Credit Agricole S A : Amendment A02 to the Universal Registration Document 2023 - Financial review at 31 March 2024

2023

AMENDMENT A02

TO THE UNIVERSAL REGISTRATION

DOCUMENT

FINANCIAL REVIEW

AT 31 MARCH 2024

WORKING EVERY DAY IN THE INTEREST

OF OUR CUSTOMERS AND SOCIETY

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This is the English version of the Amendment A02 of the Universal Registration Document which was filed on 14th May 2024 with the AMF, as the competent authority under

Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of said regulation.

The Universal Registration Document may be used for the purposes of an offer to the public of financial securities or the admission of financial securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and any amendments to the Universal Registration Document. The whole is approved by the AMF in accordance with Regulation (EU) 2017/1129.

This is a reproduction translated in English of the Amendment A02 to the universal registration document, filed with the AMF and available on the AMF website. This reproduction is available on the website of Crédit Agricole S.A.

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Table of Contents
Press release first quarter 2024	2
Slideshow first quarter 2024 results	41
Financial strength	80
Developments in legal risk	91
Changes to the governance bodies	98
Risk factors	101
2023 annual report on remuneration policy and practices	102
CASA Pillar 3 disclosure at 31st march 2024	117
Alternative Performance Indicators	126
Other financial information	129
Financial agenda	131
Statutory Auditors	132
Cross-reference tables	134

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Press release first quarter 2024

THE GROUP CONTINUES TO GROW

CASA AND CAG STATED AND UNDERLYING DATA Q1-2024

CRÉDIT AGRICOLE S.A.

CRÉDIT AGRICOLE GROUP

Stated

Underlying

Stated

Underlying

Revenues

€6,806m

€6,797m

€9,525m

€9,475m

+11.2% Q1/Q1

+10.5% Q1/Q1

+6.7% Q1/Q1

+5.8% Q1/Q1

Expenses

-€3,669m

-€3,649m

-€5,589m

-€5,569m

-4.5% Q1/Q1

-5.0% Q1/Q1

-5.4% Q1/Q1

-5.8% Q1/Q1

Gross

€3,137m

€3,148m

€3,936m

€3,906m

Operating

+37.6% Q1/Q1

+36.1% Q1/Q1

+30.4% Q1/Q1

+28.1% Q1/Q1

Income

Cost of risk

-€400m

-€380m

-€651m

-€631m

+6.9% Q1/Q1

+1.6% Q1/Q1

-18.9% Q1/Q1

+15.2% Q1/Q1

Net income

€1,903m

€1,933m

€2,384m

€2,383m

group share

+55.2% Q1/Q1

+54.7% Q1/Q1

+42.8% Q1/Q1

+40.8% Q1/Q1

C/I ratio

53.9%

53.7%

58.7%

58.8%

-0.5 pp Q1/Q1

-0.4 pp Q1/Q1

-0.5 pp Q1/Q1

-0.2 pp Q1/Q1

(excl. SRF)

(excl. SRF)

(excl. SRF)1

(excl. SRF)

OUTLOOK: 2024 RESULTS EXPECTED TO REACH 2025 AMBITIONS MTP TARGET A YEAR AHEAD

HIGHEST-EVERFIRST QUARTER driven by the increase in GOI excluding SRF and the end of SRF building-up period

CONTINUED DEVELOPMENT OF THE UNIVERSAL BANKING MODEL

• Continued development of the customer-focuseduniversal banking model, supported by dynamic customer capture, higher inflows, sustained insurance activity, high and balanced asset management net inflows, despite the slowdown in new home loans in France and Italy
• Strong momentum in Large Customers, resulting in record performance for the quarter in CIB and a record level of assets under custody and administration for CACEIS

PROGRESS IN STRATEGIC OPERATIONS

• Continuation of ongoing operations: integration of ISB; creation of CAWL, JV with Worldline; finalisation of the acquisition of Alpha Associates; continued work on the acquisition of Degroof Petercam scheduled for mid-2024.
• Announcement of a MoU for a strategic partnership with Victory Capital

INCREASED SUPPORT FOR THE ENERGY TRANSITION

• A transition plan based on three complementary, ordered areas:

1. Accelerating the development of renewable and low-carbonenergy by focusing our financing on renewable and low-carbon energy projects
2. Supporting, as a universal bank, everyone's transition: equipping all corporates and households
3. Structuring our own exit trajectory from the financing of carbon-based energy

• The Net Zero trajectories as at the end of 2023 are in line with the 2030 targets.

