NATIXIS_REGISTRATION_DOCUMENT_2017

FINANCIAL DATA Consolidated financial statements and notes

Deferred tax assets and liabilities 6.8

12.31.2017

12.31.2016

(in millions of euros)

Main sources of deferred tax  (a) Flow-through entities Unrealized leasing reserves Elimination of equalization reserve Fair value of Private Equity business Provisions for employee benefits Other non-deducted provisions

(2)

(2)

(788) (292) (707) (109)

(578) (312) (668)

Financial instruments at fair value through equity

(92) 486

566

1,268

1,372

Non-deducted accrued expenses (including deferred compensation)

281 (36)

259

Unrealized gains on mutual funds Tax losses carried forward and similar

19

7,801

7,980

Internal credit risk on issues Tax amortization of goodwill  (b) Other temporary differences

275

95

(1,201)

(1,363)

18

206

5

TOTAL SOURCES OF DEFERRED TAX, GROSS Unrecognized sources of deferred tax assets

7,074

7,402

(4,105)

(3,826)

TOTAL SOURCES OF DEFERRED TAX, NET

2,969

3,576 1,223

Total deferred tax recognized

965

o/w:

deferred tax assets deferred tax liabilities

1,585 (620)

1,908

(685) Positive amounts represent sources of deferred tax giving rise to deferred tax assets, while negative amounts represent sources giving rise to (a) deferred tax liabilities. Deferred tax related to the tax amortization of goodwill in the United States. (b) The change in deferred taxes on items whose variation is recorded directly in reserves is presented in Note 8.2 “Breakdown of tax on gains and losses recognized in other comprehensive income”. At December 31, 2017, this amount was +€14 million compared to -€37 million at December 31, 2016. Other changes in deferred taxes for the period are booked to profit or loss.

Breakdown of deferred tax assets on losses by geographic area:

Legal carryforward period

Max. recognition period

12.31.2017

12.31.2016

(in millions of euros)

Deferred tax assets on losses by geographic area France

858 112

1,106

Unlimited 20 years  (a) Unlimited

10 years

United States

197

10 years  (b)

United Kingdom

10 years

Other

114

40

TOTAL

1,084

1,343

For tax losses that arose prior to January 1, 2018; (a) As for the federal deficit, the “State” and “City” portions may be activated over longer periods (limited to the legal time limit). (b)

267

Natixis Registration Document 2017