2009 ANNUAL REPORT - Crédit Agricole Leasing & Factoring

2009 ANNUAL REPORT
Crédit Agricole Leasing
in leasing in France with major holdings throughout Europe

Crédit Agricole group,
a leader in Europe.
Retail bank leader in France (1) , and in Europe (2) , Crédit Agricole
is a first-class partner for the economies in which it operates.
The strength of its retail banks including 11,500 branches
worldwide and the expertise of its specialised subsidiaries
give Crédit Agricole an effective presence in all areas of banking
and finance. More than 160,000 employees work to satisfy the
banking requirements of 59 million customers in 70 countries.
Crédit Agricole intends to fulfil its role as a leading European player
with global scale, while complying with the commitments that stem
from its mutualist background. Its development is focused
on servicing the real economy and it is committed to the principle
of responsible growth. It is well positioned in three major sustainable
development indices (3) .
(1) by customer bank deposits, source: Banque de France
(2) by retail banking revenues and the number of branches, source: company data
(3) ASPI Eurozone since 2004; FTSE4Good since 2005; DJSI since 2008
of the household market in France
billion
net income - group share
worldwide
million customers
billion
shareholders’ equity - group share
countries
tier 1 ratio

The Group’s organisation
6.2 million cooperative shareholders s
elect the 32,600 Local Banks directors. s.
2,544 Local Banks hold the bulk of the Regional
Banks’ share capital. The Local Bank directors
are key players in France’s local communities
and enable Crédit Agricole to tailor its product
and service offering to customer requirements.
Listed since December 2001, Crédit Agricole S.A.
ensures the cohesion of the strategic development
and the Group’s financial unity. Crédit Agricole S.A.
manages and consolidates its subsidiaries organised
into 3 business lines.
3 BUSINESS LINES:
RETAIL BANKING
• In France
- 25% of the Regional Banks
(excl. the Regional Bank of Corsica)
- LCL
• International Retail Banking
- Cariparma FriulAdria
- Emporiki
- Crédit du Maroc
- Crédit Agricole Egypt
- Lukas Bank
SPECIALISED BUSINESS LINES
• Specialised financial services
- Consumer finance
- Leasing
- Factoring
• Savings management
- Asset management
- Insurance
- Private banking
The Fédération Nationale du
Crédit Agricole (FNCA)
acts as a consultative and
representative body and a forum
for the Regional Banks.
39
Crédit Agricole Regional Banks
As cooperative societies and fully-fledged banks,
they propose a wide offering of banking products
and financial services to their customers. Together,
they hold 55.2% of Crédit Agricole S.A. share
capital via SAS Rue La Boétie.
Float represents 44.4%
of Crédit Agricole S.A. share capital
• Institutional investors: 31.2 %
• Individual shareholders: 8.6 %
• Employees via employee mutual funds : 4.6 %
SPECIALISED SUBSIDIARIES: Crédit Agricole Immobilier, Crédit Agricole Private Equity, Idia-Sodica, Uni-Editions.
CORPORATE AND INVESTMENT
BANKING
- Coverage and Investment Banking
- Equity Brokerage and Derivatives
- Fixed Income Markets
- Structured Finance

Crédit Agricole Leasing 2009 Annual Report pages 5-5
Crédit Agricole Leasing
6
8
9
10
11
12
14
18
Corporate management
Commercial revenues in France
Business line commercial revenues
Financial results
Compliance and fi nancial security
Social statistics
Consolidated fi nancial statements
Statutory auditor’s report
on the consolidated fi nancial statements

