NATIXIS_REGISTRATION_DOCUMENT_2017

PRESENTATION OF NATIXIS Natixis’ businesses

In France,Natixis is currentlya leader in Mergers& Acquisitions and is ranked No. 3 in M&A advisory services for mid caps by number of deals and by value (source: L’Agefi as at December 31, 2017) and No. 4 in M&A advisory services in France by number of deals (source: Merger Market as at 31December 2017) . In five years, the bank has establisheda strongpresenceamong major corporates in France and has developed a regular strategic dialog with them. In 2017, it carried out a number of landmark deals as, for example, financial adviser to Vivendi for the acquisitioncontract for the 60% stake in Havas held by the Bolloré group. Natixis also continued to expand its business with mid caps and investmentfunds via Natixis Partners,which notably advised PAI Partners in the sale of Cerba Healthcareto Partnersgroup. It also pursued its international development. In the United States, it is supported by its subsidiary PJ SOLOMON, which specializes in advising listed and unlisted companies on mergers, acquisitions, capital structure and restructuring transactions.For example, it advisedMacquariein the increase of its ownership interest in APRR. In Europe, the Milan branch strengthened its M&A advisory offering through a number of high-level recruitments, while in Madrid, Natixis Partners Espana confirmed in 2017 its leading position in the Iberian market. RankedNo. 1 by volume and No. 3 by number of deals with PrivateEquity firms (source:TransactionalTrack Record) , it notablyadvisedCVC CapitalPartnersin the acquisitionof a 25% equity interest in Compania Logistica de Hidrocarburos(CLH), the Spanish leader in the transport and storage of petroleum products. In the Asia-Pacificregion, Natixis, acting as exclusive strategic and financial advisor, assisted the Chinese consortium formed of Fosun International and Beijing Sanyuan Foods Co., Ltd. in the acquisitionof the dairy producerSaint Hubert. As part of its strategy to concentrate its energies on four strategic sectors, Corporate & Investment Banking and its affiliates have also built sector-basedteams to deliver optimum solutionsto clients in these sectors,drawingon the full range of internationalexpertise. By encouragingcooperationamong the internationalteams, the bank is expanding support for French clients’ international operations and assisting international investors wishing to establishthemselveson the marketscoveredby Natixis. Miscellaneous: other run-off 1.5.2.6 activities In 2008, Natixis established the GAPC division structure (Gestion Active des Portefeuilles Cantonnés — Workout Portfolio Management) in order to (i) isolate the assets that were most impacted by the crisis and that were no longer deemed to fit the new strategic direction of Natixis, and (ii) progressively offload these assets by means of active management, ensuring the proper balance between speeding up the returnof capitaland the resaleprice of the assets. The drastic run-off of assets led to the closure of GAPC on June 30, 2014. Since June 30, 2009, a portion of the GAPC portfolios has been covered by a guarantee from BPCE. The monitoring system and guarantee mechanism remain strictly unchanged since June 30, 2014. Since June 30, 2016, in view of the current value of the Option (see “TRS” and “Option” below) , Natixis has not recorded any capital savings on assets hedgedby the TRS.

General mechanism of the guarantee The guarantee,whichwas agreed in principleand announcedin August 2009,was formally approvedon November 12,2009 by the corporate bodies of BPCE and of Natixis, with retroactive effect to July 1,2009. The general mechanismbehind the guarantee is based on the establishmentof: i. Two Total ReturnSwap (TRS) agreements,one in US dollars and the other in euros, covering 85% of the net value of the assets recognized in the trading portfolio and risks linked to counterpartiesnot providing collateral. The purpose of these TRS is to transfer 85% of the gains or losses of the accounting units in which the assets are recognized at their fair value through profit or loss. On top of these two TRS, Natixis purchased an option from BPCE (the “Option”) allowing it, should it be exercised, to recover, in 10 years’ time, the capitalized net performance of the portfolios coveredby the TRS and to terminatethe TRS; ii. A financial guaranteecovering85% of the nominal value of the assets recognizedunder IFRS as “loans and receivables” (L&R) and “available-for-saleassets” (AFS), as determinedat the effective date of the guarantee (i.e. June 30, 2009), less any amortizationexpensedprior to June 30,2009. Pursuantto the terms of this financialguarantee,in the event of non-paymentconfirmed on the scheduled contractual payment date of sums due in respect of any of the assets in the guaranteedportfolio,Natixiswill be paid by BPCE from the first euro up to 85% of the amount due. The paymentwill be made in the currency in which the defaulting asset is denominated. The expiry date of the financial guarantee is the date from which Natixis is no longer required to pay over to BPCE the sums recovered on assets in the guaranteed portfolio having defaulted. It post-dates the expiry date of the guarantee by 15 years. The guarantee covers portfolio assets held both by Natixis and by its subsidiaries, and agreements between Natixis and its subsidiaries have been put in place with respect to this mechanism. Insurance division The Insurance division consists of a holding company, Natixis Assurances, which owns various operating insurance subsidiariesthat developand managea comprehensiverange of insurance solutions for individuals and professionals. The division is structuredaround two large businesslines as well as one activitycommonto all of GroupeBPCE: the Personal Insurance business, which focuses on the a development of portfolios for life insurance, investment and retirement savings and a very wide range of personal protection coverage (death benefit, work cessation and dependency)and paymentprotectionsolutions; the Non-Life Insurance business, focused on developing a portfolios for motor and multi-risk home insurance, personal accident insurance, legal protection, healthcare and property and casualtyinsurance; Insurance Solutions handles insurance segments for a GroupeBPCE that are not dealt with by its insurance subsidiaries,e.g. the Group’sinsuranceprogram. INSURANCE 1.5.3

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Natixis Registration Document 2017