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Crédit Agricole S.A.Update of the 2011 registration document - A03Note 9 Events after the reporting periodFrance's 2012 revised finance lawFrance's Assemblée Nationale passed the second revised law finance for 2012 on 31 July 2012.The main measures in this revised law-finance are as follows: the introduction of an additional income-tax contribution based on dividend payments; the introduction of an exceptional contribution by banks (doubling in systemic tax); a doubling in the tax on financial transactions; the removal of the employer tax exemption on overtime; an increase in the employer tax on incentive and profit-sharing payments.As regards the systemic tax, the text includes the creation of an additional tax on top of the systemictax (article 235 ter ZE of the General Tax Code) due with respect to 2012. As a result, the impact ofthe exceptional systemic tax contribution in 2012 on Crédit Agricole S.A.'s consolidated financialstatements will be €76 million. The impact of the increase in the employer tax on incentive and profitsharingpayments should be around €50 million for the Crédit Agricole S.A. group in 2012.Signature of an agreement between CITICS and Crédit Agricole CIB for the sale of CLSAAn agreement to sell a 19.9% stake in CLSA for $310 million, and to give Crédit Agricole CIB a putoption enabling CITICS International to acquire the remaining 80.1% of CLSA for $942 million, wassigned by CITICS and Crédit Agricole CIB on 20 July 2012.The completion of the disposal and CITICS' purchase of the remaining 80.1% will be subject toapproval by the supervisory authorities, the approval of shareholders in accordance with CITICS'articles of association, and any other usual condition stipulated in the transaction documents. The twoparties have set a deadline of 30 June 2013 for the sale of the remaining 80.1%.No financial impact was recorded in the consolidated financial statements of Crédit Agricole S.A. at 30June 2012.Signature of a partnership agreement between Kepler Capital Markets and Crédit Agricole CIBOn 17 July 2012, the two companies announced that they had entered into exclusive negotiationsregarding the combination of Crédit Agricole Cheuvreux (CA Cheuvreux) with Kepler to create KeplerCheuvreux, the leading independent equity brokerage firm in continental Europe.No financial impact was recorded in the consolidated financial statements of Crédit Agricole S.A. at 30June 2012.Recapitalisation and plan to sell Emporiki BankTo increase Emporiki's solvency, a €2.3 billion capital increase took place in July 2012 to cover thecapital requirement estimated in March as part of the plan to stabilise the Greek financial system.Factoring in this capital increase, the Group's exposure to its Greek subsidiary at 30 June 2012 brokedown into a capital exposure of €2.7 billion and a net refinancing exposure of €2.3 billion.In the context of its search for the best solution regarding Emporiki, Crédit Agricole S.A. has receivedbinding offers from several Greek banks interested in acquiring the entire capital of Emporiki Bank.Crédit Agricole S.A. is currently assessing these offers, and no strategic decision has yet been taken.These offers are also subject to the usual regulatory approvals, the FHSF’s approval and theEuropean Commission’s review of compliance with State aid rules.Page 189 sur 237