Crédit Agricole
Leasing & Factoring
Board of Directors
Michel Michaut,
Chairman of the Board of Directors,
President of Crédit Agricole Champagne-Bourgogne
Regional Bank
Jean-Pierre Pargade,
Director, President of Crédit Agricole Aquitaine Regional Bank
Jean-Yves Hocher,
Director, Executive Vice President of Credit Agicole S.A.
Guy Bernfeld,
Director, Chief Executive Offi cer of Crédit Agricole Immobilier
Jean-Louis Bertrand,
Director, Senior Banker, in charge of corporate clients in France,
Crédit Agricole Corporate & Investment Bank
Paul Carite,
Director, Member of the Executive Committee of LCL,
Head of Business and Commercial Trade Flow Bank
Bruno Carles,
Director, Head of Trade and Tenders within the regional division
offi ces of Crédit Agricole S.A.
Marc Deschamps,
Director, Chief Executive Offi cer of Crédit Agricole Normandie
Regional Bank
Nicolas Langevin,
Director, Chief Executive Offi cer of Crédit Agricole Centre Ouest
Regional Bank
Christian Lemaire,
Director, Head of Finance, Strategy & Risk, Specialized Financial
Services Division of Crédit Agricole S.A.
Olivier Nicolas,
Director, Head of Financial Operations, Group Finance Department,
Crédit Agricole S.A.
Michel Rallet,
Director, Chief Executive Offi cer of the Crédit Agricole Lorraine
Regional Bank
Frédéric Thomas,
Director, Chief Executive Offi cer of the Crédit Agricole
Normandie-Seine Regional Bank
Michel Michaut,
Chairman of the Board of Directors,
President of Crédit Agricole
Champagne-Bourgogne Regional Bank
Olivier Toussaint,
Chief Executive Offi cer,
Crédit Agricole Leasing & Factoring

Management
Committee
Crédit Agricole Leasing 2009 Annual Report pages 7-7
Olivier Toussaint,
Chief Executive Offi cer
Bertrand Chevallier,
Deputy Chief Executive Offi cer, Leasing France
Philippe Zamaron,
Deputy Chief Executive Offi cer,
International Development
Agnès Coulombe,
Head of Human Resources
François Rauch,
General Secretary
Hervé Varillon,
Head of Finance, IT and Organisation
Bruno Desplanques,
Head of IT
Jean de Dreux-Brézé,
Head of Permanent Control and Risks, Leasing
Stéphane Faijean,
Head of Operations, Legal and Collection
Laurent Gastinel,
Head of Organisation and Transversal Projects
Hervé Glénisson,
Head of Finance
Olivier Joyeux,
Head of International Development
Franck Poncin,
Head of Commitment
Laurent Pras,
Head of Sales, Leasing France
François Tinel,
Head of Internal Auditing

Commercial
results
in France
Crédit Agricole Leasing is no. 1
in France with an estimated market
share of 20.6%, exhibiting evident
growth versus 2008 (17% market
share) in a sharply declining
market (-18%).
In France, business grew overall
by 6%, bringing the average
outstanding to €13.1B.
New contracts in France rose
to a production of €4.8B.
3 %
Operational IT
equipment leasing
1 %
Long-term
leasing
60 %
Equipment
leasing
Equipment leasing
Crédit Agricole Leasing strengthened
its no. 1 position in the equipment
leasing market. In a diffi cult economic
scenario, Crédit Agricole Leasing
clearly resisted better than its primary
competitors, with decreased production
of only 7% against an average decrease
of 20% among the key players in 2008.
Crédit Agricole Leasing’s equipment
leasing new production rose to €2.5B.
Revenues in France by business line
14 %
Public sector
financing
22 %
Real estate
leasing
Real estate leasing
In a climate that remained adverse
to business real estate, no. 1 Crédit
Agricole Leasing increased by 12%
its client approvals (€1.196M) in a market
that grew by only an estimated 10%.
Sustainable
development
and public sector
fi nancing
Crédit Agricole Leasing achieved
the no. 1 position in the sustainable
development fi nancing markets
with 49% growth, and €401M.

Business line
commercial
results
With €6.2B of new production in
2009, the leasing business line
reported 4% growth versus 2008.
In a tense economic climate,
the Group’s subsidiaries strengthened
their positions in regional markets,
particularly in Poland.
Acquired in 2008, Crédit Agricole
Leasing Italy strengthened, recording
12 times its previous production.
Average business line outstanding grew
by 5%, driven by good commercial
sales in 2008 and 2009.
Crédit Agricole Leasing 2009 annual report pages 8-9
Production at December 31, 2009
1 %
Morocco
2 %
Greece
9 %
Italy
10 %
Poland
78 %
France
and Spain

