PRESS RELEASE – FIRST QUARTER 2022

SOLID FIRST QUARTER,
CAUTIOUS PROVISIONING
CAG and Crédit Agricole S.A. stated and underlying results Q1-2022
CRÉDIT AGRICOLE GROUPCRÉDIT AGRICOLE S.A.

StatedUnderlying

StatedUnderlying€9,680m€9,601m€5,938m€5,929m+7.0% Q1/Q1+5.7% Q1/Q1+8.1% Q1/Q1+7.6% Q1/Q1

Costs excl.
SRF-€5,911m-€5,892m-€3,518m-€3,499m+7.4% Q1/Q1+7.1% Q1/Q1+10.0% Q1/Q1+9.6% T1/T1

SRF-€794m-€794m-€636m-€636m+70.1% Q1/Q1+21.9% Q1/Q1+67.3% Q1/Q1+24.7% Q1/Q1

GOI€2,975m€2,914m€1,784m€1,793m-3.3% Q1/Q1-0.5% Q1/Q1-6.9% Q1/Q1-0.6% Q1/Q1

Cost of risk-€888m-€693m-€741m-€546m+65.5% Q1/Q1+29.2% Q1/Q1+93.0% Q1/Q1

42.2% Q1/Q1

Net income
Group share
C/I ratio(excl. SRF)

€1,331m€1,484m

€552m

€756m

-24.1% Q1/Q1-7.2% Q1/Q1-47.2% Q1/Q1-18.9% Q1/Q1

61.1%

61.4%

59.2%

59.0%

+0.2 pp Q1/Q1+0.8 pp Q1/Q1+1.0 pp Q1/Q1+1.1 pp Q1/Q1

Revenues

Crédit Agricole S.A. underlying results Q1-2022
Gross operating income excluding SRF: +4.9% Q1/Q1, or +€114m to €2,429m
Cost/ income ratio (excl. SRF): 59.0% (+1.1 pp Q1/Q1), below the MTP target of 60%
Net income Group share €756m, -€176m Q1/Q1, impacted by- a new increase in the SRF (+24.7% Q1/Q1 to €636m, contribution -€126m)- a conservative provisioning of Russian exposures (-€389m)- provision for Ukraine equity risk accounted for in specific items (-€195m)
Underlying ROTE Q1-2022: 11.6%

Dynamic commercial activity in Q1 in all business lines, macroeconomic
impact of conflict yet to come-

516,000 new customers (France, Italy, Poland) in Q1-22, six million since the launch of the MTP
RB and LCL loan production +13.8% Q1/Q1
Insurance equipment +0.3 pp RB year-on-year, +0.6 pp LCL, +1.5 pp CA ItaliaLife insurance and asset management inflows +€6.8bn, assets under management +12.4% yoy

Solid balance sheet and capital position
CRÉDIT AGRICOLE GROUP
Phased-in
CET1

Asset quality

17.0%-0.5 pp Mar/Dec+8.1 pp above SREP requirements€18.9bn in loan loss reserves at
end-March 22

CRÉDIT AGRICOLE S.A.
11.0%

-0.9 pp Mar/Dec+3.1 pp above SREP requirements
NPL ratio stable at 2.4%, coverage
ratio up to 77.5%

Confirmation of the 50% payout policy and of the intention to pay an
additional 20 cents on the 2019 dividend in 2023

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PRESS RELEASE – FIRST QUARTER 2022

Group adopts a clear stance on Ukraine and Russia
Ukraine: material and financial support to employees and their families, continuity ofessential banking services for customers, two-thirds of branches open, banking mobile
application number 1 in stores.
Russia: all new financing to Russian companies stopped since the beginning of the war,as well as all commercial activity in the country.
Non-performing risks: low provisioning in Russia (€43m) and Ukraine1 (€20m)
Conservative provisioning of performing loans:
Ukraine: full provisioning of equity risk of €195m (restated in specific items)
Russia: prudent provisioning of performing exposures (€346m)2
Sharp drop in residual Russian exposures
Exposure down -€0.6bn since 31/12/21, -€1.1bn since the start of hostilities.
As of 31/03/22, exposure represents:o On-shore: €0.7bn
o Off-shore on-balance sheet: €3.1bn
o Off-shore off-balance sheet: €0.6bn
Almost all maturities have been paid since the beginning of the conflict.

Philippe Brassac,
Chief Executive Officer of Crédit Agricole S.A.

“Regarding the Rusia-Ukraine conflict, the Group chooses cautious provisioning, while therisk on non-performing loans is low.
The first quarter results are solid, with a dynamic activity in all business lines.”

Dominique Lefebvre,
Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors“The Group is, yet again, proving the strength and consistency of its model to adjust to various
crises. On June 22nd, we will present our medium-term ambitions to address societal
transitions.”

1 Following credit events that occurred before the beginning of the conflict and including a risk analysis of corporate performing exposures
2 Of which €120 million as a provision for contingent liabilities (included in Stage 1 and 2 cost of risk)

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PRESS RELEASE – FIRST QUARTER 2022

Crédit Agricole Group
Group activity
Commercial activity in all the Group’s business lines was dynamic this quarter, reflecting the strength of the
Universal Customer-focused Banking model. Gross customer acquisition was strong. In the first quarter 2022,
the Group recorded +516,000 new Retail banking customers, 418,000 of them in France (320,000 customers for
the Regional Banks), 37,000 customers in Italy and 60,000 in Poland, while the customer base continued to grow(+123,000 retail banking customers, 67,000 of them Regional Bank customers and 80,000 customers in France).
Since the launch of the Medium Term Plan, the Group has gained 6 million new retail banking customers, ofwhich 5,028,000 in France, 431,000 in Italy and 528,000 in Poland, and the customer base has increased by+860,000, of which +820,000 in France (+695,000 in the Regional Banks) and +41,000 in Italy. Loan production
in French retail banking was up significantly in the first quarter, by +13.8% 3 compared with the first quarter 2021,
with home loans up +8.8%, corporates and small businesses up +22.8% and consumer loans up +7.1%. In
addition, consumer finance and leasing activities grew by 15.9% since the first quarter 2021. The revenues of
Crédit Agricole Assurances’ property and casualty insurance rose sharply (+6.8% over the same period). The
equipment rate of Regional Banks, LCL and CA Italia also posted an increase since March 2021 (+0.3 percentage
points, +0.6 percentage points and +1.5 percentage points respectively) to 42.4%, 26.5% and 19.2% respectively
at 31 March 2022.

Group results
In the first quarter 2022, Crédit Agricole Group’s stated net income Group share came to €1,331 million
versus €1,754 million in the first quarter 2021, a decline of -24.1%. This quarter, specific items generated a net
negative impact of -€153 million on net income Group share (vs a positive impact of +€154 million in the firstquarter of 2021).
The specific items recorded this quarter include recurring volatile accounting items in revenues, such as the
DVA (debit valuation adjustment, i.e. gains and losses on financial instruments related to changes in the Group’s
issuer spread) amounting to -€23 million in net income Group share, hedges on the Large customers loan bookfor +€12 million in net income Group share, and provisions for home purchase savings plans in the amount of+€69 million in net income Group share. In addition to these recurring items, there were the Creval integration
costs for -€5 million in net income Group share, those of Lyxor for -€5 million, the provision for capital risk in
Ukraine for -€195 million, and the reclassification of Crédit du Maroc to assets held for disposal for -€7 million. In
the first quarter 2021, specific items had a net positive impact of +€154 million on net income Group share,including the impact of the DVA of +€6 million, the hedge on the Large customers loan book for -€5 million, andthe variations in the provisions for home purchase saving plans of -€25 million, the integration/acquisition costsof Kas Bank and S3 by CACEIS for -€2 million, as well as the impact of the refund of the overpayment of SRF(Single Resolution Fund) contributions for financial years 2016-2020 for +€185 million and losses on the wealthmanagement activities in Miami and Brazil held for disposal for -€5 million.
Excluding these specific items, Crédit Agricole Group’s underlying net income Group share4 amounted to€1,484 million, a year-on-year decline of -7.2%. Underlying gross operating income excluding SRF was up(+3.5% compared to first quarter 2021) at €3,709 million in first quarter 2022. The contribution to the SRF cameto €794 million, a year-on-year increase of +21.9%.

3 Excluding Regional Banks and LCL state-guaranteed loans
4 Underlying, excluding specific items. See Appendixes for more details on specific items.

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PRESS RELEASE – FIRST QUARTER 2022

Crédit Agricole Group – Stated and underlying results, Q1-2022 and Q1-2021
€m

Q1-22
statedSpecific
items

Q1-22
underlying

Q1-21
statedSpecific
items

Q1-21
underlying∆ Q1/Q1
stated∆ Q1/Q1
underlying

Revenues

9,680

79

9,601

9,049

(33)

9,082

+7.0%

+5.7%

Operating expenses excl. SRF(5,911)(18)(5,892)(5,505)(4)(5,501)

+7.4%

+7.1%

SRF

(794)

-

(794)

(467)

185

(652)

+70.1%+21.9%

Gross operating income

2,975

61

2,914

3,078

148

2,930

(3.3%)(0.5%)

Cost of risk

(888)

(195)

(693)

(537)

-

(537)

+65.5%+29.2%

Equity-accounted entities

108

-

108

94

-

94

+14.9%+14.9%Net income on other assets

13

-

13

13

-

13

+2.3%

+2.3%

Change in value of goodwill

-

-

-

-

-

-

n.m.

n.m.

Income before tax

2,208

(134)

2,342

2,648

148

2,500

(16.6%)(6.3%)

Tax

(694)

(15)

(679)

(720)

11

(731)

(3.7%)(7.2%)

2

(4)

6

(6)

(5)

(1)

n.m.

n.m.

1,516

(153)

1,669

1,921

153

1,768

(21.1%)(5.6%)Net income from discont'd or held-for-sale ope.
Net income
Non controlling interests

(185)

(0)

(184)

(168)

1

(169)

+10.2%+9.4%

Net income Group Share

1,331

(153)

1,484

1,754

154

1,599

(24.1%)(7.2%)

Cost/Income ratio excl. SRF (%)

61.1%

61.4%

60.8%

60.6%

+0.2 pp+0.8 pp

In first quarter 2022, underlying revenues were up +5.7% versus first quarter 2021 to €9,601 million thanks tosustained activity across all business lines, despite the Ukraine/Russia war, whose macroeconomic impacts arestill to come. The Asset gathering and Large customers business lines posted strong revenue growth of +9.2%(+€146 million) and +4.5% (+€74 million) respectively, thanks to good business momentum and thecomplementarity of their activities. In French Retail Banking, the Regional Banks recorded revenue growth of+1.8%, or +€63 million, compared with the first quarter 2021, due mainly to the strong performance of fee andcommission income. LCL recorded a sharp increase in revenue of +8.3% this quarter, driven by very dynamic
corporates and small business activity. Specialised financial services achieved a very good performance thisquarter, with underlying revenues up +6.8%: CA Consumer Finance reported revenue growth of +5.0% in thefirst quarter of 2022, and +2.9% on a like-for-like basis5, thanks to the dynamic international activity and despite
the increase in refinancing costs; CA Leasing & Factoring posted a sharp increase in revenues of +13.2%,
boosted by strong activity in all segments. CA Italia recorded strong revenue growth this quarter (+26.9%) due
to the impact of the Creval integration. Pro forma of the Creval acquisition, revenues were down -2.2%, with
continued pressure on the net interest margin and the disposal of €1.5 billion in doubtful loans in the fourth quarter
2021. Fee and commission income was higher, however (+3% compared with the first quarter 2021).
Underlying operating expenses excluding the Single Resolution Fund (SRF) stood at €5,892 million in firstquarter 2022, up +7.1% year-on-year. French Retail Banking posted a moderate increase in expenses of +2.9%,
mainly due to the increase in the contribution to the deposit guarantee scheme (Fonds de Garantie des Dépôts,or FGD) amounting to €22 million for LCL and €52 million for the Regional Banks vs €53 million in total in the firstquarter of 2021. Expenses in the Asset Gathering division were also kept under control, with an increase of+10.7%, mainly explained by the impact of the Lyxor integration, and continued investments (Amundi
Technology) in Asset Management, and the higher tax on Insurance (+€16 million). The Specialised financial
services division also recorded an increase in expenses of +9.5%, mainly due to the consolidation of CACF NL
and CACF Spain since the third quarter of 2021 and of Olinn since the fourth quarter of 2021. Excluding these
consolidation effects, the increase in expenses for CA Consumer Finance and CA Leasing & Factoring would be+0.2% and 8.3%, respectively. Operating expenses for the Large customers division were up +6.4%, in
connection with investments in IT projects related to the activity's growth.

