Financial Report REPORT FINANCIAL Financial Report 2013

2013 Financial Report REPORT FINANCIAL Financial Report 2013

Caisse des Dépôts Group

Notion of Group 2 Consolidated financial statements 3 2 Consolidated financial statements

Notion of Group Audit of the financial The French Monetary and Financial Code (Code monétaire et financier) statements defines Caisse des Dépôts as “a state-owned group at the service of the public interest and the country’s economic development. The said In compliance with Article L.518-15-1 of the French Monetary and group fulfils public interest functions in support of the policies pursued Financial Code: by the State and local authorities, and may engage in competitive activities. […] “Each year, Caisse des dépôts et consignations shall present its company and consolidated financial statements, audited by two statutory Caisse des dépôts et consignations is a long-term investor promoting auditors, to the Finance Committees of the National Assembly and the business development in line with its own patrimonial interests. Senate.”

Caisse des dépôts et consignations is closely supervised by the French Parliament and the legislative process.”

The Group is therefore unique as a public institution with subsidiaries and affiliates that operate in the competitive sector.

From an accounting perspective, the Public Institution comprises two reporting entities:

>>the Central Sector which prepares consolidated Group financial statements for the entities over which Caisse des Dépôts exercises exclusive or joint control or significant influence, and whose consolidation has a material impact on the Group financial statements;

>>the Savings Funds which prepare separate financial statements. Caisse des Dépôts Group Consolidated financial statements at 31 December 2013

Adopted by the Chairman and Chief Executive Officer of Caisse des Dépôts on 13 March 2014

Consolidated income statement 5 Consolidated statement of comprehensive income 6 Consolidated statement of financial position 7 Consolidated statement of changes in equity 8 Consolidated statement of cash flows 9 Notes to the consolidated financial statements 11 4 Consolidated financial statements

Detailed table of contents

5. Notes to the consolidated statement Consolidated financial statements of financial position...... 36 5.1 - Financial assets and liabilities at fair value through profit Consolidated income statement, year ended 31 December 2013.... 5 or loss...... 36 Consolidated statement of comprehensive income...... 6 5.2 - Hedging instruments...... 37 Consolidated statement of financial position, 5.3 - Available-for-sale financial assets...... 38 at 31 December 2013...... 7 5.4 - Loans and receivables due from credit institutions...... 39 Consolidated statement of changes in equity, 1 January 2012 5.5 - Loans and receivables due from customers...... 40 to 31 December 2013...... 8 5.6 - Held-to-maturity investments...... 41 Consolidated statement of cash flows, 5.7 - Income taxes...... 41 year ended 31 December 2013...... 9 5.8 - Prepayments, accrued and deferred income and other assets and liabilities...... 42 5.9 - Non-current assets and liabilities classified as held for sale...... 43 Notes to the consolidated financial 5.10 - Investments in equity-accounted associates statements and joint ventures...... 44 5.11 - Investment property, owner-occupied property and equipment 1. Significant events...... 11 and intangible assets...... 64 2. Summary of significant accounting policies...... 12 5.12 - Goodwill...... 66 3. Application of IFRS 10, IFRS 11, IFRS 12, IAS 27, 5.13 - Amounts due to credit institutions...... 67 IAS 28, IAS 19 and IFRS 13...... 22 5.14 - Amounts due to customers...... 67 3.1 - Remarks on the early application of IFRS 10, IFRS 11, 5.15 - Debt securities...... 68 IFRS 12, IAS 27 (amended in 2011) and IAS 28 (amended in 2011)...... 22 5.16 - Provisions...... 69 3.2 - IAS 19 (amended in 2011) and IFRS 13...... 23 5.17 - Non-controlling interests by division...... 70 3.3 - Reconciliation of the consolidated statement of financial position, 5.18 - Offsetting of financial assets and liabilities...... 75 at 1 January 2012 and 31 December 2012...... 24 6. Commitments given and received...... 76 3.4 - Reconciliation of the consolidated income statement, 7. Employee benefits...... 77 year ended 31 December 2012 ...... 25 7.1 - Employee benefits expense...... 77 3.5 - Reconciliation of the consolidated statement of comprehensive income, 7.2 - Average number of employees...... 77 year ended 31 December 2012...... 26 7.3 - Employee benefit obligations...... 78 3.6 - Impact of the application of IFRS 10 and IFRS 11 and of IAS 19 8. Related-party transactions...... 80 (amended in 2011) on equity...... 27 8.1 - Relations between consolidated companies...... 80 3.7 - Reconciliation of the consolidated statement of cash flows, 8.2 - Related parties not controlled by the Group...... 81 year ended 31 December 2012...... 28 8.3 - Post-employment benefit plan managers...... 82 4. Notes to the consolidated income statement...... 29 9. Fair value of financial instruments...... 83 4.1 - Interest income and expense...... 29 9.1 - Fair value of financial assets and liabilities measured 4.2 - Fee and commission income and expense...... 29 at amortised cost...... 83 4.3 - Gains and losses on financial instruments at fair value through 9.2 - Financial instruments measured at fair value...... 84 profit or loss, net...... 30 9.3 - Change in value of financial instruments measured at fair value 4.4 - Gains and losses on available-for-sale financial assets, net...... 31 using a technique based on unobservable inputs (Level 3)...... 85 4.5 - Income and expense from other activities...... 31 10. Risk factors...... 86 4.6 - General operating expenses...... 31 10.1 - Financial instrument risk...... 86 4.7 - Cost of risk...... 32 10.2 - Operational risk ...... 99 4.8 - Gains and losses on other assets, net...... 32 10.3 - Legal and tax risk...... 100 4.9 - Income tax expense...... 33 11. Subsequent events...... 100 4.10 - Information by division...... 34 12. Scope of consolidation...... 101 Caisse des Dépôts Group Financial Report 2013 5

Consolidated income statement, year ended 31 December 2013

Notes 31.12.2013 31.12.2012 (in millions of euros) Restated(1) Interest income 4.1 1,429 1,725 Interest expense 4.1 (977) (1,062) Fee and commission income 4.2 80 91 Fee and commission expense 4.2 (50) (40) Gains and losses on financial instruments at fair value through profit or loss, net 4.3 113 (132) Gains and losses on available-for-sale financial assets, net 4.4 890 674 Income from other activities 4.5 4,589 4,580 Expenses from other activities 4.5 (2,425) (2,303) Net banking income 3,649 3,533 General operating expenses 4.6 (1,969) (2,073) Depreciation, amortisation and impairment of property and equipment and intangible assets (263) (264) Gross operating profit 1,417 1,196 Cost of risk 4.7 (55) (235) Operating profit 1,362 961 Share of profit (loss) of equity-accounted associates 5.10 (229) (2,311) Share of profit (loss) of equity-accounted joint ventures 5.10 219 202 Gains and losses on other assets, net 4.8 1,636 24 Change in value of goodwill 5.12 (15) 162 Profit (loss) before tax 2,973 (962) Income tax expense 4.9 (671) (354) Net profit (loss) from discontinued operations (4) Net profit (loss) 2,298 (1,316) Non-controlling interests 5.17 (161) 862 Net profit (loss) attributable to owners 2,137 (454) (1) The standards on consolidation and the amended IAS 19 – Employee Benefits discussed in Note 2 “Summary of significant accounting policies” are applicable retrospectively with effect from reporting periods beginning on or after 1 January 2013. Accordingly, the financial statements relating to previous reporting periods and included for comparative purposes have been restated. The impact of applying these standards is set out in Note 3 “Application of IFRS 10, IFRS 11, IFRS 12, IAS 27, IAS 28 and IAS 19”. 6 Consolidated financial statements

Consolidated statement of comprehensive income

31.12.2013 31.12.2012 (in millions of euros) Restated(1) Net profit (loss) 2,298 (1,316) Items not to be reclassified to the income statement Actuarial gains and losses on post-employment defined benefit obligations 8 (12) Actuarial gains and losses on post-employment defined benefit obligations (1) (50) – equity-accounted associates and joint ventures Total items not to be reclassified to the income statement 7 (62) Items to be reclassified to the income statement Exchange differences on translation of foreign operations (7) (2) Fair value adjustments on remeasurement of available-for-sale financial assets 1,216 3,599 Fair value adjustments on remeasurement of hedging instruments 200 (149) Items to be reclassified to the income statement recognised directly in equity – equity-accounted associates and joint ventures 328 954 Total items to be reclassified to the income statement 1,737 4,402 Total income and expense recognised directly in equity 1,744 4,340 Net profit (loss) and total income and expense recognised directly in equity 4,042 3,024 Attributable to owners 3,750 2,906 Attributable to non-controlling interests 292 118 (1) The standards on consolidation and the amended IAS 19 – Employee Benefits discussed in Note 2 “Summary of significant accounting policies” are applicable retrospectively with effect from reporting periods beginning on or after 1 January 2013. Accordingly, the financial statements relating to previous reporting periods and included for comparative purposes have been restated. The impact of applying these standards is set out in Note 3 “Application of IFRS 10, IFRS 11, IFRS 12, IAS 27, IAS 28 and IAS 19”. Caisse des Dépôts Group Financial Report 2013 7

Consolidated statement of financial position, at 31 December 2013

Notes 31.12.2013 31.12.2012 01.01.2012 (in millions of euros) Restated(1) Restated(1)

Assets Cash and amounts due from central banks and post office banks 325 3,672 5 Financial assets at fair value through profit or loss 5.1 1,993 2,830 6,071 Hedging instruments with a positive fair value 5.2 662 720 484 Available-for-sale financial assets 5.3 48,335 51,764 56,409 Loans and receivables due from credit institutions 5.4 17,067 7,491 11,426 Loans and receivables due from customers 5.5 10,357 7,391 6,229 Cumulative fair value adjustments to portfolios hedged against interest rate risk Held-to-maturity investments 5.6 21,048 20,872 20,557 Current and deferred tax assets 5.7 596 557 477 Prepayments, accrued income and other assets 5.8 7,142 8,622 8,891 Non-current assets held for sale 5.9 11 16,558 117 Investments in equity-accounted associates and joint ventures 5.10 19,844 9,200 10,933 Investment property 5.11 13,308 13,288 9,824 Owner-occupied property and equipment 5.11 1,593 1,580 1,532 Intangible assets 5.11 353 324 517 Goodwill 5.12 455 455 461 Total assets 143,089 145,324 133,933

Liabilities and equity Due to central banks and post office banks Financial liabilities at fair value through profit or loss 5.1 4,477 5,191 4,841 Hedging instruments with a negative fair value 5.2 1,775 1,994 1,436 Due to credit institutions 5.13 20,423 22,274 13,457 Due to customers 5.14 49,325 49,173 49,077 Debt securities 5.15 27,709 23,222 24,631 Cumulative fair value adjustments to portfolios hedged against interest rate risk Current and deferred tax liabilities 5.7 1,757 1,047 510 Accruals, deferred income and other liabilities 5.8 5,997 4,766 6,534 Liabilities related to non-current assets held for sale 5.9 1 524 109 Provisions 5.16 530 531 550 Subordinated debt 1 1 Equity attributable to owners Reserves and retained earnings 19,188 19,860 20,109 Gains and losses recognised directly in equity 6,135 4,284 837 Profit (loss) for the year 2,137 (454) 206 Total equity attributable to owners 27,460 23,690 21,152 Non-controlling interests 5.17 3,634 12,911 11,636 Total equity 31,094 36,601 32,788 Total liabilities and equity 143,089 145,324 133,933 (1) The standards on consolidation and the amended IAS 19 – Employee Benefits discussed in Note 2 “Summary of significant accounting policies” are applicable retrospectively with effect from reporting periods beginning on or after 1 January 2013. Accordingly, the financial statements relating to previous reporting periods and included for comparative purposes have been restated. The impact of applying these standards is set out in Note 3 “Application of IFRS 10, IFRS 11, IFRS 12, IAS 27, IAS 28 and IAS 19”. 8 Consolidated financial statements

Consolidated statement of changes in equity, 1 January 2012 to 31 December 2013

2011 dividend (103) (103) (332) (332) (435) Transactions with non- controlling interests (24) 18 (6) 763 (18) 745 739 Other movements (328) 1 10 (1) (318) 710 30 740 422

Loss for the period (454) (454) (862) (862) (1,316) Gains and losses recognised directly in equity Exchange differences on translation of foreign operations 63 63 (9) (9) 54 Fair value adjustments to financial instruments recognised 3,955 (126) 3,829 1,024 1,024 4,853 directly in equity Fair value adjustments to financial instruments reclassified (563) 90 (473) 1 (32) (31) (504) to the income statement Equity restated at 19,860 20 4,785 (521) (454) 23,690 13,626 147 (862) 12,911 36,601 31 December 2012 (1) Effect of changes in accounting methods Appropriation of 2012 loss (454) 454 (862) 862

2012 dividend (203) (203) (203)

Transactions with non- controlling interests 24 24 65 65 89

Other movements(2) (242) (18) 111 158 9 (9,119) (318) (9,437) (9,428)

Profit for the year 2,137 2,137 161 161 2,298 Gains and losses recognised directly in equity Exchange differences on translation of foreign operations (135) (135) (3) (3) (138) Fair value adjustments to financial 2,773 113 2,886 175 175 3,061 instruments recognised directly in equity Fair value adjustments to financial instruments reclassified (1,169) 18 (1,151) (35) (35) (1,186) to the income statement Equity at 31 December 2013 19,188 (133) 6,500 (232) 2,137 27,460 3,507 (34) 161 3,634 31,094 (1) The standards on consolidation and the amended IAS 19 – Employee Benefits discussed in Note 2 “Summary of significant accounting policies” are applicable retrospectively with effect from reporting periods beginning on or after 1 January 2013. Accordingly, the financial statements relating to previous reporting periods and included for comparative purposes have been restated. The impact of applying these standards is set out in Note 3 “Application of IFRS 10, IFRS 11, IFRS 12, IAS 27, IAS 28 and IAS 19”. (2) Other movements in non-controlling interests relate primarily to the deconsolidation of the Strategic Investment Fund (Fonds Stratégique d’Investissement – SIF) following its transfer to Bpifrance on 12 July 2013. Caisse des Dépôts Group Financial Report 2013 9

Consolidated statement of cash flows, year ended 31 December 2013

The statement of cash flows is prepared using the indirect method. Investing activities correspond to purchases and sales of interests in consolidated companies, property and equipment and intangible assets. Financing activities are activities that result in changes in the size and composition of equity, subordinated debt and bond debt. Operating activities correspond to all cash flows that do not fall within the above two categories.

31.12.2013 31.12.2012 (in millions of euros) Restated(1) Profit (loss) before tax (excluding discontinued operations) 2,973 (962) Net depreciation, amortisation and impairment of property and equipment and intangible assets 738 691 Impairment losses on goodwill and other non-current assets 95 (92) Net provision expense and impairment losses(2) 85 1,038 Share of profit (loss) of equity-accounted associates and joint ventures(3) 10 2,109 Gains/losses from investing activities, net 81 (505) Gains/losses from financing activities, net Other movements(4) (1,943) 105 Total non-monetary items included in profit (loss) before tax and other adjustments (934) 3,346 Cash flows relating to transactions with credit institutions(5) (13,168) 9,027 Cash flows relating to customer transactions (3,237) (1,074) Cash flows relating to other transactions affecting financial assets and liabilities(6) 10,169 (4,541) Cash flows relating to investment property (188) (176) Cash flows relating to other transactions affecting non-financial assets and liabilities 855 (1,949) Income taxes paid (651) (654) Net increase (decrease) in cash related to assets and liabilities from operating activities (6,220) 633 Net cash from (used in) operating activities (4,181) 3,017 Cash flows relating to financial assets and investments (1,219) (1,856) Cash flows relating to property and equipment and intangible assets (327) (352) Net cash used in investing activities (1,546) (2,208) Cash flows from (used in) transactions with owners (115) 190 Other net cash flows from (used in) financing activities 1 (50) Net cash from (used in) financing activities (114) 140 Effect of discontinued operations on cash and cash equivalents (4) Effect of changes in exchange rates on cash and cash equivalents (2) 1 Effect of changes in accounting methods(7) 2 313 Net increase (decrease) in cash and cash equivalents (5,845) 1,263 Cash and cash equivalents at the beginning of the period 5,629 4,366 Cash and central banks, net 3,672 5 Net loans to (borrowings from) credit institutions repayable on demand 1,957 4,361 Cash and cash equivalents at the end of the period (216) 5,629 Cash and central banks, net 326 3,672 Net loans to (borrowings from) credit institutions repayable on demand (542) 1,957 Net increase (decrease) in cash and cash equivalents (5,845) 1,263 (1) The standards on consolidation and the amended IAS 19 – Employee Benefits discussed in Note 2 “Summary of significant accounting policies” are applicable retrospectively with effect from reporting periods beginning on or after 1 January 2013. Accordingly, the financial statements relating to previous reporting periods and included for comparative purposes have been restated. The impact of applying these standards is set out in Note 3 “Application of IFRS 10, IFRS 11, IFRS 12, IAS 27, IAS 28 and IAS 19”. 10 Consolidated financial statements

Composition of cash and cash equivalents

Cash and cash equivalents comprise cash, advances to and from central banks and post office banks, loans to and borrowings from credit institutions repayable on demand, and short-term investments in money market instruments. These investments generally have maturities of less than three months, are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.

31.12.2013 31.12.2012 Restated(1)

(in millions of euros) Assets Liabilities Assets Liabilities Cash 3 3 Central banks 323 3,669 Sub-total 326 3,672 Loans to (borrowings from) credit institutions repayable on demand 2,660 3,540 3,018 1,428 Money market mutual funds 338 367 Sub-total 2,998 3,540 3,385 1,428 Cash and cash equivalents (216) 5,629 (1) The standards on consolidation and the amended IAS 19 – Employee Benefits discussed in Note 2 “Summary of significant accounting policies” are applicable retrospectively with effect from reporting periods beginning on or after 1 January 2013. Accordingly, the financial statements relating to previous reporting periods and included for comparative purposes have been restated. The impact of applying these standards is set out in Note 3 “Application of IFRS 10, IFRS 11, IFRS 12, IAS 27, IAS 28 and IAS 19”. (2) This item relates mainly to other-than-temporary impairment of variable-income securities and non-consolidated equity interests. (3) This item includes an impairment loss recognised on Orange goodwill (€1.9 billion) and the share in the loss incurred by Dexia (€0.45 billion) in 2012. (4) This item relates mainly to the impact of changes in the fair value of assets at fair value through profit or loss, accrual accounts and the transfer of the Strategic Investment Fund (SIF) and CDC Entreprises to Bpifrance in 2013. (5) The change is attributable to the Central Sector and mainly concerns the net €15.8 billion increase in interbank loans and the €2.4 billion increase in repurchase agreements in 2013. (6) This line mainly corresponds to the net effect on cash and cash equivalents of certificates of deposit issued by the Central Sector in 2013. (7) This item chiefly reflects the reclassification of non-monetary mutual funds by SNI to cash and cash equivalents in 2012. Caisse des Dépôts Group Financial Report 2013 11 Notes to the consolidated financial statements

Since 16 February 2012, Caisse des Dépôts has exercised control over 1. SIGNIFICANT EVENTS Holdco SIIC, Icade and Silic and these subsidiaries are fully consolidated in its books.

