BPCE. Update to credit analysis - Full year CREDIT OPINION 21 February Update

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1 CREDIT OPINION 21 February 218 Update to credit analysis - Full year 217 Update Summary This credit opinion refers to both (1) Groupe BPCE (or the group), which is made up of BPCE and its operating subsidiaries, as well as the cooperative networks of Banques Populaires (BP) and Caisses d'epargne (CE); and (2) BPCE (or the bank; positive, ) and its operating subsidiaries, notably Natixis ( positive, ba1) and Crédit Foncier de France (CFF; positive, b1). RATINGS BPCE Domicile Paris, France Long Term Debt Type Senior Unsecured - Fgn Curr Long Term Deposit Type LT Bank Deposits - Fgn Curr Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Laurent Le Mouel VP-Senior Analyst laurent.lemouel@moodys.com Pierre-Alexandre Germont Associate Analyst pierre-alexandre.germont@moodys.com Alain Laurin Associate Managing Director alain.laurin@moodys.com Nick Hill MD-Banking nick.hill@moodys.com BPCE BPCE s deposit and senior unsecured ratings of primarily reflect the bank s baa2 Adjusted Baseline Credit Assessment (BCA), which incorporates three notches of affiliate-backed support from Groupe BPCE, based on the strong solidarity mechanism prevailing within the group and enshrined in the French law. The baa2 Adjusted BCA reflects the group's diversified and stable flow of retail and commercial banking earnings, as well as its good capitalisation, significant reliance on wholesale funding and relatively weak efficiency. BPCE's standalone BCA of reflects higher concentration risk and more volatile activities of the bank s main subsidiaries, Natixis and CFF. The deposit and senior unsecured ratings are also underpinned by the group's liability structure, which, under our advanced Loss Given Failure (LGF) analysis, indicates a very low loss-given-failure and leads to a two-notch uplift from the Adjusted BCA. The ratings also reflect a moderate probability of government support, resulting in an additional one-notch uplift. The positive outlook on BPCE's deposit and debt ratings reflects expected trends in the group's profitability and capitalisation over the next months. Exhibit 1 Rating Scorecard - Key financial ratios Groupe BPCE(BCA: baa2) 14% 12% 1% 8% 6% 4% 2% 3.7% % Asset Risk: Problem Loans/ Gross Loans CLIENT SERVICES 14.% 39.2% 28.6%.3% Profitability: Net Funding Structure: Liquid Resources: Liquid Capital: Banking Assets/Tangible Market Funds/ Tangible Tangible Common Income/ Banking Assets Tangible Banking Assets Assets Equity/Risk-Weighted Assets Solvency Factors (LHS) Americas Asia Pacific Japan EMEA Median baa2-rated banks 16% Source: Moody's Financial Metrics Liquidity Factors (RHS) 45% 4% 35% 3% 25% 2% 15% 1% 5% %

2 Credit strengths» Groupe BPCE's solidarity mechanism is designed to ensure that capital and liquidity are adequately distributed among affiliates and flow easily across the group, in case of need (see BPCE, Credit Agricole, Credit Mutuel: Solidarity mechanisms ensure the strong unity of French mutual banking groups).» The group's capitalisation is strong and provides a comfortable buffer against unexpected losses.» BPCE s deposit and senior debt ratings benefit from very low loss-given-failure, which translates into a two-notch uplift from the bank s Adjusted BCA.» We consider Groupe BPCE to be systemically important in France and therefore anticipate a moderate probability of government support, resulting in a one-notch uplift for deposits and senior debt ratings. Credit challenges» Profitability is moderate but stable, despite the earning pressures resulting from the low interest rate environment.» Cost efficiency is relatively weak, posing challenges in a period in which operating costs are expected to increase owing to new investments in the information technology and digital areas. Rating outlook The outlook on BPCE's deposit and senior unsecured debt ratings is positive, reflecting our expectation that the group's new strategy for 22 will (1) deliver a more balanced profitability, with increased focus on non-interest income; (2) reduce the bank's cost base through increased synergies while maintaining a low risk profile; and (3) further increase capitalisation through a Common Equity Tier 1 (CET1) target of 15.5% (Basel III fully loaded). Factors that could lead to an upgrade» BPCE's Adjusted BCA could be upgraded as a result of a reduction in the group's cost structure leading to improved profitability. Higher CET1 capital would also be beneficial to the group's creditworthiness, while we expect Groupe BPCE to maintain its current risk profile. An increase in the Adjusted BCA would likely result in an upgrade of all group ratings.» BPCE's deposit and senior unsecured debt ratings could also be upgraded as a result of lower-than-expected loss-given-failure, stemming from the additional issuance of material amounts of junior, senior or subordinated debt. Factors that could lead to a downgrade» BPCE's Adjusted BCA could be downgraded as a result of an unexpected erosion of Groupe BPCE's profitability or a sudden increase in its asset risk. A decrease in the Adjusted BCA would likely result in a downgrade of all group ratings.» BPCE's deposit and senior unsecured debt ratings could also be downgraded as a result of higher-than-expected loss-given-failure, stemming chiefly from an unexpected decrease in the senior debt outstanding amount. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history February 218 BPCE: Update to credit analysis - Full year 217

