CREDIT AGRICOLE SA : European Central Bank approva

This document is not an offer to purchase the securities described herein or any other securities. Any such offer, if made, will be made by means of an offer document or invitation to tender that will include the detailed terms of the offer, and that may contain restrictions on the ability of certain investors in certain jurisdictions to tender certain of their securities. The offer will not be made in any jurisdiction where it would be unlawful to do so, or where such offer would require registration with or approval by any governmental body or stock exchange.

Montrouge 28 April 2017

European Central Bank approval of the tender offers for perpetual notes announced on 17 March 2017

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Crédit Agricole S.A. announces that the European Central Bank has given its approval on 27 April 2017 for the intended tender offers described in the press release of 17 March 2017.

In that press release, Crédit Agricole S.A. announced its intention, subject to receipt of the required ECB approval, to launch tender offers targeting six series of outstanding perpetual notes (listed in Appendix 1).

Further information on the intended tender offers can be found in the 17 March 2017 press release.

Crédit Agricole S.A. intends to launch the intended tender offers before the end of June 2017, subject to market conditions.

Appendix 1 Additional Details on Notes subject to the contemplated Tender Offer

• NB: Possible regulatory capital and/or TLAC/MREL treatment after 2021 unclear on the basis of current and planned draft regulation (based on Crédit Agricole S.A.'s understanding and interpretation of relevant regulatory texts currently in force in the EU and in France).

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