I - Bpifrance Following the share contribution, Holdco SIIC, acting in concert with The foundation process of Bpifrance – involving the contribution of assets Icade and Caisse des Dépôts, crossed the 30% threshold in terms of by the French State and Caisse des Dépôts – was completed at the Silic’s share capital and voting rights and Icade filed a mandatory public shareholders’ meetings held on 12 July 2013 and the board of directors’ offer for Silic’s shares on 13 March 2012. This offer consisted of a public meetings of Bpifrance and the entities transferred to it. Bpifrance now exchange offer for Silic shares and a public tender offer for Silic’s cash- has equity of approximately €21 billion, consisting of €18 billion in assets or equity-settled bonds convertible into new and/or existing shares transferred onto its books and €3 billion in cash. (“ORNANEs”). The assets transferred to Bpifrance mainly comprise equity investments held by the French State and Caisse des Dépôts in: The offer stipulated that: >>CDC Entreprises, which has been renamed Bpifrance Investissement; >>for the public exchange offer, the share exchange ratio would be iden- >>the Strategic Investment Fund (SIF), which has been renamed Bpi- tical to the exchange ratio applied to the contribution by Groupama to france Participations; Holdco SIIC of its stake in Silic, i.e., five Icade shares for four Silic shares; >>SA Oséo, which has been renamed Bpifrance Financement. >>for the tender offer, the nominal value of one ORNANE (which includes the accrued coupon up to settlement/delivery) was €126 based on set- After completion of the asset contribution process, Bpifrance is 50%- tlement/delivery on 14 June 2012. owned by the French State (via EPIC BPI-Groupe) and 50%-owned by Caisse des Dépôts. On 24 April 2012, the French financial markets authority (Autorité des marchés financiers -AMF ) issued a declaration of compliance concerning Bpifrance is a holding company that owns: the public offer and on 26 April 2012 it issued a notice formally opening >>90% of the capital of Bpifrance Financement (the other 10% is owned the offer. On 3 and 4 May 2012, SMA Vie BTP and ADAM (an associa- by institutional investors who were previously shareholders of SA Oséo); tion for the defence of minority shareholders) made an application to the >>100% of the capital of Bpifrance Investissement, a management Paris Court of Appeal seeking the annulment of the AMF’s declaration company; of compliance. In submissions filed at the Paris Court of Appeal on >>100% of the capital of Bpifrance Participations, which carries all of 31 May 2012, the AMF undertook “in the interests of the market and as Bpifrance’s direct- and indirectly-held equity stakes. an interim measure, to extend the closing date of the public offer, initially fixed for 1 June 2012, so that the new closing date only falls at least eight This structure brings together all of the teams specialised in equity financ- days after the Court of Appeal hands down its decision concerning the ing and investment in French SMEs and midcaps. application for annulment of the AMF’s decision”.

A shareholders’ agreement has been signed that provides for joint con- In its decision handed down on 27 June 2013, the Paris Court of Appeal trol of Bpifrance by the State-EPIC BPI and Caisse des Dépôts. With threw out the application submitted by SMA Vie BTP and ADAM in its effect from 12 July 2013, Caisse des Dépôts’ 50% stake in Bpifrance is entirety and confirmed the validity and compliance of Icade’s public offer consolidated by the equity method and the Strategic Investment Fund, for Silic’s shares. CDC Entreprises and SA Oséo are no longer consolidated in Caisse des Dépôts Group’s consolidated financial statements. A profit of €1.2 billion The AMF fixed the closing date of the offer at 12 July 2013 and on 19 July was recognised in 2013 following Caisse des Dépôts Group’s loss of it published the results of the initial public offer based on settlement/ control over the Strategic Investment Fund and CDC Entreprises. delivery on 22 July 2013. Following this, Icade held 87.98% of the capital and voting rights of Silic. In a decision dated 19 July 2013, the AMF fixed the closing date for the reopened offer for 2 August 2013. Based II - Merger between Icade and Silic on the results of the reopened offer, Icade held 93.28% of the capital After the green light was obtained from the French competition author- and voting rights of Silic. ity on 13 February 2012, Groupama ceded the remaining portion of its 37.45% stake in Silic to Holdco SIIC on 16 February 2012. Following this On 15 October 2013, the boards of directors of Icade and Silic met and contribution, Holdco SIIC, Icade and Caisse des Dépôts held 43.94% approved the merger of Silic into Icade. of Silic’s capital and voting rights in concert. Caisse des Dépôts and Groupama owned 75.07% and 24.93%, respectively, of the capital and The General Meeting of holders of Silic’s ORNANEs held on voting rights of Holdco SIIC. 6 November 2013 also approved the merger. 12 Consolidated financial statements

In a notice published on 28 November 2013, the AMF decided that, after actual performance vis-à-vis La Poste’s 2010-2013 business plan, the having reviewed the proposed merger of Silic into Icade, the operation contingent consideration was written down to €0.1 billion in 2013. did not warrant a public offer of withdrawal of Silic’s shares prior to completion of the merger. Caisse des Dépôts measured the value in use of its investment in La Poste at €1,600 million at 31 December 2013. On 6 December 2013, SMA Vie BTP filed an application with the Paris Court of Appeal seeking the annulment of the AMF’s decision. The hearing has been scheduled for 23 October 2014. On 6 December 2013, in summary proceedings before the Nanterre Commercial Court, SMA Vie BTP submitted an urgent application to 2 - SUMMARY OF SIGNIFICANT postpone the Extraordinary General Meeting of Silic shareholders called to deliberate on the merger of Silic into Icade. In a decision handed down ACCOUNTING POLICIES on 20 December 2013, the Nanterre Commercial Court rejected the application and no appeal was lodged against this decision. I - Basis of preparation On 27 December 2013, the respective shareholders of Icade of the Financial Statements and Silic approved the merger of Silic into Icade with effect from Caisse des Dépôts Group applies IFRS, which include International 31 December 2013, based on a share exchange ratio of five Icade Financial Reporting Standards (IFRSs) 1 to 13 and International shares for four Silic shares. Accounting Standards (IASs) 1 to 41, along with the related interpretations as adopted by the European Union at 31 December 2013. In view of the control exercised by Caisse des Dépôts over Silic since The Group applies the IAS 39 carve-out provisions adopted by the 16 February 2012, these most recent operations did not have a mate- European Union, which allow certain exceptions from the standard rial impact on the Group’s financial statements for the year ended regarding macro-hedge accounting. 31 December 2013. The consolidated financial statements for the year ended 31 December 2013 have been prepared in accordance with the III - Transdev Group recognition and measurement principles set out in the relevant In 2013, the difficulties encountered by Société Nationale Corse Méditer- IASs/IFRSs and IFRS IC (IFRIC) interpretations that were applicable ranée (SNCM) prevented Veolia Environnement from exiting the capital at the end of the reporting period. of Transdev Group. The Memorandum of Understanding signed by Transdev Group’s two shareholders in October 2012, providing for an The following new standards and amendments were effective for the increase in Caisse des Dépôt’s stake in the share capital of Transdev first time in the 2013 financial year: Group to 60% and the transfer by Transdev Group to Veolia of its 66% stake in SNCM, lapsed on 31 October 2013, the deadline for signature – Amendment to IAS 1 – Presentation of Financial Statements – of an agreement. Presentation of Items of Other Comprehensive Income (EU Regulation No. 475/2012 of 5 June 2012) Consequently, SNCM continues to be accounted for indirectly using the This amendment clarifies the requirements regarding the presentation of equity method via the consolidation of Transdev Group as a joint venture the statement of comprehensive income and introduces the “Statement and the carrying amount of Transdev in the consolidated accounts for of profit or loss and other comprehensive income” (still known as “Other the year ended 31 December 2013 reflects the fair value of the Group’s comprehensive income”) which distinguishes between items of other exposure in respect of its indirect holding in SNCM. comprehensive income that may subsequently be reclassified to profit or loss, and those items that will never be reclassified to profit or loss. Tests performed on the value in use of the Group’s investment in the Transdev Group confirmed its carrying amount in the consolidated state- – IAS 19 (amended in 2011) – Employee Benefits ment of financial position. (EU Regulation No. 475/2012 of 5 June 2012) This amendment modifies (i) the accounting treatment of past service To provide Transdev Group with the financial flexibility required for costs in the event of a change in pension plan and (ii) the presentation of its development and in order to strengthen its balance sheet, on the impact of changes in employee benefit obligations in profit or loss. 18 December 2013, Veolia Environnement SA and Caisse des Dépôts The amended standard also abolishes the various accounting options carried out a share capital increase of €560 million (of which €280 million available for actuarial gains and losses arising on defined benefit plans, was subscribed by Caisse des Dépôts through the capitalisation which must now be recognised directly in equity (this method was of loans). Consequently, loans granted to the Transdev Group joint already used by Caisse des Dépôts Group). venture totalled €622 million at 31 December 2013 and their maturity has been extended by one year, i.e., through 3 March 2015. – Amendment to IAS 12 – Deferred Tax – Recovery of Underlying Assets (EU Regulation No. 1255/2012 of 11 December 2012) The amount of deferred taxes depends on the manner in which an IV - La Poste entity expects to recover an asset (i.e., through use or sale). The In accordance with the decision of the Extraordinary Shareholders’ Meet- amendment to IAS 12 introduces the rebuttable presumption that ing of 6 April 2011 concerning the share capital increase of La Poste, in the asset will be recovered through sale, unless the entity has a clear April 2013 the French State and Caisse des Dépôts paid up shares for intention to recover the asset by another means. This presumption an amount of €600 million (Caisse des Dépôts paid up €333 million of solely concerns investment property, property, plant and equipment this amount). Caisse des Dépôts now owns 26.32% of La Poste’s capital. and intangible assets carried or remeasured at fair value. The Group’s investment in La Poste includes a fixed portion and a variable portion of contingent consideration payable to the French State. At – IFRS 13 – Fair Value Measurement 31 December 2011, the Group recognised a provision for contingent (EU Regulation No. 1255/2012 of 11 December 2012) consideration in the amount of €0.3 billion but based on a review of This standard provides a single framework for measuring fair value Caisse des Dépôts Group Financial Report 2013 13

under IFRS and a definition of fair value based on the notion of an - IAS 28 (amended in 2011) – Investments in Associates and Joint exit price. It also specifies the additional disclosure requirements for Ventures the notes to financial statements. (EU Regulation No. 1254/2012 of 11 December 2012) This amended standard takes into account the relevant amendments – Amendments to IFRS 7 – Disclosures – Offsetting Financial Assets made to IFRS 10 and IFRS 11 concerning investments in associ- and Financial Liabilities ates and joint ventures. It outlines the accounting treatment for such (EU Regulation No. 1256/2012 of 13 December 2012) investments and describes how to apply the equity method. The amendments to IFRS 7 require entities to present information on any rights of set-off and corresponding netting agreements involv- - Amendments to the transitional provisions of IFRS 10, IFRS 11 ing financial instruments. This information is required for all financial and IFRS 12 instruments that are offset in the statement of financial position in (EU Regulation No. 313/2013 of 4 April 2013) accordance with IAS 32 (gross amount of assets and liabilities off- These amendments provide clearer guidance on retrospective appli- set, amounts offset and the net amount shown in the statement of cation and limit the comparative information to be restated for the financial position). Additional information should also be provided for period prior to applying IFRS 10, IFRS 11 and IFRS 12. financial instruments subject to a legally enforceable netting arrangement or similar agreement, even if those instruments have not been The impact of these new standards on consolidation is set out in offset in the statement of financial position in accordance with IAS 32. Note 3 to the consolidated financial statements.

– Annual improvements to IFRSs (2009-2011 Cycle) - May 2012 The Group decided not to early adopt the amendments to the fol- (EU Regulation No. 301/2013 of 27 March 2013) lowing standards which will only be effective as of the next reporting As part of its annual improvements to IFRSs, the IASB published period beginning 1 January 2014: minor amendments to five existing standards. - Amendments to IAS 32 – Presentation – Offsetting Financial Assets The application of these standards and amendments did not have a and Financial Liabilities material impact on the consolidated financial statements of Caisse (EU Regulation No. 1256/2012 of 13 December 2012) des Dépôts Group. These amendments provide clarifications on offsetting rules for financial assets and liabilities. A financial asset and financial liability must Caisse des Dépôts Group chose to early adopt the five new standards be offset and the net amount reported when, and only when, an entity on consolidation (IFRS 10, IFRS 11, IFRS 12, IAS 27 as amended in has an unconditional and legally enforceable right at all times to set 2011 and IAS 28 as amended in 2011). These standards are manda- off the amounts and intends either to settle on a net basis or to realise torily effective in the European Union for reporting periods beginning the asset and settle the liability simultaneously. on or after 1 January 2014: - Amendments to IFRS 10, IFRS 12 and IAS 27 – Investment Entities - IFRS 10 – Consolidated Financial Statements (EU Regulation No. 1174/2013 of 20 November 2013) (EU Regulation No. 1254/2012 of 11 December 2012) These amendments introduce a new type of entity known as an This standard introduces a single control model which reinforces the ‘investment entity’. These entities are exempted from the requirement role of judgement when determining control. According to the new to consolidate their subsidiaries, which are to be carried at fair value definition of control, the investor must consider the power exercised through profit or loss. Specific disclosures must however be provided over the investee, its exposure or rights to variable returns and its regarding these entities. ability to affect those returns through power over the investee. - Amendments to IAS 36 – Recoverable Amount Disclosures - IFRS 11 – Joint Arrangements for Non-Financial Assets (EU Regulation No. 1254/2012 of 11 December 2012) (EU Regulation No. 1374/2013 of 19 December 2013) This standard identifies two types of partnership arrangements (joint These amendments introduce new disclosure requirements to be operations and joint ventures), based on the type of rights and obli- included in the notes to financial statements when the recoverable gations of the parties involved. IFRS 11 no longer permits use of the value of an asset equals its fair value less the costs of disposal. proportionate consolidation method to account for joint ventures, which must now be accounted for by the equity method. - Amendments to IAS 39 – Novation of Derivatives and Continuation of Hedge Accounting - IFRS 12 – Disclosure of Interests in Other Entities (EU Regulation No. 1375/2013 of 19 December 2013) (EU Regulation No. 1254/2012 of 11 December 2012) These amendments provide an exception to the requirement for the This standard defines all of the disclosures required in the notes to discontinuation of hedge accounting when the parties to a hedging financial statements about an entity’s interests in subsidiaries, joint instrument agree that one or more central counterparties replace(s) arrangements, associates and unconsolidated “structured” entities. the initial counterparty and become(s) the new counterparty to each The objective of IFRS 12 is to allow users of financial statements of the original parties to the derivative, or when other changes are to evaluate (i) the nature of, and risks associated with, the entity’s made to the derivative that are limited to those that are necessary to interests in other entities, and (ii) the effects of those interests on its effect such a novation. financial position, financial performance and cash flows. These amendments are not expected to have a material impact on - IAS 27 (amended in 2011) – Separate Financial Statements the Group’s consolidated financial statements. (EU Regulation No. 1254/2012 of 11 December 2012) This amended standard outlines the accounting requirements for The Group did not adopt the standards, amendments and interpreta- investments in subsidiaries, joint ventures and associates in separate tions not yet adopted by the European Union at 31 December 2013. financial statements. 14 Consolidated financial statements

Use of the CNC financial statement format for banks such rights are currently exercisable in such a way as to allow the investor In the absence of any requisite IFRS financial statement format, the to direct the relevant activities of the investee. layout of these financial statements complies with Recommendation No. 2013-04 dated 7 November 2013 issued by the Autorité des normes Joint control is the contractually agreed sharing of control of an arrange- comptables (French accounting standards setter – ANC). ment, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint control In accordance with IAS 1 as amended, Caisse des Dépôts presents a may involve two types of arrangement: a joint venture or a joint operation. separate consolidated income statement providing a breakdown of profit. It also presents a statement of comprehensive income which starts with A joint venture is a joint arrangement whereby the parties that have joint profit and details gains and losses recognised directly in equity, net of tax. control of the arrangement have rights to the net assets of the arrangement. Joint ventures are accounted for by the equity method. Use of estimates The preparation of the Group’s financial statements involves making A joint operation is an arrangement whereby the parties that have joint certain estimates and assumptions which affect the reported amounts of control of the arrangement have rights to the assets, and obligations for income and expenses, assets and liabilities, as well as the disclosures in the liabilities, relating to the arrangement. Joint operations are consoli- the accompanying notes. To make any such estimates and assumptions, dated by recognising in relation to Caisse des Dépôts Group’s interest management is required to exercise judgement and consider informa- in a joint operation: tion available when the financial statements are drawn up. The actual >>its assets, including its share of any assets held jointly; outcome of transactions for which estimates and assumptions are made >>its liabilities, including its share of any liabilities incurred jointly; could differ significantly from the anticipated outcome, particularly with >>its revenue from the sale of its share of the output of the joint operation respect to market conditions, and this may have a material impact on and from the sale of the output by the joint operation; and the financial statements. >>its expenses, including its share of any expenses incurred jointly.

