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Crédit Agricole S.A.Update of the Registration document 2011 - A03TRENDS IN RISKMarket risk exposure• Crédit Agricole S.A.’s VaR (99% - 1 day) is computed by taking into account theimpacts of diversification between the Group’s various entities• Var (99% - 1 day) at 30 June 2012: €15m for Crédit Agricole S.A.Change in the risk exposure of Crédit Agricole S.A.’s capital market activities€mVAR (99% - 1 day)1 January to 30 June 2012Minimum Maximum Average 30 June 201231 Dec. 2011Fixed income 7 17 12 12 8Credit 4 16 7 6 13Foreign Exchange 1 7 3 5 4Equities 2 6 3 2 3Commodities 1 5 3 1 5Mutualist VaR forCrédit Agricole S.A.11 25 15 15 2059SECOND QUARTER AND FIRST HALF 2012 RESULTSTRENDS IN RISKUpdate of sovereign risk exposures in accordance with the previous EBAstress tests - Crédit Agricole Group• Exposure of the banking Group on a consolidated basis at 30 June 2012€mo/w Bankingbook**Net exposures*30/06/2012o/w TradingbookTotalo/w Bankingbook**Net exposures*31/12/2011o/w TradingbookGreece (1) 31 - 31 114 1 115Ireland 154 - 154 160 - 160Portugal (2) 150 4 154 620 8 628Italy (3) 4,048 339 4,387 3,824 128 3,952Spain (4) 134 107 241 147 - 147Total 4,517 450 4,967 4,865 137 5,002Total* Net exposure is equal to value on the balance sheet** Excluding market risk hedges(1) Exposure at 30/06/2012 does not include securities issued by the EFFS (European Fund for Financial Stability) received in exchange for Greek bonds in Q1-12(2) The change in exposures between31/12/2011 and 30/06/12 results mainly from maturing exposures(3) The change in exposures between31/12/2011 and 30/06/12 results mainly from the change in fair value(4) The exposure at 31/12/2011 has been restated for an inaccurately disclosedexposure to Spanish local authorities for €134m and to Italy for €10m60SECOND QUARTER AND FIRST HALF 2012 RESULTSPage 57 sur 237