Obligation Crédit Agricole SA 1.75% ( FR001400COE8 ) en JPY

Crédit Agricole SA

100 % ⇌

France

FR001400COE8 ( en JPY )

1.75% par an ( paiement annuel )

14/09/2042

Prospectus brochure de l'obligation Crédit Agricole FR001400COE8 en JPY 1.75%, échéance 14/09/2042

100 000 000 JPY

3 000 000 000 JPY

14/09/2025 ( Dans 74 jours )

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.

Le Crédit Agricole a émis une obligation (FR001400COE8) d'un montant total de 3 000 000 000 JPY, libellée en Yen japonais, à un taux d'intérêt de 1,75%, échéant le 14 septembre 2042, avec un prix actuel de marché de 100%, une taille minimale d'achat de 100 000 000 JPY et une fréquence de paiement des coupons annuelle.

DocuSign Envelope ID: 431EE1AE-EE21-49DE-8CC7-02B9F89F5377
MiFID II product governance / Professional investors and ECPs only target market Solely
for the purposes of the manufacturer's product approval process, the target market assessment in
respect of the Notes, taking into account the five categories referred to in item 18 of the Guidelines
published by ESMA on 5 February 2018 has led to the conclusion that: (i) the target market for the
Notes is eligible counterparties and professional clients only, each as defined in Directive (EU)
2014/65 (as amended, "MiFID II"); and (ii) all channels for distribution of the Notes to eligible
counterparties and professional clients are appropriate. Any person subsequently offering, selling or
recommending the Notes (a "distributor") should take into consideration the manufacturer's target
market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own
target market assessment in respect of the Notes (by either adopting or refining the manufacturer's
target market assessment) and determining appropriate distribution channels.
UK MiFIR product governance / Professional investors and ECPs only target market Solely
for the purposes of each manufacturer's product approval process, the target market assessment in
respect of the Notes, taking into account the five categories referred to in item 18 of the Guidelines
published by ESMA on 5 February 2018 (in accordance with the FCA's policy statement entitled
"Brexit our approach to EU non-legislative materials"), has led to the conclusion that: (i) the target
market for the Notes is only eligible counterparties, as defined in the FCA Handbook Conduct of
Business Sourcebook ("COBS"), and professional clients, as defined in Regulation (EU) No
600/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
("UK MiFIR"); and (ii) all channels for distribution of the Notes to eligible counterparties and
professional clients are appropriate. Any person subsequently offering, selling or recommending the
Notes (a "distributor") should take into consideration the manufacturers' target market assessment;
however, a distributor subject to the FCA Handbook Product Intervention and Product Governance
Sourcebook (the "UK MiFIR Product Governance Rules") is responsible for undertaking its own
target market assessment in respect of the Notes (by either adopting or refining the manufacturers'
target market assessment) and determining appropriate distribution channels.

1
[EMEA_ACTIVE 302371352_3]

DocuSign Envelope ID: 431EE1AE-EE21-49DE-8CC7-02B9F89F5377
Final Terms dated 12 September 2022

Crédit Agricole S.A.
Legal Entity Identifier (LEI) of the Issuer is 969500TJ5KRTCJQWXH05

Euro 85,000,000,000
Euro Medium Term Note Programme

Series No: 639
Tranche No: 1
JPY 3,000,000,000 Subordinated Fixed Rate Resettable Notes due 14 September 2042
(the "Notes")
Issued by: Crédit Agricole S.A. (the "Issuer")

Dealer
Daiwa Capital Markets Europe

Any person making or intending to make an offer of the Notes may only do so in circumstances in
which no obligation arises for the Issuer or the Dealer to publish a prospectus pursuant to Article 3
of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus
Regulation, in each case, in relation to such offer.
Neither the Issuer nor the Dealer has authorised, nor do they authorise, the making of any offer of
Notes in any other circumstances.
The Notes are not intended to be offered, sold or otherwise made available to, and should not be
offered, sold or otherwise made available to, any consumer (consument/ consommateur) within the
meaning of the Belgian Code of Economic Law (Wetboek van economisch recht/Code de droit
économique), as amended, in Belgium.
The expression "Prospectus Regulation" means Regulation (EU) No 2017/1129, as amended.
2
[EMEA_ACTIVE 302371352_3]