Current market conditions and the economic crisis make it far more Entities over which the Group exercises significant influence are difficult to establish projections regarding the Group’s business and accounted for by the equity method. Significant influence is the power financing arrangements or to make the accounting estimates needed to to participate in the financial and operating policy decisions of an entity prepare the financial statements. but is not control or joint control over those policies. Significant influence is presumed to be exercised when the Group holds, directly or indirectly, Estimates and assumptions are used to calculate: 20% or more of the voting power of the investee. >>the fair value of unlisted financial instruments carried in the statement of financial position under financial assets or liabilities at fair value through The results of entities acquired during the period are included in the profit or loss, hedging instruments or available-for-sale financial assets; consolidated financial statements from the acquisition date, while the >>any impairment taken on financial assets (loans and receivables, results of entities sold during the period are included up to the date when available-for-sale financial assets, held-to-maturity investments); control, joint control or significant influence is relinquished. >>the amount of investments in equity-accounted companies; >>the fair value of investment property disclosed in the notes; Financial year-end >>any impairment taken on property, plant and equipment, intangible Almost all consolidated companies have a 31 December year-end. Com- assets and goodwill; panies whose financial year-end is more than three months before or after >>deferred tax; the Group’s year-end are consolidated based on financial statements >>provisions reported in liabilities (including for employee benefits) in drawn up at 31 December. In the case of companies whose financial respect of contingencies and expenses; year-end falls within three months of the Group’s year-end, any material >>the initial amount of goodwill recognised on business combinations; transactions occurring between their year-end and 31 December are >>the carrying amount of non-current assets and related liabilities held taken into account in preparing the consolidated financial statements for sale. when this is necessary to comply with the true and fair view principle. 3. Companies excluded from II - BASIS OF CONSOLIDATION the scope of consolidation Investments in associates and joint ventures held by the Group’s venture 1. Scope of consolidation capital organisations are not consolidated, in accordance with the option The consolidated financial statements comprise the financial statements available under IAS 28.18. These investments are classified as financial of the Central Sector, the consolidated financial statements of the sub- assets as at fair value through profit or loss under the fair value option. groups and the financial statements of entities over which Caisse des Dépôts exercises control, joint control or significant influence, whose The low-cost housing companies (ESH) are excluded from the scope of consolidation has a material impact on the Group’s financial statements. consolidation because they are not controlled by the Group within the meaning of IFRS. Shares in these companies are classified as available- 2. Consolidation methods and definition of control for-sale financial assets. Investees (and structured entities) controlled by the Group are fully consolidated. Control is exercised when the Group has the power to direct Semi-public companies (SEMs, SAIEMs) not controlled by Caisse des the investee’s relevant activities; is exposed, or has rights, to variable Dépôts Group are also excluded from the scope of consolidation and returns from its involvement with the investee; and has the ability to affect classified as available-for-sale financial assets. those returns through its power over the investee. Shares in companies acquired with the intention of being sold in the Potential voting rights which give the option to acquire additional voting near term are excluded from the scope of consolidation and classified rights in an investee are taken into account to determine control when as non-current assets held for sale. Caisse des Dépôts Group Financial Report 2013 15

In application of IFRS, the agreements signed with the French State loss, unless these adjustments occur within 12 months of the date of concerning the national loan require the assets and liabilities covered the combination and relate to facts and circumstances existing at the by the investment programmes to be derecognised in the Group’s acquisition date. consolidated financial statements. In the French GAAP accounts of the Central Sector, these assets and liabilities are transferred to adjustment Goodwill represents the excess of the cost of the combination over the accounts. acquirer’s share in the acquisition-date fair value of the identifiable assets and liabilities, and is recognised in assets in the consolidated statement 4. Consolidation adjustments and of financial position, under “Goodwill”. Negative goodwill is recognised intra-group eliminations directly in profit or loss. The financial statements of consolidated companies are restated based on Group accounting policies when the effects of the restatement are Non-controlling interests may be carried at either their share in the net material. The accounting policies applied by associates and joint ventures identifiable assets of the acquiree (“partial” goodwill method) or at their are aligned with Group policies where necessary. fair value, in which case they are allocated a percentage of the corresponding goodwill (“full” goodwill method). This decision can be renewed Intra-group balances, income and expenses between fully consolidated for each business combination. companies are eliminated when their impact on the consolidated financial statements is material. The initial accounting for a business combination spans up to 12 months after the acquisition date. Gains and losses on intra-group sales of assets to associates and joint ventures are eliminated proportionately, based on the Group’s percent- Goodwill is initially measured in the statement of financial position at cost age interest in the associate or joint venture, except when the asset sold in the currency of the acquiree and is translated at the exchange rate at is considered as being other-than-temporarily impaired. the end of the reporting period.

5. Foreign currency translation Goodwill is tested for impairment, as explained in section III.8. The consolidated financial statements are presented in euros. The financial statements of entities whose functional currency is different from the When a business combination is carried out in stages (step acquisition), Group’s presentation currency are translated by the closing rate method. goodwill is determined by reference to the fair value at the date control Under this method, all monetary and non-monetary assets and liabilities is obtained. At this date, any previously-held interest in the acquiree is are translated at the exchange rate at the end of the reporting period, remeasured to fair value through profit or loss. while income and expenses are translated at the average exchange rate for the year. The differences arising from translation are recognised as a Similarly, a loss of control of a consolidated subsidiary requires the separate component of equity. remaining holding to be remeasured to fair value through profit or loss.

Gains and losses arising from the translation of the net investment in Since the amended IFRS 3 is applied on a prospective basis, business foreign operations, borrowings and foreign exchange instruments that combinations carried out prior to 1 January 2010 were not restated to are effective hedges of these investments are deducted from consoli- reflect the changes in the standard. dated equity. In accordance with the option available under IFRS 1, the Group When the foreign operation is sold, the cumulative exchange differences chose not to restate business combinations which occurred prior to recorded in equity are recognised in the income statement as part of the 1 January 2006. Any goodwill existing at that date is no longer amortised gain or loss on the sale. but tested for impairment. 6. Business combinations and goodwill 7. Transactions with non-controlling interests Business combinations are accounted for using the purchase method Caisse des Dépôts Group recognises in equity any difference between except for jointly controlled business combinations and a newly formed the cost of the shares and its share in the acquiree’s adjusted net assets joint venture, which are excluded from the scope of IFRS 3. in transactions involving the acquisition of non-controlling interests in an entity already controlled by the Group. Costs directly attributable to the Under the purchase method, the identifiable assets acquired and liabili- acquisition are recognised as a deduction from equity. ties assumed are recognised at acquisition-date fair value. Any contingent liabilities assumed are only recognised in the consoli- Partial sales of non-controlling interests which do not result in a loss of dated statement of financial position if they represent a current obligation control are recognised by adjusting equity. at the date control is acquired, and the fair value of that obligation can be measured reliably. 8. Segment information In accordance with IFRS 8, the segment information presented is based The cost of a combination (consideration transferred) is equal to the on internal reports that are used by Group management and reflect the fair value, at the date of exchange, of the assets transferred, liabilities Group’s internal business organisation. Operating activities are organised incurred or assumed and any equity instruments issued by the Group, and managed based on the type of service provided. in exchange for control of the acquiree. Costs directly attributable to the business combination are treated as a separate transaction and are The Group’s five business segments at 31 December 2013 and recognised in profit or loss. 31 December 2012 are: >>Caisse des Dépôts Division; Any contingent consideration is included in the cost of the combination >>Banking, Insurance & La Poste Division; as of the date control is acquired, for its fair value at the acquisition date. >>Corporate Finance Division; Any earn-out adjustments classified as financial liabilities are remeasured >>Real Estate & Tourism Division; to fair value at the end of each reporting period and taken to profit or >>Infrastructure, Transport & Environment Division. 16 Consolidated financial statements

III - ACCOUNTING POLICIES In accordance with IAS 39, in the event that valuation techniques are unsatisfactory or the resulting range of reasonable fair value estimates 1. Financial instruments is significant, the instrument continues to be recorded at cost within Financial assets and liabilities are recognised and measured in accord- “Available-for-sale financial assets”, as its fair value cannot be deter- ance with IAS 39, as adopted by the European Commission on mined reliably. It is then classified in level 3 of the fair value hierarchy. 19 November 2004 and subsequently amended, in particular by the amendment relating to the use of the fair value option published in 2005. 1.2 - Securities Securities held by the Group are classified in the four categories of Financial assets and liabilities at fair value through profit or loss, hedg- financial assets defined by IAS 39, as follows: ing derivatives and available-for-sale financial assets are measured and >>financial assets at fair value through profit or loss (including financial recognised at market value on initial recognition and at subsequent assets designated as at fair value through profit or loss upon initial rec- reporting dates. ognition or under the fair value option); >>available-for-sale financial assets; 1.1 - Fair value of financial instruments >>held-to-maturity investments; Fair value as defined by IFRS 13 is the price that would be received to >>loans and receivables. sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Securities purchases and sales are recognised in the statement of financial position on the settlement/delivery date, except in certain specific The Group determines the fair value of financial instruments based on cases. either prices obtained directly from external inputs or from valuation techniques. The valuation techniques applied are primarily the market • Financial assets at fair value through profit or loss approach and the income approach, which draw on several widely In accordance with IAS 39, this category includes financial assets and used techniques such as discounted cash flow and adjusted net asset liabilities held for trading and financial assets and liabilities designated as value models. These approaches maximise the use of observable inputs at fair value through profit or loss under the fair value option. and minimise the use of unobservable inputs. Valuation techniques are calibrated to reflect current market conditions. Financial assets and liabilities held for trading are financial assets and liabilities acquired or incurred principally for the purpose of selling or Assets and liabilities measured or shown at fair value correspond to the repurchasing them in the near term. following levels in the fair value hierarchy: >>Level 1: fair value is determined using prices quoted in active markets IAS 39 also allows the fair value option to be used in place of hedge (unadjusted) for identical assets or liabilities. An active market is a market accounting (i) to avoid separately recognising and measuring derivatives in which transactions in the asset or liability take place with sufficient fre- embedded in hybrid contracts, or (ii) in the event that a group of finan- quency and volume to provide pricing information on an ongoing basis. cial assets and/or financial liabilities is managed and its performance is >>Level 2: fair value is determined using valuation techniques that chiefly evaluated on a fair value basis, in accordance with a documented risk rely on directly or indirectly observable market inputs. These techniques management or investment strategy and provided that information about are regularly calibrated and the inputs corroborated by data from active this group is reported on this basis internally. markets (“market-corroborated data”). >>Level 3: fair value is determined using valuation techniques that chiefly Financial assets classified as at fair value through profit or loss are initially rely on unobservable inputs or on inputs that cannot be corroborated by recognised at fair value, excluding directly attributable transaction costs market data, for example due to a lack of liquidity for the instrument or but including accrued interest. They are subsequently measured at fair of a significant model risk. Unobservable inputs are inputs for which no value, with changes in fair value recognised in the income statement market data is available, and which therefore result from internal assump- under “Gains and losses on financial instruments at fair value through tions based on data that would be used by other market participants. profit or loss, net”. Exceptionally, on the first-time adoption of IFRS, fair Judgement is involved in determining when there is a lack of liquidity or value adjustments to opening financial assets at fair value through profit a risk relating to the use of a model. or loss were recognised in equity and will never be reclassified to the income statement. Assets and liabilities are classified in the hierarchy depending on the level of the main input used to determine their fair value. Changes in fair value and disposal gains and losses are recognised in the consolidated income statement under “Gains and losses on financial - Unlisted equity instruments instruments at fair value through profit or loss, net”. The fair value of unlisted equity instruments is generally computed using a number of different techniques (discounted cash flows, adjusted net • Available-for-sale financial assets asset value or multiples for comparable companies): In accordance with IAS 39, this category is used by default for all financial >>if fair value is based on data relating to comparable listed companies assets not classified in any of the other three categories. or, for property investments, on a revaluation of property using observable market inputs, equity instruments are classified in level 2 of the fair It comprises fixed and variable income securities that are initially rec- value hierarchy; ognised at cost, including directly attributable transaction costs (unless >>however, if fair value is calculated based on discounted cash flows or it can be demonstrated that these costs are not material) and accrued adjusted net asset value using internal company data, the equity instru- interest. ments are classified in level 3 of the fair value hierarchy. This also applies to instruments measured using the multiples approach when the inputs Changes in fair value are recognised in equity to be reclassified to the require significant adjustments based on unobservable inputs to reflect income statement. factors specific to the entity concerned. Caisse des Dépôts Group Financial Report 2013 17

When the assets are sold or have suffered from other-than-temporary • Held-to-maturity investments impairment, the cumulative unrealised gain or loss recognised in equity Held-to-maturity investments are non-derivative financial assets with is reclassified to the income statement under “Gains and losses on fixed or determinable payments and fixed maturity that the entity has available-for-sale financial assets, net”. the positive intention and ability to hold to maturity.

An impairment loss is recognised on equity instruments when there is If any financial assets classified in this category are sold before maturity, objective evidence of other-than-temporary impairment, defined as a the entire portfolio must be reclassified as “available-for-sale” and no significant or prolonged decline in the fair value of the investment below further financial assets may be classified as “held-to-maturity” for a its cost. period of two years, unless (i) the sale takes place at a date very close to the financial asset’s maturity, (ii) the Group has collected substantially The criteria for assessing other-than-temporary impairment separate the all of the financial asset’s principal, or (iii) the sale is attributable to an notion of “significant” and “prolonged”. Therefore, either a significant or isolated, unforeseeable event, such as a serious adverse change in the prolonged decline is sufficient to require the recognition of an impairment issuer’s credit quality. loss. The criteria used by Caisse des Dépôts (Central Sector) are based on two levels. To qualify for classification as held-to-maturity investments, the financial assets concerned may not be hedged against interest rate risks. >>Level 1: factors triggering a documented analysis • criteria associated with a “significant” decline in value: the closing price Held-to-maturity investments are initially recognised at cost, including for the instrument at the end of the reporting period is more than 30% directly attributable transaction costs (unless it can be demonstrated lower than its acquisition cost; or that these costs are not material) and accrued interest. They are sub- • criteria associated with a “prolonged” decline in value: the average price sequently measured at amortised cost, determined using the effective for the instrument over the previous 12 months is more than 30% lower interest method. than its acquisition cost. The effective interest rate is the rate that exactly discounts estimated These two criteria represent substantial evidence of impairment allowing future cash payments or receipts through the expected life of the financial the Group to identify the securities which will be subject to a documented instrument to the net carrying amount of the financial asset or financial multi-criteria analysis. Once the analysis is complete, the Group uses its liability. “expert judgement” to determine whether impairment should be recognised against profit or loss. If there is objective evidence that an impairment loss has been incurred on held-to-maturity investments, a provision is booked for the difference >>Level 2: factors automatically triggering an impairment loss between the carrying amount and the estimated recoverable amount, Except in duly authorised exceptional circumstances, an impairment discounted at the original effective interest rate. If, in a subsequent period, loss will be recognised when either of the criteria automatically triggering the amount of the impairment loss decreases, the surplus provision is impairment is met: reversed. • the closing price for the instrument at the end of the reporting period is more than 50% lower than its acquisition cost; or • Loans and receivables • the instrument has been trading at a price below its acquisition cost The option of classifying non-derivative financial assets with fixed or for more than three years. determinable payments that are not quoted in an active market as “Loans and receivables” has not been used by the Group. When either of these conditions is met, the unrealised capital loss on the investment is automatically taken to the income statement. 1.3 - Loans Loans made by the Group are classified as “Loans and receivables” due The criteria applied by Caisse des Dépôts (Central Sector) are also from financial institutions or from customers, as appropriate. applied by Group entities, unless alternative criteria for determining other-than-temporary impairment are deemed more relevant in light of They are initially recognised at fair value. The fair value of loans corre- the entity’s business. sponds to the nominal amount less any fees and commissions received, less any discount and plus transaction costs. Impairment taken against equity instruments is recognised in “Gains and losses on available-for-sale financial assets, net” in the income statement They are subsequently measured at amortised cost, determined using and can only be reversed when the instrument is sold. Any subsequent the effective interest method. decrease in market value results in an impairment loss recognised in the income statement. The effective interest rate includes all fees and points paid or received between parties to the contract that are an integral part of the effective An impairment loss is recognised in the income statement on debt interest rate, transaction costs, and all other premiums or discounts. instruments when there is a proven counterparty risk. If, in a subsequent period, the counterparty risk decreases, the previously recognised Accrued interest is recorded separately, with the contra-entry recorded impairment loss may be reversed. in the income statement.

Revenue from fixed income securities classified as available-for-sale is An impairment loss is recognised when there is objective evidence of an reported in the income statement under “Interest income”. Dividends event that occurred after the initial recognition of the loan (a “loss event”), received on variable income securities are reported in the income state- and that loss event has an impact on the estimated future cash flows of ment under “Gains and losses on available-for-sale financial assets, net”. the loan that can be reliably estimated. 18 Consolidated financial statements

Impairment losses are identified at the level of each individual loan and • General provisions then at the level of the related loan book. The analyses performed within the Group’s subsidiaries show that there are no material groups of loans with similar credit risk characteristics The amount of the impairment loss corresponds to the difference requiring the recognition of significant general provisions. between the carrying amount of the loans, before impairment, and the sum of the estimated future cash flows discounted at the original effective 1.4 - Financial liabilities interest rate. Impairment losses are recognised either as allowances or as IAS 39 identifies two categories of financial liabilities: discounts on loans restructured following borrower default. >>financial liabilities at fair value through profit or loss (including financial liabilities designated as at fair value through profit or loss upon initial There are two types of impaired loans: recognition or under the fair value option); >>loans for which impairment losses are recognised on an individual >>other financial liabilities. basis: these are non-performing loans covered by allowances and Financial liabilities in the latter category are initially recognised at fair value loans restructured following borrower default for which the impairment and are subsequently measured at amortised cost by the effective inter- is recognised as a discount; est method. >>loans covered by general provisions: these are loans with similar credit risk characteristics for which the impairment loss is determined for all of 1.5 - Debt securities the loans taken as a whole. Financial instruments are classified as debt securities if the issuer has a contractual obligation to deliver cash or another financial asset, or to • Specific allowances exchange instruments on potentially unfavourable terms. Loans covered by specific allowances include non-performing loans and irrecoverable loans. These classifications, which are applicable in Debt securities are initially recognised at their issue value including trans- the individual financial statements under French GAAP in accordance action costs. They are subsequently measured at amortised cost by the with standard CRC 2002-03, have also been used in the IFRS financial effective interest method. statements. Perpetual subordinated notes are classified as equity instruments when In the case of non-performing loans, the “proven risk” criteria used the timing of interest payments is determined by the Group. All other under French GAAP are applied to determine the existence of objective dated and undated debt instruments are included in debt. evidence of impairment under IAS 39. A proven risk exists when it is probable that all or some of the amounts 1.6 - Derivative financial instruments due under the loan agreement will not be received, notwithstanding the Derivative instruments are financial assets and liabilities initially recog- existence of collateral or a guarantee. nised in the statement of financial position at the transaction price. They are subsequently measured at fair value, regardless of whether they are As a general principle, loans are classified as non-performing when: held for trading or as part of a hedging relationship. - one or more instalments are over three months past due (six months past due in the case of real estate loans and nine months in the case of • Derivative instruments held for trading loans to local authorities); Derivative instruments held for trading are recognised in the statement - the borrower’s financial position has deteriorated, resulting in a col- of financial position under “Financial assets/liabilities at fair value through lection risk; profit or loss”. They are recognised as assets when their market value - legal collection procedures have been launched. is positive and as liabilities when it is negative. Realised and unrealised gains are recognised in the income statement under “Gains and losses Irrecoverable loans are non-performing loans for which the likelihood of on financial instruments at fair value through profit or loss, net”. collection is remote and that are expected to be written off. • Derivative instruments and hedge accounting Non-performing loans not meeting these criteria are qualified as recov- The accounting principles applicable to hedging instruments and hedged erable. items depend on the hedging strategy and on whether or not they meet the criteria set out below: When a loan is classified as non-performing, an impairment loss is >>the hedging instrument and the hedged item must both be eligible for booked immediately for the probable loss. The impairment loss cor- hedge accounting; responds to the present value of the aggregate probable losses on non- >>the documentation of the hedging relationship must include identifica- performing and irrecoverable loans, discounted at the original effective tion of the hedging instrument and the hedged item, the nature of the interest rate. hedging relationship and the nature of the risk being hedged; >>details must be provided of the hedge’s expected effectiveness at the Discounts on restructured loans and allowances on non-performing inception of the hedge and its actual effectiveness at the end of each loans are recognised in the income statement under “Cost of risk”. Dis- reporting period. counts on restructured loans reclassified as performing are reversed over the remaining life of the loans by crediting interest income. A fair value hedge is a hedge of the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment. In a Reversals of allowances for credit losses due to a reduction in the under- fair value hedging relationship, the hedging instruments are measured lying risk are recognised in the income statement under “Cost of risk”, at fair value on the statement of financial position, with an offsetting while reductions in allowances and discounts due to the passage of time entry to “Gains and losses on financial instruments at fair value through adjust the interest margin. profit or loss, net” in the income statement, symmetrically with the gains and losses that arise on the item hedged. In the statement of financial position, the gain or loss from remeasuring the hedged component is recognised based on the classification of the hedged item in a relationship hedging identifiable assets or liabilities. Caisse des Dépôts Group Financial Report 2013 19

If the hedging relationship is discontinued or no longer meets the effec- 1.8 - Financing commitments tiveness criteria, the hedging instruments are reclassified to the trading Financing commitments are initially recognised at fair value. They are book and accounted for in accordance with the rules applicable to this accounted for in accordance with IAS 37 unless they meet the criteria category. for classification as derivative instruments.

