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Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20191

FEBRUARY 20, 2020

2019 - A RECORD YEAR

FOR CREDIT MUTUEL ALLIANCE FEDERALE

1

Crédit Mutuel Alliance Fédérale is made up of the following Crédit Mutuel federations: Centre Est Europe, Sud-Est, Ile-de-France,

+11.4% 1 +6.1% 1

GROWTH

CUSTOMER LOANS€383.6 billion

31-déc.-19

€336.8 billion

Number of insurance

+975,000

Number of mobile phone

customers remote subscribers +199,000

COST/INCOME RATIO:

61.4%
2 + 70 bps + 20 bps 17.3% 6.4% + 1.4

MULTISERVICE

IMPROVED OPERATIONAL

RESULTS FOR THE YEAR ENDED DECEMBER 31, 2019

DIVERSIFICATION

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20192Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20193

In 2019, Crédit Mutuel Alliance Fédérale achieved near232,000 businesses, with outstanding loans of private equity: our private equity subsidiary Crédit

FOCUS ON PRIVATE EQUITY

CRÉDIT MUTUEL EQUITY: STRONGLY

New investments 2019:

€422 million

FOCUS ON BANKING NETWORKS

EXCELLENT PERFORMANCE

4,400 - Networks: Crédit Mutuel, CIC, Targobank, BECM

Rise in NBI: +3.1%

Ŧ+11.7%

€2.6 billion

THE MULTISERVICE STRATEGY

Crédit Mutuel Alliance Fédérale's sales performance telecoms operator in France (and the largest without

MUTUAL PERFORMANCE IN SERVICE

7.1% 9.0% 6.5%

6.1%6.5%

2.9% 17.7% 2.6%

17.4%3.9%12.9%

7.4%

Portfolio

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20193

In the insurance business line, the automotive

revenues continued to increase strongly, growing at product range and quality of service led to

MUTUAL SOLIDARITY

As a bank for all, Crédit Mutuel Alliance Fédérale is

In 2019, the product offering for vulnerable

MUTUAL STABILITY AND EFFICIENCY

Rising customer numbers and commercial

points and a cost/income ratio of 61.4%, one and human resources provided for in the

FOCUS ON INSURANCE

Auto and home: revenue growing at twice

Business and professional: property insurance

Online declarations > 400,000

Claims declared online: > 1 in 4

STRONGER RELATIONSHIPS:

+ 1.4 million customers (+5.5%)

OPERATIONAL EFFICIENCY AND STABILITY

Cost/income ratio: 61.4%

(improvement of 50 basis points) +2.6% (vs NBI +3.5%) 17.3% (amélioration de 70 points de base)

142.8%

(vs 131.2% in 2018)

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20194Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20195

For Crédit Mutuel Alliance Fédérale, the effectiveness measures alone and must contribute to sustainable

MUTUAL AMBITION:

More generally, Crédit Mutuel Alliance Fédérale will of their revenue from coal or have an energy mix As of 2021, Crédit Mutuel Alliance Fédérale will make customers with an exposure to the coal sector shale oil, shale gas, oil from bituminous sands,

FOCUS IMPLEMENTING CLIMATE

FINANCING OF

Immediate exit from all positions taken in

coal capacity*.

Exit from positions taken by our investment

Winding-down of existing corporate and

Credit facilities

FOCUS IMPLEMENTING CLIMATE

UNCONVENTIONAL OIL AND GAS

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20195

Other commitments made by

MAJOR COMMITMENTS

The requirement for responsibility, solidarity and by Crédit Mutuel Alliance Fédérale to assist its staff and give preference to internal promotion. the commitment of Crédit Mutuel Alliance Fédérale parity in all new promotions from the Crédit Mutuel

TECHNOLOGY THAT BENEFITS

Crédit Mutuel Alliance Fédérale is convinced that

Gender parity by the end of 2023

Diversity: 1250 recruits for combined work/

Retraining in three years: 50% of customer

Training and internal promotion:

INVESTMENTS TO PROTECT

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20196Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20197

Deeply rooted in its identity as a mutual organization, This is more than just a legal formality. It will be

CREDIT MUTUEL ALLIANCE FEDERALE:

SUMMARY

RECORD RESULTS FOR 2019 AND OUTLOOK

PROOF OF SUSTAINABLE

Year one of the strategy plan:

Crédit Mutuel Alliance Fédérale,

strong commercial momentum

Crédit Mutuel Alliance Fédérale,

assisting all our customers, including

Commitments to staff and society:

Major commitments to

a “business with a purpose" by

CALENDAR

Incorporation of the core purposes into

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20197

FINANCIAL RESULTS

(in € millions)

2019 2018 change

Net banking income

14,569 14,070 +3.5%

Net banking income

14,569 14,070 +3.5%

General operating expenses

(8,942) (8,714) +2.6%

Gross operating income

5,627 5,356 +5.1%

Net additions to/reversals from provisions for loan losses (1,061) (904) +17.4%

Operating income

4,566 4,452 +2.6%

Net gains/(losses) on other assets and ECC

Income tax

(1,507) (1,569) -4.0%

Non-controlling interests

313 298 +5.2%

1

• NET BANKING INCOME

In 2019, Crédit Mutuel Alliance Fédérale achieved net banking income of €14.569 billion. The French, Spanish

(in € millions)

2019 2018 change

Retail banking

10,537 10,284 +2.5% +253

Private banking 572 551 +3.8% +21

IT, logistics and media

1,806 1,712 +5.5% +94

Net banking income for retail banking was €10.537 billion in 2019. This represents the majority (67%) of

Net income from insurance activities was €1.778 billion, a drop of 2.4%. Despite sustained business levels,

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20198Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20199

• GENERAL OPERATING EXPENSES AND GROSS OPERATING INCOME

General operating expenses for 2019 were €8.942 billion, compared with €8.714 billion in 2018; the rise in

• PROVISIONING FOR LOAN LOSSES AND OPERATING INCOME

Net additions to provisions for loan losses rose by €157 million, mainly because of an exceptional provision in

assets in the retail banking portfolio.

the gain on disposal of the interest held by Groupe des Assurances du Crédit Mutuel in RMA (Royale

Banque Casino, Banque de Tunisie and Astrée.

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 20199

FINANCIAL STRUCTURE

• LIQUIDITY AND REFINANCING system of access to market funding.

In total, outstanding third-party funding raised on the markets via BFCM and its subsidiary Crédit Mutuel

• FINANCIAL STRUCTURE AND CAPITAL ADEQUACY

At December 31, 2019, the shareholders' equity of Crédit Mutuel Alliance Fédérale stood at €47.1 billion,

At the end of 2019, Crédit Mutuel Alliance Fédérale reported very solid capital adequacy with a Common

Equity Tier 1 (CET1) ratio of 17.3%,

Risk-weighted assets (RWA) stood at €225.7 billion at December 31, 2019 (compared with €214 billion at the

leverage ratio was 6.4% at December 31, 2019 (6.2% at the end of 2018).

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201910Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201911

1 strong capital generationŦ leverage ratio was 6.4% at December 31, 2019 (6.2% at the end of 2018). • RATINGS

The three rating agencies that issue ratings for Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group

LT/ST Issuer / LT Outlook ST preferred Date of last Standard & Poor"s A+ / A-1 A Stable A-1 11/25/2019

Moody"s Aa2 / P-1 Aa3 Stable P-1 11/4/2019

Fitch Ratings A+ A+ Stable F 1 11/25/2019

Crédits

SREP CET1 requirements and gap to actual - %

Pillar 1

7.9%

12/31/2016

8.5% 15.1% Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201911

Groupe Crédit Mutuel CM11

CRÉDIT MUTUEL ALLIANCE FÉDÉRALE'S BUSINESSES AND MAIN SUBSIDIARIES

Participations

Banque CIC

Bankinsurance networks

IT, logistics and press

BUSINESS SUBSIDIARIES

SPECIALIZED BUSINESS LINESPRIVATE EQUITY

56%

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201912Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201913

RESULTS BY BUSINESS LINE

(in € millions)

2019 2018 change

Net banking income

10,537 10,284 +2.5%

General operating expenses

(6,607) (6,495) +1.7%

Gross operating income

3,929 3,789 +3.7%

Net additions to/reversals from provisions for loan losses (913) (867) +5.3%

Operating income

3,016 2,922 +3.2%

Net gains/(losses) on other assets and ECC

Income tax

(1,042) (1,039) +0.2%

This business encompasses the local banks of the 11 Crédit Mutuel federations, the CIC network, Banque

Group, Banque Casino and all the specialized businesses whose products are marketed by the branch

The retail banking networks continued to gain ground and serve their local territories. - They posted high

€1.889 billion in 2018. Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201913

THE BRANCH NETWORKS

At the end of 2019, the number of customers in the Crédit Mutuel banking and insurance branch network

savings invested with us by customers of the Crédit Mutuel branch banking network were up

Outstanding loans rose by 5.8% to €134.5 billion at the end of 2019, thanks to the steady pace of new lending

