenues
excluding the Corporate Centre.
At 31 December 2020, own funds allocated to the business line totalled €11.7 billion and risk weighted assets
amounted to €123.6 billion.
Underlying RoNE (return on normalised equity) of the business line stood at 10.7% for 2020 compared to 12.7%
for 2019.

Corporate and investment banking
In fourth quarter 2020, Corporate and investment banking underlying revenues remain virtually unchanged witha slight -0.5% decrease to €1,157 million, the normalisation started in the third quarter for capital markets
continued (-5% in fourth quarter 2020 compared to fourth quarter 2019 which was at a high level), subject to the

35 Sources: Dealogic
36 Sources: Refinitiv N11
37 Sources: Bloomberg

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effect of the slowdown in hedging activities caused by the massive return of liquidity and lower volatility, and in
spite of maintaining a strong activity level on the primary bond market; financing activities reported an increasein net revenues (3.9% between the two quarters) with strong performance from commercial banking, driven by
the acquisition financing sector and a good sales momentum on structured finance, particularly on the telecomsand energy/infrastructure business lines. Underlying operating expenses remained well controlled and recordeda slight increase of +0.3% in fourth quarter 2020 making it possible to post an underlying cost/income ratio of
59.3%, a +0.4-point slight improvement on fourth quarter 2019. Thus, underlying gross operating income fellslightly this quarter, down -1.5% compared to fourth quarter 2019. Cost of risk increased significantly compared
to fourth quarter 2019. It doubled to €108 million, mainly due to the increase in performing loans provisioning,notably on the aircraft, shipping and hospitality sectors, weakened by the health crisis. Compared to third
quarter 2020, cost of risk decreased -51%. In the end, underlying net income Group share was €303 million in
fourth quarter 2020, a decline of -18.6% compared to fourth quarter 2019.
For full-year 2020, revenues recorded a marked increase of +8.8% on the same period in 2019. Operating
expenses excluding SRF contributions recorded a very slight increase (+2.1%), enabling the production of a +6.7
percentage point jaws effect and the posting of cost/income ratio excluding SRF of 51.5%, a 3.4-point
improvement between 2019 and 2020, and a level below the Medium-Term Plan target (less than 55%). Gross
operating income was sharply up by +14.7%, between 2019 and 2020. However, cost of risk multiplied by 5.3
over the year, 86% of the increase in financing activities linked to performing loans. All in all, the contribution to
net income Group share was €1,195 million, down -16.8% compared to 2019.
Risk-weighted assets as of December 2020 decrease by -€1.1 bn compared to end of September 2020. Thisdecrease is due to a reduction of -€5.4 bn in business line activity, including the continued normalisation of VaR(lower market risk and CVA of -€2.3 bn) and a favourable exchange rate impact of -€1.6 bn. Those two downward
elements are partially offset by the increase related to ratings downgrade for +€2.1 bn and model effects linked
to TRIM for +€4.5 bn.

Asset servicing
In fourth quarter 2020, underlying revenues increased by +8.1% to €281 million. Apart from the scope effectlinked to the consolidation of the results of Santander Securities Services (S3) since first quarter 2020
(outstandings were consolidated in fourth quarter 2019), underlying net revenues have been buoyed by a strong
activity level. Assets under custody totalled €4.2 trillion at 31 December 2020, exceeding the target (4 trillion) of
the 2022 Medium-Term Plan. They have increased +8% in one year at end December 2020 thanks to the arrivalof new customers (mainly Groupama and Candriam) and assets growth for existing customers. Underlying
operating expenses increased by 7.9% to €218 million. Excluding scope effect related to the consolidation of S3,
underlying operating expenses increased 2.0% mainly as a result of IT developments and investments, including
some related to the arrival of new large customers). Underlying gross operating income rose +9.1% to €63 million
and cost/income ratio was 77.6% in fourth quarter 2020. Net underlying income totalled €53 million, up by+46.1%. After sharing €17 million with Santander’s non-controlling interest, the business line’s contribution tounderlying net income Group share posted a drop of -1.1% year-on-year to €36 million.
Underlying revenues increased by +20.5% in 2020 compared to 2019, while underlying operating expenses
excluding SRF increased by +20.2%. Underlying gross operating income increased by +17.1% and theunderlying cost/income ratio excluding SRF was 75.7%, a slight -0.2 percentage point improvement comparedto the same period in 2019. As a result, underlying net income increased by +34.5%. In the end, the businessline’s contribution to net income Group share was down -9.1% to €130 million due to the appearance of noncontrolling interests in favour of Santander.

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Corporate Centre
An analysis of the negative contribution of the Corporate Centre looks at both the “structural” contribution andother items. The “structural” contribution includes three types of activities:-

the activities and the role of the corporate centre of Crédit Agricole S.A. holding. This negative
contribution reached -€195 million in fourth quarter 2020, down compared to the fourth quarter 2019 (€52 million) due to an unfavourable tax effect partly offset by lower refinancing costs and temporary gains
related to TLTRO III;-the sub-divisions that are not part of the core businesses, such as CACIF (private equity) andCA Immobilier: their contribution of +€6 million in fourth quarter 2020 shows a decline compared to fourth
quarter 2019 (-€19 million), due to low fee and commission income at CACIF and the impact of negative
valuations in private equity entities;-

the Group’s support functions: the fourth quarter 2020 recorded an increase in operating costs due to
end-of-year project catch-up which amounted to -€26 million, down -€19 million.

“Other items” recorded a negative contribution of -€36 million this quarter, compared to a contribution of +€5
million in fourth quarter 2019. This negative variance is due to seasonal inflation and the impact of the intra-groupeliminations subscribed by Predica and Amundi.
For 2020, the Corporate Centre division made a negative contribution of -€733, an improvement of +€80 million
compared 2019. The structural component improved significantly over the period (+€113 million), in particularwith regard to the activities and functions of the corporate entity Crédit Agricole S.A.’s corporate centre(+€187 million). The other items of the business line contributed +€31 million over the year, down -€33 million.
As at 31 December 2020, risk weighted assets amounted to €26.2 billion.
*

*
*

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Financial strength
Crédit Agricole GroupOver the quarter, the phased-in Common Equity Tier 1 (CET1) ratio up by +0.2 percentage points compared to
end-June 2020 to reach 17.2%. Therefore, Crédit Agricole Group posted a substantial buffer of 8.3 percentage
points between the level of its CET1 ratio and the 8.9% SREP requirement for Crédit Agricole Group, comparedwith 8.1 percentage points at 30 September 2020.
The fully loaded ratio, in other words excluding the impact of the phasing-in of IFRS 9 incorporated in second
quarter 2020 as part of the “Quick fix”, was 16.9%. The increase was mainly due to the effect of the stated result(+27 basis points) and by risk weighted assets (+17 basis points) which decrease in Large Customers (-€4.3
billion excluding foreign exchange impact). Risk weighted assets increase in retail banking (+€0.7 billion
excluding foreign exchange impact) of which +1.4 billion for the Regional banks, +€0.3 for LCL and -€1.2 billion
for CA Italia). Dividend and AT1 distribution had a downward impact on the CET1 amounting to -8 basis points,
corresponding to the sum of the impacts related to the payment of a dividend of €0.80 per share 38 (-18 basis
points), to provisions set aside on the basis of the usual pay-out policy (+12 basis points), and to AT1 coupons(-2 basis points). The “Methodology & regulatory effects” contributed to the decrease of the CET1 (-7 basis
points), with an impact of the review of internal models (TRIM: -16 basis point) partially offset by the positive
impact of new software processing (+9 basis points). Finally, the “M&A, OCI & Others” had a downward impact
on CET1amounting to -2 basis points.
The phased-in leverage ratio stood at 6.1%, an increase of +0.3 point compared to end-September 2020
(increase at 5.6% compared to end-September 2020 before the neutralisation of ECB exposures). The phasedin Tier 1 ratio stood at 18.3%, the phased-in overall ratio was 21.1% and the phased-in average intra-quarter
leverage ratio was 5.3% this quarter, before exclusion of the Central Bank exposures.

TLAC
The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating the adequacy ofthe bail-in and recapitalisation capacity of Global Systemically Important Banks (G-SIBs). This
Total Loss Absorbing Capacity (TLAC) ratio provides resolution authorities with the means to assess whether GSIBs 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 applicablesince 27 June 2019. As from that date, Crédit Agricole Group must comply with the following requirements at all
times:-a TLAC ratio above 16% of risk weighted assets (RWA), plus – in accordance with CRD5 – a combined
capital buffer requirement (including, for the Crédit Agricole Group, a 2.5% capital conservation buffer, a 1%
G-SIB buffer and the counter-cyclical buffer). Considering the combined capital buffer requirement, Crédit
Agricole Group must adhere to a TLAC ratio of above 19.5% (plus the counter-cyclical buffer)-a TLAC ratio of above 6% of the Leverage Ratio Exposure (LRE).

As from 1 January 2022, the minimum TLAC 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.

38 With a share-based dividend payment option, with a formal commitment by SAS Rue La Boétie to opt for payment in shares, and on the assumptionthat the employee mutual funds (FPCEs) also request the dividend to be paid in shares.

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At 31 December 2020, Crédit Agricole Group’s TLAC ratio stood at 25.5% of RWAs and 8.5% of leverage
ratio exposure, excluding eligible senior preferred debt 39. The TLAC ratio rose 60bp compared to 30
September 2020, hand-in-hand with the first social bond issuance, realised in senior non-preferred format, for €1billion in December, the increase in own funds during the quarter and the low increase in RWAs. Expressed asa percentage of the leverage ratio exposure (LRE), the TLAC ratio rose 40bp, taking into account theneutralisation of Central Bank exposures (it would stand at 7.7% before such neutralisation of these exposures).
It exceeded the required 19.5% of RWAs (according to CRR2/CRD5, plus, at 31 December 2020, the countercyclical buffer of 0.01%) and 6% of the leverage ratio exposure, respectively, despite the fact that it was possibleat that date to include up to 2.5% of RWAs in eligible senior preferred debt.
Achievement of the TLAC ratio is supported by a TLAC debt issuance program of around €6 billion to €8billion in the wholesale market in 2020. At 31 December 2020, €8.4 billion equivalent had been issued in themarket; the amount of the Crédit Agricole Group senior non-preferred debt taken into account in the computationof the TLAC ratio was €23.9 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 taxpayers’ exposure to losses.
Directive (EU) 2019/879 of 20 May 2019 known as “BRRD2” amended the BRRD and was transposed into French
law by Order 2020-1636 of 21 December 2020.
The MREL ratio corresponds to an own funds and eligible liabilities buffer required to absorb losses in the eventof resolution. The required minimum levels are decisions taken by resolution authorities and then communicatedto each institution, then revised periodically.
In 2020, Crédit Agricole Group was notified of the revision of its total consolidated MREL requirement and of a
new subordinated MREL requirement (from which senior debt are generally excluded in line with the TLAC
standards). These two requirements were already met by the Group at the time of their notification. The two
requirements were calibrated under BRRD and are applicable until the next notification, which will include thechanges to the European regulatory framework (i.e. BRRD2).
Under BRRD, the MREL ratio is calculated as the amount of own funds and eligible liabilities expressed as apercentage of the institution’s total liabilities and own funds, after certain prudential adjustments (TLOF 40), or
expressed as risk weighted assets (RWA). Regulatory capital, as well as subordinated notes, senior nonpreferred 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.
Crédit Agricole Group’s target is to reach a subordinated MREL ratio (excluding eligible senior preferreddebt) of 24-25% of the RWAs by the end of 2022 and to maintain the subordinated MREL ratio above 8%of 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 senior preferred debt, creating an additional layer of protection forinvestors in senior preferred debt.