3 Key indicators Exhibit 2 BPCE (Consolidated Financials) [1] Total Assets (EUR million) Total Assets (USD million) Tangible Common Equity (EUR million) Tangible Common Equity (USD million) Problem Loans / Gross Loans (%) Tangible Common Equity / Risk Weighted Assets (%) Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) Net Interest Margin (%) PPI / Average RWA (%) Net Income / Tangible Assets (%) Cost / Income Ratio (%) Market Funds / Tangible Banking Assets (%) Liquid Banking Assets / Tangible Banking Assets (%) Gross Loans / Due to Customers (%) , ,742 12,454 14, , ,443 12,478 13, , ,393 11,79 12, , ,224 1,943 13, CAGR/Avg.4 663,9 913,588 1,813 14, Exhibit 3 Groupe BPCE (Consolidated Financials) [1] Total Assets (EUR million) Total Assets (USD million) Tangible Common Equity (EUR million) Tangible Common Equity (USD million) Problem Loans / Gross Loans (%) Tangible Common Equity / Risk Weighted Assets (%) Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) Net Interest Margin (%) PPI / Average RWA (%) Net Income / Tangible Assets (%) Cost / Income Ratio (%) Market Funds / Tangible Banking Assets (%) Liquid Banking Assets / Tangible Banking Assets (%) Gross Loans / Due to Customers (%) ,18,765 1,346,721 54,861 62, ,178,518 1,243,44 53,365 56, ,17,44 1,22,577 48,882 53, ,154,968 1,397,573 45,133 54, CAGR/Avg.4 1,68,855 1,472,82 39,964 55, [1] All figures and ratios are adjusted using Moody's standard adjustments [2] Basel III - fully-loaded or transitional phase-in; IFRS [3] Basel II; IFRS [4] May include rounding differences due to scale of reported amounts [5] Compound Annual Growth Rate (%) based on time period presented for the latest accounting regime [6] Simple average of periods presented for the latest accounting regime. [7] Simple average of Basel III periods presented Source: Moody's Financial Metrics Profile Groupe BPCE is the second-largest mutualist banking group in France (after Groupe Crédit Agricole), with assets of 1.26 trillion as of 31 December 217. The group's domestic market share is 21.6% for customer deposits and 21% for loans (among which, 26.3% for housing loans and 16% for consumer loans). Groupe BPCE is mostly active in commercial and retail banking, through its various networks, such as:» BP (a mutualist network, historically geared towards retail, and small and medium-sized enterprise lending)» CE (a mutualist savings bank, mostly geared towards retail banking)» CFF (a subsidiary of BPCE, specialised in housing loans and funded mainly through covered bonds) 3 21 February 218 BPCE: Update to credit analysis - Full year 217

