Crédit Agricole S.A. — Capital/Financing Update 2019

Oct 22, 2019

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 l8 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 2014/65/EU (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 orrecommending the Notes (a "distributor") should take into consideration the manufacturers'target ma¡ket 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.

Final Terms dated 17 October 2019

Crédit Agricole S.Ä.

Legal Entity ldentifier (LEÐ : 969500TJ5KRTCJQWXH05

Euro 75,000,000,000 Euro Medium Term Note Programme

Series No: 568

Tranche No: I Issue of EUR 1,000,000,000 Senior Non-Preferred Fixed Rate Notes due October 2025 (the "Notes") fssued by: Crédit Agricole S.A. (the *Issuer")

Lead Manager and Sole Bookrunner

CRÉDIT AGRICOLE CIB

Joint Lead Managers

BMO CAPITAL MARKETS

MEDIOBA¡ICA _ BAI\CA DI CREDITO FINANZIARO S.P.A.

SAI\TANDER GLOBAL CORPORATE & IITVESTMENT BAI\KING

STAIIDARD CIIARTERED BAIIK

Co-Lead Manugerc

BAI\KIA

BA¡IKINTER

DZ BA¡IK AG

MPS CAPITAL SERVICES BANCA PER LE IMPRESE SPA

RAIPFEISEN BANK INTERNATIONAL AG

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 Di¡ective or supplement a prospectus pursuant to Article 16 ofthe Prospectus Directive, in each case, in relation to such offer.

NeitJrer the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances,

The expression "Prospectus Directive" means Directive2003/71/EC as amended (including by Directive 2010/73/ElÐ and includes any relevant implementing measure in the relevant Member State.

PART A CONTRACTUAL TERÙIS

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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 Englßh Law Notes" in the base prospectus dated l0April 2019 which has received visa no. l9-l5l lrom the Autorité des marchés financiers (the "AMtr"') on l0 April 2019, the supplement no. I to it dated 23 May ²⁰¹⁹ whichhasreceivedvisano. 19-221 fromtheAMF on23May 2019andthesupplementno.2toitdated 17June2019 which has received visa no. 19-274 from the AMF on 17 June 2019 and the supplement no. 3 to it dated 28 August 2019 which has received visa no. 19-413 from the AMF on 28 August 2019 which together constitute a base prospectus for the purposes of the Prospectus Directive (the "Base Prospectus"). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive 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/enlfinance/finance), on the website of the AMF (www.amÊfrance.org) and copies may be obtained from Crédit Agricole S.4., 12, place des Etats-Unis, 92127 Montouge Cedex, France.

l.	Iss ue r:		A ic ol C ré di S t .A gr e
1	( ) i	Se N be rie s um r:	56 8
	( i i )	Tr ch N be an e um r:	I
	( ) i i i	Da hi ch te th No te fu ib le be w o n e s ng co m e :	N A lic ab le ot pp
J.	Sp ec	ifie d C r C ie un en cy o ur re nc s:	( ) "E U R " Eu ro
4.	N in al A Ag nt at om gr eg e m ou :
	( Ð	Se rie s:	EU R 1, 00 0, 00 0, 00 0
	( i D	Tr ch an e:	EU R 1, 00 0, 00 0, 00 0
5.	Iss ue	P ric e:	of N in al A 99 .8 99 th Ag nt p er t. at om m ou c en e gr eg e
6.	Sp ec	ifie d De in io at no m n:
	( i )	Sp ifie d De in io at ec no m n:	EU R 10 0, 00 0
	( ) i i	C al la tio nA nt cu m ou :	EU R 10 0, 00 0
7	( ) i	Iss D at ue e:	l 2 O ob ct 2 01 9 er
	( i i )	In C te st Da t te re om m en ce m en :	D Iss at e ue
8.	M at ur	ity D at e:	2 l O ct ob 2 02 5 er
9.	In te st B is: re as		0. 37 5 Fi d Ra t. te pe r c en xe
			(fu rth tic ul ifie d in ph ) be lo er p ar ar s 1 sp ec p ar ag ra 5 w
10	Re de io pt Ba sis m n :		t S ub je ha nd lla tio ct o rly an y pu rc se o r a c an ce n ea i l l he t b de io N w de ed pt ot re m n, es e o n th re em e M it of at at he ir D t at 1 00 t. ur p er in al y e c en no m nt am ou
l l	f Ch In B is te st o re as an ge :		N A lic ab le ot pp
12	t/C Pu al l O io pt ns :		N A lic ab le ot pp
13	St at us :		Se N -P fe d No ni te on re rre s or
14	Da of te th th isa tio f at is s e co rp or e au or ns or su an ce
	of th e	No te s:	of he f of R ol io t ut B rd D ire he ct t o I es n oa or s ss ue r l3 da d F eb nd th te 20 19 dé ci si d 'é iss io ru ar e y a on m n l7 O da d ob 2 01 9 te ct er