39 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to waive the possibility offered by Article 72b(3) of the Capital

Requirements Regulation to use senior preferred debt for compliance with its TLAC requirements in 2021.

40 TLOF – Total Liabilities Own Funds, equivalent to the prudential balance sheet after netting of derivatives

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At 31 December 2020, Crédit Agricole Group posted an estimated MREL ratio 41 of around 11% of the TLOF
and 8.5% excluding eligible senior preferred debt. Expressed as a percentage of risk weighted assets, theCrédit Agricole Group’s estimated MREL ratio was approximately 33% at end-December 2020. It was 25.5%
excluding eligible senior preferred debt. The MTP target regarding subordinated MREL has been met since
September 2020.

Maximum Distributable Amount (MDA) trigger
The transposition of Basel regulations into European law (CRD) introduced a restriction mechanism for
distribution that applies 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 CET1
capital, Tier 1 capital and total capital. As from 12 March 2020 and considering the impact of the COVID-19 crisis,
the European Central Bank brought forward the effective date of application of Article 104a of CRD5 and allowed
institutions under its supervision to use Tier 1 and Tier 2 capital to meet the additional Pillar 2 requirement (P2R).
Overall, the P2R can now be met with 75% Tier 1 capital including as a minimum 75% CET1 capital. The CET1
requirement of Crédit Agricole S.A. and Crédit Agricole Group has thus decreased by -66 basis points since firstquarter 2020.
At 31 December 2020, Crédit Agricole Group posted a buffer of 764 basis points above the MDA trigger, i.e.
€43 billion in CET1 capital.
At 31 December 2020, Crédit Agricole S.A. posted a buffer of 525 basis points above the MDA trigger, i.e.
€18 billion in CET1 capital.

Crédit Agricole S.A.
At end-December 2020, Crédit Agricole S.A.’s solvency remained at a high level, with a phased-in Common
Equity Tier 1 (CET1) ratio of 13.1% (i.e. including the impact of the IFRS 9 phasing-in incorporated in second
quarter 2020 as part of the as part of the “quick fix”), up +0.5 percentage points compared to end-September
2020, 5.2 percent points above the SREP. The fully loaded ratio is 12.9%. The CET1 ratio benefited thisquarter from the effect of the stated result, generating a positive impact of +30 basis points, the dividend and AT1
distribution : +5 basis points corresponding to the sum of the impacts related to the payment of a dividend of€0.80 per share for financial year 202042 (-27 basis points), to provisions set aside on the basis of the usual payout policy (+34 basis points), and to AT1 coupons (-2 basis points). Risk weighted assets had an upward impact
on CET1 amounting to +33 basis points while impact of the methodology and regulatory effects had a negative
impact amounting -6 basis point, with an impact of the review of internal models (TRIM: -20 basis points), partially
offset by the favourable impact of new software processing (+14 basis points). Finally, the ratio include a negative
impact of -7 basis points in the “M&A, OCI & Others” item, notably due to M&A, capital increase reserved for
employees (+5 basis points), unrealised gains and/or losses on securities portfolios and foreign exchange impact.
In the end, Crédit Agricole S.A. had a substantial buffer of 5.2 percentage points between the level of its CET1
ratio and the 7.9% SREP requirement, compared with 4.7 percentage points at 30 September 2020. The phasedin leverage ratio was 4.0% at end-December 2020, up +0.4 percentage point from end-September 2020 (up at
4.2% compared to end-September 2020, before neutralisation of ECB exposures). The phased-in average intraquarter leverage ratio was 4.0% before the neutralisation of ECB exposures, the phased-in Tier 1 ratio was 14.9%
and the phased-in overall ratio was 19.2% this quarter.

41 Computation made in accordance with the BRRD applicable to the requirements in force. MREL eligible liabilities issued externally by all Group

entities are included.

42 With a share-based dividend payment option, with a formal commitment by SAS Rue La Boétie to opt for payment in shares, and on the assumptionthat the employee mutual funds (FPCEs) also request the dividend to be paid in shares

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Risk weighted assets amounted to €336 billion at end-December 2020, stable compared to the end-September(-0,5%). The business lines’ contribution was negative in the amount of -€5.6 billion, (of which -€1.9 billion inforeign exchange impact) due to a decrease in risk weighted assets in the Large customers business line (-€4,5
billion excluding foreign exchange impact). Risk weighted assets in Retail banking decrease (-€1.2 billion
excluding foreign exchange impact of which -€1.3 billion in CA Italia related to the disposal of NPL). The increasein the equity-accounted value of insurance had an upward impact on risk weighted assets in the amount of +€0.5
billion. The “Methodology & regulatory effects & M&A” item had a upward impact on risk weighted assets
amounting to +€5.6 billion, the increase is mainly related to the review of internal models (TRIM: +€5.2 billion).

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 basedon 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 and whose definition is commonly accepted in the marketplace. It
relates to the banking scope, with insurance activities being managed in accordance with their own specificprudential constraints.
Further to the breakdown of the IFRS financial statements in the sections of the cash balance sheet, netting
calculations are carried out. They relate to certain assets and liabilities that have a symmetrical impact in termsof liquidity risk. Deferred taxes, fair value impacts, collective impairments, short-selling transactions and otherassets and liabilities were netted for a total of €71 billion at end-December 2020. Similarly, €96 billion 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 orderto build the cash balance sheet—for an amount totalling €169 billion at end-December 2020—relate toderivatives, margin calls, adjustment/settlement/liaison accounts and to non-liquid securities held by the
Corporate and Investment banking division and are included in the “Customer-related trading assets” section.
Note that deposits centralised with Caisse des Dépôts et Consignations are not netted in order to build the cash
balance sheet; the amount of centralised deposits (€65 billion at end-December 2020) 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 aswell as financing by the European Investment Bank, the Caisse des Dépôts et Consignations and otherrefinancing transactions of the same type backed by customer loans, which accounting standards would classify
as “Medium long-term market funds”, are reclassified as “Customer-related funds”.
Note that for central bank refinancing transactions, outstandings related to the T-LTRO (Targeted Longer-Term
Refinancing Operation) are included in “Long-term market funds”. Indeed, the T-LTRO 2 and T-LTRO 3
operations do not allow for early redemption at the ECB’s discretion; given respectively their four-year and threeyear 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 ascustomers in the construction of the cash balance sheet.

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Standing at €1,500 billion at 31 December 2020, the Group's banking cash balance sheet shows a surplus of
stable funding resources over stable application of funds of €265 billion, up €16 billion compared to
September 2020 and up €139 billion compared to December 2019.
In line with initiatives already undertaken during the past quarters in connection with the Covid-19 crisis, theGroup took part in December 2020 once again in the T-LTRO 3 medium-to-long-term refinancing transactions of
the European Central Bank for €10.8 billion, increasing its level of stable resources. Total T-LTLRO 3
outstandings for the Group amounts to €133 billion 43 at 31 December 2020. Note that the bonification applicableto the refinancing rate for these operations is accrued over the drawdown period and the additional bonificationis accrued over one year, as the Group already meets the lending trigger
Moreover, the Group has once again benefited from an increase of deposit during the quarter, however moremodest. Over the quarter, deposits were up +€10 billion, while loans were up +€7 billion, also contributing to theimprovement of stable resources.
The surplus of 265 billion euros, 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). Internal management excludes the temporary surplus of stable resources provided by the increasein T-LTRO 3 oustandings in order to secure the Medium-Term Plan’s objective of more than €100 billion,
regardless of the future repayment strategy. The ratio of stable resources over long term applications of funds
was 123.5%, up 1.3pp compared to the previous quarter.
Furthermore, given the excess liquidity, the Group remained in a short-term lending position at 31 December
2020 (central bank deposits exceeding the amount of short-term debt).

Medium-to-long-term market resources were €321 billion at 31 December 2020, up +€8 billion compared to
end-September 2020.
They include senior secured debt of €199 billion, senior preferred debt of €79 billion, senior non-preferred debtof €24 billion and Tier 2 securities amounting to €19 billion.
The increase in senior secured debt is explained by the Group taking part in the T-LTRO 3 transactions of theEuropean Central Bank.

At 31 December 2020, the Group’s liquidity reserves, at market value and after haircuts, amounted to€438 billion, up +€34 billion from end-September 2020 and up +€140 billion from 31 December 2019. They
covered short-term debt more than four times over (excluding the replacements with Central Banks).
The high level of central bank deposits was the result of the replacement of significant excess liquidity: theyamount to €186 billion at December 31, 2020, up +€8 billion compared to end-September 2020 and up +€80
billion compared to end-December 2019. Crédit Agricole Group has furthermore pursue its efforts to increase
immediate available reserves (after recourse to ECB financing). Eligible central bank assets after haircut amountto €102 billion, up +€18 billion compared to end-September 2020 and +€32 billion compared to end-December
2019.
At end-December 2020, 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€314.3 billion for Crédit Agricole Group and at €283.1 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 €211.0 billion
for Crédit Agricole Group and at €191.0 billion for Crédit Agricole S.A.
The average LCR ratios over 12 months of Crédit Agricole Group and of Crédit Agricole S.A. stood at respectively
149.0% and 148.2% at end-December 2020. They exceeded the Medium-Term Plan target of around 110%.
43 Excluding Bankoa and FCA Bank

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Credit Institutions are subject to a threshold for this ratio, set at 100% from 1 January 2018. The end of period
LCR ratios at 31 December 2020 are respectively 178.5% for Crédit Agricole Group and 169.4% for Crédit
Agricole S.A.
In the context of the COVID-19 health crisis, the increase in the level of LCR ratios of Crédit Agricole Group andCrédit Agricole S.A. was in line with the recourse of the Group to T-LTRO 3 drawings from the central bank.
The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very
diversified access to markets in terms of investor base and products.

In 2020, the Group’s main issuers raised the equivalent of €31.0 billion 44 45 in medium-to-long-term debt
on the markets, 41% of which was issued by Crédit Agricole S.A. To be noted that:

Crédit Agricole Next Bank (Switzerland) completed an inaugural issue in September of CHF 200 million
9-year in Covered bond format ;Crédit Agricole Assurances (CAA) issued a €1 billion 10-year Tier 2 bond in July to refinance intra-groupsubordinated debt.

In addition, €4.4bn was also borrowed from national and supranational organisations or placed in the Group’s
retail banking networks (Regional Banks, LCL, CA Italia) and other external retail networks at end 2020.

In 2020, Crédit Agricole S.A. completed 105% of its €12 billion medium-to-long-term market funding
program for the year. The bank raised the equivalent of €12.6 billion 44,45, of which €6.2 billion in senior nonpreferred debt and €2.2 billion in Tier 2 debt, as well as €4.0 billion in senior secured debt and €0.2 billion insenior preferred debt. The funding is diversified with various formats and currencies (EUR, USD, AUD, JPY,
CNY, CHF):

The inaugural Social bond issuance in senior non-preferred format of €1bn 7 years in December should
be noted.