4 » Banque Palatine (a smaller subsidiary, focused on small and medium-sized enterprises, and medium-sized corporate lending and private banking) Groupe BPCE is also active in commercial and investment banking, specialised lending (leasing, factoring and consumer finance), asset management and insurance through its subsidiary Natixis. With 18, employees and 8, branches, Groupe BPCE serves around 31 million customers. BPCE S.A. was established in July 29 as the central institution of Groupe BPCE, with the French status of Société Anonyme. The bank is jointly and equally owned by the two regional banking networks, BP and CE, while Natixis, CFF and Banque Palatine are its main subsidiaries. BPCE S.A. is charged with monitoring functions such as strategy, risk, etc. According to the French banking law (Code monétaire et financier), BPCE S.A. is also required to ensure the solvency and liquidity of each entity affiliated to the group mutualist network. Groupe BPCE is the consolidation of the regional networks of BP and CE, BPCE S.A. and its subsidiaries, chiefly Natixis, CFF and Banque Palatine; while BPCE is the sub-consolidated entity consisting of BPCE S.A. and its subsidiaries. Detailed credit considerations Groupe BPCE's profitability is moderate but stable Groupe BPCE operates in France mainly through its networks of regional banks (BP and CE) and its major subsidiaries, including Natixis and CFF. The earnings base of the consolidated Groupe BPCE is well diversified from a sectoral viewpoint but is highly dependent on the French macroeconomic environment. Groupe BPCE's net income markedly decreased in 217, by 24.2% (to 3 billion) from last year. Disregarding exceptional and non-recurring items recorded in 216 and 217, the group s underlying net income was stable, though. The group's earnings generation capacity is challenged as a result of the low interest rate environment, which puts pressure on the bank's net interest margins, which declined to 91 basis points (bps) in the first half of 217 from 18 bps in 214. The bank has partially offset some of theses pressures by:» Materially increasing its loan production (outstanding loan rose by 3% per year, on average, from January 214 to June 217, especially driven by the 3.6% annual growth of housing loans, which amount to 46% of the group's total loan book).» Leveraging cross-selling opportunities between Natixis and the retail networks to develop non-interest income business, mainly in insurance and asset management (both activities together accounted for 19% of Groupe BPCE's 217 pretax income, an increase from 13% in 213).» Reducing its credit costs as a result of a de-risking strategy implemented at Natixis, along with the maintenance of high credit standards in the whole group. Credit costs also benefited from markedly improving macroeconomic conditions in France (Groupe BPCE's loan-loss provisions decreased to 2 bps of gross loans in 217 from 36 bps in 213).» Optimising its funding structure to reduce funding costs (Groupe BPCE's average spread above mid-swap on new issuances dropped to 24 bps in 217 from 57 bps in Q1 214) Nevertheless, the group's cost-to-income ratio has constantly stood at a very high level (7.3% in 217), which is well above peers. Groupe BPCE's high operating costs chiefly stem from the coexistence of two extensive retail networks duplicating support functions and generating some inefficiencies. The group has streamlined its network through four mergers of local banks, between November 216 and December 217, and another merger is planned for April 218. Together with other cost-saving initiatives, mergers have generated savings of 863 million since 213. Other mergers are expected by 22. However, the process will take time owing to the high political and social sensitivities surrounding such operations. We expect increasing operating costs as new investments are budgeted in the information technology and digital banking areas. Thus Groupe BPCE's cost-to-income ratio will remain above European peers' levels. The ba1 score assigned to the group's Profitability reflects 4 21 February 218 BPCE: Update to credit analysis - Full year 217

5 the stability and diversity of its earnings, which is not fully evidenced by the moderate net income/tangible assets of.3%. BPCE's lower Profitability score of b1 reflects the bank's narrower earnings base. Groupe BPCE's liquidity and funding position is improving, but still relies on wholesale funding Like most French banks, Groupe BPCE is reliant on the confidence-sensitive interbank and capital markets, as shown by its relatively high gross customer loan-to-deposit ratio of 12% as of December 217. Since 212, the group has diversified its funding sources (as of December 217, 52% of unsecured bonds issued were denominated in foreign currencies, principally in US dollars and Japanese yens) and reduced its overall funding needs by deleveraging and transitioning its wholesale activities to an originate-to-distribute model. However, a still material part of Groupe BPCE's wholesale funding is short term ( 11 billion as of December 217). Although the group's liquidity buffer of 214 billion covers 174% of short-term funding and medium and long-term debt maturing in less than one year, a significant portion of this buffer is made up of loans and retained securitisations eligible as collateral by the European Central Bank, which do not necessarily benefit from a liquid private secondary market. For those assets, therefore, the central bank is likely to be the only source of liquidity in a stress scenario. This limits the quality of the group's liquid assets despite the fact that it reported a liquidity coverage ratio above 11% as of December 217. The group's and the bank's ba Combined Liquidity scores reflect these elements. Asset quality is strong because of recovering macroeconomic conditions in France The group's asset quality is robust, reflecting principally the low risk profile of its domestic retail banking activities. In 217, the group's aggregate cost of risk was 2 bps of gross loans, down from 22 bps in full-year 216, as a result of improving macroeconomic conditions in France where the group is mainly concentrated. The group's sizeable exposures to its French counterparts make its overall asset-quality profile highly correlated to this economy. Exhibit 4 Groupe BPCE's asset risk dropped in all business lines Groupe BPCE's cost of risk (as % of gross loans) Groupe BPCE Retail Banking Corporate and Investment Banking Source: Groupe BPCE's financial statements The cost of risk in wholesale banking is also low, with Natixis' average cost of risk on corporate and investment banking materially decreasing to 2 bps of outstanding loans in 217 from 34 bps in 216. Credit costs were mostly affected by additional provisions on the oil and gas sector, of 72 million, in H Natixis' improved risk profile primarily reflects the recovery of the French economy since early 215. Nevertheless, Natixis' asset risk is subject to volatility because of the nature of its corporate and investment banking activities, which entail elevated single-borrower concentrations and market-risk-sensitive capital market activities. Groupe BPCE's improved cost of risk is reflected in its Asset Risk score. BPCE's lower Asset Risk score of baa2 mainly reflects its higher risk concentrations relative to the group. Capitalisation is strong and continues to improve Groupe BPCE is strongly capitalised, with a CET1 ratio of 15.4% and a total capital ratio of 19.2% (Basel III fully loaded) as of December 217, at the higher end of large French banks' capital ratios. Groupe BPCE's capitalisation is close to its recently announced (November 217) capital targets of 15.5% CET1 capital. The overall negative impact stemming from the initial application of IFRS 9 on Groupe BPCE s CET 1 ratio is relatively low, at an estimated 2 bps February 218 BPCE: Update to credit analysis - Full year 217

