NATIXIS_REGISTRATION_DOCUMENT_2017

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

Expenses from the Corporate Center stood at €883 million in 2017 versus€948million in 2016. Expenses from Coface came to €484 million, down 9% comparedto 2016 or a limited increaseof 1% at constantscope and exchangerates, and restated for non-recurringcosts (1) linked to the transferof state guaranteesto BPI France. Expenses from the Corporate Center excluding Coface were for: the contribution to the Single Resolution Fund totaling a €121 millionin 2017 versus€114million in 2016; the expenses of the Corporate Data Solutions, Natixis Private a Equity(Financedivision)and NatixisAlgériebusinesses; as well as the support function expenses not invoiced to the a Natixisbusinesslines. The provisionfor credit losses of the CorporateCenter totaled €71 million in 2017 and mainly consistedof a €60 million general provisionfor litigation.

The loss ratio net of reinsurance was 51.4% compared to 65.5% in 2016, i.e. an improvementof 14.1 points thanks to the efficiency of claims expense management plans and an improvedeconomicclimate. Net revenues from the Corporate Center excluding Coface stood at €33 million versus €94 million in 2016. In this scope in 2017: exchangerate fluctuationsof deeplysubordinatednotes issued a in dollars stood at -€104million in 2017 comparedto €9 million in 2016; the sale of the equity interest in Caceis in the last quarter of a 2017 generated€74 million in capitalgains; the net revenues of Corporate Data Solutions totaled €10 a million, down €32 million compared to 2016 due to the full withdrawalfrom the businessin June 2017. Excluding these elements, net revenues stood at €53 million in 2017 versus €43 million in 2016, with improved revenues from Treasury and ALM operations, which benefited from more favorablerefinancingconditions.

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Provision for credit losses 4.1.4.6 The provisionfor credit losses was -€258 million at December 31,2017, of which -€237 million for specific risks and -€21 million in collectiveprovisions.At December 31,2016, the provisionfor credit lossestotaled-€305million.

TOTAL PROVISION FOR CREDIT LOSSES BY DIVISION R

2017

2016

(in millions of euros)

Asset & Wealth Management Corporate & Investment Banking

0

1

(115)

(195)

Insurance

0

0

Specialized Financial Services

(72)

(57)

Coface

(6)

(5)

Corporate Center

(65)

(49)

TOTAL PROVISION FOR CREDIT LOSSES

(258)

(305)

TOTAL PROVISION FOR CREDIT LOSSES BY GEOGRAPHIC AREA R

2017

2016

(in millions of euros)

EMEA

(257)

(265)

Central and Latin America

(19)

33

North America Asia and Oceania

29

(71)

(11)

(2)

TOTAL PROVISION FOR CREDIT LOSSES

(258)

(305)

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