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Crédit Agricole S.A.Update of the 2011 registration document - A03In total, Financing activities generated net income Group share of 389 million euros in the first half of2012, or 382 million euros restated for loan hedges and before the cost of the adjustment plan.Capital market and investment banking(in millions d’euros)H1 2012 H1 2012AdjustmentplanH1 2012 * H1 2011*ChangeH1*/H1*Revenues 1,724 - 1,498 1,644 (8.9%)Operating expenses, depreciation andamortisation(1,198) 40 (1,238) (1,301) (4.8%)Gross operating income 526 40 260 343 (24.3%)Cost of risk (21) - (21) (6) x3.3Share of profit in equity-accounted entities - - - (1) nmNet income on other assets and change invalue of goodwill11 - 11 2 nmPre-tax income 516 40 250 338 (26.4%)Income tax (189) (14) (93) (112) (17.0%)NET INCOME 327 26 157 226 (31.0%)NET INCOME GROUP SHARE 317 25 151 219 (31.7%)* Restated for revaluation of debt issues (in revenues, Q2-12: +€224m; Q1-12: +€1m) and the impact of the adjustment plan (inoperating expenses, Q1-12: +€40m ; Q2-12: €0m)The decline in earnings for Capital markets and investment banking during the first half of 2012 waslimited thanks to the significant rebound in capital market activities at the start of the period. Following asharp increase in earnings from Fixed income activities in the first quarter thanks to the performance of bondactivities, which benefited from the rebound in primary issues in a more favourable debt market than at theend of 2011, capital market activities declined in the second quarter under lacklustre market conditions.Crédit Agricole CIB nevertheless managed to increase its market share in primary bond issues, rising tofourth place for all issues in euros 9 . Fixed income derivatives also performed well in a weakened and fairlyinactive market.Revenues include a positive impact of 225 million euros relating to the revaluation of debt issues, comparedwith +37 million euros in the first half of 2011.Overall, Capital markets and investment banking generated net income Group share of 317 million euros inthe first half of 2012. Adjusted for the revaluation of debt issues and the impact of the adjustment plan, netincome Group share was 151 million euros, down 31.7% compared with the first half of 2011.VaR remained under control at the low level of 15 million euros as at 30 June 2012.In the Equity business, two major transactions were announced in July. The first one, on 20 July 2012,concerns CLSA with the announcement of the sale by Crédit Agricole CIB to CITICS International of 19.9%interests in CLSA, and the attribution of a put option to Crédit Agricole CIB for CITICS International to9 Source: Thomson FinancialPage 92 sur 237