5 Excluding CA Consumer Finance NL, classified under IFRS 5 from the third quarter 2020

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PRESS RELEASE – FIRST QUARTER 2022

Overall, the Group posted an underlying cost/income ratio excluding SRF of 61.4% in the first quarter 2022(+0.8 pp year-on-year). The contribution to the Single Resolution Fund was €794 million this quarter, up +21.9%
compared to first quarter 2021. As a reminder, the €185 million refund of an overpayment for financial years
2016-2020 was accounted for in the first quarter 2021 and classified as specific items.

Underlying gross operating income excluding SRF was up at €3,709 million, +3.5% year-on-year.

The underlying cost of credit risk rose to €693 million (including €480 million in stage 1 and 2 cost of risk – ofwhich €346 million for Russia country risk 6 – and €190 million in stage 3 cost of risk – of which €43 million for
Russia country risk and €20 million for Ukraine risk7) versus €537 million in first quarter 2021 and €464 million in
fourth quarter 2021, i.e. an increase of +29% from first quarter 2021, and +49% from fourth quarter 2021. As areminder, in the fourth quarter 2021, CA Italia receivables disposals and additional provisioning were reclassified
to specific items for €319 million. Also recall that in the first quarter 2022, the provision for capital risk in Ukrainefor €195 million was reclassified to specific items. Among the factors explaining the +29% change compared to
the first quarter 2021, there was a marked increase in the provisioning of Stage 1&2 performing loans (+227%)
and a decrease in provisions for Stage 3 proven risks (-49%).

The cost of risk remains low for the Regional Banks, falling by -5.0% compared to the first quarter of 2021, while
it increased moderately for CACF (by 2.5% year-on-year to €117 million). It rose more sharply in Corporate andInvestment Banking (CACIB), mainly due to the impact of the downgrading of the Russia rating on theprovisioning of CACIB's performing exposures in Russia in the amount of €346 million6. Thus, the Corporate andInvestment Banking cost of risk for the first quarter stood at €283 million, versus €85 million in first quarter 2021.
The cost of risk declined for CA Italia (-36.4% year-on-year to €45 million) after its risk profile improved with thedisposal of doubtful loans for €1.5 billion in the fourth quarter of 2021. The LCL cost of risk fell (-25.8% year-onyear to €61 million), due mainly to the comparison basis with the first quarter of 2021, which had been marked
by provisioning related to the Covid crisis at LCL.

Asset quality was good: the NPL ratio was stable at 2.0% at end-March 2022 compared to end-December 2021,
while the coverage ratio8, which was high at 89.6%, gained strength during the quarter (+2.1 percentage points
since end-December 2021). The diversified loan book is mainly geared towards home loans (46% of grossoutstandings at Group level) and corporates (33% of gross outstandings at Group level). Loan loss reserves
amounted to €18.9 billion at end-March 2022, of which 42% was for performing loans (Stages 1 and 2). Loanloss reserves were stable compared to end-December 2021 despite the reclassification of Crédit du Maroc asassets held for disposal during the quarter (IFRS5). This quarter, provisioning is based on several weighted
economic scenarios. The weighting of the scenarios has been revised in the first quarter of 2022, to reflect the
war in Ukraine and its macroeconomic impacts. For GDP in France, are applied as in fourth quarter 2021, afavourable scenario (+6% in 2022 and +2.7% in 2023), and a less favourable scenario (+3.0% in 2022 and +0.9%
in 2023). In the first quarter 2022, the weighting of the less favourable scenario has been increased compared to
the fourth quarter 2021.

6 Of which €120 million as a provision for contingent liabilities (included in Stage 1 and 2 cost of risk)
7 Following credit events that took place before the start of the conflict and including a risk analysis of corporate performing exposures
8 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator

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PRESS RELEASE – FIRST QUARTER 2022

The cost of credit risk relative to outstandings9 over a rolling four-quarter period was 19 basis points. It
stands at 26 basis points on a quarterly annualised basis10.
Underlying pre-tax income stood at €2,342 million, a year-on-year decrease of -6.3%. In addition to thechanges explained above, the underlying pre-tax income includes the contribution of equity-accounted entitiesfor €108 million (+14.9% compared to the first quarter of 2021) as well as the net income on other assets which
was stable at €13 million. The underlying tax charge fell -7.2% over the period. The underlying tax rate stood at
30.4%, unchanged from first quarter 2021. In fact, the tax rate is never representative on a quarterly basis.
Underlying net income before non-controlling interests was down -5.6% to €1,669 million. Non-controllinginterests rose +9.4%. Lastly, underlying net income Group share was €1,484 million, down from the first quarter
2021 (-7.2%).

Regional Banks
Regional Banks’ activity was buoyant in the first quarter 2022. Gross customer capture was 320,000 customers
since the beginning of the year and the customer base grew by an additional +67,000 customers. The equipment
rate for Home-Auto-Health insurance11 was 42.4% at end-March 2022 (+0.3 percentage points year-on-year).
The share of customers using digital tools reached 73.0% (+4.7 percentage points compared to the firstquarter 2021). In addition, the Group continues to develop its multi-channel model and the number of online
signatures12 jumped by +88% year-on-year (of which +23% is linked to the expanded range of contracts withsecure signing).
Loan production was dynamic in the first quarter 2022 reaching €28.3 million. Loans grew by +5.2% across all
segments compared to the first quarter 2021: +19% for corporates, +3.8% for consumer finance and +1.7% forhome loans. Loans outstanding reached €603.7 billion at end-March 2022 and increased by 5.8% compared to
end-March 2021 (including +6.4% for home loans and +4.9% for specialised markets). Customer assets
reached €839.3 billion at end-March 2022, up +4.3% compared to March 2021. On-balance sheet deposits
increased significantly year-on-year (+6.1%), mainly driven by the DAV (+9.0%) and passbook accounts (+9.0%).
Off-balance sheet deposits were stable compared year on year, while life insurance production was +6%
higher compared to March 2021.
In first quarter 2022, underlying revenues of the Regional Banks amounted to €3,617 million, +1.8% comparedto the first quarter 2021. This increase was driven by fee and commission income (+6.5% compared to the firstquarter 2021), mainly on insurance and account management; the interest margin was down (-2.9% comparedto the first quarter 2021), due to the decline in portfolio revenues. Operating expenses excluding SRF et DGF
amounted to €2,274 million, up +2.3% compared to the first quarter 2021 and mainly related to staff costs(including greater employee profit sharing and share ownership).The contributions to the SRF and DGF stood at€158 million and €52 million, an increase by 11.9% and 17.1% respectively compared to the first quarter 2021.
This resulted in a year-on-year decline in underlying gross operating income of -1.2%. The cost of risk
amounted to -€145 million, down -5.2% compared to the first quarter 2021. In the first quarter 2022, the cost ofrisk relative to outstandings came in at 10 basis points over a rolling four-quarter period and equally at
10 basis points on an annualised basis. The NPL ratio was low and stood at 1.6% (stable vs. end-December2021) and loan loss reserves were €10.1 billion (up €0.1 billion vs. end-December 2021). This translated into ahigh coverage ratio of 103.9% at end March 2022 (+0.6 percentage point compared to end-December 2021).
9 The cost of risk relative to outstandings (in basis points) on a four quarter rolling basis is calculated on the cost of risk of the past four quarters

divided by the average outstandings at the start of each of the four quarters

10 The cost of risk relative to outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four anddivided by the outstandings at the start of the quarter11 Car, home, health, legal, all mobile phones or personal accident insurance
12 Signatures initiated in BAM (multi-channel bank access) deposit mode, for which the final signing medium is BAM, the mobile customer portal or the

Ma Banque app

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PRESS RELEASE – FIRST QUARTER 2022

The contribution of the Regional Banks to the Group’s underlying net income Group share came to€720 million, a +9.9% increase from the first quarter 2021.
The performance of the other Crédit Agricole Group business lines is described in detail in the section of thispress release on Crédit Agricole S.A.

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PRESS RELEASE – FIRST QUARTER 2022

Crédit Agricole S.A.
Crédit Agricole S.A.'s Board of Directors, chaired by Dominique Lefebvre, met on 4 May 2022 to examine thefinancial statements for the first quarter of 2022.

Results
Crédit Agricole S.A. – Stated and underlying results, Q1 2022 and Q1-2021
€m

Q1-22
statedSpecific
items

Q1-22
underlying

Q1-21
statedSpecific
items

Q1-21
underlying∆ Q1/Q1
stated∆ Q1/Q1
underlying

Revenues

5,938

10

5,929

5,493

(15)

5,508

+8.1%

+7.6%

Operating expenses excl.SRF(3,518)(18)(3,499)(3,197)(4)(3,193)+10.0%

+9.6%

SRF

(636)

-

(636)

(380)

130

(510)

+67.3%+24.7%

Gross operating income

1,784

(9)

1,793

1,916

111

1,805

(6.9%)(0.6%)

Cost of risk

(741)

(195)

(546)

(384)

-

(384)

+93.0%+42.2%

Equity-accounted entities

95

-

95

87

-

87

+9.8%

+9.8%

Net income on other assets

10

-

10

3

-

3

x 2.9

x 2.9

Change in value of goodwill

-

-

-

-

-

-

n.m.

n.m.

Income before tax

1,148

(204)

1,352

1,622

111

1,511

(29.2%)(10.5%)

Tax

(391)

3

(394)

(378)

5

(384)

+3.5%

+2.8%

Net income from discont'd or held-for-sale
ope.

2

(4)

5

(6)

(5)

(1)

n.m.

n.m.

Net income

759

(205)

963

1,238

112

1,126

(38.7%)(14.5%)

Non controlling interests

(207)

0

(207)

(193)

1

(194)

+7.5%

+6.9%

Net income Group Share

552

(204)

756

1,045

113

932

(47.2%)(18.9%)

Earnings per share (€)

0.14(0.07)

0.21

0.32

0.04

0.28

(55.5%)(25.3%)

Cost/Income ratio excl. SRF (%)

59.2%

59.0%

58.2%

58.0%

+1.0 pp+1.1 pp

Net income Group Share excl. SRF

1,117

1,322

1,375

1,392

(18.7%)(5.0%)

(204)

(17)

In the first quarter of 2022, Crédit Agricole S.A.’s stated net income Group share amounted to €552 million
versus €1,045 million in the first quarter 2021. The quarter was impacted by recurring accounting volatility items
at the revenues level, namely DVA (debit valuation adjustment, i.e. gains and losses on financial instruments
related to changes in the Group’s issuer spread) for -€22 million on net income Group share, the hedge on the
Large customers loan book in the amount of €12 million on net income Group share, and the variation in theprovision for home purchase savings plans for €17 million on net income Group share. In addition to theserecurring items, there were the Creval integration costs for -€4 million in net income Group share, those of Lyxor
for -€5 million, the provision for capital risk in Ukraine for -€195 million, and the reclassification of Crédit du Maroc
to assets held for disposal for -€7 million. In the first quarter 2021, specific items had a net positive impact of+€113 million on net income Group share, including the impact of the DVA of +€6 million, the hedge on the Largecustomers loan book for -€5 million, and the variations in the provisions for home purchase saving plansof -€11 million, the integration/acquisition costs of Kas Bank and S3 by CACEIS for -€2 million, as well as theimpact of the refund of the overpayment of SRF (Single Resolution Fund) contributions for financial years 20162020 for +€130 million and losses on the wealth management activities in Miami and Brazil held for disposal for-€5 million within the Wealth management business line. Excluding these specific items, the underlying net

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PRESS RELEASE – FIRST QUARTER 2022

income Group share13 was €756 millions, down -18.9% compared to the first quarter 2021, due mainly to a
sharp increase in the SRF and prudent provisioning of performing loans related to the Ukraine/Russia war.

In first quarter 2022, underlying revenues reached €5,929 million, up +7.6% compared to first quarter 2021. All
business lines contributed to the increase thanks to the strong activity in the quarter. Pro forma for the integrationof Creval and Lyxor in 2021, they were up by 4.1%. The revenues of the Asset Gathering division (up +9.2%
compared to first quarter 2021, including the Lyxor scope effect) benefited from good inflow momentum and ahigh level of performance fee and commission income in asset management and a positive market effect.
Revenues in Large Customers (+4.4%) were driven by the complementary nature of corporate and investmentbanking activities and good activity in asset servicing. In Specialised Financial Services, revenues rose +6.8%,
thanks to increased activity in all business lines this quarter. Commercial production was indeed strong in
consumer finance, as well as in leasing and factoring. Retail banking revenues increased compared to firstquarter 2021 (+10.5%, including the Creval scope effect), thanks in particular to strong loan production at LCL.