6 Although Groupe BPCE is no longer considered by the Financial Stability Board (FSB) to be a global systemically important bank (GSIB), it is close to the threshold and could re-enter this category in the future. Therefore, the group's total capital objective is set at a high level so as to comply with the total loss-absorbing capacity (TLAC) requirement applicable to GSIBs. Groupe BPCE estimates this requirement at 21.5% as of January 219. The group is already close to this level thanks to the issuance of about 5 billion in TLACeligble junior senior notes, bringing its total TLAC ratio to 2.8% of risk-weighted assets as of December 217. The group has also disclosed a Basel III leverage ratio (Basel III fully loaded) of 5.1% as of December 217 (up 1 bps from year-end 216), which is broadly in line with that of some of the group's domestic peers. We expect the group to maintain its current capital level while organically increasing assets owing to its large profit retention capacity. These elements are reflected in the group's Capital score of a2. Exhibit 5 Groupe BPCE will continue to build up capital through its profit retention capacity Groupe BPCE's regulatory capital components Share capital and additional paid-in capital Retained earnings Gains and losses of the year Goodwill and other deductions Minority interests CET 1 capital 8, 7, 6, 5, 4, 3, 2, 1, -1, -2, Jun-17 Source: Groupe BPCE's financial statements BPCE's capitalisation is lower than that of the group, with a tangible common equity amounting to 6.6% of its risk-weighted assets as of December 216, reflected in a relatively low Capital score of b3. This is due to the fact that a large amount of the group's goodwill and deferred tax assets (most of which are deducted from our measure of tangible common equity) are booked at the bank. However, the full operational and strategic integration of BPCE bank within Groupe BPCE and the strong solidarity mechanism prevailing within the group mitigate the lower capitalisation of the bank on a standalone basis. Support and structural considerations Affiliate support We assign an Adjusted BCA of baa2 to BPCE, incorporating three notches of uplift from its BCA of, reflecting affiliate-backed support provided by Groupe BPCE. As the central institution of Groupe BPCE and the holding company for the group's operating subsidiaries outside the cooperative networks, BPCE is fully integrated in the group, both operationally and strategically. BPCE also falls in the legal scope of the strong solidarity mechanism prevailing within Groupe BPCE. Loss Given Failure Groupe BPCE and its operating entities in France are subject to the European Union Bank Recovery and Resolution Directive, which we consider to be an operational resolution regime. We assume that resolution, if any, would occur at the level of Groupe BPCE in the event that the group reaches the point of non-viability. If financial difficulties occur at the level of the bank, this would be addressed by the group through the solidarity mechanism. Our LGF analysis is, therefore, based on Groupe BPCE's consolidated liability structure in France. We assume residual tangible common equity of 3%, post-failure losses of 8% of tangible banking assets, a 25% run-off 6 21 February 218 BPCE: Update to credit analysis - Full year 217

