Obligation Crédit Agricole SA 4% ( FR001400F7K2 ) en EUR

Crédit Agricole SA

100 % ⇌

France

FR001400F7K2 ( en EUR )

4% par an ( paiement annuel )

18/01/2033

Prospectus brochure de l'obligation Crédit Agricole FR001400F7K2 en EUR 4%, échéance 18/01/2033

100 000 EUR

1 000 000 000 EUR

18/01/2026 ( Dans 179 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.

L'Obligation émise par Crédit Agricole SA ( France ) , en EUR, avec le code ISIN FR001400F7K2, paye un coupon de 4% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 18/01/2033

DocuSign Envelope ID: FF9B2A95-8349-489D-A846-40EA186E9FE7

MiFID II product governance / Professional investors and ECPs only target market Solely for
the purposes of each manufacturers' 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 manufacturers' 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 manufacturers' target
market assessment) and determining appropriate distribution channels.

UK MiFIR 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 (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 manufacturer's 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 manufacturer's
target market assessment) and determining appropriate distribution channels.

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Final Terms dated 16 January 2023

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: 654
Tranche No: 1
Issue of EUR 1,000,000,000 Senior Preferred Fixed Rate Notes due 18 January 2033
(the "Notes")
Issued by: Crédit Agricole S.A. (the "Issuer")

Lead Manager and Sole Bookrunner
Crédit Agricole CIB

Joint Lead Managers
DZ BANK AG
IMI Intesa Sanpaolo
Natixis

Co-Lead Managers
ABANCA
Banca Akros S.p.A. Gruppo Banco BPM
BayernLB
DNB Markets
La Banque Postale

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 any 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 any Dealer has authorised, nor do they authorise, the making of any offer
of Notes in any other circumstances.
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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.
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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, the third
supplement to it dated 17 August 2022 which has received approval no. 22-353 from the AMF
on 17 August 2022, the fourth supplement to it dated 18 November 2022 which has received
approval no. 22-455 from the AMF on 18 November 2022 and the fifth supplement to it dated
2 January 2023 which has received approval no. 23-004 from the AMF on 2 January 2023,
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-et-notations/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:
654

(ii)
Tranche Number:
1

(iii)
Date on which the Notes

become fungible:
Not Applicable
3.
Specified Currency or Currencies:
Euro ("EUR")
4.
Aggregate Nominal Amount:

(i)
Series:
EUR 1,000,000,000

(ii)
Tranche:
EUR 1,000,000,000
5.
Issue Price:
99.984 per cent. of the Aggregate Nominal
Amount
6.
Specified Denomination:
EUR 100,000
7.
(i)
Issue Date:
18 January 2023

(ii)
Interest Commencement

Date:
Issue Date
8.
Maturity Date:
18 January 2033
9.
Interest Basis:
4.00 per cent. Fixed Rate
(further particulars specified in paragraph
15 below)
10.
Redemption 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
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11.

Change of Interest Basis:
Not Applicable
12.

Noteholder Put/Issuer Call:
Not Applicable
13.

Status:
Senior Preferred Notes
14.
Dates of the corporate

authorisations for issuance of the

Notes:
Resolution of the Board of Directors of the
Issuer dated 9 February 2022 (as amended
and completed by the resolution of the
Board of Directors of the Issuer dated 3
August 2022) and the décision d'émission
dated 16 January 2023
Provisions Relating to Interest (if any) Payable

15.

Fixed Rate Note:
Applicable

(i)
Rate of Interest:
4.00 per cent. per annum payable annually
in arrear on each Interest Payment Date

(ii)
Interest Payment Dates:
18 January in each year, from (and
including) 18 January 2024, up to (and
including) the Maturity Date

(iii)
Fixed Coupon Amount:
EUR 4,000 per Specified Denomination
payable on each Interest Payment Date

(iv)
Broken Amount:
Not Applicable

(v)
Day Count Fraction:
Actual/Actual-ICMA, not adjusted

(vi)
Determination Dates:
18 January in each year

(vii)
Resettable Notes:
Not Applicable
16.

Floating Rate Note:
Not Applicable
17.

Zero Coupon Note:
Not Applicable
18.

CMS Linked Note:
Not Applicable
19.

