Obligation Crédit Agricole SA 4.5% ( FR0010717785 ) en EUR

Crédit Agricole SA

100 % ⇌

France

FR0010717785 ( en EUR )

4.5% par an ( paiement annuel )

29/01/2016 - Obligation échue

Prospectus brochure de l'obligation Crédit Agricole FR0010717785 en EUR 4.5%, échue

50 000 EUR

1 650 000 000 EUR

Crédit Agricole est un groupe bancaire coopératif français, présent à l'international, structuré autour de caisses régionales et proposant une large gamme de services financiers.

L'Obligation émise par Crédit Agricole SA ( France ) , en EUR, avec le code ISIN FR0010717785, paye un coupon de 4.5% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 29/01/2016

Final Terms dated 27 March 2009

CREDIT AGRICOLE COVERED BONDS
Issue of 250,000,000 4.5 per cent. Covered Bonds due 29 January 2016
under the 35,000,000,000 Covered Bond Programme
to be assimilated (assimilables) and interchangeable for trading purposes with the existing
1,250,000,000 4.5 per cent. Covered Bonds due 29 January 2016

Issue Price: 100.799 per cent. of the aggregate nominal amount plus 0.75206 per cent. corresponding
to the accrued interest for the period from, and including, 29 January 2009 to, but excluding, 31 March
2009

Joint Lead Managers:
Barclays Capital
CALYON Crédit Agricole CIB
UniCredit (HVB)

2.

PART A CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth
in the Base Prospectus dated 29 July 2008, the supplement to the Base Prospectus dated
3 September 2008 and the second supplement to the Base Prospectus dated 14 January 2009 which
together constitute a base prospectus for the purposes of the Directive 2003/71/EC of the European
Parliament and of the Council of 4 November 2003 (the "Prospectus Directive).
This document constitutes the Final Terms of the Covered Bonds described herein for the purposes of
article 5.4 of the Prospectus Directive and must be read in conjunction with such Base Prospectus as
so supplemented. Full information on the Issuer and the offer of the Covered Bonds is only available
on the basis of the combination of these Final Terms and the Base Prospectus as so supplemented.
The Base Prospectus and the supplements to the Base Prospectus are available for viewing on the
website of the Luxembourg Stock Exchange (www.bourse.lu) during a period of twelve (12) months
from the date of the Base Prospectus, and during normal business hours at the registered office of the
Issuer and at the specified office of the Paying Agents where copies may be obtained. So long as the
Covered Bonds are admitted to trading on any Regulated Market in accordance with the Prospectus
Directive, these Final Terms, the Base Prospectus and the supplements to the Base Prospectus will be
published on the website of the Luxembourg Stock Exchange (www.bourse.lu).

1. Issuer:
Crédit Agricole Covered Bonds
2. (i)
Series
Number:
1
(ii)
Tranche
Number:
2
3.
Specified Currency or Currencies:
Euro ("")
4.
Aggregate Nominal Amount of Covered

Bonds:

(i)
Series:
1,500,000,000
(ii)
Tranche:
250,000,000
5. Issue
Price:
100.799 per cent. of the Aggregate Nominal
Amount plus 0.75206 per cent.
corresponding to the accrued interest for the
period from, and including, 29 January 2009
to, but excluding, 31 March 2009

6. Specified
Denomination:
50,000

7. (i)
Issue
Date:
31 March 2009

(ii)
Interest Commencement Date:
29 January 2009

8.
Final Maturity Date:
29 January 2016

9. Interest
Basis:
4.5 per cent. Fixed Rate per annum
(further particulars specified in paragraph 15
below)

10. Redemption/Payment
Basis:
Redemption at par

11.
Change of Interest or

Redemption/Payment Basis:
Not Applicable

12. Put/Call
Options:
Not Applicable

13.
(i)
Status of the Covered Bonds:
Senior

3.

(ii)
Date of Board approval for

issuance of Covered Bonds

obtained:
14 January 2009

14.
Method of distribution:
Syndicated

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

15.
Fixed Rate Covered Bond Provisions:
Applicable

(i)
Rate of Interest:
4.5 per cent. per annum payable annually in
arrear

(ii)
Interest Payment Dates:
29 January in each year commencing on
29 January 2010

(iii)
Fixed Coupon Amount:
2,250 per Specified Denomination

(iv)
Broken Amount:
Not Applicable

(v)
Day Count Fraction:
Actual/Actual-ICMA

(vi)
Determination Dates:
29 January in each year

(vii)
Other terms relating to the method of
calculating interest for Fixed Rate

Covered Bonds:
Not Applicable

16.
Floating Rate Covered Bond Provisions:
Not Applicable

17.
Zero Coupon Covered Bond Provisions:
Not Applicable

18.
Index-Linked Interest Covered Bond/other

variable-linked interest Covered Bond

Provisions:
Not Applicable

19.
Dual Currency Covered Bond Provisions:
Not Applicable

PROVISIONS RELATING TO REDEMPTION
20. Call
Option:
Not Applicable
21. Put
Option:
Not Applicable
22
Final Redemption Amount of each
Covered Bond:
50,000 per Covered Bond of 50,000
Specified Denomination

In cases where the Final Redemption
Amount is Index-Linked or other variable-
linked:
Not Applicable

23. Early
Redemption
Amount:

Early Redemption Amount(s) of each

Covered Bond payable on redemption for

taxation reasons or on event of default or

other early redemption and/or the method of

calculating the same and/or any other terms

(if required or if different from that set out in

4.

