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Crédit Agricole S.A.Update of the 2011 registration document - A03Note 2 Significant information relating to the first half of 2012The scope of consolidation at 30 June 2012 and changes in the scope of consolidation in the first half of2012 are presented in detail in note 10.2.1 Main external transactions and material events in the periodI- CRÉDIT AGRICOLE S.A. GROUP'S EXPOSURE TO THE ECONOMIC AND FINANCIAL SITUATION IN GREECE• Restructuring of Greek sovereign debtAfter the Eurogroup announced the second aid package for Greece on 21 February 2012, private-sectorcreditors found out the terms and scope of the voluntary exchange offer made by the Greek government on24 February 2012. The final offer covered financing granted to certain public-sector companies guaranteedby the Greek government, of which three (Hellenic Railways Organisation - OSE, Hellenic Defence SystemsEAS and Athens Urban Transport Organisation - OASA) are counterparties of Emporiki.Securities held by private-sector creditors and eligible for the exchange were exchanged on 12 March 2012in the case of Greek-law securities and 11 April 2012 in the case of international-law securities.This exchange, the terms of which are described in note 5.5, resulted in a charge of €398 million recordedunder cost of risk (net of the policyholders’ participation mechanism between insurer and policyholder) - seenote 3.8 "Cost of risk".• Business sector and country risk provisionAdverse economic developments in Greece prompted the Group to cut its internal rating on Greece. Thisresulted in a collective provision of €314 million being set aside at 30 June 2012.This provision reflects the impact of the Greek downgrade on the ratings of local counterparties, and factorsin Crédit Agricole S.A.'s estimate of particular risks relating to Greek state-owned companies and Cyprus.• Total writedown of Emporiki Bank's deferred tax assetsGiven the legal uncertainty relating to the implementation of the PSI (private sector involvement) plan - underthe Greek Bondholder Act of 23 February 2012 and the implementing decree of 24 February which includedthe debt of several state-owned companies in the PSI plan - Crédit Agricole S.A. decided to write off allremaining deferred tax assets, amounting to €128 million in the first half of 2012. An impairment loss of €148million had been recognised in 2011.• Crédit Agricole S.A.'s refinancing of its subsidiary Emporiki BankEmporiki is continuing the refinancing policy it has implemented since the start of 2011, under which it aimsto collect more own funding and reduce refinancing from Crédit Agricole S.A. The amount of refinancingprovided by Crédit Agricole S.A. at 30 June 2012 was €4.6 billion, down from €5.5 billion at 31 December2011 (see Note 9 "Events after 30 June 2012").In late 2011, Crédit Agricole S.A. increased its advance to its Greek subsidiary Emporiki Bank by €1.6 billionto €2 billion.To meet the solvency requirements of the Greek central bank and to strengthen Emporiki Bank's competitiveposition in its domestic market, this advance was converted into a capital increase on 24 January 2012. Afterthis capital increase, which was subscribed entirely by Crédit Agricole S.A., Crédit Agricole S.A.'s stake inEmporiki rose from 95% to 98.3% at 30 June 2012. This buyout of minority interests resulted in a €55 milliondecrease in Crédit Agricole S.A.'s shareholders' equity, Group share.Page 137 sur 237