BPCE - 2018 Registration document

5 FINANCIAL REPORT

IFRS Consolidated Financial Statements of Groupe BPCE as at December 31, 2018

This transaction generated goodwill of € 37 million as at December 31, 2018, as determined using the partial goodwill method. Natixis also committed to buy out minority shareholders’ shares for € 28 million. Acquisition of Vermilion Partners by Natixis Natixis also completed the acquisition of the Vermilion Partners group, a specialist in cross-border transactions involving China and in advising on both inbound and outbound M&A transactions. Natixis holds a 51% stake in Vermilion Partners. Natixis exercises control over this group within the meaning of IFRS 10 and fully consolidates it. This transaction generated goodwill of € 11 million as at December 31, 2018, as determined using the partial goodwill method. Natixis also committed to buy out minority shareholders’ shares for € 15 million. Acquisition of Alter CE (Comitéo) by Natixis Furthermore, Natixis completed the acquisition of Alter CE (Comiteo), a company specializing in online services for works councils. Natixis holds a 70% stake in Alter CE, exercises control over it within the meaning of IFRS 10, and fully consolidates this entity. This transaction generated goodwill of € 20 million as at December 31, 2018, as determined using the partial goodwill method. Natixis also holds put options on minority interests in the amount of € 9 million. Acquisition of MV Crédit France by Natixis Lastly, Natixis completed the acquisition of MV Crédit, a European credit specialist focused on private debt. MV Credit became a new affiliate of Natixis Investment Managers, providing investors with access to a wide range of expertise in private equity, private debt, real estate and infrastructure. Natixis owns 100% of the capital of MV Crédit, exercises control over it within the meaning of IFRS 10, and fully consolidates this entity. This transaction generated goodwill of € 123 million as at December 31, 2018. Other changes in scope Newly consolidated entities The following entities were newly consolidated during fiscal year 2018: FIRST QUARTER OF 2018 SAS Garibaldi Participations, under Banque Populaire Rhône Alpes; ● SAS Sirra (Société immobilière de la région Rhône Alpes), under ● Banque Populaire Rhône Alpes; SCI Marcel Paul Ecureuil, SCI Noyelles and SCI Lavoisier Ecureuil. ● SECOND QUARTER OF 2018 SCI Loire Centre Montespan, under Caisse d’Epargne Loire-Centre. ● THIRD QUARTER OF 2018 CEPAC Foncière, under Caisse d’Epargne Provence-Alpes-Corse; ● SAS NSAVADE, under Caisse d’Epargne Hauts de France; ● SCI Avenue Willy Brandt under Caisse d’Epargne Hauts de France; ● SA Baltiq under BRED; ● NAXICAP RENDEMENT 2024. ●

subsequent changes in this liability relating to any change in the ● estimated exercise price of the options and the carrying amount of “Non-controlling interests” are fully booked as “Retained earnings, attributable to equity holders of the parent”; in the event of a buyback, the liability is settled by the cash ● payment related to the acquisition of minority shareholders’ stakes in the subsidiary in question. However, on maturity of the commitment, if the buyback does not take place, the liability is written off against non-controlling interests and “Retained earnings, attributable to equity holders of the parent” according to their respective amounts; as long as the options have not been exercised, results from ● non-controlling interests subject to put options are included in the consolidated income statement as “Non-controlling interests”. 3.3.5 The entities included in the scope of consolidation close their accounts on December 31. Consolidated entities’ balance sheet date CHANGES IN SCOPE OF CONSOLIDATION DURING FISCAL YEAR 2018 The main changes in the scope of consolidation during 2018 are presented below: Merger within the consolidating entity Establishment of Caisse d’Epargne Grand Est Europe On June 23, 2018, the Annual General Shareholders’ Meetings of Caisses d’Epargne d’Alsace and Lorraine Champagne-Ardenne ratified the merger agreement between the two Caisses, creating the Caisse d’Epargne Grand Est Europe. This merger between the two entities of the consolidating entity had no material impact on the Group’s consolidated financial statements. Merger of Banque Populaire Aquitaine Centre Atlantique with Caisse de Crédit Maritime Littoral du Sud-Ouest The merger of Caisse de Crédit Maritime Littoral du Sud-Ouest and Banque Populaire Aquitaine Centre Atlantique was enacted at the Annual General Shareholders’ Meeting on May 29, 2018. This merger had no material impact on the Group’s consolidated financial statements. Changes in the ownership interest in subsidiaries at December 31, 2018 (with no impact on control) 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 70.78% at December 31, 2018 ( versus 71.02% at December 31, 2017). The impact of this change on equity attributable to equity holders of the parent was not material. Acquisitions of a controlling interest by Natixis Finalization of the acquisition of Fenchurch Advisory Partners by Natixis Natixis has completed the acquisition of Fenchurch Advisory Partners (“Fenchurch”), a specialist corporate finance advisory firm exclusively focused on the financial services sector. Natixis owns 51% of the capital of Fenchurch, exercises control over it within the meaning of IFRS 10, and fully consolidates this entity. 3.4

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Registration document 2018