PRESS RELEASE
Montrouge, 6 June 2019

GROUP PROJECT & 2022 MEDIUM-TERM PLAN
“Working every day in the interest of our customers and society”

A new Group Project
Crédit Agricole Group is formally setting out its Raison d’être: “Working every day in the interestof our customers and society”. It confirms its customer-focused universal banking model withthree pillars: Excellence in customer relations: be number one in customer satisfaction by becoming
the favourite bank of individuals, entrepreneurs and corporates; Empowered teams for customers: to accompany digitalisation by offering customers
human, responsible and accessible skills;
 Commitment to society: amplify our mutualism commitment to reinforce our position as
the European leader in responsible investment.

A new Medium-Term Plan (2019-2022)
Raised and secured profitability targets
A strong Group, which allows for agile capital management
 Target net income Group share for 2022: > €5bn for Crédit Agricole S.A.; 2022 ROTE: >11% for Crédit Agricole S.A.; CET1 at year-end 2022 factoring in regulatory changes:o> 16% for Crédit Agricole Groupo

11% for Crédit Agricole S.A.

 “Switching off”
Three levers for the new Medium-Term Plan: Growth on all our markets with the goal of being number one in customer conquest;
 Revenue synergies totalling €10bn in 2022;
 Technological transformation for greater efficiency with a €15bn allocation over four
years.

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Today, Crédit Agricole Group is presenting a new Group Project and a new 2022 MediumTerm Plan jointly drafted by the Regional banks and Crédit Agricole S.A.
For the first time, the Group Project spells out Crédit Agricole’s Raison d’être. It serves as thebasis of its unique relationship model and lies at the heart of its customer-focused universalbanking model. Forward-looking and true to the daily expression of the Group’s usefulness,this Raison d’être guides the Group’s transformation and development while promoting its
values of usefulness and universality. It can be summarised as, “Working every day in theinterest of our customers and society”.
Within this new long-term framework, the 2022 strategic plan is a roadmap for profitable growthfor Crédit Agricole. It builds upon the previous Medium-Term Plan, Strategic Ambitions 2020,
which delivered almost all of its financial results a year ahead of schedule. It seeks to amplify
and accelerate the Group’s growth in an uncertain environment, and in a context of growing
societal expectations.
The economic scenario is based on interest rates remaining low. Making a prudent assumptionof an increase in cost of risk to 40 basis points (versus 23 basis points in 2018),
Crédit Agricole S.A. aims to deliver higher and secured profitability, with net income Group
share above €5 billion (€4.4 billion in 2018) and a target return on tangible equity (ROTE)
above 11% (12.7% in 2018; 2016-2019 MTP target: 10%). These targets will be achieved
thanks to the Group’s diversified business model and thanks to improvements in operating
efficiency, in particular through a reduction in cost to income ratios of all Crédit Agricole S.A.
business lines, to fall below 60% in 2022 (excluding the contribution to the Single ResolutionFund).
The CET1 ratio targets set for Crédit Agricole Group and Crédit Agricole S.A. for end 2022,
above 16% and 11% respectively, take into account the much tougher regulatory requirements
expected by this date. Credit Agricole Group’s CET1 ratio guarantees the entire Group’s
financial strength. The Group will also pursue its prudent liquidity management strategy.
Finally, the simplification of Crédit Agricole S.A.’s capital structure will enter a new stage during
the MTP period, with the partial unwinding of the Switch guarantee granted by the Regionalbanks to Crédit Agricole S.A., which will have a favourable impact on earnings per share.

Crédit Agricole S.A. - Financial targets for 2022
Growth in net income Group share> +3% per year (CAGR 2018-2022)
to > €5bn

ROTE

>11%

Cost/income ratio (excl. SRF)

˂ 60%

Cost of risk assumption
CET1~ 40 basis points
11%> 16% for Crédit Agricole Group

Payout ratio

50% in cash2

“Working every day in the interest of our customers andsociety” – the new long-term Group Project
Crédit Agricole is the number one bank in France, number one insurer in France, number one
bancassurer in Europe, number one asset manager in Europe and the world’s tenth largest
bank. With 51 million customers around the world and the biggest retail banking customer basein Europe, the Group has built its growth on a unique relationship model, which it intends toexpand by drawing on three pillars.