Condition 7):
Not Applicable

GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS
24.
Form of Covered Bonds:
Dematerialised Covered Bonds

(i)
Form of Dematerialised Covered

Bonds:
Bearer form (au porteur)

(ii) Registration
Agent:
Not
Applicable

(iii)
Temporary Global Certificate:
Not Applicable

25.
Financial Centre(s) or other special

provisions relating to payment dates for

the purposes of Condition 8(g):
Not Applicable

26.
Talons for future Coupons or Receipts to

be attached to Definitive Materialised

Covered Bonds (and dates on which such
Talons mature):
Not Applicable

27.
Details relating to Partly Paid Covered

Bonds: amount of each payment

comprising the Issue Price and date on

which each payment is to be made and

consequences (if any) of failure to pay,

including any right of the Issuer to forfeit

the Covered Bonds and interest due on

late payment:
Not Applicable

28.
Details relating to Instalment Covered

Bonds: amount of each instalment, date

on which each payment is to be made:
Not Applicable

29.
Redenomination, renominalisation and

reconventioning provisions:
Not Applicable

30. Consolidation
provisions:
Not Applicable

31.
Other final terms:
Not Applicable

DISTRIBUTION

32.
(i)
If syndicated, names of Managers: Joint Lead Managers:
Barclays Bank PLC
Bayerische Hypo- und Vereinsbank AG
CALYON

(ii)
Stabilising Manager (if any):
Not Applicable

33.
If non-syndicated, name of Dealer:
Not Applicable

5.

34.
Additional selling restrictions:
The first paragraph of the selling restriction
"France" included in section "Subscription
and Sale" of the Base Prospectus is modified
as follows:
"Each of the Dealers and the Issuer has
represented and agreed that it has not
offered or sold and will not offer or sell,
directly or indirectly, any Covered Bonds to
the public in France and it has not distributed
or caused to be distributed and will not
distribute or cause to be distributed to the
public in France, the Base Prospectus, the
relevant Final Terms or any other offering
material relating to the Covered Bonds and
such offers, sales and distributions have
been and will be made in France only to (a)
providers of investment services relating to
portfolio management for the account of third
parties (personnes fournissant le service
d'investissement de gestion de portefeuille
pour compte de tiers), and/or (b) qualified
investors (investisseurs qualifiés), all as
defined in, and in accordance with, articles
L. 411-1, L. 411-2 and the related regulatory
provisions of the French Monetary and
Financial Code (Code monétaire et
financier)."

35
U.S. selling restrictions
The Issuer is Category 1 for the purposes of
Regulation S under the United States
Securities Act of 1933, as amended
TEFRA Not Applicable

GENERAL

The aggregate principal amount of Covered

Bonds issued has been translated into Euro

at the rate of [ ] per cent. producing a sum

of:
Not Applicable

PURPOSE OF FINAL TERMS
These Final Terms comprise the final terms required for issue and admission to trading on the
Regulated Market of the Luxembourg Stock Exchange of the Covered Bonds described herein
pursuant to the Euro 35,000,000,000 Covered Bond Programme of Crédit Agricole Covered Bonds.

6.

RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of CREDIT AGRICOLE Covered Bonds:
By: ............................................

Nadine Fedon, Directeur Général
Duly authorised

7.

PART B OTHER INFORMATION

1. RISK
FACTORS
Not Applicable

2.
LISTING AND ADMISSION TO TRADING
(i)
Listing:
Official List of the Luxembourg Stock Exchange

(ii)
(a) Admission to trading:
Application has been made by the Issuer (or on its
behalf) for the Covered Bonds to be admitted to
trading on the Regulated Market of the
Luxembourg Stock Exchange with effect from
31 March 2009.

(b) Regulated Markets or

equivalent markets on

which, to the knowledge of
the Issuer, securities of

the same class of

Covered Bonds to be

admitted to trading are

already admitted to

Annex V, 6.2
trading:
Not Applicable

(iii)
Estimate of total expenses
related to admission to

trading:
3,865

Annex V, 6.2
(iv)
Additional publication of

Base Prospectus and

Final Terms:
Not Applicable

3. RATINGS
Ratings:
The Covered Bonds to be issued have been rated:
S & P: AAA
Moody's Investors Service Ltd.: Aaa
Fitch: AAA

4.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save as discussed in "Subscription and Sale" as far as the Issuer is aware, no person involved in
the offer of the Covered Bonds has an interest material to the offer.

8.

5. YIELD
Indication of yield:
4.360 per cent.

The yield is calculated at the Issue Date on the basis

of the Issue Price. It is not an indication of future
yield.

6. OPERATIONAL
INFORMATION
ISIN Code:
FR0010717785
Common Code:
041065443
Depositaries:

(i) Euroclear France to act as Central Depositary:
Yes

(ii)
Common Depositary for Euroclear Bank and
Clearstream Banking, société anonyme:
No

Any clearing system(s) other than Euroclear Bank
S.A./N.V. and Clearstream Banking, société anonyme and
the relevant identification number(s):

Not Applicable

Delivery:
Delivery against payment

Names and addresses of initial Paying Agents:
Fiscal Agent and Principal Paying
Agent:
Caceis Corporate Trust
1-3, place Valhubert
75013 Paris, France

Luxembourg Paying Agent:
Caceis Bank Luxembourg
5, allée Scheffer
L-2520 Luxembourg

Names and addresses of additional Paying Agent(s) (if
any):
Not Applicable