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Crédit Agricole S.A.Update of the 2011 registration document - A033.4 Net gains (losses) on available-for-sale financial assets(in millions of euros) 30/06/2012 31/12/2011 30/06/2011Dividends received 471 886 555Realised gains or losses on available-for-sale financial(220) 815 703assets (1)Permanent impairment losses on equity investments (2) (704) (5,057) (638)Gains or losses on disposal of held-to-maturity investments(113) (214) 11and on loans and receivablesNET GAINS (LOSSES) ON AVAILABLE-FOR-SALEFINANCIAL ASSETS (3) (566) (3,570) 631(1) Excluding realised gains or losses on permanently impaired fixed-income securities recognised as available-for-sale financial assetsmentioned in Note 3.8.(2) The amount at 30 June 2012 includes the permanent impairment relating to Intesa Sanpaolo S.p.A. (ISP) shares for -€427 million.(3) The reduction in net gains and losses on available-for-sale assets amounted to -€1,197 million relative to 30 June 2011, including -€608million relating to insurance activities, which accounted for -€138 million of the total net gains and losses on available-for-sale assets at 30June 2012 (-€3,545 million at 31 December 2011 versus +€470 million at 30 June 2011). After applying the policyholders’ participationmechanism between insurer and policyholder specific to the insurance business (recognised in "Net income (expenses) on other activities"),Crédit Agricole S.A. Group’s insurance companies retained a residual cost of risk on impairment of Greek securities of -€1,081 million at 31December 2011 and -€53 million at 30 June 2012.3.5 Net income (expenses) on other activities(in millions of euros) 30/06/2012 31/12/2011 30/06/2011Gains or losses on fixed assets not used in operations 25 61 25Policyholder profit sharing (1) - - -Other net income from insurance activities (1) (2) 249 3,999 4,301Change in insurance technical reserves (1) (3) (2,744) 162 (5,595)Net income from investment properties 72 136 85Other net income (expense) 267 206 165INCOME (EXPENSE) RELATED TO OTHER ACTIVITIES (2,131) 4,564 (1,019)(1) Policyholder profit sharing is now directly included in “Other net income from insurance activities” for the portion paid with the benefitsand in “Change in insurance technical reserves” for the portion included in liabilities. Expenses at 30 June 2012 totalled €2,363 millionversus €4,857 million at 31 December 2011 and €2,670 million at 30 June 2011.(2) The change excluding policyholders’ participation relates mainly to the fall in life insurance premium income (€2,789 million) and theincrease in loss compensation (€3,853 million) - see note 4.2 "Insurance activities".(3) The €2,841 million change in income and expenses on technical reserves reflects the change in net inflows (a €3,880 million decrease inmathematical provision charges) and the upward revaluation of unit-linked contracts (€1,259 million increase in mathematical provisioncharges).Page 147 sur 237