NATIXIS_REGISTRATION_DOCUMENT_2017

4 OVERVIEW OF THE FISCAL YEAR Management report at December 31, 2017

Consolidated management ROE after tax (excluding non-recurringitems) came to 9.9% in 2017, giving an accounting ROE of 9.6%.

Recurring net income (Group share) The recurring tax expense came to €789 million in 2017. The effectivetax rate was 30% in 2017. After incorporating-€192 millionin minorityinterests , recurring net income (Group share) amountedto €1,669million in 2017, up 21.4%comparedto 2016.

ANALYSIS BY NATIXIS MAIN BUSINESS LINE 4.1.4

Asset & Wealth Management 4.1.4.1

Change 2017/2016 %

2016 pro forma

(in millions of euros)

2017

%*

Net revenues

3,113 2,972

2,718 2,582

14.5% 15.1%

16.0% 16.7%

Asset Management Wealth Management

142

136

4.1% 9.9%

4.1%

Expenses

(2,178)

(1,981)

11.4% 28.6%

Gross operating income Provision for credit losses

936

737

26.9%

0

1

(60.3)%

Pre-tax profit

947

746

27.0%

Cost/income ratio Equity (average)

69.9% 3,773 12.8%

72.9% 3,696 11.5%

ROE

*

At constant USD exchange rates.

CHANGE IN ASSETS UNDER MANAGEMENT ■ OVER THE YEAR (in billions of euros)

Asset & WealthManagement posted a sharp revenue increase of 14.5% for the period to €3,113.2million (+16.0%at constant exchangerates). Expensesalso rose, but to a lesser degree, by 9.9% (+11.4%at constantexchangerates). Gross operatingincomeclimbedsubstantiallyby 26.9% (+28.6% at constantexchangerates) to €935.7 million. At 12.8%, the division's ROE improved by 1.3 points compared to 2016. – Asset Management A Assets under management stood at €830.8 billion at end-December 2017, remainingstable at current exchangerates (+6%at constantexchangerates)year-on-year.Theseweredriven by very favorableinflowsand marketeffects,but penalizedby the impactof exchangeratesand the scopeeffect,chieflythe transfer of CNP’s AuM (-€22.7 million) and the disposal of IDFC in Asia (-€7.9billion),whichwerepartiallyoffsetby the purchaseof IML in Asia(€6.0billion).

-0% / -€0.7bn

At contant exchange rates: +6% / +€49.6bn

-50.2

51.8

830.8

-26.0

23.8

831.5

0.850.90

Net inflows

Market effect (a)

Outstandings at12.31.2017

Outstandings at12.31.2016

Currency effect

Scope effect (a)

(a) 2017 scope effects: in Europe,the transferof a portionof CNP’s life insuranceassetsunder j management to Banque Postale (-€22.7 billion) in Q3 2017 and purchase of Althelia inQ4 2017; in Asia, the sale of IDFC in Q1 2017 (-€7.9 billion) and purchaseof IML j in Asia (€6.0 billion)in Q4 2017; in the US, the gradual disposal of Aurora (-€0.8 billion) that began in j April 2016 and the adjustmentof methodologyat Alpha Simplex (-€0.8 billion) in Q3 2017.

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Natixis Registration Document 2017