NATIXIS_REGISTRATION_DOCUMENT_2017

ENVIRONMENTAL AND SOCIAL RESPONSIBILITY Report by one of the Statutory Auditors

II 

REASONED OPINION

and initiatives), implemented analytical procedures on the quantitative information, checked the calculation and consolidation of the data on the basis of spot checks, and ascertained that they were coherent and consistent with the other informationprovidedin the managementreport; at the level of a representativesample of entities selected by a us (2) on the basis of their activity, their contribution to the consolidated indicators, their location and a risk analysis, we conducted interviews to verify that procedures are properly applied, and we performed tests of details, using sampling techniques,in order to verify the calculationsand reconcilethe data with the supporting documents. The sample selected in this way represented69%of staff between23% and 100%of the other quantitativeinformationpublished. For the remainingconsolidatedESR Information,we assessedits consistencybasedon our understandingof the company. Finally, we have assessed the relevance of the related explanations, where applicable, regarding the total or partial absenceof certain information. We believe that the sampling methods and the size of the samples chosen by us while exercising our professional judgementallowus to expressa conclusionof limitedassurance; a higher level of assurancewould have requiredmore extensive work. Due to the use of sampling techniques and other limitations inherent to information and internal control systems, the risk of not detecting a material misstatement in the CSR Informationcannotbe totallyeliminated. Conclusion Based on our work, we did not observe any significant misstatement likely to call into question the fact that the ESR Information,taken as a whole, is presented in a fair manner, in accordancewith the Standard.

ON THE FAIRNESS OF THE ESR INFORMATION

Nature and scope of the work We held meetings with six individuals responsiblefor preparing the CSR Information at the departments in charge of gathering the information, and where applicable, with the individuals responsible for the internal control and risk management procedures,in order to: assess the appropriate nature of the Standard in terms of its a relevance, completeness, reliability, objectivity, and comprehensiblenature, taking best practices in the sector into consideration,whereapplicable; ascertain that an information-gathering, compilation, a processingand control process had been implemented,with a view to the completenessand consistencyof the Information, and familiarize ourselves with the internal control and risk managementproceduresrelatingto the preparationof the ESR Information. We determinedthe nature and extent of our checks and controls in accordance with the nature and significance of the CSR Information, in view of the company’s specific features, the social and environmental challenges posed by its business activities, its sustainable development strategy and of best practicesin the sector. Regarding the ESR Information that we considered to be the most important (1) : at the level of the consolidating entity, we consulted the a documentary sources, and held meetings in order to corroborate the qualitative information (organization, policies

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Neuilly-sur-Seine, March 23, 2018 One of the Statutory Auditors, Deloitte & Associés

Charlotte Vandeputte Partner

Julien Rivals Partner, sustainable development

Quantitative social indicators : Global staff at 31/12/2017, Total number of hires, Total number of departures including redundancies, Percentage (1) of women in the senior executive category, Percentage of women in the Executive Committee, Total number of training hours. training hours. Quantitative environmental indicators : Energy consumption: electricity, heating and cooling utilities in office buildings - excluding data centers (in MWh), Energy consumption of data centers, Energy consumption of buildings and data centers, Carbon footprint assessment. Qualitative societal indicators : SRI and solidarity assets under management (in billions of euros). Qualitative information : Adherence to international agreements (contribution to SDG), climate risks, organization of employer-employee communication, duty of care (management of risks related to duty of vigilance). Natixis France. (2)

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Natixis Registration Document 2017