Commitment 2014: Strong and clear ambition, profitable organic growth

Crédit Agricole S.A.: the first French banking group to publish a post-Basel 3 strategic plan

• An ambition: becoming the European benchmark in Universal Customer Focused Banking
• A strategy based on organic growth, Group synergies, commitment and responsibility

Target: a restored profitability on healthy foundations

Crédit Agricole Group in 2014
Net banking income > €40bn
Cost/income ratio - 4 points
Net income, Group share: €9-10bn
Solvency ratio: Common Equity Tier 1 > 12%

Crédit Agricole S.A. in 2014
Net banking income > €25bn
Cost/income ratio < 60%
Net income, Group share: €6-7bn
RoE: 10-12%
RoTE: 15-18%
Common Equity Tier 1 ratio > 8.75%

Dividend: assumption of a payout ratio of around 35% in 2011 with payment in cash

2014 financial targets for business lines

Retail banking*:

• Growth in NBI: France: average of +2-3% a year. International operations: average of +10-12% a year
• Cost/income ratio: -7 points compared to 2010
• 2014 target Net income, Group share: > €3 bn

Savings management:

• Growth in NBI: average of + 5-7% a year
• 2014 target Net income, Group share: > €2 bn

Specialised financial services:

• NBI and risk-weighted assets: ? stable
• 2014 target Net income, Group share: > €700 mn

Corporate and investment banking:

• 2014 target NBI: ? €7 bn
• 2014 target cost/income ratio: < 60%, a decrease of more than 6 points compared to 2010
• 2014 target Net income, Group share: ? €1.8 bn

Jean-Paul Chifflet, Chief Executive Officer of Crédit Agricole S.A., and Crédit Agricole S.A. Group's executive management team today present Commitment 2014, Crédit Agricole S.A. Group's medium-term strategic plan.

For Jean-Paul Chifflet, Chief Executive Officer of Crédit Agricole S.A., Commitment 2014 reflects a strong and clear ambition of achieving profitable organic growth. For Jean-Marie Sander, Chairman of Crédit Agricole S.A., Commitment 2014 has been developed against the backdrop of major and lasting changes that have been fully factored in. Crédit Agricole S.A. is therefore the first French banking group to publish a post-Basel 3 strategic plan.

In this changing environment, Crédit Agricole Group benefits from major strengths and solid fundamentals serving 54 million customers worldwide, with strong cooperative and mutualist foundations forming the basis for its position as France's leading bank with 28% market share among households, and as the leading financial partner of the economy with outstanding loans of €457.4 billion at 31 December 2010. Crédit Agricole is also No. 1 in Europe in terms of retail banking revenues and number of bank branches. The Crédit Agricole Group's expertise and ability to anticipate its customers' expectations have enabled it to establish market-leading positions in insurance, asset management, consumer finance, leasing and factoring.
Crédit Agricole is also a resilient Group, presenting a Core Tier One ratio of 8.8% at the end of 2010 and a cost/income ratio of 61%, back at its pre-crisis level...