Crédit Agricole Assurances announces the launch of tender offers for two series of undated subordinated notes and its intention to issue Tier 2 subordinated notes

Crédit Agricole Assurances today announces the launch of tender offers for its two series of undated subordinated resettable notes issued in 2014 and 2015, and its intention to concurrently launch, subject to market conditions, a new issue of 10-year Tier 2 fixed rate euro subordinated notes (the "New Issue").

These transactions are part of Crédit Agricole Assurances' active management policy of its capital.

The invitation to holders (the "Holders") to tender their notes for purchase by Crédit Agricole Assurances in cash (the "Tender Offers") relates to the two tranches of undated subordinated notes issued in 2014 and 2015 by Crédit Agricole Assurances and currently benefiting from a grandfathering clause, with an outstanding principal amount of €1 billion (ISIN FR0012444750) and €750 million (ISIN FR0012222297) respectively, bearing interest at fixed annual rates of 4.25% and 4.5%, resettable respectively on 13 January and 14 October 2025 (the "Existing Notes").

The Tender Offers are subject to a maximum acceptance amount which may not exceed the principal amount of the New Issue. Crédit Agricole Assurances may increase or decrease the maximum acceptance amount. Crédit Agricole Assurances will announce the final acceptance amount of Existing Notes to be repurchased and the allocation between each series of Existing Notes at its sole discretion upon publication of the final results of the Tender Offers.

The Tender Offers start on 16 October 2023 and will expire on 23 October 2023. The terms and conditions of the Tender Offers are set out in the Tender Offer Memorandum dated 16 October 2023, which indicates, among other things, the restrictions on the Tender Offers. The final results of the Tender Offers will be announced on 24 October 2023 (subject to any extension, withdrawal, termination or change in the timeline of the Tender Offers).

Uptevia acts as Tender and Information Agent in connection with the Tender Offers. Holders eligible to participate in the Tender Offers may direct any questions regarding the procedures for tendering their Existing Notes to Uptevia and request from Uptevia to provide them with a copy of the Tender Offer Memorandum by telephone at +33 (1) 57 78 11 57 or by email at sylvie.benacom@uptevia.com or at CT-service-ost@uptevia.com.

The New Issue, the terms of which are expected to be determined prior to the expiry of the Tender Offers, subject to market conditions, would be structured for the newly issued notes (the “Notes”) to be eligible for Tier 2 capital under Solvency II. It is contemplated that the Notes will be rated by Standard & Poor's with an "expected" BBB rating and that an application will be made for the Notes to be admitted to trading on the regulated market of Euronext Paris, subject to the approval by the Autorité des marchés financiers of a prospectus providing for the terms and conditions of the New Issue.

THIS PRESS RELEASE MAY NOT BE DISTRIBUTED IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.

An investor conference is scheduled on Monday 16 October at 11:00 am (CET). To attend, please connect on the following link: https://www.netroadshow.com/events/login?show=17269b5e&confId=56704.

Crédit Agricole Assurances is rated A-/stable outlook by Standard & Poor's