Provisions Relating to Interest (if any) Payable

1 5	Fi d xe	N Ra ot te e	A lic ab le pp
	( i )	fln te st Ra te o re :	in ab le al ly 0. 37 5 pe r a pe r c t. p ay an nu nn um a rre ar an In Da te st P te h t re ay m en on e ac
	( i i )	In P Da te st t te re ay m en s:	2 l i l , 2 ir fr i lu di O ob nd ct ch n er y om nc ng er ea , a M it in cl ud in at Da O ob 2 02 0 nd he te ct to t w y er , a g, up
	( i i i )	A Fi d C rt: m ou xe ou po n	37 D in io bl 5 S ci fie d at EU R pe r pa ya e pe en om n on In Da te st P te ch t re ay m en ea
	( i ) v	A Br ok nt en m ou :	N A lic ab le ot pp
	( ) v	Da C F io nt ct ou ra n: y	A VA l-I C M A ct ct t a dj d te ua ua no us ,
	( D v	D et in at io nD at er m es :	O in 21 ob ct h ye ar er e ac
	( i i ) v	R bl et ta es e:	N A lic ab le ot pp
16	Fl tin N Ra ot te oa g e:		N A lic ab le ot pp
17	Ze C No te ro ou po n :		N ot A lic ab le pp
18	Li nk ed N C S ot M e:		N A lic ab le ot pp
t9	fla In tio Li nk ed N ot n es :		N A lic ab le ot pp

Provisions Relating to Redemption

2 0	Re de O io pt	(C al l pt io th O io of Iss pt th at m n e n ue r e n) :	N A lic ab le ot pp
2 1	C le Re de io O io pt pt an p m n n: -u		N A lic ab le ot pp
2 2	( Pu Re de io th O io of N eh ol de t pt pt ot m n at rs e n O io n) pt :		N A lic ab le ot pp
2 3	( ) i	L/ C M R E T LA ifi D is al tio Ev C al l t qu ca n en O io pt n:	A lic ab le pp
	( i Ð	Ea rl f R ed io A N pt nt ch ot y em n m ou o e ea i f f lc ul io of ho d, at d et h m o ca n an an y, s uc
		(s ): nt am ou	Fi l R A ed io nt pt na em n m ou
2 4	A f e Fi l R ed io nt No pt te h na em n m ou o : ac		to ch d el la tio rly Su bj t o r p ur as e an ca nc n ec a ny ea i l l b he N de io t ot de ed th pt w o n e re m n, es re em e of he ir M it D t at at at 1 00 ts ta nd in t. ur e p er y c en ou g in ci l a pr pa nt m ou
25	A Ea rly R ed io nt f e No pt te h em n m ou o : ac		Fi l R A ed io nt pt na em n m ou
26	M ak W ho le A R ed io nt pt e- em n m ou :		N A lic ab le ot pp
G al P en er	vi si ro on	A lic ab le he N to t ot pp s es
2 7	Fo f N ot rm o es :		N Be ot es ar er
	Te m No s) te	(B G lo ba l N t ot ea re r po ra ry o r p er m an en e :	f G N lo ba l te o r T o ha bl em po ra ry e xc ng ea e a i hi ch Pe G lo ba l N ch ab le f t ot s e w or rm an en ex an ge D ef in iti lim ite d No in ci B te th st ve s rc um an ce s ea re r e in G l N ot ifie d Pe lo ba th t e sp ec rm an en e
28	Ne w	G lo ba l N ot e:	Ye s
29	G lo ba	l C h el d NS S tif ica te de er : un r	N o
30	Fi ia l Ce nt na nc er :		TA R G ET

31	f to T al fu o r tu C R ei pt on s o r b re ou po ns ec s e D ef in iti t ( d ch ed N hi ch at ta ot da o ve an te es s on w
	T al ch e) at su on s m ur :	N o
32	f De ils el in to In al ta at st t No te nt o r g m en s: a m ou In al st t hi ch ch t is m en da te h ea w pa ym en o n e ac
	to b ad e m e:	N A lic ab le ot pp
33	A lic ab le gi ta pp x re m e:	C di tio 9( a) lie on n a pp s

Responsibility

I hereby accept responsibility for the information contained in these Final Terms.

Signed on behalfofthe Issuer on 17 October 2019

Duly represented by: Nadine Fedon

PART ^B-OTHER INT'ORIVIATION

1. LISTING A¡TD ADMISSION TO TRADING

(i) Listing: Application has been made for the Notes to be admitted to trading on Euronext Paris with effect from 21 Ociober 2019

(ii) Estimate of total expenses related to admission to trading:

2. RATINGS

EUR 5,075

The Notes to be issued have been rated: Standard & Poor's: A-Moody's: Baal 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-ratingagencies/risk)

3. INTERESTS OF NATIJRAL A¡ID LEGAL PERSONS IIYVOLVED IN THE ISSIJE

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.