Excellence in customer relations at the centre of the Customer Project
The Group aims to be the favourite bank of individuals, entrepreneurs and corporates.
Key drivers:
 Mobilising all business lines around customer satisfaction by managing it at the highest
level, putting the net promoter score (NPS) in the assessment of employees, managers
and senior executives, and creating an Academy for Excellence in Customer Relations; Installing a zero-defect culture (creating a “customer champion” function to solve
customer pain points and a “process manager” to streamline banking processes).
The Group aims to increase the number of customers using its digital applications inFrance and Italy by 20 points by offering an exceptional digital customer experience.
Key drivers:
 tools and applications at the highest standards, across all our markets; products and services adapted to new customer habits including access-offers to all
our services, simple and transparent pricing;
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



leverage data to better know our customers and be their trusted third party;
innovation, with the opening of 17 new Villages by CA in France and Italy;
and customer journeys natively designed for digital use.

The Group is investing in an innovative strategy of banking and extra-banking services
platforms operated directly or with partners.


Rollouts planned in Regional banks: platforms for business creation, for the
management of non-profits, for car financing, and for healthcare services from 2019,and in 2020, platforms offering support for job finding, for housing, as well as a digital
data vault.

Empowered teams at the centre of the Human Project
Men and women who make up Crédit Agricole are key to the success of the Group Project. In
an increasingly digital society, the direct responsibility that a company’s empowered
employees can offer its customers is crucial. The Group is placing this empowerment at thecentre of its Human Project, to reinforce the amplification of the Customer Project.
The Group will stand apart by always offering its customers a direct access to anempowered relationship manager. Relationship managers will be required to show
discernment and their responsibilities will be strengthened, in order to quickly address the
specific needs of customers.
Key drivers:
 relationship managers’s appraisals based on Net Promoter Score (NPS) and, formanagers at Crédit Agricole S.A., assessments based on Engagement andRecommendation Index (ERI) objectives,
 a clear delegation framework (80% of decisions will be taken locally within our retailbanking networks in France), additional customer-facing time, thanks to native integration of compliance in tools anddecisions, relationship managers trained in both behavioural and digital skills.
These far-reaching changes require transformations in terms of management andorganisation, to empower teams and bring them closer to customers.
Key drivers:
 100% of Group Executives trained in our new leadership model,
 “entrepreneur” managers,
 shorter decision-making chains,
 agile ways of working and working spaces, show loyalty towards employee to ensure mutual commitment between employees andthe company.
The Group intends to be the best company to work for in financial services in France,
and Top 5 in Europe.

4A strong commitment to society at the centre of the Societal Project
Crédit Agricole Group will pursue its mutualist commitment to inclusive development and it willcontinue to make green financing one of its key growth drivers.
Pursuing the mutualist commitment to inclusive development
The Group will draw upon its strong local coverage, in particular via the presence of theRegional banks in the regions, to promote fairer economic development by: developing a range of affordable offers for all such as Eko and LCL Essentiel,
 supporting entrepreneurship: Cafés de la Création and Villages by CA,
 preventing and resolving over-indebtedness.
It will also develop social impact financing, by: increase significantly investments in the social and solidarity companies (SSC),
 strengthening CACIB’s leadership in the arrangement of social bonds,
 taking action for the economic development of rural populations in emerging countries(via the Crédit Agricole Grameen Foundation).
And it will reinforce societal ties locally, by: organising massively work experience placements for middle-school students fromdeprived areas,
 supporting local associations (culture, sports and solidarity), alongside projects
conducted by the Regional banks,
 strengthening the role of its Foundations.
Green finance – one key growth drivers for the Group








commit all the Group’s entities to a common climate strategy, in line with the Paris
Agreement, its implementation will be certified by an independent body and publishedin 2020 based on the recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD),
strengthen our commitments to financing the energy transition: exiting from thermal
coal production in EU and OECD countries by 2030 (no new business relations withcompanies for which thermal coal accounts for over 25% of their revenues except thosethat have announced plans to close their thermal coal activities or which intend toannounce such plans by 2021. No business relations with companies developing orplanning to develop new thermal coal capacity), financing one in three renewableenergy projects in France, doubling the size of our green loans portfolio to €13 billion
by 2022,
promote clean and responsible investment policies: incorporating ESG criteria in all
funds managed by Amundi and all new investments by Crédit Agricole Assurances,reach €6bn of the Group’s liquidity portfolio in socially responsible investments (SRI)
financial products,
assigning a transition rating to large corporate customers to structure dialogue withthem on their energy transition roadmap.

