NATIXIS - 2018 Registration document and annual financial report

5 FINANCIAL DATA

Consolidated financial statements and notes

management fees at market rates consistent with the services rendered. Natixis does not hold any other interests in these structured entities. They are therefore not subject to consolidation under IFRS 10. Interests held in non-consolidated 5.2 structured entities The table below shows the (i) carrying amount of interests held by Natixis in structured entities, broken down by major activities, as well as (ii) the maximum exposure to the risk of loss attributable to these interests. As well as the breakdown of Natixis’ interests in these entities, the table below also provides information on the size of the entities. This information is reported on an aggregate basis, in which all entities that Natixis has an interest in, regardless of the level of the interest, are grouped together by business. The size of structured entities equates: for Securitization , to the total issues on the liability side of the a balance sheet; for Asset Management , to the fund’s net assets; a for Structured Financing , to the amount of the remaining loan a outstandings due to banks in the pool (drawn outstandings); for other activities, to the total assets. a The maximum risk exposure corresponds to the cumulative amount of interests recorded under balance sheet assets and commitments given, minus contingency reserves recorded under liabilities and guarantees received: the “Notional amount of derivatives” item corresponds to the a notional amount of option and CDS sales agreed to by Natixis with structured entities; guarantees received are guarantees granted by third parties to a Natixis to cover its exposure related to structured entities. They are only included on the “Guarantees received” line and are not deducted from the asset items.

the French policies taken out by Coface rarely include a non-covered first losses. However, the policies only cover a small portion of the receivables held by the SPE. Furthermore, the quality of portfolio risk covered by Coface, compared with that borne by the other stakeholders (other insurers, sponsors, sellers) is not such as to significantly transfer the structure’s risks to Coface. In addition, Coface does not play any role in determining the activity of the structured entity, nor in its operational or administrative management. In the event of a guarantee activation, Coface only has powers corresponding to its protective rights. Indeed, Coface does not have any power over activities relevant to the securitization vehicle. Accordingly, such funds do not require consolidation. 5.1.5 Natixis controls a certain number of vehicles whose purpose is a to manage operating property and non-operating property. The relevant activity is mainly the management of property as sources of returns for shareholders. Natixis generally has power over these activities. Such SPEs are consolidated once Natixis has a material interest and if they are material to the consolidated financial statements of Natixis. The Natixis Lease sub-group owns a certain number of a structured entities which own real estate assets. One of them is consolidated as Natixis has power over the relevant activities and is significantly exposed to the variability of returns. Entities subject to consolidation but not consolidated due to their lack of materiality are listed in Note 19.1. Natixis Coficiné has relationships with: a structured entities created by producers to host a film j production. Coficiné is involved only as a lender. It has no stake in the entity, which is wholly owned by the producer. Coficiné does not participate in managing the entity, as activity falls within the remit of the producer. Coficiné, and therefore Natixis, has no power over the relevant activities of these structured entities and has no control under IFRS 10; Film Industry Financing companies (SOFICA). Natixis holds a j non-material stake in these SOFICAs and receives Other transactions

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Natixis Registration Document 2018