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Crédit Agricole S.A.Update of the 2011 registration document - A03• Crédit Agricole CIB Group’s adjustment planIn accordance with the objectives announced on 14 December 2011 by Crédit Agricole Group, CréditAgricole CIB is actively pursuing its adjustment plan.In addition to the elements reported in 2011, the plan had a €399 million negative impact on net incomeGroup share in the first half of 2012.Indeed, the sale of the discontinuing operations portfolio that began in the fourth quarter of 2011 acceleratedin 2012: almost all of US residential CDOs and US RMBSs were sold for a nominal amount of €5.9 billion(€1.1 billion in 2011).These sales had a negative impact of €402 million on pre-tax income (-€251 million in terms of net incomeGroup share).Disposals of loans in the financing book continued in the first half of 2012, amounting to €2.6 million andmaking a total of €9 billion. The pace of disposals slowed, but disposal terms remained satisfactory, with anegative impact of €70 million on net banking income in the first half of 2012.On 29 March 2012, Crédit Agricole CIB and CITICS announced a change in the scope of the transaction andnew talks regarding CLSA, resulting in the immediate release of the CA Cheuvreux restructuring provision inan amount of €40 million.• Correlation bookThe transfer of the correlation book’ market risk exposure to Blue Mountain in February did not have amaterial impact on the first-half 2012 financial statements.• Cheque Image Exchange litigationOn 20 September 2010, the French competition authority found 11 French banks including Crédit AgricoleS.A. group guilty of unlawful collusion on cheque processing.On 23 February 2012, the Paris Appeal Court overturned the French competition authority's decision of 20September 2010. As a result of this Paris Appeal Court decision, fines paid by LCL, Crédit Agricole S.A. andthe Regional Banks have been reimbursed.On 23 March 2012, the French competition authority appealed to the Cour de Cassation against this decisionby the Paris Appeal Court. However, the Group has decided not to set aside provisions to cover this risk,given its assessment of the legal risk and decisions taken by other banks involved in the proceedings.• Analysis of the effective tax rateThe effective tax rate in the first half of 2012, based on pre-tax income adjusted for the proportion of netincome from equity-accounted entities and changes in the value of goodwill, was 125.7% as a result ofseveral factors, the most significant being as follows:• the write-down of all remaining deferred tax assets of Emporiki Bank, amounting to €128 million (seenote 2.1. "Crédit Agricole S.A. group's exposure to the economic and financial situation in Greece");• the non-activation of deferred tax assets on losses generated by Emporiki Bank in the first half of2012 (€1,188 million);• the non-deductible nature of certain write-downs, including the €427 million permanent impairmentcharge relating to Intesa Sanpaolo S.p.A.;• the application of the Italian "affrancamento" system, involving tax deductions relating to transfers ofassets and equity securities. This resulted in tax income of €51 million relating to the 2011 branchtransfers from Intesa Sanpaolo S.p.A. to Cariparma and FriulAdria.Page 140 sur 237