VERY SOLID CAPITAL AND LIQUIDITY POSITIONS

• Crédit Agricole S.A. phased-in CET1 11.8%
• CA Group phased-in CET1 17.5%

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Dominique Lefebvre,

Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

«Solid results to support all our clients in long-term transitions. »

Philippe Brassac,

Chief Executive Officer of Crédit Agricole S.A.

«For the 3rd time in a row, the financial ambitions of our medium-term plan should be achieved a year ahead of schedule, i.e., by the end of 2024. »

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 60.2% of Crédit Agricole S.A. Please see the appendices to this press release for details of specific items, which are restated in the various indicators to calculate underlying income.

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Crédit Agricole Group

Group activity

The Group recorded strong commercial activity this quarter across all business lines thanks to the continued development of the universal banking model. Gross customer capture has been dynamic. In the first quarter of 2024, the Group recorded +512,000 new customers in retail banking, and the customer base grew by +67,000 customers. More specifically, over the quarter, the Group recorded +409,000 new customers for Retail Banking in France and +103,000 new International Retail Banking customers (Italy and Poland), and the customer base also grew (+57,000 and +10,000 customers respectively).

In retail banking, on-balance sheet deposits totalled €824 billion, up +3.9% year-on-year in France and Italy (+3.7% for Regional Banks and LCL and +5.8% in Italy). Outstanding loans totalled €872 billion, up +1.2% year- on-year in France and Italy (+0.3% for Regional Banks and LCL and +1.5% in Italy). Home loan production slowed down in France1 and Italy in the first two months of the year, by -45% compared with the first quarter of 2023 for Regional Banks, -54% for LCL and -11.6% for CA Italy. The property and casualty insurance equipment rate rose to 43.4% for the Regional Banks (+0.5 percentage points compared to the first quarter of 2023), 27.8% for LCL (+0.4 percentage point) and 19.3% for CA Italy (+2.0 percentage points).

In asset management, inflows were high and balanced by major customer segment, type of management and geographical area, in contrast to the European market. In savings/retirement, Crédit Agricole Assurances posted record gross inflows (€8.6 billion, up +4.3% year-on-year), and the unit-linked rate remained high in production (39.1%). In property and casualty insurance, the portfolio grew by +3.4% year-on-year to 16 million policies. Assets under management are at their highest level ever, and have risen compared to the end of March 2023 in asset management (€2,116 billion, or +9.4%), life insurance (€335 billion, or +3.2%) and wealth management (IWM and LCL €197 billion, or +6.3%).

The SFS division also recorded a good level of activity, with an increase in consumer finance outstandings at CA Consumer Finance (+8.4% compared to the end of March 2023), driven by automotive activities, which account for 53%2 of total outstandings, and growth in production and leasing outstandings at CAL&F (€19.4 billion, or +9.1% compared to the end of March 2023).

Momentum is strong in Large Customers, with high revenues in capital markets and investment banking driven by primary credit and by financing activities that are benefiting from growth in commercial banking. CACEIS posted a record level of assets under custody (€5,015 billion, +19.4% compared to the end of March 2023) and assets under administration (€3,415 billion, +54.1% compared to the end of March 2023), and benefited from the integration of ISB, positive market impacts and strong commercial momentum.

Each of the Group's business lines posted strong levels of activity (see Infra).

Increased support for the energy transition

The Group has defined a transition plan based on three complementary and ordered areas.

First, the Group has made efforts to ramp up the roll-out of renewable and low-carbon energy, by focusing our financing on renewable and low-carbon energy projects As such, the Crédit Agricole Group increased its exposure to low-carbon energy financing3 by +80% between 2020 and 2023, with €19.7 billion at 31 December

1. Home loan production in France: -36% in cumulative terms over January and February 2024 compared with the cumulative total over January and February 2023, according to Banque de France
2. CA Auto Bank, automotive JVs and automotive activities of other entities
3. Low-carbonenergy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for CACIB.

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2023. In addition, CAA's financing of renewable energy capacity increased by +14% in 2023, representing 13.5 gigawatts at 31 December 2023.

At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. As such, Crédit Agricole CIB's green loans portfolio4 increased by +43% between December 2022 and March 2024, and represented €17.7 billion at 31 March 2024. Electrified vehicles 5 accounted for a quarter of the total number of vehicles financed by CA Consumer Finance in 2023, and solutions are being offered to customers (J'écorénove mon logement, Agilauto, Carbioz carbon credit platform).

Finally, Crédit Agricole is structuring its own exit trajectory from the financing of carbon-based energy. The Net Zero trajectories at the end of 2023 are in line with the 2030 targets for the five sectors whose trajectories 6 were announced in 2022. Emissions financed in the oil and gas sector are down by -63% against a target of -75%7. The intensity of emissions financed in the power sector 8 is down -17% (target -58%), while in the automotive sector it is down -13% (target -50%), in the commercial real estate sector it is down -5% (target -40%), and in the cement sector it is up +3% (target -20%). In this small portfolio (fewer than 10 customers), the exit of some relatively less carbon-intensive customers has led to an inevitable increase in the intensity of the portfolio, which does not reflect the reality of the sector or of our actions.

The Group is also committed to ceasing all financing of new fossil fuel extraction projects. The total amount of its direct exposure 9 to the financing of fossil fuel extraction projects to which it is still committed stood at $1,060 million at the end of December 2023, down -23% since 2020.

Group results

In the first quarter of 2024, the Crédit Agricole Group's stated net income Group share came to €2,384 million, up +42.8% compared to the first quarter of 2023 (+6.1% excluding SRF).

Specific items in the first quarter of 2023 had a negative net impact of +€1 million on the Crédit Agricole Group's net income Group share. These include the following recurring accounting items: recurring accounting volatility items in revenues, such as the DVA (Debt Valuation Adjustment), the issuer spread portion of the FVA, and secured lending for +€4 million in net income Group share on capital markets and investment banking, and the hedging of the loan book in the Large Customers segment for +€1 million in net income Group share. In addition to these recurring items, there were a number of items specific to this quarter: a reversal of the Home Purchase Saving Plans provisions for +€30 million in the net income Group share of the Regional Banks and +€1 million in the net income Group share of the Corporate Centre; ISB integration costs of -€10 million in the net income Group share of the Large Customers division; an addition of provision for risk Ukraine for -€20 million in the net income Group share of International Retail Banking; the acquisition costs of Degroof Petercam for -€6 million in the net income Group share of private banking.

Excluding these specific items, the Crédit Agricole Group's underlying net income Group share10 amounted to €2,383 million, up +40.8% compared to the first quarter of 2023, and up +5.0% excluding SRF.

1. CACIB green asset portfolio, in line with the eligibility criteria of the Group Green Bond Framework published in November 2023.
2. Electric or hybrid
3. Reference year: 2020 (except Aviation, for which the reference year is 2019)
4. Initial oil and gas commitment of -30% by 2030 announced in 2022, revised to -75% in 2023
5. Scope: Crédit Agricole CIB and Unifergie (Crédit Agricole Transitions & Energies)
6. Gross of export credit hedges
7. See Appendixes for more details on specific items.

