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Crédit Agricole S.A.Update of the 2011 registration document - A03Financing activitiesH1 2012 H1 2012AdjustmentplanH1 2012* H1 2011*ChangeH1*/H1*(in millions d’euros)Revenues 1,029 (70) 1,018 1,279 (20.3%)Operating expenses, depreciation andamortisation(468)-(468) (457) +2.3%Gross operating income 561 (70) 550 822 (32.9%)Cost of risk (111) - (111) (130) (13.7%)Share of profit in equity-accountedentitiesNet income on other assets and changein value of goodwill80 - 80 69 +16.7%1 - 1 (8) nmPre-tax income 531 (70) 520 753 (30.8%)Income tax (154) 25 (150) (257) (41.6%)NET INCOME 377 (45) 370 496 (25.3%)NET INCOME GROUP SHARE 389 (44) 382 495 (22.6%)* Restated for loan hedges, and before cost of adjustment planDuring the first half of 2012, the objectives of the adjustment plan in terms of reducing liquidityconsumption continued to weigh down the majority of Financing activities.At first, origination was reduced significantly, reflecting the more selective approach to new operations,particularly in structured finance and commercial banking. Against the backdrop of pressure on margins anda continuing high cost of liquidity, commercial banking revenues decreased despite a slight upturn inbusiness volumes from the end of the first quarter. In syndication activities, Crédit Agricole CIB managed tomaintain its position as No. 1 in France, Western Europe and the EMEA region 8 .The asset reductions initiated in 2011 also continued throughout the first half of 2012, representing 2.6billion euros and a cost in terms of revenues of 70 million euros (44 million euros in terms of net incomeGroup share). In total, loans sold amounted to 9 billion euros, with an average discount of 2.2%. Lastly, asannounced on 14 December 2011, the new “Distribute to Originate” model for Financing activities was rolledout gradually and the first partnerships set up, notably with Predica in the local authority segment.Following a number of quarters during which loan hedging had a limited impact, the first half of 2012saw a gain of 82 million euros in terms of revenues as a result of particularly turbulent market conditions –with a very significant increase in credit spreads in the second quarter of 2012 – compared with 13 millioneuros in the first half of 2011.The cost of risk for the first half of 2012 included a net charge of 111 million euros comprising nonmaterial individual charges relating to a limited number of deals.8 Source: Thomson FinancialPage 91 sur 237