DEBT SECURITIES AND SUBORDINATED DEBT N/A FINANCIAL GUARANTEES GIVEN, AT RISK OF BEING CALLED, BY EXPECTED MATURITY N/A 3.5 HEDGE ACCOUNTING (See Note 3.3 “Market risk” and the “Risk Factors – Asset/Liability Management” section of the Crédit Agricole S.A. Registration Document) FAIR VALUE HEDGES A fair value hedge modifies the risk due to changes in the fair value of a fixed-rate financial instrument caused by changes in interest rates. Fair value hedges transform fixed-rate assets or liabilities into floating-rate assets or liabilities. Items hedged are principally fixed-rate loans, securities, deposits and subordinated debt. CASH FLOW HEDGES A cash flow hedge modifies the risk inherent in the variability in cash flow arising from floating-rate financial instruments. Items hedged are principally floating-rate loans and deposits. HEDGE OF A NET INVESTMENT IN FOREIGN CURRENCY A hedge of a net investment in foreign currency modifies the risk inherent in exchange rate fluctuations related to investments in foreign operations. HEDGING DERIVATIVE INSTRUMENTS 31/12/2023 31/12/2022 Market value Notional amount Market value Notional amount Positive Negative Positive Negative Fair value hedges 53,929 60,077 1,943,746 69,834 94,455 3,936,172 Cash flow hedges 2,412 20,718 2,967,144 2,312 21,817 1,246,537 Hedges of net investments in foreign operations Total Hedging instruments 56,341 80,795 4,910,890 72,146 116,272 5,182,709 In accordance with our Accounting Principles and Policies, the Group applies IAS 39 as adopted by the European Union (carve-out version) to fair value hedges of a portfolio of interest rate instruments, financial assets or financial liabilities. In particular, the provisions of the standard allow low- or non-interest-bearing sight deposits to be included in this hedging relationship, CFM Indosuez Wealth has not noted any significant de-qualification in the 2023 financial year as a result of this rising interest rate environment, CFM Indosuez Wealth Management 106
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