Underlying operating expenses excluding SRF (Single Resolution Fund) were up (+9.6% compared to firstquarter 2021), totalling €3,499 million in first quarter 2022. Pro forma for the integration of Creval and Lyxor in
2021, they were up by +5.4%. Within the Asset Gathering business line, operating expenses excluding SRF roseby 10.7% (including the Lyxor scope effect). Asset management expenses increased by 3.6% (pro forma Lyxor
in 2021) due to continued investment (especially at Amundi Technology), by 8.9% compared to first quarter of2021 in Crédit Agricole Assurances, to support the development of the business lines and as a result of tax
increases (positive jaws effect of +2.8 pp), and were kept under control in the wealth management.. In the Large
Customers business line, operating expenses excluding SRF were up 6.4% compared to first quarter 2021, in
corporate and investment banking especially, due in particular to IT investments in financing and cash
management to support the development of use of digital technology by customers. Expenses are under control
in Asset Servicing. The Specialised Financial Services business line saw its expenses increase by 9.5%
compared to first quarter 2021, in line with the growth in activity and the scope effects observed (+7.3% for CACF;+2.9% excluding CACF NL and +17.2% for CALF; +8.2% excluding Olinn). Retail Banking operating expenses,
excluding SRF, rose by 8.6% (including the Creval scope effect). Excluding Creval, they were down 1.5% in
Italian retail banking. At LCL, they remained under control over the quarter, excluding the Deposit Guarantee
Fund. The jaws effect excluding SRF was therefore positive at LCL by 4.5 pp in first quarter 2022 compared with
first quarter 2021.
The IFRIC 21 impact was €835 million, and included expenses of €636 million for the SRF14 for 2022,
representing an increase of 24.7% (or +€126 million) compared to first quarter 2021. The higher SRF expense
mainly relates to the Large customers (+30.3% or +€89 million, compared to first quarter 2021) and Retail banking(+21.5% or +€17 million, compared to first quarter 2021) business lines. Note that the refund of an overpayment
over financial years 2016-2021 was accounted for under specific items in the first quarter 2021.

Underlying gross operating income excluding SRF was thus very strong in first quarter 2022. It rose by 4.9%
to €2,429 million (+2.5% pro forma for the integration of Lyxor and Creval). The underlying cost/income ratio
excluding SRF was 59.0%, up 1.0 percentage point compared to first quarter 2021 (up 0.7 percentage point pro
forma Lyxor et Creval), and still below the target set in the Medium-Term Plan. By business line, gross operating
income excluding SRF was up compared to first quarter 2021 for all business lines: Asset Gathering (+7.8%),

13 Underlying, excluding specific items. See Appendixes for more details on specific items.
14 The Single Resolution Fund (SRF) was created in 2014. It is a supranational fund financed by Eurozone member states, notably enabling the poolingof financial resources to be used for banking resolution. The Single Resolution Fund will be gradually built up by contributions from national resolution
funds over a period of eight years from 2016, to reach a target of at least 1% of the covered deposits of all approved credit institutions of the participating
Member States combined by 2023.

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Large Customers (+2.0%), Specialised Financial Services (+3.9%), Retail Banking in France (+16.1%) andinternationally (+10.7%).
As at 31 March 2022, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk
coverage level. The diversified loan book is mainly geared towards home loans (28% of gross outstandings)
and corporates (44% of Crédit Agricole S.A. gross outstandings). The doubtful loan ratio was still low at 2.4% (0.1 percentage point compared to 31 December 2021), while the coverage ratio15 was high at 77.5%, up +2.8
percentage points compared to fourth quarter 2021. Crédit Agricole S.A.’s loan loss reserves totalled €8.8 billion,
down €0.1 billion compared with 31 December 2021 due to the reclassification of Crédit du Maroc to held-forsale operations during the quarter. Of these loan loss reserves, 38% are for performing loan provisioning. This
quarter, provisions are based on several weighted economic scenarios. The weighting of the scenarios has
been revised since the fourth quarter 2021, to reflect the war in Ukraine and its macroeconomic impacts. For
GDP in France, a more favourable scenario (+6% in 2022 and +2.7% in 2023), and a less favourable scenario(+3.0% in 2022 and +0.9% in 2023) were used. For first quarter 2022, the weighting of the less favourable
scenario was increased compared to fourth quarter 2021.
The underlying cost of risk for first quarter 2022 amounted to €546 million, up €162 million (+42.2%) comparedto first quarter 2021, with a marked increase in the provisioning of Stage 1 & 2 performing loans (+295%
compared to first quarter 2021) and a decrease in provisions for Stage 3 proven risks (-43% compared to firstquarter 2021).
A provision of €195 million for equity risk for Ukraine was recognised this quarter for the international retailbanking business line excluding Italy. This provision was reclassified to specific items. Excluding this provision,
the underlying provision of €546 million in first quarter 2022 breaks down into a provisioning of performing loans(Stage 1&2) for €356 million (compared to a provision of €90 million in first quarter 2021 and a provision of€20 million in fourth quarter 2021), which was mainly affected by the impact of the downgrades of Russian ratings
on the provisioning of performing exposures for corporate and investment banking for the country for €346 million16. Provisioning for non-performing risks (Stage 3) amounted to -€161 million (compared to €283
million in first quarter 2021 and €277 million in fourth quarter 2021), including a €43 million provision for Russianrisk in corporate and investment banking and a €20 million provision17 recognised in the international retailbanking business line for Ukraine risk, following credit events that occurred prior to the start of the conflict.
In first quarter 2022, the cost of risk relative to outstandings over a rolling four-quarter period18 was 31 basis
points, and was 47 basis points on an annualised quarterly basis19. The cost of risk has increased moderately for
CACF. It rose more sharply in Corporate and Investment Banking due mainly to the impact of the downgradingof the Russia rating for the provisioning of CACIB’s performing exposures in Russia in the amount of€346 million16. The cost of risk was down for CA Italia and LCL, due in particular to a base effect compared with
first quarter 2021, which was marked by provisioning in connection with the Covid crisis at LCL. Accordingly, in
Corporate and Investment Banking, the cost of risk for the quarter amounted to -€283 million, compared with aprovision of -€85 million in first quarter 2021, and -€12 million in fourth quarter 2021. The cost of risk relative tooutstandings over a rolling four-quarter period18 was 23 basis points for first quarter 2022 (compared to
88 basis points on an annualised quarterly basis19); the CACF cost of risk increased by 2.5% compared to firstquarter 2022 to -€117 million and increased by 2.5% compared to first quarter 2021, and the cost of risk relative
to outstandings was 127 basis points for first quarter 2022 (and 127 basis points on an annualised quarterly
basis19). Finally, CA Italia recorded a cost of risk of €45 million in first quarter 2022 (-36.4% compared to firstquarter 2021 and -61.5% compared to fourth quarter 2021), with a cost of risk relative to outstandings 18 thatreached 55 basis points in first quarter 2022 (30 basis points on an annualised quarterly basis 19); LCL posted acost of risk of €61 million (-25.8% compared to first quarter of 2021 and up +12.8% since fourth quarter 2021)
15 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator
16 Of which €120 million as a provision for contingent liabilities (included in Stage 1 and 2 cost of risk)
17 Following credit events that took place before the start of the conflict and including a risk analysis of corporate performing exposures
18 The cost of risk relative to outstandings (in basis points) on a four quarter rolling basis is calculated on the cost of risk of the past four quarters

divided by the average outstandings at the start of each of the four quarters

19 The cost of risk relative to outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four anddivided by the outstandings at the start of the quarter

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and a stabilisation of its cost of risk relative to outstandings 18 to 14 basis points in first quarter 2022 (16 basis
points on an annualised quarterly basis19);
The underlying contribution from equity-accounted entities was €95 million, up+ 9.8% compared to first quarter
2021 thanks to the good performance of our partnerships in asset management and consumer credit in particular
Net income on other assets stood at €9 million in first quarter 2022, vs. €0 million in first quarter 2021 due tothe disposal of branches in French Guiana by LCL.
Underlying20 income before tax, discontinued operations and non-controlling interests was therefore
down -10.5%, at €1,352 million. The underlying effective tax rate stood at 31.4%, up +4.4 percentage points
on first quarter 2021 (mainly due to the increase in IFRIC21 taxes). The underlying tax charge therefore increased
by +2.8% to -€394 million. The underlying net income before non-controlling interests was therefore down
-14.5%.
Non-controlling interests amounted to -€207 million in first quarter 2022, up +6.9%.
Underlying net income Group share was down by -18.9% compared to first quarter 2021 at €756 million.
Underlying earnings per share in first quarter 2022 reached €0.21, decreasing by -25.3% compared firstquarter 2021.

20 See Appendixes for more details on specific items.

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Analysis of the activity and the results of Crédit Agricole
S.A.’s divisions and business lines
Asset gathering
The business line’s assets under management stood at €2,535 billion at the end of March 2022, up 12.4% fromend March 2021. In first quarter 2022, net inflows amounted to +€6.8 billion, of which +€3.2 billion in asset
management, +€2 billion in life insurance, and +€1.6 billion in wealth management, and the market and foreignexchange impact were the reason for a -€53 billion decline.
In savings/retirement, activity was brisk and Crédit Agricole Assurances continued to expand its business, withpremium income up 5.2% compared with first quarter 2021. Net inflows in first quarter 2022 were positive(+€2.0 billion) compared to first quarter 2021, including a historic net inflow from UL products of +€2.1 billion. The
share of unit linked products in total gross inflows hit a level of 40.9%, this quarter, i.e. 0.2 percentage points
compared to first quarter 2021.
Assets (savings, retirement and death and disability) stood at €322.3 billion, up +3.2% from March 2021. Unitlinked outstandings reached €84.5 billion this quarter, representing 26.2% of total assets, up 1.1 percentage
points compared to March 2021.
In property and casualty insurance, business was strong in first quarter 2022, with growth of 6.7% in premiumincome compared to first quarter 2021. The number of property and casualty policies in the Crédit Agricole
Assurances portfolio rose to over 15.3 million at end June 2022, up +3.4% year-on-year. On 1 January 2022, thetransfer of 10 million assistance contracts to Europ Assistance France was successfully completed. Finally, thecombined ratio21 was 97.7% and was marked by climatic events in first quarter 2022.
In death & disability/creditor/group insurance, revenues reached €1.4 billion this quarter, up 7.8% comparedwith first quarter 2021, driven by all three business segments, both in France and internationally. Creditor
insurance is still supported by a favourable property market (+10%). Group insurance posted a strong 15%
increase in revenues. And Death & Disability benefited from the good performance of the Funeral coverage(+11%).
In addition, on 1 February 2022, Crédit Agricole Assurances signed an agreement with Generali for the sale of
La Médicale, which resulted in its accounting being reclassified under IFRS 5 in fourth quarter 2021.
Lastly, Crédit Agricole Assurances is continuing its climate protection efforts to reduce the carbon footprint of its
products and services and enable its customers to limit their impact on the environment. To that end, Crédit
Agricole Assurances has announced its membership of the NZIA (Net-Zero Insurance Alliance).
Asset Management (Amundi) recorded strong activity this quarter, supported by Retail and the main areas ofexpertise. Assets under management amounted to €2,021 billion, up 15.1% year-on-year following the integrationof Lyxor assets (+€148 billion at 31 December 2021). In the first quarter, assets were down by -2.1% withunfavourable market effects (-€46.4 billion) and net inflows of €3.2 billion. However, there has been a marked
slowdown in inflows since the start of the war in Ukraine.
In first quarter 2022, net MLT inflows excluding JVs remained strong at +€21.0 billion, driven by the main areasof expertise (active, passive and real & alternative asset management). The good level of activity in Retailcontinued, with net MLT inflows excluding JVs in this customer segment standing at +€14.4 billion. The
Institutional segment also recorded solid MLT inflows at €6.6 billion. Treasury products recorded net outflows of-€26.3 billion mainly in the corporate customers segment. Inflows in joint ventures were positive at +€8.4 billion,
driven by India and China.

21 (claims + operating expenses + commissions) to premium income, net of reinsurance, Pacifica scope.

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In wealth management, assets under management grew over the quarter to €133 billion at the end of March
2022, an increase of 1.3% compared to the end of March 2021, driven in particular by dynamic net inflows of€1.2 billion in first quarter 2022.
The Asset gathering (AG) business line posted underlying net income Group share of €571 million in firstquarter 2022, up 11.6% from first quarter 2021, driven by growth in the contribution of all businesses.
As at 31 March 2022, own funds allocated to the business line amounted to €11.7 billion, including €10 billion for
Insurance, €1.2 billion for Asset management, and €0.5 billion for Wealth management. The business line’s risk
weighted assets amounted to €59.2 billion, including €41.7 billion for Insurance, €12.8 billion for Assetmanagement and €4.7 billion for Wealth management.

Insurance
The underlying revenues for insurance activity reached €697 million in first quarter 2022, up 11.7%22 year-onyear and benefited from the total unwinding of the switch (+€44 million) and an increase in recognition of thefinancial margin to offset the negative market effect on JVR. Underlying expenses for first quarter 2022 were up
by 8.9%22 compared to first quarter 2021, for an increase of €21 million, including €16 million relating to theincrease in C3S tax, in line with 2021 strong revenue growth. Gross operating income rose significantly by 13.3%
to €443 million in first quarter 2022. The underlying cost/income ratio in first quarter 2022 stood at 36.4%, adecrease of 0.9 percentage points compared to first quarter 2021. The tax charge stood at €79 million, up 2.4%
from first quarter 2021. Lastly, the underlying net income Group share showed an increase of +17.0% to €346
million in first quarter 2022.

Asset management
Underlying revenues totalled €814 million in first quarter 2022, up +8.2% from first quarter 2021 and +2.1% pro
forma for the Lyxor acquisition. Net management revenues were up +3.1% compared to first quarter 2021, driven
by net management fees, which rose by +9.2%, benefiting from the strong inflow of funds for several quarters
and the increase in the markets quarter after quarter. Performance fees began to normalise, amounting to €71
million in first quarter 2022 (€111 million in first quarter 2021). Amundi Technology revenues were up +37.8%
compared to first quarter 2021. Underlying operating expenses excluding SRF amounted to €427 million, up+12.7% compared to first quarter 2021 and +3.6% pro forma for the Lyxor acquisition, as investment efforts
continue. Underlying gross operating income was up +3.5% (+0.5% on a pro forma basis) and the underlying
cost/income ratio excluding SRF was 52.5%, up 2.1 percentage points compared to first quarter 2021 (+0.8
percentage points on a pro forma basis), this change being mainly due to a 2021 comparison base that included
a high level of performance fees. The contribution of equity-accounted entities, comprising in particular income
from Amundi’s joint ventures in Asia, was up +11.5% from first quarter 2021 and totalled €20 million. The
underlying tax charge worked out at €95 million, a 1.5% decrease. Lastly, underlying net income Group share
was up by +3.7% to €204 million (+0.9% pro forma Lyxor in 2021).

22 Reclassification of La Médicale under IFRS5 in Q4-21; excluding La Médicale, revenues +14% Q1/Q1; expenses +16% Q1/Q1; Net income Group

share +16% Q1/Q1.

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Wealth management
Underlying revenues were strong at €218 million in first quarter 2022, up +5.5% compared to first quarter 2021.
Underlying expenses excluding SFR rose, albeit under control (+8.6%) despite IT investments, and reached€185 million. As a result, gross operating income excluding SRF decreased slightly year-on-year to €29 million(€33 million in first quarter 2021) and the underlying cost/income ratio excluding SRF stood at 85.2% in firstquarter 2022. The cost of risk is improving sharply to €2 million in first quarter 2022 compared to -€5 million in
first quarter 2021. As a result, underlying net income Group share was up sharply, increasing by 10.1% comparedto first quarter 2021, reaching €22 million in first quarter 2022.

Large customers
Activity for the whole Corporate and Investment banking (CIB) remains buoyant in first quarter 2022, thanks
in particular to a good performance in Financing activities, and despite the decline in revenues in capital markets(compared to the high level in first quarter 2021), in a context of a wait-and-see attitude among Corporate issuers.
Underlying revenues remain strong at €1,425 million, up +4.3% compared to first quarter 2021 and +1.7% atconstant exchange rates). Financing activities perform very well, with revenues at €737 million, up +11.9%
compared to first quarter 2021 (+8.0% at constant exchange rates), thanks to both structured finance which
registered an excellent quarter (+16.0% compared to first quarter 2021) and commercial banking (+8.2%
compared to first quarter 2021) and in particular thanks to the continued strong development of International
Trade & Transaction Banking (ITB). Crédit Agricole CIB remains the leader in syndicated loans (#1 in France 23
and #2 in the EMEA zone24) and in project financing (#3 – Project finance loans worldwide25). Revenues from
capital markets and investment banking amount to €688 million, down - 2.8% compared to first quarter 2021(-4.2% at constant exchange rates), which can be explained by FICC activity (-9.1% compared to first quarter
2021, +3.2% compared to first quarter 2020 and +18.9% compared to first quarter 2019), which was penalisedby an unfavourable CVA impact linked to the Russian-Ukrainian crisis (increasing spreads in the first quarter2022), but partially offset by very strong investment banking an Equity activities (+40.1% in first quarter 2022
compared to first quarter 2021). Regulatory average VaR was down to €8.7 million in first quarter 2022,
compared to €12.3 million in first quarter 2021. In a normalising market, CACIB confirms its leading positions inbond issuances (#5 in All Bonds in Euro worldwide 26, #7 in Green, Social & Sustainable bonds All currencies 27).
Asset servicing (CACEIS) records a good level of activity in first quarter 2022. Assets under Custody were up+1.3% from March 2021 to €4,349 billion at end-March 2022. Assets under administration also records anincrease, up +3.1% year-on-year to €2,290 billion at end-March 2022. Transaction flows were also dynamic.
In first quarter 2022, underlying revenues of the Large customers business line reach €1,737 million, up +4.4%
compared to first quarter 2021, driven by strong activity. Underlying operating expenses excluding SRF
amount to €968 million, an increase of +6.4% compared to first quarter 2021, in connection with investments in
IT projects supporting the activity’s growth. The underlying cost/income ratio excluding SRF of the Largecustomers business line comes to 55.7%, increasing by 1.1 percentage points compared to first quarter 2021.
Gross operating income thus decreases by -23.1%, adversely impacted by an increase in the SRF contributionof +34.5%. The business line records an overall net provision for cost of risk of -€278 million in first quarter 2022,
compared to a provision of -€67 million in first quarter 2021 (the increase mainly reflects the provisioning of
performing loans due to the rating downgrades on performing exposures to Russian counterparties). Pre-tax
income amounts to €52 million, down -85.5% in first quarter 2022 compared to first quarter 2021. The tax charge
stands at -€79 million, up +18.1% over the same period due to non-recurring items.

23 Source: Refinitiv
24 Source: Refinitiv R17
25 Refinitiv X02
26 Source: Refinitiv N1
27 Source: Bloomberg, all currencies, as of 8 April

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As a result, net income Group share comes to -€33 million in first quarter 2022 (against +€277 million in firstquarter 2021).
At 31 March 2022, the capital allocated to the business line is €13.7 billion and risk weighted assetsare€143.5 billion.

Corporate and Investment banking
In first quarter 2022, the underlying revenues of Corporate and Investment banking amounted to €1,425 million,
up +4.3% compared to first quarter 2021 (+1.7% at constant exchange rates), thanks to the complementary
nature of its business model. Financing activities revenues are buoyant (at €737 million, up +11.9% compared to
first quarter 2021), whereas Capital markets and Investment Banking revenues are down (at €688 million, downby -2.8% compared to first quarter 2021), weighed down by the Russian-Ukrainian crisis and a wait-and-see
attitude on the part of corporate issuers with regard to primary issues. Underlying operating expenses
excluding SRF increase by +7.8% this quarter compared to first quarter 2021 (+6.0% at constant exchange
rates) to -€743 million, mainly due to IT investments aimed at accelerating the modernisation of production lines
in financing and payments preparing for the opening of digital channels to customers. The cost/income ratio
excluding SRF is 52.1%, up 1.7 percentage point compared to first quarter 2021. The contribution to the SRF is-€383 million, increasing sharply (+30.3%) compared to first quarter 2021. Gross operating income therefore
amounts to €299 million, down -22.0% compared to first quarter 2021 (excluding the SRF, gross operating income
amounted to €682 million in first quarter 2022, up €5 million compared to the first quarter). The cost of riskrecords a net provision of -€279 million compared to a provision of -€72 million in first quarter 2021, a 3.9x
increase. This increase in provisioning is mainly due to the rise in provisions for performing loans in Financing
activities (Stages 1&2, -€282 million in first quarter 2022 compared with provisions of -€71 million in first quarter2021), mainly because of the impact of the Russian-Ukrainian war (-€346 million 28 in first quarter 2022).
Excluding these items, performing loans recover by +€64 million in first quarter 2022. The provision for provenrisks is low at -€3 million in first quarter 2022 (including -€43 million for proven risks on Russian files) comparedto -€14 million in first quarter 2021. Lastly, pre-tax income in first quarter 2022 stands at €20 million, down 93.6%. The tax charge came to -€67 million, a +29.8% increase compared to first quarter 2021.
All in all, Corporate and Investment banking’s underlying Net income Group share was -€46 million in first quarter
2022 (compared to €255 million in first quarter 2021).
Risk weighted assets at the end of March 2022 amount to €133.4 billion, up by +€10.5 billion compared to theend of December 2021, in a context of Market Share increase in Structured Finance.

28 Of which €120 million as a provision for contingent liabilities (included in Stage 1 and 2 cost of risk)

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Asset servicing
In first quarter 2022, underlying revenues stand at €312 million, up +4.8% compared to first quarter 2021. The
increase in revenues is driven by higher fee and commission income on assets and flows and on a positivemarket effect. Underlying operating expenses excluding SRF rise +2% compared to first quarter 2021 to€225 million. The SRF contribution come to -€58 million in first quarter 2022, up +71.4% compared to the firstquarter 2021. Underlying gross operating income (including SRF) amounts tp €29 million, down -33.1%.
Excluding SRF, gross operating income rise by +12.9% to €87 million in first quarter 2022 thanks to a positive
jaws effect (+2.8 percentage points). The underlying cost/income ratio excluding SRF in first quarter 2022
stands at 72.0%, an improvement of 2.0 percentage points compared to first quarter 2021. After the €7 million
share of non-controlling interests, the business line’s contribution to underlying net income Group share is lower
by -41.7% year-on-year to €13 million due to the SRF increase.

Specialised financial services
The Specialised financial services business line saw buoyant activity across all businesses this quarter.
Commercial production was indeed strong in consumer finance, as well as in leasing and factoring.
The commercial production of Crédit Agricole Consumer Finance (CACF) rose in first quarter 2022 comparedto first quarter 2021 (+13%), boosted by strong momentum both in France and abroad. Despite persistent
shortages of electronic components the automotive market, the production of automotive JVs was notably up thisquarter (+3% compared to fourth quarter 2021 and +11% year-on-year, driven by GAC Sofinco). Assets undermanagement at CACF totalled €93.9 billion at end-March 2022. They were up +2.7% from end-March 2021 and+1.5% from end-December 2021. The increase in assets was driven by international business 29 (+4.8%
compared to end-March 2021) and by business with the Crédit Agricole Group in France +4.9% compared to
end-March 2021. Assets related to automotive partnerships were virtually unchanged compared to first quarter
2021 (+0.2%) and were up compared to fourth quarter 2021 (+2.9%).
At Crédit Agricole Leasing and Factoring (CAL&F), commercial leasing production was up significantly
compared to first quarter 2021 (+45%), driven by the property leasing and renewable energy activities (x4.5
Q1/Q1). Commercial factoring production also rose sharply compared to first quarter 2021 (+59.4%), withdynamic activity both in France and abroad (mainly Poland and Italy), and factored revenues increased by+28.3% year-on-year, thanks to the increase in the financed quota. Outstanding leasing reached €16.5 billion
at end-March 2022 (of which €13.3 billion in France and €3.2 billion abroad), i.e. an increase of +5.2% compared
to end-March 2021.
Specialised financial services income grew in first quarter 2022 by +3.4% compared to first quarter 2021,
thanks in particular to strong commercial activity. Underlying revenues of Specialised financial services were up+6.8% compared to first quarter 2021, an increase driven both by strong revenues for CACF (+5%; +2.9%
excluding CACF NL) and CAL&F (+13.2%; +8% excluding Olinn). Underlying costs excluding SRF were up by+9.5%, in line with the increase in activity and recognition of scope effects (+7.3% for CACF; +2.9% excluding
CACF NL and +17.2% for CAL&F; +8.2% excluding Olinn). Gross operating income was stable at +0.3%
compared to first quarter 2021, and the underlying cost/income ratio excluding SRF remained low at 53.3% (up+1.3 percentage points compared to first quarter 2021). Cost of risk31 decreased compared to first quarter 2021(-2.3%). As a result, in first quarter 2022, the business line’s underlying net income Group share reached €164
million, an increase of +3.4% compared to first quarter 2021.

29 Agos and other international entities (excluding CACF NL and automotive JVs in Italy and China)

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At 31 March 2022, the capital allocated to the Specialised financial services business line was €5.3 billion andrisk weighted assets were €55.3 billion.