A cash flow hedge is a hedge of the exposure to variability in cash flows 1.9 - Repurchase agreements and securities lending/borrowing from financial instruments or a highly probable forecast transaction. In Securities lent or sold under a repurchase agreement continue to be a cash flow hedging relationship, hedging instruments are measured at shown on the statement of financial position of the lender/seller. However, fair value on the statement of financial position, with an offsetting entry to if the borrower/acquiree is free to sell, lend or enter into a repurchase “Gains and losses recognised directly in equity” for the effective portion agreement concerning the securities, they are reclassified in a sub- (equity) and to “Gains and losses on financial instruments at fair value account of securities or receivables. through profit or loss, net” for the ineffective portion (income statement). The amounts accumulated in equity over the life of the hedge are taken to Securities borrowed or acquired under a repurchase agreement are not profit or loss under “Interest income” or “Interest expense” as and when shown on the statement of financial position of the borrower/acquiree. the hedged item itself affects profit or loss. Hedged items continue to be However, if the borrower/acquiree sells, lends or enters into a repurchase accounted for under the rules applicable to their category. agreement concerning the securities, a liability is recorded at fair value in If the hedging relationship is discontinued or no longer meets the effec- the borrower/acquiree’s statement of financial position, representing the tiveness criteria, the cumulative gain or loss on the hedging instruments obligation to buy back these securities. that has been recognised in equity will remain in equity until the forecast transaction affects profit or loss or until the transaction is no longer 2. Investments in equity-accounted expected to occur, in which case it is reclassified to profit or loss. If the associates and joint ventures hedged item no longer exists, the amounts accumulated in equity are The Group’s interests in associates and joint ventures are accounted for recognised immediately in profit or loss. by the equity method.

A net investment hedge is a hedge of the exposure to unfavourable Under this method, the investment in an associate or joint venture is initially changes in fair value attributable to the currency risk on an investment recognised at cost and subsequently adjusted to reflect any changes in other than in euros. The recognition principles applicable to net invest- the Group’s equity in net assets after the acquisition date. Goodwill relat- ment hedges are identical to those for cash flow hedges. ing to interests in associates and joint ventures is included in the carrying amount of the investment. Irrespective of the hedging strategy, hedge ineffectiveness is recognised in the income statement under “Gains and losses on financial instru- The Group’s share of the earnings of associates and joint ventures is ments at fair value through profit or loss, net”. reflected in the income statement in “Share of profit (loss) of equity- accounted associates and joint ventures”. The Group has chosen to recognise certain hedged items and the related hedging instruments under “Financial assets/liabilities at fair value After the interest has been accounted for by the equity method, the Group through profit or loss” as allowed under IAS 39. This treatment has been applies the provisions of IAS 39 to determine whether an impairment loss applied primarily to government bonds and negotiable debt securities should be recognised. hedged by swaps under asset swap agreements. If there is evidence that the interest may be impaired within the meaning of • Embedded derivatives IAS 39, the full amount of the interest is tested for impairment in accordance An embedded derivative is a component of a hybrid (combined) with IAS 36. An impairment loss is recognised if the recoverable amount instrument that meets the definition of a derivative instrument. If the of the investment, reflecting the higher of its fair value less the costs of hybrid instrument is not measured at fair value through profit or loss, disposal and its value in use, is lower than its carrying amount. the embedded derivative is separated from the host contract when, at inception, the economic characteristics and risks of the embed- When an impairment loss is recognised, it is charged against the value of ded derivative are not closely related to the economic characteristics the equity-accounted investment in the statement of financial position, and and risks of the host contract. In this case, the embedded derivative may subsequently be reversed if the value in use or fair value of the interest is recognised at fair value in the statement of financial position under less the costs of disposal increases. The impairment loss is recognised in “Financial assets/liabilities at fair value through profit or loss”. profit or loss under “Share of profit (loss) of equity-accounted associates and joint ventures”. 1.7 - Financial guarantees given A financial guarantee contract is a contract that requires the issuer to If the Group’s share in the losses of an equity-accounted entity equals or make specified payments to reimburse the holder for a loss it incurs exceeds its interest in that equity-accounted entity, the Group discontinues because a specified debtor fails to make payment when due in accord- recognising its share of further losses and its interest is reduced to zero. ance with the original or modified terms of a debt instrument. Additional losses of the associate or joint venture are provided for only to the extent that the Group has incurred legal and constructive obligations Financial guarantees are initially recognised at fair value and subse- or made payments on behalf of the associate or joint venture. quently measured at the higher of the amount of the obligation and the amount initially recognised less accumulated amortisation of the related When an interest in a joint venture becomes an interest in an associate commission. (and vice-versa), any retained interest in the investment is not revalued. This also applies to partial acquisitions and sales that do not result in a Where appropriate, a provision is recorded in liabilities in accordance change of control. with IAS 37. 20 Consolidated financial statements

Any gains or losses resulting from sales of investments in associates and when the Group has a contractual obligation or constructive obligation joint ventures are recognised in “Gains and losses on other assets, net”. arising from past practices. 3. Non-current assets held for sale and 5.2 - Post-employment benefits related liabilities, discontinued operations Post-employment benefits comprise defined contribution plans and A non-current asset or a disposal group is classified as held for sale when defined benefit plans. its carrying amount will be recovered principally through a sale transaction rather than through continuing use. The asset or disposal group is Obligations under defined contribution plans are generally covered by reported on a separate line of the statement of financial position when contributions paid to a pay-as-you-go pension scheme or to an insur- it is highly probable that the sale will be completed within 12 months. ance company that manages benefit payments or by the State for public service employees. In all cases, the contributions are in full discharge of As soon as they are classified as held for sale, non-current assets and any future liability. Contributions paid are expensed as incurred. disposal groups are carried at the lower of their carrying amount and fair value less costs to sell and are no longer depreciated/amortised. Defined benefit plans are plans under which the Group has an obligation However, financial instruments classified in this category continue to be to pay agreed benefits to current and former employees. These plans measured in accordance with the principles of IAS 39. give rise to a medium- or long-term liability which is measured and pro- Any impairment on non-current assets held for sale and disposal groups visioned in the financial statements. is recognised in profit or loss and may be reversed in subsequent periods. In accordance with IAS 19, the projected benefit obligation is measured An operation is considered as discontinued when the related assets by the projected unit credit method based on a range of actuarial, finan- fulfil the criteria for classification as held for sale or when the operation cial and demographic assumptions. The projected unit credit method has been sold. The profits or losses from discontinued operations are sees each period of service as giving rise to an additional unit of ben- shown on a single line of the income statement for the periods presented. efit entitlement and measures each unit separately to build up the final The reported amounts include the net profit or loss of the discontinued obligation. Units of benefit entitlement are determined based on the operations up to the date of sale and the after-tax disposal gain or loss. discounted present value of the future benefits.

4. Foreign currency transactions The discount rate used by the Group is determined by reference to the At the end of each reporting period, monetary assets and liabilities yield on investment-grade corporate bonds with a similar maturity to that denominated in foreign currencies are converted into the Group’s func- of the benefit obligation within the same monetary area. tional currency at the year-end exchange rate. The provision for defined post-employment benefits is therefore equal The resulting conversion gains and losses are recognised in the income to the present value of the defined benefit obligation at the end of the statement. As an exception to this principle, for monetary assets classi- reporting period, calculated by the projected unit credit method, less the fied as available-for-sale financial assets, only the portion of the conver- fair value of the plan assets, if any. sion gain or loss calculated on these assets’ amortised cost is recognised in the income statement, with the other portion recognised in equity. The provision is adjusted at the end of each reporting period to reflect changes in the projected benefit obligation. Concerning non-monetary assets: >>assets measured at historical cost are converted at the exchange rate All gains or losses on remeasuring the net defined benefit obligation on the transaction date; (asset) are recognised immediately in equity within “Gains and losses >>assets measured at fair value are converted at the exchange rate at recognised directly in equity” and not reclassified to profit or loss in the end of the reporting period. subsequent periods. These include actuarial gains and losses arising on changes in actuarial assumptions and experience adjustments, as well as Conversion gains and losses on non-monetary items are recognised in the return on plan assets and the change in any asset ceiling (excluding the income statement if the gain or loss on the non-monetary item is also amounts taken into account in calculating the net interest cost on the recognised in the income statement, or in equity if the gain or loss on the defined benefit obligation (asset)). non-monetary item is also recognised in equity. The annual cost of defined benefit plans recognised in personnel 5. Employee benefits expenses reflects: Benefits granted to the Group’s employees fall into four categories: >>the cost of services rendered by employees during the period (service >>short-term benefits, such as salaries, paid annual leave, matching cost); payments to employee savings plans, and discretionary and non- >>the cost of services rendered by employees in previous periods (past discretionary profit-sharing; service cost), resulting from plan amendments or curtailments, as well >>post-employment benefits, corresponding to pensions, length-of- as gains and losses on any plan settlements; service awards payable to employees on retirement, financial support for >>the net interest cost related to discounting the net defined benefit employees receiving reduced rate pensions, and medical cover; obligation (asset). The interest rate used to calculate the expected return >>other long-term benefits such as jubilee and other long-service ben- on plan assets is the same as the discount rate applied to the provision. efits; >>termination benefits. Outside France, Group employees are covered by various compulsory contributory pension schemes. The corresponding obligations are 5.1 - Short-term benefits funded by contributions to company pension funds or recognised in the Short-term benefits are employee benefits expected to be paid within financial statements of the companies concerned. 12 months of the end of the reporting period in which the employees render the related service. A liability and an expense are recognised Caisse des Dépôts Group Financial Report 2013 21

5.3 - Other long-term benefits >>fixtures: 10 to 25 years; Other long-term benefits are benefits other than short-term ben- >>fittings and technical installations: 10 to 25 years; efits, post-employment benefits and termination benefits, that are not >>major maintenance work: 15 years. expected to be paid in the 12 months after the end of the period in which the employees render the related service. The depreciable amount of each asset is determined by deducting the residual value from its cost, where said value is both material and They are measured and recognised on a similar basis to defined post- measurable. Residual value is defined as the estimated amount that an employment benefits, except that actuarial gains and losses are recog- entity would currently obtain from disposal of the asset, after deducting nised directly in profit or loss. the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. 6. Share-based payments Share-based payments consist of payments based on the equity instru- Software and development costs are recognised in intangible assets and ments of Group subsidiaries that are equity settled or cash settled for amortised over periods of between three to seven years. amounts that reflect the value of the underlying shares. IFRS 2 applies solely to equity instruments granted after 7 November 2002 that had not At the end of each reporting period, an impairment test is performed if yet vested at 1 January 2005. there is any internal or external indication that an asset may be impaired and the amount of the impairment may be material. Impairment tests Most of the share-based payment plans set up by Group entities are are performed by comparing the carrying amount of the asset with its equity-settled plans. recoverable amount.

IFRS 2 also applies to rights issues carried out under the Group’s If the recoverable amount is less than the carrying amount, the carrying employee savings plans. amount is reduced by recording an impairment loss. If the recoverable amount increases in subsequent periods, all or part of the impairment The employee benefit corresponds to the difference, at the purchase loss is reversed. date, between the fair value of the acquired shares, taking into account the deemed cost of the lock-up feature, and the price paid by employ- 8. Impairment of non-amortisable ees, multiplied by the number of shares purchased. At the end of each intangible assets and goodwill reporting period, the number of options likely to vest is reviewed. Where Goodwill and other intangible assets with an indefinite useful life are not appropriate, the estimates are revised and the effect of the revision is amortised but are tested for impairment at annual intervals. recognised in the income statement with a corresponding adjustment The impairment tests are performed at the level of cash-generating to equity. units (CGUs), representing the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows 7. Fixed assets from other assets or groups of assets. Impairment tests are performed Fixed assets in the consolidated statement of financial position include by comparing the recoverable amount of the asset or CGU to its car- property and equipment, intangible assets and investment property. rying amount. The recoverable amount of an asset or a CGU is the higher of its fair value Owner-occupied property is held for use in the production or supply of less the costs of disposal and its value in use. goods or services and for administrative purposes. It corresponds to If the carrying amount is greater than the recoverable amount, an impair- assets not leased to third parties under operating leases. ment loss is recognised in the income statement for the difference between these two amounts. Investment property corresponds to property held to earn rentals or for Impairment losses recognised on goodwill related to subsidiaries and capital appreciation or both. intangible assets with indefinite useful lives cannot be reversed.

Owner-occupied and investment property are initially recognised at cost, 9. Finance leases corresponding to their purchase price, any directly attributable expendi- A finance lease is a lease that transfers substantially all the risks and ture and any borrowing costs. rewards incidental to ownership of an asset. Title may or may not even- tually be transferred. Land is not depreciated. Other assets are depreciated from the date they Leases are classified as finance leases when: are put into service by the straight-line method. This method consists of >>the lease transfers ownership of the asset to the lessee by the end of recording a constant annual charge to write off the cost of the asset less the lease term; its residual value over the asset’s estimated useful life. >>the lessee has the option to purchase the asset at a price that is expected to be sufficiently lower than the fair value for it to be reasonably Government grants are recorded as a deduction from the carrying certain that the option will be exercised; amount of the assets they serve to finance. >>the lease term is for the major part of the economic life of the asset; >>the present value of the minimum lease payments amounts to substan- When an asset comprises several items with different patterns of use tially all of the fair value of the leased asset at the inception of the lease; that may require replacement at regular intervals or generate economic >>the leased assets are of such a specialised nature that only the lessee benefits at differing rates, each such item is recognised separately and can use them without major modifications. depreciated over its estimated useful life when the amounts involved are material. In the lessee’s financial statements, finance leases are accounted for as follows: The main items of property and equipment recognised by the Group and >>the leased asset is recognised in assets, under property and equip- the related depreciation periods are as follows: ment, and a liability for the same amount is recognised in debt; >>building shell: 30 to 100 years; >>the asset is depreciated over its estimated useful life, in the same >>roof/façade: 25 to 40 years; 22 Consolidated financial statements

way as assets owned outright, and the minimum lease payments are tax rules (investments representing more than 5% of capital) held for apportioned between the finance charge and the reduction of the out- over two years, other than unlisted TSPIs falling under the statutory tax standing liability. regime of 36.1%.

Leases that do not transfer substantially all the risks and rewards inci- • Future differences to reverse after 2015 dental to ownership are classified as operating leases. Lease payments >>34.43% (including the additional social contribution) for transactions under operating leases (net of benefits obtained from the lessor) are falling within the scope of the statutory tax regime; recognised in the income statement on a straight-line basis over the >>15.5% (including the additional social contribution) for transactions duration of the lease. eligible for the long-term reduced rate, applicable to sales of shares in tax-efficient venture capital funds held for more than five years, provi- 10. Provisions recorded under liabilities sions for shares in tax-efficient venture capital funds and certain asset Provisions recorded under liabilities, other than those relating to losses distributions made by these funds; on financial instruments and employee benefits, are mainly provisions >>19.63% (including the additional social contribution) for transactions for claims and litigation, fines and tax risks. (sales and provisions) relating to shares in listed property companies held for more than two years; A provision is recorded when the Group has a present obligation arising >>4.13% for transactions (sales and provisions) relating to participating from past events, the settlement of which is expected to result in an interests as defined in French accounting and tax rules (investments outflow of resources embodying economic benefits without there being representing more than 5% of capital) held for over two years, other than any expectation that economic benefits with at least an equivalent value unlisted TSPIs falling under the statutory tax regime of 34.43%. will be received. The obligation may be legal, regulatory, contractual or constructive. The amount recognised as a provision is the best estimate Deferred taxes are not discounted. of the expenditure required to settle the present obligation at the end of the reporting period. Provisions are discounted when the effects 12. Capital of discounting are material, using a discount rate that reflects current In light of its status, Caisse des Dépôts does not have any share capital. market assessments of the time value of money and the risks specific to the liability. Increases in the provision to reflect the passage of time are recognised in “Interest expense”. 11. Current and deferred taxes 3. Application of IFRS 10, Deferred taxes are recognised using the liability method for temporary differences between the carrying amount of assets and liabilities and IFRS 11, IFRS 12, IAS 27, IAS 28, their tax base. Under this method, deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when IAS 19 and IFRS 13 the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The effects of changes in tax rates are recognised in the period in which the change is enacted or substantively enacted. 3.1 - Remarks on the early

Deferred taxes are calculated at the level of each tax entity. Deferred tax application of IFRS 10, assets are recognised only when it is probable that sufficient taxable profits will be available to permit their recovery. IFRS 11, IFRS 12, IAS 27

Certain directly or indirectly held Group entities form part of a tax group. (amended in 2011) and IAS 28

Income tax expense is recognised in the income statement, except for (amended in 2011) tax on items recognised directly in equity, which is also recorded in equity. Caisse des Dépôts early adopted the aforementioned standards with Deferred tax rates in France at 31 December 2013 were as follows: effect from 1 January 2013.