DocuSign Envelope ID: 431EE1AE-EE21-49DE-8CC7-02B9F89F5377
PART A -- CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set
forth in "Terms and Conditions of the French Law Notes" in the base prospectus dated 8 April 2022
which has received approval no. 22-090 from the Autorité des marchés financiers (the "AMF") on 8
April 2022, the first supplement to it dated 17 May 2022 which has received approval no. 22-158
from the AMF on 17 May 2022, the second supplement to it dated 27 June 2022 which has received
approval no. 22-246 from the AMF on 27 June 2022 and the third supplement to it dated 17 August
2022 which has received approval no. 22-353 from the AMF on 17 August 2022, which together
constitute a base prospectus for the purposes of the Prospectus Regulation (the "Base
Prospectus"). This document constitutes the Final Terms of the Notes described herein for the
purposes of Article 8 of the Prospectus Regulation and must be read in conjunction with the Base
Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis
of the combination of these Final Terms and the Base Prospectus. The Base Prospectus is available
for
viewing
on
the
website
of
the
Issuer
(https://www.credit-
agricole.com/finance/finance/dette/emissions-marche/credit-agricole-s.a.-emissions-marche), on
the website of the AMF (www.amf-france.org) and copies may be obtained from Crédit Agricole S.A.,
12, Place des États-Unis, 92127 Montrouge Cedex, France.

1. Issuer:
Crédit Agricole S.A.
2. (i) Series Number:
639
(ii) Tranche Number:
1
(iii) Date on which the Notes become Not Applicable
fungible:
3. Sp
ecified Currency or Currencies:
Japanese Yen ("JPY")
4. Ag
gregate Nominal Amount:

(i) Series:
JPY 3,000,000,000
(ii) Tranche:
JPY 3,000,000,000
5. Iss
ue Price:
100.00 per cent. of the Aggregate Nominal Amount
6. Sp
ecified Denomination:
JPY 100,000,000
7. (i) Issue Date:
14 September 2022
(ii) Interest Commencement Date:
14 September 2022
8. Ma turity Date:
14 September 2042
9. Int
erest Basis:
1.750 per cent. Fixed Rate (Resettable)
(further particulars specified in paragraph 15 below)
10. Re
demption Basis:
Subject to any purchase and cancellation or early
redemption, the Notes will be redeemed on the
Maturity Date at 100.00 per cent. of their nominal
amount
11. Ch
ange of Interest Basis:
Not Applicable
12. Not eholder Put/Issuer Call:
Issuer Call
(further particulars specified in paragraph 20 below)
13. Sta tus:
Subordinated Notes
14. Dat es of the corporate authorisations Resolution of the Board of Directors of the Issuer
for issuance of the Notes:
dated 9 February 2022 and the Final Terms dated 12
September which constitute the décision d'émission
3
[EMEA_ACTIVE 302371352_3]

DocuSign Envelope ID: 431EE1AE-EE21-49DE-8CC7-02B9F89F5377
Provisions Relating to Interest (if any) Payable
15. Fix ed Rate Note:
Applicable from (and including) the Issue Date to (but
excluding) the Maturity Date
(i)
Rate(s) of Interest:
Resettable

(ii) Interest Payment Date(s):
14 March and 14 September in each year from (and
including) 14 March 2023 up to (and including) the
Maturity Date, adjusted in accordance with the
Following Business Day Convention and the
Business Centre specified in paragraph 15(iii) below

(iii) Business Centre(s):
Tokyo
(iv) Fixed Coupon Amount(s):
Rate of Interest x Specified Denomination x Day
Count Fraction
(v) Broken Amount:
Not Applicable

(vi) Day Count Fraction:
30/360, not adjusted

(vii) Determination Dates:
Not Applicable

(viii) Resettable Notes:
Applicable

Initial Rate of Interest:
The Initial Rate of Interest from (and including) the
Issue Date to (but excluding) the First Reset Date is
1.750 per cent. per annum payable semi-annualy in
arrear

First Margin:
+ 1.051 per cent. per annum payable semi-annualy
in arrear (1.057 per cent. on an annualised basis)

Subsequent Margin:
Not Applicable

First Reset Date:
14 September 2037

Second Reset Date:
Not Applicable

Subsequent Reset Date:
Not Applicable

Relevant Screen Page:
Bloomberg screen GDCO 44079 11 1

Reset Reference Rate:
JPY 5-year TONA Mid-Swap Rate from (and
including) the First Reset Date to (but excluding) the
Maturity Date
For the purpose of calculating the First Reset Rate of
Interest only, the JPY 5-year TONA Mid-Swap Rate
and the First Margin will be converted to annualised
rates. However, for the purpose of calculating any
interest amount due and payable on the Notes from
(and including) the First Reset Date to (but
excluding) the Maturity Date, the applicable interest
rate on the Notes will be calculated using the JPY 5-
year TONA Mid-Swap Rate and the First Margin on
a semi-annual basis.

