Credit Agricole S A : Communique AMF CP. CP23880802

DocuSign Envelope ID: 157EC802-08C9-416D-A75A-4A06F7839491

MiFID II 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 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.

DocuSign Envelope ID: 157EC802-08C9-416D-A75A-4A06F7839491

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: 655

Tranche No: 1

Issue of CHF 85,000,000 Senior Preferred Fixed Rate Notes due 18 January 2029 (the "Notes")

Issued by: Crédit Agricole S.A. (the "Issuer")

Lead Manager and Sole Bookrunner

Crédit Agricole Corporate and Investment Bank

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.

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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DocuSign Envelope ID: 157EC802-08C9-416D-A75A-4A06F7839491

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/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:	655
	(ii)	Tranche Number:	1
	(iii)	Date on which the Notes	Not Applicable
		become fungible:
3.	Specified Currency or Currencies:	Swiss Francs ("CHF")

4. Aggregate Nominal Amount:

	(i)	Series:	CHF 85,000,000
	(ii)	Tranche:	CHF 85,000,000
5.	Issue Price:	100.00 per cent. of the Aggregate Nominal
			Amount
6.	Specified Denomination:	CHF 200,000
7.	(i)	Issue Date:	18 January 2023
	(ii)	Interest Commencement	Issue Date
		Date:
8.	Maturity Date:	18 January 2029
9.	Interest Basis:	2.2925 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
11.	Change of Interest Basis:	Not Applicable
12.	Noteholder Put/Issuer Call:	Not Applicable
13.	Status:		Senior Preferred Notes

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DocuSign Envelope ID: 157EC802-08C9-416D-A75A-4A06F7839491

14. Dates of the corporate authorisations for issuance of the Notes:

Provisions Relating to Interest (if any) Payable

1. Fixed Rate Note:
2. 1. Rate of Interest:
   2. Interest Payment Dates:
   3. Fixed Coupon Amount:
   4. Broken Amount:
   5. Day Count Fraction:
   6. Determination Dates:
   7. Resettable Notes:
3. Floating Rate Note:
4. Zero Coupon Note:
5. CMS Linked Note:
6. Inflation Linked Notes:

Provisions Relating to Redemption

1. Redemption at the Option of the Issuer (Issuer Call):
2. Clean-upRedemption Option:
3. 1. Clean-upPercentage:
   2. Notice Period:
   3. Optional Redemption Amount(s) of each Note and method, if any, of calculation of such amount(s):
   4. Optional Clean-up Redemption Date(s) (solely if the Clean-Up Percentage is reached):
4. Redemption at the Option of Noteholders (Noteholder Put):
5. (i) MREL/TLAC Disqualification Event Call Option:
6. 1. Early Redemption Amount:
7. Final Redemption Amount of each Note:

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 Final Terms dated 16 January 2023 which constitute the décision d'émission

Applicable

2.2925 per cent. per annum payable annually in arrear on each Interest Payment Date

18 January in each year, from (and including)

18 January 2024, up to (and including) the Maturity Date

CHF 4,585 per Specified Denomination payable on each Interest Payment Date

Not Applicable 30/360, not adjusted Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable

Not Applicable

Applicable

80 per cent.

As per Conditions

CHF 200,000 per Note of CHF 200,000 Specified Denomination

Any Interest Payment Dates

Not Applicable

Not Applicable

Final Redemption Amount

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

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Form of Notes (Bearer Notes):

DocuSign Envelope ID: 157EC802-08C9-416D-A75A-4A06F7839491

1. Early Redemption Amount of each Note:
2. Make-WholeRedemption Amount:
3. Events of Default:

General Provisions Applicable to the Notes

28. (i)

1. 1. Form of Dematerialised Notes:
   2. Registration Agent:
   3. Calculation Agent(s) (if not the Fiscal Agent):
   4. Temporary Global Certificate:
2. Exclusion of the possibility to request identification of a Noteholder as Provided by Condition 1(a):
3. Financial Center(s):
4. Talons for future Coupons or Receipts to be attached to Definitive Materialised Bearer Notes (and dates on which such Talons mature):
5. Details relating to Instalment Notes:
6. Applicable tax regime:
7. Representation of holders of French Law Notes - Masse:

Responsibility

CHF 200,000 per Note of CHF 200,000 Specified Denomination

Not Applicable

Not Applicable

Dematerialised Notes

Bearer dematerialised form (au porteur)

Not Applicable

Not Applicable

Not Applicable

Not Applicable

Zurich

Not Applicable

Not Applicable

Condition 9(a) applies

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.

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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