As a reminder, Crédit Agricole S.A. announced in its second quarter 2020 results that the target for senior nonpreferred emissions or Tier 2 issues in 2020 had been revised to €6 to 8 billion, up from the initial target of €5 to
6 billion.
Crédit Agricole S.A. also repurchased €3.4 billion of preferred senior notes denominated in EUR, USD and GBP
via a public offer launched at the end of May 2020, in order to optimise its balance sheet structure and debt
management and to provide liquidity to holders of these bonds.
Furthermore, in October 2020 Crédit Agricole S.A. completed a €750 million PNC7.5 AT1 issuance at the initialrate of 4% to allow the Crédit Agricole Group to maintain its high flexibility in the management of its Tier 1 capital.
The 2021 program is set at €9 billion, including €7 billion of TLAC-eligible debt (non-preferred senior debt or Tier
2). At the end January 2021, 29% of the funding plan was realised.

44 Gross amount before buy-back and amortisation
45 Excluding EUR AT1 Issuance

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PRESS RELEASE - 4th quarter 2020

Economic and financial environment
Overview of 2020
The year 2020, initially marked by an orderly slowdown in the global economy, financial markets made to feel
optimistic by the reduction in uncertainties (including a China-US trade agreement) and lasting accommodative
monetary policies, will obviously be marked by the effects of the COVID-19 epidemic. COVID-19 is a shock
unprecedented in nature firstly due to its disruption of the real economy: an external event that has impacted theeconomy globally and affects both supply and demand by forcing entire business sectors into inactivity, while atthe same time causing consumption to contract with the resulting unintentional accumulation of extensive
savings. The magnitude of the shock is another point of difference, being much greater than the 2008-2009 crisis.
As early as April, the IMF thus delivered a forecast of a contraction of world GDP of -3% in 2020 (compared to a
-0.1% decline in 2009). In June, the IMF stated that it expected a recession of -4.9% in 2020 followed by arecovery of 5.4% in 2021. In October, the forecasts of a recession followed by global recovery were both slightly
revised (-4.4% followed 5.2%) to finally be revised favourably in January 2021 (-3.5% and 5.5%).
To cushion the anticipated recession and prevent the public health and economic crisis from being
coupled with a financial crisis, we have thus witnessed the rapid and generalised implementation ofmonetary and budgetary support policies unprecedented in terms of size and capacity to overcome
constraints. In monetary matters, central banks have had recourse to diverse combinations of various tools,
while pursuing similar targets: easing of financing conditions, efficient transmission of monetary policy, better
functioning of the financial and credit markets and, in the case of the ECB, easing of tensions on the mostvulnerable sovereign bond spreads in the Eurozone. Thanks to massive support plans (partial unemployment,
aid to the most vulnerable populations, temporary reduction in social contributions, deferral of tax charges andsocial security costs, public guarantees on loans to companies, government equity investments), the budgetary
policies have sought to soften the shock by limiting the destruction of jobs and production capacities in order toensure the best possible restart, once the pandemic has passed. While monetary and budgetary policies havemade it possible to avoid a financial crisis and attenuate the recessionary effect of the pandemic, its effect has
nonetheless been considerable but of varying magnitude by country depending, notably, on the countries’
structural features (structure of GDP, employment, weight of different sectors), how robust they were pre-crisis,
their public health strategies and how much leeway they had.
In the United States, in mid-March, the Federal Reserve took a series of radical easing measures, 46 someof which were then extended and supplemented in order to ensure a supply of liquidity to banks and markets(unlimited asset buying, expansion of the universe of purchasable securities). This accommodative stance wasalso reinforced by the adoption of average inflation targeting which explicitly allows the inflation target to be
exceeded after periods in which inflation has been consistently below 2%. After its December meeting, theFederal Reserve made it clear that it would maintain an accommodative stance and its key rates at zero for an
extended period as evidenced by the ‘dot plot’, in which the median projection of members of the FOMC shows
unchanged rates until at least 2023. While feeling comfortable with the current set up, the Fed has said it was
ready to do more (more bond purchases and/or maturity extensions) if necessary.
The US budgetary response was also rapid (March) and massive, in the form of a support plan known as
the Coronavirus Aid, Relief, and Economic Security (CARES) Act (totalling nearly $2,200 billion (i.e.10% ofGDP) aimed at providing financial assistance or relief to households and businesses, but also to hospitals andstates. The flagship measures included the direct stimulus payment to low and moderate income households, an
unemployment insurance assistance plan (authorising the extension of unemployment benefits which normallyfall under the competence of the states), financial support to SMEs ($350 billion), loans to large corporates, tostates and local governments ($500 billion), the release of loans to hospitals ($150 billion). An additional budget
plan ($484 billion i.e. just over 2% of GDP), aimed at strengthening the CARES Act of March and "lengthening"
the loan program for SMEs, was adopted in April.

46 Rate cut of 100 basis points (Fed funds range at [0; 0.25%]) of the marginal lending facility rate (discount window of 1.5% to 0.25%), lower reserve

requirement rate, asset purchase program ($500 billion in Treasuries and $200 billion in mortgage-backed securities, MBS), liquidity for specificsegments (Commercial Paper Funding Facility, Money Market Mutual Fund Liquidity Facility), forward guidance (no interest rate hike until the publichealth crisis is overcome and the economy evolves in line with its inflation and employment targets).

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In 202047, the US budget deficit therefore widened by nearly 10 points to 14.9% of GDP, while the debt grew by+20 percentage points to reach 100% of GDP. Activity nonetheless fluctuated throughout the year. After a declineof -1.3% in the first quarter (non-annualised quarterly change), the decline in GDP in the second quarter was
violent (-9%) but followed by a more sustained rebound than expected (+7.5 % in the third quarter). Owing to theresurgence of the pandemic, the improvement in the labour market came to a halt in December (after peaking at
14.8% in May, the unemployment rate reached 6.7% against 3.5% before the crisis). In the fourth quarter,
economic activity grew only +1%. Despite massive monetary and budgetary support, the recession in theend stood at -3.5% (-2.5% in 2009); GDP was 2.5% below its pre-crisis level (end of 2019) and inflation
reached 1.4% at end December.
In the Eurozone, from March onwards, the ECB deployed aggressive accommodative measures which itthen adapted to prevent any undesirable tightening of financial conditions: increase in Quantitative Easing(additional envelope of €120 billion), launch of a new temporary purchasing program (Pandemic Emergency
Purchase Program or PEPP of €750 billion, initially until the end of 2020, purchases not constrained by the limitof holding no more than 33% of any one bond or issuer, which makes for easier compliance with the capital
distribution key), introduction of transitional Long Term Refinancing Operations (LTRO) until June 2020 (withmore favourable conditions as well as less stringent rules for collateral), easing of the TLTRO III conditions, newlong-term refinancing operations Pandemic Emergency Longer-Term Operations (PELTRO) and, lastly,measures to alleviate the solvency and liquidity constraints on the banking sector. At the end of December, facedwith the more severe impact of the second wave of the pandemic on the short-term scenario and the highuncertainties about growth (for which it revised the 2021 forecast downwards from 5% to 3.9%), the ECB sent avery clear signal of substantial and, above all, lasting presence; it renewed its incentive to lend to banks and its
commitment to limit pressure on the risk premiums of vulnerable sovereigns: recalibration of the third series oftargeted longer-term refinancing operations (TLTRO III, extension until June 2022 of the period during which very
favourable conditions adopted in terms of interest rates 48 and easing of collateral apply), three additional
operations planned for 2021 (June, September, December), increase in the total amount that the counterparties
will be authorised to borrow during TLTRO III, four additional refinancing operations (PELTRO, from March to
December 2021 for a period of one year), additional budget of €500 billion dedicated to the PEPP (a total of€1,850 billion), extension of the horizon for net purchases to the end of March 2022, reinvestment of principal
repayment of maturing securities extended at least until the end of 2023.
The Eurozone’s fiscal policy also quickly took an expansionary turn with national measures (support for
the healthcare system, businesses and employment, public guarantees on new business loans). By easing
constraints on national policies through the suspension of budgetary rules, the European Commission enabled
the countries to respond immediately to the crisis. Faced with such diverse national latitudes that posed the riskof a detrimental fragmentation to the market and to the single currency, the pooling of resources was essential.
The existing funds were first mobilised 49. As the scale of the crisis became clear, new pooled resources
financed by debt emerged: the SURE fund (support to mitigate unemployment risks, €100 billion), investment
guarantees by the EIB (€200 billion), a proposal from the European Commission in favour of a recovery andreconstruction support fund, redistributing in favour of the poorest countries and those most affectedby the crisis: the Recovery Fund (i.e. €750 billion raised by bond issue guaranteed by the EU budget).
In 2020, the boost to the economy provided by fiscal policy was slightly less than 4 percentage points of GDP on
average in the Eurozone. Coupled with the cyclical deterioration of the budget balance (4 percentage points ofGDP), the public deficit widened by almost 9.3% on average in the Eurozone and led to a sharp increase in public
debt (almost 18 points on average to reach just over 104% of GDP). Despite monetary and fiscal arrangements,
the economy nonetheless evolved with the pandemic and the mobility restriction measures it imposed. After analready substantial decline in the first quarter (-3.7% quarter-on-quarter), GDP fell by -11.7% in the second
quarter before recording a spectacular rebound that was more robust than expected (+12.5%). In the last quarter,
the decline was less severe than expected (-0.7%). While inflation fell back (-0.3%, year-on-year in
December; 0.3% on average), the recession thus reached 6.8% in 2020 (compared to -4.5% in 2009),
leaving GDP down -5.1% on its level at end 2019 and showing significant differences between the large
Eurozone countries. For example, in Germany, after almost zero growth in the fourth quarter, GDP recorded an

47 2020 fiscal year ended in September.
48 50 basis points (bp) below the refinancing rate for all outstandings and 50 bp below the deposit rate for any net outstandings equal to the level ofoutstandings granted between October 2020 and December 2021. The precondition for benefiting from this strong incentive to lend is therefore clear:
the existing support must not be reduced.
49 Reorientation of unused cohesion funds from the EU budget in the amount of €37 billion, guarantees to SMEs provided by the European Investment
Bank (EIB), use of funds still available from the European Stability Mechanism (ESM) in the amount of €240 billion (or 2% of the area's GDP).

