Marco Jurídico de los POT

1/2 Place des saisons

92400 Courbevoie - Paris-La Défense 1, france Independent Auditors

Member of the Versailles Institute of Chartered Accountants

92

Crédit Mutuel group

2013 CsR INDICATORs

We performed our work in accordance with the professional standards applicable in France, with the French Decree of 13 May 2013 determining the conditions in which the independent third party performs its engagement and, for the reasoned opinion on fairness, with ISAE 3000(1)_.

1. Statement of completeness of CSR Information

We conducted interviews with the relevant heads of department to familiarise ourselves with the Company’s sustainable development policy, referring to the impact of its activity on labour and the environment, of its social commitments and of any action or programmes related thereto.

We compared the CSR Information presented in the management report with the list provided for by Article R.225-105-1 of the French Commercial Code.

For any consolidated information that was not disclosed, we verified that the explanations provided complied with the provisions of paragraph 3 of Article R.225-105 of the French Commercial Code.

We verified that the CSR Information covered the scope of consolidation, i.e., the Company, its subsidiaries as defined by Article L.223-1 of the French Commercial Code and the companies it controls as defined by Article L.223-3 of the French Commercial Code within the limitations set out in the note on the method used contained in the section of the Management Report dealing with the enterprise’s corporate social responsibility.

Based on our work and given the limitations mentioned above, we certify that the required CSR Information is presented in the management report.

2. Reasoned opinion on the fairness of the CSR Information

Nature and scope of our work

We conducted around ten interviews with the people responsible for preparing the CSR Information in the finance, human resources, risk management, ethics, marketing and

support departments charged with collecting the information and, where appropriate, with the people responsible for the internal control and risk management procedures, in order to: - assess the appropriateness of the Guidelines with respect

to their relevance, completeness, reliability, neutrality and comprehensibility with due consideration being given, when appropriate, to industry best practices;

- verify the implementation of collection, compilation, processing and control processes designed to ensure that the CSR Information is comprehensive and consistent, and familiarise ourselves with the internal control and risk management procedures covering the preparation of the CSR Information.

We determined the nature and scope of our tests and controls according to the nature and importance of the CSR Information in the light of the nature of the Company, the social and environmental challenges of its activities, its sustainable development policy and industry best practices.

With regard to the CSR Information that we considered to be the most important(2)_:

- at the level of the consolidating entity, we consulted documentary sources and conducted interviews to substantiate the qualitative information (organisation, policies, actions, etc.), we applied analytical procedures to the quantitative information and verified, using sampling techniques, the calculations and the consolidation of the data and we verified their consistency and concordance with the other information in the management report; - at the level of a representative sample of subsidiaries and

regional groups of Crédit Mutuel selected by us(3) based on their activity, contribution to the consolidated indicators, location and risk analysis, we conducted interviews to ensure that procedures were followed correctly and we performed tests of details, using sampling techniques, in order to verify the calculations made and reconcile the data with the supporting documents.

The selected sample represents on average 60% of the headcount and between 27% and 74% of the quantitative environmental and social data(4).

For the other consolidated CSR Information, we assessed consistency based on our knowledge of the Company.

(1) _{ISAE 3000 - Assurance engagements other than audits or reviews of historical information}

(2) _{Environmental information: general policy on environmental issues (organisation and provision of training and information to employees),}

pollution and waste management (paper consumption and waste recycling and disposal), sustainable use of resources, and climate change (total energy consumption, measures to improve energy efficiency and use of renewable energies), and water consumption and supply in light of local constraints.

Societal information: territorial, economic and social impact (proportion of points of sale in rural areas of France and in free urban zones, number of not-for-profit organisation clients), relations with stakeholders (conditions for dialogue, patronage and sponsoring initiatives), level of outsourcing and consideration given to social and environmental responsibility in the purchasing policy and relations with suppliers and subcontractors (proportion of recycled or renewable certified paper purchased), fair commercial practices (action to prevent corruption), socially responsible and supportive savings (number and amount of micro credits, outstandings in respect of socially responsible employee savings and regulated social loans).

Social and governance information: employment (headcount and breakdown, recruitments, number of employees with permanent contracts having left the organisation, including through redundancies, annual gross salary of employees with permanent contracts and change therein), organisation of working hours, absenteeism (total number of days of absence), labour relations (organisation of employee-management dialogue, collective bargaining agreements negotiated), workplace health and safety conditions, number of occupational injuries, notably their frequency and severity, and occupational illnesses, staff training policies, proportion of payroll and number of hours earmarked for training staff and elected representatives, diversity and equal opportunity and treatment (proportion of women in management positions and proportion of women amongst newly elected directors at regional banks, employment and integration of disabled people, measures to combat discrimination), promotion of and compliance with ILO’s fundamental conventions (percentage of voting rights exercised at general meetings, elimination of discrimination).

(3) _{CIC, CIC Lyonnaise de Banque, Arkéa, Targo Bank Germany, CMNE, Cofidis, AC M and CMMABM}

(4) _{Selected samples represented 60% of total headcounts, 59% of total energy consumption, 45% of total paper consumption, 74% of SRI}

Paris - La Défense, 29 April 2014 Independent Auditors

MAZARS ERNST & YOUNG ET AUTRES Pierre Masieri Emmanuelle Rigaudias Olivier Durand Eric Duvaud

Partner Sustainable Development Expert Partner Sustainable Development Expert

We also assessed the pertinence of the explanations given for any information not disclosed, either in whole or in part.

We believe that the sampling methods and sample sizes used, determined relying on our professional judgement, allow us to form a limited assurance conclusion; a higher level of assurance would have required us to carry out more extensive work. Because of the use of sampling techniques and other limitations intrinsic to the operation of any information and internal control system, we cannot completely rule out the possibility that a material irregularity in the CSR Information has not been detected.

Reservation

A significant part of the energy consumption reported by the sites and regional banks of CM11(5) _{is based on estimates using}

methods that are not sufficiently reliable. This introduces a degree of uncertainty in the total energy consumption indicator as reported at the level of the consolidating entity.

Conclusion

Based on our work, and subject to the above reservation, no material irregularities came to light that call into question the fact that the CSR Information, taken as a whole, is presented fairly, in all material respects, in accordance with the Guidelines.

Observations

Without bringing into question the above conclusion, we draw your attention to the fact that the reporting at the level of the Group’s different entities remains disparate, notably as regards manual adjustments and controls over the preparation of consolidated data at the level of the sub-groups.