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Crédit Agricole S.A.Update of the 2011 registration document - A03Outlook and uncertainties for the second half of 2012Against the continuing backdrop of a high level of market volatility, the Group will continue with its policy ofcautious management of its risk profile.Sensitive exposures based on the Financial Stability Board recommendationsFollowing recommendations of the Financial Stability Board, the particular risks of Credit Agricole S.A. Groupattributable to the financial crisis are presented in the statements below. These risks mainly arise fromcorporate and investment banking activities.Summary schedule of exposures at 30 June 2012in millions of eurosGrossexposureAssets under loans and receivablesDiscountCollectivereserveNetexposureAccountingcategoryGrossexposureAssets at fair valueDiscountNetexposureAccountingcategoryRMBS 480 -104 -60 316 226 -157 69(1)CMBS 175 -5 -35 135 11 -2 9Unhedged super seniorCDOs2,809 -1,246 -518 1,045 1,203 -1,178 25(3)Unhedged mezzanine CDOs (2)690 -690 0Unhedged CLOs 2,228 -41 -11 2,176 732 -30 702Protections purchased frommonolinesProtections purchased fromCDPC193 -133 60634 -78 556(1) Loans and receivables to credit institutions and to customers - securities not traded in an active market (see. note 5.3 to the consolidated financial statements).(2) Loans and receivables to customers - securities not traded in an active market (see note 5.3 to the consolidated financial statements).(3) Financial assets at fair value through profit or loss - bonds and other fixed-income securities and derivatives (see note 5.1 to the consolidated financial statements)(4) Financial assets at fair value through profit or loss - derivatives (see note 5.1 to the consolidated financial statements)(4)Page 114 sur 237