NATIXIS_REGISTRATION_DOCUMENT_2017

RISKS AND CAPITAL ADEQUACY Legal risks

Natixis Asset Management is mounting a rigorous defense against this decision and has filed an appeal with the French Councilof State. The case is ongoing. In addition, UFC-QUE CHOISIR, in its capacity as a consumers’ rights non-profit, brought claims before the Paris District Court (Tribunalde Grande Instancede Paris) on March 5, 2018, against the asset managementcompanyto obtain compensationfor the financial losses suffered by the holders of the formula funds in question. Société Wallonne du Logement On May 17, 2013, SociétéWallonne du Logement(SWL) filed a complaintagainst Natixis before the Charleroi CommercialCourt (Belgium), contesting the legality of a swap agreement entered into between SWL and Natixis in March 2006 and requesting that it be annulled. All of SWL's claims were dismissed in a ruling by the Charleroi Commercial Court on November 28, 2014. SWL appealed this ruling to the Mons Court of Appeal on March 2, 2015. On September 12, 2016, the Mons Court of Appeal annulled the

contestedswap agreementand orderedNatixis to repay to SWL the amounts paid by SWL as part of the swap agreement, less any amountspaid by Natixis to SWL under the same agreement and taking into account any amounts that would have been paid had the previousswap agreementnot been terminated. Natixis submitted an appeal to the Court of Cassation on January 18,2017. Furthermore,on March 16,2017, Natixis filed an appeal with the Paris Court of Appeal challenging the appeal ruling's legal enforceability in France, and on August 3, 2017, Natixis summoned the Walloon regional authority to appear before the Namur Court of First Instance regarding the appeal of its performance bond as part of the aforementioned swap agreement.

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SITUATION OF DEPENDENCY 3.11.2

Natixis is not dependent on any patent or license, or on any industrial,commercialor financialsupplycontract.

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Natixis Registration Document 2017