Crédit Agricole CIB Universal Registration Document 2023 PDF

UNIVERSAL REGISTRATION DOCUMENT 2023 CONTENTS 1. PRESENTATION OF CRÉDIT AGRICOLE CIB.... 13 6. CONSOLIDATED FINANCIAL STATEMENTS AT 1. Company History...................................................................... 17 31 DECEMBER 2023................................... 271 2. 2023 Highlights........................................................................18 1. General framework................................................................ 274 3. Crédit Agricole CIB’s Business Lines....................................19 2. Consolidated financial statements.....................................279 3. Notes to the financial statements......................................287 4. Statutory auditors’ report on the consolidated financial 2. ECONOMIC, SOCIAL AND ENVIRONMENTAL statements (Year ended 31 December 2023)................388 INFORMATION............................................25 1. Non-financial risks................................................................... 29 2. Our CSR approach...................................................................31 7. PARENT-COMPANY FINANCIAL STATEMENTS AT 31 DECEMBER 2023..............................397 3. ESG risk management............................................................69 1. Crédit Agricole CIB (S.A.) financial statements.............400 4. Results.....................................................................................80 2. Notes to the parent-company financial statements..... 403 3. Statutory auditors’ report on the annual financial 3. CORPORATE GOVERNANCE......................... 91 statements(Year ended 31 December 2023)..................435 8. GENERAL INFORMATION........................... 441 1. Board of Directors’ report on corporate governance....... 95 2. Composition of the Executive Committee and the Management Committee......................................................153 1. Articles of association effective at 31 December 2023.444 2. Information about the company....................................... 450 4. 2023 BUSINESS REVIEW AND FINANCIAL 3. Statutory Auditors’ special report on related party agreements.............................................................................452 INFORMATION.......................................... 155 4. Responsibility statement.....................................................459 1. Crédit Agricole CIB group’s business review and financial 5. Statutory auditors............................................................... 460 information..............................................................................159 6. Glossary.................................................................................. 461 2. Information on the financial statements of Crédit Agricole CIB (S.A.).................................................................169 7. Cross-reference tables..........................................................475 5. RISKS AND PILLAR 3..................................173 1. Risk factors...............................................................................176 2. Risk management..................................................................187 3. Basel III Pillar 3 disclosures.................................................230 ANNUAL FINANCIAL REPORT UNIVERSAL REGISTRATION DOCUMENT 2023 The Universal Registration Document has been filed on 25th March 2024 with AMF, as competent authority under Regulation (UE) 2017/1129, without prior approval pursuant to Article 9 of the said regulation. The Universal Registration Document may be used for the purposes of an offer of securities to the public or admission of securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and any amendments to the Universal Registration Document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129. This is a translation into English of the Universal Registration Document of the Company issued in French and it is available on the website of the Issuer. S RANKINGS AND KEY FIGURES 46 countries 54 Number 1 provider of financing to the French economy million Internal source: ECO 2023 customers Number 1 European asset manager Source: IPE “Top 500 Asset Managers”, June 2023 8,250 branches, including Number 1 insurer in France Source: L’Argus de l’assurance, 13 December 2023 (data at end-2022) 6,750 in France, Regional Banks and LCL Number 1 retail bank in the European Union Based on number of customers 10 th largest global bank by balance sheet size Source: The Banker 2023 11.8 million mutual shareholders Number 1 cooperative mutual bank in the world Source : The 2023 World Cooperative Monitor, January 2024 (in revenues) 4 CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 S GROUP PERIMETER CRÉDIT AGRICOLE GROUP INCLUDES CRÉDIT AGRICOLE S.A. AS WELL AS ALL OF THE REGIONAL BANKS AND LOCAL BANKS AND THEIR SUBSIDIARIES. REGIONAL BANKS FLOAT 11.8M mutual in the shareholders who hold mutual shares 23.8% ,6% 9.2% Institutional Individual 2,395 Local Banks investors shareholders hold 100% 39 Regional Banks of SACAM Mutualisation holding 25% 6.5% NS(3) who together hold the of the Regional Banks Employee Share Treasury shares majority of the share Political link Ownership Plans capital of CRÉDIT AGRICOLE S.A. Fédération nationale via SAS Rue La Boétie (1) du Crédit Agricole(2) (ESOP) holding holding 59.7% 40.3% (4) ASSET GATHERING AND INSURANCE RETAIL BANKING SPECIALISED FINANCIAL SERVICES ITALY POLAND, UKRAINE, EGYPT LARGE CUSTOMERS SPECIALISED BUSINESSES AND SUBSIDIARIES ÉQUIVALENCE QUADRICHROMIE MAGENTA 100% JAUNE 100% CRÉDIT AGRICOLE CYAN 100% JAUNE 40% NOIR 15% CA_group_infrastructure_platform_02_color_CMJN 06 août 2019 CYAN 100% JAUNE 70% NOIR 45% 30-34, rue du Chemin Vert - 75011 Paris - France Tél. : +33 (0)1 85 56 97 00 — www.carrenoir.com 1. The Regional Bank of Corsica, 99.9% owned by Crédit Agricole S.A., is a shareholder of SACAM Mutualisation. 