7 in junior wholesale deposits (representing 26% of total deposits), a 5% run-off in preferred deposits and assign a 25% probability to deposits being preferred to senior unsecured debt. These are in line with our standard assumptions. Our LGF analysis indicates a very low loss-given-failure for deposits and senior unsecured debt, leading us to a two-notch upgrade from the bank s Adjusted BCA. For junior senior, subordinated and junior securities, our LGF analysis indicates a high loss-given-failure, given the small volume of debt and limited protection from more subordinated instruments and residual equity. As a result, junior senior and subordinated securities are rated Ba, one notch below the group's Adjusted BCA. We also incorporate additional notching for non-cumulative preference share instruments, reflecting coupon suspension risk ahead of failure, resulting in a Ba2 rating for those instruments, which is three notches below the group's Adjusted BCA. Government support Groupe BPCE is no longer considered a global systemically important bank as per the definition of the FSB yet could yet return to the list given that the group's metrics are still close to the FSB's threshold criteria. Nevertheless Groupe BPCE is of systemic importance in France, and we thus expect a moderate probability of government support for both deposits and senior unsecured debt, resulting in a one-notch uplift for both classes of debt issued by the group's issuing entities. Counterparty Risk (CR) Assessment CR Assessments are opinions of how counterparty obligations are likely to be treated if a bank fails, and are distinct from debt and deposit ratings in that they (1) consider only the risk of default rather than both the likelihood of default and the expected financial loss suffered in the event of default, and (2) apply to counterparty obligations and contractual commitments rather than debt or deposit instruments. The CR Assessment is an opinion of the counterparty risk related to a bank's covered bonds, contractual performance obligations (servicing), derivatives (for example, swaps), letters of credit, guarantees and liquidity facilities. BPCE's CR Assessment is positioned at A1(cr) / Prime-1(cr) The CR Assessment prior to government support is positioned three notches above its Adjusted BCA of baa2 based on the buffer against default provided to the senior obligations represented by the CR Assessment by subordinated instruments. The CR Assessment also benefits from one notch of government support, consistent with our view that any support provided by governmental authorities to a bank, which benefits senior unsecured debt or deposits, is very likely to benefit operating activities and obligations reflected by the CR Assessment as well to reduce contagion and preserve a bank's critical functions February 218 BPCE: Update to credit analysis - Full year 217

8 Rating methodology and scorecard factors Exhibit 6 Groupe BPCE Groupe BPCE Macro Fact ors Weight ed Macro Profile St rong + Financial Profile Fact or Hist oric Rat io Macro Adjust ed Score 3.7% Credit Trend Assigned Score Key driver # 1 Expected trend 14.% a1 a2 Capital retention.3% ba1 Earnings quality baa1 39.2% Market funding quality 28.6% Quality of liquid assets ba ba Key driver # 2 Solvency Asset Risk Problem Loans / Gross Loans Capital TCE/ RWA Profitability Net Income / Tangible Assets Combined Solvency Score Liquidity Funding Structure Market Funds / Tangible Banking Assets Term structure Liquid Resources Liquid Banking Assets / Tangible Banking Assets Combined Liquidity Score Financial Profile Adjustment Business Diversification Opacity and Complexity Corporate Behavior Total Qualitative Adjustments Sovereign or Affiliate constraint: Aa2 Scorecard Calculated BCA range baa1-ba Assigned BCA Affiliate Support notching Adjusted BCA 8 baa2 Qualitative Adjustments 21 February 218 Private Private BPCE: Update to credit analysis - Full year 217

9 Balance Sheet In-scope (EUR) % In-scope At failure (EUR) % At failure Other liabilities 473, % 522, % Deposits 489, % 439,32 4.1% Preferred deposits 362, % 343, % 127, % 95, % Junior Deposits Senior unsecured bank debt 76,158 7.% 76,158 7.% Junior senior unsecured bank debt 4,.4% 4,.4% Dated subordinated bank debt 17,14 1.6% 17,14 1.6%.% Junior subordinated bank debt Preference shares (bank) Senior unsecured holding company debt 321.% 321 2,457.2% 2,457.2%.%.% Dated subordinated holding company debt.%.% Junior subordinated holding company debt.%.%.% Preference shares (holding company) Equity Total Tangible Banking Assets.% 32,857 3.% 32,857 3.% 1,95,238 1.% 1,95,238 1.% Source: Moody's Financial Metrics 9 21 February 218 BPCE: Update to credit analysis - Full year 217

