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Crédit Agricole S.A.Update of the 2011 registration document - A03Dilution of Crédit Agricole S.A.'s stake in BankinterOn 10 August 2012, Bankinter issued 27,270,552 new shares after the conversion of its"Participaciones Preferentes" securities, which are similar to perpetual subordinated bonds and towhich Crédit Agricole S.A. had not subscribed. This capital increase caused Crédit Agricole S.A.'sstake in Bankinter to fall from 20.4% to 19.4%.This dilution will prompt the Group, in its accounts-closing procedure for the third quarter of 2012, tore-examine whether it has significant influence over Bankinter according to criteria set out by IAS 28,particularly taking into account: the fall in its stake below 20% (the threshold that currently carries a presumption of significantinfluence according to IAS 28); the ownership of convertible bonds and their possible exercise; the Group's management intentions.Bankinter's value on the Group's balance sheet was €507 million at 30 June 2012. The market valueof these shares, on the date of the transaction that diluted Crédit Agricole S.A.'s stake, was €342million.Page 190 sur 237