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Crédit Agricole Group - Stated and Underlying results Q1-2024 and Q1-2023

	€m			Q1-24		Specific		Q1-24			Q1-23			Specific		Q1-23			∆ Q1/Q1		∆ Q1/Q1
			stated		items		underlying			stated			items		underlying			stated		underlying
	Revenues		9,525		50		9,475		8,927		(32)	8,959		+6.7%	+5.8%
	Operating expenses excl.SRF		(5,589)		(20)		(5,569)		(5,284)		-	(5,284)		+5.8%	+5.4%
	SRF		-		-		-		(626)		-	(626)		(100.0%)	(100.0%)
	Gross operating income		3,936		30		3,906		3,018		(32)	3,049		+30.4%	+28.1%
	Cost of risk		(651)		(20)		(631)		(548)		-	(548)		+18.9%	+15.2%
	Cost of legal risk		-		-		-		-		-	-			n.m.		n.m.
	Equity-accounted entities		68		-		68		108		-	108		(36.7%)	(36.7%)
	Net income on other assets		(7)		(8)		2		4		-	4			n.m.	(63.2%)
	Change in value of goodwill		-		-		-		-		-	-			n.m.		n.m.
	Income before tax		3,347		2		3,345		2,581		(32)	2,613		+29.6%	+28.0%
	Tax		(755)		(6)		(749)		(711)		8	(719)		+6.2%	+4.2%
	Net income from discont'd or held-for-sale ope.		-		-		-		2		-	2		(100.0%)	(100.0%)
	Net income		2,592		(4)		2,595		1,872		(24)	1,896		+38.4%	+36.9%
	Non controlling interests		(208)		5		(212)		(204)		-	(204)		+2.1%	+4.3%
	Net income Group Share			2,384		1		2,383			1,669			(24)		1,692			+42.8%		+40.8%
	Cost/Income ratio excl.SRF (%)			58.7%				58.8%			59.2%					59.0%			-0.5 pp		-0.2 pp

In the first quarter of 2024, underlying revenues amounted to €9,475 million, up +5.8% compared to the first quarter of 2023, driven by the good performance of all business lines. Revenue growth was positive in all the core businesses, with dynamic activity and a positive market effect in Asset Gathering, a record level of corporate and investment banking in the Large Customers division and the integration of ISB into CACEIS 11 generating the initial synergies, the consolidation of CA Auto Bank 12 into Specialised Financial Services, momentum in fee and commission income and international growth in the net interest margin in Retail Banking, and the positive effect of the valuation of Banco BPM securities in the Corporate Centre. Underlying operating expenses rose by +5.4% (excluding SRF) in the first quarter of 2024, to €5,569 million, due in particular to the scope effects of the integration of RBC IS Europe 13 and CA Auto Bank 14, in addition to increases in employee expenses in an inflationary environment and IT investments. Overall, the Group saw its underlying cost/income ratio improve by -0.2 percentage point (excluding SRF) to 58.8% in the first quarter of 2024. The contribution to the SRF in the first quarter of 2023 was -€626 million. Underlying gross operating income amounted to €3,906 million, an increase of +28.1% compared to the first quarter of 2023, or +6.3% adjusted for the SRF expense.

The underlying cost of credit risk amounted to -€631 million, including a reversal of +58 million on performing loans (levels 1 and 2), an addition of -€690 million for the cost of proven risk (level 3) and -€1 million for the reversal of other risks, i.e. an increase of +15.2% compared to the first quarter. The provisioning levels were determined by taking into account several weighted economic scenarios, as in previous quarters, and by applying adjustments on sensitive portfolios. The economic scenarios for the first quarter of 2024 are identical to those used for the previous quarter. The cost of risk/outstandings 15 over a rolling four-quarterperiod stood at

1. Scope effect of ISB in revenues of +€108 million in the first quarter of 2024
2. Scope effect of CA Auto Bank in revenues of +€183 million in the first quarter of 2024
3. Scope effect of ISB in expenses of +€103 million in the first quarter of 2024
4. Scope effect of CA Auto Bank in expenses of +€70 million in the first quarter of 2024
5. The cost of risk/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

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25 basis points, which is in line with the 25-basis point assumption of the Medium-Term Plan. It stands at

21 basis points on a quarterly annualised basis 16.