2. The Fédération nationale du Crédit Agricole (FNCA) acts as a think-tank, a mouthpiece and a representative body for the Regional Banks vis-à-vis their stakeholders. 3. Non-Significant: 0.8% treasury shares, including buy-backs in 2023 that will be cancelled in 2024. 4. Excluding information made to the market by SAS Rue La Boétie in August 2023, regarding its intention to purchase by the end of the first half of 2024 Crédit Agricole S.A. shares on the market for a maximum amount of €1 billion. S CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 5 Our business model: Acting for tomorrow by supporting our clients Our resources STRONG VALUES Leader in sustainable ﬁnance activities and a desire for increasing commitment: strong CSR commitments Long-term support for our clients to ﬁnance the real economy All our employees: our key asset RECOGNISED EXPERTISE CAPITAL MARKETS All French All Bonds in EUR Green, Social & 1st corporates bonds 2nd 2nd Sustainable bonds Worldwide (1) in EUR (1) in EUR Worldwide (2) FINANCING ACTIVITIES POSITION 2nd Syndicated loans Syndicated loans 3rd in France (1) in EMEA (1) (1) Source : Refnitiv - (2) Source : Bloomberg Best Trade Finance Covered Bond House Euro Bond EMEA ESG Financing Bank in Western Europe of the Year House House of the Year AWARDS WINNING FRANCHISE Structured Products Derivatives House of Best Bank in Monaco for CFM House of the Year the Year, Hong Kong Indosuez Wealth Management A STRONG DIVERSITY …... of business lines: … of our employees and an A Corporate and Investment Bank … international network: Oriented towards corporate ﬁnance 35% in Financial insti- tutions and 65% corporates with 66% in ﬁnancing solutions and 34% in hedging, investment and advisory solutions and 12,661 focused on Europe with a global network. including 3,074 in Wealth management A Wealth management, proposing a tailor-made approach that enables each of our customers to manage, protect and 55% 43.3% transfer their wealth as closely as possible to their aspirations. international women OUR CAPITAL AFFILIATION WITH 12.6% €29.9 Bn A STRONG BANKING Crédit Agricole CIB’s Crédit Agricole CIB GROUP fully loaded CET1 equity CRÉDIT AGRICOLE GROUP C100 J70 N45 BLOC MARQUE VERTICAL CARTOUCHE + CA Nº dossier : 20151738E Date : 21/12/16 Validation DA/DC : Validation Client : 6 CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 S in their transition challenges Our role and ambitions OUR ROLE Supporting our clients’ asset-backed ﬁnancing projects Meeting their cash management and international business needs as well as those of Receivable & Supply chain ﬁnance solutions Arranging syndicated loans Innovating in CSR solutions Oﬀering risk hedging, ﬁnancing and investment solutions involving the market or private investors Advising our clients in their balance sheet issues Supporting our clients in managing, structuring, protecting, and transferring their wealth OUR AMBITIONS Societal commitment to energy transition and environment A growth model focused on European customers Expanding business lines, leveraging on their strengths Our value creation CLIENTS A dedicated community of experts to support our clients in their ESG strategy A speciﬁc oﬀer for our ETI customers A CIB focused on Europe with a global network serving its major clients €321.5 M €4.5 Bn 66% Outstanding Outstanding of Green notes Revenues of Social Notes and similar debt products Europe RESPONSIBLE EMPLOYER Active policy of cultural sponsorship in connection with the societal project of the Crédit Agricole Group 80% Participation rate in the IMR Ethical culture (Accountability Index) Active policy for young people COMMITTED TO SUSTAINABLE FINANCE ACTIVITIES Co-founder of the Green Bond Principles Global player in Green & Sustainability-linked Loans 2nd bookrunner worldwide in euros in green, social and sustainability bonds (1) €17 Bn €13.8 Bn Green asset Low-carbon energy portfolio (2) exposures A LONG-TERM DIGITAL STRATEGY TO SUPPORT OUR CLIENTS’ TRANSFORMATIONS (1) Source Bloomberg. (2) Green asset portfolio aligned with the eligibility criteria of the new Group Green Bond Framework and 100% aligned with the European taxonomy. S CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 7 6 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General framework CRÉDIT CRÉDITAGRICOLE AGRICOLE S.A. S.A. % OF OWNERSHIP INTEREST (1) RETAIL BANKING INTERNATIONAL ASSET GATHERING IN FRANCE RETAIL BANKING CRÉDIT AGRICOLE S.A. INSURANCE ASSET MANAGEMENT WEALTH MANAGEMENT 78.1% CRÉDIT 95.6% 100% AGRICOLE 67.5% AMUNDI 1.7% CA INDOSUEZ 100% LCL CRÉDIT AGRICOLE 10.5% ASSURANCES OTHER CA-CIB CARIPARMA ITALIA GROUP S.A. S.A. S.A. ENTITIES S.A. 4.4% SACAM DÉVELOPPEMENT 8.3% S.P.A. Italy SACAM INTERNATIONAL 100% PREDICA 100% AMUNDI ASSET CA Indosuez CALIT 85% 100% S.A. MANAGEMENT Wealth (Europe) 15% S.R.L. Italy S.A.S S.A. Luxembourg CA LEASING & FACTORING 100% PACIFICA S.A. Amundi SGR 100% CFM Indosuez 100% S.P.A. Italy Wealth S.A. CRÉDIT 15% Monaco CRÉDIT DU MAROC 100% AGRICOLE Amundi US Inc. 100% S.A. Morocco CREDITOR CA Indosuez INSURANCE United States 100% (Switzerland) S.A. J.S.C S.A. Switzerland CRÉDIT AGRICOLE 100% Amundi BANK Deutschland 100% J.S.C. Ukraine CRÉDIT 82.9% 100% AGRICOLE GMBH AZQORE Germany VITA CRÉDIT AGRICOLE S.P.A. Italy 100% POLSKA S.A. Sabadell AM 100% S.A. Poland S.A. CA 100% ASSURANCES CRÉDIT AGRICOLE RETRAITE 86.4% CPR AM 13.6% 52.2% EGYPT S.A. S.A. 13.1% CA-CIB S.A.E. Egypt 100% BFT INVESTMENT SPIRICA S.A. MANAGERS 100% S.A. 94.1% CALI EUROPE 5.9% OTHER S.A. Luxembourg GROUP ENTITIES (1) Percentage of direct ownership interest of Crédit Agricole S.A. and its subsidiaries, excluding treasury shares. 