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Crédit Agricole S.A.Update of the 2011 registration document - A03acquire the remaining 80.1% interest in CLSA. This follows the announcement on 29 March 2012 of thewithdrawal of CA Cheuvreux from the scope of the transaction, resulting in a provision write-back of 40million euros in the first half of 2012, recognised under operating expenses.As indicated, new strategic orientations have been sought for Cheuvreux, which resulted on 17 July 2012,concerns Cheuvreux, with the announcement of the entry into exclusive negotiations with Kepler CapitalMarkets concerning the merger of Crédit Agricole Cheuvreux and Kepler.These two transactions did not produce any financial impact on the accounts for the second quarter of 2012.Discontinuing activities(in millions d’euros)H1 2012 H1 2012AdjustmentplanH1 2012 * H1 2011* ChangeH1*/H1*Revenues (298) (363) 65 3 nsOperating expenses, depreciation andamortisation(50) - (50) (50) 0.0%Gross operating income (348) (363) 15 (47) nmCost of risk (78) (39) (39) (78) (49.9%)Pre-tax income (426) (402) (24) (125) (81.0%)Income tax 159 145 14 42 (67.2%)NET INCOME (267) (257) (10) (83) (88.0%)NET INCOME GROUP SHARE (261) (251) (10) (81) (88.1%)* Restated for the impact of the adjustment planThe sale of portfolios initiated during the fourth quarter of 2011 under the adjustment plan was accelerated atthe start of the first half of 2012: almost the entire portfolio of CDOs in the trading book and US RMBSs weresold for a total of 5.9 billion euros (1.1 billion euros in full-year 2011). The impact of these disposals on netincome Group share for the first half of the year was -251 million euros and savings in risk-weighted assets(CRD 4 view) amounted to some 14 billion euros, in addition to the 3.5 billion euros in savings from thedisposals carried out in the fourth quarter of 2011.The net impact in terms of risk-weighted assets of the sale of the market risk of the correlation book to BlueMountain in February 2012 was 14 billion euros.Excluding the effects of the adjustment plan, net income Group share from discontinuing operations wasnegligible in the first half of 2012 at -10 million euros compared with -33 million euros in the first half of 2011.Additional information on the nature of the main exposures is provided in the section entitled "Sensitiveexposures based on Financial Stability Board recommendations" in the “Risk factors” section of the financialreview.Page 93 sur 237