CREDIT AGRICOLE SA

2020 SHARE CAPITAL INCREASE RESERVED FOR EMPLOYEES OF THE CRÉDIT AGRICOLE GROUP - Seite 4

Procedures for subscription:

Employees participating in the Offer implemented in France subscribe for Shares through a Fonds Commun de Placement d’Entreprise (employee shareholding investment vehicle, or “FCPE”) and Employees participating in the Offer implemented in other countries of the Scope of the Offer subscribe for Shares directly.

Subscription price:

The subscription price will be equal to 70% of the average of opening prices of the Crédit Agricole SA share over the 20 trading days prior to the decision by the Chief Executive Officer or the Deputy Chief Executive Officer of the Company, acting upon delegation of the Board of Directors, establishing the opening date of the subscription period. In accordance with the indicative time schedule, such decision would be taken on November 10, 2020.
The Subscription Price will be notified to Employees via Intranet of companies participating to the Offer and on the offering website.

Maximum subscription amount:

The total maximum subscription in the Offer is set at EUR 40,000. Furthermore, the total annual amount of the investment in savings plans is capped at 25% of the gross annual income. The minimum investment amount is set at EUR 15 for subscription made through the FCPE in France and to the subscription price of one Share for direct subscriptions in other countries.

Lock-up of the shares or the FCPE units subscribed in the context of the Offer:

The subscribers must hold the Shares or the FCPE units subscribed in the context of the Offer until May 31, 2025 (inclusive), unless occurrence of an early release event and subject to a longer holding period provided for in certain countries taking into account legal and tax provisions applicable locally.

Exercise of voting rights attached to shares:

When shares are subscribed through an FCPE, voting rights are exercised by the unitholders or by the FCPE Supervisory Board (conseil de surveillance), in accordance with the FCPE regulations. With regard to the Shares subscribed for directly, the voting rights will be exercised individually by the employees concerned.

7.                   PROCEDURE IN CASE OF OVER-SUBSCRIPTION

The amount of individual subscriptions may be reduced if the total of the subscription commitments received exceeds the maximum amount set for the capital increase as indicated in Paragraph 5 above. These subscription commitments will be reduced in accordance with the following rules: