Commentary & Deal Flow

Books £1.7bn+ (incl 15m JLM)

Spread set at: UKT+100bp - Books £1.7bn+ (incl 15m JLM)
Book Update: Books £1.5bn+
IPTs: UKT+115bp area

• Issuer: Crédit Agricole S.A.
• LEI Number: 969500TJ5KRTCJQWXH05
• Issuer Rating: A1/A+/AA- (Moody's/S&P/Fitch)
• Expected Issue Ratings: A3/A-/A+ (Moody's/S&P/Fitch)
• Form of Notes: Reg S Bearer dematerialised form (au porteur)
• Security: Senior Non-Preferred Callable Fixed Rate Resettable Notes (referred to herein as the “Notes”)
  The Notes constitute obligations under French Law (See “Status and Ranking” below)
• Ranking: Senior Non-Preferred
• Aggregate Nominal Amount and Currency: £ Benchmark
• Trade Date: 02-Jun-26
• Issue Date and Interest Commencement Date: 09-Jun-26 (T+5)
• Maturity Date: 20-Dec-33
• Optional Redemption Date: 20-Dec-32
• Interest Payment Dates: Annually in arrears on 20 December from and including 20-Dec-26 up to and including the Maturity Date (short first)
• Interest Rate: The rate of interest for each Interest Period from (and including) the Issue Date to (but excluding) the Reset Date is [●] per cent. per annum payable annually in arrears. The rate of interest for the Interest Period beginning on the Reset Date will be equal, per annum, to the sum of the (a) Sterling Reference Bond Rate (prevailing at the Reset Date) plus (b) the Margin, as determined by the Calculation Agent on the Reset Date
• Reference Gilt: UKT 4.250% Jun-32 (ISIN GB0004893086)
• Day Count Fraction: Actual/Actual (ICMA)
• Business Day Convention: Following, unadjusted
• Business Days: London
• Status and Ranking: The Notes are Senior Non-Preferred Obligations (see Condition 3(a)(ii) “Status of the Notes – Senior Non-Preferred Notes” of the Terms and Conditions of the Notes, and the principal and interest on the Notes constitute, with the Receipts, Talons and/or Coupons relating to them (if any), direct, unconditional, senior (chirographaires) and unsecured obligations of the Issuer ranking pari passu without any preference among themselves and with other Senior Non-Preferred Obligations, and ranking:
  (i) senior to Other Subordinated Obligations, Capital Subordinated Obligations, present and future prêts participatifs granted to the Issuer, present and future titres participatifs issued by the Issuer and Deeply Subordinated Obligations of the Issuer; and (ii) junior to Senior Preferred Obligations of the Issuer and all present and future claims benefiting from statutory preferences. It is the intention of the Issuer that the Notes shall be treated, for regulatory purposes, as MREL/TLAC-Eligible Instruments under the Applicable MREL/TLAC Regulations.
• Statutory Write Down and Conversion (Acknowledgement of Statutory Loss Absorption Powers): Notwithstanding any other term of the Notes or any other agreement, arrangement or understanding between the Issuer and the Noteholders, by its acquisition of any Note, each Noteholder acknowledges, accepts, consents and agrees (i) to be bound by the effect of the exercise of the Statutory Loss Absorption Powers by the Relevant Resolution Authority and (ii) that the terms of the Notes are subject to, and may be varied, if necessary, to give effect to, the exercise of the Statutory Loss Absorption Powers by the Relevant Resolution Authority, as more fully described in the Terms and Conditions of the French Law Notes.
• No Negative Pledge: There is no negative pledge in respect of the Notes.
• Redemption at the option of the Issuer (Issuer Call): Applicable – the Issuer may, at its option, on the Optional Redemption Date, subject to certain conditions as per the Notes Documentation (see Condition 7(j) (Additional conditions to redemption or purchase and cancellation of Senior Notes), of the Terms and Conditions of the Notes), redeem all (but not some only) of the outstanding Notes at their Optional Redemption Amount, together with accrued interest thereon but unpaid to the date fixed for redemption.
• Optional/Early/Final Redemption Amount: 100% of the principal amount