• Future differences to reverse before 2015 The main impacts resulting from the application of the new standards >>38.00% (including the additional social contribution) for transactions IFRS 10, IFRS 11 and IFRS 12, IAS 27 (as amended in 2011) and falling within the scope of the statutory tax regime; IAS 28 (as amended in 2011) relate to the use of the equity-accounting >>17.10% (including the additional social contribution) for transactions method for joint ventures that were proportionately consolidated up to eligible for the long-term reduced rate, applicable to sales of shares in 31 December 2012. tax-efficient venture capital funds (FCPRfiscaux) held for more than five years, provisions for shares in tax-efficient venture capital funds and certain asset distributions made by these funds; 3.1.1 - IFRS 10 – Consolidated >>21.66% (including the additional social contribution) for transactions (sales and provisions) relating to shares in listed property companies Financial Statements (titres de sociétés à prépondérance immobilière – TSPI) held for more than two years; No material impacts were identified as a result of the first-time applica- >>4.56% for transactions (sales and provisions) relating to participating tion of IFRS 10. interests (titres de participation) as defined in French accounting and Caisse des Dépôts Group Financial Report 2013 23

■ Main companies excluded 3.1.3 - IFRS 12 – Disclosure from the scope of consolidation of Interests in Other Entities

The Savings Funds are excluded from the scope of consolidation, since In preparing consolidated financial statements for the year ended they are not controlled by Caisse des Dépôts. None of the three criteria 31 December 2013, certain disclosures required by IFRS 12 and relating set by IFRS 10 are met in the case of the Savings Funds as Caisse des chiefly to joint ventures are provided in the notes in order to make the Dépôts (i) does not have the ability to direct the relevant activities, (ii) has financial statements easier to comprehend for users. no exposure, or rights, to variable returns and (iii) cannot use its power to affect the amount of these returns. 3.1.4 - IAS 27 (amended in The criterion relating to the exposure or rights to variable returns is not met in the case of low-cost housing companies (ESH) due to their 2011) – Separate Financial specific characteristics which impose constraints in terms of dividend payouts and the calculation of the sale price of the shares. Accordingly, Statements these low-cost housing companies are not considered to be controlled by the Group within the meaning of IFRS 10 and are therefore excluded The first-time application of the amended IAS 27 had no impact on the from the scope of consolidation. Investments in these companies are Group’s consolidated financial statements. classified as available-for-sale financial assets. 3.1.5 - IAS 28 (amended in ■ Main judgements applied 2011) – Investments in as regards the scope of Associates and Joint consolidation Ventures Caisse des Dépôts owns 40% of the share capital of Compagnie des Alpes (CDA). It is the company’s main shareholder and intends to remain The first-time application of the amended IAS 28 had no impact on the so by holding its 40% stake on a long-term basis with a view to partnering Group’s consolidated financial statements. the company’s development going forward. CDA is fully consolidated. 3.2 - IAS 19 (amended in 2011) 3.1.2 - IFRS 11 – and IFRS 13 Joint Arrangements IAS 19 (as amended in 2011) is applicable on a retrospective basis and The main impacts resulting from the application of IFRS 11 relate to the did not have a material impact on the Group’s consolidated financial transition from the proportionate consolidation method to the equity- statements at 31 December 2013. accounting method for several companies, in particular the CNP Assur- ances and Transdev groups. The first-time application of IFRS 13, applicable on a prospective basis, did not have a material impact on the Group’s consolidated financial statements at 31 December 2013. ■ CNP Assurances group

Based on an analysis of the provisions set out in the shareholder agreement and supplemental agreements between Caisse des Dépôts, Sopassure and the French State, it was considered that Caisse des Dépôts exercised joint control over CNP Assurances within the meaning of IFRS 10 and IFRS 11.

CNP Assurances group was therefore accounted for by the equity method with effect from 1 January 2013.

■ Transdev Group

Based on the ability of Caisse des Dépôts and its partner Veolia Envi- ronnement to direct the relevant activities of the Transdev Group, it was considered that Caisse des Dépôts exercised joint control over the investee within the meaning of IFRS 10 and IFRS 11. The Transdev group was therefore accounted for by the equity method with effect from 1 January 2013. 24 Consolidated financial statements

3.3 - Reconciliation of the consolidated statement of financial position, at 1 January 2012 and 31 December 2012

31.12.2011 CNP Transdev Other 01.01.2012 Movements 31.12.2012 31.12.2012 Published Assurances Group Restated in the Restated Published (IFRS 11) (IFRS 11) period (in millions of euros) Assets Cash and amounts due from central 5 5 3,667 3,672 3,672 banks and post office banks Financial assets at fair value through profit or loss 31,794 (25,686) (6) (31) 6,071 (3,241) 2,830 31,251 Hedging instruments with a positive fair value 502 (12) (7) 1 484 236 720 735 Available-for-sale financial assets 150,255 (93,054) (18) (774) 56,409 (4,645) 51,764 156,396 Loans and receivables due from credit institutions 11,880 (282) (144) (28) 11,426 (3,935) 7,491 8,037 Loans and receivables due from customers 12,807 (6,351) (422) 195 6,229 1,162 7,391 13,491 Cumulative fair value adjustments to portfolios hedged against interest rate risk Held-to-maturity investments 20,970 (413) 20,557 315 20,872 21,219 Current and deferred tax assets 952 (261) (194) (20) 477 80 557 895 Prepayments, accrued income and other assets 11,121 (1,436) (752) (42) 8,891 (269) 8,622 11,558 Non-current assets held for sale 124 (7) 117 16,441 16,558 16,790 Deferred participation assets 249 (249) Investments in equity-accounted 5,734 4,146 394 659 10,933 (1,733) 9,200 3,144 associates and joint ventures Investment property 11,025 (702) (499) 9,824 3,464 13,288 15,170 Owner-occupied property and equipment 2,584 (101) (936) (15) 1,532 48 1,580 2,474 Intangible assets 850 (156) (173) (4) 517 (193) 324 650 Goodwill 1,411 (408) (528) (14) 461 (6) 455 1,166 Total assets 262,263 (124,965) (2,793) (572) 133,933 11,391 145,324 286,648

Liabilities and equity Due to central banks and post office banks Financial liabilities at fair value through profit or loss 6,123 (1,277) (5) 4,841 350 5,191 7,070 Hedging instruments with a negative fair value 1,444 (3) (5) 1,436 558 1,994 2,007 Due to credit institutions 13,938 (54) (356) (71) 13,457 8,817 22,274 22,752 Due to customers 50,736 (714) (902) (43) 49,077 96 49,173 50,073 Debt securities 25,879 (1,247) (1) 24,631 (1,409) 23,222 25,088 Cumulative fair value adjustments to portfolios hedged against interest rate risk Current and deferred tax liabilities 1,154 (272) (272) (100) 510 537 1,047 1,991 Accruals, deferred income and other liabilities 10,249 (2,696) (978) (41) 6,534 (1,768) 4,766 8,571 Liabilities related to non-current assets held for sale 109 109 415 524 642 Insurance company technical reserves 116,185 (116,185) 127,894 Provisions 867 (139) (190) 12 550 (19) 531 860 Subordinated debt 1,025 (1,025) 1 1 1,040 Equity attributable to owners Reserves and retained earnings 20,125 (16) 20,109 (249) 19,860 19,869 Gains and losses recognised directly in equity 837 837 3,447 4,284 4,284 Profit (loss) for the period 206 206 (660) (454) (458) Total equity attributable to owners 21,168 (16) 21,152 2,538 23,690 23,695 Non-controlling interests 13,386 (1,356) (86) (308) 11,636 1,275 12,911 14,965 Total equity 34,554 (1,356) (86) (324) 32,788 3,813 36,601 38,660 Total liabilities and equity 262,263 (124,965) (2,793) (572) 133,933 11,391 145,324 286,648 Caisse des Dépôts Group Financial Report 2013 25

3.4 - Reconciliation of the consolidated income statement, year ended 31 December 2012

(in millions of euros) 31.12.2012 CNP Transdev Other 31.12.2012 Published Assurances Group Restated (IFRS 11) (IFRS 11) Interest income 5,566 (3,872) 31 1,725 Interest expense (1,142) 64 33 (17) (1,062) Fee and commission income 98 (7) 91 Fee and commission expense (67) 23 4 (40) Gains and losses on financial instruments at 847 (986) 3 4 (132) fair value through profit or loss, net Gains and losses on available-for-sale financial assets, net 771 (39) 7 (65) 674 Income from other activities 20,890 (12,329) (3,854) (127) 4,580 Expenses from other activities (18,776) 15,803 622 48 (2,303) Net banking income (expense) 8,187 (1,343) (3,189) (122) 3,533 General operating expenses (5,538) 383 3,028 54 (2,073) Depreciation, amortisation and impairment of (490) 44 179 3 (264) property and equipment and intangible assets Gross operating profit (loss) 2,159 (916) 18 (65) 1,196 Cost of risk (206) (29) (235) Operating profit (loss) 1,953 (945) 18 (65) 961 Share of profit (loss) of equity-accounted associates (2,311) (2,311) Share of profit (loss) of equity-accounted joint ventures 360 (203) 45 202 Gains and losses on other assets, net 30 1 (7) 24 Change in value of goodwill (57) 69 150 162 Profit (loss) before tax (385) (515) (42) (20) (962) Income tax expense (739) 364 11 10 (354) Net profit (loss) from discontinued operations (23) 23 Net profit (loss) (1,147) (151) (8) (10) (1,316) Non-controlling interests 689 151 8 14 862 Net profit (loss) attributable to owners (458) 4 (454) 26 Consolidated financial statements

3.5 - Reconciliation of the consolidated statement of comprehensive income, year ended 31 December 2012

(in millions of euros) 31.12.2012 CNP Transdev Other 31.12.2012 Published Assurances Group Restated (IFRS 11) (IFRS 11) Net profit (loss) (1,147) (151) (8) (10) (1,316) Items not to be reclassified to the income statement Actuarial gains and losses on post-employment defined benefit (38) 12 14 (12) obligations Actuarial gains and losses on post-employment defined benefit (12) (11) (27) (50) obligations – equity-accounted associates and joint ventures Total items not to be reclassified to the income statement (38) 3 (27) (62) Items to be reclassified to the income statement Exchange differences on translation of foreign operations (87) 83 2 (2) Fair value adjustments on remeasurement 4,182 (489) (2) (92) 3,599 of available-for-sale financial assets Fair value adjustments on remeasurement (154) 1 4 (149) of hedging instruments Items to be reclassified to the income statement recognised directly in equity – 475 396 (4) 87 954 equity-accounted associates and joint ventures Total items to be reclassified to the income statement 4,416 (9) - (5) 4,402 Total income and expense recognised directly in equity 4,378 (9) 3 (32) 4,340 Net profit (loss) and total income and 3,231 (160) (5) (42) 3,024 expense recognised directly in equity Attributable to owners 2,897 9 2,906 Attributable to non-controlling interests 334 (160) (5) (51) 118 Caisse des Dépôts Group Financial Report 2013 27

3.6 - Impact of the application of IFRS 10 and IFRS 11 and of IAS 19 (amended in 2011) on equity

Reserves Gains and losses Net profit Equity Non- Non- Non- Non- Total and retained recognised directly in equity (loss) attributable controlling controlling controlling controlling equity earnings attributable to owners interests interests interests in interests Translation Cumulative Cumulative to owners in gains profit (loss) reserve fair value fair value and losses adjustments adjustments recognised to available- to cash flow directly in for-sale hedges equity financial (in millions of euros) assets Equity at 31 December 2011 20,125 (44) 1,383 (502) 206 21,168 13,602 (768) 552 13,386 34,554 Application of IFRS 11 (1,670) (80) (1,750) (1,750) Application of IAS 19 (amended in 2011) (16) (16) (16) Equity restated at 1 January 2012 20,109 (44) 1,383 (502) 206 21,152 11,932 (848) 552 11,636 32,788 Effect of changes in accounting methods Appropriation of 2011 profit 206 (206) 552 (552) 2011 dividend (103) (103) (332) (332) (435) Transactions with non- (24) 18 (6) 763 (18) 745 739 controlling interests Other movements (328) 1 10 (1) (318) 710 30 740 422 Loss for the period (454) (454) (862) (862) (1,316) Gains and losses recognised directly in equity

Exchange differences on 63 63 (9) (9) 54 translation of foreign operations

Fair value adjustments to financial 3,955 (126) 3,829 1,024 1,024 4,853 instruments recognised directly in equity Fair value adjustments to financial instruments reclassified (563) 90 (473) 1 (32) (31) (504) to the income statement Equity restated at 31 December 2012 19,860 20 4,785 (521) (454) 23,690 13,626 147 (862) 12,911 36,601 28 Consolidated financial statements

3.7 - Reconciliation of the consolidated statement of cash flows, year ended 31 December 2012

(in millions of euros) 31.12.2012 CNP Transdev Other 31.12.2012 Published Assurances Group Restated (IFRS 11) (IFRS 11) Profit (loss) before tax (excluding discontinued operations) (385) (515) (42) (20) (962) Net depreciation, amortisation and impairment of 920 (49) (162) (18) 691 property and equipment and intangible assets

Impairment losses on goodwill and other non-current assets 163 (88) (168) 1 (92)

Net provision expense and impairment losses 4,051 (2,992) (3) (18) 1,038 Share of profit (loss) of equity-accounted 2,311 (360) 203 (45) 2,109 associates and joint ventures Gains/losses from investing activities, net (562) 62 (33) 28 (505) Gains/losses from financing activities, net Other movements (3,168) 3,221 37 15 105 Total non-monetary items included in profit 3,715 (206) (126) (37) 3,346 (loss) before tax and other adjustments Cash flows relating to transactions with credit institutions 8,936 1 89 1 9,027 Cash flows relating to customer transactions (1,017) 43 (104) 4 (1,074) Cash flows relating to other transactions (4,400) (150) (3) 12 (4,541) affecting financial assets and liabilities Cash flows relating to investment property (338) 27 8 127 (176) Cash flows relating to other transactions affecting (2,576) 597 50 (20) (1,949) non-financial assets and liabilities Income taxes paid (896) 226 13 3 (654) Net increase (decrease) in cash related to assets (291) 744 53 127 633 and liabilities from operating activities Net cash from (used in) operating activities 3,039 23 (115) 70 3,017 Cash flows relating to financial assets and investments (1,845) 105 5 (121) (1,856) Cash flows relating to property and (523) 29 139 3 (352) equipment and intangible assets Net cash from (used in) investing activities (2,368) 134 144 (118) (2,208) Cash flows from (used in) transactions with owners 171 5 14 190 Other net cash flows from (used in) financing activities 614 (665) 1 (50) Net cash from (used in) financing activities 785 (665) 6 14 140 Effect of discontinued operations on 4 (4) cash and cash equivalents Effect of changes in exchange rates 8 (1) (5) (1) 1 on cash and cash equivalents Effect of changes in accounting methods 265 46 3 313 Net increase (decrease) in cash and cash equivalents 1,732 (463) 26 (32) 1,263 Cash and cash equivalents at the beginning of the period 8,559 (4,009) (129) (55) 4,366 Cash, central banks and post office banks, net 5 5 Net loans to (borrowings from) credit 8,554 (4,009) (129) (55) 4,361 institutions repayable on demand Cash and cash equivalents at the end of the period 10,291 (4,472) (103) (87) 5,629 Cash, central banks and post office banks, net 3,672 3,672 Net loans to (borrowings from) credit 6,619 (4,472) (103) (87) 1,957 institutions repayable on demand Net increase (decrease) in cash and cash equivalents 1,732 (463) 26 (32) 1,263 Caisse des Dépôts Group Financial Report 2013 29

4. Notes to the consolidated income statement 4.1 - Interest income and expense

(in millions of euros) 31.12.2013 31.12.2012 Income Expense Net Income Expense Net Ordinary accounts in debit/credit 5 5 12 12 Accounts and loans/borrowings with fixed maturities 94 (281) (187) 30 (353) (323) Repurchase and resale agreements Other, including hedging instruments 6 (1) 5 10 (2) 8 Interbank transactions 105 (282) (177) 52 (355) (303) Ordinary accounts in debit/credit 7 7 6 6 Accounts and loans/borrowings with fixed maturities 193 (443) (250) 214 (449) (235) Other, including hedging instruments 35 35 34 34 Customer transactions 235 (443) (208) 254 (449) (195) Available-for-sale financial assets 462 462 835 835 Held-to-maturity investments 770 770 793 793 Other, including hedging instruments (143) (143) (209) (209) Financial instruments 1,089 1,089 1,419 1,419 Debt securities (252) (252) (258) (258) Subordinated debt Borrowings (252) (252) (258) (258) Total interest income and expense 1,429 (977) 452 1,725 (1,062) 663

4.2 - Fee and commission income and expense

(in millions of euros) 31.12.2013 31.12.2012 Income Expense Income Expense Interbank and similar transactions 1 Customer transactions 5 7 Securities and derivatives transactions (27) (16) Financial services transactions 74 (23) 84 (24) Other fees and commissions Fee and commission income and expense 80 (50) 91 (40) 30 Consolidated financial statements

4.3 - Gains and losses on financial instruments at fair value through profit or loss, net

(in millions of euros) 31.12.2013 31.12.2012 o/w fair value o/w fair value Total Total option option Disposal gains and losses, net (4) (6) 9 4 Fair value adjustments, interest income or expense 27 24 (41) (51) Dividend income 11 15 7 Other income and expense, net Securities 34 18 (17) (40) Disposal gains and losses, net (3) Fair value adjustments, interest income or expense (36) 133 Other income and expense, net Futures and options (excluding hedging instruments) (39) 133 Disposal gains and losses, net Fair value adjustments, interest income or expense Other income and expense, net Loans Disposal gains and losses, net Fair value adjustments, interest income or expense 219 219 (169) (169) Other income and expense, net (103) (103) (131) (131) Borrowings 116 116 (300) (300) Disposal gains and losses, net Fair value adjustments, interest income or expense Other income and expense, net Commitments Fair value hedges 15 56 Ineffective portion of cash flow hedges 13 Hedging instruments 28 56 Discontinuation of cash flow hedges (3) Discontinuation of cash flow hedges (3) Currency instruments (23) (4) Currency instruments (23) (4) Total gains and losses on financial instruments 113 134 (132) (340) at fair value through profit or loss, net Caisse des Dépôts Group Financial Report 2013 31

