BPCE_REGISTRATION_DOCUMENT_2017

5 FINANCIAL REPORT

BPCE management report

Information on subsidiaries, equity investments and branches

Related-party agreements No corporate officer and no shareholderholding more than 10% of the voting rights, signed in 2016 any agreementwith a company in which BPCE holds, either directly or indirectly,more than half of the share capital. In December 2016, certain related-party agreements were downgradedand classed as ordinaryagreementswithin the Group as they fall within the scope of the central institution’s duties, which depend on the organization of the Group’s resources, or which are internalsecuritizationtransactionsand are consideredas regularand ordinary. The decision was also taken to no longer continue with certain agreements due to their obsolescence. Moreover, information concerning commitments and related-party agreements is provided inChapter7. Information regarding ownership of share capital Information concerning the ownership of the share capital is provided inChapter7.

Activity and results of the main subsidiaries The activity and results of the main subsidiaries are described in Chapter 1 of this document. A list of subsidiaries and equity investments is available in Chapter 5 “BPCE parent company financial statements”. Investments and controlling interests In January 2017, BPCE acquired shares in S.E MAB, for € 9 million, taking itsstake to 99.99%. In March 2017, BPCE subscribed (for € 100 million) to the capital increase of BPCE International et Outre-Mer, where it is the sole shareholder. In April 2017, the Crédit Logement shares held by various Caisses d’Epargne were acquired for a total of € 103 million, taking BPCE’s stake to 8.5%. In July 2017, BPCE subscribed to the capital increase of Editions de l’Epargne for atotal of € 300,000. In August 2017, BPCE acquired shares in GCE Foncier Coinvest for € 58 million and subsequentlyshares in Maison France Confort Prou Investissement via the total transfer of assets and liabilities. Followingthe absorptionof GCE Foncier Coinvest,the shares of MFC Prou Investissementshave been included in BPCE’s balance sheet in the amountof € 91 million. BPCE paid 3F Holding GmbH € 88 million in August, followed by € 590,000 in October 2017 in respect of the increase in its capital reserve. In December 2017, BPCE took a stake in Paylib Services by acquiring shares amounting to € 480,000. Employee participation in the share capital Informationconcerningemployeeparticipationin the share capital is provided inChapter7. Information concerning company directors Information concerningcompanydirectorsis provided inChapter2. List of directorships and offices Information concerning the list of directorships and offices of companydirectors is provided inChapter2. Remuneration and benefits Informationconcerningremunerationand benefits granted by BPCE to the companydirectors is provided inChapter2. Branches BPCE ownsno branches.

Trading by bpce in its own shares In 2017,BPCE didnot trade in its own shares.

Information regarding inactive accounts (Articles L. 312-19, L. 312-20 and R. 312-21 of the French Monetary and Financial Code) As BPCE holds no individual current accounts it is not affected by these articles.

Disposals of shares Share disposalsover theperiodwere asfollows:

S-money, inFebruaryand October2017 for € 37 million; ● Union Asset Management Holding in December ● € 1 million; Technology Shared Services Africa in December ● € 762,000; Liquidations overthe periodwere as follows: Gexban and The Yunus Movie Project in January ● material impact; EPF in November2017 with nomaterial impact. ● GCE Foncier Coinvest,Anubis, Turgeonand Percy were absorbedwith no material impact by BPCE, through the total transfer of assets and liabilities.

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Registration document 2017