FINAL TERMS WARNING POTENTIAL PURCHASERS OF THESE NOTES SHOULD UNDERSTAND THAT THE REPAYMENT OF PRINCIPAL ON THE NOTES IS NOT PROTECTED AND THAT AMOUNTS DUE IN RESPECT OF PRINCIPAL WILL BE DEPENDENT UPON THE PERFORMANCE OF THE INDEX (AS DEFINED HEREIN), AS MORE FULLY SET OUT HEREIN. 11 March 2011 Issue of SEK 21,110,000 Index Linked Redemption Notes due 30 May 2016 under the 50,000,000,000 Structured Euro Medium Term Note Programme Credit Agricole CIB Financial Products (Guernsey) Limited Guaranteed by Crédit Agricole Corporate and Investment Bank The Base Prospectus referred to below (as completed by these Final Terms) has been prepared on the basis that, except as provided in sub-paragraph (ii) below, any offer of Notes in any Member State of the European Economic Area which has implemented the Prospectus Directive (2003/71/EC) (each, a Relevant Member State) will be made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of the Notes. Accordingly any person making or intending to make an offer of the Notes may only do so: (i) in circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer; or (ii) in those Public Offer Jurisdictions mentioned in Paragraph 46 of Part A below, provided such person is one of the persons mentioned in Paragraph 46 of Part A below and that such offer is made during the Offer Period specified for such purpose therein. Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances. PART A CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth under the sections entitled Terms and Conditions of the Notes and Annex 3 Additional Terms and Conditions for Index Linked Notes in the Base Prospectus dated 27 July 2010 and any Supplements thereto which together constitute a base prospectus for the purposes of Directive 2003/71/EC (the Prospectus Directive ). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus as so supplemented. Full information on the Issuer, the Guarantor and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus and the Final Terms will be available for viewing on the Luxembourg Stock Exchange website (www.bourse.lu) and during normal business hours at the registered office of Crédit Agricole Corporate and Investment Bank and the specified office of the Principal Paying Agent. The Final Terms of the Notes are available for viewing on the OAK Capital Group AB website (www.oakcapital.se).
1 (a) Issuer: (b) Guarantor: Crédit Agricole CIB Financial Products (Guernsey) Limited Crédit Agricole Corporate and Investment Bank 2 (i) Series Number: 10 062 (ii) Tranche Number: 1 3 Status of the Notes: Unsubordinated 4 Specified Currency or Currencies: Swedish Krona ("SEK") 5 Aggregate Nominal Amount: - Series: SEK 21,110,000 - Tranche: SEK 21,110,000 6 Issue Price: 100 per cent. of the Specified Denominations 7 (a) Specified Denominations: (b) Calculation Amount: 8 (a) Issue Date: (b) Interest Commencement Date: SEK 10,000 SEK 10,000 15 March 2011 9 Maturity Date: 30 May 2016 10 Interest Basis: 11 Redemption/Payment Basis: Index Linked Redemption (further particulars specified below) 12 Change of Interest Basis or Redemption/ Payment Basis: 13 Put/Call Options: 14 Date of approval for issuance of Notes obtained: 15 Method of distribution: Non-syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE AND/OR REDEMPTION 16 Fixed Rate Note Provisions 17 Floating Rate Note Provisions 18 Zero Coupon Note Provisions 19 Dual Currency Note Provisions 20 Credit Linked Note Provisions: 21 Commodity Linked Note Provisions: 22 Equity Linked Note Provisions: 23 Index Linked Note Provisions Applicable to redemption only See Appendix 1 2
(a) Provisions applicable to interest: (b) Provisions applicable to redemption: Applicable (i) (ii) (iii) Index(ices) and/or formula(s) to be used to determine the principal due: Index Linked Redemption Date: Provisions for determining the Final Redemption Amount where calculation by reference to Index(ices) and/or formula is impossible or impracticable (if different from the provisions specified in Condition 5(c) and in Annex 3 Index Linked Notes): The OMX Stockholm 30 Index, as calculated and disseminated by the Index Sponsor (Bloomberg Ticker: OMX < Index>, ISIN Code SE0000337842) Formula: See Appendix 1 The Maturity Date See Annex 3 Additional Terms and Conditions for Index Linked Notes (iv) Averaging: Averaging does not apply to the Notes (v) Name(s) of