NATIXIS - 2018 Registration document and annual financial report

5 FINANCIAL DATA

Consolidated financial statements and notes

Changes in percentage of ownership The interest in DNCA Finance, DNCA Courtage, DNCA a Luxembourg and DNCA Finance Milan branch increased from 72% to 82% after Société de Cadres’ percentage interest in DNCA Finance rose from 6% to 9% on January 1, 2018, and some of the put options held by DNCA Finance’s managers were exercised in the second and third quarters; The interest in DNCA Management increased from 42% to a 72% after some of the put options held by DNCA Management’s managers were exercised in the second and third quarter; The interest in Purple Finance Clo 1 decreased from 100% to a 89% after 11% of the fund's equity was sold to outside investors; The interest in Natixis Caspian Private Equity LLC increased a from 55% to 73% following the buying back of units from a manager who left the Company in the first quarter of 2018; The change in the net carrying amount of consolidated mutual a funds and seed money investments resulted in changes in percentage interests over the period, without affecting the principle behind fund consolidation (maintaining of the percentage interest above eligible thresholds). The affected funds were: DNCA Archer Mid-Cap Europe (interest decreased from 35% to 24%) and ASG Managed Futures (interest decreased from 53% to 25%); The percentage of ownership of Euro Private Equity and Euro a Private Equity France increased from 94% to 100% following the exercising of the last put options held by the structure’s managers in the third quarter of 2018; In the fourth quarter of 2018, Natixis Investment Managers sold a part of its shares to the structure’s management as part of the reorganization of Seventure’s share ownership, reducing the percentage of ownership from 70% to 59%; As part of the reorganization of Ossiam’s share ownership, the a management increased its stake in the structure in the fourth quarter of 2018, reducing Natixis Investment Managers’ percentage of ownership from 83% to 75%. Deconsolidated entities Sale on November 8, 2018 of the Axeltis entity (fund a distribution platform) to MFEX, an external operator specializing in worldwide fund distribution. The capital gain amounted to €30.9 million; Disposal on November 23, 2018 of Selection 1818’s entire a capital, resulting in a capital gain on disposal of €11.3 million; In the fourth quarter of 2018, the three funds AEW Partners III, a AEW VIF Investors and AEW VIF Investors II, used for fund management purposes, were liquidated (shell structures with no business operations). Restructuring As part of the reorganization of Natixis Investment Managers’ a European management and distribution activities in the fourth quarter of 2018, it was decided to separate Ostrum AM’s asset management activities (active fundamental bond and equity management) from its distribution activities (client investment solutions) and its support functions. The asset management activities were therefore contributed to Ostrum AM (New) and the distribution and support activities to Natixis Investment Managers International;

Transferring, in the fourth quarter of 2018, of the AEW Ciloger a Dependant Branch’s activity, within the Natixis Investment Managers scope, to the new subsidiary AEW Invest Gmbh.

4.2.3

Insurance

Newly consolidated entities Consolidation of the Allocation Pilotée Equilibre C Fund in the a first quarter of 2018 after the percentage interest rose above eligible levels (see Note 3.1) ; Consolidation of the Tulip Fund in the third quarter of 2018 a after the percentage interest rose above eligible levels (see Note 3.1) ; Consolidation of the Mirova Europe Environnement C fund in a the fourth quarter of 2018 after the percentage interest rose above eligible levels (see Note 3.1) . Newly consolidated entities Acquisition of a 70% interest in Alter CE (Comitéo), a company a specializing in online services for works councils, on April 18, 2018. Changes in percentage of ownership In the first quarter of 2018, the interest in Lakooz decreased a from 100% to 96% following a capital increase reserved for the founders; In the second quarter of 2018, the interest in Payplug a increased from 79% to 84% following the acquisition of an additional 5% of the capital from the founders; In the second quarter of 2018, the interest in Coficiné a decreased from 96% to 91% after a free share allocation plan was introduced for its executive officer. Restructuring The activities of the OPCI Natixis Lease Investment were a taken over by Natixis Bail in the third quarter of 2018. Newly consolidated entities Consolidation of the Coface Technologie Romania branch in a the first quarter of 2018. Deconsolidated entities Disposal of Cofacrédit on June 22, 2018. a Coface 4.2.5 Newly consolidated entities Acquisition of BPCE Immobilier Exploitation on June 26, 2018. a Deconsolidated entities Deconsolidation of Natixis Private Equity International Luxembourg after the percentage interest fell below eligible levels. Restructuring Natixis Altair IT Shared Services’ activities were taken over by a Natixis S.A. on April 3, 2018; BPCE Immobilier Exploitation’s activities were taken over by a Natixis Immo Exploitation as from October 1, 2018. Specialized Financial Services 4.2.4 Corporate Center 4.2.6

268

Natixis Registration Document 2018