NATIXIS_REGISTRATION_DOCUMENT_2017

RISKS AND CAPITAL ADEQUACY At-risk exposures

CMBS R

Net exposure as at 12.31.2016

Change in value in 2017

Net exposure at 12.31.2017

CMBS (in millions of euros)

Other changes

Trading book

0

- -

1

1

Loans and receivables portfolio

28

118

146

TOTAL

28

0

119

147

3

Breakdown by rating

% breakdown

AAA

48%

AA

8% 2% 3% 1%

A

BBB

BB NR

38%

TOTAL

100%

Breakdown by country

% breakdown

USA

99%

Europe

1%

TOTAL

100%

EXPOSURES TO COUNTRIES RECEIVING FINANCIAL ASSISTANCE R

At December 31,2017, exposuresto sovereignrisk in countriesreceiving financial aid or facing uncertainties(political, currency, etc.) were as follows:

(in millions of euros)

12.31.2017  (a)

12.31.2016  (a)

Sovereign securities Derivatives (b)

Sovereign securities Derivatives (b)

Other

Total

Other

Total

Spain  (c) Greece  (c) Ireland  (c) Portugal  (c)

916

4

10

930

1,088

5

4

1,097

0

0

2

- - -

- - -

2

185 154

(4)

181 154

162 101

162 101

Russia

1

0

10 58

11 58

2

2

23 70

27 70

Venezuela

-

-

TOTAL

1,255

0

79

1,334

1,355

7

97

1,459

Excluding corporates. (a) Including credit derivatives. (b) Countries receiving financial aid from the European Union. (c)

175

Natixis Registration Document 2017