As a part of top management team, how would you communicate to your shareholders about the company’s expansion plans?

Commitment 2014 is a firm and confident ambition and it stands for profitable organic growth. Our ambition for 2014 is to become the European benchmark in Universal Customer-focused Banking. We intend to enhance our leadership based on an effective product range and high-quality service, forging close links between retail banking and related specialised businesses. 

AMBITIOUS TARGETS By 2014, we target ambitious profitability levels underpinned by sound fundamentals: Net banking income of more than €25 billion (€20.1 billion in 2010) and net income, Group share of €6 billion to €7 billion (€1.3 billion in 2010). Our objective is also to have a cost to income ratio of less than 60% and a return on equity ratio of 10% to 12%. These targets take into account the new Basel III regulatory environment, as it is currently understood. In terms of capital adequacy, Crédit Agricole S.A. will meet the Basel III requirements and Crédit Agricole Group ranking among the strongest banks is confirmed. 

2011-2014 STRATEGY Our actions in the period 2011-2014 will be based on three principles. First, we shall stimulate organic growth. To achieve this, we shall enhance growth in retail banking, both in France and elsewhere in Europe; speed up growth in the savings management businesses, one of our undisputed strengths; and finally, focus on growth in investment banking and credit businesses. These businesses will continue to grow, but selectively, because of their heavy capital consumption. The
second principle behind our strategy is that we shall enhance the Group effect by strengthening ties between our business lines. The third principle is that we shall act as a committed and responsible Group in dealing with stakeholders, and in particular our shareholders. 

OUR SHAREHOLDERS Crédit Agricole S.A. has set up a comprehensive shareholder information and communication framework. The new layout of the Shareholders‘ Club Newsletter, ―En direct‖ you discover today, is aimed at strengthening this direct link between you and us, and is part of a broader attempt to make full and transparent information available to you. Our dividend policy targets a payout rate of 35% from 2011 (paid in 2012), in cash. Through Commitment 2014, we want to thank our shareholders for their loyalty by paying an increased dividend.