BPCE_REGISTRATION_DOCUMENT_2017

5 FINANCIAL REPORT

Statutory Auditors’ report on the consolidated financial statements

Statutory Auditors’ report on the 5.4 consolidated financial statements

This is a free translationinto Englishof the StatutoryAuditors'reportissuedin Frenchand is providedsolelyfor the convenienceof Englishspeaking readers.This reportincludesinformationspecificallyrequiredby Europeanregulationsor Frenchlaw, suchas informationaboutthe appointmentof Statutory Auditors. This report should be read in conjunctionwith, and construed in accordancewith, French law and professionalstandards applicablein France.

For the year ended December 31, 2017 To the Annual GeneralShareholders’Meeting, BPCE SA group 50, avenue Pierre Mendès-France 75201 Paris cedex 13

Opinion In compliancewith the engagemententrustedto us by your Annual GeneralMeeting,we have audited the accompanyingconsolidatedfinancial statements of BPCESA group forthe yearendedDecember31, 2017. In our opinion, the consolidatedfinancial statementsgive a true and fair view of the assets and liabilities and of the financial position of the Group as at December 31, 2017 and of the results of its operationsfor the year then ended in accordancewith InternationalFinancialReporting Standardsas adopted by theEuropeanUnion. The audit opinionexpressedabove is consistentwith our report to the Audit Committee. Audit Framework We conductedour audit in accordancewith professionalstandardsapplicablein France. We believe that the audit evidencewe have obtainedis sufficient and appropriate to provide abasis for our opinion. Our responsibilitiesunder those standards are further described in the “Statutory Auditors’ Responsibilitiesfor the Audit of the Consolidated Financial Statements” section of our report. Independence We conductedour audit engagementin compliancewith independencerules applicableto us, for the period from January the FrenchCode of ethics (Codede déontologie) for statutory auditors. Furthermore,the non-audit services that we provided to your Company and its controlled undertakingsduring the financial year that are not disclosed inthe managementreport or in the notesto the consolidatedfinancialstatements are as follows: - Deloitte& Associés:the mainmissionscarriedout in the 2017 financialyear, includedthe verificationof the requirementCSR Information is included in the managementreport for BPCE SA, Natixis and Crédit Foncier entities. Moreover, in the Natixis scope, the main missions mainly relate to regulatory reporting compliance reviews or those requested by the regulators and comfort letters as part of issuance program and attestations; - Mazars: the mainmissions carriedout in the 2017financial year concernCSR missions; - PricewaterhouseCoopersAudit: the missionscarried out in the 2017 financialyear concerncomfortletters, complianceprocedurereviews, tax consultations and CSR missions. our report and specificallywe did not provide any prohibitednon-auditservices referred to in Article Basis for Opinion

1, 2017 to the date of

5(1) of Regulation(EU) No. 537/2014or in

Justification of Assessments – Key Audit Matters In accordance with the requirements of Articles L.

823-9 and R. 823-7 of the French Commercial Code (code de commerce) relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatementthat, in our professional judgment, were of most significancein our audit of the consolidatedfinancial statementsof the current period, as well as how we addressed those risks. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and wedo not provide aseparate opinion onspecific items of the consolidated financial statements.

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Registration document 2017