NATIXIS_REGISTRATION_DOCUMENT_2017

5 FINANCIAL DATA

Consolidated financial statements and notes

Impact of changes to percentage holdings in subsidiaries still under control 3.3.2 at December 31, 2017

The Group’s % interest at the beginning of the period

The Group’s % interest at the end of the period

Impact of changes in the percentage on Equity

(in millions of euros)

Share of non-controlling interests (change in investment)

Group share

Buyout by Natixis of minority shareholders’investments

60.00

100.00

(94)

(179)

BPCE Assurance

Interests in partnerships 3.4 and associates

3.3.3

Impact of the loss of control during the period of a subsidiary in which an interest is retained

3.4.1

Types of partnerships and associates with

No such transactionwas recordedin either 2016 or 2017.

which Natixis has dealings Partnerships (joint operations and joint-ventures)

Material restrictions 3.3.4 Natixis is subject to liquidity risk supervision,which requires it to establish a liquidity pool limiting the use of the assets constituting it (see Note 3.9.2 “Management of liquidity and funding risk” of Chapter 3, “Risks and Capital Adequacy, of the registrationdocument) . Furthermore, some entities are subject to local regulations concerningliquidityand solvency. The share of encumbered assets that cannot be freely used is presented in Section 3.9 of Chapter 3, “Risks and Capital Adequacy,”of the registrationdocument. Despite the applicationof exchange controls in some countries, Natixis did not encounterdifficultiestransferringthe dividendsof subsidiarieslocatedin these countriesduringthe period. Assets representative of unit-linked policies from insurance activities measured under the fair value through profit or loss optionare held for the benefitof policyholders.

Natixis Financementis a stakeholderin partnershipsin the form of sociétés en participation (SEPs), with a lending institution (Banque Populaire bank or Caisse d’Epargne). The purpose of these SEPs is to ensure the origination, distribution,marketing, managementand out-of-courtcollectionof: personal repayment loans granted by the Banque Populaire or a Caissed’Epargnenetwork; revolving credit products granted by Natixis Financement to a the customers of the Banque Populaire or Caisse d’Epargne network. Through these partnerships, the various associates contribute human and material resources and skills. The associates remain the owners of the property or rights available for use by the company (even in the event of the company’s liquidation). The company’sincomeis shared in accordancewith allocationcriteria set out in the bylaws.Decisionsconcerningthe relevantactivities of the SEPs are made unanimously.These partnershipsare joint operationsas definedin IFRS 11. Natixis does not have interestsin joint-ventureshaving a material impacton Natixis’consolidatedfinancialstatements.

Associates The main investmentby Natixisconsolidatedusing the equitymethodat December 31,2017 is the EDF InvestmentGroup(EIG) entity.

Table summarizing investments in associates At December 31, 2017

Value of the investments in associates

Gains or losses recorded directly in equity

Net income

(in millions of euros) Joint-ventures Affiliates

734 521 213

26 10 15

(3) (0) (3)

EDF Investment Group (EIG)

Other entities

TOTAL

734

26

(3)

220

Natixis Registration Document 2017