2020 SHARE CAPITAL INCREASE RESERVED FOR EMPLOYEES OF THE CRÉDIT AGRICOLE GROUP

Crédit Agricole SA will offer 175,000 Crédit Agricole Group employees in 18 countries and retirees in France to subscribe to new Crédit Agricole SA shares under a reserved capital increase (ACR 2020).

The maximum number of shares to issue is 32 million, giving a nominal value of 96 million euros.

The Board of Directors of Crédit Agricole S.A. has set the discount offered in 2020 on the share price at 30%, in consideration of the exceptional commitment of the Group's employees. Crédit Agricole S.A. is one of the first CAC 40 companies to allow its employees to benefit from the new provision of the French Pacte 2019 law allowing it to offer such a discount.

The ACR 2020 is part of the policy promoting employees’ participation to the Group's financial performance and the gradual increase in the employees’ share in Crédit Agricole SA’s capital through reserved offers.

The discount will apply to the average opening price of Crédit Agricole SA shares between October 13 and November 9, 2020. The subscription offer will be open to employees from November 12 to 25, 2020 inclusive (indicative dates subject to a final decision by Group management). The individual maximum investment amount in this offer  will be 40,000 euros. The new shares will be created on December 22, 2020.

In the event of subscription of all the shares offered, this transaction is expected to have a maximum positive effect of 5 basis points on Crédit Agricole SA's CET1 and 3 basis points on the Group's one. The effect on Crédit Agricole SA's earnings per share would be around -1% and negligible on the net assets per share.

The characteristics of the offer are detailed in the attachment.