Consumer financeIn first quarter 2022, CACF’s underlying revenues excluding CACF NL reached €517 million, up +2.9%
compared to first quarter 2021, benefiting from dynamic activity in France and abroad and the increase of
insurance revenues. CACF’s underlying costs excluding CACF NL increased by +2.9%, in line with the evolutionof the business and the full consolidation of CACF Spain30 (for an effect of €7 million). Excluding CACF NL and
CACF Spain, the increase in CACF’s costs would be 0.2% (positive jaws effect of +1.9 percentage point excluding
scope effects). As a result, the underlying gross operating income, excluding CACF NL was stable comparedto first quarter 2021, and the underlying cost/income ratio excluding SRF and CACF NL remained low, at
51.4% (unchanged from first quarter 2021). The contribution of equity-accounted entities was strong andreached €80 million in first quarter 2021 (+8.1% compared to first quarter 2021). The cost of risk31 was low at €117 million31, up +2.5% compared to first quarter 2021. The cost of credit risk relative to outstandings overa rolling four-quarter period31 was 127 basis points. The non-performing loan ratio came to 5.1% this quarter,
down -0.4 percentage points from end-December 2021, and the coverage ratio reached 89.7%, up 2 percentage
points compared to end-December 2021. All in all, the underlying net income Group share reached€133 million in first quarter 2021, stable compared to first quarter 2021.

Leasing & Factoring
In first quarter 2022, CAL&F’s underlying revenues stood at €160 million, a rise of +13.2% compared to firstquarter 2021, thanks to the strong activity in both leasing and factoring. Costs excluding SRF increased by+17.2% compared to first quarter 2021 in line with IT investments and the Olinn consolidation since the fourth
quarter 2021 (excluding Olinn, costs excluding SRF rose by +8.2% with a neutral jaws effect of -0.15 percentage
points. However, the cost/income ratio excluding SRF and excluding Olinn remained stable compared to firstquarter 2021 at 53.9%). This resulted in a year-on-year increase in gross operating income of +1.8%. Cost ofrisk remained low at €7 million, down -43.7% compared to first quarter 2021. CAL&F’s underlying net income
Group share was €31 million in first quarter 2021, (+29.1% compared to first quarter 2021).

Retail Banking
The Crédit Agricole S.A. Retail banking activity was very dynamic this quarter, driven at LCL by the productionof housing, corporate, and SME and small business loans and at Crédit Agricole Italia by dynamic commercial
activity.
Loan production at LCL was up sharply compared to first quarter 2021 (+48% 32) including for home loans(+39%) corporates (+101%) and SME and small businesses (+34%). In this context, loans outstanding reached€153.1 billion at end-March 2022 and were up +6.3% since end-March 2021, including +8.1% for real estateloans and +5.9% for loans to SME and small businesses. Customer assets have risen by +3.7% compared to
end-March 2021, driven by on-balance sheet deposits (+4.1%) in line with the increase in DAVs (+11%), as well
as by off-balance sheet savings which grew by +3.1% year on year (out of which +2.7% is due to life insurance).
Lastly, customer capture remained dynamic with 93,800 new customers this quarter. The equipment rate for

30 In third quarter 2021, full consolidation of CACF Spain (formerly SoYou). In Q1 2022, CACF Spain revenues reached €4M and CACF Spain costs€7M. Positive jaws effect excluding CACF NL, CACF Spain and FRU (+2 pp)

31 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters
32 Excluding state-guaranteed loans

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car, home, health, legal, all mobile phones or personal accident insurance was up +0.6 percentage pointcompared to end-March 2021, and reached 26.5% at end-March 2022.
Loans outstanding at CA Italia reached €59.5 billion at end-March 2022 and increased by +28.0% compared to
end-March 2021. On a like-for-like basis excluding Credito Valtellinese, loans outstanding were down -2.9%(March/March) impacted by the €1.5 billion disposal of doubtful loans in the fourth quarter 2021 and by sluggish
loan production in Italy at the beginning of the year, mainly on corporates. Customer assets as of 31 Marchamounted to €113.5 billion, up +33.6% (+3.8% March/March on a like-for-like basis pro forma Creval) driven by
the growth in managed customer assets (+5.8% March/March on a like-for-like basis pro forma Creval). CA Italia’s
equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance increased
to 19.2% (+1.5 percentage points from end-March 2021).
The commercial integration of Creval is ongoing and the legal merger was completed on 23 April 2022. The
network has expanded its offering of group products in consumer finance with around 95% of new business being
done by Agos and in asset management, where almost a third of funds sold are produced by Amundi.
In addition, the Next Generation HR plan was implemented with the recruitment of approximately 150 employees
for approximately 120 departures.

For the International retail banking division, excluding Italy, the growth in commercial activity remained strong.
Loans outstanding grew by +8.3% at end-March 2022 (+10% at constant exchange rates) compared to endMarch 2021, while customer assets increased by +2.9% (+5% at constant exchange rates) over the same period.
In Poland and Egypt, activity was especially buoyant, with loan growth of +14% and +19% respectively, excluding
exchange rate impact, and on-balance sheet deposits up +18% and +12% respectively.
In Ukraine, normal bank operations have been affected by the war. The teams have been mobilised since thebeginning to meet customers’ essential needs. Two-thirds of the branches are open and the digital banking app
is still number one on app stores in the country. The Group also provided immediate financial and material support
to employees and their families. The bank’s liquidity position remains strong, and local provisions amounting to€20 million33 have been recognized for doubtful loans. The Group also recorded a provision for equity risk of€195 million, which has been classified as a specific item.
Lastly, two entities from this business line are in the process of disposal, the sale of the Romanian subsidiary
being effective since the second quarter of 2021.
The sale of CA Srbija was finalised on 1 April 2022 (first quarter income recognised under IFRS 5 for €5 million).
The agreement to sell Crédit Agricole SA’s entire 78.7% stake in Crédit du Maroc to the Moroccan group
Holmarcom was announced on 27 April 2022. Subject to approval by regulatory authorities, the sale is expected
to be completed in two stages, with 63.7% of the stake to be sold by end-2022 and the remaining 15% to be sold18 months after the first sale is completed. This transaction is expected to have an impact of around 10 basis
points on the CET1 of Credit Agricole S.A. in 2022. The income and provisions related to this disposal wererecognised under IFRS 5 in the first quarter 2022 for a total of -€7 million, classified as specific items.
The result was a surplus of deposits over loans in International retail banking outside Italy of +€2.8 billion at 31
March 2022.

33 Following credit events that occurred before the beginning of the conflict and including a risk analysis of corporate performing exposures

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French retail banking
Underlying revenues were up +8.3% compared to first quarter 2021, to €980 million in first quarter 2022. The
increase in revenues was driven by strong growth in fee and commission income (+6%), mainly in the payment
instruments activity, as well as by the net interest margin (+10%) which was boosted by dynamic corporates and
SME and small business activity and benefited from some non-recurring effects (including a revaluation of theprivate equity portfolio). The contribution to the Single Resolution Fund (SRF) was €66 million this quarter,up +12.6% compared to first quarter 2021. Underlying costs excluding SRF increased by +3.8% to €596 million
in first quarter 2022, mainly due to the increase of the contribution to the deposit guarantee scheme (Fonds deGarantie des Dépôts, or FGD), which reached €22 million. Excluding contributions to the SRF and FGD,
underlying costs: were up +1.4%, in particular as a result of ongoing IT and real estate investments. The
underlying cost/income ratio excluding SRF improved by 2.6 percentage points to 60.8% this quarter, and theunderlying cost/income ratio excluding SRF and FGD came to 58.6%, an improvement of -4.0 pp comparedto first quarter 2021. Underlying gross operating income increased by +16.8% (+16.1% restated for SRF)
compared to first quarter 2021 for a total of €318 million. The cost of risk was -€61 million for this quarter, downby -25.8% compared to first quarter 2021, which was impacted by quarantine measures. The NPL ratio remained
low, at 1.4% (-0.1 percentage points compared to first quarter 2021), and the coverage ratio was high at 83.7%(-2.3 percentage points compared to first quarter 2021). Overall, underlying net income Group share was up+54.0% compared to first quarter 2021, to €179 million in first quarter 2022.
At 31 March 2022, the capital allocated to the business line was €4.9 billion and risk weighted assets were€51.2 billion.

International retail banking
The International retail banking division’s underlying revenues increased by +13.4% to €786 million in first quarter
2022 and declined by -6.2% on a like-for-like basis excluding the Creval acquisition in Italy. This decrease reflects
the transition to IFRS 5 for our entities in Serbia and Morocco. Excluding this scope effect and on a like-for-likebasis excluding the Creval acquisition in Q2 2022, the International retail banking division’s revenues rose by+1.1%. Underlying expenses excluding SRF increased by +15.2% to €478 million in first quarter 2022. On a likefor-like basis excluding Creval, expenses declined by -6.1% and increased by +0.3% excluding Serbia andMorocco. As a result of these changes in scope, the underlying gross operating income excluding SRF stood at+€308 million. The underlying cost of risk was -€78 million, its decline reflecting the improvement in the quality of
the assets of international retail banks. The provision of -€195 million for equity risk on Ukraine was recorded asa specific item. All in all, the underlying net income Group share of the International retail banking division
amounted to €107 million, i.e. 11% of the net income Group share of Crédit Agricole S.A.’s business lines.

Italy
In first quarter 2022, CA Italia’s underlying revenues were up 26.9% compared with first quarter 2021 and stoodat €619 million. Pro forma for the Creval acquisition, revenues were down -2.2% with the continued pressure on
the net interest margin and the disposal of doubtful loans amounting to €1.5 billion in fourth quarter 2021 anddespite the continued increase in fees (+3% compared to first quarter 2021). Underlying expenses excluding SRF
are up compared to first quarter 2021 (+31.5%) at €368 million. Pro forma Creval, expenses decreased by -1.5%.
Overall, underlying gross operating income excluding SRF recorded an increase of +21.4% versus first quarter
2021 (-3.1% pro forma Creval). The cost of risk decreased by -36.4% compared to first quarter 2021 (-54.0% pro
forma Creval) as CA Italia’s risk profile was improved by the disposal of doubtful loans for €1.5 billion in fourth
quarter 2021. The doubtful loan ratio at 31 March 2022 was 3.7% and the coverage ratio 62.6%. Both of these
items were impacted by the entry of Creval outstandings net of provisions in fourth quarter 2021 but are stablecompared to 31 December 2021. This translates into a net income Group share of €96 million for CA Italia, up
58.8% compared to the net income Group share of the first quarter of 2021 and 34.3% pro forma Creval.

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International Retail Banking – excluding Italy
The contribution of this business line for the first quarter amounts to €10 million, down 45.7% compared to firstquarter 2021.
The earnings of our entities in Morocco and Serbia are recognised in first quarter 2022 under IFRS 5, impacting
all international retail banking earnings lines of International Retail Banking-excluding Italy. Serbia contributed€5 million to the business line’s Net income Group share and Crédit du Maroc contributed -€7 million (results andprovisions related to the disposal), the latter being identified as a specific item this quarter.
Apart from our entities that have been sold or are in the process of being sold and Ukraine, whose operations
have been heavily penalised, the revenues of our entities in Poland and Egypt grew strongly.
By country:--

CA Poland34: revenues rose sharply (+23%), driven by the acquisition of new customers (+22,000 in
first quarter 2022) and a strong increase in the net interest margin and the increase in fee andcommission income; expenses rose by +21%, with this increase including contributions to the deposit
guarantee fund and commercial investments. The doubtful loan ratio fell to 5.7% thanks to theimproved quality of the loan portfolio and portfolio disposals.
CA Egypt34: revenues increased by 7% compared to first quarter 2021, driven by corporates activity.
Expenses were up by +9% in an accelerating inflationary context. The cost/income ratio remained
below 40%.

As at 31 March 2022, the capital allocated to the business line was €9.6 billion, including €4.9 billion for French
Retail banking and €4.7 billion for International Retail banking. Risk weighted assets for the business line totalled€101.1 billion including €51.2 billion for French retail banking and €49.9 billion for International retail banking.

34 Excluding foreign exchange impact

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Corporate Centre
AHM’s underlying net income Group Share was -€231 million in first quarter 2022, remaining almost stablecompared to first quarter 2021 at -€210 million. An analysis of the negative contribution of the Corporate Centre
looks at both the “structural” contribution (-€301 million) and other items (+€70 million).
The contribution of the “structural” component was down compared to first quarter 2021 (-€55 million) due tovolatility in intragroup operations with Regional Banks, and to the decrease in contributions from CACIF and
BforBank, and despite the increase in revenues from Crédit Agricole Payment Services. This contribution
includes three types of activities:-

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. corporate entity. This
contribution reached -€303 million in first quarter 2022, down €43 million compared with
first quarter 2021, due to a negative effect linked to the volatility in intragroup operations with Regional
Banks.

-The sub-divisions that are not part of the core business lines, such as CACIF (Private equity) andCA Immobilier and, since first quarter 2021, BforBank, equity-accounted as it is 50% owned by Crédit
Agricole S.A. following its capital increase. Their contribution, at -€1 million in first quarter 2022, fell by€15 million compared with first quarter 2021, which can be explained by the increase in CACIF and
BforBank revenues.

-

The Group’s support functions. Their contribution of +€3 million this quarter rose by €4 million since firstquarter 2021, due to higher revenues from Crédit Agricole Payment Services.

The contribution from “other items” amounts to +€70 million, up €34 million compared to first quarter 2021, due
to the results of the liquidity reserve portfolio and the seasonal nature of inflation.

At 31 March 2022, risk-weighted assets stood at €26.3 billion.

*

*
*

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Financial strength
Crédit Agricole GroupAs at 31 March 2022, the phased-in Common Equity Tier 1 (CET1) ratio of Crédit Agricole Group was 17.0%,
a decrease of -0.5 percentage point compared to end December 2021. Therefore, Crédit Agricole Group posted
a substantial buffer of +8.1 percentage points between the level of its CET1 ratio and the 8.9% SREP
(Supervisory review and evaluation process) requirement. The fully loaded CET1 ratio is 16.7%.
Retained earnings include +23 basis points in stated income: and -4 basis points in distribution and payment of
AT1 coupons. The contribution of the change in risk weighted assets to the change in ratios includes a €5.8 billion
increase in RWAs at CACIB due to the Russian crisis (including the deterioration of Russian exposures), for 17 bp. Excluding the effect from the Russian crisis, the increase was concentrated in the Large Customers, which
benefited from high loan demand, Regional Banks and Specialised Financial Services business lines, for -28 bp
overall. The insurance effect on OCI reserves (unrealised gains and/or losses) and equity-accounted value
represents -15 bp (-11 bp linked to the decrease in unrealised gains and/or losses and -4 bp for equity-accounted
value). Finally, regulatory and other effects contributed -17 bp, mainly due to the impact of the deduction ofirrevocable payment commitments (-17 bp) and IFRS9 phasing (-11 bp).
The phased-in leverage ratio stood at 5.8%, -0.3 percentage point compared to end December 2021 (5.2%
before the exclusion of ECB exposures) and well above the regulatory requirement of 3.11% 35.
The Crédit Agricole Group’s risk weighted assets increased by €6.5 billion compared with 31 December 2021
to €592 billion, including +€2.3 billion for Regional Banks.

Maximum Distributable Amount (MDA) trigger
The transposition of Basel regulations into European law (CRD) introduced a restriction mechanism for
distribution that applies to dividends, AT1 instruments and variable compensation. The Maximum Distributable
Amount (MDA, the maximum sum a bank is allowed to allocate to distributions) principle aims to place limitations
on distributions in the event the latter were to result in non-compliance with combined buffer requirements.
The distance to the MDA trigger is the lowest of the respective distances to the SREP requirements in CET1
capital, Tier 1 capital and total capital.
At 31 March 2022, Crédit Agricole Group posted a buffer of 733 basis points above the MDA trigger, i.e.
€43 billion in CET1 capital.
At 31 March 2022, Crédit Agricole S.A. posted a buffer of 289 basis points above the MDA trigger, i.e.
€11 billion in CET1 capital.

TLAC
The Financial Stability Board (FSB) has defined the calculation of a ratio aimed at estimating the adequacy ofthe bail-in and recapitalisation capacity of Global Systemically Important Banks (G-SIBs). This
Total Loss Absorbing Capacity (TLAC) ratio provides resolution authorities with the means to assess whether GSIBs have sufficient bail-in and recapitalisation capacity before and during resolution. It applies to Global
Systemically Important Banks, and therefore to Crédit Agricole Group.

35 Under CRR2, banks may exclude certain Central Bank exposures from the total exposure of the leverage ratio when justified by exceptional

macroeconomic circumstances. If this exemption is applied, institutions must meet an adjusted leverage ratio requirement of more than 3%. On 18
June 2021, the European Central Bank announced that credit institutions under its supervision could apply this exclusion due to the existence of
exceptional circumstances since 31 December 2019; this measure is applicable until 31 March 2022 included. The Crédit Agricole Group applies thisprovision and must, therefore, comply with a leverage ratio requirement of 3.11% during this period.

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The elements that could absorb losses consist of equity, subordinated notes and debts to which the Resolution
Authority can apply the bail-in.
The TLAC ratio requirement was transposed into European Union law via CRR2 and has been applicable since
27 June 2019. Crédit Agricole Group must comply with the following requirements at all times:-

a TLAC ratio above 18% of risk weighted assets (RWA), plus – in accordance with EU directive CRD 5 – a
combined capital buffer requirement (including, for the Crédit Agricole Group, a 2.5% capital conservationbuffer, a 1% G-SIB buffer and the counter-cyclical buffer set at 0.02% for the CA Group at 31/03/22).
Considering the combined capital buffer requirement, the Crédit Agricole Group must adhere to a TLAC ratio
of above 21.5%;-

a TLAC ratio of above 6.75% of the Leverage Ratio Exposure (LRE).

At 31 March 2022, Crédit Agricole Group’s TLAC ratio stood at 25.9% of RWA and 8.3% of leverage ratio
exposure, excluding eligible senior preferred debt 36, which is well above the requirements. The TLAC ratio
excluding eligible senior debt, expressed as a percentage of risk-weighted assets, fell by 40 bp over the quarter,in line with the decline in the Crédit Agricole Group’s CET1 ratio and increase of its RWA, due in particular to theimpact of the war in Ukraine. Expressed as a percentage of leverage exposure (LRE), the TLAC ratio excluding
eligible senior preferred debt fell 40 bp compared with December 2021. Without taking into account theneutralisation of Central Bank exposures, such TLAC ratio expressed in LRE would have reached 7.5% (-30 bp
compared with December 2021).
The Group thus has a TLAC ratio excluding eligible senior preferred debt that is 440 bps higher, i.e. €26 billion,
than the current requirement of 21.5% of RWA.
Achievement of the TLAC ratio is supported by a TLAC debt issuance programme of around €6 billion in thewholesale market in 2022. At 31 March 2022, €2 billion equivalent had been issued in the market (senior nonpreferred and Tier 2 debt); the amount of the Crédit Agricole Group senior non-preferred debt taken into accountin the calculation of the TLAC ratio was €26.4 billion.

36 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to waive the possibility offered by Article 72ter(3) of the Capital

Requirements Regulation to use senior preferred debt for compliance with its TLAC requirements in 2022.

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MREL
The MREL (Minimum Requirement for Own Funds and Eligible Liabilities) ratio is defined in the European “Bank
Recovery and Resolution Directive” (BRRD). This Directive establishes a framework for the resolution of banks
throughout the European Union, with the aim to provide resolution authorities with shared instruments and powers
to pre-emptively tackle banking crises, preserve financial stability and reduce taxpayers’ exposure to losses.
Directive (EU) 2019/879 of 20 May 2019 known as “BRRD2” amended the BRRD and was transposed into French
law by Order 2020-1636 of 21 December 2020.
The MREL ratio corresponds to an own funds and eligible liabilities buffer required to absorb losses in the eventof resolution. Under BRRD2, the MREL ratio is calculated as the amount of eligible capital and liabilities
expressed as a percentage of risk weighted assets (RWA), as well as a leverage ratio exposure (LRE). Eligible
for the numerator of the total MREL ratio are the Group’s regulatory capital, as well as eligible liabilities issued
by the central body and its affiliated entities, i.e. subordinated notes, senior non-preferred debt instruments andcertain senior preferred debt instruments with residual maturities of more than one year.
The required minimum levels are set by decisions of resolution authorities and then communicated to each
institution, then revised periodically. Since 1 January 2022, the Crédit Agricole Group has to meet a minimum
total MREL requirement of:-

21.04% of RWA, plus – in accordance with EU directive CRD 5 – a combined capital buffer requirement(including, for the Crédit Agricole Group, a 2.5% capital conservation buffer, a 1% G-SIB buffer and thecounter-cyclical buffer set at 0.02% for the CA Group at 31/03/22). Considering the combined capital buffer
requirement, the Crédit Agricole Group must adhere to a total MREL ratio of above 24.6%;-

6.02% of the LRE.

At 31 March 2022, the Crédit Agricole Group had an estimated MREL ratio of 30.2% of RWA and 9.7% ofleverage exposure, well above the total MREL requirement.
An additional subordination requirement to TLAC (“subordinated MREL”) is also determined by the resolution
authorities and expressed as a percentage of RWA and LRE, in which senior debt instruments are excluded,
similar to TLAC, which ratio is equivalent to the subordinated MREL for the Crédit Agricole Group. At 1 January2022, this subordinated MREL requirement for the Crédit Agricole Group did not exceed the TLAC requirement.
The distance to the maximum distributable amount trigger related to MREL requirements (M-MDA) is the lowestof the respective distances to the MREL, subordinated MREL and TLAC requirements expressed in RWA.
At 31 March 2022, the Crédit Agricole Group had a buffer of 440 basis points above the M-MDA trigger,
taking into account the TLAC requirement applicable as of 31 March 2022, i.e. €26 billion of CET1 capital.
Crédit Agricole Group’s target is to reach a subordinated MREL ratio (excluding eligible senior preferred debt) of
24-25% of the RWA by the end of 2022 (a goal achieved in September 2020) and to maintain the subordinated
MREL ratio above 8% of TLOF37. This level would enable recourse to the Single Resolution Fund (subject to thedecision of the resolution authority) before applying the bail-in to senior preferred debt, creating an additional
layer of protection for investors in senior preferred debt. At 31 March 2022, the subordinated MREL ratio
reached 8.3% of TLOF.

37 Total Liabilities and Own Funds (TLOF) – equivalent to the total prudential balance sheet after netting of derivatives

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Crédit Agricole S.A.
At end March 2022, Crédit Agricole S.A.’s solvency level remained high, with a phased-in Common Equity
Tier 1 (CET1) ratio of 11.0% (down 0.9 percentage point from end December 2021). Crédit Agricole S.A.
therefore had a substantial buffer of 3.1 percentage points between the level of its CET1 ratio and the 7.9%
SREP requirement. The fully loaded CET1 ratio is 10.8%.
The stated result contributed +15 bp to the change in the ratio since the end of 2021. Distribution contributed 9 bp, including a dividend provision of €0.07/share based on a 50% payout policy, as well as the payment of AT1
coupons for the first quarter (-3 bp). The contribution of the change in risk weighted assets to the change in ratios
includes a €5.8 billion increase in RWAs at CACIB due to the Russian crisis (including the deterioration of Russian
exposures), for -17 bp. Excluding the effect from the Russian crisis, the increase was concentrated in the Large
Customers, which benefited from high loan demand and Specialised Financial Services business lines, for -20 bp
overall. The insurance effect on OCI reserves (unrealised gains and/or losses) and equity-accounted value
represents -29 bp (-25 bp linked to the decrease in unrealised gains and/or losses and -4 bp for equity-accounted
value). Finally, regulatory and other effects contributed to -32 bp, mainly due to the impact of the deduction ofirrevocable payment commitments (-18 bp) and IFRS9 phasing (-10 bp).
The phased leverage ratio stood at 4.2% at end March 2022 compared with a requirement of 3.18% 38. The
leverage ratio before neutralisation of ECB exposures is 3.6%, slightly down compared with the end of December
2021.
Crédit Agricole Group’s risk weighted assets were up +€8 billion compared to 31 December 2021 to €385 billion,
mainly due to the consideration of the impact if the war in Ukraine (+€5.8 billion). The rest of the increase wasrecorded in Specialised Financial Services (+€1.7 billion), and in Large Customers (€3.9 billion), which benefited
from high loan demand in the quarter.

38 Under CRR2, banks may exclude certain Central Bank exposures from the total exposure of the leverage ratio when justified by exceptional

macroeconomic circumstances. If this exemption is applied, institutions must meet an adjusted leverage ratio requirement of more than 3%. On 18
June 2021, the European Central Bank announced that credit institutions under its supervision could apply this exclusion due to the existence of
exceptional circumstances since 31 December 2019; this measure is applicable until 31 March 2022 included. Crédit Agricole S.A. applies thisprovision and must, therefore, comply with a leverage ratio requirement of 3.18% during this period

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Liquidity and Funding
Liquidity is measured at Crédit Agricole Group level.
In order to provide simple, relevant and auditable information on the Group’s liquidity position, the banking cash
balance sheet’s stable resources surplus is calculated quarterly.
The banking cash balance sheet is derived from Crédit Agricole Group’s IFRS financial statements. It is basedon the definition of a mapping table between the Group’s IFRS financial statements and the sections of the cash
balance sheet as they appear in the next table and whose definition is commonly accepted in the marketplace. It
relates to the banking scope, with insurance activities being managed in accordance with their own specificprudential constraints.
Further to the breakdown of the IFRS financial statements in the sections of the cash balance sheet, netting
calculations are carried out. They relate to certain assets and liabilities that have a symmetrical impact in termsof liquidity risk. Deferred taxes, fair value impacts, collective impairments, short-selling transactions and otherassets and liabilities were netted for a total of €62 billion at end March 2022. Similarly, €120 billion in
repos/reverse repos were eliminated insofar as these outstandings reflect the activity of the securities desk
carrying out securities borrowing and lending operations that offset each other. Other nettings calculated in orderto build the cash balance sheet – for an amount totalling €159 billion at end-March 2022 – relate to derivatives,
margin calls, adjustment/settlement/liaison accounts and to non-liquid securities held by Corporate andInvestment banking and are included in the “Customer-related trading assets” section.
Note that deposits centralised with Caisse des Dépôts et Consignations are not netted in order to build the cash
balance sheet; the amount of centralised deposits (€73 billion at end March 2022) is booked to assets under“Customer-related trading assets” and to liabilities under “Customer-related funds”.
In a final stage, other restatements reassign outstandings that accounting standards allocate to one section,
when they are economically related to another. As such, senior issues placed through the banking networks aswell as financing by the European Investment Bank, the Caisse des Dépôts et Consignations and otherrefinancing transactions of the same type backed by customer loans, which accounting standards would classify
as “Medium long-term market funds”, are reclassified as “Customer-related funds”.

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Note that for Central Bank refinancing transactions, outstandings related to the T-LTRO (Targeted Longer-Term
Refinancing Operations) are included in “Long-term market funds”. In fact, T-LTRO 3 transactions are similar to
long-term secured refinancing transactions, identical from a liquidity risk standpoint to a secured issue.
Medium to long-term repos are also included in “Long-term market funds”.
Finally, the CIB’s counterparties that are banks with which we have a commercial relationship are considered ascustomers in the construction of the cash balance sheet.
Standing at €1,654 billion at 31 March 2022, the Group’s banking cash balance sheet shows a surplus of stable
funding resources over stable application of funds of €286 billion, up €7 billion compared to end December 2021
and to end March 2021.
Total T-LTRO 3 outstandings for the Crédit Agricole Group amounts to €162 billion39 at 31 March 2022. It should
be noted that the interest rate applicable to the refinancing rate of these operations is accrued over the drawdown
period. The special interest rate is accrued over the related special interest rate period. The special interest rateapplicable to the refinancing rate for these operations for the second period (June 2021 to June 2022) was taken
into account in Q1 2022 for all drawdowns.
The Group recorded balanced growth in commercial activity during the quarter, with an increase of €6 billion incustomer resources and €8 billion in loans.
The surplus of 286 billion euros, known as “stable resources position”, allows the Group to cover the LCR deficit
generated by long term assets and stable liabilities (customer, tangible and intangible assets, long-term funds,
own funds). Internal management excludes the temporary surplus of stable resources provided by the increasein T-LTRO 3 outstanding in order to secure the Medium-Term Plan target of more than €100 billion, irrespectiveof the future repayment strategy.
Furthermore, given the excess liquidity, the Group remained in a short-term lending position at 31 March 2022
(central bank deposits exceeding the amount of short-term net debt).
Medium-to-long-term market resources were €350 billion at 31 March 2022, up €6 billion compared to
end December 2021, and up €12 billion compared to end March 2021.
They included senior secured debt of €223 billion, senior preferred debt of €77 billion, senior non-preferred debtof €29 billion and Tier 2 securities amounting to €21 billion.
At 31 March 2022, the Group’s liquidity reserves, at market value and after haircuts, amounted to€472 billion, up +€7 billion from end December 2021 and up +€11 billion from end March 2021. They covered
short-term net debt nearly four times over (excluding the replacements with Central Banks).
The high level of central bank deposits was the result of the replacement of significant excess liquidity: theyamounted to €241 billion at 31 March 2022 (excluding cash and mandatory reserves), up €14 billion compared
to end December 2021 and up €23 billion compared to end March 2021.
Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB
financing). Central bank eligible non-HQLA assets after haircuts amounted to €105 billion.

Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.
Average year-on-year LCR ratios at 31 March 2022 were respectively 170.4% for Crédit Agricole Groupand 150.5% for Crédit Agricole S.A. They exceeded the Medium-Term Plan target of around 110%.
In the context of the COVID-19 health crisis, the increase in the level of LCR ratios of Crédit Agricole Group andCrédit Agricole S.A. was in line with the recourse of the Group to T-LTRO 3 drawings from the central bank.

39 Excluding FCA Bank

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In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance withthe regulatory requirement applicable since 28 June 2021.

The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very
diversified access to markets in terms of investor base and products.
At end March 2021, the Group’s main issuers raised the equivalent of €17.7 billion40 in medium-to-longterm debt on the markets, 52% of which was issued by Crédit Agricole S.A. To be noted that:

Crédit Agricole next bank (Switzerland) completed a CHF100 million 6.5-year covered bond issue inJanuary;
Crédit Agricole Italia completed a €1.5 billion covered bond issue in two tranches (10 and 20 years) in
January

In addition, €2.2 billion was also borrowed from national and supranational organisations or placed in the Group’s
retail banking networks (Regional Banks, LCL, CA Italia) and other external retail networks.
At end April, Crédit Agricole S.A. completed 84% of its €13 billion medium- to long-term market funding
programme41 for 2022. Funding in diverse formats (Senior secured, Senior preferred, Senior non-preferred andTier 2) and currencies (EUR, USD, AUD, CHF, NOK, SGD).
The bank raised the equivalent of €11.0 billion42, of which €3.4 billion in senior non-preferred debt and €0.2
billion in Tier 2 debt (for a combined budget of €6 billion), as well as €3.3 billion in senior preferred debt and€4.0 billion in senior secured debt (for a combined budget of €7 billion)
Note that on 5 January 2022, Crédit Agricole S.A. issued a perpetual NC7.7 year AT1 bond for USD1.25 billion
at an initial rate of 4.75% (not included in the refinancing plan).

40 Gross amount before buy-backs and amortisations, excl. AT1 issuances
41 Excl. AT1 issuances
42 Gross amount before buy-backs and amortisations, excl. AT1 issuances

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Appendix 1 – Specific items, Crédit Agricole Group andCrédit Agricole S.A.
Groupe Crédit Agricole – Specific items, Q1-22 and Q1-21
Q1-22

Q1-21

Gross
impact*Impact on
Net
incomeGross
impact*Impact on
Net
incomeDVA (LC)

(31)

(23)

8

6

Loan portfolio hedges (LC)

17

12

(7)

(5)

Home Purchase Savings Plans (LCL)

6

4

(12)

(9)

Home Purchase Savings Plans (CC)

18

13

(4)

(3)

Home Purchase Savings Plans (RB)

70

52

(18)

(13)

Reclassification of held-for-sale operations - NBI (IRB)

0.2

0.2

-

-

79

59

(33)

(23)

Creval integration costs (IRB)

(8)

(5)

-

-

Lyxor integration costs (AG)

(10)

(5)

-

-

-

-

(4)

(2)
-

€m

Total impact on revenues

S3 / Kas Bank integration costs (LC)Provision for restructuring costs (CACEIS)

-

-

-

(0.4)

(0.3)

-

-

Total impact on operating expenses

(18)

(10)

(4)

(2)

Restatement SRF 2016-2020 (CR)

-

-

55

55

Restatement SRF 2016-2020 (CC)

-

-

130

130

-

-

185

185

(195)

(195)

-

-

Reclassification of held-for-sale operations - Costs (IRB)

Total impact on SRF
Provision for own equity risk Ukraine (IRB)
Total impact on cost of credit risk

(195)

(195)

-

Reclassification of held-for-sale operations (IRB)

(4)

(7)

-

-

Ongoing sale project (WM)

-

-

(5)

(5)

Total impact on Net income from discounted or held-for-sale operations

(4)

(7)

(5)

(5)

Total impact of specific items

(138)

(153)

143

154

(10)

(5)

(5)

(5)

24

33

Asset gathering
French Retail banking
International Retail banking
Specialised financial services
Large customers
Corporate centre

76

56

(207)

(207)

-

-

-

-

(14)

(10)

(3)

(1)

18

13

126

127

-

29/37

PRESS RELEASE – FIRST QUARTER 2022

Crédit Agricole S.A. – Specific items, Q1-22 and Q1-21
Q1-22

Q1-21

€m
Gross
impact*Impact on
Net income

DVA (LC)

(31)

(22)

8

6

Loan portfolio hedges (LC)

17

12

(7)

(5)

Home Purchase Savings Plans (FRB)

6

4

(12)

(8)

Home Purchase Savings Plans (CC)

18

13

(4)

(3)

Reclassification of held-for-sale operations - NBI (IRB)

0.2

0.2

-

-

10

7

(15)

(10)

Total impact on revenues

Gross
impact*Impact on
Net income

S3 / Kas Bank integration costs (LC)

-

-

(4)

(2)

Creval integration costs (IRB)

(8)

(4)

-

-

Reclassification of held-for-sale operations - Costs (IRB)

(0.4)

(0.3)

-

-

Lyxor integration costs (AG)

(10)

(5)

-

(18)

(9)

(4)

(2)

-

-

130

130

-

-

130

130

(195)

(195)

-

-

(195)

(195)

-

-

Reclassification of held-for-sale operations (IRB)

(4)

(7)

-

-

Ongoing sale project (WM)

-

-

(5)

(5)

(4)

(7)

(5)

(5)

Total impact of specific items

(207)

(204)

106

113

Asset gathering

(10)

(5)

(5)

(5)

French Retail banking

6

4

(12)

(8)

(207)

(206)

-

-

Total impact on operating expenses
Restatement SRF2016-2020
Total impact on SRF
Provision for own equity risk Ukraine (IRB)
Total impact on cost of credit risk

Total impact on Net income from discounted or held-for-sale
operations

International Retail banking
Specialised financial services

-

-

-

-

Large customers

(14)

(10)

(3)

(1)

Corporate centre

18

13

126

127

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PRESS RELEASE – FIRST QUARTER 2022

Appendix 2 – Credit Agricole Group: results by businesslines
Crédit Agricole Group – Results by business lines, Q1-2022 and Q1-2021
Q1-22 (stated)
€m

RB

LCL

IRB

AG

SFS

LC

CC

Total

Revenues

3,686

986

804

1,728

688

1,723

65

9,680

Operating expenses excl. SRF(2,326)

(596)

(502)

(877)

(366)

(968)

(276)

(5,911)

SRF

(158)

(66)

(30)

(8)

(35)

(441)

(56)

(794)

Gross operating income

1,202

324

273

844

286

314

(267)

2,975

Cost of risk

(145)

(61)

(275)

(2)

(125)

(278)

(3)

(888)

Equity-accounted entities

4

-

1

20

80

3

(0)

108

Net income on other assets

13

(0)

(0)

1

0

0

(1)

13

Income before tax

1,074

262

(1)

863

242

38

(271)

2,208

Tax

(302)

(81)

(57)

(178)

(54)

(75)

54

(694)

Net income from discont'd or held-for-sale ope.

-

-

1

(1)

1

-

-

2

Net income

772

181

(57)

685

189

(37)

(217)

1,516

Non controlling interests

(0)

(0)

(31)

(115)

(26)

(10)

(4)

(185)

Net income Group Share

772

181

(88)

570

164

(47)

(221)

1,331

Q1-21 (stated)
€m

RB

LCL

AG

IRB

SFS

LC

CC

Total

Revenues

3,536

893

1,582

711

644

1,664

20

9,049

Operating expenses excl. SRF(2,267)

(574)

(783)

(428)

(334)

(913)

(204)

(5,505)

SRF

(87)

(59)

(7)

(20)

(24)

(328)

58

(467)

Gross operating income

1,183

260

792

262

285

422

(127)

3,078

Cost of risk

(153)

(83)

(7)

(99)

(127)

(67)

1

(537)

Equity-accounted entities

0

-

18

-

74

2

-

94

Net income on other assets

10

0

1

2

(0)

0

(0)

13

Income before tax

1,040

178

804

165

232

357

(126)

2,648

Tax

(342)

(65)

(179)

(51)

(50)

(66)

32

(720)

Net income from discont'd or held-for-sale ope.

