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WORKING

EVERY DAY IN THE INTEREST OF

OUR CUSTOMERS AND SOCIETY

ANNUAL FINANCIAL REPORT

UNIVERSAL

REGISTRATION

DOCUMENT

2021
C O N TEN T S

INTERVIEW

of Dominique Lefebvre and Philippe Brassac _________________2

ABOUT CRÉDITAGRICOLES.A.

8

Rankings and

key ?gures 9

The business lines of Crédit Agricole S.A.

at 31 December 2021 14

Asset gathering 16

Retail banking 18

Specialised Financial Services 22

Large customers 24

Corporate centre 26

2021 highlights 29

History 32

Information on the share capital and shareholders 34

Stock market data 40

NON-FINANCIAL PERFORMANCE

44

Introduction 48

1. Business Model 48

2. Non-?nancial risks 49

3. Our ESG strategy 55

4. ESG risk management: ?nancial materiality 98

5. Results 108

Acceleration of the Societal Project: a 10-commitment programme plan 119

Implementation of the Principles for Responsible

Banking 120

Cross-reference table 121

Report by one of the Statutory Auditors, appointed as an independent third party, on the non-?nancial information statement 123

Appendix: List of the information we considered

most important 126

Independent Limited assurance report on the

indicators relating to the implementation of the climate strategy presented in Crédit Agricole's 2021

Management Report 127

CORPORATE GOVERNANCE

130

1. Report of the Board of Directors 132

2. Additional information on Corporate Of?cers 162

3. Information on executives and management bodies 188

4. Reward policy 193

5. Rules of procedure of the Board of Directors 235

REVIEW OF THE 2021 FINANCIAL POSITION ANDPERFORMANCE 244

Operating and ?nancial information 246

Information on Crédit Agricole S.A.'s ?nancial

statements (parent company) 272

RISKS AND PILLAR 3 274

1. Crédit Agricole S.A. risk factors 276

2. Risk management 290

3. Pillar 3 Disclosures 340

4. Cross-reference tables 446

CONSOLIDATED FINANCIAL STATEMENTS

448

General framework 450

Consolidated ?nancial statements 456

Notes to the consolidated ?nancial statements 464

Statutory Auditors' report

on the consolidated ?nancial statements 629

PARENT COMPANY FINANCIAL STATEMENTS

638

Annual ?nancial statements 640

Notes to the ?nancial statements 643

Statutory Auditors' report on the ?nancial statements 686

GENERAL INFORMATION 690

Articles of Association - Updated version on 10

March 2022 692

Information on the Company 700

Statutory auditors' report on related party agreements 705

Person responsible for the Universal Registration

Document of Crédit Agricole S.A. 714

Glossary 715

Cross-reference tables 720

1 4 5 6 7 8 2 3

The English version of the Universal

Registration Document was filed on 24 March

2022 with the AMF, as competent authority

under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the said regulation. The Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of 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 translation into English of the Annual Financial Report/URD of the Company issued in French and it is available on the website of the Issuer.

ANNUAL FINANCIAL REPORT

2021

UNIVERSAL REGISTRATION DOCUMENT

What is your assessment of the context

in which Crédit Agricole nds itself in early 2022, which started with armed conict in Ukraine, the impact of which is difcult to measure?

Dominique Lefebvre

Human impact is the primary concern. From the

start of the conict, our priority has been to support the 2,400 employees of our subsidiary, CA Ukraine, whose lives have been turned upside down. I pay tribute to the courage of these men and women, who - in one of the most adverse situations that humanity can endure - have remained mobilised to provide essential services to their compatriots and clients, while simultaneously defending their families and their country. I would also like to highlight the huge solidarity movement that has emerged on their behalf within the Crédit Agricole Group, particularly the actions of their neighbours across the border at CA Bank Polska.

The situation has provided a brutal reminder that

the value of everything we do, as individuals or as a company, is dependent on each and every person"s responsibility to others. For a large banking institution such as Crédit Agricole, this responsibility is expressed through a commitment to support the economy, whose sole purpose is long-term welfare and prosperity. This armed conict on Europe"s doorstep arrives at the tail end of a global pandemic and alongside an indispensable surge in the ght against global warming. It shows the extent to which the challenges of these extreme events are intertwined. The pandemic reminded us that our health is our most precious asset and we have seen how fragile it can be in the face of disease or war. The conict also highlights our dependence on fossil fuels and, if we needed reminding, the urgency of accelerating the energy transition.

The environment, health, the economy and social

cohesion are all one issue. In 2021, the Group made formal, concrete commitments to boost cohesion and support the transition to a low-carbon economy. The current situation shows just how important these issues are, and how our responses must adapt to the context.

How is the Crédit Agricole Group

positioning itself as regards major social issues?

Dominique Lefebvre

To ght climate change, we are committed to

achieving carbon neutrality by 2050 with regard to our own footprint and our investment and nancing portfolios. We are integrating non-financial performance criteria into the decision-making process for providing nancing to corporates and farmers. In terms of social cohesion, Crédit Agricole is a leading private-sector employer, especially of young people. In 2021, we recruited 18,000 work- study students and developed Youzful, a platform that promotes job offers for young people. The health of the elderly and most vulnerable is also on our minds. We have a special role to play in facilitating and accelerating the necessary changes to French agriculture and agri-food. As the banker to nearly

85% of farmers in France, the Crédit Agricole

Interview with

Dominique Lefebvre,

Chairman of the Board

of Directors, andPhilippe Brassac,

Chief Executive Ofcer

“The shift to a new

model requires stronger social cohesion and inclusion and successful agricultural and agri-food transitions."

Dominique

LEFEBVRE

INTERVIEW

MOBILISED

TO SERVE OUR CUSTOMERS

AND SOCIETY

Refer to the glossary on page 715 for the de nition of technical term s.2CRÉDIT AGRICOLE S.A. - 2021 Universal registration document

INTERVIEW

Group supports the transformation of farms and

agribusinesses into more sustainable systems that are able to meet the needs of the population while caring about the climate and biodiversity. Food sovereignty is one of the central pillars of this model, which the Crédit Agricole Group is helping to strengthen.

After two difcult and uncertain years for

everyone, is the Crédit Agricole Group"s development model still t for purpose?

Philippe Brassac

During those two years, we have achieved very

good nancial results, but more importantly, we have demonstrated, on a daily basis, our willingness and ability to serve the economy. This willingness is made explicit in our Raison d"Être, “Working every day in the interest of our customers and society", and made possible by our unique model that combines power and exibility. This model has three features: a universal approach to customer relations, three-level development potential and a largely decentralised organisational structure. First of all, our model is universal because we meet the needs of all customers, from the most afuent to those with more modest resources. For example, this year we launched our EKO car insurance offer, which provides high-quality essential coverage to our customers on a budget.

Next, our development is based on three areas

of growth: the organic growth of each business line, supplemented by revenue synergies within the Group (€9.5 billion this year); shared growth, with new partnerships such as the one between CACF and Stellantis; and external growth, which in

2021 included the acquisition of Creval and Lyxor.

Finally, our organisation into decentralised

companies allows us to be as close as possible to our customers" expectations in each of our business lines while demonstrating exibility.

Despite our imposing size (the Crédit Agricole

Group is the tenth-largest bank in the world in

terms of balance sheet size), we have managed to adapt to the profound changes in expectations and working methods that the pandemic has brought about.You have achieved record nancial results in 2021. Is this because of short-term factors? Can you sustain this level of performance?

Philippe Brassac

Our 2021 results are indeed strong, and we

achieved our financial targets for the 2022

Medium-Term Plan a year ahead of schedule.

This was partly due to short-term factors, with a

very low cost of risk due to the massive amounts of state aid during the crisis. Above all, however, this performance is structural because with our powerful, diversied and scalable model, our revenues have been growing very steadily for ve years. These revenues are driven by strong sales momentum, as illustrated by the 1.7 million new retail banking customers in 2021, and good cost control. Our protability and ability to generate a signicant return on equity over the long term enhance our solvency, which is among the highest in the sector.

Our dynamism and solidity enable us to face the

uncertainties of the upcoming period, which is characterised by a potential return of ination as a result of the liquidity injected by governments during the crisis. In addition to this inationary uncertainty, the cost of risk may go up again as state aid comes to an end.

But without doubt the biggest uncertainty relates

to the situation in Ukraine and, more widely, across

Europe. This may lead to serious consequences

for the stability of European energy supplies and for the global energy market. While consistently maintaining our commitment to providing responsible nance to an energy transition that is more vital than ever, it is clear that Crédit Agricole will be able to adjust to this new landscape, based on the prevailing requirements, to support its customers.The Group simplied the Crédit Agricole

S.A. capital structure this year and

introduced exceptional dividend payout schemes. Could you explain these capital transactions and their consequences?