Sponsor(s): Nasdaq OMX Global Financial Products or any successor to such index sponsor which is acceptable in the opinion of the Calculation Agent (vi) Stock Exchange(s)/Related Exchange(s): Stock Exchange: the Stockholm Stock Exchange, (Stockholmsbörsen) or any successor exchange or quotation system to such exchange. Related Exchanges: EDX London or NASDAQ OMX Stockholm AB, or any successor exchange or quotation system on which options or futures contracts relating to the Index are traded. (vii) Observation Date(s): (viii) Observation Period: (ix) Exchange Business Day: (x) Scheduled Trading Day: All Index Basis All Index Basis (xi) Weighting: (xii) Valuation Time: Scheduled Closing Time 3
(xiii) Valuation Date(s): Valuation Date Initial : 15 March 2011 Valuation Date Final : 14 March 2016 (xiv) Valuation Period: or if any such date is not an Index Business Day (as defined in the Appendix 1), the following day which is an Index Business Day. (xv) Method of calculating Early Redemption Amount (if different from the method specified in Condition 7(g)): See Base Prospectus (xvi) Knock-in Event: (xvii) Knock-out Event: (xviii) Automatic Early Redemption Event: (xix) Details of any other See Appendix 1 additional or other terms or provisions as may be required 24 Fund Linked Note Provisions 25 GDR/ADR Linked Note Provisions GENERAL PROVISIONS RELATING TO REDEMPTION 26 Issuer Call: 27 Investor Put: 28 Final Redemption Amount: See Appendix 1 29 Early Redemption Amount(s) payable on redemption for taxation reasons, if applicable, or on Event of Default or on termination due to Illegality or Force Majeure (if applicable) and/or the method of calculating the same (if required or if different from that set out in Condition 7.7): See Base Prospectus GENERAL PROVISIONS APPLICABLE TO THE NOTES 30 (a) Form: The Notes are Swedish Notes (b) New Global Note : 4
31 "Payment Business Day" election in accordance with Condition 6.6 or other special provisions relating to Payment Business Days: 32 Additional Financial Centre(s) or other special provisions relating to Payment Days: 33 Talons for future Coupons or Receipts to be attached to Definitive Bearer Notes (and dates on which such Talons mature): 34 Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment: 35 Details relating to Instalment Notes: (i) Instalment Amount(s): (ii) Instalment Date(s): Following Payment Business Day Stockholm and Target No 36 Redenomination applicable: Redenomination not applicable 37 Condition 11(b) (Gross-up): 38 Illegality and Force Majeure (Condition 22): Applicable 39 Calculation Agent: Crédit Agricole Corporate and Investment Bank 40 Delivery Agent (Equity Linked Notes/Credit Linked Notes): 41 Other terms or special conditions: DISTRIBUTION 42 (a) If syndicated, names and addresses of Managers and underwriting commitments: (b) Date of Agreement: (c) Stabilising Manager (if any): 5
43 If non-syndicated, name and address of relevant Dealer: Crédit Agricole Corporate and Investment Bank 9 quai du Président Paul Doumer 92920 Paris la Défense Cedex France 44 Total commission and concession: 45 U.S. Selling Restrictions: The Notes may not be legally or beneficially owned at any time by any U.S. Person (as defined in Regulation S) and accordingly are being offered and sold outside the United States to persons that are not U.S. Persons in reliance on Regulation S. 46 Non exempt Offer: An offer of the Notes may be made in Sweden only (Public Offer Jurisdiction) during the period from, and including, 17 January 2011 until, and including, 18 February 2011 (Offer Period). 47 Additional selling restrictions: Offers of Notes to the public are permitted in Sweden only. See the Base Prospectus for selling restrictions applicable to certain other jurisdictions. 48 Conditions of Offer: Applicable. See "Part B" below OPERATIONAL INFORMATION 49 Branch of Account for the purposes of Condition 6.5: PURPOSE OF FINAL TERMS These Final Terms comprise the final terms required for issue and admission to trading on the Nordic Derivatives Exchange, NDX, a part of the regulated market Nordic Growth Market NGM AB, of the Notes described herein pursuant to the Issuer's 50,000,000,000 Structured Euro Medium Term Note Programme. 6