Reference
Government Not Applicable
Bond (only if the Reference
Government
Bond
is
preselected):
4
[EMEA_ACTIVE 302371352_3]

DocuSign Envelope ID: 431EE1AE-EE21-49DE-8CC7-02B9F89F5377

Reference
Government Not Applicable
Bond Rate (only if Reset
Reference
Rate
is
Reference
Government
Bond):

Reference
Government Not Applicable
Bond Dealers (only if not
selected by the Calculation
Agent):

Sterling Reference Bond Not Applicable
Rate
(only
if
Reset
Reference Rate is Sterling
Reference Bond):

CMT Rate Maturity:
Not Applicable

Mid-Swap Maturity:
Five (5) years

Reset
Determination Two (2) Business Days preceding the First Reset
Date(s):
Date

Relevant Time:
10:00 am Tokyo time

First Reset Period Fallback: Not Applicable

Party
responsible
for Not Applicable
calculating
the
Reset
Reference Rate and related
determination in respect of
the Notes and Interest
Amount(s) (if not the
Calculation Agent):
16. Flo ating Rate Note:
Not Applicable
17. Zer o Coupon Note:
Not Applicable
18. C
MS Linked Note:
Not Applicable
19. Infl ation Linked Notes:
Not Applicable
Provisions Relating to Redemption
20. Re
demption at the Option of the Issuer Applicable
(Issuer Call):

(i)
Optional Redemption Date(s): The First Reset Date

(ii)
Optional
Redemption
Amount(s) of each Note and
method, if any, of calculation of
such amount(s):
JPY 100,000,000 per Note of JPY 100,000,000
Specified Denomination

(iii)
If redeemable in part:

a)
Minimum Redemption
Amount:
Not Applicable
5
[EMEA_ACTIVE 302371352_3]

DocuSign Envelope ID: 431EE1AE-EE21-49DE-8CC7-02B9F89F5377

b) Maximum Redemption
Amount:
Not Applicable

(iv)
Notice Period:
As per Conditions
21. Cle an-up Redemption Option:
Not Applicable
22. Re
demption at the Option of Not Applicable
Noteholders (Noteholder Put):
23. (i)
MREL/TLAC Disqualification
Event Call Option:
Applicable
(ii)
Early Redemption Amount:
Final Redemption Amount
24. Fin al Redemption Amount of each
Note:
Subject to any purchase and cancellation or early
redemption, the Notes will be redeemed on the
Maturity Date at 100.00 per cent. of their outstanding
principal amount
25. Ear ly Redemption Amount of each JPY 100,000,000 per Note of JPY 100,000,000
Note:
Specified Denomination
26. Ma ke-Whole Redemption Amount:
Not Applicable
General Provisions Applicable to the Notes
27. (i)
Form of Notes (Bearer Notes): Dematerialised Notes

(ii)
Form of Dematerialised Notes: Bearer dematerialised form (au porteur)

(iii)
Registration Agent:
Not Applicable

(iv)
Calculation Agent(s) (if not the Not Applicable
Fiscal Agent):

(v)
Temporary Global Certificate: Not Applicable
28. Ex
clusion of the possibility to request
identification of a Noteholder as
Provided by Condition 1(a):
Applicable
29. Fin ancial Center(s):
Tokyo
30. Tal
ons for future Coupons or Receipts
to be
attached to
Definitive
Materialised Bearer Notes (and dates Not Applicable
on which such Talons mature):
31. Det ails relating to Instalment Notes:
amount of each Instalment, date on
which each payment is to be made:
Not Applicable
32. Ap
plicable tax regime:
Condition 9(a) applies
33. Re
presentation of holders of French Contractual Masse shall apply
Law Notes Masse:
Primary Appointed Representative: as per the
Conditions F&S Financial Services, 13, rue
Oudinot, 75007 Paris, France
6
[EMEA_ACTIVE 302371352_3]

DocuSign Envelope ID: 431EE1AE-EE21-49DE-8CC7-02B9F89F5377

Alternate Appointed Representative: as per the
Conditions Aether Financial Services, 36, rue de
Monceau, 75008 Paris, France
The Primary Appointed Representative or, as the
case may
be,
the Alternate Appointed
Representative, will receive a remuneration of
EUR 400 per year (excluding taxes), payable as per
the Conditions.
Responsibility
I hereby accept responsibility for the information contained in these Final Terms.
Signed on behalf of the Issuer on 12 September 2022

Duly represented by: Laurent Côte
7
[EMEA_ACTIVE 302371352_3]

DocuSign Envelope ID: 431EE1AE-EE21-49DE-8CC7-02B9F89F5377
PART B -- OTHER INFORMATION
1.
LISTING AND ADMISSION TO TRADING
(i)
Listing:
Application has been made for the Notes to be
admitted to trading on Euronext Paris with effect
from 14 September 2022.
(ii)
Estimate of total expenses

related to admission to trading: EUR 13,400 (without tax)
2.
RATINGS

The Notes to be issued have been rated:
Standard & Poor's: BBB+
Moody's: Baa1
Fitch: A-
Standard & Poor's, Moody's and Fitch are
established in the European Union and are
registered under Regulation (EC) No 1060/2009
(the "CRA Regulation"). As such, Standard &
Poor's, Moody's and Fitch are included in the list of
credit rating agencies published by the European
Securities and Market Authority on its website in
accordance
with
the
CRA
Regulation
(www.esma.europa.eu/supervision/credit-rating-
agencies/risk).
As defined by Standard & Poor's, a "BBB" exhibits
adequate protection parameters. However,
adverse economic conditions or changing
circumstances are more likely to lead to a
weakened capacity of the obligor to meet its
financial commitment on the obligation (compared
to a higher rating). The addition of a plus (+) sign
shows relative standing within that rating
categories.
As defined by Moody's, obligations rated "Baa" are
judged to have medium-grade credit quality and
thus subject to moderate credit risk. The modifier 1
indicates that the obligations rank in the higher end
of that generic assessment category.
As defined by Fitch, an "A" rating denotes
expectations of low default risk. The capacity for
payment of financial commitments is considered
strong. This capacity may, nevertheless, be more
vulnerable to adverse business or economic
conditions than is the case for higher ratings. The
8
[EMEA_ACTIVE 302371352_3]

DocuSign Envelope ID: 431EE1AE-EE21-49DE-8CC7-02B9F89F5377
modifier (-) is appended to denote relative status
within this category.
3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save as discussed in "Subscription and Sale" in the Base Prospectus, so far as the Issuer
is aware, no person involved in the issue of the Notes has an interest material to the issue.
The Dealer and its affiliates have engaged, and may in the future engage, in investment
banking and/or commercial banking transactions with, and may perform other services
for, the Issuer and its affiliates in the ordinary course of business.
4.
REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS
(i)
Reasons for the offer:
The net proceeds will be used for the Issuer's
general funding requirements
(ii)
Estimated net proceeds:
JPY 2,994,000,000
5.
Fixed Rate Notes and Resettable Notes only -- YIELD
Indication of yield:
1.758 per cent. per annum until the First Reset
Date

The yield in respect of the Notes is calculated on
the basis of the Issue Price using the following
formula:

C
P=
(1-(1+r)-n) + A(1+r)-n
r

where:
P
is the Issue Price of the Notes;
C
is the Interest Amount;
A
is the outstanding principal amount of Notes
due on redemption;
n
is time to 14 September 2037 in years; and
r
is the yield.
As set out above, 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
(i)
ISIN:
FR001400COE8
(ii)
Common Code:
253302275
(iii)
Any clearing system(s) other
than Euroclear Bank SA/NV
and
Clearstream
Banking
Société Anonyme and the
relevant
identification
number(s):
Not Applicable
(iv)
Delivery:
Delivery against payment
9
[EMEA_ACTIVE 302371352_3]

DocuSign Envelope ID: 431EE1AE-EE21-49DE-8CC7-02B9F89F5377
(v)
Names and addresses of
Paying Agent(s) (including any
additional Paying Agent(s)):
CACEIS Corporate Trust
14, rue Rouget de Lisle
92682 Issy Les Moulineaux Cedex 9
France
7.
DISTRIBUTION
(i) Method of distribution:
Non-syndicated
(ii)
If syndicated,

(i) Names
of
Managers Not Applicable
(specifying Lead Manager):

(ii) Date
of
Subscription Not Applicable
Agreement (if any):

(iii) Stabilisation Manager(s) (if Not Applicable
any):
(iii) If non-syndicated, name of
Daiwa Capital Markets Europe Limited
Dealer:
(iv) I
ntermediary(ies) in secondary
Not Applicable
trading:
(v)
U .S. Selling Restrictions:
Reg. S Compliance Category 2; TEFRA not
applicable
(vi) P rohibition of Sales to EEA Not Applicable
Retail Investors under the
PRIIPs Regulation:
(vii) P rohibition of Sales to UK Retail Not Applicable
Investors under the UK PRIIPs
Regulation:
(viii) A dditional Selling Restrictions:
Not Applicable
(ix) N on-Exempt Offer:
Not Applicable
(x)
S pecific Consent:
Not Applicable
(xi)

General Consent:
Not Applicable

10
[EMEA_ACTIVE 302371352_3]