Financial
results
An overall
performance
that reinforced
group stability
In December 2009, consolidated Net
Banking Income in the leasing business line
rose by 13% to €315.9M, versus
the previous year.
Action taken with regard to cost control
coupled with increased Net Banking
Income provided for signifi cant improvement
in the operating ratio now at 58.8%,
a 196 basis point reduction from 2008.
The gross operating income thereby grew
by 19%, versus 2008.
In support of customers, our vigilance in
lending allowed us to control increased of
the cost of risk, containing them at 0.41%
of average outstanding in the particularly
adverse climate of 2009.
Consolidated net income – Group share
reached €42.1M, falling by 16% versus
the previous fi scal year and 33% versus
budget, due to increased cost of risk and
decreased zloty to euro parity. Apart from
any effects from currency exchange, net
income decreased by 8% versus 2008.
Crédit Agricole Leasing :
- Increased gross operating income
by more than 40%
- Sustained net profi ts over €30M.
Formerly holding only 20% ownership,
our acquisition of Emporiki Leasing marked
2009 with purchase of the remaining
80% share in December. In compliance
with the accounting regulations in force
(IFRS standards) concerning an intracompany
transaction within the Crédit
Agricole S.A. Group, this transaction
involved consolidation of Emporiki Leasing
(EL) result from the start of the fi scal year,
or 01/01/09.
Net Banking Income at the end of
December 2009 rose by 15% versus 2008
(9%, excluding EL). The following largely
accounts for this growth of €18M
(excluding EL):
increased outstanding (+9.5% versus
2008, excluding EL),
increased revenues (activity revenues
+37 basis points to 1.57%, excluding
EL) due to higher margins,
favorable interest rate climate
boosting profi tability of some variable
interest rate contracts,
optimization of our refi nancing terms
by resorting to diversifi ed resources
such as short-term, ECB, SFEF,
CEB, syndication...
Due to corporate cost control over the last
several years, operating expenses have
decreased slightly by €0.4M to €136.2M
versus 2008 (excluding EL). The cost
to income ratio thereby decreased to 61.2%,
improving by 718 basis points from 2008.
The economic and fi nancial environment
affected the cost of risk. Excluding EL,
it rose by 115% to €38.3M, versus 2008,
almost exclusively due to increased
equipment leasing, and represents 0.29%
of average loans outstanding, a percentage
that is practically identical to that of 2005.
Consolidated net income – Group share
was €30.3M, decreasing by 3% versus
2008, €2.4M of which came from
consolidation of Emporiki Leasing.

Compliance
and fi nancial
security
A comprehensive plan
With regard to compliance, Crédit
Agricole Leasing keeps a regularly
updated manual of reference
documentation to ensure compliance
and prevent risk.
These internal policies and procedures
demonstrate Crédit Agricole Leasing
& Factoring’s commitment to complying
with the law, standards and professional
practices in order to provide the highest
quality service to its clientele in France
as well as abroad.
Based on the legal obligations
and standards in force, Crédit
Agricole Leasing also employs measures
against money laundering as well
as fi nancing of terrorism and complies
with both embargo and asset protection
measures, including those requirements
deriving from international regulatory law
and advisories in addition to relevant
national law.
Crédit Agricole Leasing 2009 annual report pages 10-11
In order to sensitize all staff to these
issues, every new employee takes
a Compliance & Financial Security
training course updated by regular
follow-up sessions.

Social
statistics
Figures
of the year
932
employees of December 31, 2009
(CDD fi xed-term and CDI
open-ended employment
contracts, including MAD
work from home status)
41.4
average age: 41 years
and 4 months
120
employee transfers
33 %
Non-management job
Management fi gures
Crédit Agricole
Leasing employees
are always at the heart
of company growth
Transfer and training:
provisions fostered by the Group
In its second year, our forward-looking
employment and expertise development
initiative has strengthened the skill-sets
of employees.
Through continuing education over
their career paths, 120 employees have
developed their business line-specifi c
expertise via inter-company transfers.
67 %
Management job
Their training has entailed business
line-specifi c expertise benefi ting primary
areas of company growth.
The number of trained employees
increased in 2009 as they completed
close to 19,000 hours of training.
The Conservatoire National des Arts
et Métiers, or National Conservatory
of Arts and Crafts (CNAM)
In 2009, many Crédit Agricole Leasing
employees began working towards
a 2-year degree to become administrative
assistants.
Launched in partnership with the CNAM
of Versailles, this educational curriculum
will allow these employees to develop
their administrative expertise and to
acquire new skills in such areas as
economic analysis, economic and fi nancial
climate evaluation, law and marketing.

Figures
of the year
18,906
hours of training
706
training session attendees
Distribution of employees by gender
40 %
Men
Close-up on the
employment of seniors
In December 2009, Crédit Agricole
Leasing and trade unions signed
an “agreement on the employment
of seniors” for which the primary objective
is to continue employing seniors.
This agreement centres around
6 important action items: recruiting
senior employees, anticipating careers
move, improving their working conditions
and preventing work hardness,
60 %
Women
Crédit Agricole Leasing 2009 annual report pages 12-13
developing their skills and expertise
(qualifi cations) and improving their
access to training, facilitating the latter
years of their careers and transitions
from work to retirement, and transferring
knowledge and skills while developing
mentorship.