1 LISTING AND ADMISSION TO TRADING 2 RATINGS PART B - OTHER INFORMATION Application has been or will be made by the Issuer (or on its behalf) for the Notes to be listed and admitted to trading on the Nordic Derivatives Exchange, NDX, a part of the regulated market Nordic Growth Market NGM AB, with effect from the Issue Date. Ratings: The Notes to be issued have not been rated. 3 INTEREST OF NATURAL AND LEGAL PERSIONS INVOLVED IN THE ISSUE Save for any fees payable to the Dealer, so far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer. 4 REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES (i) Reasons for the offer: For general funding purposes. (ii) Estimated net proceeds: 100% of the Aggregate Nominal Amount (iii) Estimated total expenses: SEK 26625 5 YIELD Indication of yield: 6 HISTORIC INTEREST RATES 7 PERFORMANCE OF UNDERLYING, EXPLANATION OF EFFECT ON VALUE OF INVESTMENT AND ASSOCIATED RISKS AND OTHER INFORMATION CONCERNING THE UNDERLYING See Appendix 1 Post-issuance information The Issuer does not intend to publish post-issuance information in relation to any underlying element to which the Notes are linked. 8 PERFORMANCE OF RATES OF EXCHANGE AND EXPLANATION OF EFFECT ON VALUE OF INVESTMENT 9 OPERATIONAL INFORMATION (i) ISIN Code: SE0003723816 (ii) Common Code: 057611391 (iii) Any clearing system(s) other than Euroclear Bank S.A./N.V. and Clearstream Banking, societe anonyme and the relevant identification number(s): Swedish CSD: Euroclear Sweden AB, Regeringsgatan 65, Box 7822, 103 98 Stockholm, Sweden 8
(iv) Delivery: (v) Names and addresses of additional Paying Agent(s) (if any): (vi) Intended to be held in a manner which would allow Eurosystem eligibility: Delivery free of payment Swedish Issuing Agent: SEB Merchant Banking Securities Services, RA5 Rissneleden 110, 106 40 Stockholm, Sweden No 10 TERMS AND CONDITIONS OF THE OFFER Offer Price: Conditions to which the offer is subject: Description of the application process: Details of the minimum and/or maximum amount of application: Details of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants: Details of the method and time limits for paying up and delivering the Notes: Manner in and date on which results of the offer are to be made public: Procedure for exercise of any right of preemption, negotiability of subscription rights and treatment of unexercised subscription rights: 103% of the Issue Price The Issuer reserves the right to withdraw the offer of the Notes at any time on or prior to the Offer End Date (as defined below). For the avoidance of doubt, if any application has been made by a potential investor and the Issuer exercises such a right, each such potential investor shall not be entitled to subscribe or otherwise acquire the Notes and any applications will be automatically cancelled and any purchase monies will be refunded to the applicant. The offer period shall begin and include 17 January 2011 and shall end at 17.00 hours (Stockholm time) on 18 February 2011 (the "Offer End Date"). The Issuer reserves the right to end the offer period of the Notes at any time prior to the Offer End Date. Applications for subscription will be processed by OAK Capital Group AB. There is no maximum subscription application amount. Minimum subscription application amounts must equal at least SEK 10,000 and be in multiples of SEK 10,000 thereafter. Subscription application orders may be reduced in the case of oversubscriptions, with any excess amount of funds paid being refunded without delay with no entitlement for compensation. Notes will be delivered to custody accounts with Euroclear Sweden AB on the Issue Date. Publication on the website of the Luxembourg Stock Exchange (www.bourse.lu) 9
Categories of potential investors to which the Notes are offered and whether tranche(s) have been reserved for certain countries: Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made: Amount of any expenses and taxes specifically charged to subscriber/purchaser: Name(s) and address(es), to the extent known to the Issuer, of the placers in the various countries where the offer takes place: Retail, private and institutional investors In the case of oversubscription, allotted amounts will be notified to applicants by way of ordinary mail. In all other cases, allotted amounts will be equal to the amount of the application, and no further notification shall be made. No dealing in the Notes may begin before the earlier of (i) the date any such notification is made and (ii) the Issue Date. OAK Capital Group AB Box 3526 10369 Stockholm Sweden 10
