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Crédit Agricole S.A.Update of the Registration document 2011 - A03Asset management: CAAM* until Q4-09 then Amundi*€m Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12Revenues 369 381 283 337 248 272 297 312 384 391 385 356 377 377 301 337 420 330Operating expenses (180) (169) (148) (159) (143) (145) (150) (166) (224) (249) (224) (209) (202) (211) (182) (183) (187) (195)Gross operating income 189 212 135 178 105 127 147 146 160 142 161 147 175 166 119 154 233 135Cost of risk (11) 5 (49) (44) 2 (1) (9) 9 (2) 14 6 (5) (8) 0 1Equity affiliates 1 0 1 0 2 3 2 3 3 2 3Net income on other assets (1) (2) (3) (1)Change in value of goodwill 4Pre-tax income 178 217 85 133 107 127 146 146 157 137 170 147 192 174 117 149 235 139Tax (60) (88) (21) (30) (38) (41) (45) (61) (51) (47) (57) (50) (63) (58) (38) (60) (77) (44)Net gain/(loss) on discontinued operationsNet income 118 129 64 103 69 86 101 85 106 90 113 97 129 116 79 89 158 95Minority interests 3 2 (2) 1 2 2 5 28 24 30 24 34 31 22 24 42 25Net income Group share 115 127 64 105 68 84 99 80 78 66 83 73 95 85 57 65 116 70* including asset management activities of BFTAsset servicing€m Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12Revenues 95 97 96 93 95 89 186 201 197 212 204 198 203 206 204 212 215 220Operating expenses (69) (69) (71) (72) (67) (62) (135) (151) (145) (144) (140) (147) (144) (143) (143) (141) (141) (149)Gross operating income 26 28 25 21 28 27 51 50 52 68 64 51 59 63 61 71 74 71Cost of risk (1) (1) 0 (1) (2) (2) (1) 1 (1)Equity affiliatesNet income on other assetsChange in value of goodwillPre-tax income 26 28 24 21 27 27 50 50 50 66 64 50 60 63 61 70 74 71Tax (8) (8) (7) (8) (8) (13) (15) (20) (16) (21) (20) (28) (22) (25) (21) (22) (25) (26)Net gain/(loss) on discontinued operationsNet income 18 20 17 13 19 14 35 30 34 45 44 22 38 38 40 48 49 45Minority interests 0 0 6 4 6 8 8 4 6 6 7 7 7 7Net income Group share 18 20 17 13 19 14 29 26 28 37 36 18 32 32 33 41 42 38Crédit Agricole Private Banking*€m Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12Revenues 164 162 142 151 137 151 144 145 151 172 163 158 175 174 170 158 176 170Operating expenses (115) (117) (114) (121) (110) (109) (110) (114) (113) (122) (123) (116) (127) (131) (131) (131) (132) (133)Gross operating income 49 45 28 30 27 42 34 31 38 50 40 42 48 43 39 27 44 37Cost of risk 6 3 3 (27) (5) (4) (4) (9) (1) (1) (2) 1 (5)Equity affiliates 1 (1) 1Net income on other assets (7)Change in value of goodwillPre-tax income 55 49 30 4 27 37 34 31 38 46 36 26 47 43 38 25 45 32Tax (16) (13) (9) (1) (6) (6) (6) (6) (7) (9) (7) (6) (9) (9) (7) (4) (8) (6)Net gain/(loss) on discontinued operationsNet income 39 36 21 3 21 31 28 25 31 37 29 20 38 34 31 21 37 26Minority interests 3 2 2 2 2 2 3 1 3 3 3 2 3 3 3 1 3 3Net income Group share 36 34 19 1 19 29 25 24 28 34 26 18 35 31 28 20 34 23* Crédit Agricole Private Banking : BGPI, CA Suisse, CA Luxembourg, CFM Monaco, CA Espagne, CA Miami, DTVM Brésil – Excluding LCL Banque privéePage 66 sur 237