NATIXIS_REGISTRATION_DOCUMENT_2017

3 RISKS AND CAPITAL ADEQUACY Market risks

Breakdown of total trading VaR by portfolio (Data certifiedby the StatutoryAuditorsin accordancewith IFRS 7) The followingtable presentsthe key VaR figures:

(in millions of euros) Natixis trading portfolio

VaR as of 12.31.2017

Natixis

5.3 5.3

Corporate & Investment Banking

o/w Global Markets Equity Markets Commodities Fixed Income

5.4 2.7 0.5 4.4 3.0 2.0

Global Securities Financing

Run off activities

VaR breakdown by risk factors and compensation effect The breakdownof the VaR by risk factor providesa pictureof the monthlycontributionof the main risks and the compensationeffects in terms of VaR. Throughoutthe year, interestrate risk continuedto predominateover equity,foreignexchangeand credit risks.

VaR in MEUR

20

15

10

5

0

- 5

- 10

12.30.16

01.31.17

02.28.17

03.31.17

04.28.17

05.31.17

06.30.17

07.31.17

08.31.17

09.29.17

10.30.17

11.30.17

12.29.17

Commodities Rates Equity

Credit Forex Compensation Effect

VaR MC

144

Natixis Registration Document 2017