Credit Agricole S A : 2022 Universal Registration Document registered with the AMF under number D.23-0154 (format

2022

ANNUAL FINANCIAL REPORT UNIVERSAL REGISTRATION DOCUMENT

Working

every day

in the interest of our customers and society

Summary

Interview of

Dominique Lefebvre and Philippe Brassac

2

Rankings and key figures

Présentation de Crédit Agricole S.A.

Crédit Agricole S.A. business lines at 31 December 2022

Asset Gathering Retail banking

Specialised Financial Services Large customers

Corporate Centre Highlights 2022 History

Information on the share capital and shareholders Stock market data

2 Non financial performance

8

9

14

16

19

22

24

26

29

32

34

40

44

1. Business Model 47

2. Non-financial risks 47

3. ESG strategy 54

4. ESG risk management 110

5. Results 124

Implementation of the Principles for Responsible

Banking Cross-reference table Conclusion and limits

Report of one of the Statutory Auditors, appointed as independent third party, on the verification of the consolidated non-financial statement Independent Limited assurance report on the indicators relating to the implementation of the climate strategy presented in Crédit Agricole's 2022 Management Report

3 Corporate Governance

140 141 143

144

152

156

1. Report of the Board of Directors 158

2. Additional information on Corporate Officers 192

3. Information on executives and management

bodies 217

4. Reward policy 224

5. Rules of procedure of the Board of Directors 271

4 Review of the 2022 financial position and performance

A balanced business mix

Operating and financial information Information on Crédit Agricole S.A.'s financial statements (parent company)

5 Risks and Pillar 3

• 1. Crédit Agricole S.A. risk factors

• 2. Risk management

• 3. Pillar 3 Disclosures

6 Consolidated financial statements

General framework

Consolidated financial statements

Notes to the consolidated financial statements Statutory auditors' report on the consolidated financial statements

7 Parent company financial statements

280

310

528

698

Parent company financial statements at 31 December

281 282 308

312 327 378

530 536 544 689

2022 700

Notes to the financial statements 702

Statutory auditors' report on the financial statements 743

8 General

Information
748
General Meeting 2023
Wednesday 17 May, 09:30 a.m.	749
Articles of Association - Updated Version on
13 janvier 2023	750
Information on the Company	758
Report of the Statutory Auditors on related party
agreements	762
Person responsible for the Universal Registration
Document of Crédit Agricole S.A.	771
Glossary	772
Cross-reference tables	778

Annual financial report

Universal Registration Document 2022

The English version of the Universal Registration

Document was filed on 27 March 2023 with the AMF, as competent authority under Regulation (EU)

2017/1129, without prior approval pursuant to Article 9 of the said regulation.

The Universal Registration Document may be used for the purposes of an offer to the public of financial securities or admission of financial securities to trading on a regulate market if completed by a securities note and, if applicable, a summary and any amendments to the Universal Registration Document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129. This is a translation into English of the Annual Financial Report/URD of the Company issued in French and it is available on the website of the Issuer.

Crédit Agricole Groupe profile

Working every day in the interest of our customers and society

Interview of Dominique Lefebvre and Philippe Brassac

Interview with

Dominique Lefebvre Chairman of the Board of Directors and Philippe Brassac Chief Executive Officer

What is your view on 2022? How did Crédit Agricole get through such an eventful year?

Dominique Lefebvre

Just as things were calming down on the health front, suggesting that the difficulties of 2022 would be phased out, the outbreak of the war in Ukraine changed everything. Not only were there uncertainties caused by supply chain issues against a backdrop of sustained inflation, but there was also a major energy crisis in Europe and historic tensions over commodities, particularly agricultural commodities, of which Ukraine is a major global producer. The consequences for our customers in Europe are well known: inflation hiked significantly, and thus interest rates. There are indications that both will peak in 2023, but their effects on the economy will continue. As for our retail banking business in France, our financial statements were impacted by specific consumer protection rules, particularly usury laws related mainly to fixed-rate loans and the method for remunerating regulated savings. But these rules also tempered the cost of risk by safeguarding borrowers' creditworthiness. We have been suporting and financing Ukraine's agricultural sector ever since the beginning of the war, thanks to the exceptional efforts of our Crédit Agricole Ukraine employees. I would like to pay tribute to them and express my deep gratitude and admiration, sentiments that I know are shared by the entire Group. The huge outpouring

of solidarity towards them, demonstrated across all Crédit Agricole entities, deserves to be highlighted, starting with the generosity shown by our colleagues at CA Bank Polska. I see this as a testimony of the vitality of our values which, combined with the strength of our business model, has served to demonstrate Crédit Agricole's resilience in a challenging environment as we continue to build for the future.

Have geopolitical upheavals swayed Crédit Agricole S.A.'s strategy?