4.4 - Gains and losses on available-for-sale financial assets, net

(in millions of euros) 31.12.2013 31.12.2012 Disposal gains and losses, net 26 2 Fixed-income securities 26 2 Disposal gains and losses, net 375 457 Other-than-temporary impairment (284) (1,000) Dividend income 773 1,215 Variable-income securities 864 672 Loans Other Total gains and losses on available-for-sale financial assets, net 890 674

4.5 - Income and expense from other activities

(in millions of euros) 31.12.2013 31.12.2012 Income Expense Income Expense Income and expenses from investment property 1,461 (724) 1,500 (667) Income and expenses from other activities 3,128 (1,701) 3,080 (1,636) Total income and expense from other activities, net 4,589 (2,425) 4,580 (2,303)

4.6 - General operating expenseS

(in millions of euros) 31.12.2013 31.12.2012 Employee benefits expense (1,415) (1,454) Other expenses and external services (550) (611) Provision (charges)/reversals (4) (8) Other general operating expenses (554) (619) Total general operating expenses (1,969) (2,073) 32 Consolidated financial statements

4.7 - Cost of risk

(in millions of euros) 31.12.2013 31.12.2012 Income Expense Income Expense Impairment of loans and receivables due from credit institutions 7 Impairment of loans and receivables due from customers 12 (48) 13 (23) Impairment of available-for-sale financial assets 1 (15) (218) Impairment of held-to-maturity investments 60 Impairment losses 20 (63) 73 (241) Other provisions for counterparty risk 8 (3) 25 (6) Other provisions for counterparty risk 8 (3) 25 (6) Loan losses and bad debts (17) (86) Recoveries on loans and receivables written off in prior years Losses and recoveries (17) (86) Cost of risk 28 (83) 98 (333)

4.8 - Gains and losses on other assets, net

(in millions of euros) 31.12.2013 31.12.2012 Gains and losses on disposals of property and equipment and intangible assets (1) (5) Gains and losses on disposals of property and equipment and intangible assets (1) (5) Gains and losses on disposals of securities(1) 1,592 2 Dilution gains and losses 49 29 Other gains and losses on long-term equity interests (4) (2) Gains and losses on long-term equity interests 1,637 29 Other gains and losses Other gains and losses Total gains and losses on other assets, net 1,636 24 (1) This mainly relates to the transfer of the Strategic Investment Fund (SIF) and CDC Entreprises to Bpifrance (€1.4 billion) and to the cancellation of the earn- out payment relating to La Poste (€0.2 billion). Caisse des Dépôts Group Financial Report 2013 33

4.9 - Income tax expense 4.9.1 -Analysis of income tax expense

(in millions of euros) 31.12.2013 31.12.2012 Current taxes (486) (689) Deferred taxes (185) 335 Income tax expense (671) (354)

4.9.2 - Reconciliation of theoretical and effective tax rates

(in millions of euros) 31.12.2013 31.12.2012 Net profit (loss) attributable to owners 2,137 (454) Non-controlling interests 161 (862) Share of profit (loss) of equity-accounted associates and joint ventures 10 2,109 Change in value of goodwill 15 (162) Net profit (loss) from discontinued operations 4 Income tax expense 671 354 Profit before tax, change in value of goodwill and share of profit 2,998 985 (loss) of equity-accounted associates and joint ventures Theoretical tax rate 38.00% 36.10% Theoretical tax expense (1,139) (356) Effect of differences in tax rates 19 1 Effect of permanent differences 466 55 Effect of the SIIC regime for listed real estate companies and other exempt operations (31) (40) Net effect of deferred tax recognition (20) (30) Tax credits 16 18 Other 18 (2) Consolidated income tax expense (671) (354) Effective tax rate 22.4% 35.9% The theoretical tax rate is the statutory rate of income tax in France, including the additional 3.3% social contribution and the exceptional income tax contribution which was raised from 5% to 10.7% by the 2014 French Finance Act. At 31 December 2013, the decrease in the effective tax rate as compared to the theoretical tax rate is chiefly due to the Bpifrance transaction. The tax effects of the capital gains earned in the year are shown together under “Effect of permanent differences”. 34 Consolidated financial statements

4.10 - Information by division

(in millions of euros) Caisse des Dépôts Banking, Insurance & Corporate Finance Real Estate Infrastructure, Transport Total Division La Poste Division Division & Tourism Division & Environment Division

31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 Interest income 1,375 1,627 41 81 4 9 9 8 1,429 1,725 Interest expense (660) (742) (17) (312) (314) (5) 11 (977) (1,062) Fee and commission income 36 25 44 66 80 91 Fee and commission expense (48) (39) (2) (1) (50) (40) Gains and losses on financial instruments at fair value through profit or loss, net 69 2 8 (135) 35 1 1 113 (132) Gains and losses on available-for-sale financial assets, net 523 284 284 329 55 25 28 36 890 674 Income from other activities 383 462 3 7 3,293 3,199 910 912 4,589 4,580 Expenses from other activities (445) (479) (2) (2) (1,778) (1,602) (200) (220) (2,425) (2,303) Net banking income 1,233 1,140 376 328 1,297 1,318 743 747 3,649 3,533 General operating expenses (423) (425) (71) (104) (835) (902) (640) (642) (1,969) (2,073) Depreciation, amortisation and impairment of property (115) (124) (1) (1) (128) (121) (19) (18) (263) (264) and equipment and intangible assets Gross operating profit (loss) 695 591 304 223 334 295 84 87 1,417 1,196 Cost of risk (29) (10) (14) (218) (3) (5) (9) (2) (55) (235) Operating profit (loss) 666 581 290 5 331 290 75 85 1,362 961 Share of profit (loss) of equity-accounted associates (14) (47) (314) (344) 12 (2,003) 22 13 65 70 (229) (2,311) Share of profit (loss) of equity-accounted joint ventures 23 38 406 360 (158) 2 (54) (196) 219 202 Gains and losses on other assets, net 1,640 28 (3) (2) (1) (2) 1,636 24 Change in value of goodwill (14) 162 (1) (15) 162 Profit (loss) before tax 2,315 600 92 16 144 (1,998) 338 463 84 (43) 2,973 (962) Income tax expense (411) (263) (64) 77 (178) (147) (18) (21) (671) (354) Net profit (loss) from discontinued operations (4) (4) Net profit (loss) 1,904 337 92 16 80 (1,921) 156 316 66 (64) 2,298 (1,316) Non-controlling interests 1 (1) (113) 962 (35) (84) (14) (15) (161) 862 Net profit (loss) attributable to owners 1,905 336 92 16 (33) (959) 121 232 52 (79) 2,137 (454) Caisse des Dépôts Group Financial Report 2013 35

4.10 - Information by division

5. Notes to the consolidated statement of financial position 5.1 - Financial assets and liabilities at fair value through profit or loss

(in millions of euros) 31.12.2013 31.12.2012 Fair value Fair value Held for trading Held for trading option option Government bonds and treasury bills 53 517 13 986 Negotiable debt securities 90 268 99 312 Mutual funds 361 417 Other securities Fixed-income securities 504 785 529 1,298 Equities Venture capital funds 1 Other securities 29 369 51 454 Equities and other variable-income securities 29 369 52 454 Derivative instruments held for trading 306 497 Derivative instruments held for trading 306 497 Total financial assets at fair value through profit or loss 839 1,154 1,078 1,752

(in millions of euros) 31.12.2013 31.12.2012 Fair value Fair value Held for trading Held for trading option option Credit institutions Customers Accounts and borrowings with fixed maturities Bonds Negotiable debt securities 4,127 4,549 Other Debt securities 4,127 4,549 Borrowed securities and short sales Borrowed securities and short sales Derivative instruments held for trading 350 642 Derivative instruments held for trading 350 642 Total financial liabilities at fair value through profit or loss 350 4,127 642 4,549

(in millions of euros) 31.12.2013 31.12.2012 Fair value option Fair value option Difference between carrying amount and contractual amount due at maturity(1) 137 355 Contractual amount due at maturity on financial liabilities 3,990 4,194 at fair value through profit or loss under the fair value option (1) o/w cumulative changes in fair value attributable to changes in credit risk (17) 53 Caisse des Dépôts Group Financial Report 2013 37

5.2 - Hedging instruments

(in millions of euros) 31.12.2013 31.12.2012 Interest rate derivatives 181 232 Currency derivatives 47 Equity derivatives Other derivatives 61 80 Fair value hedges 289 312 Interest rate derivatives 372 408 Currency derivatives 1 Equity derivatives Other derivatives Cash flow hedges 373 408 Interest rate derivatives Currency derivatives Equity derivatives Other derivatives Hedges of net investments in foreign operations Total hedging instruments with a positive fair value 662 720

(in millions of euros) 31.12.2013 31.12.2012 Interest rate derivatives 632 852 Currency derivatives 374 Equity derivatives Other derivatives 64 29 Fair value hedges 1,070 881 Interest rate derivatives 702 1,110 Currency derivatives Equity derivatives Other derivatives 3 3 Cash flow hedges 705 1,113 Interest rate derivatives Currency derivatives Equity derivatives Other derivatives Hedges of net investments in foreign operations Total hedging instruments with a negative fair value 1,775 1,994 38 Consolidated financial statements

5.3 - Available-for-sale financial assetS

(in millions of euros) 31.12.2013 31.12.2012 o/w o/w hedged o/w hedged o/w Fair portion unrealised Fair portion unrealised value (fair value gains and value (fair value gains and hedge) losses hedge) losses Government bonds and treasury bills(1) 2,984 52 92 2,021 99 15 Negotiable debt securities 25,189 297 45 31,701 483 85 Mutual funds 35 3 Other securities 896 46 989 15 Accrued interest 254 238 Fixed-income securities 29,323 349 183 34,984 582 118 Equities 16,712 6,843 14,556 4,506 Venture capital funds 1,186 272 1,092 220 Other securities 1,114 306 1,132 147 Equities and other variable-income securities 19,012 7,421 16,780 4,873 Total available-for-sale financial assets 48,335 349 7,604 51,764 582 4,991 (1) In the second half of 2013, the Central Sector reclassified€ 1.2 billion in Spanish sovereign debt from “Held-to-maturity investments” to “Available-for-sale financial assets”.

Available-for-sale financial assets: impairment losses

(in millions of euros) 31.12.2013 31.12.2012 Fixed-income securities Equities and other variable-income securities (4,001) (7,105) Total impairment losses (4,001) (7,105) Caisse des Dépôts Group Financial Report 2013 39

5.4 - Loans and receivables due from credit institutions

(in millions of euros) 31.12.2013 31.12.2012 Ordinary accounts in debit and overnight loans 2,560 3,015 Savings fund current accounts 100 Securities and other assets purchased under collateralised fixed resale agreements Accrued interest 5 Non-performing items Impairment losses Loans to credit institutions repayable on demand 2,665 3,015 Accounts and loans with fixed maturities(1) 14,375 4,463 Term loans in respect of the Savings Funds Securities and other assets purchased under collateralised fixed resale agreements Participating loans Subordinated loans Advances on securities transactions Other receivables Accrued interest 27 13 Non-performing items 18 25 Impairment losses (18) (25) Loans and receivables due from credit institutions with fixed maturities 14,402 4,476 Total loans and receivables due from credit institutions 17,067 7,491 (1) Including a €10.4 billion loan granted to Société de Financement Local (SFIL). 40 Consolidated financial statements

5.5 - Loans and receivables due from customers

(in millions of euros) 31.12.2013 31.12.2012 Ordinary accounts in debit 708 673 Accrued interest 5 Non-performing items 4 5 Impairment losses (4) (5) Ordinary accounts in debit 713 673 Loans to financial sector customers 4 4 Cash facilities 4,740 1,783 Equipment financing 398 433 Housing loans 497 504 Advances on securities transactions 1,205 963 Participating loans Subordinated loans 20 13 Finance lease receivables Securities and other assets purchased under resale agreements Other loans 2,324 2,583 Accrued interest 119 103 Non-performing items 732 704 Impairment losses (395) (372) Other loans and receivables due from customers 9,644 6,718 Total loans and receivables due from customers 10,357 7,391 Caisse des Dépôts Group Financial Report 2013 41

5.6 - Held-to-maturity investmentS

(in millions of euros) 31.12.2013 31.12.2012 Government bonds and treasury bills(1) 17,207 17,202 Negotiable debt securities 3,509 3,305 Other securities Accrued interest 332 365 Impairment losses Fixed-income securities 21,048 20,872 Other held-to-maturity investments Total held-to-maturity investments 21,048 20,872 Fair value of held-to-maturity investments(2) 22,190 25,353 (1) In the second half of 2013, the Central Sector reclassified€ 1.2 billion in Spanish sovereign debt from “Held-to-maturity investments” to “Available-for-sale financial assets”. (2) The method used to calculate the fair value of held-to-maturity investments corresponds to Level 1 in the fair value hierarchy.

5.7 - Income taxes 5.7.1 - Breakdown of income taxes in the statement of financial position

(in millions of euros) 31.12.2013 31.12.2012 Deferred tax assets (liabilities), net (1,221) (286) Current tax assets (liabilities), net 60 (204) Total(1) (1,161) (490) (1) Tax assets are positive amounts, while tax liabilities are negative amounts.

5.7.2 - Analysis of deferred taxes

(in millions of euros) 31.12.2013 31.12.2012 Fair value adjustments to financial instruments and securities (2,504) (1,676) Rollover relief (160) (207) Fair value adjustments to financial assets at fair value through profit or loss 301 272 Temporary differences – securities 1,183 1,336 Temporary differences – other (41) (11) Total recognised deferred tax assets and liabilities, net (1,221) (286) o/w deferred tax assets 493 528 deferred tax liabilities (1,714) (814) 42 Consolidated financial statements

5.8 - Prepayments, accrued and deferred income and other assets and liabilitieS

(in millions of euros) 31.12.2013 31.12.2012 Prepaid expenses 50 57 Accrued income 46 76 Other accruals 916 1,387 Prepayments and accrued income 1,012 1,520 Miscellaneous receivables 3,660 4,645 Settlement accounts for securities transactions Inventories 903 854 Guarantee deposits 74 76 Accounts receivable 1,314 1,334 Other 303 354 Impairment losses (124) (161) Other assets 6,130 7,102 Total prepayments, accrued income and other assets 7,142 8,622

(in millions of euros) 31.12.2013 31.12.2012 Deferred income 293 263 Accrued expenses 18 29 Other accruals 1,774 1,337 Accruals and deferred income 2,085 1,629 Miscellaneous payables 242 281 Guarantee deposits 117 130 Accounts payable 872 873 Other 2,681 1,853 Other liabilities 3,912 3,137 Total accruals, deferred income and other liabilities 5,997 4,766 Caisse des Dépôts Group Financial Report 2013 43

5.9 - Non-current assets and liabilities classified as held for sale

(in millions of euros) 31.12.2013 31.12.2012 Assets Loan portfolios Securities and derivatives portfolios(2) 16,316 Investment property(1) 11 194 Owner-occupied property 48 Other assets held for sale Assets held for sale 11 16,558 Assets of discontinued operations Total non-current assets held for sale 11 16,558

(in millions of euros) 31.12.2013 31.12.2012 Liabilities Liabilities related to non-current assets held for sale 1 478 Liabilities related to assets held for sale 1 478 Due to credit institutions and customers Derivative instruments Debt securities Subordinated debt Other liabilities 46 Liabilities related to assets of discontinued operations 46 Total non-current liabilities related to assets classified as held for sale 1 524 (1) The estimated market value of investment property held for sale and measured at amortised cost was €21 million at 31 December 2013 and €199 million at 31 December 2012. The method used to calculate the fair value of investment property held for sale corresponds to Level 3 in the fair value hierarchy. (2) In light of the decisions and commitments taken by Caisse des Dépôts in 2012 in connection with the creation of Bpifrance, the assets and liabilities concerning the Strategic Investment Fund (SIF) are shown on the statement of financial position on the lines “Non-current assets held for sale” and “Liabilities related to non-current assets classified as held for sale”. 44 Consolidated financial statements

5.10 - Investments in equity-accounted associates and joint ventures 5.10.1 - Associates 5.10.1.1 - Statement of financial position

(in millions of euros) 31.12.2013 31.12.2012 o/w o/w Carrying Carrying goodwill net goodwill net amount amount of adjustment of adjustment Caisse des Dépôts Division 50 27 69 42 AEW EUROPE 50 27 69 42 Banking, Insurance & La Poste Division 1,600 1,588 191 LA POSTE 1,600 1,588 191 Corporate Finance Division(1) 717 SA OSEO 717 Real Estate & Tourism Division 190 20 166 20 ICADE GROUP entities 1 COMPAGNIE DES ALPES GROUP entities 66 20 62 20 SANTOLINE 42 49 SNI GROUP entities 81 55 Infrastructure, Transport & Environment Division 667 601 VERDUN PARTICIPATIONS 1 73 78 COMPAGNIE NATIONALE DU RHÔNE 533 514 SÉCHÉ ENVIRONNEMENT(2) 52 EGIS GROUP entities 9 9 Investments in equity-accounted associates 2,507 47 3,141 253 (1) Oséo was transferred to Bpifrance on 12 July 2013. (2) Based on the quoted price for a Séché Environnement share at 31 December 2013 (€28.10), Caisse de Dépôts’ stake in the company represents €49 million. As part of the business transfer operations with Bpifrance, Séché Environnement shares were transferred to Caisse des Dépôts on 10 July 2013 and reclassified within investments in equity-accounted associates. Caisse des Dépôts Group Financial Report 2013 45

