NATIXIS_REGISTRATION_DOCUMENT_2017

3 RISKS AND CAPITAL ADEQUACY

Overall interest rate, liquidity and structural foreign exchange risks

Monitoring of rating triggers 3.9.5.3 In the event the Bank’s external credit rating is downgraded, it may be requiredto provideadditionalcollateralto investorsunder agreements that include rating triggers. In particular, in calculating the liquidity coverage ratio (LCR), the amounts of these additional cash outflows and additional collateral requirements are measured. These amounts comprise the payment the bank would have to make within 30 calendar days

in the event its credit rating were downgraded by as much as

three notches.

They are covered under the LCR managementpolicy and were estimated at 2 billion in EUR equivalent at December 31,2017, versus3.1 billionat December 31,2016.

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Natixis Registration Document 2017