Interest receivable and similar income
Interest payable and similar charges
Commissions (income)
Commissions (cost)
Other incomes
Net banking income
General operating expenses
Gross operating income
Cost of risk
Consolidated
fi nancial
statements
INCOME STATEMENT (IN THOUSANDS OF EUROS)
Net gains or losses on fi nancial instruments
at fair value through profi t or loss
Net gains or losses on fi nancial assets
available for sale
Other expenses
Allocation to depreciation and amortization
of tangible and intangible fi xed assets
Operating income
dec. ‘08
992,504
199,236
63,020
45,164
dec. ‘09
808,163
-789,170 -563,530
4,744 6,729
-28,209 -34,220
121 -609
7,166 288
161,652 164,738
-149,572 -152,458
229,101
-132,661 -136,217
-3,555 -3,969
88,915
-17,856 -42,538
46,377

Consolidated
fi nancial
statements
INCOME STATEMENT (IN THOUSANDS OF EUROS)
Net income in companies using equity
accounting method
Net gains or losses on other assets
Change in net worth due to goodwill
Corporate income tax
Net income on sale or transfer of business
Net income
Minority interests
Consolidated net income – group share
Basic earnings per share (in euros)
Crédit Agricole Leasing 2009 annual report pages 14-15
dec. ‘08
-12,895
32,223
31,242
Diluted earnings per share (in euros) 5.12
4.97
-1,507
981
5.12
dec. ‘08
1,461 69
Income before taxes 46,625 46,446
-15,387
31,059
710
30,349
4.97

Consolidated
fi nancial
statements
BALANCE SHEET ASSETS (IN THOUSANDS OF EUROS)
Cash, central banks
Financial assets at fair value through profi t or loss
Hedging instruments
Financial assets available for sale
Loans and advances to credit institutions
Total Assets
dec. ‘08
dec. ‘09
95 59
1,800 1,020
1,256 1,258
372,930 583,647
Loans and advances to clients 13,072,816 13,805,211
Revaluation reserves on rate-wise covered portfolios 134,612 157,300
Financial assets held to maturity
Current and deferred tax assets (1)
Accrued expenses and other assets
Non-current assets held for sale
7,318 10,004
298,115 435,918
1,473,617
Holdings in companies using equity accounting method 15,173 17,382
Investment properties
Tangible fi xed assets
Intangible fi xed assets
Goodwill
(1) ) On 12/31/08, this line item was broken down as follows: current tax assets of €6,308K and deferred tax assets of €1,010K
33,276
15,488,026 15,148,165
1
38,011
12,293 32,700
6,884 7,813
57,841 57,841

Consolidated
fi nancial
statements
BALANCE SHEET LIABILITIES (IN THOUSANDS OF EUROS)
Central banks
Financial liabilities at fair value through profi t or loss
Hedging instruments
Debt to credit institutions
Debt to clients
Current and deferred tax liabilities (1)
Accrued expenses and other liabilities
Total debt
Total shareholders’ equity
Total assets
Crédit Agricole Leasing 2009 annual report pages 16-17
dec. ‘08
Debt tied to non-current assets held for sale 1,381,154
Insurance reserves
Provision
Subordinate debt
14,937,650
550,376
15,488,026
(1) On 12/31/08, this line item was broken down as follows: current tax liabilities of €6,845K and deferred tax liabilities of €154,971K.
The current tax liabilities and deferred tax liabilities line items are now grouped under the current and deferred tax liabilities line item.
Presentation of the data on 12/31/08 was modifi ed as a result.
dec. ‘09
174 141
137,147 178,116
11,879,697 12,652,485
60,799 26,060
Bonds and negotiable debt instruments 289 289
Revaluation reserves on rate-wise covered portfolios
EQUITY
Consolidated shareholders’ equity
Capital and reserves
Consolidated reserves
Gains and losses recorded in shareholders’ equity
Fiscal year profi t or loss
Minority interests
161,816 153,943
890,119 1,137,456
60,208 47,688
366,247 366,217
548,930
300,164
217,527
-3
31,242
1,446
14,562,395
583,611
275,862
277,406
-6
30,349
2,159
585,770
15,148,165