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average contraction of 5.3% over 2020, which remains "limited" notably in view of the financial crisis of 2009 (a 5.7% decline).
In France, after a sharp rebound, the lockdown in November led to a smaller-than-expected contraction in GDP(-1.3% in the fourth quarter), less than estimated. Over full year 2020, GDP fell by -8.3%, a shock much greaterthan that of the 2009 crisis (-2.9%), but ultimately lower than what had been anticipated in the scenario of
December or by the economists ‘scenario which planned a contraction by around 9%. With a less maturity andextent, the second lockdown has been less negative for the economy than the spring’s one. Thus, the level ofactivity in the fourth quarter is lower by 5% compared to the fourth quarter 2019, last quarter with a “normal” levelof activity, whereas the second quarter 2020 was lower by 18.8%. In the fourth quarter, the contraction of activity
is mainly due to the decline in consumption, caused by administrative closures and curfew measures. On theother hand, the investment continues its recovery thanks to the continuation of the activity in sectors such asbuilding, and capital goods production.
By posting even moderate growth (around 2.3%), China was ultimately the only G20 economy not to havesuffered a recession in 2020. After a historically low first quarter, Chinese activity was revived thanks to a policy
focused on supply (support for companies through public orders and lines of credit). A two-speed recovery has
thus started with, on the one hand, a V-shaped recovery for industrial production, exports and public investment
and, on the other hand, a more gradual rebound in consumption, private investment and imports. Despite therecovery, almost a year after the public health crisis, some stigmas are still visible: retail sales, just like certain
service activities (requiring a physical presence) have not caught up to their 2019 level and job creation is stillinsufficient to offset the destruction that took place in early 2020 and absorb new entrants.
In 2020, monetary activism made it possible to prevent the economic crisis from being coupled with afinancial crisis: a clear success in view, on the one hand, of the shock to the real economy and, on theother hand, of the threats that hovered at the beginning of the year, particularly within the Eurozone. In
the wake of a powerful wave of risk aversion, in March, the German ten-year interest rate plunged to -0.86%, alow quickly followed by a violent widening of risk premiums paid by the other countries. Risk premiums offered
by France, Spain and Italy peaked at 66 basis points (bp), 147 bp and 280 bp, respectively, in mid-March.
Completed by the European Recovery Fund, the monetary policy measures rolled out by the ECB made it
possible, if not to significantly raise German rates, then to avoid a fragmentation of the Eurozone and toencourage the appreciation of the euro against the dollar (9% over the full year). At end December, while theBund stood at -0.57%, French, Italian and Spanish spreads were only 23 bp, 62 bp and 111 bp respectively. US
rates (10-year US Treasuries), which started from 1.90% at the beginning of the year, fell back to 0.50% in Marchand then moved within a relatively narrow range (0.60%-0.90%). At its 15-16 December meeting, the Fed opted
for the status quo but confirmed that it was still possible, if necessary, to increase its bond purchases and extend
their maturity. Rates therefore rose slightly before quickly easing off. Having followed a slow upward trend since
the summer, rates ended the year at 0.91%. Finally, the abundance of liquidity and the commitment to maintainaccommodative monetary conditions provided by central banks supported riskier markets. Thus, for example,
while American and European equities posted declines of respectively -30% and -37% in mid-March comparedto their level at the beginning of January, they ended the year with a respectable rise (+14%) and a limited decline(-6.5%).

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PRESS RELEASE - 4th quarter 20202021 Outlook
The economic outlook is still clouded by major uncertainties related to problems in exiting the public health crisis(persistent virulence of the pandemic, more contagious virus mutations, a new rise in infections, and ongoing
uncertainty about whether vaccination will lead to immunity). The profile and pace of growth will therefore continue
to be impacted by the pandemic and the delicate trade-off between growth and public health safety. After alacklustre first half, recovery should be very modest and very disparate, despite monetary and budgetary
infusions. The major economies will continue to be helped out by massive budgetary support, highly
accommodating monetary policies and favourable financial conditions. While some key markers may still fall (asin the scenario of negative interest rates in the UK, which cannot be ruled out), it seems that easing exercises
have come to an end (in the sense that there will be no new tools) and reliance will now have to be on
improving/extending existing mechanisms. Budgetary policy will be decisive in delivering short-term support andthen stimulating the economy once the situation is “normalised”. As is being demonstrated in Japan, wheremonetary innovation seems highly advanced, budgetary policy is playing a more direct role in reducing the output
gap. This has the support of Bank of Japan, which is acting as an “integrated stabiliser” of long rates by controllingthe yield curve.
In the United States, at a time when the resurgence of the virus poses a risk of sharp deceleration in first half
2021, the election of Joe Biden as President and the control of both houses of Congress by the Democrats is
expected to result in additional stimulus measures on top of the $900-billion deal negotiated at the end of 2020.
In fact, Joe Biden has already proposed a new stimulus bill worth $1.9 trillion. However, political constraints makeit unlikely that a bill of that size will pass (a stimulus of around $1 trillion is more likely). In January, the Federal
Reserve, with its wait-and-see attitude, extended its status quo,50 while noting that the economy was slowing,that its scenario for boosting economic recovery in the second half was contingent on the progress of
immunisation and that rumours of tapering were premature. Consequently, while budgetary support could
contribute 1 percentage point to US growth, growth will not start to accelerate until the second half, once thevaccine rollout is more widespread and restrictions are eased, at which point it should be close to 4% (as anannual average).
In the Eurozone, uncertainty as to when the pandemic will be under control and the lack of a clear view of theeconomic situation will continue to weigh on spending decisions, both by consumers (risk of precautionarysavings) and investors, throughout 2021. The risk of a massive and early withdrawal of budgetary support
measures seems to be ruled out for 2021: the risk (including of business failures and increased unemployment)
is expected to materialise later, once business activity begins to return to normal. Our scenario assumes growthin 2021 close to 3.8% (with a now-downward bias). Depending on structural characteristics (sectoral compositionof supply and employment, services weighting, export capacity, adequacy of exported products, etc.) and national
strategies (health/economy trade-offs, abundance and effectiveness of support measures), there will beenormous diversity in both the impact of the crisis and the speed and strength of the recovery. Our scenario
assumes average growth rates close to 2.5% in Germany, 5.9% in France and 4% in Italy. At end 2021, theEurozone’s GDP is expected to be 2.4% below its pre-crisis level (i.e. at end 2019). While this gap should be
limited to 2% in Germany, it is expected to be close to 7.4% in Spain and around 2.2% and 3.9% in France and
Italy respectively.
The announcements made by the ECB in December removed any prospect of normalised monetary policy. The
ECB has offered reassurance that there will be no early rise in interest rates while additional budgetary efforts
are being rolled out and guaranteed its presence in the sovereign market until 2023. It is working to maintain thecredit supply provided in recent months, ensuring banks have favourable conditions. In the medium term, the key
issues are therefore less about the sustainability of public debt than about governance and the ability to mobilise
public funds to organise a response to the crisis.
The United Kingdom left the single market and customs union on 1 January 2021, with a last-minute free-trade
agreement. This avoids customs duties and quotas (subject to compliance with fair competition rules and rulesof origin) but involves significant non-tariff barriers. Frictionless trade in goods and services has therefore cometo an end, as has the free movement of people. In addition to the disruptions associated with setting up a new
post-Brexit relationship, there are also the consequences of the pandemic: following a major contraction in 2020

50 Target range of the Federal funds at 0-0.25%; net purchases of securities at $120 billion per month, i.e. 2/3 Treasury securities and 1/3 MBS; forward

guidance on key rates consisting of tolerating a “moderate” overshoot of the inflation target for “some time”; forward guidance on asset purchases
indicating that they will continue at least at the current pace until “substantial progress” is made towards employment and inflation targets.

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estimated at -11.1%, growth is expected to be close to 4.5% in 2021, leaving GDP at the end of 2021 3.8% below
its 2019 pre-crisis level.
In emerging markets, after a contraction of just under 3% in 2020, recovery looks to be close to 5.5%. However,this figure masks substantial diversity: an optical illusion that conceals both the immediate effects of the crisis,
mostly the result of monetary and budgetary constraints that are more severe in emerging markets than in thedeveloped world, and its lasting consequences in the form of a widening of the structural gap between theemerging markets in Asia and the others. Asia (particularly North Asia) has suffered less and is getting ready torebound, led by China. At the fifth plenum, the Chinese authorities made public the initial objectives of thecountry’s 14th Five-Year Plan. The plan aims for “sound and sustainable development” promoting “quality growth”
with no formal economic growth target, perhaps to allow for more flexibility in economic policymaking. China is
expected to rebound strongly in 2021 (+8%) before returning to its projected trajectory in 2022 (+5.1%). However,it seems unrealistic to count on China’s momentum to invigorate Asia and promote the recovery of the rest of theworld given the experience of 2009. With most of the catching-up now done, growth in China has slowed, andthe country no longer has the means to tow the rest of the world in its wake. And nor does it want to. Its latest
so-called “dual circulation” strategy, aimed at limiting its dependence on overseas markets, is proof of this.
A slow, uncertain and probably chaotic recovery, multiple uncertainties and monetary easing are allconditions conducive to maintaining extremely low interest rates. It will be necessary to wait until favourable
news finally emerges, in terms of public health as well as the economy, before recovery can start to take shape– a start limited by the absence of inflation and excess capacity. In the meantime, progress made by the Eurozone
can be judged by past interest rate changes: clear solidarity has avoided fragmentation, risk premiums paid by
the so-called “peripheral” countries have been tightened, and the euro has put in a solid performance. Our
scenario therefore assumes US and German 10-year sovereign rates of close to 1.50% and -0.40% respectively
at end 2021, coupled with spreads of 20 basis points (bp), 50 bp and 100 bp above the Bund for France, Spainand Italy where it is assumed that political tensions will ease.
In keeping with a scenario where recovery might even be slow, timid and unsynchronised, the dollar
could depreciate very slightly against the euro and currencies that are more procyclical or driven by risk
appetite. The dollar's depreciation would, however, be tempered by the resurgence of Sino-American tensions
that weigh on Asian currencies in particular: the current crisis has only temporarily overshadowed the dissent
between the United States and China. While the timetable is uncertain (the US still has to install the newadministration, manage its domestic problems and rebuild its global alliances), and despite the fact that Joe
Biden’s presidency augurs a change in tone, the roots of the conflict remain. The rise of protectionism and politicalrisk hampered hyper-globalisation: the crisis should favour greater regionalisation of growth centres, asevidenced by the signing of the Regional Comprehensive Economic Partnership uniting China, ASEAN member
countries and key US allies (Australia, South Korea, Japan and New Zealand).

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PRESS RELEASE - 4th quarter 2020

Risk factors of Crédit Agricole S.A.
The main risks to which Crédit Agricole S.A. and the Crédit Agricole Group are exposed are set out respectively
on pages 123 to 134 and 135 to 147 of Amendment A03 to the 2019 Universal Registration Document.
In Amendment A04 to the Universal Registration Document 2019 pertaining to risk factors to which Crédit Agricole
S.A. is exposed, risk factor A 4. a) “The ongoing coronavirus (COVID-19) pandemic may negatively affect thebusiness, operations and financial performance of Crédit Agricole S.A.” is presented page 125 :a) “The ongoing coronavirus (COVID-19) pandemic may negatively affect the business, operations andfinancial performance of Crédit Agricole S.A.
In December 2019, a new coronavirus strain (COVID-19) appeared in China. The virus has spread to many
countries around the world, leading the World Health Organisation to describe the situation as a pandemic in
March 2020. The pandemic has had and is expected to continue to have significant negative impacts on theworld economy and financial markets.
The spread of COVID-19 and resulting government controls and travel bans implemented around the world havecaused disruption to global supply chains and economic activity. The outbreak has led to supply and demand
shocks, resulting in a marked slowdown in economic activity, due to the impact of containment measures on
consumption, as well as production difficulties, supply chain disruptions and a slowdown of investment. Financial
markets have been significantly impacted, with increased volatility, stock market indexes declining precipitously,
falls in commodity prices and credit spreads widening for many borrowers and issuers. The extent of the adverse
impact of the pandemic on the global economy and markets over the long term will depend, in part, on its lengthand severity, and on the impact of governmental measures taken to limit the spread of the virus and its impact
on the economy. In this respect, in December 2020, the French Ministry of Economy and Finance revised its
GDP growth forecasts for 2021 downwards to +5.0% versus +7.4% as previously announced.
The pandemic and its impact on the global economy and financial markets have had and are likely to continue tohave a material adverse impact on the results of the divisions and the financial position of Crédit Agricole S.A.
This impact included and is likely to include in the future (1) a deterioration in the Crédit Agricole Group’s liquidity(which impacts its Liquidity Coverage Ratio (LCR)) due to various factors including in particular increased drawing
by corporate customers on liquidity lines (up to 32% at end-April 2020), (2) a decline in revenue due in particular
to (a) reduced production in activities such as home loans and consumer finance, (b) lower asset management
inflows and banking and insurance fees and commissions and hence lower revenues from fees and commissionsand (c) lower revenues in asset management and insurance, (3) a higher cost of risk resulting from a deteriorationin the macroeconomic outlook, the granting of moratoria and, more generally, the deterioration in the repayment
capacity of corporates and consumers, (4) an increased risk of a ratings downgrade following the sector reviewsof certain rating agencies and following internal reviews of Crédit Agricole S.A. models and (5) higher Risk
Weighted Assets (RWAs) due to the deterioration of risk parameters, which in turn could affect Crédit Agricole
S.A.’s capital position (including its solvency ratio).
The health crisis and its effect on the economy in France, Europe and internationally have had a major impact
on the levels of activity of the various business lines of the Group. In the course of 2020, several lockdowns havebeen imposed in several countries around the world, particularly in France and Italy, Crédit Agricole Group’s two
main domestic markets, with the following consequences: (1) Retail banking activities were strongly impacted by
the imposed lockdown. Consequently, French retail banking housing loans in 2020 reached 96% of the businessin 2019, and at CA Italia 102% of 2019. Similarly, 2020 consumer credit business of CA Consumer Finance was
at 86% of 2019, and CAL&F's leasing was 98% of its 2019 level; (2) Insurance activities were also impacted by
the lockdown. In relation to the risk-aversion by savers due to the volatility of the financial markets, total net
inflows were +€1.0 billion, versus +€9.5 billion in 2019, and new non-life insurance business in 2020 reached

