Crédit Agricole Assurances announces the success of its previously launched Tender Offers, their Final Acceptance Amount and the Final Results

Press release                                                                              Paris, 24 October 2023

This press release may not be distributed or published directly or indirectly in the United States, Canada, Australia or Japan

Crédit Agricole Assurances announces the success of its previously launched Tender Offers, their Final Acceptance Amount and the Final Results

Crédit Agricole Assurances announces today:

(i)   the success of its tender offers launched on 16 October 2023 (the "Tender Offers") relating to two series of undated subordinated notes issued in 2014 and 2015 (the "Notes"), and to which an aggregate principal amount of 803,300,000 euros for both series of Notes was tendered;

(ii)   that it has set the final acceptance amount of its Tender Offers at 500,000,000 euros, in accordance with the maximum amount announced on 17 October 2023 corresponding to the amount of newly- issued Tier 2 subordinated notes; and

(iii)   the Final Results for each of the series of Notes on the terms and conditions set out in the Tender Offer Memorandum dated 16 October 2023 (the "Tender Offer Memorandum").

This repurchase of 500,000,00 euros in nominal value of subordinated debt currently benefiting from a grandfathering clause, which follows the issue of 500,000,000 euros in Tier 2 debt maturing in 2033, enables Crédit Agricole Assurances to spread the maturity profile of its debt and is in line with its policy of active capital management.

On 16 October 2023, Crédit Agricole Assurances invited the holders of the Notes (the "Holders") to tender their Notes for purchase by Crédit Agricole Assurances in accordance with the terms and conditions set out in the Tender Offer Memorandum. The two series of Notes concerned by the Tender Offers are undated subordinated notes issued in 2014 and 2015 by Crédit Agricole Assurances, currently benefiting from a grandfathering clause, with an outstanding principal amount of 1 billion euros (ISIN FR0012444750) and 750 million euros (ISIN FR0012222297) respectively, bearing interest at fixed annual rates of 4.25% and 4.5% resettable respectively on 13 January and 14 October 2025.