Credit Agricole S A : Communique AMF CP. CP22873772

DocuSign Envelope ID: 2F75BCE5-62B9-4A85-9504-CF0F638D7390

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 counte rparties 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 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 (in accordance with the FCA's policy statement entitled "Brexit our approach to EU non-legislativematerials"), 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.

DocuSign Envelope ID: 2F75BCE5-62B9-4A85-9504-CF0F638D7390

Final Terms dated 24 November 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: 646

Tranche No: 1

Issue of EUR 1,000,000,000 Senior Preferred Fixed Rate Notes due 28 July 2027

(the "Notes")

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

Lead Manager and Sole Bookrunner

Crédit Agricole CIB

Joint Lead Managers

ABN AMRO

Commerzbank

Erste Group

Lloyds Bank Corporate Markets Wertpapierhandelsbank

Co-Lead Managers

Banca Akros S.p.A. - Gruppo Banco BPM

Bank of China

DekaBank

DNB Bank ASA

First Abu Dhabi Bank

Natixis

NORD/LB

OCBC 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

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DocuSign Envelope ID: 2F75BCE5-62B9-4A85-9504-CF0F638D7390

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 sh ould 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: 2F75BCE5-62B9-4A85-9504-CF0F638D7390

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 and the fourth supplement to it dated 18 November 2022 which has received approval no. 22-455 from the AMF on 18 November 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-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:	646
	(ii)	Tranche Number:	1
	(iii)	Date on which the Notes	Not Applicable
		become fungible:
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:	99.796 per cent. of the Aggregate Nominal
			Amount
6.	Specified Denomination:	EUR 100,000
7.	(i)	Issue Date:	28 November 2022
	(ii)	Interest Commencement	Issue Date
		Date:
8.	Maturity Date:	28 July 2027
9.	Interest Basis:	3.375 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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DocuSign Envelope ID: 2F75BCE5-62B9-4A85-9504-CF0F638D7390

1. Change of Interest Basis:
2. Noteholder Put/Issuer Call:
3. Status:
4. Dates of the corporate authorisations for issuance of the Notes:

Not Applicable

Not Applicable

Senior Preferred 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 24 November 2022

Provisions Relating to Interest (if any) Payable
15.	Fixed Rate Note:	Applicable
	(i)	Rate of Interest:	3.375 per cent. per annum payable annually
			in arrear on each Interest Payment Date
	(ii)	Interest Payment Dates:	28 July in each year, from (and including)
			28 July 2023, up to (and including) the
			Maturity Date
	(iii)	Fixed Coupon Amount:	EUR 3,375 per Specified Denomination
			payable on each Interest Payment Date,
			except for the amount payable in respect of
			the short first Interest Accrual Period
			beginning on (and including) the Interest
			Commencement Date and ending on (but
			excluding) the Interest Payment Date
			falling on 28 July 2023 which shall be the
			Broken Amount
	(iv)	Broken Amount:	EUR 2,237.67 per Specified Denomination,
			payable on the Interest Payment Date
			falling on 28 July 2023
	(v)	Day Count Fraction:	Actual/Actual-ICMA, not adjusted
	(vi)	Determination Dates:	28 July 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	Not Applicable
	Issuer (Issuer Call):
21.	Clean-up Redemption Option:	Not Applicable
22.	Redemption at the Option of	Not Applicable
	Noteholders (Noteholder Put):
23.	(i)	MREL/TLAC Disqualification	Not Applicable

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