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PRESS RELEASE - 4th quarter 2020

91% of new businesses recorded in 2019; (3) Clients drew heavily on credit lines with drawdown rates of up to
32% during the second quarter of 2020, although these drawdowns slowed down at the end of June 2020.
The cost of risk had been affected by the deterioration in the repayment capabilities of corporates (weakened
companies, fraud revealed by the crisis) and consumers, the rating downgrades of counterparties whose
outstanding move from “Stage 1” to “Stage 2”, and in particular the sensitivity of some industries (i) related torestrictions on movement or gatherings of people, for aeronautics, tourism, hotels, restaurants, cruises, or (ii)whose demand levels were below normal, such as the automotive and shipbuilding industries, or lastly, (iii) thatremain weak due to the weight of the global recession on demand in the distribution of non-food goods, and Oil& Gas sectors. In addition, the commercial real estate sector is a sector to watch, as the health crisis has
accelerated pre-existing threats in some segments, such as shopping malls being hurt by online shopping andthe office segment facing structural change if teleworking trends continue. At 31 December 2020, Crédit Agricole
S.A. exposures to sectors considered “sensitive” were as follows: (a) aeronautics with €16.1 billion in Exposure
at Default (EAD)51, of which 6.4% in default, (b) tourism, hotels, restaurants with €7.6 billion in EAD, of which
3.7% in default, (c) the distribution of non-food goods with €13.0 billion in EAD, of which 3.7% in default, (d)automotive, with €22.5 billion in EAD, of which 0.8% in default, (e) Shipping with €13.0 billion in EAD of which
4.6% in default, and (f) Oil & Gas with €22.7 billion in EAD, of which 2.3% in default. These sectors have been
subject to additional provisions to take their increased sensitivity into account. In the fourth quarter of 2020 the
economic scenarios, revised downwards compared to the third quarter of 2020, also generated an additionalburden of Stage 1 and Stage 2 cost of risk, due in particular to deteriorated GDP growth forecasts for 2021.
As a result, the underlying results for 2020 amounted to €3,849 million, down -16.0% compared to 2019. This ismainly explained by the increase in cost of risk reaching €2,606 million at the end of 2020, +€1,350 million
compared to 2019.
The health crisis had a greater impact during the lockdown periods in France and Italy during the second andfourth quarters. In the second quarter: (1) new home loans were down in the second quarter of 2020 at LCL (9.8% compared to second quarter of 2019) and stable at CA Italia (-0.8%). Similarly, new consumer finance at
Crédit Agricole Consumer Finance was down -40% in the second quarter of 2020 compared to the second quarterof 2019. CAL&F also recorded a decline in new leasing business of -23.9%; (2) Insurance activities were also
impacted by the lockdown. Total net inflows were negative at -€0.9 billion in second quarter 2020 and Property& Casualty insurance revenues were slightly down by -0.9% in second quarter 2020 compared to second quarter
2019; (3) Corporate and Institutional activities remained dynamic in the second quarter of 2020, but customers
drew heavily on credit lines.
In the fourth quarter of 2020, the new lockdown imposed in France and in various European countries, while
having a less significant impact on the economy, had the following consequences for Crédit Agricole S.A. in the
fourth quarter of 2020:(1) retail banking activities were affected throughout the new business of new loans to individuals (notably homeloans and consumer finance). At LCL and Regional Banks, new housing loans in the fourth quarter of 2020 werestable reaching 104% of the production recorded over the same period in 2019. But at CACF, new consumer
finance loans during the fourth quarter 2020 represented 97% of the production recorded during the fourth quarter2019. CAL&F also recorded a stable leasing production during the fourth quarter 2020 reaching 101% of the
production of the fourth quarter of 2019.
(2) Inflows in the insurance sectors remained stable, totalling +€1.0 billion in the fourth quarter of 2020 comparedwith +€1.0 billion in the fourth quarter of 2019.

Uncertainties continue to weigh on developments in the health situation in Europe, with the introduction of new
restrictive measures in France and other European countries (curfews, closing of borders, lockdowns) and the51 Exposure at default: this is Crédit Agricole SA’s exposure should the counterparty default. The EAD includes on- and off-balance sheet exposures. Off-balance sheet

exposures are converted into balance sheet equivalents using internal or regulatory conversion factors (draw-down scenarios).

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PRESS RELEASE - 4th quarter 2020

emergence of variants of the virus. Additional measures are therefore likely to be imposed, depending on theevolution of the pandemic. Although vaccines were announced at the end of 2020 and several countries havebegun their phased roll-out, the timing of these roll-outs also remains highly uncertain, leading to uncertainties
about the pace of recovery from the crisis. Lastly, there exists a considerable uncertainty about the pace ofchange and the rate at which states (particularly the French and Italian states) and central banks (particularly theEuropean Central Bank) will implement measures to support the economy.
Lastly, in terms of solvency, the main impacts of the crisis on the CET1 ratio of Crédit Agricole S.A. were, in
addition to a more modest level of retained earnings, an increase in risk-weighted assets due to rating
downgrades, mainly in Corporate and Investment Banking (€5.4 billion in 2020). The fully loaded CET1 ratio of
Crédit Agricole S.A. at 31 March thus deteriorated (11.4%, versus 12.1% at 31 December 2020) and 30 June
2020 (11.7%) before recovering at 30 September 2020 (12.4%) and at 31 December 2020 (12.9%). This increase
does not predict the level the CET1 ratio will reach in the coming quarters. More specifically, there still remains
a high uncertainty regarding the unemployment rate, the use of accumulated savings, the health scenario andthe timetable for implementing and halting public measures and, more generally, about the consequences of any
changes in economic activity on retained earnings, risk weighted assets and regulatory decisions.

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PRESS RELEASE - 4th quarter 2020

Risk factors of Crédit Agricole GroupThe main risks to which Crédit Agricole S.A. and the Crédit Agricole Group are exposed are set out respectively
on pages 123 to 134 and 135 to 147 of Amendment A03 to the 2019 Universal Registration Document.
In Amendment A04 to the Universal Registration Document 2019 pertaining to risk factors to which Group Crédit
Agricole is exposed, risk factor A 4. a) “The ongoing coronavirus (COVID-19) pandemic may negatively affectthe business, operations and financial performance of Group Crédit Agricole” is presented page 127 :a) “The ongoing coronavirus (COVID-19) pandemic may negatively affect the business, operations andfinancial performance of Group Crédit Agricole
In December 2019, a new coronavirus strain (COVID-19) appeared in China. The virus has spread to many
countries around the world, leading the World Health Organisation to describe the situation as a pandemic in
March 2020. The pandemic has had and is expected to continue to have significant negative impacts on theworld economy and financial markets.
The spread of COVID-19 and resulting government controls and travel bans implemented around the world havecaused disruption to global supply chains and economic activity. The outbreak has led to supply and demand
shocks, resulting in a marked slowdown in economic activity, due to the impact of containment measures on
consumption, as well as production difficulties, supply chain disruptions and a slowdown of investment. Financial
markets have been significantly impacted, with increased volatility, stock market indexes declining precipitously,
falls in commodity prices and credit spreads widening for many borrowers and issuers. The extent of the adverse
impact of the pandemic on the global economy and markets over the long term will depend, in part, on its lengthand severity, and on the impact of governmental measures taken to limit the spread of the virus and its impact
on the economy. In this respect, in December 2020, the French Ministry of Economy and Finance revised its
GDP growth forecasts for 2021 downwards to +5.0% versus +7.4% as previously announced.
The pandemic and its impact on the global economy and financial markets have had and are likely to continue tohave a material adverse impact on the results of the divisions and the financial position of Group Crédit Agricole.
This impact included and is likely to include in the future (1) a deterioration in the Crédit Agricole Group’s liquidity(which impacts its Liquidity Coverage Ratio (LCR)) due to various factors including in particular increased drawing
by corporate customers on liquidity lines (up to 32% at end-April 2020), (2) a decline in revenue due in particular
to (a) reduced production in activities such as home loans and consumer finance, (b) lower asset management
inflows and banking and insurance fees and commissions and hence lower revenues from fees and commissionsand (c) lower revenues in asset management and insurance, (3) a higher cost of risk resulting from a deteriorationin the macroeconomic outlook, the granting of moratoria and, more generally, the deterioration in the repayment
capacity of corporates and consumers, (4) an increased risk of a ratings downgrade following the sector reviewsof certain rating agencies and following internal reviews of Group Crédit Agricole models and (5) higher Risk
Weighted Assets (RWAs) due to the deterioration of risk parameters, which in turn could affect Group Crédit
Agricole’s capital position (including its solvency ratio).
The health crisis and its effect on the economy in France, Europe and internationally have had a major impact
on the levels of activity of the various business lines of the Group. In the course of 2020, several lockdowns havebeen imposed in several countries around the world, particularly in France and Italy, Crédit Agricole Group’s two
main domestic markets, with the following consequences: (1) Retail banking activities were strongly impacted by
the imposed lockdown. Consequently, French retail banking housing loans in 2020 reached 96% of the businessin 2019, and at CA Italia 102% of 2019. Similarly, 2020 consumer credit business of CA Consumer Finance was
at 86% of 2019, and CAL&F's leasing was 98% of its 2019 level; (2) Insurance activities were also impacted by
the lockdown. In relation to the risk-aversion by savers due to the volatility of the financial markets, total net
inflows were +€1.0 billion, versus +€9.5 billion in 2019, and new non-life insurance business in 2020 reached

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PRESS RELEASE - 4th quarter 2020