10 Rating methodology and scorecard factors Exhibit 7 BPCE Macro Factors Weighted Macro Profile Strong + Factor Historic Macro Ratio Adjusted Score Credit Trend Assigned Score Key driver #1 Key driver #2 Market risk Solvency Asset Risk Problem Loans / Gross Loans 4.5% baa1 baa2 Quality of assets Capital TCE / RWA 6.6% b3 b3 Risk-weighted capitalisation Profitability Net Income / Tangible Assets.2% b1 b1 Earnings quality Combined Solvency Score Liquidity Funding Structure Market Funds / Tangible Banking Assets 71.1% ca Market funding quality Liquid Resources Liquid Banking Assets / Tangible Banking Assets 45.5% a Quality of liquid assets b Combined Liquidity Score Financial Profile Business Diversification Opacity and Complexity Corporate Behavior Total Qualitative Adjustments Sovereign or Affiliate constraint: Scorecard Calculated BCA range Assigned BCA Affiliate Support notching Adjusted BCA b Balance Sheet in-scope (EUR million) Equity 1 1% 21 February 218 Term structure ba Aa2 ba1-b -baa2 % in-scope at-failure (EUR million) % at-failure 2.1% BPCE: Update to credit analysis - Full year 217

11 Debt class De Jure waterfall De Facto waterfall Notching LGF Assigned Additional Preliminary LGF notching Rating Instrument Sub- Instrument SubDe Jure De Facto Notching Guidance notching Assessment volume + ordination volume + ordination vs. subordination subordination Adjusted BCA 3 a2 (cr) Deposits 2 Senior unsecured bank debt 2 Junior senior unsecured bank debt -1 ba Dated subordinated bank debt -1 ba Non-cumulative bank preference shares 2.1% 2.1% -1-2 (hyb) Instrument class Loss Given Failure notching Deposits Senior unsecured bank debt Junior senior unsecured bank debt Dated subordinated bank debt Non-cumulative bank preference shares Additional Preliminary Rating Notching Assessment -2 a2 (cr) ba ba (hyb) Government Support notching Local Currency Rating A1 (cr) Ba Ba Ba2 (hyb) Foreign Currency Rating - Ba Ba Ba2 (hyb) Source: Moody's Financial Metrics Ratings Exhibit 8 Category BPCE Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Senior Unsecured Subordinate Pref. Stock Non-cumulative Commercial Paper Other Short Term Moody's Rating / baa2 A1(cr)/(cr) Ba Ba2 (hyb) (P) NATIXIS US MEDIUM-TERM NOTE PROGRAM LLC Bkd Senior Unsecured Bkd Other Short Term (P) NATIXIS SECURITIES AMERICAS LLC Bkd Issuer Rating Bkd ST Issuer Rating NATIXIS LOAN FUNDING-COMP BPCE Senior Unsecured -Dom Curr Bkd Other Short Term -Dom Curr (P) NATIXIS LEASE IMMO Bkd Commercial Paper -Dom Curr NATIXIS LEASE Bkd Commercial Paper -Dom Curr NATIXIS FACTOR Bkd Commercial Paper -Dom Curr NATIXIS BAIL Bkd Commercial Paper -Dom Curr February 218 BPCE: Update to credit analysis - Full year 217

12 NATIXIS Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Issuer Rating Senior Unsecured Subordinate -Dom Curr Pref. Stock Non-cumulative Commercial Paper -Dom Curr Other Short Term -Dom Curr / ba1 baa2 A1(cr)/(cr) Ba Ba2 (hyb) (P) CREDIT FONCIER DE FRANCE Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Senior Unsecured -Dom Curr / b1 baa2 A1(cr)/(cr) CICOBAIL Bkd Commercial Paper -Dom Curr CAISSES D'EPARGNE PARTICIPATIONS Senior Unsecured BANQUE POPULAIRE DU MASSIF CENTRAL Bank Deposits Senior Unsecured MTN -Dom Curr / A1(cr)/(cr) (P) BANQUE POPULAIRE DES ALPES Bank Deposits Issuer Rating Senior Unsecured MTN -Dom Curr ST Issuer Rating / A1(cr)/(cr) (P) BANQUE POPULAIRE GRAND OUEST Senior Unsecured MTN -Dom Curr Commercial Paper -Dom Curr (P) BANQUE PALATINE Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment / ba1 baa2 A1(cr)/(cr) BANQUE EDEL SNC Bkd Bank Deposits / A1(cr)/(cr) Source: Moody's Investors Service February 218 BPCE: Update to credit analysis - Full year 217

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14 Contacts 14 CLIENT SERVICES Laurent Le Mouel VP-Senior Analyst Pierre-Alexandre Germont Associate Analyst Americas Asia Pacific Japan Alain Laurin Associate Managing Director Nick Hill MD-Banking EMEA February BPCE: Update to credit analysis - Full year 217