582 8 CRÉDIT AGRICOLE S.A. | Universal Registration Document 2023 CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 REFER TO THE GLOSSARY ON PAGE XXX FOR THE DEFINITION OF TECHNICAL TERMS. S CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 6 General framework AT 31 DECEMBER 2023 DECEMBER 2023 SPECIALISED LARGE FINANCIAL CORPORATE CENTRE CUSTOMERS SERVICES CRÉDIT AGRICOLE S.A. FIRECA CRÉDIT AGRICOLE 97.8% CRÉDIT AGRICOLE CACIF 100% 51% INNOVATIONS & 100% CONSUMER CIB S.A. PARTICIPATIONS 49% FINANCE S.A. S.A.S. SACAM S.A. 2.2% FIRECA SACAM DÉVELOPPEMENT CRÉDIT AGRICOLE IDIA 100% 50% PAYMENT 100% S.A. SERVICES 50% CA AUTO BANK S.A.S. REGIONAL BANKS 100% 50% CRÉDIT AGRICOLE 61% FONCARIS AGOS DUCATO IMMOBILIER S.A. S.A. 50% S.P.A. Italy SACAM ASSET SERVICING IMMOBILIER CACEIS 69.5% 50% LEASYS S.A. 30.5% UNI-MÉDIAS 100% 50% BFORBANK SANTANDER S.A.S. S.A. 50% SACAM CACEIS Bank 100% 50% AVENIR CRÉDIT AGRICOLE (Spain) UPTEVIA 100% LEASING & S.A.U. CRÉDIT AGRICOLE- FACTORING 50% BNP PARIBAS 100% 19.4% GROUP S.A. DELFINANCES INFRASTRUCTURE CACEIS Fund 100% 50% SANTANDER PLATFORM 80.6% OTHER GROUP Administration LATAM S.A.S. ENTITIES 100% EFL S.A. HOLDING S.A. Poland CAISSE CRÉDIT AGRICOLE RÉGIONALE 99.9%(1) 100% TRANSITIONS CACEIS 100% DE CORSE ET ÉNERGIES INVESTOR S.C.C.V. SERVICES BANK 50% CACEIS Bank S.A. 33.3% Fund Channel 66.7% AMUNDI (1) Percentage of control. Note: This is a simplified organisation chart that aims to show the main Crédit Agricole S.A. entities. For an exhaustive scope of consolidation, please refer to Note 12; the financial flows between Crédit Agricole S.A. and its subsidiaries are, where necessary, the subject of related-party agreements, which are themselves the subject of a Statutory Auditors’ special report; the Crédit Agricole Group’s internal mechanisms (particularly those between Crédit Agricole S.A. and the Regional Banks) are detailed in the paragraph “Internal financing mechanisms”, which appears in the introduction to the consolidated financial statements. 9 583 REFER TO THE GLOSSARY ON PAGE XXX FOR THE DEFINITION OF TECHNICAL TERMS. CRÉDIT AGRICOLE S.A. | Universal Registration Document 2023 S CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 MESSAGE FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER PHILIPPE BRASSAC Chairman of Crédit Agricole CIB’s Board of Directors Crédit Agricole S.A. Chief Executive Officer C rédit Agricole Group’s 2023 financial results are once again very sound, and this continuing success illustrates the strength and resilience of our business model. The performance achieved We are therefore in each of our business lines stands out even more as it continuing with our contrasts with the sharp economic slowdown seen over the past year. strategy by establishing This slowdown is set against a global backdrop of instability, caused very strong collective by three major phenomena that have had an impact on our business activities this year. convictions, in particular First of all, inflation, which was stronger than expected, resulted in the conviction that the central banks hiking their rates at unprecedented speed to control the driving force behind level of debt, automatically impacting the sectors most prone to rising the Group’s growth is interest rates, beginning with real estate. its social utility. Crédit Secondly, the increase in geopolitical tensions and conflicts is forcing Agricole Group is now banks to better anticipate this category of risk, in the same way that the tenth largest bank in we approach major credit, market and operational risks. the world because it has Finally, from an environmental perspective, the idea that current models are neither sustainable nor long-term in nature is gaining ground, and systematically met the the economic challenges associated with climate change are driving major societal challenges companies to commit to a more sustainable model. that have occurred Despite, or perhaps because of, these disruptions, our roadmap throughout its history. has never been so clear and the direction that we need to follow is unambiguous. Crédit Agricole CIB, which is a high-performing and successful corporate and investment bank, while also exercising caution and remaining connected to the entire Group, is an integral part of our ambition. In 2022, when we presented our Medium-Term Plan, we announced our ambition to make significant progress in our core business lines while, at the same time, accelerating our support for transitions. Changes in the environment have confirmed that this analysis and the choices made at the time were appropriate. We are therefore continuing with our strategy by establishing very strong collective convictions, in particular the conviction that the driving force behind the Group’s growth is its social utility. Crédit Agricole Group is now the tenth largest bank in the world because it has systematically met the major societal challenges that have occurred throughout its history. It demonstrates the Group’s loyalty to its mission: acting in the interests of its clients and society. 