5.10.1.2 - Income statement

(in millions of euros) 31.12.2013 31.12.2012 Share of profit o/w Share of profit o/w (loss) of equity- adjustments (loss) of equity- adjustments accounted to the value accounted to the value associates of goodwill associates of goodwill Caisse des Dépôts Division (14) (15) (47) (49) AEW EUROPE (14) (15) (19) (21) SÉCHÉ ENVIRONNEMENT(1) (28) (28) Banking, Insurance & La Poste Division (314) (191) (344) DEXIA (453) LA POSTE (314) (191) 109 Corporate Finance Division 12 (2,003) (1,946) SA OSEO 6 26 ORANGE (1,927) (1,927) Other SIF entities 6 (102) (19) Real Estate & Tourism Division 22 13 ICADE GROUP entities 2 (1) COMPAGNIE DES ALPES GROUP entities 4 2 SANTOLINE (1) SNI GROUP entities 16 13 Infrastructure, Transport & Environment Division 65 70 VERDUN PARTICIPATIONS 1 (2) (4) COMPAGNIE NATIONALE DU RHÔNE 67 74 Share of profit (loss) of equity-accounted associates (229) (206) (2,311) (1,995) (1) 31 December 2012: adjustment recognised prior to its contribution to the SIF in 2009. 46 Consolidated financial statements

5.10.1.3 - Statement of comprehensive income

(in millions of euros) Caisse des Dépôts Banking, Insurance & Corporate Finance Real Estate & Infrastructure, Transport & Total Division La Poste Division Division Tourism Division Environment Division

31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 Net profit (loss) from continuing operations (14) (47) (314) (344) 12 (2,003) 22 13 65 70 (229) (2,311) Net profit (loss) from discontinued operations Net profit (loss) (14) (47) (314) (344) 12 (2,003) 22 13 65 70 (229) (2,311) Total items not to be reclassified to the income statement 7 (34) (1) (5) 1 2 (34) Exchange differences on translation of foreign operations (20) 125 (19) (20) 106 Fair value adjustments on remeasurement of available-for-sale financial assets 14 338 14 338 Fair value adjustments on remeasurement of hedging instruments 86 (17) 1 (1) 4 (4) 5 64 Total items to be reclassified to the income statement (6) 549 (36) 1 (1) 4 (4) (1) 508 Total income and expense recognised directly in equity 1 515 (37) 1 (1) (1) (3) 1 474 Net profit (loss) and total income and expense recognised directly in equity (14) (47) (313) 171 12 (2,040) 23 12 64 67 (228) (1,837)

Main contributions by division

(in millions of euros) Banking, Insurance & Corporate Finance La Poste Division Division o/w La Poste o/w SIF subsidiaries

31.12.2013 31.12.2012 31.12.2012 Net profit (loss) from continuing operations (314) 109 (2,028) Net profit (loss) from discontinued operations Net profit (loss) (314) 109 (2,028) Total items not to be reclassified to the income statement 7 (34) (1) Exchange differences on translation of foreign operations (20) (4) (19) Fair value adjustments on remeasurement of available-for-sale financial assets 14 100 1 Fair value adjustments on remeasurement of hedging instruments (17) Total items to be reclassified to the income statement (6) 96 (35) Total income and expense recognised directly in equity 1 62 (36) Net profit (loss) and total income and expense recognised directly in equity (313) 171 (2,064) Caisse des Dépôts Group Financial Report 2013 47

5.10.1.3 - Statement of comprehensive income

Main contributions by division

(in millions of euros) Banking, Insurance & Corporate Finance La Poste Division Division o/w La Poste o/w SIF subsidiaries

5.10.2 - Joint ventures 5.10.2.1 - Statement of financial position

(in millions of euros) 31.12.2013 31.12.2012 o/w o/w Carrying Carrying goodwill net goodwill net amount amount of adjustment of adjustment Caisse des Dépôts Division 903 827 SCI Alpha Park 11 10 SCI Printemps La Valette 4 3 SCI Cuvier Montreuil 37 SCI Richelieu Vivienne 30 31 OPCI River Ouest 86 95 SAS Malthazar 51 51 SAS Printemps La Valette II 16 16 SCI Farman 82 78 SCI Tour Merle 27 CDC PME Croissance 596 506 Banking, Insurance & La Poste Division 5,300 208 4,913 208 CNP Assurances(1) 5,300 208 4,913 208 Corporate Finance Division 10,624 Bpifrance 10,624 Real Estate & Tourism Division 115 123 ICADE GROUP entities 115 123 Infrastructure, Transport & Environment Division 395 196 1 AQUALTER 8 8 TRANSDEV GROUP 374 176 EGIS GROUP entities 13 12 1 Investments in equity-accounted joint ventures 17,337 208 6,059 209 (1) Based on the quoted price for a CNP Assurances share at 31 December 2013 (€14.90), Caisse des Dépôts’ stake in the company represents €4,181 million. The Market Consistent Embedded Value (MCEV) of a CNP Assurances share, which is taken as its value in use, was €23.30 at 31 December 2013. Caisse des Dépôts’ stake in the company therefore represents €6,538 million. Caisse des Dépôts Group Financial Report 2013 49

5.10.2.2 - Income statement

(in millions of euros) 31.12.2013 31.12.2012 Share of profit o/w Share of profit o/w (loss) of equity- adjustments (loss) of equity- adjustments accounted to the value accounted to the value joint ventures of goodwill joint ventures of goodwill Caisse des Dépôts Division 23 38 SCI Alpha Park 2 1 SCI Printemps La Valette 4 3 SCI Cuvier Montreuil 1 2 SCI Richelieu Vivienne 1 1 OPCI River Ouest 1 10 SAS Malthazar 1 1 SAS Printemps La Valette II 2 SCI Farman 4 (3) SCI Tour Merle 1 CDC PME Croissance 8 21 Banking, Insurance & La Poste Division 406 360 CNP Assurances 406 360 Corporate Finance Division (158) Bpifrance (158) Real Estate & Tourism Division 2 ICADE GROUP entities 2 Infrastructure, Transport & Environment Division (54) (196) AQUALTER TRANSDEV GROUP (65) (208) EGIS GROUP entities 11 12 Share of profit (loss) of equity-accounted joint ventures 219 202 50 Consolidated financial statements

5.10.2.3 - Statement of comprehensive income

(in millions of euros) Caisse des Dépôts Banking, Insurance & Corporate Real Estate Infrastructure, Total Division La Poste Division Finance Division & Tourism Division Transport & Environment Division

31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 Net profit (loss) from continuing operations 23 38 406 360 (158) 2 3 (176) 276 222 Net profit (loss) from discontinued operations (57) (20) (57) (20) Net profit (loss) 23 38 406 360 (158) 2 (54) (196) 219 202 Total items not to be reclassified to the income statement (2) (11) (1) (5) (3) (16) Exchange differences on translation of foreign operations (74) (48) (21) (16) (2) (111) (50) Fair value adjustments on remeasurement of available-for-sale financial assets 86 53 53 445 289 1 2 429 500 Fair value adjustments on remeasurement of hedging instruments 3 (6) (1) 14 (3) 11 (4) Total items to be reclassified to the income statement 89 53 (27) 396 282 (15) (3) 329 446 Total income and expense recognised directly in equity 89 53 (29) 385 282 (16) (8) 326 430 Net profit (loss) and total income and expense recognised directly in equity 112 91 377 745 124 2 (70) (204) 545 632

Main contributions by division

(in millions of euros) Banking, Insurance & Infrastructure, Corporate La Poste Division Transport & Finance Division Environment Division o/w CNP o/w Transdev group o/w Bpifrance 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 Net profit (loss) from continuing operations 406 360 (8) (188) (158) Net profit (loss) from discontinued operations (57) (20) Net profit (loss) 406 360 (65) (208) (158) Total items not to be reclassified (2) (11) (1) (5) to the income statement Exchange differences on translation of foreign operations (74) (48) (15) (2) (21) Fair value adjustments on remeasurement 53 445 1 2 289 of available-for-sale financial assets Fair value adjustments on remeasurement (6) (1) (3) 14 of hedging instruments Total items to be reclassified to (27) 396 (14) (3) 282 the income statement Total income and expense (29) 385 (15) (8) 282 recognised directly in equity Net profit (loss) and total income and 377 745 (80) (216) 124 expense recognised directly in equity Caisse des Dépôts Group Financial Report 2013 51

5.10.2.3 - Statement of comprehensive income

31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 Net profit (loss) from continuing operations 23 38 406 360 (158) 2 3 (176) 276 222 Net profit (loss) from discontinued operations (57) (20) (57) (20) Net profit (loss) 23 38 406 360 (158) 2 (54) (196) 219 202 Total items not to be reclassified to the income statement (2) (11) (1) (5) (3) (16) Exchange differences on translation of foreign operations (74) (48) (21) (16) (2) (111) (50) Fair value adjustments on remeasurement of available-for-sale financial assets 86 53 53 445 289 1 2 429 500 Fair value adjustments on remeasurement of hedging instruments 3 (6) (1) 14 (3) 11 (4) Total items to be reclassified to the income statement 89 53 (27) 396 282 (15) (3) 329 446 Total income and expense recognised directly in equity 89 53 (29) 385 282 (16) (8) 326 430 Net profit (loss) and total income and expense recognised directly in equity 112 91 377 745 124 2 (70) (204) 545 632

Main contributions by division

5.10.3 - Information regarding material associates and joint ventures The table below sets out data relating to material associates and joint ventures based on a 100% holding prior to the elimination of intragroup balances and transactions, using the Group’s IFRS publication format. 5.10.3.1 - Material associates La Poste is the only material associate, accounting for 64% of the Group’s investments in equity-accounted associates.

●●LA POSTE

31.12.2013 31.12.2012 Percent control and percent interest held by the entity 26.32% 22.88% Nature of relationship Strategic interest Strategic interest Dividends received €45 million €33 million

Summarised financial information Statement of financial position - La Poste group

(in millions of euros) 31.12.2013 31.12.2012 Assets Goodwill 1,587 1,562 Intangible assets 816 825 Tangible assets 5,941 6,062 Investments in equity associates 2,634 2,446 Other non-current financial assets 942 894 Deferred tax assets 153 113 Non-current assets 12,073 11,903 Current banking assets Customer receivables and loans 59,204 49,922 Receivables from credit institutions 82,894 81,254 Securities portfolio 49,784 54,281 Other current financial assets 1,200 1,305 Accruals 1,185 2,387 Cash and central bank deposits 1,570 2,726 Other current assets Inventories and work-in-progress 136 203 Trade and other receivables 2,936 2,453 Other current financial assets 430 781 Cash held at post offices 612 719 Income tax credit 253 211 Other accruals – Assets 118 126 Cash and cash equivalents 2,163 2,167 Assets held for sale 120 104 Current assets 202,605 198,641 Total assets 214,678 210,544 Caisse des Dépôts Group Financial Report 2013 53

(in millions of euros) 31.12.2013 31.12.2012 Equity and liabilities Share capital 3,800 3,400 Issue premium 900 700 Reserves 2,698 2,355 Unrealised gains and losses on financial instruments 635 581 Actuarial adjustments on employee benefits (80) (108) Cumulative translation adjustments (120) (45) Net profit (loss) 627 479 Equity, Group share 8,460 7,362 Non-controlling interests 57 65 Consolidated equity 8,517 7,427 Medium- and long-term bonds and other financial debt 6,043 6,085 Employee benefits – non-current liabilities 1,685 1,821 Non-current provisions for contingencies and losses 80 90 Deferred tax liabilities 166 142 Non-current liabilities 7,974 8,140 Specific provisions for the insurance and banking activities 1,126 1,005 Current provisions for contingencies and losses 540 385 Short-term bonds and other financial debt 1,060 1,567 Current banking liabilities Liabilities to credit institutions 14,757 15,811 Liabilities to customers 166,583 160,393 Other financial liabilities 6,790 7,185 Accruals 2,003 3,493 Other current liabilities Trade and other payables 4,424 4,349 Government – income tax 33 16 Employee benefits – current liabilities 663 617 Other accruals - Liabilities 208 155 Liabilities held for sale Current liabilities 198,187 194,977 Total equity and liabilities 214,678 210,544 54 Consolidated financial statements

Income statement - La Poste group

(in millions of euros) 31.12.2013 31.12.2012 Revenues from commercial activities 16,562 16,441 Net banking income 5,522 5,217 Operating revenue 22,084 21,658 Net operating expenses (21,314) (20,842) Operating profit (loss) 770 816 Financial profit (loss) (223) (284) Profit before tax of consolidated companies 547 532 Consolidated net profit (loss) 635 481 Attributable to non-controlling interests (8) (2) Net profit (loss), Group share 627 479

Other comprehensive income - La Poste group

(in millions of euros) 31.12.2013 31.12.2012 Consolidated net profit (loss) 635 481 Recyclable items Translation adjustments (31) 7 Change in unrealised gains and losses on financial instruments 32 216 Share in comprehensive income and expenses posted of equity associates (22) 198 Non recyclable items Actuarial adjustments on employee benefits 27 (154) Comprehensive income and expenses recognised under equity 6 267 Comprehensive income 641 748 Net profit (loss), Group share 633 746 Comprehensive income attributable to non-controlling interests 8 2

Reconciliation of financial information with the equity-accounted carrying amount of La Poste group

(in millions of euros) 31.12.2013 31.12.2012 Equity attributable to owners 8,460 7,362 Restatement (chiefly purchase price allocation) (1,261) (1,258) Equity based on Caisse des Dépôts’ percent interest 1,894 1,397 Goodwill, net 191 Impairment loss on La Poste shares (294) Equity-accounted carrying amount on Caisse des Dépôts’ statement of financial position 1,600 1,588 Caisse des Dépôts Group Financial Report 2013 55

5.10.3.2 - Material joint ventures The Group’s material joint ventures are CNP Assurances and Bpifrance, which account for 92% of investments in equity-accounted joint ventures.

●●CNP Assurances group

(in millions of euros) 31.12.2013 31.12.2012 Percent control and percent interest held by the entity 40.90% 40.62% Insurance Insurance Nature of relationship subsidiary subsidiary Dividends received €201 million €183 million Summarised financial information Statement of financial position - CNP Assurances group

(in millions of euros) 31.12.2013 31.12.2012 Assets Goodwill 259 334 Value of business in-force 82 103 Other intangible assets 200 210 Total intangible assets 541 647 Investment property 2,541 2,528 Held-to-maturity investments 603 854 Available-for-sale financial assets 266,432 255,288 Securities held for trading 65,529 65,492 Loans and receivables 4,711 4,967 Derivative instruments 5,855 4,341 Insurance investments 345,671 333,470 Banking and other investments 49 53 Investments in associates 23 Reinsurers’ share of insurance and financial liabilities 9,749 8,927 Insurance or reinsurance receivables 2,786 3,035 Current tax assets 319 286 Other receivables 4,643 4,949 Owner-occupied property and other property and equipment 349 264 Other non-current assets 509 460 Deferred participation assets Deferred tax assets 265 170 Other assets 8,871 9,164 Non-current assets held for sale Cash and cash equivalents 1,080 955 Total assets 365,984 353,216 56 Consolidated financial statements

(in millions of euros) 31.12.2013 31.12.2012 Equity and liabilities Share capital 687 644 Share premium account 1,717 1,321 Revaluation reserve 2,085 1,956 Cash flow hedge reserve (12) 4 Deeply-subordinated notes 2,142 2,516 Retained earnings 7,076 6,673 Profit for the period 1,030 951 Translation reserve (98) 83 Equity attributable to owners of the parent 14,627 14,147 Non-controlling interests 1,367 1,441 Total equity 15,994 15,588 Insurance liabilities (excluding unit-linked) 121,586 112,800 Insurance liabilities (unit-linked) 27,978 28,455 Insurance liabilities 149,564 141,256 Financial liabilities - financial instruments with DPF (excluding unit-linked) 143,172 145,708 Financial liabilities - financial instruments without DPF (excluding unit-linked) 780 882 Financial liabilities - unit-linked financial instruments 8,052 7,913 Financial liabilities 152,004 154,502 Derivative financial instruments separated from the host contract Deferred participation reserve 19,023 19,098 Insurance and financial liabilities 320,591 314,856 Provisions 247 221 Subordinated debt 2,614 2,560 Financing liabilities 2,614 2,560 Operating liabilities represented by securities 9,163 4,594 Operating liabilities due to banks 137 129 Liabilities arising from insurance and reinsurance transactions 1,607 2,063 Current taxes payable 261 355 Current account advances 44 48 Liabilities towards holders of units in controlled mutual funds 1,170 1,086 Derivative instruments 6,114 4,622 Deferred tax liabilities 1,151 1,093 Other liabilities 6,891 6,002 Other liabilities 26,538 19,992 Total equity and liabilities 365,984 353,216 Caisse des Dépôts Group Financial Report 2013 57

Income statement - CNP Assurances group

(in millions of euros) 31.12.2013 31.12.2012 Premiums written 27,680 26,439 Change in unearned premiums (71) (51) Earned premiums 27,609 26,388 Revenue from other activities 154 202 Other operating revenue Investment income 10,335 10,966 Gains and losses on disposal of investments 973 (768) Change in fair value of financial assets at fair value through profit or loss 3,170 5,088 Impairment losses on financial instruments 387 1,649 Investment income before finance costs 14,865 16,935 Net revenue 42,628 43,525 Claims and benefits expenses (35,513) (35,950) Investment and other financial expenses, excluding finance costs (811) (1,212) Reinsurance result (106) 44 Expenses of other businesses (1) Acquisition costs (3,289) (3,258) Amortisation of value of in-force business acquired and distribution agreements (18) (21) Contract administration expenses (203) (205) Other recurring operating income and expense, net (448) (442) Total other recurring operating income and expense, net (40,388) (41,045) Recurring operating profit 2,240 2,480 Other non-recurring operating income and expense, net (12) 1 Operating profit 2,228 2,481 Finance costs (155) (157) Change in fair value of intangible assets (55) (170) Share of profit of associates 2 Income tax expense (697) (896) Profit for the period 1,323 1,258 Non-controlling interests (293) (307) Attributable to owners of the parent 1,030 951 58 Consolidated financial statements

Other comprehensive income - CNP Assurances group

(in millions of euros) 31.12.2013 31.12.2012 Profit for the period 1,323 1,258 Gains and losses recognised directly in equity Amounts recycled through profit or loss (277) 997 Available-for-sale financial assets Change in revaluation reserve during the period (84) 20,019 Reclassification of proceeds from disposals (1,270) (1,722) Reclassification of impairment losses to profit or loss 185 919 Sub-total including deferred participation and deferred taxes (1,169) 19,215 Deferred participation including deferred taxes 1,285 (17,333) Deferred taxes (66) (677) Sub-total net of deferred participation and deferred taxes 50 1,205 Cash flow hedge reserve (16) (3) Change in cash flow hedge reserve during the period (53) 4 Cash flow hedge reserve recycled through profit or loss during the period 28 (8) Deferred taxes 9 2 Translation differences (313) (206) Amounts not recycled through profit or loss (7) (37) Actuarial gains and losses (7) (28) Other movements (8) Total income and expense recognised directly in equity (284) 960 Net income and expense recognised directly in equity 1,039 2,219 Attributable to owners of the parent 956 1,893 Non-controlling interests 83 325

Reconciliation of financial information with the equity-accounted carrying amount of the CNP Assurances group

(in millions of euros) 31.12.2013 31.12.2012 Equity attributable to owners 14,627 14,147 Restatements (chiefly CNP Assurances deeply-subordinated notes) (2,177) (2,564) Equity based on Caisse des Dépôts’ percent interest 5,092 4,705 Goodwill, net 208 208 Equity-accounted carrying amount on Caisse des Dépôts’ statement of financial position 5,300 4,913 Caisse des Dépôts Group Financial Report 2013 59

●●Bpifrance

The transfer of businesses from the French state and Caisse des Dépôts to Bpifrance was completed after the 12 July 2013 shareholders’ meetings and the board of directors’ meetings of Bpifrance and the entities transferred. Bpifrance was therefore allocated €21 billion of share capital. In consideration for the businesses transferred, Caisse des Dépôts received €10,491 million worth of Bpifrance shares. Following the transfer operations, Bpifrance is 50%-owned by the French State via the industrial and commercial public undertaking (EPIC) BPI-Group and 50%-owned by Caisse des Dépôts. A shareholder agreement was also signed by Caisse des Dépôts and Bpifrance. This agreement stipulates that Bpifrance and Caisse des Dépôts would have joint control of the entity. Caisse des Dépots’ 50% stake in Bpifrance is consolidated by the equity method as from 12 July 2013. Bpifrance’s assets and liabilities were measured at fair value at that date.