• Optional Clean-up Redemption Date(s) (solely if the Clean-up Percentage is: reached): 21-Dec-27 and any Interest Payment Date thereafter
• Clean-up Redemption Option: Applicable (Clean-up Percentage: 75%), (see Condition 7(f) “Clean-up Redemption Option” of the Terms and Conditions of the Law Notes)
• Redemption upon the occurrence of a Withholding Tax Event or a Gross-Up Event: The Issuer may, at its option, upon the occurrence of a Withholding Tax Event or a Gross-Up Event, subject to certain conditions as per the Notes Documentation (see Condition 7(j) (Additional conditions to redemption or purchase and cancellation of Senior Notes), of the Terms and Conditions of the Notes) redeem all, but not some only, of such outstanding Notes at their Early Redemption Amount together with any interest accrued thereon but unpaid to the date set for redemption.
• Redemption upon the occurrence of a MREL/TLAC Disqualification Event (MREL/TLAC Disqualification Event Call Option): Applicable - the Issuer may, at its option, upon the occurrence of a MREL/TLAC Disqualification Event, subject to certain conditions as per the Notes Documentation (see Condition Condition 7(j) (Additional conditions to redemption or purchase and cancellation of Senior Notes) of the Terms and Conditions of the Notes), redeem all, but not some only, of such outstanding Notes at their Early Redemption Amount together with any interest accrued thereon but unpaid to the date set for redemption.
• Events of Default: There are no events of default under the Notes which could lead to an acceleration of the Notes. However, if any judgement were issued for the judicial liquidation (liquidation judiciaire) of the Issuer or if the Issuer were liquidated for any other reason, then the Notes would become immediately due and payable.
• Waiver of Set-Off: The Noteholders waive any right of set-off, compensation and retention against any right, claim, or liability the Issuer has or may have or acquire against such holder, directly or indirectly in relation to the Notes to the fullest extent permitted by law.
• Governing Law: French law
• MIFID II/UK MiFIR Product Governance: Professional clients/ECPs-Only (each as defined according to EU MiFID II and/or in the COBS and the UK MiFIR as applicable)
  Channel of distribution: all channels for distribution are appropriate. No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary has been prepared
• Listing / Denom: Euronext Paris / £100,000 plus £100,000
• Clearing: Euroclear France
• Selling Restrictions: As per the Notes Documentation
• Documentation: The terms set out in this Term Sheet are subject entirely to the terms and conditions set forth in the final terms (referred to in this Term Sheet as the “Final Terms”) dated on or about the Issue Date and the Base Prospectus dated 02-Apr-26 and any supplement thereto, in connection with the Euro Medium Term Note programme (the “Base Prospectus”, together with the Final Terms, the “Notes Documentation”).
  For the avoidance of doubt, any references to the Terms and Conditions of the Notes refers to the part titled as such in the Base Prospectus.
  Any purchase by you, of any Notes will only be made on the basis of the Notes Documentation, which supersede and replace the information set out in this Term Sheet. Capitalised terms not specifically defined in this Term Sheet shall have the meanings given to them in the Notes Documentation.
• Use of Proceeds: General Corporate Purposes
• Joint Lead Managers: BMO Capital Markets, Credit Agricole CIB, HSBC, Lloyds, Mizuho, SMBC
• ISIN/Common Code: FR0014018ZG0 / 340178785
• Timing: Books subject 12:00 LDN / 13:00 CET
• Advertisement: This communication is an advertisement and is not a prospectus. The Final Terms relating to the Notes, when published, will be available on the Issuer’s website (https://www.credit-agricole.com/finance/dette-et-notations) and on the website of the Autorité des marchés financiers (www.amf-france.org)