10 CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 S XAVIER MUSCA Chief Executive Officer of Crédit Agricole CIB Deputy Chief Executive Officer of Crédit Agricole S.A., in charge of Large Customers C rédit Agricole CIB posted excellent results in 2023, setting new records in terms both of revenue and profitability. Crédit Agricole CIB posted At over €6.3bn, the CIB’s revenue rose 10% compared with excellent results in 2023, 2022, with the net income Group share standing at €2,017m setting new records in as of 31 December 2023, up 23% from 2022. terms both of revenue It was a record year for market and financing activities, with a significant and profitability. growth in market activities driven by the increase in interest rates and volatility at the start of the year. Corporate investment banking In 2024, we will pursue also posted growth despite the turbulent economic environment, in a our development testament to the resilience of our model. At the same time, we kept objectives in Europe our risk level under control. and continue to harness Looking beyond these results, it is important to note the trend and the growth potential constancy of our performance. We set a record level of profitability and momentum of the for the third consecutive year, demonstrating the relevance of our strategy, which perfectly responds to the needs of our clients and the Americas region. We will Group’s clients. Being backed by a solid shareholder with a long-term also continue to shore up vision strengthens our ability to roll out new activities and bolsters our positions in capital our growth potential. markets while staying In 2024, we will pursue our development objectives in Europe and true to our model focused continue to harness the growth potential and momentum of the on our clients’ needs. Americas region. We will also continue to shore up our positions in capital markets while staying true to our model focused on our clients’ needs. Lastly, we will place a particular focus on the financing of renewable energies. Further key priorities will be to monitor our decarbonisation trajectories, the respect of our climate commitments, and the new regulations coming into place such as the CRSD. S CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 11 12 CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 S UNIVERSAL REGISTRATION DOCUMENT 2023 1 PRESENTATION OF CRÉDIT AGRICOLE CIB S 1 CONTENTS 1. COMPANY HISTORY.........................................................................17 3. CRÉDIT AGRICOLE CIB’S BUSINESS LINES............... 19 3.1. FINANCING ACTIVITIES....................................................... 20 2. 2023 HIGHLIGHTS........................................................................... 18 3.2. CAPITAL MARKETS AND INVESTMENT BANKING... 21 3.3. GLOBAL COVERAGE.............................................................22 3.4. WEALTH MANAGEMENT.....................................................23 14 CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 S 31.12.2023 31.12.2022 31.12.2021 Crédit Crédit Crédit Agricole Underlying Agricole Underlying Agricole Underlying INCOME STATEMENT € million CIB CIB 1 CIB CIB 1 CIB CIB 1 HIGHLIGHTS Net banking income 7,317 6,333 6,697 5,764 5,913 5,109 SUMMARY Gross operating income Net income Group 2,952 2,787 2,593 2,433 2,219 2,113 2,241 2,017 1,838 1,645 1,691 1,553 Share 1 Restated in NBI for DVA impacts, FVA impacts liquidity cost, and for Secured lending in Capital Market Activities and for loan hedges in Financing Activities. BALANCE SHEET € billion 31.12.2023 31.12.2022 31.12.2021 Total assets 757.4 728.2 599.7 Gross loans to customers 175.2 182.2 168.4 BALANCE SHEET Assets under management 135.1 129.9 134.6 AND FINANCIAL (in Wealth management) STRUCTURE FINANCIAL STRUCTURE € billion 31.12.2023 31.12.2022 31.12.2021 Shareholder's equity (including income) 29.9 28.3 26.5 Fully-loaded Tier one capital 17.3 16.2 15.4 Basel III risk-weighted assets 137.2 141.7 133.5 23.3% 23.3% 23.3% 21.8% 21.8% 21.8% 20.1% 20.1% 20.1% 20.4% 20.4% 20.4% 18.6% 18.6% 18.6% 17.5% 17.5% 17.5% FULLY-LOADED SOLVENCY RATIO 12.6% 12.6% 12.6% 11.4% 11.4% 11.4% 11.5% 11.5% 11.5% CET 1 ratio Tier one Overall 31.12.2023 31.12.2023 31.12.2022 31.12.2023 31.12.2022 31.12.2021 31.12.2022 31.12.2021 31.12.2021 Short-term Long-term Last rating action Prime-1 Aa3 [Stable] 15 December 2023 RATINGS A-1 A+ [Stable] 26 October 2023 F1+ AA- [Stable] 10 January 2024 S CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 15 14 % 14 % 14 % BREAKDOWN OF NET BANKING 2023 45 % 2022 46 % 2021 47 % INCOME 1 41 % 40 % 39 % Wealth management Financing activities Capital Markets and Investment Banking 1 Restated in NBI for DVA impacts, FVA impacts liquidity cost, and for Secured lending in Capital Market Activities and for loan hedges in Financing Activities. BREAKDOWN OF NET BANKING INCOME BY GEOGRAPHICAL AREA 31.12.2023 31.12.2022 31.12.2021 FRANCE 36% 39% 41% EUROPE excluding France 30% 31% 30% INTERNATIONAL 34% 30% 29% TOTAL of NBI (€ million) 7,317 6,697 5,913 A GLOBAL PRESENCE HEADCOUNT AT END OF PERIOD FULL-TIME EQUIVALENT 2023 1 2022 1 2021 1 FRANCE 5,659 5,507 5,176 INTERNATIONAL 7,002 6,996 6,828 TOTAL 12,661 12,503 12,003 1 Wealth management contributes overall to 3,074 in 2023, 3,008 in 2022, 3,063 in 2021. 16 CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 S 1. COMPANY HISTORY 1863 Creation of Crédit Lyonnais 1875 Creation of Banque de l’Indochine 1885 Creation of the first local fund in Poligny, Jura 1894 Law allowing creation of the first “Sociétés de Crédit Agricole”, later entitled Caisses Locales (“Local Banks”) 1920 Creation of Office National de Crédit Agricole, that became the Caisse Nationale de Crédit Agricole (CNCA) in 1926 1945 Nationalisation of Crédit Lyonnais 1959 Creation of Banque de Suez 1975 Merger of Banque de Suez and Union des Mines with Banque d’Indochine 1988 to form the Banque Indosuez CNCA becomes a public limited company owned by Regional Banks and employees (“Loi de Mutualisation”) 1996 Acquisition of Banque Indosuez by Crédit Agricole to create the International Investment Bank of 1997 one of the world's top 5 banking groups CNCA consolidates within its new subsidiary Crédit Agricole Indosuez its international, capital markets and corporate banking activities 1999 Privatisation of Crédit Lyonnais 2001 CNCA changes its name to Crédit Agricole S.A. and goes public on 14 December 2001 2003 Successful mixed takeover bid on Crédit Lyonnais by Crédit Agricole S.A. 2004 Creation of Calyon, the new brand and corporate name of the Crédit Agricole Group’s fi nancingand investment banking business, through a partial transfer 06 FEBRUARY 2010 from Crédit Lyonnais to Crédit Agricole Indosuez Calyon changes its name and becomes Crédit Agricole Corporate and Investment Bank S CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 17 Chapter 1 – Presentation of Crédit Agricole CIB 2023 Highlights 2. 