BPCE_REGISTRATION_DOCUMENT_2017

FINANCIAL REPORT IFRS Consolidated Financial Statements of Groupe BPCE as at December 31, 2017

Note 15

Fair value of financial assets and liabilities at amortized cost

For financial instruments not measured at fair value on the balance sheet, fair value calculations are provided for information purposes and must only be interpreted as estimates. In most cases, the values indicated are not liable to be realized and generally may not be realized in practice.

These fair values are thus only calculatedfor informationpurposes in the notes to the financial statements.They are not indicatorsused in the interest of overseeing retail banking activities, for which the managementmodel is based oncollectionof expected cash flows. The simplified assumptions used to measure the fair value of instruments at amortized costs are presented inNote 4.1.6.

12/31/2017

12/31/2016

Price quoted in an active market (Level 1)

Measurement techniques using observable data (Level 2)

Measurement techniques using unobservable data (Level 3)

Price quoted in an active market (Level 1)

Measurement techniques using observable data (Level 2)

Measurement techniques using unobservable data (Level 3)

Fair value

Fair value

in millions of euros

FINANCIALASSETS AT AMORTIZEDCOST Loans and receivablesdue from creditinstitutions Loans and receivablesdue from customers Held-to-maturity financial assets FINANCIALLIABILITIES AT AMORTIZED COST Amounts dueto credit institutions

93,229

100

31,811

61,318 96,678

34

26,669

69,975

713,515 1,581

142,774

569,160 687,218

556

119,064

567,598

8,716 8,353

231

132 10,689 10,175

200

314

91,844

62

79,476

12,306 86,617

67,096 246,081 142,252 20,192

19,521 287,755 98,797

5

Amounts dueto customers 570,782

36

316,348

254,398 533,836

Debt securities

223,045 1,124

146,462

75,459 241,049

Subordinated debt

20,562

19,893

669 21,831

1,639

Note 16

Interests in non-consolidated structured entities

NATURE OF INTERESTS IN 16.1

An interest in an entity corresponds to all types of relationship, contractualor not, that exposesGroupe BPCE to a risk of fluctuations in returns relating to the entity’s performance. Interests in another entity may be evidenced by, among others, the holding of equity instruments or debt securities, as well as, by other types of relationship, such as financing, short-term credit facilities, credit enhancement, provision of guarantees or structured derivatives. As a result, the following are not included in the scope of this note: structuredentities which are associatedwith Groupe BPCE through ● a current transaction alone. This corresponds to an unstructured financial instrument which generally does not have a material impact on the variability of the structured entity’s returns and which could be concludedby Groupe BPCE with structuredentities or classically-governedentities alike. The main kinds of current transactions are: plain vanilla fixed-income, foreign exchange and other - underlying derivatives, as well as securities lending/borrowing and repurchase agreementransactions,

NON-CONSOLIDATED STRUCTURED ENTITIES

A non-consolidatedstructuredentity is a structuredentity that is not controlled and is therefore not accounted for using the full consolidationmethod.As a result, the interestsheld in a joint venture or associate which is classed as a structured entity falls within the scope of this note. The same is true of controlled structured entities that are not consolidateddue tothreshold reasons. This includes all structured entities in which Groupe BPCE holds an interest andintervenesin one or more of the following capacities: originator/structurer/arranger; ● placement agent; ● manager; ● in any other capacitythat has a major impact on the structuringor ● management of the transaction (e.g. provision of financing, guarantees or structuring derivatives, tax investor, major investor,etc.).

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Registration document 2017