91% of new businesses recorded in 2019; (3) Clients drew heavily on credit lines with drawdown rates of up to
32% during the second quarter of 2020, although these drawdowns slowed down at the end of June 2020.
The cost of risk had been affected by the deterioration in the repayment capabilities of corporates (weakened
companies, fraud revealed by the crisis) and consumers, the rating downgrades of counterparties whose
outstanding move from “Stage 1” to “Stage 2”, and in particular the sensitivity of some industries (i) related torestrictions on movement or gatherings of people, for aeronautics, tourism, hotels, restaurants, cruises, or (ii)whose demand levels were below normal, such as the automotive and shipbuilding industries, or lastly, (iii) thatremain weak due to the weight of the global recession on demand in the distribution of non-food goods, and Oil& Gas sectors. In addition, the commercial real estate sector is a sector to watch, as the health crisis has
accelerated pre-existing threats in some segments, such as shopping malls being hurt by online shopping andthe office segment facing structural change if teleworking trends continue. At 31 December 2020, Crédit Agricole
S.A. exposures to sectors considered “sensitive” were as follows: (a) aeronautics with €16.5 billion in Exposure
at Default (EAD)52, of which 6.3% in default, (b) tourism, hotels, restaurants with €12.0 billion in EAD, of which
3.7% in default, (c) the distribution of non-food goods with €19.0 billion in EAD, of which 4.2% in default, (d)automotive, with €26.3 billion in EAD, of which 0.9% in default, (e) Shipping with €13.4 billion in EAD of which
5.1% in default, and (f) Oil & Gas with €23.7 billion in EAD, of which 2.2% in default. These sectors have been
subject to additional provisions to take their increased sensitivity into account. In the fourth quarter of 2020 the
economic scenarios, revised downwards compared to the third quarter of 2020, also generated an additionalburden of Stage 1 and Stage 2 cost of risk, due in particular to deteriorated GDP growth forecasts for 2021.
As a result, the underlying results for 2020 amounted to €6,129 million, down -14.8% compared to 2019. This ismainly explained by the increase in cost of risk reaching +€1,895 million at the end of 2020, +€3,651 million
compared to 2019.
The health crisis had a greater impact during the lockdown periods in France and Italy during the second andfourth quarters. In the second quarter: (1) activities related to retail banking were strongly impacted by the twomonths of lockdown imposed in France and in Italy. New home loans were down in the second quarter of 2020
within Regional Banks (-14.8% as compared to the second quarter 2020), at LCL (-9.8% compared to second
quarter of 2019) and stable at CA Italia (-0.8%). Similarly, new consumer finance at Crédit Agricole Consumer
Finance was down -40% in the second quarter of 2020 compared to the second quarter of 2019. CAL&F also
recorded a decline in new leasing business of -23.9%; (2) Insurance activities were also impacted by the
lockdown. Total net inflows were negative at -€0.9 billion in second quarter 2020 and Property & Casualty
insurance revenues were slightly down by -0.9% in second quarter 2020 compared to second quarter 2019; (3)Corporate and Institutional activities remained dynamic in the second quarter of 2020, but customers drew heavily
on credit lines.
In the fourth quarter of 2020, the new lockdown imposed in France and in various European countries, while
having a less significant impact on the economy, had the following consequences for Crédit Agricole S.A. in the
fourth quarter of 2020:(1) retail banking activities were affected throughout the new business of new loans to individuals (notably homeloans and consumer finance). At LCL and Regional Banks, new housing loans in the fourth quarter of 2020 werestable reaching 104% of the production recorded over the same period in 2019. But at CACF, new consumer
finance loans during the fourth quarter 2020 represented 97% of the production recorded during the fourth quarter2019. CAL&F also recorded a stable leasing production during the fourth quarter 2020 reaching 101% of the
production of the fourth quarter of 2019.
(2) Inflows in the insurance sectors remained stable, totalling +€1.0 billion in the fourth quarter of 2020 comparedwith +€1.0 billion in the fourth quarter of 2019.

52 Exposure at default: this is Crédit Agricole SA’s exposure should the counterparty default. The EAD includes on- and off-balance sheet exposures. Off-balance sheet

exposures are converted into balance sheet equivalents using internal or regulatory conversion factors (draw-down scenarios).

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PRESS RELEASE - 4th quarter 2020

Uncertainties continue to weigh on developments in the health situation in Europe, with the introduction of new
restrictive measures in France and other European countries (curfews, closing of borders, lockdowns) and theemergence of variants of the virus. Additional measures are therefore likely to be imposed, depending on theevolution of the pandemic. Although vaccines were announced at the end of 2020 and several countries havebegun their phased roll-out, the timing of these roll-outs also remains highly uncertain, leading to uncertainties
about the pace of recovery from the crisis. Lastly, there exists a considerable uncertainty about the pace ofchange and the rate at which states (particularly the French and Italian states) and central banks (particularly theEuropean Central Bank) will implement measures to support the economy.
Lastly, in terms of solvency, the main impacts of the crisis on the CET1 ratio of Group Crédit Agricole were, in
addition to a more modest level of retained earnings, an increase in risk-weighted assets due to rating
downgrades, mainly in Corporate and Investment Banking (€5.4 billion in 2020). The fully loaded CET1 ratio ofGroup Crédit Agricole at 31 March thus deteriorated (15.5%, versus 15.9% at 31 December 2020) and 30 June
2020 (15.8%) before recovering at 30 September 2020 (16.7%) and at 31 December 2020 (16.9%). This increase
does not predict the level the CET1 ratio will reach in the coming quarters. More specifically, there still remains
a high uncertainty regarding the unemployment rate, the use of accumulated savings, the health scenario andthe timetable for implementing and halting public measures and, more generally, about the consequences of any
changes in economic activity on retained earnings, risk weighted assets and regulatory decisions.

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PRESS RELEASE - 4th quarter 2020

Appendix 1 – Specific items, Crédit Agricole Group andCrédit Agricole S.A.
Crédit Agricole Group - Specific items, Q4-20 et Q4-19, 2020 et 2019

€m

Q4-20
ImpactGrossonimpact*Net
incomeQ4-19
ImpactGrossonimpact*Net
income2020
ImpactGrossonimpact*Net
income2019
ImpactGrossonimpact*Net
incomeDVA (LC)

18

13

(6)

(4)

11

8

(21)

(16)

Loan portfolio hedges (LC)

(30)

(21)

(16)

(12)

10

7

(44)

(32)

Home Purchase Savings Plans (LCL)

2

1

(12)

(8)

(14)

(9)

(31)

(20)

Home Purchase Savings Plans (CC)

(14)

(10)

(32)

(21)

(64)

(44)

(90)

(59)

Home Purchase Savings Plans (RB)Liability management upfront payment(CC)
Support to insured clients Covid-19(AG)
Support to insured clients Covid-19(AG)
Support to insured clients Covid-19(RB)
Exceptional contribution on
supplementary health insurance
premiums (AG)

52

35

(137)

(90)

(81)

(55)

(307)

(201)

-

-

-

-

(41)

(28)

-

-

-

-

-

-

(2)

(1)

-

-

-

-

-

-

(143)

(97)

-

-

-

-

-

-

(94)

(64)

-

-

(22)

(15)

-

-

(22)

(15)

-

-

Total impact on revenues

5

4

(202)

(135)

(439)

(298)

(493)

(329)

Covid-19 donation (AG)

-

-

-

-

(38)

(38)

-

-

Covid-19 donation (IRB)

-

-

-

-

(8)

(4)

-

-

Covid-19 donation (CC)

-

-

-

-

(10)

(10)

-

-

Covid-19 donation (RB)

-

-

-

-

(10)

(10)

-

-

S3 / Kas Bank integration costs (LC)
Exceptional contribution to the Italianbanks rescue plan (IRB)

(7)

(3)

(15)

(11)

(19)

(9)

(15)

(11)

(11)

(7)

-

-

(11)

(7)

-

-

Total impact on operating
expenses

(18)

(11)

(15)

(11)

(96)

(79)

(15)

(11)

Triggering of the Switch2 (AG)

-

-

-

-

65

44

-

-

Triggering of the Switch2 (RB)
Adjustement on switch 2 activation(GEA)
Adjustement on switch 2 activation(RB)
Better fortune adjustment on switch 2(AG)
Better fortune adjustment on switch 2(RB)Total impact on cost of credit risk

-

-

-

-

(65)

(44)

-

-

-

-

-

-

(28)

(19)

-

-

-

-

-

-

28

19

-

-

(38)

(26)

-

-

(38)

(26)

-

-

38

26

-

-

38

26

-

-

0

0

-

-

0

0

-

-

-

-

51/63

PRESS RELEASE - 4th quarter 2020

Crédit Agricole Group - Specific items, Q4-20 et Q4-19, 2020 et 2019

€m

Q4-20
ImpactGrossonimpact*Net
incomeQ4-19
ImpactGrossonimpact*Net
income2020
ImpactGrossonimpact*Net
income2019
ImpactGrossonimpact*Net
incomeImpairment LCL goodwill (CC)

-

-

(664)

(664)

-

-

(664)

(664)

Badwill Kas Bank (LC)

-

-

22

22

-

-

22

22

Impairment CA Italia goodwill (CC)Total impact on change of value of
goodwill
Emporiki litigation (CC)Total impact on tax
Provision recovery on FCA bank fine
(SFS)
Total impact equity-accounted entities
Santander/Kas Bank integration costs(LC)
Total impact on Net income on otherassetsImpairment on goodwill (SFS)
Reclassification of held-for-sale
operations (IRB)
Reclassification of held-for-sale
operations (SFS)
Reclassification of held-for-sale
operation Bankoa (IRB)
Reclassification of held-for-sale
operations (IRB)
Ongoing sale project (WM)
Total impact on Net income fromdiscounted or held-for-sale operations

(965)

(884)

-

-

(965)

(884)

-

-

(965)

(884)

(642)

(642)

(965)

(884)

(642)

(642)

-

-

-

1,038
1,038

-

-

-

1,038
1,038

89

89

-

-

89

89

-

-

89

89

-

-

89

89

-

-

(6)

(5)

(6)

(5)

Total impact of specific items
Asset gathering

-

-

-

-

-

(6)

(5)

-

-

(6)

(5)

-

-

-

-

(55)

(55)

-

-

(7)

(7)

(46)

(46)

(7)

(7)

(46)

(46)

(66)

(66)

-

-

(135)

(135)

(1)

(1)

-

-

(42)

(42)

-

-

-

-

-

-

(5)

(5)

-

-

(24)

(24)

-

-

(24)

(24)

-

-

(98)

(98)

(46)

(46)

(268)

(268)

(46)

(46)

(987)

(899)

(912)

200

(1,679) (1,440) (1,202)

6

-

(83)

(64)

-

-

(227)

(174)

-

-

French Retail banking

91

62

(149)

(98)

(206)

(145)

(338)

(222)

International Retail banking

(20)

(16)

(46)

(46)

(68)

(60)

(46)

(46)

Specialised financial services

24

24

-

-

(45)

(45)

-

-

Large customers

(19)

(11)

(22)

(10)

3

6

(65)

(42)

Corporate centre

(979)

(894)

(696)

353

(754)

315

(1,136) (1,021)* Impact before tax and before minority
interests

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PRESS RELEASE - 4th quarter 2020

Crédit Agricole S.A. - Specific items, Q4-20 et Q4-19, 2020 et 2019
€m

Q4-20
ImpactGrossonimpact*Net
incomeQ4-19
ImpactGrossonimpact*Net
income2020
ImpactGrossonimpact*Net
income2019
ImpactGrossonimpact*Net
incomeDVA (LC)

18

13

(6)

(4)

11

8

(21)

(15)

Loan portfolio hedges (LC)

(30)

(20)

(16)

(11)

10

7

(44)

(32)

Home Purchase Savings Plans (FRB)

2

1

(12)

(8)

(14)

(9)

(31)

(20)

Home Purchase Savings Plans (CC)
Liability management upfront payment(CC)
Support to insured clients Covid-19(LCL)
Support to insured clients Covid-19(AG)
Exceptional contribution on
supplementary health insurance
premiums (AG)Total impact on revenues

(14)

(10)

(32)

(21)

(64)

(44)

(90)

(59)

-

-

-

-

(41)

(28)

-

-

-

-

-

-

(2)

(1)

-

-

-

-

-

-

(143)

(97)

-

-

(22)

(15)

-

-

(22)

(15)

-

-

(47)

(31)

(66)

(44)

(264)

(179)

(186)

(126)

Covid-19 donation (AG)

-

-

-

-

(38)

(38)

-

-

Covid-19 donation (IRB)

-

-

-

-

(8)

(4)

-

-

-

Covid-19 donation (CC)

-

-

-

-

(10)

(10)

-

-

S3 / Kas Bank integration costs (LC)

(7)

(3)

(15)

(11)

(19)

(9)

(15)

(11)

Exceptional contribution to the Italianbanks rescue plan (IRB)

(11)

(6)

-

-

(11)

(6)

-

-

Total impact on operating expenses

(18)

(10)

(15)

(11)

(86)

(68)

(15)

(11)

Triggering of the Switch2 (AG)Adjustement on switch 2 activation(GEA)
Better fortune adjustment on switch 2(AG)
Total impact on cost of credit risk

-

-

-

-

65

44

-

-

-

-

-

-

(28)

(19)

-

-

(38)

(26)

-

-

(38)

(26)

-

-

(38)

(26)

-

-

-

-

-

-

89

89

-

-

89

89

-

-

89

89

-

-

89

89

-

-

-

-

(6)

(5)

-

-

(6)

(5)

-

-

(6)

(5)

-

-

(6)

(5)

Provision recovery on FCA bank fine
(SFS)
Total impact equity-accounted
entities
Santander/Kas Bank acquisition costs(LC)
Total impact Net income on otherassets

-

-

-

-

53/63

PRESS RELEASE - 4th quarter 2020

Crédit Agricole S.A. - Specific items, Q4-20 et Q4-19, 2020 et 2019
€m

Q4-20
ImpactGrossonimpact*Net
incomeQ4-19
ImpactGrossonimpact*Net
income2020
ImpactGrossonimpact*Net
income2019
ImpactGrossonimpact*Net
incomeImpairment LCL goodwill (CC)

-

-

(611)

(611)

-

-

(611)

(611)

Badwill Kas Bank (LC)

-

-

22

22

-

-

22

22

Impairment CA Italia goodwill (CC)

(903)

(778)

-

-

(903)

(778)

-

-

Total impact on change of value of
goodwill

(903)

(778)

(589)

(589)

(903)

(778)

(589)

(589)

-

-

-

1,038

-

-

-

1,038

-

-

-

1,038

-

-

-

1,038

(7)

(7)

(46)

(46)

(7)

(7)

(46)

(46)

(66)

(66)

-

-

(135)

(135)

-

-

Emporiki litigation (CC)Total impact on tax
Reclassification of held-for-sale
operations (IRB)
Reclassification of held-for-sale
operations (SFS)-

Impairment on goodwill (CC)

-

-

-

-

(55)

(55)

-

-

Ongoing sale project (WM)

(24)

(23)

-

-

(24)

(23)

-

-

Total impact on Net income fromdiscounted or held-for-sale
operations

(97)

(96)

(46)

(46)

(221)

(221)

(46)

(46)

Total impact of specific items(1,013)

(851)

(722)

343

(1,385) (1,157)

(843)

262

Asset gathering

(83)

(64)

-

-

(227)

(174)

-

-

French Retail banking

2

1

(12)

(8)

(16)

(10)

(31)

(20)

International Retail banking

(19)

(14)

(46)

(46)

(27)

(18)

(46)

(46)

Specialised financial services

24

24

-

-

(45)

(45)

-

-

Large customers

(19)

(10)

(22)

(9)

3

6

(65)

(40)

Corporate centre

(917)

(788)

(643)

406

(1,074)

(915)

(701)

368

* Impact before tax and before minority
interests

54/63

PRESS RELEASE - 4th quarter 2020

Appendix 2 – Credit Agricole Group: results by businesslines
Credit Agricole Group – Contribution by divisions – Q4-20 & Q4-19
Q4-20 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,425

904

712

1,634

654

1,424

(88)

8,665

Operating expenses excl. SRF(2,311)

(599)

(481)

(735)

(319)

(911)

(230)

(5,585)

-

-

-

-

-

-

-

-

Gross operating income

1,114

305

230

899

335

513

(317)

3,080

Cost of risk

(378)

(89)

(130)

(60)

(154)

(111)

2

(919)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

1

-

-

20

140

2

-

163

Net income on other assets

(7)

1

(0)

1

(10)

(0)

(9)

(26)

Change in value of goodwill

-

-

-

-

-

-

(965)

(965)

Income before tax

731

216

100

861

311

405

(1,290)

1,334

Tax

(205)

(68)

(16)

(274)

(44)

(55)

28

(634)

Net income from discont'd or heldfor-sale ope.

5

-

(7)

(24)

(66)

-

0

(91)

Net income

531

148

77

564

201

350

(1,262)609

Non controlling interests

0

(0)

(15)

(119)

(12)

(16)

82

(80)

Net income Group Share

531

148

62

445

189

334

(1,180)530

SRF

Q4-19 (stated)
€m

RB

LCL

AG

IRB

SFS

LC

CC

Total

Revenues

3,276

851

1,621

740

672

1,401

(163)

8,399

Operating expenses excl. SRF(2,276)

(598)

(746)

(478)

(331)

(902)

(251)

(5,582)

-

-

-

-

-

-

-

-

Gross operating income

1,000

254

875

262

341

499

(414)

2,818

Cost of risk

(155)

(64)

(5)

(77)

(127)

(55)

(10)

(494)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

2

-

14

-

65

3

-

83

Net income on other assets

1

1

11

3

(0)

7

(8)

15

Change in value of goodwill

-

-

-

-

-

22

(664)

(642)

Income before tax

848

191

895

188

278

476

(1,096)

1,780

Tax

(257)

(53)

(225)

(49)

(40)

(67)

1,277

587

Net income from discont'd or heldfor-sale ope.

-

-

-

(46)

-

-

(0)

(46)

Net income

590

138

670

93

238

409

181

2,320

Non controlling interests

(0)

(0)

(85)

(25)

(25)

(1)

2

(134)

Net income Group Share

590

138

585

69

213

408

184

2,186

SRF

55/63

PRESS RELEASE - 4th quarter 2020

Credit Agricole Group – Contribution by divisions – 2020 & 20192020 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

13,056

3,521

2,724

5,749

2,526

6,297

(278)

33,596

Operating expenses excl. SRF(8,712)(2,277)(1,785)(2,865)(1,268)(3,523)(836)(21,266)

SRF

(123)

(42)

(25)

(6)

(20)

(260)

(86)

(562)

Gross operating income

4,221

1,203

914

2,879

1,238

2,514

(1,200)11,768

Cost of risk

(1,042)

(390)

(566)

(55)

(732)

(829)

(36)

(3,651)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

2

-

-

66

344

7

(0)

419

Net income on other assets

(13)

2

72

3

(3)

1

(10)

52

Change in value of goodwill

(3)

-

-

-

-

-

(965)

(968)

Income before tax

3,165

814

419

2,893

847

1,693

(2,212)

7,620

Tax

(1,067)

(252)

(103)

(775)

(69)

(277)

378

(2,165)

Net income from discontinued orheld-for-sale operations

(0)

-

(48)

(24)

(135)

-

(55)

(262)

Net income

2,098

563

268

2,095

643

1,416

(1,889)5,193

Non controlling interests

(3)

(0)

(75)

(362)

(84)

(57)

77

(504)

Net income Group Share

2,096

562

193

1,733

559

1,359

(1,812)

4,689

2019 (stated)
€m

RB

LCL

AG

IRB

SFS

LC

CC

Total

Revenues

13,117

3,457

6,061

2,898

2,716

5,601

(553)

33,297

Operating expenses excl. SRF(8,836)(2,340)(2,897)(1,813)(1,343)(3,321)(837)(21,386)

SRF

(86)

(32)

(7)

(22)

(18)

(177)

(83)

(426)

Gross operating income

4,196

1,085

3,157

1,063

1,354

2,103

(1,473)

11,485

Cost of risk

(498)

(217)

(19)

(337)

(497)

(159)

(29)

(1,757)

Cost of legal risk

-

-

-

-

-

-

-

-

Equity-accounted entities

11

-

46

-

295

4

-

356

Net income on other assets

(6)

2

32

2

0

6

(1)

36

Change in value of goodwill

-

-

-

-

-

22

(664)

(642)

Income before tax

3,703

870

3,215

728

1,152

1,976

(2,166)

9,478

Tax

(1,307)

(274)

(879)

(201)

(233)

(407)

1,564

(1,737)

-

-

8

(46)

-

-

(0)

(38)

Net income

2,396

596

2,345

481

919

1,569

(602)

7,704

Non controlling interests

(0)

(0)

(309)

(105)

(104)

(0)

14

(506)

Net income Group Share

2,396

596

2,035

375

815

1,569

(588)

7,198

Net income from discontinued orheld-for-sale operations

56/63

PRESS RELEASE - 4th quarter 2020

Appendix 3 – Crédit Agricole S.A.: results by businessline
Crédit Agricole S.A. – Contribution by divisions – Q4-20 & Q4-19
Q4-20 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

1,644

904

692

654

1,426

(68)

5,251

Operating expenses excl. SRF

(735)

(599)

(465)

(319)

(911)

(198)

(3,226)

SRF

-

-

-

-

-

-

-

Gross operating income

909

305

228

335

514

(266)

2,025

Cost of risk

(60)

(89)

(131)

(154)

(111)

6

(538)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

20

-

-

140

2

(26)

137

Net income on other assets

1

1

(0)

(10)

(0)

(0)

(9)

Change in value of goodwill

-

-

-

-

-

(903)

(903)

Income before tax

871

216

96

311

406

(1,189)

712

Tax

(275)

(68)

(15)

(44)

(55)

21

(436)

Net income from discontinued or heldfor-sale operations

(24)

-

(7)

(66)

-

0

(96)

Net income

572

148

74

201

351

(1,167)179

Non controlling interests

(123)

(7)

(19)

(12)

(23)

128

(56)

Net income Group Share

449

141

56

189

328

(1,040)124

Q4-19 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

1,623

851

713

672

1,401

(141)

5,119

Operating expenses excl. SRF

(746)

(598)

(454)

(331)

(902)

(229)

(3,260)

SRF

-

0

(0)

(0)

0

(0)

(0)

Gross operating income

877

254

259

341

499

(370)

1,859

Cost of risk

(5)

(64)

(78)

(127)

(55)

(10)

(340)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

14

-

-

65

3

(5)

76

Net income on other assets

11

1

3

(0)

7

(8)

14

Change in value of goodwill

-

-

-

-

22

(611)

(589)

Income before tax

896

191

184

278

476

(1,004)

1,021

Tax

(224)

(53)

(49)

(40)

(67)

1,278

847

Net income from discontinued or heldfor-sale operations

-

-

(46)

-

-

(0)

(46)