2023 HIGHLIGHTS 2023 was characterized by a market environment that remained complex throughout the year, marked by many uncertainties and interrogations about the evolution of inflation and the action of central banks in terms of monetary policy. For financial markets, 2023 was a period of adjustment and Against this backdrop, Crédit Agricole CIB posted excellent transition with a particular focus on the balance between fighting results, marking new record highs in both revenues and inflation and supporting economic growth. profitability. Crédit Agricole CIB’s revenues reached a very high The advanced economies showed, nevertheless, unexpected level, up +11% (1) compared to 2022. The excellent commercial resilience thanks to a range of shock absorbers, used to varying performance on all product lines of Capital Markets (+16% degrees, that included different stress : savings accumulated compared to 2022) and Financing Activities (+8% compared to during the Covid pandemic, sound private balance sheets, a tight 2022) illustrates once again this year the strong complementarity labour market, investment spurred by public policy and lower of Crédit Agricole CIB’s two business lines and the relevance of sensitivity to interest rate shock. These economies withstood its business model. persistently high inflation, severe monetary tightening and a In 2023, Crédit Agricole CIB reaffirms its leading positions in both disappointing recovery in China better than had been expected. bond issues by maintaining its first rank in French Corporate (2) They also continued to develop against a global backdrop of major issues in France for the fifth consecutive year, taking the second geopolitical uncertainties, such as the ongoing war in Ukraine position worldwide in All Bond issues in EUR (3) and the second and the emergence of the Israeli-Palestinian conflict in October. position in Green, Social and Sustainability bonds in EUR (4) ; Inflation, while remaining high, continued its decline in 2023 similar trend observed in se syndication activities by positioning with an acceleration at the end of the year, thanks to base second bookrunner by volume in Syndicated Loans in France effects that played a favorable role, notably in relation to the and third in EMEA (5). decline in energy prices. Value chains, congested at the end In 2023, Crédit Agricole CIB maintained its organic growth and of the Covid pandemic due to demand very quickly outpaced investment strategies and posts a cost/income ratio (excluding supply, and commodity markets, disrupted by the war in Ukraine, the SRF contribution) at 51.7% (6). The cost of risk remained under gradually returned to normal. Energy, manufacturing and food control over the year despite a tense and uncertain geopolitical commodity prices fell, as did transport costs. This upstream climate, down sharply compared to 2022, which included disinflation led to a rapid and largely automatic fall in headline allocations from the Russia/Ukraine conflict. inflation. Having joined the Net Zero Banking Alliance (NZBA) in July 2021 To fight against the high inflationary risk, the central banks aiming at carbon neutrality by 2050, the Crédit Agricole Group set have remained on high alert and adopted a policy of monetary itself, in December 2022, intermediate targets for 2030 and action tightening, mainly through interest rate increases. In the United plans on five sectors to achieve this target. In December 2023, States, after having raised the target range for the federal funds the Crédit Agricole Group, in a more ambitious approach, interest rate by 425 basis points in 2022, the Federal Reserve has set additional targets for five new sectors. On the 10 maintained its monetary tightening, albeit less aggressively sectors published by the Group, 8 concern Crédit Agricole CIB, (100 basis points, taking the upper bound to 5.50% in July 2023). which is thus in line with the Group’s decarbonization trajectories. In the Eurozone, the European Central Bank carried on with Initially, these sectors include oil and gas, electricity, automotive, its own monetary tightening with increases totalling 200 basis commercial real estate and cement, to which the steel, aviation points, this put refinancing and deposit rates at 4.50% and 4% and shipping sectors have been added since December 2023. respectively from September 2023 onwards. Additionally, in December 2023, Crédit Agricole CIB also All these factors have changed the behavior of economic players committed to increasing exposure to low-carbon energy by and generated volatility on the markets, creating risks but also 80% (7) by 2025 (compared to 2022), and to reducing emissions opportunities for Crédit Agricole CIB’s activities. financed from the Oil & Gas sector by -75% by 2030 (compared to the target of -30% announced in 2022). (1) Underlying revenues, excluding the impact of specific items (see details provided in Chapter 4 of this Universal Registration Document). (2) Source : Refinitiv N8. (3) Source : Refinitiv N1. (4) Source : Bloomberg. (5) Source : Refinitiv R17. (6) CIB business line in underlying view. (7) The exposure used is the Exposure At Default (EAD). The allocation percentage is on capital expenditure. 