BPCE - 2020 Universal Registration Document

RISK FACTORS & RISK MANAGEMENT

LEGAL RISKS

In its decision of December 17, 2019, the CompetitionAuthority ruled that Natixis had participated in two practices designed to keep new entrants out of the meal voucher market: the exchange of confidential information and the adoption of a series of agreements intended to lock up the market. Natixis Intertitres was fined €4,360,000, and was issued two additional fines totaling €78,962,000, jointly and severally with Natixis. This ruling was published in a press release by the Competition Authority on December 18, 2019. Natixis and Natixis Intertitres are appealing this decision. BUCEPHALUS CAPITAL LIMITED – DARIUS CAPITAL PARTNERS On June 7, 2019, the company Bucephalus Capital Limited (a UK law firm), together with other firms, brought claims against Darius Capital Partners (a French law firm, now operating under the name Darius Capital Conseil, and 70%-held subsidiary of Natixis Investment Managers) before the Paris Commercial Court, to contest the breach of various contractual obligations, particularly with respect to a framework agreement dated September 5, 2013 setting out their contractual relations and various subsequent agreements. Bucephalus Capital Limited claims a total of €178,487,500. Darius Capital Partners considers these claims to be unfounded. The case is ongoing. EUROPEAN GOVERNMENT BONDS ANTITRUST LITIGATION At the end of December 2019, Natixis was added as a defendant in a class action brought to the US District Court, SD

New York, on allegations of competition violations between January 1, 2007 and December 31, 2012 in the market for European Government Bonds (EGBs). The class action was initially brought against several identified banks and banks of unknown identity (“John Doe”) in March 2019. Natixis, like the other defendants in this case, requested the dismissal of the action on a preliminary basis and prior to any decision on the merits on several grounds; the request was dismissed at this stage. Natixis intends to continue to defend itself vigorously, both on the merits and procedurally, against these allegations that it considers unfounded. On July 17, 2020, an action was brought against Natixis and another defendant before the English courts in order to request a declaration recognizing the merits of a set-off made on a transaction financed by Natixis. The plaintiff is also disputing the transfer to Natixis of the payment rights under the transaction. Natixis counterclaimed for payment in the amount of $55,396,323.46. The case is ongoing. In March 2020, proceedings were brought before the courts of the State of New York following a set-off made by Natixis during the payment of a standby letter of credit; this set-off took into account a debt of the beneficiary of the standby letter of credit. Natixis asked the Court to confirm the merits of the set-off and to dismiss the application for payment made against the bank in the amount of $46,076,165.15. The hearing was held on November 29, 2020 and a ruling is expected in the coming months. DISPUTES INVOLVING THE SET-OFF OF RECEIVABLES

Dependency 6.10.3

BPCE is not dependent upon any specific patents, licenses, industrial procurement contracts, or commercial or financial agreements.

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UNIVERSAL REGISTRATION DOCUMENT 2020 | GROUPE BPCE