4. REASONS FOR TrrF. OFFE& ESTIMATED flET PROCEEDS AffD TOTAL E)(PENSES

Reasons for the offer: The Notes constitute Green Notes and the net proceeds will be used to furance and/or refinance one or more of the Eligible Green Assets described below:

New or existing loans and investments in the following Eligible Categories:

• . Renewable energy,
• . Green buildings,
• . Energy effrciency,
• . Clean transportation,
• . Waste and water management,
• . Sustainable agriculture and forest management,

as futJrer described in the Green Bond Framework available on the Issuer's website (/www.creditagricol e. com./en/fi nance/fi nance/debt).

The Issuer has appointed Vigeo Eiris ("Vigeo") to provide a second party opinion (the "Second Party Opinion") on the Green Bond Framework, assessing the environmental added value of the Green Bond Framework and its alignment with the GBP. This Second Party Opinion is

available on the Issuer's website (www.creditagricole.com/en/fi nance/fi nance/debt).

The Issuer will publish an annual report on its website detailing the allocation of net Green Bond income and the environmental impact of the Eligible Green Assets included in its green portfolio. In addition, the Issuer may communicate publicly in the event of substantial changes in the green portfolio. The Issuer will also have an extemal auditor provide a limited assurance report on the main features of its Green Bonds for the purposes of the preparation of its registation document.

0.392per cent. per anmtm

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

$$\mathbf{P} = \frac{\mathbf{C}}{r} \quad \text{ (1-(1+r)^n)} \ + \mathcal{A}(1+r)^n$$

where:

• P is the Issue Price ofthe 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.

1. OPERATIONALINT'OR]VIA'TION

(Ð Intended to be held in a manner which would allow Eurosystem eligibility:

No. Whilst the designation is specified as 'ho" at the date of these Final Terms, should the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting them the Notes may then be deposited with one of the ICSDs ¿rs cornmon safekeeper. Note that this does not necessarily mean that the Notes will then be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem at any time during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met.

• (ii) rSrN: (iiÐ Common Code: (iv) CFI: (v) FSIN: (vD Any clearing system(s) otherthan Euroclear xs2067135421 206713542 Not Applicable Not Applicable
  • Bank SA IV and Clearstream Banking Société Anonyme and the relevant identifi cation number(s) :

Not applicable

5. YIELD

Indication ofyield:

	( v	i i )	D el	iv er y:	D el iv t ai t er pa ym en y ag ns
	( v	) i i i	N am (in cl	f Pa yi nd A (s ) dd nt o es a ng ge a re ss es ud in (s )) ad di tio l Pa yi A g nt an na ng ge : y	N .4 C iti ba nk Lo nd B h on ra nc , ., C iti Ce nt gr ou p re Ca da S na qu ar e W ha rf C an ar y E l4 5 LB Lo nd on Ki do U ni d te ng m
7	D IS	T R	IB U	T IO N
	1	M ho d of d is ib io et tr ut n:			Sy nd ica d te
	2 If rd ica d, te sy
		(	i )	(s fin ci f M Na pe g Le ad m es o an ag er s ): M an ag er	B kr Le ad M nd S ol oo un ne r an ag er a e A ic ol Ba nk C ré di C nd In t te st t gr e ve m en or po ra a
					Jo in Le ad t M an ag en s Ba Sa S .A de nt nc o an r, f M Ba nk al Lo nd B h tre o on on ra nc , D i C M ed io ba F in zi S .A Ba di to nc a nc a re an ar o .p - Ba nk St da rd C ha d rte an re C el ad M ,e an ag er s Ba nk ia , S .A Ba nk in te r BA N K G D Z A Ze l-G ch af ub k, D ch nt ts eu e ra en os se ns an Fr kf rrt M ai an n a m M PS C r l Im Sp A ita l Se Ba ice pe ap nc a e pr es e rv s A G Ra iff ei Ba nk I io l nt at se n em na
		( i	D	( i f of D S at ub rip tio A t e sc n gr ee m en y) an :	l7 O 2 01 9 ob ct er
		( i	i D	(if St ab ilis io M (s ) ): at n an ag er a ny	A ic ol Ba nk C ré C In di t te nd st t gr e ve m en or po ra a
	3	If nd ica d, of D le te no n- sy ea r: n am e			N A lic ab le ot pp
	4	U .S . S el lin Re ric tio st g ns :			D T E FR A Re C pl ia C 2; S at g. om nc e eg or y
	5	ln st Pr oh ib iti f S E EA R ai l to et ve o rs on ale : o s			N A lic ab le ot pp
	6	A	dd iti	al Se lli R ic tio tr on ng es ns :	N A lic ab le ot pp