Underlying pre-taxincome stood at €3,345 million, a year-on-year increase of +28.0%. It included the contribution from equity-accounted entities for €68 million (down -36.7%, mainly due to the removal from the scope of equity-accounted entities of FCA Bank, which is now fully consolidated) and net income from other assets, which came to €2 million this quarter. The underlying tax charge rose by +4.2% over the period, with the tax rate this quarter at 22.9%, a decline of -5.8 percentage points. The fall in the tax rate is explained by the disappearance of the SRF expense this quarter, which was not deductible. Underlying net income before non- controlling interests was up +36.9% to €2,595 million. Non-controlling interests rose +4.3%. Lastly, underlying net income Group share was €2,383 million, +40.8% higher than in the first quarter of 2023.

Regional banks

Gross customer capture stands at +306,000 new customers and the customer base grew by +29,000 new customers since the beginning of the year. The percentage of customers using their current accounts as their main account rose by 0.5 percentage point year-on-yearto 76.3%. The share of customers using digital tools increased to 76.8% 17 (+1.9 percentage points compared to end-March2023) and the number of online signatures 18 increased by +15% between the first quarter of 2023 and the first quarter of 2024.

Loan production fell this quarter by -32.4% compared to first quarter 2023. The decline is sharp in home loans (-44.6% compared to the first quarter of 2023), but comes against the backdrop of a slowdown in the market 19. The lending rate for home loans 20 stood at 3.85% for the January/February period, 20 basis points higher than in the fourth quarter of 2023. Loan outstandings reached €644 billion at the end of March 2024, up +1.1% compared to the end of March 2023 driven in particular by the corporate market (+4.2% compared to the end of March 2023).

Total customer assets rose by +3.7% year-on-year to €893.1 billion at end-March 2024. This growth was driven by both on-balance sheet deposits, which reached €595.5 billion at the end of March 2024, up +3.3% compared to the end of March 2023 (including +4.5% on passbook accounts and +80.4% on term deposits), and off-balance sheet deposits, which reached €297.6 billion, up +4.6% year-on-year.

The equipment rate for property and casualty insurance was 43.4% at the end of March 2024 and is continuing to rise (up +0.5 percentage point compared to 2023). In terms of payment instruments, the number of cards rose by +1.5% year-on-year, as did the percentage of premium cards, which increased by +1.4 percentage points year-on-year to account for 15.2% of all cards.

In the first quarter of 2024, the Regional Banks' consolidated revenues including the SAS Rue La Boétie

dividend 21 stood at €3,295 million, down -1.0% compared to the first quarter of 2023, due to a -17.6% decline in the net interest margin. Portfolio revenues were up, as was fee and commission income, which rose by +7.6%, particularly on payment instruments. The Regional Banks' consolidated revenues, including the SAS Rue La Boétie dividend, rose by +2.2% compared to the fourth quarter of 2023.

1. The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
2. Number of customers with an active profile on the Ma Banque app or who had visited CAEL during the month/number of adult customers having an active demand deposit account
3. Signatures initiated in BAM deposit mode (multi-channel bank access), Mobile customer portal or "Ma Banque" app
4. Home loan production in France: -36% over Jan/Feb 2024 compared with Jan/Feb 2023 according to Banque de France
5. Credit rate on monthly achievements. Only maturity loans, in euros and at a fixed rate, are taken into account
6. SAS Rue La Boétie dividend paid annually in Q2

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Operating expenses fell by -2.8%; excluding the SRF 22, the moderate increase was due to higher employee expenses and IT expenses. Gross operating income rose by +5.0%, but fell by -8.2% excluding the SRF. The cost of risk increased by +46.3%, compared to the first quarter of 2023, to -€247 million. This increase in the default rate is mainly due to the impact of corporate specific files.

The Regional Banks' consolidated net income, including the SAS Rue La Boétie dividend 23, amounted to €439 million in the first quarter of 2023, stable compared to the first quarter of 2023.

The Regional Banks' contribution to net income Group share was €442 million in the first quarter of 2024,

up +5.1% compared to the first quarter of 2023.

1. The SRF was -€113 million in 2023
2. SAS Rue La Boétie dividend paid annually in Q2

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