The Group intends to be the European leader in responsible investment5

2022 Medium-Term Plan: three levers
The new Medium-Term Plan is based on three levers: growth on all our markets, developmentof revenue synergies and technological transformation for greater efficiency.

Growth on all our markets: number one in customer conquest
Intensify relationships with individual and mass affluent customers:

Targets for individual costumers: number one in net customer conquest with over 1
million additional customers in France and Italy, 26% market share in home loans inFrance for the Regional banks, and a 5 point increase in the share of customers withat least one property & casualty insurance contract in France.



Targets for mass affluent customers: €20bn increase in yearly net inflows (Regionalbanks, LCL, CA Indosuez WM), +240,000 new clients (Regional banks, LCL, Crédit
Agricole Italy).

Be the reference bank for Savings and Wealth management: amplify the value
proposition of the “Trajectoires Patrimoine” offer by completing 50,000 real estatetransactions per year, and +2pp of Regional bank’s customers equipped with death &disability insurance (term life policies).

Address the specific needs of small businesses and farmers


Targets: number one in customer conquest in France (Regional banks, LCL), 75%
market share for new farmers (Regional banks), leading apps (Ma Banque Pro, Pro &Entreprises LCL, etc).

Specific solutions for independent professions and farmers.
Become the strategic partner for SMEs / Midcaps
Targets: reinforce the Regional banks’ leadership in the corporate market andaccelerate the Group’s growth on Midcaps and internationally active French firms, 1/3
of large SMEs customers of LCL, 1.5pp increase in financial market share in the French
food industry sector for Crédit Agricole Group.

Roll out a comprehensive range of bancassurance solutions for companies (the most complete
Group benefits solution for employers in insurance and collective solutions, property & casualty
insurance solution).
Extend the product range for large corporates and financial institutions


Targets: multiply cash management revenues by 1.7, serve one in two SBF 120
companies with a Group retirement savings solution, achieve €4tn in assets undercustody.

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Make payments a key driver for customer loyalty and customer acquisition
As a long-standing leader in France with a market share of 27% and in the top five in Europe,
Crédit Agricole Group has solid foundations on which to build new ambitions. It will invest€450m in payments business between 2019 and 2022.
 Targets for individual customers: strengthen our leadership by offering all payment
services at the highest standards (mobile payments and services, card-related
innovation, new digital services).
Targets for merchants and corporates: support our customers’ development inFrance and Europe to capture market share, with digital and mobile payment solutions
for small and medium-sized merchants, a pan-European electronic payments offering
for Tier1 merchants, and a state of the art e-commerce offer from 2019.

Internationally, Europe is the priority, with an extension of our universal banking modelin Europe and Asia via partnerships
Europe: development of our retail banking and property & casualty insurance in Italy,
selective growth of CACIB large customer base and development of Crédit Agricole
Leasing & Factoring operations in Germany, strengthening of our customer-focused
universal banking in Poland.



In Asia: development of joint ventures and strengthening of positions in Japan for
Amundi, focused development for CACIB in China and capitalisation on recent
acquisitions in Singapore and Hong Kong for Indosuez Wealth Management.

Extend our model in Europe and Asia: while organic growth remains the Group’s
priority, continuing and accelerating on partnerships will contribute to growth in theGroup’s business lines; targeted acquisitions will have to accelerate organic growthand meet criteria in terms of profitability, risks and synergy potential.

Revenue synergies: €10bn by 2022
In the new Medium-Term Plan, the Group is continuing its strategy of developing revenue
synergies between its entities. Its universal banking model offers potential organic growth, toallow each and every business lines to reach the Group’s market share in retail banking. The
Group aims to increase revenue synergies by €1.3 billion up to €10bn in 2022. The two main
drivers will be insurance (+€800m) and specialised financial services (€300m in consumer
finance and leasing).

Technological transformation for greater efficiency: €15bn for IT over 4 years
Align our technological fundamentals with the best standards on the market


Targets: 90% of Group entities to have a data-centric architecture in 2022 and€300m in increased IT efficiency.