Encours de crédits et dépôts clientèle en milliards d'euros Encours de crédits et dépôts clientèle en milliards d'eurosRéseau de bancassurance des caisses Crédit Mutuel

Crédits

Dépôts

Number of customers and members

(in thousands)

Crédit Mutuel

- customer deposits

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201914Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201915

Encours de crédits et dépôts clientèle en milliards d'eurosRéseau de bancassurance des caisses Crédit Mutuel

Crédits

juin-18 juin-17 123,6

Dépôts102,9

5,138

Number of customers

(in thousands) Encours de crédits et dépôts clientèle en milliards d'euros

Crédit Mutuel Network

- customer loans the number of Homiris remote surveillance contracts increased by 4.1% to 165,785 at the end of 2019. income statement, the net banking income of the Crédit Mutuel banking and insurance • CIC BANKING AND INSURANCE NETWORK

The branch network had 5.222 million customers at the end of 2019, up by 1.6% year on year. The number of

(+12.9%), term deposits, held mainly by business and self-employed customers (+24.2%) and passbook Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201915 • 8.7% in remote banking with 2,978,748 contracts; • 4.4% in Homiris theft protection (107,027 contracts); • 5.7% in telephone services (527,185 contracts); • 3.6% in electronic payment terminals (148,967 contracts). income statement, the net banking income of the CIC banking and insurance network rose General operating expenses were kept under control (-0.2%).

CIC network

- customer deposits 51%

Current accounts

and term deposits

CIC network

- customer loans 59%
Home

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201916Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201917

Banque Européenne du Crédit Mutuel specializes in the market for businesses and real estate companies in

• TARGOBANK IN GERMANY

Targobank operates 337 branches in Germany's 250 largest cities, meeting the needs of 3.9 million retail and

market leader in consumer credit and factoring, Targobank combines the advantages of an online bank with

home or by phone.

Targobank also stood out in the annual survey conducted by the German Institute for Service Quality (DISQ),

offers to its 7,400 staff members. A new campaign under the slogan BANK.ECHT.ANDERS (the “authentically

the bank's service center. • COFIDIS PARTICIPATIONS GROUP

consumer credit for over 30 years, offering revolving credit and personal loans, payment solutions, insurance,

retail brands and e-commerce sites to grow sales through its bespoke, high-performance easy payment solutions.

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201917

an 11% rise over the previous year. Outstanding loans increased to €14.9 billion at the end of December 2019,

• a fully online application process with electronic signature; • enabling customers to take out an agreement via a chatbot;

• open banking, which enables customers to share their bank account information when applying for credit.

NETWORK SUPPORT BUSINESSES

These comprise the specialized subsidiaries that market their products through their own channels and/or

• FACTORING AND RECEIVABLES MANAGEMENT IN FRANCE

Crédit Mutuel Alliance Fédérale"s factoring business in France is built around Crédit Mutuel Factoring,

and self-employed customers in France and internationally. • EQUIPMENT AND REAL ESTATE LEASING

Crédit Mutuel Leasing and CCLS

Crédit Mutuel Leasing and CCLS, which was acquired from General Electric in July 2016, together make up

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201918Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201919

Crédit Mutuel Real Estate Lease is a major player in the French real estate leasing market. It meets the needs

taking outstanding lease receivables to €5.3 billion at the year-end. • COLLECTIVE ASSET MANAGEMENT AND EMPLOYEE SAVINGS

Crédit Mutuel Asset Management

With €59.7 billion of assets under management at the end of 2019, Crédit Mutuel Asset Management

Crédit Mutuel Investment Managers

Launched in January 2020, Crédit Mutuel Investment Managers is Crédit Mutuel Alliance Fédérale's new

management, via a “multi-entity" model. The partner entities of this center of expertise are Crédit Mutuel

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201919

Crédit Mutuel Épargne Salariale is the Crédit Mutuel Alliance Fédérale specialist in the management and

Crédit Mutuel Épargne Salariale manages a total of 1.34 million employee savings accounts for • REAL ESTATE

Crédit Mutuel Immobilier (formerly CM-CIC Immobilier) and its seven subsidiaries make up Crédit Mutuel

Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201920Crédit Mutuel Alliance Fédérale - Results for the year ended December 31, 201921

Premium income (in € millions)

2019 2018 change

Property insurance

2,208 2,087 +5.8%

of which auto 1,220 1,153 +5.8%

Health and provident policies

3,190 3,044 +4.8%

of which payment protection 1,635 1,558 +5.0%

Inward reinsurance

31 30 +6.1%

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