18 CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 S Chapter 1 – Presentation of Crédit Agricole CIB Crédit Agricole CIB’s Business Lines 3. CRÉDIT AGRICOLE CIB’S BUSINESS LINES 1 CORPORATE AND INVESTMENT BANK (CIB) Commercial Banking Cash management LBO Transactional Syndicated loans commodity International trade finance financing Telecom Investment Banking Advisory activities Structured TIVITIES related to stocks and finance AC securities issuance Aircraft and rail G Equity Solutions activities IN transport (Structuring and G NC selling Shipping N T B A N KIN transactions FINA financing involving equity Real estate and derivatives) hotels Activities dedicated to Natural Resources, mergers and acquisitions Infrastructure and Electricity GLOBAL Alternative financing COVERAGE TME solutions ES CA NV Global PIT D I Markets Division AL M N A R K ETS A Treasury Credit division Interest rate Short term liquidity derivatives management & Secured lending Bank short term Structuring and product refinancing development Foreign exchange WEALTH MANAGEMENT S CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 19 Chapter 1 – Presentation of Crédit Agricole CIB Crédit Agricole CIB’s Business Lines 3.1. Financing Activities The Financing activities includes the activities of Structured Finance and Commercial Banking. In 2023, it recorded underlying net banking income (1) of €3,296 million, i.e. 52% of CIB’s underlying net banking income. Structured Finance (Energy & Real Assets) international banks active in the shipping sector to support the transition to a low-carbon and climate-resilient economy. The Structured Finance business line’s underlying net banking income reached €1,213 million in 2023. Real Estate and hotel The main tasks of the Energy & Real Assets (ERA) are to The Real Estate and hotel division operates in 10 countries. Crédit originate, advise, structure and finance, in France and abroad, Agricole CIB, leading player in the real estate financing sector, investment transactions often based on real collateral (aircraft, deals with the key national and international players in the office, boats, corporate real estate, commodities, etc.) or complex and commercial and logistics real estate sectors, as well as with family structured loans, primarily in the mobility, real estate, natural holding companies. It also offers its products and services to resources, electricity and infrastructure sectors, as well as for the international hotel groups and other clients related to this sector. energy transition. The ERA division strives to maintain excellence in the quality of services provided and to optimise consumption of risk-weighted assets and liquidity by improving asset rotation ENERGY & INFRASTRUCTURE GROUP and diversifying distribution channels. In 2023, while actively managing risks in a deteriorated economic Natural Resources, Infrastructure and Electricity environment that had a significant impact on certain sectors, Crédit Agricole CIB offers advisory, arrangement and underwriting structured financing activities maintained their positions on services for complex and innovative financial arrangements in the their markets. Crédit Agricole CIB ranks #5 in project finance natural resources, electricity generation (particularly renewable worldwide (2) and #1 in the EMEA region (3). energy) and distribution sectors, the environment (water services, waste treatment), and infrastructure in all geographical areas. ASSET FINANCE GROUP Crédit Agricole CIB provides debt financing such as export- backed facilities, multilateral financing or public and private debt Air and rail transport markets, alongside other commercial banks and credit providers. Operating for more than forty-eight years in the aviation sector, This division operates worldwide and has regional centers of and boasting an excellent reputation on the markets, Crédit excellence in Paris, London, Madrid, Milan, New York, Houston, Agricole CIB has always focused on the long-term by striving Singapore, Hong-Kong, Tokyo, Sydney, Melbourne and Sao to establish longstanding relationships with major airlines, Paulo. airports and companies providing air transport-related services (maintenance, ground services, etc.) in order to understand their priorities in terms of business activity and financing needs. Commercial Banking Crédit Agricole CIB has been active in the rail transport sector in For full year 2023, Commercial Banking posted underlying net New York, Frankfurt and Paris for many years and is continuing banking income (1) of €2,082 million. to expand its offering in Europe. Shipping finance INTERNATIONAL TRADE & TRANSACTION BANKING (ITB) For over forty years, Crédit Agricole CIB has financed ships for French and foreign shipowners, building up solid expertise and a Crédit Agricole CIB offers its importing and exporting clients global reputation in the industry as an arranger and agent. Over assistance in the management of their international trade and the years Crédit Agricole CIB has built a dedicated global network transaction banking needs. The ITB division relies on a commercial of seven regional shipping teams based in most strategic shipping network of specialists in more than 20 locations, across six global clusters across the world: Hamburg, Hong-Kong, London, Oslo, product lines. New York, Piraeus and Paris. Thanks to this network, Crédit More specifically, ITB offers products in export finance (export Agricole CIB has a diversified customer base and benefits contract financing solutions), global commodity finance, trade from a unique access to information on these markets. Crédit finance (financing and securing international trade and trade trans- Agricole CIB supports a modern and diversified fleet of more than actions), receivable and supply chain finance solutions (financing 1,450 ships for international shipowners. of accounts receivable and suppliers), cash management (cash Crédit Agricole CIB is proud to be a signatory since 2019 of flow management and payments). the Poseidon Principles, a pioneering initiative launched by (1) Restated for DVA impacts, FVA liquidity cost and secured lending for -€15 million in Capital Markets and Investment Banking and for loan hedges for -€24 million in Financing activities. (2) Sources Refinitiv X02. (3) Source Refinitiv X15. 