NATIXIS_REGISTRATION_DOCUMENT_2017

RISKS AND CAPITAL ADEQUACY Market risks

Natixis’ adjustment policy The Market Risk Department is tasked with defining and implementingthe adjustmentpolicy for Capital market activities’ managementresults. The aim of this policy is twofold: ensuring the reliability of the result announcedby applying the a principleof prudence; protecting Natixis from adverse events that cannot be easily a hedgedor that are non-hedgeable. The adjustmentpolicy thus defines the principles for calculating adjustmentsfor market risks to financial instrumentsmeasured at fair value. Adjustmentsfor marketrisks are dividedinto: adjustmentsfor the cost of positionreversals/liquiditypositions a in an activemarket; adjustments for uncertainty relating to observable and a unobservablevaluation inputs and modeling risks in non-active markets; adjustments specific to risks inherent to positions a (discontinuity risks, risks relating to uncertainty regarding size, etc.); adjustments for modeling risk to hedge model-related a uncertainties(numericalmethod,calibration, etc.).

The shocks applied and methodologiesused are updated on a continuousbasis. Adjustment amounts are updated on a monthly basis and reported to Natixis' Senior Management. Changes in methodology applied to the calculation of adjustments are submitted to the Model Risk & Risk Governance teams for independentvaluation.

MARKET RISK MANAGEMENT 3.7.4 QUANTITATIVE DISCLOSURE

3

(Data certified by the Statutory Auditors in accordance with IFRS7)

Change in Natixis VaR The VaR level for Natixis’tradingportfoliosaveraged€6.9 million. It peaked at €8.7 millionon May 17, 2017, and bottomed out at €5.2 million on April 6, 2017, standing at €5.3 million at December 29,2017. The following chart shows the VaR trading history between December 30, 2016, and December 31, 2017, for the entire scope.

OVERALL NATIXIS VAR – TRADING PORTFOLIO (1 DAY 99% VAR) R

Millions of euros

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0 1 2 3 4 5 6 7 8 9

12.30.17

01.30.17

02.28.17

03.31.17

04.30.17

09.31.17

06.30.17

07.31.17

08.31.17

09.30.17

10.31.17

11.30.17

12.31.17

NATIXIS Trading Portfolio VaR

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Natixis Registration Document 2017