BPCE_REGISTRATION_DOCUMENT_2017

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

Changes in the ownership interest in subsidiaries at December 31, 2017 (with no impact on control)

Followingthis acquisition,a mandatorypublic bid was made for all of the outstanding Dalenys shares (the initial acceptance period ran from December11, 2017 to January22, 2018). Natixis, via its subsidiary,exercisescontrol over this entity within the € 72 million as at December31, 2017,as determinedusing the partial goodwill method. Acquisition of Althelia Ecosphère In 2017, Natixis finalized the acquisition of 51% of Althelia Ecosphère. As of December 31, 2017, Natixis exercises control over this entity within themeaningof IFRS10, and fully consolidates it. This transactiongeneratedgoodwill of € 3 million as at December 31, In 2017, Natixis, via one of its subsidiaries,acquired a majority stake (51.9%)in the AustralianinvestmentmanagementcompanyInvestors Mutual Limited (IML). It has the option to acquire the remaining shares byexercisingreciprocal put and call options. Natixis exercises control over this entity within the meaning of IFRS 10, and fully consolidates it. This transaction generated goodwill of € 100 million as at December31, 2017,as determinedusing the partial goodwill method. Sale of Ellisphère and its subsidiary IJCOF Corporate As part of the Corporate Data Solutions activities, Natixis sold Ellisphèreand its subsidiaryIJCOF Corporatein the first half of 2017. These entities had been treated under IFRS 5 since 2016 owing to ongoing negotiationsfor their disposal. The full sale of these entities outside the Group generateda capital gain (excludingthe tax impact) of € 21 million. Sale of Sky Elite Tours Sarl BPCE International sold its stake in Sky Elite Tours Sarl in October2017. This disposal had nomaterialimpact onincome. Sale of Al Mansour Palace In July 2017, BPCE Internationalsold its stake in Al Mansour Palace. This disposal had nomaterialimpact onincome. Total transfer of the assets and liabilities of GCE Foncier Coinvest to BPCE SA group Following the takeover by BPCE SA group of Crédit Foncier’s stake in GCE Foncier Coinvest in the second quarter of 2017, this entity was absorbed by a total transfer of assets and liabilities with effect from December27, 2017. meaning of IFRS10, and fully consolidates it. This transaction generated goodwill of 2017, as determinedusing the partial goodwill method. Acquisition of Investors Mutual Limited (IML) Other changes in scope

Change in the Group’s ownership interest in Natixis Following a number of transactions in its own shares, the Group’s stake in Natixis stood at 71.02% at December 31, 2017 ( versus 71.03% at December 31, 2016). The impact of this change on equity attributable to equityholdersof the parent wasnot material. Acquisition of 40% of BPCE Assurances’ capital Natixis, via Natixis Assurances, finalized the acquisition of 40% of BPCE Assurances from Macif (25%) and Maif (15%). Following this transaction, Natixis Assurances is the sole shareholder of BPCE Assurances. As this acquisitionhad no impact on Natixis’ control of the company, goodwill was charged directly against equity attributable to equity holdersof the parent inthe amount of € 80 million. Transfer of S-money and its subsidiary Lakooz from BPCE SA group to Natixis In 2017, Natixis acquired the 100% stake held by BPCE SA group 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 companies specialize in new onlinepaymentmethods. The Group’s interest in these entities stood at 71.02% as of December 31, 2017, compared to 100% at December 31, 2016. This transfer had no material impact on equity attributable to equity holdersof the parent. Transfer of Inter-Coop and Bati Lease owned by Crédit Coopératif to Natixis As of December 31, 2017, Natixis purchased the majority holdings owned by CréditCoopératif. The Group’s interest in Inter-Coop and Bati Lease stood at 71.02% and 68.73% respectively at December 31, 2017, compared to 100% and 96.77% at December 31, 2016. The impact of this on equity attributable to equityholdersof the parent wasnot material. Acquisition of PayPlug In 2017 Natixis finalizedthe acquisitionof PayPlug,in which it held a 78.54% interest as of December 31, 2017 and an option to buy the remainingshares by exercisingreciprocal put and call options. Natixis exercises control over this entity within the meaning of IFRS 10, and fully consolidates it. This transaction generated goodwill of € 14 million as at December31, 2017,as determinedusing the partial goodwill method. Acquisition of Dalenys In the fourth quarter of 2017, Natixis finalized the acquisition of 54.3% of Dalenys, via a subsidiary. Acquisition of a controlling interest in subsidiaries

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Registration document 2017