-

-

(5)

(1)

-

-

-

(6)

Net income

697

113

620

113

182

291

(94)

1,921

Non controlling interests

(0)

(0)

(109)

(23)

(24)

(10)

(2)

(168)

Net income Group Share

697

113

510

91

158

281

(96)

1,754

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PRESS RELEASE – FIRST QUARTER 2022

Appendix 3 – Crédit Agricole S.A.: results by businessline
Crédit Agricole S.A. – Results by business lines, Q1-2022 and Q1-2021
Q1-22 (stated)
€m

AG

LC

SFS

FRB
(LCL)

IRB

CC

Total

Revenues

1,729

1,723

688

986

786

26

5,938

Operating expenses excl. SRF

(877)

(968)

(366)

(596)

(487)

(224)

(3,518)

SRF

(8)

(441)

(35)

(66)

(30)

(56)

(636)

Gross operating income

845

314

286

324

270

(255)

1,784

Cost of risk

(2)

(278)

(125)

(61)

(273)

(2)

(741)

Equity-accounted entities

20

3

80

-

1

(8)

95

Net income on other assets

1

0

0

9

(0)

(0)

10

Income before tax

864

38

242

272

(2)

(265)

1,148

Tax

(178)

(75)

(54)

(81)

(57)

54

(391)

Net income from discontinued or held-for-sale operations

(1)

-

1

-

1

-

2

Net income

686

(37)

189

190

(58)

(212)

759

Non controlling interests

(120)

(6)

(26)

(8)

(42)

(6)

(207)

Net income Group Share

566

(43)

164

183

(100)

(218)

552

Q1-21 (stated)
€m

AG

LC

SFS

FRB
(LCL)

IRB

CC

Total

Revenues

1,584

1,665

644

893

693

14

5,493

Operating expenses excl. SRF

(783)

(913)

(334)

(574)

(415)

(176)

(3,197)

SRF

(7)

(328)

(24)

(59)

(20)

58

(380)

Gross operating income

793

423

285

260

258

(104)

1,916

Cost of risk

(7)

(67)

(127)

(83)

(100)

1

(384)

Equity-accounted entities

18

2

74

-

-

(7)

87

Net income on other assets

1

0

(0)

0

2

(0)

3

Income before tax

805

358

232

178

160

(110)

1,622

Tax

(179)

(66)

(50)

(65)

(50)

31

(378)

Net income from discontinued or held-for-sale operations

(5)

-

-

-

(1)

-

(6)

Net income

621

292

182

113

109

(79)

1,238

Non controlling interests

(114)

(16)

(24)

(5)

(30)

(4)

(193)

Net income Group Share

507

276

158

108

79

(83)

1,045

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PRESS RELEASE – FIRST QUARTER 2022

Appendix 4 – Methods used to calculate earnings
per share, net asset value per share
Crédit Agricole S.A. – Data per share, net book value per share and
ROTE
(€m)

Q1-22

Q1-21

Var
Q1/Q1

Net income Group share - stated- Interests on AT1, including issuance costs, before tax
NIGS attributable to ordinary shares - stated
Average number shares in issue, excluding treasury
shares (m)Net earnings per share - stated
Underlying net income Group share (NIGS)
Underlying NIGS attributable to ordinary shares
Net earnings per share - underlying

[A]

552
(122)
430

1,045
(114)
931

(47.2%)+7.0%(53.9%)[B]

3,024.1

2,915.7+3.7%[A]/[B]

0.14 €
756
634
0.21 €

0.32 €
932
818
0.28 €(55.5%)(18.9%)(22.5%)(25.3%)

31/03/2022
67,695(5,982)(414)(3,388)31/12/2021
68,217(4,888)(2,125)(3,176)(€m)
Shareholder's equity Group share- AT1 issuances- Unrealised gains and losses on OCI - Group share- Payout assumption on annual results*
Net book value (NBV), not revaluated, attributable toordin. sh.
- Goodwill & intangibles** - Group share
Tangible NBV (TNBV), not revaluated attrib. toordinary sh.
Total shares in issue, excluding treasury shares (period
end, m)NBV per share , after deduction of dividend to pay (€)+ Dividend to pay (€)
NBV per share , before deduction of dividend to pay (€)
TNBV per share, after deduction of dividend to pay (€)
TNBV per sh., before deduct. of divid. to pay (€)* dividend proposed to the Board meeting to be paid** including goodwill in the equity-accounted entities(€m)
Net income Group share - statedImpairment of intangible assets
IFRIC
Stated NIGS annualised
Interests on AT1, including issuance costs, before tax,annualisedStated result adjusted
Tangible NBV (TNBV), not revaluated attrib. to ord. sh. avg***
Stated ROTE adjusted (%)
Underlying Net income Group share
Underlying NIGS annualised
Underlying NIGS adjusted
Underlying ROTE adjusted(%)*** including assumption of dividend for the current
exercise(1)[C][C]/[B][D]

57,91258,027(18,476)(18,581)[E]

39,43539,445[F]

3,023.7

3,025.2[D]/[F][H][G]=[E]/[F][G]+[H]

19.2 €
1.05 €
20.2 €
13.0 €
14.1 €

19.2 €
1.05 €
20.2 €
13.0 €
14.1 €[K][L][M][N] = ([K]-[L]-[M])*4+[M]

Q1-22
552
0
-676
4,236

2021
5,844
0
0
5,844

[O]

-488

-353

[P] = [N]+[O]

3,748

[J]

39,440

5,491= [P] / [J][Q][R] = ([Q]-[M])*4+[M][S] = [R]+[O]= [S] / [J]

9.5%
756
5,054
4,566
11.6%

14.2%
5,397
5,397
5,044
13.1%

0.0%

0.0%

(1)

38,645

Average of the TNBV not revalued is attributable to ordinary shares calculated between 31/12/2021 and 31/03/2022 and restated aspresented in the median table

33/37

PRESS RELEASE – FIRST QUARTER 2022

Alternative Performance Indicators

NBV Net Book Value not re-evaluated
The Net Book Value not re-evaluated corresponds to the shareholders’ equity Group share from which
the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out
assumption on annual results have been deducted.

NBV per share Net Book Value per share - NTBV per share Net Tangible Book
Value per share
One of the methods for calculating the value of a share. This represents the Net Book Value divided by
the number of shares in issue at end of period, excluding treasury shares.
Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets
and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

EPS Earnings per ShareThis is the net income Group share, from which the AT1 coupon has been deducted, divided by theaverage number of shares in issue excluding treasury shares. It indicates the portion of profit attributableto each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may
decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

Cost/income ratio
The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the
proportion of revenues needed to cover operating expenses.

Cost of risk/outstandings
Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (overan average of the past four quarters, beginning of the period). It can also be calculated by dividing theannualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly,
the cost of risk for the period can be annualised and divided by the average outstandings at the
beginning of the period.
Since the first quarter of 2019, the outstandings taken into account are the customer outstandings,
before allocations to provisions.
The calculation method for the indicator is specified each time the indicator is used.

Doubtful loan
Defaulting loan. The debtor is considered to be in default when at least one of the following conditions
has been met:-a payment generally more than 90 days past due, unless specific circumstances point to the factthat the delay is due to reasons independent of the debtor’s financial situation;-

the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself ofcertain measures such as enforcement of collateral security right.

Impaired loan
Loan which has been provisioned due to a risk of non-repayment.

Impaired (or doubtful) loan coverage ratio:
This ratio divides the outstanding provisions by the impaired gross customer outstandings.

Impaired (or doubtful) loan ratio:
This ratio divides the gross customer outstandings depreciated on an individual basis, before provisions,by the total gross customer outstandings.

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PRESS RELEASE – FIRST QUARTER 2022

Net income Group share
Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share,less the share attributable to non-controlling interests in fully consolidated subsidiaries.

Underlying Net income Group share
The underlying net income Group share represents the stated net income Group share from which
specific items have been deducted (i.e. non-recurring or exceptional items).

Net income Group share attributable to ordinary shares
The net income Group share attributable to ordinary shares represents the net income Group sharefrom which the AT1 coupon has been deducted, including issuing costs before tax.

RoTE Return on Tangible Equity
The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net
income Group share annualised by the group’s NBV net of intangibles and goodwill. The annualised Net
income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2;
9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts inorder to linearise them over the year.

Disclaimer
The financial information on Crédit Agricole S.A. and Crédit Agricole Group for first quarter 2022
comprises this presentation and the attached appendices and press release which are available on thewebsite: https://www.credit-agricole.com/en/finance/finance/financial-publications.
This presentation may include prospective information on the Group, supplied as information on trends.
This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March
2019 (chapter 1, article 1, d).
This information was developed from scenarios based on a number of economic assumptions for agiven competitive and regulatory environment. Therefore, these assumptions are by nature subject torandom factors that could cause actual results to differ from projections. Likewise, the financial
statements are based on estimates, particularly in calculating market value and asset impairment.
Readers must take all these risk factors and uncertainties into consideration before making their own
judgement.

Applicable standards and comparability
The figures presented for the three-month period ending 31 March 2022 have been prepared inaccordance with IFRS as adopted in the European Union and applicable at that date, and with prudential
regulations currently in force. This financial information does not constitute a set of financial statements
for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.
Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole Groups have notchanged materially since the Crédit Agricole S.A. 2021 Universal Registration Document and its A.01
update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF(the French Financial Markets Authority).
The sum of values contained in the tables and analyses may differ slightly from the total reported due
to rounding.
At 30 June 2021, following the buyback by Crédit Agricole Consumer Finance of 49% of the share capitalof the CACF Bankia S.A. joint venture, CACF Bankia S.A. is fully consolidated in Crédit Agricole S.A.’s
consolidated financial statements.

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PRESS RELEASE – FIRST QUARTER 2022

As at 30 June 2021 following the takeover bid launched by Crédit Agricole Italia for Credito Valtellinese,
100% of Credito Valtellinese is held by Crédit Agricole Italia and is fully consolidated in the consolidated
financial statements of Crédit Agricole S.A.
At 31 December 2021, Amundi announcement completion of the Lyxor acquisition. Lyxor is fully
consolidated in the consolidated financial statements of Crédit Agricole S.A. The transaction had no
impact on Crédit Agricole S.A.’s consolidated income at 31 December 2021.

Other information
Crédit Agricole S.A.’s Combined General Meeting will take place on 24 May in Montpellier. As alreadyannounced, the Board of Directors will propose to the General Meeting a cash dividend of €1.05 pershare (of which €0.85 for the policy of distributing 50% of earnings and €0.20 for the continuation of
the 2019 dividend catch-up). It corresponds to a return of 10% based on the share price at 3 May
2022 (closing).
Ex dividend date: 30 May 2022
Payment: 1 June 2022.

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PRESS RELEASE – FIRST QUARTER 2022

Financial Agenda
24 May 2022
4 August 2022
10 November 2022

General Meeting in Montpellier
Publication of second quarter and first half 2022 results
Publication of 2022 third quarter and first nine months results

Contacts
CREDIT AGRICOLE PRESS CONTACTS
Charlotte de Chavagnac
Olivier Tassain
Bertrand Schaefer+33 (0)1 57 72 11 17+ 33 1 43 23 25 41+ 33 1 49 53 43 76

charlotte.dechavagnac@credit-agricole-sa.fr
olivier.tassain@credit-agricole-sa.fr
bertrand.schaefer@ca-fnca.fr

CREDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS
Institutional shareholders
Individual shareholders+ 33 1 43 23 04 31+ 33 800 000 777(freephone number –France only)

investor.relations@credit-agricole-sa.fr
relation@actionnaires.credit-agricole.com

Clotilde L’Angevin
Equity investors:
Fethi Azzoug
Joséphine Brouard
Oriane Cante
Nicolas Ianna
Leila Mamou
Anna Pigoulevski
Annabelle Wiriath+ 33 1 43 23 32 45

clotilde.langevin@credit-agricole-sa.fr+ 33 1 57 72 03 75+ 33 1 43 23 48 33+ 33 1 43 23 03 07+ 33 1 43 23 55 51+ 33 1 57 72 07 93+ 33 1 43 23 40 59+ 33 1 43 23 55 52

fethi.azzoug@credit-agricole-sa.fr
joséphine.brouard@credit-agricole-sa.fr
oriane.cante@credit-agricole-sa.fr
nicolas.ianna@credit-agricole-sa.fr
leila.mamou@credit-agricole-sa.fr
anna.pigoulevski@credit-agricole-sa.fr
annabelle.wiriath@credit-agricole-sa.fr

Credit investors and rating agencies:
Caroline Crépin+ 33 1 43 23 83 65
Marie-Laure Malo
+ 33 1 43 23 10 21
Rhita Alami Hassani+ 33 1 43 23 15 27

caroline.crepin@credit-agricole-sa.fr
marielaure.malo@credit-agricole-sa.fr
rhita.alamihassani@credit-agricole-sa.fr

See all our press releases at: www.credit-agricole.com - www.creditagricole.info
Crédit_Agricole

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