APPENDIX 1 (This Appendix forms part of the Final Terms to which it is attached) 1/ FINAL REDEMPTION AMOUNT Unless previously redeemed or purchased and cancelled as specified below and in the Terms and Conditions of the Base Prospectus, the Final Redemption Amount payable by the Issuer on the Maturity Date upon redemption of each Note will be an amount in SEK calculated by the Calculation Agent in accordance with the following provisions (and rounded to the nearest second decimal, with 0.005 and above being rounded upwards): Specified Denomination x (100% + Performance) Where, unless the context otherwise requires, the following defined terms beginning by a capital letter shall have the meanings set forth below: Barrier means 60% of Index Initial. Determination Period means the period which begins on (and includes) Valuation Date Initial and which ends on (and includes) Valuation Date Final. Index average means the arithmetic mean of the Index Levels determined by the Calculation Agent as of the Valuation Time on the Observation Dates. Index final means the Index Level on Valuation Date Final. Index initial means the Index Level on Valuation Date Initial. Index Business Day means any day on which (i) the Index is published by its Sponsor and (ii) the Related Exchanges are open for trading. Index Level means the level of the Index determined by the Calculation Agent as of the Valuation Time. Observation Date means the following seven (7) Valuation Dates: 15 September 2014, 15 December 2014, 16 March 2015, 15 June 2015, 14 September 2015, 15 December 2015 and Valuation Date Final, each an Averaging Date. Participation means 165%. Performance means a percentage determined by the Calculation Agent according to the following formula: 1. in the case where the Calculation Agent determines that the lowest intraday level of the Index has always been equal to or greater than the Barrier with respect to all Exchange Business Days comprised in the Determination Period, then the Performance will be determined in accordance with the following formula: Indexaverage Performance Participation Max 1; 0% Indexinitial 2. in the case where the Calculation Agent determines that the lowest intraday level of the Index has been once lower than the Barrier with respect to all Exchange Business Days comprised in the 11
Determination Period, then the Performance will be determined in accordance with the following formula: Indexaverage Index final Performance Participation Max 1; 0% 100.00% Max 1 ; 0% Indexinitial Indexinitial 2/ CALCULATION BINDING The calculations and determinations of the Calculation Agent shall (save in the case of manifest error) be final and binding upon all parties. The Calculation Agent shall have no responsibility for good faith errors or omissions in the calculations and determinations of the Final Redemption Amount or, as the case may be, the Early Redemption Amount of any Note as provided herein. 3/ DISCLAIMER RELATIVE TO THE INDEX The Notes are not sponsored, endorsed, sold or promoted by the NASDAQ OMX Group, Inc. or its affiliates (NASDAQ OMX, with its affiliates, are referred to as the Corporations ). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Notes. The Corporations make no representation or warranty, express or implied to the owners of the Notes or any member of the public regarding the advisability of investing in securities generally or in the Notes particularly, or the ability of the OMXS30 Index to track general stock market performance. The Corporations' only relationship to Crédit Agricole Corporate and Investment Bank ( Licensee ) is in the licensing of the NASDAQ, OMX, NASDAQ OMX, OMXS30TM, and OMX Stockholm 30 IndexTM registered trademarks, and certain trade names of the Corporations and the use of the OMXS30 Index which is determined, composed and calculated by NASDAQ OMX without regard to Licensee or the Notes. NASDAQ OMX has no obligation to take the needs of the Licensee or the owners of the Notes into consideration in determining, composing or calculating the OMXS30 Index. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Notes to be issued or in the determination or calculation of the equation by which the Notes are to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Notes. THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE OMXS30 INDEX OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE NOTES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE OMXS30 INDEX OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE OMXS30 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. 12