Speed up and anticipate the adoption of new technologies


Targets: 100% of IT staff trained in new technologies at the new IT University; 100%of emerging technologies tested for new services for business lines.
7Enhancing operational efficiency
Target: to lower Crédit Agricole S.A.’s cost to income ratio by more than 2pp, taking it
below 60% by 2022.

***

The presentation of the Credit Agricole Group Medium-Term Plan will be published on thewebsite www.credit-agricole.com at 8:30 a.m. on Thursday 6 June 2019 (Paris time).

CRÉDIT AGRICOLE PRESS CONTACTS
Charlotte de Chavagnac
Olivier Tassain
Pauline Vasselle
Caroline de Cassagne+ 33 1 57 72 11 17+ 33 1 43 23 25 41+ 33 1 43 23 07 31+ 33 1 49 53 41 72

charlotte.dechavagnac@credit-agricole-sa.fr
olivier.tassain@credit-agricole-sa.fr
pauline.vasselle@credit-agricole-sa.fr
Caroline.decassagne@ca-fnca.fr

CREDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS
Institutional investors
Individual shareholders+ 33 1 43 23 04 31+ 33 800 000 777 (toll-freenumber France only)

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

Cyril Meilland, CFA+ 33 1 43 23 53 82

cyril.meilland@credit-agricole-sa.fr

Equity investors
Letteria Barbaro-Bour
Oriane Cante
Emilie Gasnier
Ibrahima Konaté
Vincent Liscia
Annabelle Wiriath+ 33 1 43 23 48 33+ 33 1 43 23 03 07+ 33 1 43 23 15 67+ 33 1 43 23 51 35+ 33 1 57 72 38 48+ 33 1 43 23 55 52

letteria.barbaro-bour@credit-agricole-sa.fr
oriane.cante@credit-agricole-sa.fr
emilie.gasnier@credit-agricole-sa.fr
ibrahima.konate@credit-agricole-sa.fr
vincent.liscia@credit-agricole-sa.fr
annabelle.wiriath@credit-agricole-sa.fr

Debt investors and rating agencies:
Caroline Crépin
Laurence Gascon
Marie-Laure Malo

+ 33 1 43 23 83 65+ 33 1 57 72 38 63+ 33 1 43 23 10 21

caroline.crepin@credit-agricole-sa.fr
laurence.gascon@credit-agricole-sa.fr
marielaure.malo@credit-agricole-sa.fr

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

Crédit Agricole Group

créditagricole_sa

This presentation may include forward-looking information and prospective statements on
Crédit Agricole Group, supplied as information on trends. These statements and information include
financial projections and estimates and their underlying assumptions, statements regarding plans,
objectives and expectations with respect to future operations, products and services, and statements
regarding future performance. These statements and information do not represent forecasts within themeaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, § 10). These statement
and information were developed from scenarios based on a number of economic assumptions for agiven competitive and regulatory environment. These assumptions are by nature subject to random
factors and uncertainties, many of which are difficult to predict that could cause actual results to differ
materially from those expressed in, or implied or projected by, the forward-looking information andprospective statements.
Other than as required by applicable laws and regulations, neither Crédit Agricole S.A. nor any otherentities of Crédit Agricole Group undertake any obligation to update or revised any forward-looking
information and prospective statements in light of any new information and/or event.

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Likewise, the financial statements are based on estimates, particularly in calculating market value andasset impairment. Readers must take all these risk factors and uncertainties into consideration before
making their own judgement.
The figures presented are not audited. The figures presented for the twelve-month period ending 31
December 2018, approved by Crédit Agricole S.A.’s Board of Directors on 13 February 2019, have been
prepared in accordance with IFRS as adopted in the European Union and applicable at end-2018, andwith prudential regulations currently in force. The financial targets have been prepared in accordancewith IFRS as adopted in the European Union and applicable at 1st January of 2019, they are also basedon a series of assumptions on the application of prudential regulations.
Note:Crédit Agricole Group’s scope of consolidation comprises: the Regional banks, the Local Banks andCrédit Agricole S.A. and their respective subsidiaries. This is the scope of consolidation that has beenprivileged by the competent authorities to assess Crédit Agricole Group’s situation, notably in the 2016
and 2018 Stress test exercises.
Crédit Agricole S.A. is a listed entity that owns subsidiaries performing the business line activities (Assetgathering, Retail banking France and International, Specialised financial services, and Largecustomers).
The sum of values contained in the tables and analyses may differ slightly from the total reported due
to rounding.

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