NATIXIS_REGISTRATION_DOCUMENT_2017

FINANCIAL DATA Consolidated financial statements and notes

Reconciliation of the tax expense in the financial statements 7.9 and the theoretical tax expense

(in millions of euros)

12.31.2017

12.31.2016

+ Net income/(loss) group share

1,669

1,374

+ Net income/(loss) attributable to non-controlling interests

192 789

90

+ Income tax charge

822

+ Income from discontinued operations + Impairment of goodwill

0

75

- Share in income of associates

(26)

(13)

= Consolidated net income/(loss) before tax, goodwill amortization and share in income of associates

2,624

2,348

+/- Permanent differences (a)

201

222

= Consolidated taxable income/(loss)

2,825

2,570

x Theoretical tax rate = Theoretical tax charge

33.33%

33.33%

(942)

(857)

+ Contributions and minimum annual tax charges

(25)

(9)

5

+ Income taxed at reduced rates

(1)

0

+ Losses for the period not recognized for deferred tax purposes

(16)

(22)

+ Impact of tax consolidation

26 73 34 62

18 (2) 45

+ Differences in foreign subsidiary tax rates

+ Tax credits

+ Tax on prior periods and other tax (b)(c)(d)(e)

5

= Tax charge for the period

(789)

(822)

Of which: taxes payable

(463) (326)

(176)

deferred tax (646) The main permanent differences consist of capital gains taxed under the long-term scheme and tax-exempt earnings of foreign subsidiaries. (a) Permanent differences also included the impacts of the SBT and SRF, both of which are non-deductible expenses. Of which: -€237.6 million for the derecognition of the previous tax loss on the tax consolidation group in France mainly related to the decrease in (b) the corporate tax rate as of 2020 (derecognition of -€158 million at December 31, 2016), and +€104.7 million in income on deferred tax assets on US platforms in light of the change in the tax rates applied to deferred tax assets due to the tax cuts adopted. In 2016, including income relating to Natixis’ claim on the taxation in previous fiscal years of dividends and capital gains on the disposal of CCIs as (c) well as the impact of tax audits. Of which: tax savings of +€80.2 million resulting from the offset of previously unrecognized tax losses against 2017 profits (€5 million at (d) December 31, 2016). Of which +€105.6 million in income from the refund of the 3% tax on dividends paid, further to the decision of the Constitutional Council of (e) October 6, 2017 versus an expense of -€21 million at December 31, 2016.

Tax audits Natixis S.A.

Natixis Investment Managers P1 The audit which initially covered the 2010 and 2011 fiscal years was extendedto 2012 to 2014. Natixis InvestmentManagersP1 (formerlyNGAMP1) receivedan audit proposalon December 23, 2016. Following an appeal at a higher level, the proposed adjustments were partiallyabandoned. The net impact of these procedureswere entirely recognizedat December 31,2016 and resultedin an expenseof -€23.6 million.

Natixis S.A. was subject to an audit covering the 2008 to 2013 fiscal years. Following this audit, Natixis S.A. received a reassessment notice dated December 19, 2016. Natixis S.A. intends to contest the majority of the proposedadjustmentsand has recordeda provisionfor the estimatedrisk. Natixis Germany Natixis’ German subsidiary is currently subject to an audit covering the 2009 to 2014 fiscal years. A reassessmentnotice regarding the refund of withholding tax in respect of dividends and covering the 2009 fiscal year was received in December 2016. Natixis Germany intends to contest the proposedadjustment.

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Natixis Registration Document 2017