BPCE - Risk Report - Pillar III 2020

10 LEGAL RISKS

LEGAL AND ARBITRATION PROCEEDINGS – NATIXIS

Lucchini Spa

In March 2018, Natixis SA was summoned, jointly and severally with other banks, by Lucchini Spa (under extraordinary administration) to appear before the Court of Milan, with Lucchini Spa’s receiver alleging improprieties in the implementation of the loan restructuring agreement granted to Lucchini Spa. The case is ongoing.

In its decision on July 21, 2020, the Court of Milan dismissed all Lucchini Spa’s claims and sentenced it to pay cost of proceedings for a total amount of €1.2 million, of which €174 thousand for each bank or group of banks. This decision is subject to appeal. Lucchini Spa appealed against the judgment. The case is ongoing.

Competition Authority – Natixis Intertitres et Natixis

On October 9, 2015, a company in the restaurant voucher sector lodged a complaint with the Competition Authority to contest sector practices with respect to the issuance and acceptance of restaurant vouchers. The complaint named several French companies in the restaurant voucher sector, including Natixis Intertitres. In its decision of December 17, 2019, the Competition Authority 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.

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RISK REPORT PILLAR III 2020 | GROUPE BPCE

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