NATIXIS_REGISTRATION_DOCUMENT_2017

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

BREAKDOWN OF 2017 SFS NET REVENUES ■ BY BUSINESS LINE

The Payments business did well, particularly in Electronic Banking and Service Vouchers. Electronic Banking continued to grow, particularly in clearing transactions, which rose by 10%. The Flows and Services business turned in a more mixed performance, with national check processing down and mass transaction processing up. Service Vouchers performed well once again, with its Chèquede Table meal vouchersboosting its market share by 1.2 points to 17.7% in 2017. Combinedrevenue generatedby PayPlugand Dalenys'MerchantAcquiringactivities

6.7% Securities

11.4% Factoring

increaseda substantial64%comparedwith 2016. The FinancialServices businessremainedstrong. Assets under management in

24.3% Payments

14.5% Sureties & Financial Guarantees

Employee Savings Schemes

continuedto climb and postedannualgrowthof 11%. Securities Services recorded a 2% increase in transaction volumes in 2017. The service offering to the networkscontinued to expand.

15.6% Leasing

6.6% Employees Savings Schemes

1.6% Film Industry Financing

19.2% Consumer Finance

Net revenues totaled€1,382million in 2017, up 2%. SpecializedFinancing revenuespicked up by 3%. Sureties and Guaranteesposted 5% net revenue growth. Consumer Finance and Leasing gained 3% and 2%respectively. Revenuesfrom the Payments businesswere up 2%, supported by the consistently strong Electronic Banking and Service Vouchersactivities. Revenues from Financial Services excluding Payments were up 1% with net revenues from Employee Savings Schemes up 3%.

At €939 million in 2017, SpecializedFinancial Services expenses were up 6% compared to 2016, a result largely owed to scope changesfor the Paymentsand Leasingbusinesslines. Overall, grossoperatingincome shed 5% to €443 million. At €73 million, the provisionfor credit losses increasedmainly due to collectiveprovisions. ROE stood at 13.0% in 2017, down 3.5 points,mostly as a result of acquisitions.

Corporate Center (Excluding Short-Term Treasury and Collateral Management 4.1.4.5 activities)

2017 657 624

2016 pro forma

Change (%)

(in millions of euros)

Net revenues

723 629

(9.1)% (0.8)% (64.7)% (6.9)%

Coface

Corporate Center excluding Coface

33

94

Expenses

(883) (226)

(948) (225)

Gross operating income Provision for credit losses

0.4%

(71)

(54)

31.8% 20.6%

Pre-tax profit

(275)

(228)

Net revenues from the Corporate Center stood at €657 million versus€723million in 2016. Net revenues fromCoface in 2017 reached €624 million, down slightly on 2016 (-0.8%). The increase in net revenues came to 26% at constant exchangerates, correctedfor scope effect and

non-recurringitems (1) related to the transfer of state guarantees to BPI France in the fourthquarterof 2016. 2017 revenues slid 4% to €1.4 billion comparedto 2016. Credit insurance,which accounts for 95% of revenues,was down 4% while factoring was up 2%. At constant scope and exchange rates, total revenuewas stable (+0.3%).

Non-recurring net revenues of €77.2 million (indemnity) and non-recurring expenses of €21.7 million recorded in the fourth quarter of 2016. (1)

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Natixis Registration Document 2017