NATIXIS_REGISTRATION_DOCUMENT_2017

3 RISKS AND CAPITAL ADEQUACY Market risks

IRC INDICATOR ■

This indicator covers the regulatoryscope. Natixis’ IRC level averaged€35.5 million.It peaked at €71.2 millionon September 7,2017, and bottomedout at €22.2 millionon March 31,2017, and stood at €33.4 millionat December 29,2017.

Millions of euros

80

70

60

50

40

30

20

10

0

12.30.16

01.30.17

02.28.17

03.31.17

04.30.17

05.31.17

06.30.17

07.31.17

08.31.17

09.30.17

10.30.17

11.30.17

12.31.17

IRC

Stress test results for the Natixis scope (Data certifiedby the StatutoryAuditorsin accordancewith IFRS 7) Overall stress test levels reached a positive average level of €55 millionat December 29,2017, versus -€41 millionat December 30, 2016. The historicalstresstest replicatingthe sovereigndebt crisis in 2011 gave the maximumloss (-€64 millionat December 29,2017).

OVERALL STRESS TESTS AT DECEMBER 31, 2017 ■

Millions of euros

100 150 200 250 300 350

-100 -50 0 50

Liquidity

2009 Rally

1998 LTCM

Commodities

2008 Lehman

1990 Gulf War

2008 Corporates

Default by a bank

2002 Credit crach

2007 FED Equities

1997 Asiatic Crisis

2011 Sovereign crisis

September 11th 2001

Emerging market crisis

Increase in Interest rate

In uential Issuer default

1994 Bond Market Crash

1987 Stock market crach

Fall in stock market indices

Hypothetical Stress-Tests

Historical Stress-Tests

146

Natixis Registration Document 2017