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Crédit Agricole S.A.Update of the 2011 registration document - A03• Agreement to sell BNI Madagascar (IFRS 5)On 20 March 2012, Crédit Agricole S.A. signed a memorandum of understanding to sell its 51% stake in BNIMadagascar. The transaction is subject to authorisation by the relevant Madagascan authorities, and shouldbe completed in the second half of 2012.Under IFRS 5 "Non-current assets held for sale and discontinued operations" and given the signature of theagreement, the assets, liabilities and after-tax income of BNI Madagascar have been reclassified under heldfor-salenon-current assets (€386 million) and liabilities (€393 million) and income from discontinuedoperations (€4.6 million) in the Group financial statements for the first half of 2012.IV- OTHER SIGNIFICANT EVENTS DURING THE PERIOD• Permanent impairment of Intesa Sanpaolo S.p.A. sharesAn unrealised capital loss had been recognised on Intesa Sanpaolo S.p.A. for more than a year in theGroup's accounts. Given movements in the Intesa Sanpaolo S.p.A. share price in the first half of 2012, thesignificant loss criterion (loss of more than 50%) was met for 15 trading days. As a result, a permanentimpairment loss of €427 million was recorded under net banking income at 30 June 2012.• Permanent impairment of SACAM International shares held by the Regional BanksAt 30 June 2012, applying the first level of criteria used to recognise permanent impairment (loss of value ofat least 30% for 6 consecutive months), shares in SACAM International held by the Regional Banks andrepresenting their investment in the Group's international subsidiaries underwent permanent impairment.This had a €67 million negative impact on the contribution of equity-accounted Regional Banks.• Repurchase of subordinated debt issued by the GroupAs a result of regulatory changes applicable from 1 January 2013, including new Basel 3 rules, and in orderto improve the quality of its core capital, on 26 January 2012 Crédit Agricole S.A. initiated offers to buy backsubordinated bonds in issue.These offers led to the repurchase of:• USD610 million (par value) of perpetual deeply subordinated notes issued on 31 May 2007;• €1,633 million (par value) of notes denominated in euros, sterling and Canadian dollars in sevenseries (six series of perpetual deeply subordinated notes and one series of perpetual subordinatednotes).The impact on the consolidated financial statements was the recognition of a €864 million gain under netbanking income, resulting in net income of €552 million.Page 139 sur 237