Statutory
auditors’
report
on the consolidated
fi nancial statements
To the Shareholders ,
In compliance with the assignment
entrusted to us by your annual general
meeting, we hereby report to you, for
the year ended December 31, 2009, on:
the audit of the accompanying
consolidated fi nancial statements
of Group Crédit Agricole Leasing;
the justifi cation of our assessments;
the specifi c verifi cation required by law.
These consolidated fi nancial statements
have been approved by the Board
of Directors. Our role is to express
an opinion on these consolidated fi nancial
statements based on our audit.
Opinion on the
consolidated fi nancial
statements
We conducted our audit in accordance
with professional standards applicable
in France; those standards require that
we plan and perform the audit to obtain
reasonable assurance about whether
the consolidated fi nancial statements
are free of material misstatement.
An audit involves performing procedures,
using sampling techniques or other
methods of selection, to obtain audit
evidence about the amounts and
disclosures in the consolidated fi nancial
statements. An audit also includes
evaluating the appropriateness
of accounting policies used and the
reasonableness of accounting estimates
made, as well as the overall presentation
of the consolidated fi nancial statements.
We believe that the audit evidence
we have obtained is suffi cient and
appropriate to provide a basis
for our audit opinion.
In our opinion, the consolidated fi nancial
statements give a true and fair view
of the assets and liabilities and of
the fi nancial position of the Group as
at December 31, 2009 and of the results
of its operations for the year then ended
in accordance with International Financial
Reporting Standards as adopted by
the European Union.
Without qualifying our opinion, we draw
your attention to the matter set out
in the Note 1.1 to the consolidated
fi nancial statements regarding changes
in the accounting methods.

Justifi cation of
our assessments
In accordance with the requirements of
article L.823-9 of the French Commercial
Code (code de commerce) relating
to the justifi cation of our assessments,
we bring to your attention the following
matters:
As indicated in notes 1 and 3 to the
consolidated fi nancial statements,
Crédit Agricole Leasing has established
allowances to cover the credit risks
inherent to its business activities.
With respect to our assessment
of the signifi cant estimates used
for the year-end closing, we have
reviewed the processes implemented
by management to identify and
assess the risks of non-recovery
and their coverage by specifi c
and collective provisions.
As indicated in note 1 to the
consolidated fi nancial statements,
during the normal process of
preparing its fi nancial statements,
Crédit Agricole Leasing employed
other estimates bearing on fi nancial
instruments valuated at fair value,
expenses tied to retirement plans and
future employee benefi ts packages,
long-term amortization of unconsolidated
shareholders’ equity, allowances for
operating risks, allowances for legal
risks, amortization on goodwill
and deferred taxes.
As described in note 1.3 to the
consolidated fi nancial statements,
our process consisted of scrutinizing
methods and assumptions, and
assessing their conclusions, verifying
that the notes to the consolidated
fi nancial statements provide
adequate information.
Our assessment process has assured
that these estimates are reasonable.
These assessments were made as part
of our audit of the consolidated fi nancial
statements taken as a whole, and
therefore contributed to the opinion
we formed which is expressed in the fi rst
part of this report.
Specifi c verifi cation
As required by law, we have also
verifi ed in accordance with professional
standards applicable in France the
information presented in the Group’s
management report.
We have no matters to report as to
its fair presentation and its consistency
with the consolidated fi nancial statements.
Neuilly-sur-Seine and Courbevoie,
on March 10, 2010
Crédit Agricole Leasing 2009 annual report pages 18-19
ERNST & YOUNG ET AUTRES
41 rue Ybry
92576 Neuilly-sur-Seine Cedex - France
S.A.S. à capital variable
MAZARS
61 rue Henri Régnault
92400 Courbevoie - France
Tel : +33 (0) 1 49 97 60 00
Fax : +33 (0) 1 49 97 60 01
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et de commissariat aux comptes
Capital de 8 320 000 euros
RCS Nanterre B 784 824 153

Crédit Agricole Leasing & Factoring
A public corporation (S.A.) with capital of €195,257,220
Headquarters: 1-3 rue du Passeur de Boulogne
92861 Issy-les-Moulineaux Cedex 9 - France - Telephone: +33 (0) 1 43 23 70 00
Commercial Registration No. Nanterre 692 029 457 - ORIAS No. 07 030 220 (www.orias.fr)
www.ca-leasingfactoring.com
Design: Agence Bug, Photography: Mikaël Lafontan and Olivier Seignette, Getty Images - 07/2010