Philippe Brassac

First, we paid out a loyalty dividend in 2021

because we had followed the European Central

Bank"s instructions and asked our shareholders

to forgo the 2019 dividend in 2020. To do this, we proposed a scrip dividend option, and thanks to SAS la Boétie"s commitment to subscribe to it, we were able to offer a high dividend of €0.80 per share.

Following this payout, two transactions were

carried out to offset the share capital dilution caused by the scrip dividend option and to simplify the capital structure of the Group by unwinding the

Switch guarantee. As a result, in 2021, the Group

bought back shares in two tranches for a total amount of €1,059 million and completed the full unwinding of the Switch guarantee, with a full-year impact of +€104 million on earnings. In 2022, we will propose a dividend of €1.05 per share to the General Meeting. This high level is the result of Crédit Agricole S.A."s record earnings in

2021 and the continued catch-up on the unpaid

2019 dividend.

And in your future MTP, will the

strategy change or stay the same?

Dominique Lefebvre

Our Group strategy is standing the test of time. This year, in keeping with our history, we are going to double-down on the cornerstones of our strategy: customers, personal relationships and society. We know that our true responsibility is expressed in our usefulness, and the Medium-Term Plan that we will present in June will reect this.

“During those two years,

we have achieved very good financial results, but more importantly, we have demonstrated, on?a daily basis, our willingness and ability to serve the economy."

Philippe

BRASSAC

Refer to the glossary on page 715 for the de?nition of technical term s.3CRÉDIT AGRICOLE S.A. - 2021 Universal registration document

CRÉDIT AGRICOLE GROUP PROFILE

EVERY DAY IN THE INTEREST OF

OUR CUSTOMERS AND SOCIETY

WORKING

CRÉDIT AGRICOLE GROUP"S RAISON D"ÊTRE

Refer to the glossary on page 715 for the denition of technical term s.4CRÉDIT AGRICOLE S.A. - 2021 Universal registration document

CRÉD

IT A G R IC

OLE GRO

UP P ROF I LE

2021 IMPLEMENTATION OF OUR RAISON D"ÊTRE

Day in, day out in 2021, we proved ourselves both willing and able to help the economy and work for the good of our customers and society, during the economic recovery and the emergence from the pandemic.

CRÉDIT AGRICOLE"S END PURPOSE

is to be a trusted partner to all its customers: Its solid position and the diversity of its expertise enable CA to o er allfiitsficustomers ongoing support on a daily basis and for their projects in life, in particular by helping them to guard against uncertainties and tofiplan for the long term. CA is committed to seeking out and protecting its customers' interests infiallfiit does. It advises them with transparency, loyalty and pedagogy. It places human responsibility at the heart of its model: it is committed tofihelping all its customers benet from the best technological practices, whilefiguaranteeing them access to competent, available local teams thatficanfiensure all aspects of the customer relationship. Proud of its cooperative and mutualist identity and drawing on a governance representing its customers, Crédit Agricole: Supports the economy, entrepreneurship and innovation in france and abroad. It is naturally committed to supporting its regions. Takes intentional action in societal and environment elds by supporting progress and transformations. Serves everyone: from the most modest to the wealthiest households, from local professionals to large international companies. This is how Crédit Agricole demonstrates its usefulness and availability to its customers, and the commitment of its 147,000 employees to excellence in customer relations and operations. Refer to the glossary on page 715 for the denition of technical term s.5CRÉDIT AGRICOLE S.A. - 2021 Universal registration document

CRÉDIT AGRICOLE

GROUP

Crédit Agricole Group includes

Crédit Agricole S.A., as well as all

of the Regional Banks and Local Banks and their subsidiaries. FLOAT 29.3%

INSTITUTIONAL INVESTORS

7.3%

INDIVIDUAL SHAREHOLDERS

5.1%

EMPLOYEE SHARE OWNERSHIP PLANS

(ESOPS) 2.8% (1)

TREASURY SHARES

REGIONAL

BANKS

11.2 million

MUTUAL SHAREHOLDERS

who hold mutual shares in 2,406

LOCAL BANKS

39

REGIONAL BANKS

jointly holding the majority of Crédit Agricole S.A."s share capital through

SAS Rue la Boétie

(2)

HOLDING

44.5%

HOLDING

55.5%

Political link

Fédération Nationale

du Crédit Agricole (FNCA)Sacam

Mutualisation

100%25%

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