Inflation Linked Notes:
Not Applicable
Provisions Relating to Redemption

20.

Redemption at the Option of the

Issuer (Issuer Call):
Not Applicable
21.

Clean-up Redemption Option:
Applicable

(i)
Clean-up Percentage:
80 per cent.

(ii)
Notice Period:
As per Conditions

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

(iv)
Optional
Clean-up
Redemption Date(s) (solely if
the Clean-Up Percentage is
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reached):
Interest Payment Dates
22.

Redemption at the Option of

Noteholders (Noteholder Put):
Not Applicable
23.
(i)
MREL/TLAC

Disqualification Event Call

Option:
Not Applicable

(ii) Early Redemption Amount:
Final Redemption Amount
24.

Final 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.

Early Redemption Amount of each

Note:
EUR 100,000 per Note of EUR 100,000
Specified Denomination
26.
Make-Whole Redemption Amount:
Not Applicable
27.
Events of Default:
Not Applicable
General Provisions Applicable to the Notes

28.
(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 Applicable
not the Fiscal Agent):

(v)
Temporary Global

Certificate:
Not Applicable
29.

Exclusion of the possibility to

request identification of a

Noteholder as Provided by

Condition 1(a):
Not Applicable
30.

Financial Center(s):
TARGET2
31.

Talons for future Coupons or

Receipts to be attached to

Definitive Materialised Bearer

Notes (and dates on which such

Talons mature):
Not Applicable
32.

Details relating to Instalment

Notes:
Not Applicable
33.

Applicable tax regime:
Condition 9(a) applies
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34.

Representation of holders of French
Law Notes Masse:
Contractual Masse shall apply

Primary Appointed Representative: as per
the Conditions F&S Financial Services,
13, rue Oudinot, 75007 Paris, France

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 300 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 16 January 2023

Duly represented by: Laurent Côte

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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
18 January 2023

(ii) Estimate of total expenses related

to admission to trading:
EUR 9,600 (without tax)
2. RATINGS

The Notes to be issued have been rated:

Standard & Poor's: A+
Moody's: Aa3
Fitch: AA-
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, an "A" rating means
that the Issuer's capacity to meet its financial
commitments on the obligation is strong but somewhat
susceptible to economic conditions and changes in
circumstances. The addition of a plus (+) sign shows
relative standing within that rating categories.
As defined by Moody's, obligations rated "Aa3" are
judged to be of high quality and are subject to very low
credit risk. The modifier 3 indicates a ranking in the
lower end of that generic rating category.
As defined by Fitch, an "AA" rating denotes
expectations of very low default risk. It indicates very
strong capacity for payment of financial
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commitments. This capacity is not significantly
vulnerable to foreseeable events. The modifier (-) is
appended to denote relative status within this
category.
3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save for the fees payable to the Managers, so far as the Issuer is aware, no person involved in
the issue of the Notes has an interest material to the issue. The Managers and their 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 AND 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:
EUR 996,590,000

5. YIELD
Indication of yield:
4.002 per cent. per annum

The yield in respect of this issue of Fixed Rate Notes
is calculated on the basis of the Issue Price using the
following formula:
P=
C (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 maturity 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
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(i)
ISIN:
FR001400F7K2

(ii)
Common Code:
257778193

(iii)
Any clearing system(s) other

than Euroclear Bank SA/NV and
Clearstream Banking Société

Anonyme and the relevant

identification number(s):
Euroclear France
(iv)
Delivery:
Delivery against payment

(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
1. Method of distribution:
Syndicated

2. If syndicated,

(i)
Names of Managers
Lead Manager and Sole Bookrunner

(specifying Lead Manager):
Crédit Agricole Corporate and Investment Bank
Joint Lead Managers
DZ BANK AG Deutsche Zentral-
Genossenschaftsbank, Frankfurt am Main
Intesa Sanpaolo S.p.A.
Natixis

Co-Lead Managers
ABANCA Corporación Bancaria, S.A.
Banca Akros S.p.A.
Bayerische Landesbank
DNB Bank ASA
La Banque Postale

(ii)
Date of Subscription

Agreement (if any):
16 January 2023
(iii)
Stabilisation Manager(s) (if

any):
Crédit Agricole Corporate and Investment Bank
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