APPENDIX 2 In Swedish for ease of understanding PLACERING Placeringen erbjuder ett visst prisfallsskydd på det nominella beloppet förutsatt att underliggande tillgång aldrig går ner med mer än indikativt 40 procent under mättiden räknat från startkurs. 2 Placeringen har dessutom en indikativ deltagandegrad om 165 procent 1, vilket skapar goda förutsättningar för både möjlighet och trygghet i samma placering. Underliggande tillgång är ett brett diversifierat aktieindex, vars exponering består av de 30 företag som har de mest omsatta aktierna på Stockholmsbörsen. DETALJERAD BESKRIVNING Avkastningen baseras på värdeökningen i ett svenskt aktieindex, vars underliggande är 30 storföretag noterade på Stockholmsbörsen. OMXS30 Index är ett kapitalviktat index som mäter kursutvecklingen, det vill säga de ingående aktiernas andel av indexet bestäms av aktuellt börsvärde för respektive bolag. Indexet är sammansatt av de 30 mest omsatta aktierna på Stockholmsbörsen. Sammansättningen revideras två gånger per år på de första handelsdagarna i januari och juli. Beslut om vilka aktier som ska ingå baseras på omsättningen. Indexet startade den 30 september 1986 med ett basvärde på 125. återbetalningsdagen, förutsatt att OMXS30 Index aldrig går ner med mer än indikativt 40 procent under mättiden. 2 Skulle index mot förmodan gå ner med mer är 40 procent upphävs prisfallsskyddet och investeringen likställs på nedsidan med en direktinvestering i OMXS30 Index. Denna typ av riskhantering kan bidra till att skydda investerarens kapital även om underliggande tillgång skulle ha en ogynnsam utveckling. AVKASTNING Avkastning på återbetalningsdagen beräknas utifrån slutgiltig deltagandegrad samt utvecklingen i underliggande index. 4 Startkurser sätts den 8 februari 2011 och slutkurser beräknas som genomsnittet av stängningskurserna på totalt 7 kvartalsvisa observationsdagar under mättidens sista 18 månader. 13
KREDITRISK Avkastningsmöjligheten i certifikaten är beroende av emittentens finansiella förmåga att fullgöra sina förpliktelser på återbetalningsdagen. Om emittenten skulle hamna på obestånd riskerar investeraren att förlora hela sin investering, oavsett hur den underliggande exponeringen har utvecklats. Emittentens kreditvärdighet kan förändras i såväl positiv som negativ riktning. FÖRTIDA AVVECKLING Emittenten kan i vissa begränsade situationer lösa in certifikaten i förtid och det förtida inlösenbeloppet kan då vara såväl högre som lägre än det ursprungligen investerade beloppet. Om certifikaten säljs av innehavaren före återbetalningsdagen, sker det till vid var tidpunkt gällande marknadsvärde, som påverkas av en mängd faktorer, såsom kvarvarande mättid, volatilitet i underliggande tillgång och räntenivåer. Marknadsvärdet kan under mättiden vara såväl högre som lägre än det ursprungligen investerade beloppet. FOTNOTER 1 Den slutgiltiga deltagandegraden fastställs på mättidens första dag och är beroende av då rådande marknadsförutsättningar, särskilt räntenivå och volatilitet i underliggande tillgångar. Den slutgiltiga deltagandegraden kan bli såväl högre som lägre än den indikativa deltagandegraden. Anmälan om teckning är bindande ominte deltagandegraden understiger 145 procent. 2 Det slutgiltiga prisfallsskyddet fastställs påmättidens första dag och är beroende av då rådande marknadsförutsättningar, särskilt räntenivå och volatilitet i underliggande tillgångar. Det slutgiltiga prisfallsskyddet kan bli såväl högre som lägre än det indikativa prisfallsskyddet. Anmälan omteckning är bindande om inte prisfallsskyddet understiger 30 procent. 3 Exklusive courtage. Räkneexemplet visar hur avkastning på återbetalningsdagen beräknas baserat på hypotetiska avkastningsnivåer. Dessa beräkningar ska inte ses som garanti för eller indikation om framtida utveckling eller avkastning. 4 Genomsnittsberäkning kan påverka avkastningen positivt eller negativt. 5 Årlig effektiv avkastning inkluderande courtage om 3 procent och exakt löptid på 5,21 år, vilket motsvarar tiden från startdag till återbetalningsdag för certifikatet. 14