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Crédit Agricole S.A.Update of the Registration document 2011 - A03Capital markets and investment 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 1 307 454 1 205 706 1 144 1 045 677 636 812 917 672 585 878 803 975 670 900 824Operating expenses (656) (636) (567) (553) (545) (560) (556) (583) (602) (630) (621) (696) (678) (623) (617) (776) (602) (596)Gross operating income 651 (182) 638 153 599 485 121 53 210 287 51 (111) 200 180 358 (106) 298 228Cost of risk (67) (41) (158) (191) (26) (29) (29) (12) (16) (13) (81) (9) 6 (12) 6 (10) (4) (17)Equity affiliates 1 (9) (1) (1) (1) 1 1 (1) 1 (1) (1) (1)Net income on other assets 7 2 1 (2) 11Change in value of goodwill (1 053)Pre-tax income 584 (223) 481 (47) 572 455 98 42 195 273 (29) (120) 207 167 365 (1 173) 294 222Tax (179) 62 (150) 15 (168) (135) 1 9 (59) (90) 10 35 (69) (56) (117) 63 (96) (93)Net gain/(loss) on discontinued operationsNet income 405 (161) 331 (32) 404 320 99 51 136 183 (19) (85) 138 111 248 (1 110) 198 129Minority interests 6 6 (5) 10 7 3 4 3 6 4 3 6 (7) 6 4Net income Group share 399 (167) 336 (32) 394 313 96 47 133 177 (19) (85) 134 108 242 (1 103) 192 125Discontinuing operations€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 (1 957) (1 082) (996) (426) (443) (519) (114) (271) (182) (121) 5 (76) 27 (24) (105) (212) (335) 37Operating expenses (51) (50) (128) (71) (29) (31) (31) (33) (25) (27) (27) (29) (23) (27) (25) (33) (27) (23)Gross operating income (2 008) (1 132) (1 124) (497) (472) (550) (145) (304) (207) (148) (22) (105) 4 (51) (130) (245) (362) 14Cost of risk (2) 2 (227) (134) (176) (205) (222) (140) (76) (92) (32) (57) (21) (100) 3 (51) (27)Equity affiliatesNet income on other assetsChange in value of goodwillPre-tax income (2 010) (1 130) (1 124) (724) (606) (726) (350) (526) (347) (224) (114) (137) (53) (72) (230) (242) (413) (13)Tax 646 383 361 171 181 250 103 185 120 61 40 44 19 23 63 97 153 6Net gain/(loss) on discontinued operationsNet income (1 364) (747) (763) (553) (425) (476) (247) (341) (227) (163) (74) (93) (34) (49) (167) (145) (260) (7)Minority interests (9) (11) (6) (8) (5) (4) (1) (2) (1) (1) (3) (4) (6)Net income Group share (1 364) (747) (763) (553) (416) (465) (241) (333) (222) (159) (73) (91) (33) (48) (164) (141) (254) (7)Corporate centre€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 674 (43) (168) (142) (353) 9 (2) (237) (310) (18) (296) (409) (318) 43 (311) (126) 289 (503)Operating expenses (236) (236) (217) (274) (184) (243) (181) (168) (170) (284) (177) (299) (210) (252) (223) (290) (223) (214)Gross operating income 438 (279) (385) (416) (537) (234) (183) (405) (480) (302) (473) (708) (528) (209) (534) (416) 66 (717)Cost of risk 11 6 23 (16) (20) (9) (9) (33) (11) (9) 2 (11) 11 (45) (41) (263) 10 (20)Equity affiliates (1) 157 8 (30) (193) (19) (7) 7 35 61 (1 259) (1) (25) (2) (28) (24)Net income on other assets 421 14 (1) (2) 1 6 1 (160) (9) 1 (2) (4) 1 (6) 2Change in value of goodwillPre-tax income 869 (259) (206) (426) (587) (435) (205) (444) (644) (276) (419) (1 977) (520) (254) (604) (680) 42 (759)Tax (147) 226 104 250 251 56 153 176 139 125 185 597 131 126 315 224 (57) 61Net gain/(loss) on discontinued operations (5) (1) 1Net income 722 (33) (102) (176) (336) (379) (52) (269) (505) (151) (234) (1 381) (394) (129) (288) (456) (15) (698)Minority interests 28 19 38 45 45 47 48 38 45 44 51 43 49 39 51 42 46 41Net income Group share 694 (52) (140) (221) (381) (426) (100) (307) (550) (196) (285) (1 424) (443) (168) (339) (498) (61) (739)* 2009 data restated due to transfer of BFT Banque (BFT) to the Corporate centre** Revenues and expenses in Q3-10 and Q4-10 include a technical consolidating adjustment that has no impact on GOIPage 68 sur 237