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Crédit Agricole S.A.Update of the Registration document 2011 - A03CONTENTSI. Crédit Agricole GroupKey messagesActivityBusiness and resultsFinancial structureII. Crédit Agricole S.A.Key messages and overview of resultsUpdate on adjustment planResults by business lineFinancial structureIII. Liquidity and fundingAppendices29SECOND QUARTER AND FIRST HALF 2012 RESULTSLIQUIDITYChange in short-term debt and liquidity reserves• Reduction in net short-term market debt* betweenJune 2011 and June 2012: €60bn• Adjustment plan target: reduction of ST debt outstanding by€45bn between June 11 and Dec. 12• Resulting from:• Structural decline in the business lines' requirements(adjustment plan): €38bn• Substitution of short-term debt by MLT debt: €5bn at end-June2012• Use of liquidity reserves (repo'ing, access to Central Banks)• Available liquidity reserves at 30 June 2012:€151bn**, representing 137% of net short-term debt• Including €135bn in reserves eligible to Central banks• The available liquidity reserves do not include excess liquidity inthe form of overnight deposits with Central banks: €17bn atend-June 2012• New reserves are being constituted due to a broad base of veryhigh-quality assets available for securitisationChange in short-term debt and liquidityreserves** (€bn)185151701321271711015130 June 2011 30 June 2012Short term debt (net)Liquidity reserves**Central Banks depositsBreakdown of available liquidity reserves**(€bn)16 bn;11%67 bn; 44%60 bn; 40%8 bn; 5%Assets eligible to CentralBanksSecuritisation and selfsecuritisationtranchesLiquid market securitieseligible to Central Banks30* Outstanding debt within 370 days raised by the Group’s main treasury departments frommarket counterparties. Net of overnight deposits with Central banks.** Central banks available assets and assets that can be turned into cash in the market afterdiscount, excluding deposits with Central banksSECOND QUARTER AND FIRST HALF 2012 RESULTSLiquid market securitiesPage 42 sur 237