Commentary & Deal Flow

Book Update: Books above €2bn
IPTs: 6.5NC5.5: MS+110/115bp

• Issuer: Crédit Agricole S.A.
• LEI: 969500TJ5KRTCJQWXH05
• Notes: Senior Non-Preferred callable Fixed to Floating Rate Notes
• Issuer Ratings: Aa3/A+/AA- (Moody's/S&P/Fitch)
• Exp. Issue Ratings: A3/A-/A+ (Moody's/S&P/Fitch)
• Form of Notes: Reg S Bearer dematerialised form (au porteur)
• Issue Size: € Benchmark
• Settlement Date / Issue Date: 24-Aug-26 (T+5)
• Maturity: 24-Feb-33
• Optional Redemption Date: 24-Feb-32
• Optional Clean-up Redemption Date: 24-Feb-28 and any Interest Payment Dates thereafter
• Optional/Early/Final Redemption Amount: 100.00% of principal amount
• Interest:
  • From and including the Issue Date to but excluding the Optional Redemption Date: [.]%, payable annually in arrear with a short first Coupon from Issue Date to 24-Feb-27
  • From and including the Optional Redemption Date to but excluding the Maturity Date: if not called on the Optional Redemption Date, floating rate based on the 3mEURIBOR plus [•] basis points (EURIBOR replacement conditions apply)
• Interest Payment Dates: Annually in arrears on every 24 February of each year from and including 24-Feb-27 to and including the Optional Redemption Date, thereafter quarterly in arrear from but excluding the Optional Redemption Date to and including the Maturity Date
• Day Count Basis:
  • Fixed rate: Actual/Actual (ICMA), unadjusted
  • Floating rate: Actual/360, adjusted (EURIBOR replacement conditions apply)
• Business Day Convention:
  • Fixed rate: Following
  • Floating rate: Modified Following (EURIBOR replacement conditions apply)
• Business Days:
  • Payments: TARGET
  • Calculation: TARGET2
• 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.
• 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.
• Redemption upon the occurrence of a Tax 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.
• Clean-Up Redemption Option: Applicable, if 75 per cent. (the "Clean-up Percentage") of the initial aggregate nominal amount of the Notes (which for the avoidance of doubt includes any additional notes issued subsequently and forming a single series with the Notes) have been redeemed or purchased by, or on behalf of, the Issuer or any of its subsidiaries and, in each case, cancelled, the Issuer may, at its option, 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 the outstanding Notes, in whole but not in part, at their Optional Redemption Amount (together with any interest accrued thereon but unpaid to the date set for redemption) on any Optional Clean-Up Redemption Date.
• 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 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.
• Statutory Write Down and Conversion: 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 Notes.
• 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.
• 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.
• 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 EU PRIIPs or UK PRIIPs KID has been prepared.
• Selling Restrictions: As per the Notes Documentation
• Sole Bookrunner: Crédit Agricole CIB (B&D)
• Denominations: €100,000 plus €100,000
• 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 2-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 refer to the part titled as such in the Base Prospectus. Any Notes, if purchased by you, will be evidenced solely by 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.
• Governing Law: French law
• Listing: Euronext Paris
• ISIN / Common Code: FR001401AKZ3 / 347959723
• Use of Proceeds: To finance and/or re-finance in whole or in part Eligible Social Assets of Crédit Agricole Group and its subsidiaries. The Crédit Agricole Group's Social Bond Framework dated November 2025 is available on: https://www.credit-agricole.com/en/pdfPreview/208190
• Timing: Books open – Today's business
• 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) and on the website of the Autorité des marchés financiers (www.amf-france.org). Base Prospectus dated 2-Apr-26 and any supplement thereto are available on: https://www.credit-agricole.com/en/finance/debt-and-ratings/wholesale-bonds-issues/credit-agricole-s.a.-wholesale-bonds-issues. The Supplement dated 14-Aug-26 is enclosed herewith for reference and has been published on the above mentioned links.
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction.