NATIXIS_REGISTRATION_DOCUMENT_2017

3 RISKS AND CAPITAL ADEQUACY Credit and counterparty risks

EAD BY INTERNAL RATING (S&P EQUIVALENT) (NX12) R

(Data certified by the Statutory Auditors in accordance with IFRS 7) The followingtable shows the breakdownof exposuresat risk by internal rating (S&P equivalent)for asset classesmeasuredusing the IRB approach,excluding:

exposuresto Equities(calculatedusing a simpleweighting); a pool-based exposures (acquired portfolios) and third parties a groupedinto homogeneousrisk classes; securitizationpositions. a

(% breakdown) Grade

Internal rating

12.31.2017 (*)

12.31.2016 (*) (**)

Investment Grade

AAA AA+

0.2%

6.8%

14.8% 3.8% 9.3% 5.3% 8.4% 7.1% 8.1% 9.1% 5.0% 5.0% 4.3% 2.1% 1.0% 0.4% 0.3% 0.2% 11.3% 77.4%

AA

17.0% 12.2% 4.2% 9.0% 8.8% 6.8% 8.0% 7.4% 5.5% 4.2% 3.4% 2.2% 0.6% 0.4% 0.1% 0.1% 80.2%

AA-

A+

A

A-

BBB+ BBB BBB-

Investment Grade

Non-Investment Grade

BB+

BB

BB-

B+

B

B-

CCC+ CCC CCC- CC C

Non-Investment Grade

16.5%

18.3%

Non-rated

Non-rated

1.3% 2.0%

1.6% 2.7%

Default

D

TOTAL 100.0% Reclassification of central bank exposures from AA- to AA+ for the US central bank and from AA- to AA for the French central bank in the interest (*) of better alignment with their external ratings (modification of the theoretical allocation principle: level 1 internal rating, or equivalent to an S&P rating of between AAA and AA-, with allocation to an AA- rating). The figures published at December 31, 2016, have been adjusted for the reclassification of the Banque de France counterparty from AA+ to AA. (**) 100.0%

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Natixis Registration Document 2017