Net income

672

138

90

238

409

274

1,821

Non controlling interests

(90)

(6)

(31)

(25)

(10)

2

(160)

Net income Group Share

583

132

59

213

399

276

1,661

57/63

PRESS RELEASE - 4th quarter 2020

Crédit Agricole S.A. – Contribution by divisions – 2020 & 20192020 (stated)€m

GEA

BP (LCL)

BPI

SFS

GC

AHM

Total

Revenues

5,734

3,521

2,659

2,526

6,297

(238)

20,500Operating expenses excl. SRF(2,864)(2,277)(1,728)(1,268)(3,523)(792)(12,452)

SRF

(6)

(42)

(25)

(20)

(260)

(86)

(439)

Gross operating income

2,864

1,203

906

1,238

2,514

(1,116)

7,609

Cost of risk

(55)

(390)

(569)

(732)

(829)

(29)

(2,606)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

66

-

-

344

7

(4)

413

Net income on other assets

3

2

72

(3)

1

0

75

Change in value of goodwill

-

-

-

-

-

(903)

(903)

Income before tax

2,878

814

408

847

1,693

(2,052)

4,588

Tax

(770)

(252)

(101)

(69)

(278)

341

(1,129)Net income from discontinued or heldfor-sale operations

(24)

-

(8)

(135)

-

(55)

(221)

Net income

2,084

563

299

643

1,415

(1,766)3,238

Non controlling interests

(379)

(25)

(92)

(84)

(85)

119

(546)

Net income Group Share

1,706

537

207

559

1,330

(1,647)2,692

2019 (stated)€m

AG

FRB (LCL)

IRB

SFS

LC

CC

Total

Revenues

6,078

3,457

2,796

2,716

5,603

(497)

20,153Operating expenses excl. SRF(2,896)(2,340)(1,731)(1,343)(3,321)(789)(12,421)

SRF

(7)

(32)

(22)

(18)

(177)

(83)

(340)

Gross operating income

3,174

1,086

1,042

1,354

2,105

(1,369)

7,392

Cost of risk

(19)

(217)

(335)

(497)

(160)

(28)

(1,256)

Cost of legal risk

-

-

-

-

-

-

-

Equity-accounted entities

46

-

-

295

4

6

352

Net income on other assets

32

2

2

0

6

12

54

Change in value of goodwill

-

-

-

-

22

(611)

(589)

Income before tax

3,233

870

710

1,152

1,978

(1,991)

5,952

Tax

(881)

(274)

(199)

(233)

(407)

1,539

(456)

8

-

(46)

-

-

(0)

(38)

Net income

2,360

596

465

919

1,570

(452)

5,458

Non controlling interests

(326)

(27)

(132)

(104)

(32)

7

(614)

Net income Group Share

2,034

570

333

815

1,538

(445)

4,844

Net income from discontinued or heldfor-sale operations

58/63

PRESS RELEASE – Fourth quarter 2020

Appendix 4 – Methods used to calculate earnings per
share, net asset value per share
Crédit Agricole S.A. – Data per share, net book value per share and ROTE
(en m€)Net income Group share stated- Interests on AT1, including
issuance costs, before tax
NIGS attributable to ordinary[A]shares - stated
Average number shares in[B]issue, excluding treasury
shares (m)Net earnings per share [A]/[B]statedUnderlying net income
Group share (NIGS)
Underlying NIGS attributable[C]
to ordinary shares
Net earnings per share [C]/[B]underlying

T4-20

T4-19

2020

2019

Var T4/T4

Var
12M/12M

124

1,661

2,692

4,844

(92.6%)(44.4%)

(79)

(105)

(373)

(587)

(24.8%)(36.5%)

45

1,556

2,319

4,257

(97.1%)(45.5%)

2,893.4

2,883.5

2,885.3

2,873.4

+0.3%

+0.4%

0.02 €

0.54 €

0.80 €

1.48 €(97.1%)(45.8%)

975

1,318

3,849

4,582

(26.0%)(16.0%)

896

1,213

3,476

3,995

(26.1%)(13.0%)

0.31 €

0.42 €

1.20 €

1.39 €(26.4%)(13.4%)

31/12/2020

31/12/2019
restated

31/12/2019

Shareholder's equity Group share

65,21762,921

62,921- AT1 issuances(5,888)(5,134)(5,134)- Unrealised gains and losses on OCI - Groupshare(3,083)(2,993)(2,993)- Payout assumption on annual results*(914)53-(2,019)55,33354,793

52,774(17,488)(18,011)(18,011)[E]

37,84436,78334,764[F]

2,915.6

2,884.3

2,884.3[D]/[F]19.0 €54

19.0 €

18.3 €[H]

0.31 €55(en m€)Net book value (NBV), not revaluated,
attributable to ordin. sh.

[D]- Goodwill & intangibles** - Group share
Tangible NBV (TNBV), not revaluated attrib. toordinary sh.
Total shares in issue, excluding treasury shares(period end, m)
NBV per share , after deduction of dividend to pay(€)+ Dividend to pay (€)
NBV per share , before deduction of dividend topay (€)TNBV per share, after deduction of dividend topay (€)TNBV per sh., before deduct. of divid. to pay (€)

0.70 €

19.3 €

19.0 €

19.0 €[G]=[E]/[F]13.0 €54

12.8 €

12.1 €[G]+[H]

13.3 €

12.8 €

12.8 €* dividend proposed to the Board meeting to be paid** including goodwill in the equity-accounted entities

53 € 914 million correspond to the share of the distribution of the dividend made in cash assuming zero public opting for the scrip dividend payment.
54 The NBV per share after deduction of dividend to pay and the TNBV per share after deduction of dividend to pay are calculated based on the total

number of shares as of 31/12/2020

55 0,31€ correspond to the cash distribution

59/63

PRESS RELEASE – Fourth quarter 2020(€m)
Net income Group share attributable to[H]ordinary shares
Tangible NBV (TNBV), not revaluated[I]
attrib. to ord. sh. - avg***
Stated ROTE (%)[H]/[I]Net income Group share attributable toordinary shares excl. CA Italia goodwill[J]
impairment
Stated ROTE (%) excl CA Italia impairment[H]/[J]
Underlying Net income attrib. to ord.
[K]
shares (annualised)
Underlying ROTE (%)[H]/[K]

2020

2019

2,319

4,257

37,31456

33,525

6.2%

12.7%

3,097
8.3%
3,476

3,995

9.3%

11.9%

*** including assumption of dividend for thecurrent exercise

56 Average of the TNBV not revaluated attrib. to ordinary shares calculated based on 31/12/2020 figures and 31/12/2019 restated figures

60/63

PRESS RELEASE – Fourth quarter 2020

Alternative Performance Indicators
NAVPS Net asset value per share – Net tangible assets per share
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.

NBV Net Book Value
Net book value is net equity Group share, restated for AT1 issues, HTCS hidden reserves and proposed
dividends on annual earnings.

EPS Earnings Per Share
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).

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/outstandings
Calculated by dividing the cost of risk (over four quarters on a rolling basis) by outstandings (over an average ofthe past four quarters, beginning of the period). The cost of risk on outstandings can also be calculated by dividing
the annualised cost of risk of the quarter by the outstandings as of beginning of the period.
Since the first quarter 2019, loans outstanding considered are only loans to customers, before impairment

Impaired loans ratio
This ratio compares the gross impaired customer loans to total gross customer loans outstanding.

Coverage ratio
This ratio compares the total loans loss reserves to the gross impaired customer loans outstanding.

Net income Group share attributable to ordinary shares – stated
The net income attributable to equity attributable to ordinary equity corresponds to the group share of which theinterest on the AT1 debt has been deducted, including the pre-tax issue costs

Underlying net income Group share
Underlying net income Group share is calculated as net income Group share restated for specific items (i.e. nonrecurring or exceptional items).

ROE Return on Equity
Indicator measuring the return on equity, calculated by dividing a company’s net income by its equity.

RoTE Return on Tangible Equity
Measures the return on tangible equity (the bank’s net assets restated to eliminate intangibles and goodwill).

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Disclaimer
The financial information on Crédit Agricole S.A. and Crédit Agricole Group for the fourth quarter and the full year
2020 comprises this presentation and the attached appendices and press release which are available on thewebsite: 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 factorsthat 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 twelve-month period ending 31 December 2020 have been prepared in accordancewith IFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently
in force. The Statutory Auditor’s audit work on the financial consolidated statements is underway.
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. 2019 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.
Since 30 September 2019, Kas Bank has been included in the scope of consolidation of Crédit Agricole Group
as a subsidiary of CACEIS. SoYou has also been included in the scope of consolidation as a joint-venture
between Crédit Agricole Consumer Finance and Bankia. Historical data have not been restated on a proforma
basis.
Since 23 December 2019, Caceis and Santander Securities Services (S3) have merged their operations. As of
said date, Crédit Agricole S.A. and Santander respectively hold 69.5% and 30.5% of the capital of Caceis.
On 30 June 2020, once all necessary regulatory approvals were secured, Amundi acquired the entire sharecapital of Sabadell Asset Management.

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PRESS RELEASE – Fourth quarter 2020

Financial Agenda
11 February 2021
7 May 2021
12 May 2021
5 August 2021
10 November 2021

Publication of the 2020 fourth quarter and full year results
Publication of the 2021 first quarter results
Annual General Meeting in Paris
Publication of the 2021 second quarter and the first half year results
Publication of the 2021 third quarter and first 9 months results

Contacts
CREDIT AGRICOLE PRESS CONTACTS
Charlotte de Chavagnac
Olivier Tassain
Bertrand Schaefer+33 (0)1 57 72 11 17+ 33 1 43 23 25 41+ 33 1 49 53 43 76

charlotte.dechavagnac@credit-agricole-sa.fr
olivier.tassain@credit-agricole-sa.fr
bertrand.schaefer@ca-fnca.fr

CREDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS
Institutional shareholders
Individual shareholders+ 33 1 43 23 04 31+ 33 800 000 777 (freephone
number – France only)

investor.relations@credit-agricole-sa.fr
relation@actionnaires.credit-agricole.com

Clotilde L’Angevin
Equity investors:
Toufik Belkhatir
Joséphine Brouard
Oriane Cante
Emilie Gasnier
Nicolas Ianna
Ibrahima Konaté
Annabelle Wiriath+ 33 1 43 23 32 45

clotilde.langevin@credit-agricole-sa.fr+ 33 1 57 72 12 01+ 33 1 43 23 48 33+ 33 1 43 23 03 07+ 33 1 43 23 15 67+ 33 1 43 23 55 51+ 33 1 43 23 51 35+ 33 1 43 23 55 52

toufik.belkhatir@credit-agricole-sa.fr
Joséphine.brouard@credit-agricole-sa.fr
oriane.cante@credit-agricole-sa.fr
emilie.gasnier@credit-agricole-sa.fr
Nicolas.ianna@credit-agricole-sa.fr
ibrahima.konate@credit-agricole-sa.fr
annabelle.wiriath@credit-agricole-sa.fr

Credit investors and rating agencies:
Caroline Crépin+ 33 1 43 23 83 65
Marie-Laure Malo
+ 33 1 43 23 10 21
Rhita Alami Hassani+ 33 1 43 23 15 27

caroline.crepin@credit-agricole-sa.fr
marielaure.malo@credit-agricole-sa.fr
rhita.alamihassani@credit-agricole-sa.fr

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

Crédit Agricole Group

créditagricole_sa

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