Philippe Brassac

Gone are the days when globalisation had a beneficial effect on prices. We're living through military as well as commercial conflicts, and a globalisation movement has begun that is operating within a bloc state of mind. The goal of each bloc is to better control its sovereignty in areas such as food, energy, defence and digital technology. The way Europe has reacted to Russian oil and gas is an illustration of this. We are witnessing a new partition of the economy in a world with three zones of influence - the United States, China and Europe. Crédit Agricole, "natively" European, operates primarily in one of these three leading global economies, which also happen to be the three biggest global powers. This strategy is unchanged. Some business lines have extensions or growth drivers in other parts of the world, mainly in the US and Asia. Development in these regions will continue, butwill be implemented using methods that will now have to incorporate geopolitical risk more concretely.

In such an environment, how well did Crédit Agricole S.A. do in 2022?

Philippe Brassac

Against this backdrop of extreme events and having to adapt to them, the Group's 2022 results were good and strong. In the fourth quarter, results were at an all-time high for Credit Agricole S.A., and we recorded further growth in our revenues thanks to dynamic activity within all business lines. This performance confirms the relevance of the customer relationship banking model, positioned to meet every need of every customer. Our organic growth drivers are working (1.9 million new customers for the full year) and we keep expanding, thanks to major strategic operations that are strengthening the leadership positions of a number of our business lines. Despite the uncertain environment, the Group is demonstrating good levels of profitability, financial strength and operational efficiency, among the best of the European banks. With a dividend of €1.05 per share to be proposed to the 2023 General Meeting, the Group is reiterating both its policy of distributing 50% of its earnings as well as its commitment to make up for the entire dividend not paid in 2019.

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CRÉDIT AGRICOLE S.A. - Universal Registration Document 2022

Refer to glossary on page 772 for the definition of technical terms

Crédit Agricole Groupe profile

Philippe Brassac Chief Executive Officer and Dominique Lefebvre Chairman of the Board of Directors

Given that Crédit Agricole S.A.'s new MTP is starting out in an uncertain environment, how confident are you that the Group will be able to deliver the expected results?

Philippe Brassac

I am confident, not because I'm overly optimistic, but because Crédit Agricole Group is intrinsically resilient and is generating growth. Our Universality - the ability to offer all our customers the entire gamut of our business lines thanks to a comprehensive, customer-centric approach - and Usefulness - keeps us in tune with the expectations of our customers and society - so we have the means to grow even when the environment is uncertain. While past performance is not a guide to future performance, let us stress that all the previous MTP plan targets were met, whether commercial or financial, despite the lack of possible anticipation of COVID consequences. In the same way, we will meet our 2025 ambitious targets. We will keep expanding in two complementary directions, firstly, in customer-focused universal banking, which combines the expertise of the business lines with the power of the distribution networks, and secondly, in the business lines themselves, which, by their weight, are now able to develop on their own. Said differently, starting in 2023, we will be embarking on three important partnerships: one with Stellantis for CA Consumer Finance, one with RBC for CACEIS and one with BancoBPM for Crédit Agricole Assurances in non-life insurance in Italy. 2023 will also be the year of the operational start of our two new businesses, CA Santé et Territoires and CA Transitions et Energies. These two new businesses are designed to meet society's long-term needs. Although it's hard to know what will happen short term, what needs to be done in the very long term - 2030, 2040 - is paradoxically very clear: we need to build a carbon-free society that is more inclusive, more sovereign, and more in control of the major issues such as healthcare and ageing. These major societal challenges are opportunities for Crédit Agricole to expand in the coming years.

The impacts of climate change are now tangible. Do you think the Group's strategy in this area is appropriate to tackle the issues at stake?

Dominique Lefebvre

The climate emergency is a concern shared by the Board of Directors and Executive Management alike. For a customer-focused universal bank like Crédit Agricole, this means that all business lines must be fully committed to the transition to a low carbon economy. This is the meaning of the doctrine and action plan presented on 6 December 2022, which can be summed up in one sentence: accelerate the advent of green energies to replace fossil fuels while making the transition accessible to all. In the face of such urgency, we must act swiftly while setting credible,responsible trajectories. Since adopting a climate strategy in 2019, the Group has continued to enhance and adapt it to the issues at stake. The ten societal commitments made in December 2021 have been translated into action plans. They range from disengaging from unconventional hydrocarbons and excluding any direct financing of oil and gas projects in the Arctic, to launching a new green savings accounts. In December 2022, and after a thorough assessment, we created road maps for 2030 in line with the Net Zero Banking Alliance covering five sectors: oil and gas, power, automotive, commercial real estate and cement. Work will continue in 2023, aimed at defining road maps for sectors that account for over 75% of global greenhouse gas emissions and approximately 60% of the Group's exposure. I would also like to point out that with regard to investing, Amundi and CAA have also joined the Net Zero alliances in their respective sectors. But it is not enough for these commitments to permeate everything we do. We need to be able to monitor, measure and report on their implementation, including assessing the performance of the Group's executives against some of the targets. One thing I'm sure about is that in the face of these crucial global challenges, Crédit Agricole is ready to step up and play its full part by applying the principle of its raison d'être, which is to work every day in the interests of its customers and society.

Refer to the glossary on page 772 for the definition of technical terms

CRÉDIT AGRICOLE S.A. - Universal Registration Document 2022

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