NATIXIS_REGISTRATION_DOCUMENT_2017

FINANCIAL DATA Consolidated financial statements and notes

CONSOLIDATION SCOPE

NOTE 3

Key events 3.1 In 2017, Natixis acquired the 100% stake held by BPCE in S-Moneyand its subsidiaryLakoozin two stages(51% in the first half of 2017 and 49% in the second half of the year). These two companiesspecializein newonlinepaymentmethods. As the acquisition took place between entities under the same ownership structure, the assets and liabilities of the acquired entitieswere recordedat their book value in Natixis’consolidated financial statements and the difference between the price paid and Natixis’ share in the book value of the acquired entity’s assets and liabilities was deducted from shareholders’equity in the amountof €19.8million. The acquisitionof the remaining49% stake in the second half of 2017 was treated like the impact of changes to the percentage of ownership in consolidatedentities without loss of control. Its impacton equitywas a decreasein the amountof €18.6million. The past goodwill recorded in BPCE’s consolidated financial statements, calculated using the full goodwill method, which would have been recognized when Groupe BPCE entered Lakooz’ capital, was recorded in Natixis’ financial statementsfor the amountrecordedby BPCE, i.e. €11.8million. Natixis exercises control over these two entities within the meaningof IFRS 10,and fully consolidatesthem. In 2017, Natixis had finalizedthe acquisitionof PayPlug,a fintech company specialized in online payments for very small businessesand SMEs. Following the capital increase carried out immediately after the acquisition,Natixis held 78.54%of PayPlug’s share capital as at December 31,2017. The company’smanagementholds shares alongsideNatixis and exit provisionsare in place which, if exercised,allows Natixis to acquire all the remaining capital. The promise to buy/sell shares led to the recognitionof put optionson minorityshareholders,for €5.8million. Natixis exercises control over this entity within the meaning of IFRS 10,and fully consolidatesit. This transaction generated goodwill of €14.3 million as at December 31, 2017, as determined using the partial goodwill method. In addition, in the fourth quarter of 2017, Natixis - via Natixis Belgique Investissements- finalized the acquisitionof 54.3% of Dalenys (representing 61.3% of voting rights) from Dalenys’ main shareholders. Following this acquisition, Natixis Belgique Investissements made a mandatory public bid offering €9 per share for all outstanding Dalenys shares, with the initial acceptance period running from December 11, 2017, to January 22, 2018. Consequently, at December 31, 2017, Natixis recognized a financialliabilityof €77.5million. Via Natixis Belgique Investissements,Natixis exercises control over Dalenys within the meaning of IFRS 10, and fully consolidatesthe entity. This transaction generated goodwill of €72.3 million as at December 31, 2017, as determined using the partial goodwill method.

Natixis, via Mirova, a subsidiaryof Natixis InvestmentManagers, also finalized the acquisition of Althelia Ecosphère, an asset managementcompany specialized in impact investing in natural capital (global warming and protection of local regions, biodiversity,groundresourcesand maritimeresources). ThroughMirova, Natixis held 51% of Althelia Ecosphère’scapital at December 31,2017. Natixis exercises control over this entity withinthe meaningof IFRS 10,and fully consolidatesit. This transaction generated goodwill of €3.2 million as at December 31, 2017, as determined using the partial goodwill method. Furthermore, Natixis, via Natixis Assurances, finalized the acquisition of 40% of BPCE Assurances from Macif (25%) and Maif (15%). Followingthis transaction,Natixis Assurancesis the sole shareholderof BPCEAssurances. As this acquisition had no impact on Natixis’ control, goodwill was charged directly against shareholders’equity in the amount of €94 million. At December 31, 2017, Natixis acquired majority interests in InterCoop and Bati Lease from Crédit Coopératif, a BPCE subsidiary.It holds a 100%and 96.77%interestin these entities, respectively. As the acquisition of InterCoop and Bati Lease took place between entities under the same ownership structure, the assets and liabilities of the acquired entities were recorded at their book value in Natixis’ consolidatedfinancial statementsand the difference between the price paid and Natixis’ share in the book value of the acquired entity’s assets and liabilities was added (negative goodwill) to shareholders’equity in the amount of €18.4million. Natixis exercises control over these two entities within the meaningof IFRS 10,and fully consolidatesthem. Furthermore,Natixis, via Natixis InvestmentManagers,acquired a majority stake (51.9%) in the Australian investment managementcompanyInvestorsMutualLimited(IML). The company’smanagementholds shares alongsideNatixis and exit provisions are in place which, if exercised, would allow Natixis to acquire all the remaining capital. The promise to buy/sell shares led to the recognitionof put options on minority shareholders,for €57.9million. Via Natixis InvestmentManagers, Natixis exercises control over IML within the meaning of IFRS 10, and fully consolidates the entity. This transaction generated goodwill of €100.4 million as at December 31, 2017, as determined using the partial goodwill method. Finally, in terms of the activities of Corporate Data Solutions, Natixis sold Ellisphere and its subsidiary IJCOF Corporate in the first half of 2017. Since 2016, these entities had been treated under IFRS 5 owing to ongoing negotiations for their disposal. The full sale of these entities outside Natixis generateda capital gain (excluding the tax impact) of €21.5 million. After these disposals, the Corporate Data Solutions Division no longer held any assets and its holding company Natixis HCP was absorbed by Natixis (via a total transfer of assets and liabilities) in June 2017. This transfer had no impact on the consolidated financialstatementsas it was an internalrestructuringoperation.

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Natixis Registration Document 2017