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Crédit Agricole S.A.Update of the Registration document 2011 - A03Capital markets and investment banking(in millions of euros) Q2-12 Q2-12*ChangeQ2*/Q2*H1-12 H1-12*ChangeH1*/H1*Revenues 824 599 (16.9%) 1,724 1,498 (8.9%)Operating expenses (596) (596) (4.3%) (1,198) (1,238) (4.8%)Gross operating income 228 3 (97.0%) 526 260 (24.3%)Cost of risk (17) (17) +38.2% (21) (21) x 3.3Operating income 211 (14) nm 505 239 (29.0%)Equity affiliates - - nm - - nmNet income on other assets 11 11 nm 11 11 nmChange in value of goodwill - - nm - - nmIncome before tax 222 (3) nm 516 250 (26.4%)Tax (93) (12) (56.1%) (189) (93) (17.0%)Net income (after tax) from discontinuedactivities- - nm - - nmNet income 129 (15) nm 327 157 (31.0%)Minority interests 4 1 (63.1%) 10 6 (6.7%)Net income Group share 125 (16) nm 317 151 (31.7%)* Restated for revaluation of debt issues and before cost of adjustment planIn the second quarter, results were upheld in Capital markets and-investment banking this quarter but wereadversely affected by a downturn in capital market activities following a very strong first quarter. In the secondquarter, Crédit Agricole CIB won market share in the primary bond market, moving up to No. 4 for all euro issuescombined (source: Thomson Financial). Business in fixed-income derivatives was also solid in a weakened andfairly inactive market.In the Equity business, two major transactions were announced in July. The first one, on 20 July 2012, concernsCLSA with the announcement of the sale by Crédit Agricole CIB to CITICS International of 19.9% interests inCLSA, and the attribution of a put option to Crédit Agricole CIB for CITICS International to acquire the remaining80.1% interest in CLSA. The second, on 17 July 2012, concerns Cheuvreux, with the announcement of the entryinto exclusive negotiations with Kepler Capital Markets concerning the merger of Crédit Agricole Cheuvreux andKepler. These two transactions did not produce any financial impact on the accounts for the second quarter of2012.In Capital markets and investment banking, revenues in the second quarter include a high positive impact fromthe revaluation of debt issues (224 million euros). This impact, which was modest in the previous quarters (1million euros in the first quarter of 2012), reflects deterioration in Crédit Agricole S.A.’s refinancing conditionsduring the second quarter. Restated for this impact, revenues were 599 million euros, a limited decline of 16.9%by comparison with the second quarter of the previous year.Page 23 sur 237