20 CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 S Chapter 1 – Presentation of Crédit Agricole CIB Crédit Agricole CIB’s Business Lines The Commercial Bank in France offers products and services equity fund solutions (financing of the cash flow needs of based on the expertise of Crédit Agricole CIB’s specialised investment fund) solutions activities, now called Fund Solutions business lines as well as the capabilities offered by the Crédit group, have been transferred from ITB. 1 Agricole Group’s networks (Regional Banks, LCL) and specialised subsidiaries. At the end of 2023, Crédit Agricole CIB continued to post leading positions in these activities, making it number three in syndicated loans in the EMEA zone (1) and second position in France (2). CORPORATE & LEVERAGED FINANCE (CLF) Moreover, on a cross-business basis, the Distribution & Asset Created in 2022, this division combines Leverage & Telecom Rotation (DAR) division was created in mid-2022. Gathering the activities (formerly part of the Structured Finance division) with distribution teams of the former Debt Optimisation & Distribution Corporate debt origination activities (formerly Debt Optimisation division (DOD), it is in charge, for Corporate and Financial and Distribution, DOD). Its main tasks are to originate, structure, Institutions clients, of structuring and arranging syndicated loans arrange and manage the portfolio of syndicated loans and bilateral and medium and long-term billateral facilities. This division is lines for corporate clients (large corporates and intermediate sized also responsible for underwriting and distributing all syndicated enterprises). This division also includes acquisition financing, loans (structured or unstructured) on the primary and secondary arrangement, the structuring of these offers and the coordination markets for all of the bank’s financing businesses. of the execution of transactions. Since June 2023, the private 3.2. Capital Markets and Investment Banking Capital Markets and Investment Banking encompasses the Capital Markets and Investment Banking business lines. It generated underlying net banking income (3) of €3,038 million in full year 2023, i.e. 48% of CIB’s underlying net banking income. Global Markets Division y a dedicated Global Markets Research team provides customised and cutting edge analysis on markets and The Global Markets Division (GMD) business line recorded products to its clients; underlying net banking income of €2,412 million in 2023. y two transversal divisions support the business: a COO The Global Markets teams across origination, structuring, Office covering all market activities and the Transformation securitisation, syndication, research, trading and sales offer a & Transversal Group, covering business transformation and broad range of financial products and solutions on the primary scarce resources. and secondary markets for its corporate and financial institution clients. With a network of 18 trading floors, including five liquidity centres Treasury division in London, Paris, New York, Hong-Kong and Tokyo, Crédit The Treasury business line’s underlying net banking income (3) Agricole CIB offers its clients a strong position in Europe, Asia reached €164 million for full year 2023. and the Middle East, a targeted presence in the United States and additional entry points into local markets. The Treasury business line hierarchically reports to the Finance, Procurement & Execution Management (FIX) Chief Officer via The Global Markets Division is centred on the following activities: Execution Management (EXM) and is functionally subordinate, y Global Markets Trading covers all cash and derivatives depending on the site, either to the Senior Country Officer, the products: Macro Trading (Rates, FX, Credit & Commodities Chief Financial Officer or the local division managers. underlyings), Non Linear (Fixed Income Non Linear and FX Since 2018, Crédit Agricole CIB and Crédit Agricole S.A. have Options); pooled their Treasury business lines to jointly manage the Group’s y Capital Markets Funding offers both private and public liquidity risk while observing the regulatory constraints of both funding solutions for its clients, covering primary credit (bond legal entities. origination and syndicate), securitisation, and strategic equity The Treasury team ensures the sound and prudent management transactions. In this segment, Crédit Agricole CIB ranked #2 of the Bank’s short-term liquidity on a daily basis, in accordance in All Bonds in EUR for 2023 (4); with the procedures established by the ALM Committees and in y Global Repo & Indexing brings together Repo & Secured compliance with its internal and external constraints (short-term Funding, Equity Finance and Delta One activities; liquidity ratios, prudential ratios, reserves). y Global Markets Sales provides both Fixed Income and Equity expertise, servicing all its financial institutions, corporate and In addition, Treasury manages a portfolio of high-quality liquid Crédit Agricole Group clients; assets (HQLA) and is also in charge of the bank’s short-term issuance programmes (Neu CP / CD / ECP, etc.) and is responsible y Global Markets Structuring supports the bank’s clients by for the Euribor and CNHbor contribution process. offering them integrated tailor-made & multi-asset market; Treasury is structured around 3 liquidity hubs (Paris, New York, Hong-Kong), 11 Treasury departments and a federal division for (1) Source: Refinitiv R17. (2) Source: Refinitiv. (3) Restated for DVA impacts, FVA liquidity cost and secured lending for -€15 million in Capital Markets and Investment Banking and for loan hedges for -€24 million in Financing activities. (4) Source : Refinitiv N1. S CRÉDIT AGRICOLE CIB - UNIVERSAL REGISTRATION DOCUMENT 2023 21 Chapter 1 – Presentation of Crédit Agricole CIB Crédit Agricole CIB’s Business Lines private banking, allowing the bank to continuously optimise its STRUCTURED AND FINANCIAL SOLUTIONS (SFS) short-term funding requirements recycle surplus liquidity, primarily by placing it with central banks. Its geographic structure provides The Structured and Financial Solutions business line offers Crédit access to broad and diversified short-term financing in addition Agricole CIB’s large clients tailored solutions with high added value to the long-term funding ensured by the ALM team. in support of their complex finance transactions. In particular, it provides alternative financing solutions to traditional banking transactions and capital market solutions. Banque d’Investissement In 2023, Investment Banking posted underlying net banking EQUITY SOLUTIONS income (1) of €461 million. Investment Banking comprises all Since 2016, the Global Investment Banking (GIB) and Global “equity and long-term” financing activities for Crédit Agricole CIB’s Markets divisions pooled their expertise to create the Equity corporate clients and is structured around five main divisions in Solutions business, whose main mission is to expand the range the three geographical areas (EMEA, Americas, Asia): of equity-type investment products by offering structured solutions based on equity derivatives and listed equity financing. PRIMARY EQUITY CAPITAL MARKETS The Primary Equity Capital Markets business line is responsible CRÉDIT AGRICOLE MIDCAP ADVISORS for advising and arranging issues of shares and securities giving Crédit Agricole Midcap Advisors, a subsidiary of Crédit Agricole access to capital. CIB, is the Crédit Agricole Group entity specializing in financial In particular, it is in charge of capital increases, secondary market advisory services for the managers and shareholders of SMEs and offers and issues of convertible bonds, exchangeable bonds and mid-sized companies. A leader in its business lines, with more other hybrid products for the large and mid-cap primary market. than 600 transactions advised since its creation, Crédit Agricole Midcap Advisors brings together 45 M&A Midcap advisory experts based in Paris and close to customers in the regions. Its teams GLOBAL CORPORATE FINANCE have a broad knowledge of the local economic and benefit from The Global Corporate Finance business line encompasses significant execution capacities. Crédit Agricole Midcap Advisors activities dedicated to mergers and acquisitions, ranging from also provides its clients with specific sector expertises and strategic advice to transaction execution. international equity capabilities, thanks to Crédit Agricole CIB’s More specifically, it works under acquisition or disposal advisory teams and its partners abroad. A financial engineering advisory mandates, IPOs or restructuring, strategic financial advice or activity and a real estate broker activity (logistics, offices, hotels, privatisation advice. etc.) complete its offering for SMEs and mid-sized companies. 3.3. Global Coverage A department embodying the Bank’s client-centric model Drawing on Crédit Agricole CIB’s client-centric approach, the services. Crédit Agricole CIB is a world leader in green, social CIB division ensures coverage for the bank’s clients, as well as & sustainability bonds (2), the bank ranked #2 in green, social Sustainable Banking and de Global Investment Banking. & sustainability bonds issued in euros at end-December 2023. At the centre of the bank’s organisational structure, the Coverage The Sustainable Banking division is also in charge of establishing is responsible for client income and profitability, manages client Crédit Agricole CIB’s decarbonization and CSR strategy, with a relations for the entire bank worldwide, promotes all of the bank’s dedicated Climate & Sustainability Strategy team. business lines, as well as Crédit Agricole S.A. Group’s business The main tasks of the Global Investment Banking division, in lines, and manages the bank’s overall exposure by client. Within conjunction with Coverage, are to advise the management teams this division, a dedicated Private Investment Banking team of the Bank’s major clients on their strategic high-balance sheet supports family businesses (individual shareholders or family issues (including the execution of transactions) and to structure holdings) by drawing on the expertise of Crédit Agricole CIB, and execute specialized financing. Indosuez Wealth Management and all Crédit Agricole Group Since March 2021, the Crédit Agricole Group has set up a subsidiaries. In addition, in terms of Islamic financing, Crédit center of expertise dedicated to Midcaps division considered as Agricole CIB facilitates access to Shariah-compliant solutions in strategic for the regions, both in terms of economic dynamism many segments with a dedicated team in the Gulf. and the location of decision-making centers. Housed within Crédit Within the Sustainable Banking division, the dedicated Sustainable Agricole CIB, the Midcaps division has been working since March Investment Banking team works closely with Coverage and 2021 to roll out an innovative relationship model leveraging on supports clients in terms of sustainable financing and advisory the acquired commercial legitimacy of the Regional Banks, Crédit Agricole CIB and LCL. (1) Restated for DVA i

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