BPCE - 2019 Universal Registration Document

FINANCIAL REPORT

IFRS CONSOLIDATED FINANCIAL STATEMENTS OF BPCE SA GROUP AS AT DECEMBER 31, 2019

CHANGES IN SCOPE OF CONSOLIDATION DURING FISCAL YEAR 2019 The main changes in the scope of consolidation during 2019 are presented below: CHANGES IN THE OWNERSHIP INTEREST IN SUBSIDIARIES AT DECEMBER 31, 2019 (WITH NO IMPACT ON CONTROL) Change in the Group’s ownership interest in Natixis Following a number of transactions in its own shares, the Group’s stake in Natixis stood at 70.68% at December 31, 2019 ( versus 70.78% at December 31, 2018). The impact of this change on Equity attributable to equity holders of the parent was not material. 3.3 BPCE SA finalized the acquisition of a 50.1% stake in Oney Bank from Auchan group in the fourth quarter of 2019. The Group exercises control over the entity in accordance with IFRS 10. The deal generated goodwill of €138 million, as determined using the partial goodwill method. Acquisition of Azure Capital Natixis Holdings (Hong Kong) Limited bought M&A advisory firm Azure Capital in the second quarter of 2019. The following entities have been included in the scope of consolidation: Azure Capital Holdings Pty Ltd, Azure Capital Securities Pty Ltd, The Azure Capital Trust and Azure Capital Limited. BPCE SA group exercises control over these fully consolidated entities in accordance with IFRS 10. The deal generated goodwill of €11 million, as determined using the partial goodwill method. BPCE SA group also holds put options on the minority shares, valued at €9 million. Acquisition of Massena Partners Natixis bought asset management and investment advisory firm Massena Partners in the second quarter of 2019. The following entities have been included in the scope of consolidation: Massena Partners SA, Massena Wealth Management SARL and the French representative office of Massena Partners. BPCE SA group exercises control over these fully consolidated entities in accordance with IFRS 10. The deal generated goodwill of €42 million, as determined using the partial goodwill method. BPCE SA group also holds put options on the minority shares, valued at €1 million. Acquisition of Titres Cadeaux Natixis finalized the acquisition of a 50% stake in Titres Cadeaux from La Banque Postale in the first quarter of 2019, taking its ownership interest to 100%. The company creates and distributes multi-brand gift certificates and cards to individual customers or works councils. The Group exercises control over this fully consolidated entity in accordance with IFRS 10. The deal generated goodwill of €10 million. Acquisition of Coface PKZ Natixis finalized the acquisition of Coface PKZ, specializing in credit insurance in Slovenia, in the second quarter of 2019. The ACQUISITIONS OF A CONTROLLING INTEREST Acquisition of Oney Bank SA group by BPCE

deal generated negative goodwill of €5 million, calculated using the partial goodwill method and recorded in the income statement. Acquisition of Mirova US LLC Mirova US LLC was consolidated in the second quarter of 2019 as part of the restructuring of operations at Seeyond and Mirova in the United States. Seeyond’s US operations were consolidated by Natixis Advisors LP and Mirova’s were transferred to a new entity, Mirova US, wholly-owned by Mirova. OTHER CHANGES IN SCOPE Newly consolidated entities The following entities were newly consolidated during fiscal year 2019: Sports Imagine; • Saudi Arabia Investment Company, under Natixis. • Deconsolidated entities ENTITIES SOLD Banque internationale du Cameroun pour l’épargne et le crédit • (BICEC), Banque de Madagascar et de l’Océan Indien (BMOI) and Banque commerciale Internationale du Congo (BCI) were sold in the third quarter of 2019; Sale of Banque de Tahiti and Banque de Nouvelle-Calédonie to • The following entities were sold to Fiera Capital in accordance • with the Fiera investment protocol completed in the second quarter of 2019: Natixis Investment Managers Canada Corp, Natixis Investment Managers Canada LP, Natixis Investment Managers Capital Corporation and Natixis Investment Caisse d’Epargne Ile-de-France in June 2019; Natixis Brasil was sold on February 6, 2019; • Liquidation of Filiales LOCI, Nexgen Reinsurance Designated • Activity Company, Natixis Global Associates Germany, Natixis Global Associates Australia, AEW Partners IV Inc, Mc Donnell and Natixis Investment Corp; Deconsolidation of BP Covered Bond, securitization vehicle • FCT Natixis Export Credit Agency and investment funds Mirova Global Sustainable Equity Fund, Ostrum Multi Asset Global Income, ASG Managed Futures, DNCA Archer Mid-Cap Europe, Ostrum Ultra Short Term Bonds Plus SI (C) EUR, Fructifonds Profil 6, Fructifonds Profil 9 and ABP Vie Mandat FCPI. Mergers and full transfers of assets and liabilities In 2019, Vendôme Investissements was absorbed by Crédit • Foncier via a total transfer of assets and liabilities, with retroactive effect at January 1, 2019; Locindus was merged with Crédit Foncier subsequent to a • public delisting offer, with retroactive effect at January 1, 2019; 3F Holding was absorbed by BPCE SA, via a total transfer of • assets and liabilities, with retroactive effect at January 1, 2019. Managers Canada Limited. OTHER DECONSOLIDATIONS

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UNIVERSAL REGISTRATION DOCUMENT 2019 | GROUPE BPCE