(in millions of euros) Fair value at 12 July 2013 Assets Cash and amounts due from central banks 161 Financial assets at fair value through profit or loss 2,487 Hedging instruments with a positive fair value 481 Available-for-sale financial assets 5,287 Loans and receivables due from credit institutions 1,695 Loans and receivables due from customers 23,091 Cumulative fair value adjustments to portfolios hedged against interest rate risk 424 Held-to-maturity investments 5,978 Current and deferred tax assets 52 Prepayments, accrued income and other assets 5,229 Investments in equity-accounted associates and joint ventures 6,028 Investment property 12 Owner-occupied property and equipment 80 Intangible assets 44 Total assets 51,049 60 Consolidated financial statements

(in millions of euros) Fair value at 12 July 2013 Liabilities and equity Financial liabilities at fair value through profit or loss 6 Hedging instruments with a negative fair value 541 Due to credit institutions 10,044 Due to customers 2,508 Debt securities 8,316 Cumulative fair value adjustments to portfolios hedged against interest rate risk 352 Current and deferred tax liabilities 209 Accruals, deferred income and other liabilities 3,362 Provisions 1,872 Innovation and public guarantee funds 3 135 Subordinated debt 15 Equity attributable to owners 20,411 Share capital and related reserves 20,981 Reserves and retained earnings (570) Non-controlling interests 278 Total liabilities and equity 51,049

Acquisition cost 10,491 Caisse des Dépôts’ share in net assets 10,205 Goodwill 286

Of this amount, €70 million was allocated to the assets of Bpifrance Investissement, while €183 million and €33 million, respectively, were allocated to the equity-accounted companies Orange and Eutelsat.

We present below summarised financial information for Bpifrance at 31 December 2013.

31.12.2013 Percent control and percent interest held by the entity 50% Corporate financing and Nature of relationship investment partner Dividends received - Caisse des Dépôts Group Financial Report 2013 61

Summarised financial information Statement of financial position - Bpifrance

(in millions of euros) 31.12.2013 Assets Cash and amounts due from central banks 174 Financial assets at fair value through profit or loss 2,523 Hedging instruments with a positive fair value 367 Available-for-sale financial assets 5,658 Loans and receivables due from credit institutions 2,189 Loans and receivables due from customers 25,139 Cumulative fair value adjustments to portfolios hedged against interest rate risk 298 Held-to-maturity investments 6,634 Current and deferred tax assets 68 Prepayments, accrued income and other assets 4,493 Investments in equity-accounted associates and joint ventures 6,219 Investment property 12 Owner-occupied property and equipment 105 Intangible assets 50 Total assets 53,929

(in millions of euros) 31.12.2013 Liabilities and equity Financial liabilities at fair value through profit or loss 5 Hedging instruments with a negative fair value 432 Due to credit institutions 11,180 Due to customers 2,522 Debt securities 9,442 Cumulative fair value adjustments to portfolios hedged against interest rate risk 229 Current and deferred tax liabilities 332 Accruals, deferred income and other liabilities 3,452 Provisions 1,664 Innovation and public guarantee funds 3 302 Subordinated debt 15 Equity attributable to owners 21,067 Share capital and related reserves 20,981 Reserves and retained earnings (2,144) Gains and losses recognised directly in equity 1,843 Profit for the period 387 Non-controlling interests 287 Total liabilities and equity 53,929 62 Consolidated financial statements

Income statement - Bpifrance (12 July 2013 - 31 December 2013)

(in millions of euros) 31.12.2013 Interest income 662 Interest expense (406) Fee and commission income 32 Fee and commission expense (4) Gains and losses on financial instruments at fair value through profit or loss, net (43) Gains and losses on available-for-sale financial assets, net 12 Income from other activities 43 Expenses from other activities (21) Net banking income 275 General operating expenses (209) Depreciation, amortisation and impairment of property and equipment and intangible assets (13) Gross operating profit 53 Cost of risk (32) Operating profit 21 Share of profit of equity-accounted associates 417 Income tax (47) Net profit 391 Non-controlling interests (4) Net profit attributable to owners 387 Caisse des Dépôts Group Financial Report 2013 63

Other comprehensive income - Bpifrance

(in millions of euros) 31.12.2013 Net profit 391 Exchange differences on translation of foreign operations (43) Fair value adjustments on remeasurement of available-for-sale financial assets 462 Items to be reclassified to the income statement recognised directly in equity – equity-accounted associates and joint ventures 53 Total income and expense recognised directly in equity 472 Net profit and total income and expense recognised directly in equity 863 Attributable to owners 860 Attributable to non-controlling interests 3

Reconciliation of financial information with the equity-accounted carrying amount of Bpifrance

(in millions of euros) 31.12.2013 Equity attributable to owners 21,067 Restatements (fair value adjustments) 180 Equity based on Caisse des Dépôts’ percent interest 10,624 Equity-accounted carrying amount on Caisse des Dépôts’ statement of financial position 10,624 64 Consolidated financial statements

5.11 - Investment property, owner-occupied property and equipment and intangible assets 5.11.1 - Gross value

(in millions of euros) 31.12.2012 Additions Disposals Other 31.12.2013 movements Land 2,910 45 (63) 1,166 4,058 Buildings 12,119 129 (225) (709) 11,314 Technical installations and fixtures 683 (10) (475) 198 Woodland and land banks 70 70 Prepayments 1 2 (1) 2 Government grants (299) (9) 3 (305) Assets under construction 943 594 (3) (786) 748 Intangible assets related to investment property 10 10 Other Investment property 16,437 761 (301) (802) 16,095 Land 185 (3) 182 Buildings 813 9 (6) (27) 789 Technical installations and fixtures 1,669 38 (15) 63 1,755 Prepayments 2 5 (1) 6 Government grants (1) (1) Assets under construction 136 124 (116) 144 Other 356 28 (20) 8 372 Owner-occupied property and equipment 3,160 204 (41) (76) 3,247 Software 579 4 (59) 125 649 Concessions, licences and patents 118 (1) 117 Intangible assets in progress 128 110 (118) 120 Other intangible assets 122 25 (22) (46) 79 Intangible assets 947 139 (82) (39) 965 Caisse des Dépôts Group Financial Report 2013 65

5.11.2 - Depreciation, amortisation and impairment

(in millions of euros) 31.12.2012 Additions Disposals Other 31.12.2013 movements Land (172) (87) 8 13 (238) Buildings (2,823) (473) 88 807 (2,401) Technical installations and fixtures (127) (5) 8 3 (121) Woodland and land banks (1) (1) Government grants 95 10 (2) 103 Intangible assets related to investment property (10) (10) Other (112) (20) 13 (119) Investment property (3,150) (585) 127 821 (2,787) Land Buildings (373) (27) 5 15 (380) Technical installations and fixtures (970) (93) 14 28 (1,021) Other (237) (38) 19 3 (253) Owner-occupied property and equipment (1,580) (158) 38 46 (1,654) Software (476) (90) 58 3 (505) Concessions, licences and patents (58) (4) 1 (61) Intangible assets in progress Other intangible assets (89) (21) 15 48 (47) Intangible assets (623) (115) 74 51 (613)

(in millions of euros) Carrying amount Carrying amount 31.12.2012 31.12.2013 Investment property(*) 13,288 13,308 Owner-occupied property and equipment 1,580 1,593 Intangible assets 324 353 Total 15,192 15,254 (*) The estimated market value of investment property excluding held for sale measured at amortised cost was €18,814 million at 31 December 2013 versus €18,519 million at 31 December 2012. The method used to calculate the fair value of investment property corresponds to Level 3 in the fair value hierarchy. 66 Consolidated financial statements

5.12 - Goodwill 5.12.1 - Change in value of goodwill

(in millions of euros) 31.12.2012 Increases Decreases Impairment Other 31.12.2013 (acquisitions) (disposals) losses for movements the period Real Estate & Tourism Division ICADE GROUP 70 (3) (2) (1) 64 COMPAGNIE DES ALPES GROUP 303 (11) 292 Infrastructure, Transport & Environment Division EGIS GROUP 82 22 (2) (3) 99 Total goodwill 455 22 (3) (15) (4) 455

5.12.2 - Goodwill by company

(in millions of euros) 31.12.2013 31.12.2012 Real Estate & Tourism Division ICADE GROUP PROPERTY INVESTMENT COMPANIES 1 4 PROPERTY DEVELOPMENT COMPANIES 36 39 PROPERTY SERVICES COMPANIES 27 27 COMPAGNIE DES ALPES GROUP STVI 96 96 BELPARK BV 53 60 WALIBI WORLD BV 33 33 DOLFINARIUM 18 18 GREVIN & CIE SA 14 14 FUTUROSCOPE 13 13 MERIBEL ALPINA 12 12 AVENIR LAND SAS 12 12 STGM 11 11 OTHER 30 34 Infrastructure, Transport & Environment Division EGIS GROUP EGIS SA 2 2 IOSIS 45 45 VEGA ENGENHARIA LTDA 14 16 HOLDING ENGLAND TIR GROUP SPA 10 HELIOS 8 ATELIER DU PAYSAGE 4 4 AEROSERVICES 3 EGIS AVIA 2 2 OTHER 11 13 Total goodwill 455 455 Caisse des Dépôts Group Financial Report 2013 67

5.13 - Amounts due to credit institutions

(in millions of euros) 31.12.2013 31.12.2012

Ordinary accounts in credit and overnight borrowings 353 937 Demand deposits from savings funds 3,187 491 Securities and other assets sold under collateralised fixed repurchase agreements Accrued interest 1 1 Amounts due to credit institutions repayable on demand 3,541 1,429 Accounts and borrowings with fixed maturities 14,144 20,505 Securities and other assets sold under collateralised fixed repurchase agreements 2,613 209 Accrued interest 125 131 Amounts due to credit institutions with fixed maturities 16,882 20,845 Total amounts due to credit institutions 20,423 22,274

5.14 - Amounts due to customers

(in millions of euros) 31.12.2013 31.12.2012

Ordinary accounts in credit 42,503 42,283 Accrued interest 30 1 Ordinary accounts in credit 42,533 42,284 Borrowings from customer financial institutions 35 12 Escrow accounts 4,438 4,093 Time deposits 1,738 2,220 Securities and other assets sold under collateralised fixed repurchase agreements Other amounts due to customers with fixed maturities 11 5 Accrued interest 570 559 Other amounts due to customers 6,792 6,889 Total amounts due to customers 49,325 49,173 68 Consolidated financial statements

5.15 - Debt securities

(in millions of euros) 31.12.2013 31.12.2012

Medium-term notes and other negotiable debt securities 26,479 22,790 Accrued interest 98 96 Interbank and negotiable debt securities 26,577 22,886 Bonds and similar debt securities 1,116 336 Accrued interest 16 Bonds and similar debt securities 1,132 336 Total debt securities 27,709 23,222 Caisse des Dépôts Group Financial Report 2013 69

5.16 - Provisions

(in millions of euros) 31.12.2012 Increases Reversals Reversal Other 31.12.2013 (utilisations) (surplus movements provisions) Provisions for employee benefit obligations 284 20 (21) (6) (19) 258 Provisions for real estate risks 19 8 (7) (1) 1 20 Provisions for counterparty risks 37 11 (11) (6) 38 69 Other provisions 191 43 (31) (22) 2 183 Total provisions 531 82 (70) (35) 22 530 Icade’s accounting records for 2010 were audited by the tax authorities. As a result, on 8 December 2010 the tax authorities challenged the market values at 31 December 2006 resulting from the real estate valuations used as a basis for calculating the exit tax (income tax at a rate of 16.5%) when Icade Patrimoine was merged into Icade on 1 January 2007. This increased the tax base used to calculate the exit tax and generated an additional tax expense of €204 million (principal amount). On 26 April 2012, the authorities issued a revised tax reassessment in which they raised the tax rate applicable to a portion of the revalued amounts from 16.5% to 19%. The additional tax payable is therefore €206 million. On 16 July 2012, Icade referred the case to the French commission for direct taxes and sales taxes. Following the hearing of 5 July 2013, the commission handed down its opinion in which it challenged the valuation method used by the tax authorities (“[the comparables method] appears far less suitable than the DCF method given the type of assets concerned”), while also noting that certain sales dating back to 2007 had been made at higher prices than those used to estimate the exit tax. The tax authorities did not act on the commission’s opinion and upheld their initial tax reassessment. Icade was informed of this on 3 December 2013, at the same time as it received the commission’s opinion. On 11 December 2013, in accordance with the applicable procedure, the tax authorities therefore made a claim for all of the assessed amounts, representing €225,084,492, including late-payment interest (€206 million excluding late-payment interest). Icade continues to believe its position is well-founded and on 23 December 2013 filed an appeal requesting the cancellation of the assessed amounts along with a stay of payment. Whether or not Icade will be granted a stay of payment depends on it providing a guarantee from a banking or similar institution. If the tax authorities were to refuse to cancel the assessed amounts, Icade would refer its case to the administrative courts. Icade is continuing to challenge the entire tax reassessment, assisted by its tax advisory firms. Consequently, no provision was booked at either 31 December 2012 or 31 December 2013. 70 Consolidated financial statements

5.17 - Non-controlling interests by division

(in millions of euros) 31.12.2013 31.12.2012

o/w Net o/w Net Equity attri- Equity attri- profit (loss) profit (loss) butable to butable to attributable to attributable to non-controlling non-controlling non-control- non-control- interests interests ling interests ling interests Caisse des Dépôts Division 3 (1) 5 Corporate Finance Division 1 113 9,286 (962) SIF 113 9,282 (964) Other 1 4 2 Real Estate & Tourism Division 3,500 35 3,503 84 HOLDCO SIIC 372 (13) 374 (12) ICADE 2,662 96 1,721 40 SILIC (48) 929 36 COMPAGNIE DES ALPES GROUP 466 478 22 Other 1 (2) Other 130 14 118 16 Total 3,634 161 12,911 (862)

5.17.1 - Compagnie des Alpes

(in millions of euros) 30.09.2013 30.09.2012 Percent interest held by the entity 39.7% 39.8% Percent control held by the entity 39.7% 39.8% Percent interest held by non-controlling interests 60.3% 60.2% Percent control held by non-controlling interests 60.3% 60.2% Dividends paid to non-controlling interests 15 18 Caisse des Dépôts Group Financial Report 2013 71

Summarised financial information

(in millions of euros) 30.09.2013 30.09.2012 Assets Non-current assets 1,345 1,326 Current assets 114 118 Assets 1,459 1,444

Equity and liabilities Equity attributable to owners 694 710 Non-controlling interests 52 69 Total equity 746 779 Non-current liabilities 372 378 Current liabilities 341 287 Equity and liabilities 1,459 1,444

Income statement Total revenue 686 682 Gross operating profit 153 160 Operating profit 49 60 Cost of net debt (14) (15) Impairment losses on goodwill and other assets (20) (2) Net profit 33 Net profit (loss) attributable to non-controlling interests 2 (5) Net profit attributable to owners 2 28

Other comprehensive income Net profit 33 Actuarial gains and losses on post-employment defined benefit obligations (2) Total income and expense recognised directly in equity 1 (2) Net profit and total income and expense recognised directly in equity 1 31 Attributable to the CDA group 2 26 Attributable to non-controlling interests (1) 5

Statement of cash flows Net profit attributable to owners 2 28 Non-controlling interests (2) 5 Net profit 33 Cash flows related to operating activities 137 152 Cash flows related to investing activities (151) (116) Cash flows related to financing activities (37) (37) Net increase (decrease) in cash and cash equivalents (53) (1) Cash and cash equivalents at the beginning of the period (35) (34) Cash and cash equivalents at the end of the period (88) (35) The Compagnie des Alpes group’s financial statements adopted at 30 September are included in the consolidated financial statements of Caisse des Dépôts Group at 31 December. Significant transactions having taken place in the last quarter of the year are taken into account when preparing Caisse des Dépôts’ consolidated financial statements. 72 Consolidated financial statements

5.17.2 - Holdco SIIC, Icade and Silic

(in millions of euros) Holdco SIIC Icade Silic 31.12.2013 31.12.2012 31.12.2013 31.12.2012 Restated (1) 31.12.2012 Percent interest held by the entity 75.1% 75.1% 39.3% 41.9% 32.9% Percent control held by the entity 75.1% 75.1% 52.3% 55.8% 43.9% Percent interest held by non-controlling interests 24.9% 24.9% 60.7% 58.1% 67.1% Percent control held by non-controlling interests 24.9% 24.9% 47.7% 44.2% 56.1% Dividends paid to non-controlling interests 24 18 83 85 45 Summarised financial information Assets Non-current assets 3,224 3,101 8,120 5,046 2,130 Current assets 25 70 2,214 2,541 43 Assets held for sale 7 215 Assets 3,249 3,171 10,341 7,802 2,173

Equity and liabilities Equity attributable to owners 3,238 3,125 4,168 2,655 431 Non-controlling interests 412 311 Total equity 3,238 3,125 4,580 2,966 431 Non-current liabilities 3,576 3,150 1,444 Current liabilities 11 46 2,185 1,661 298 Liabilities related to assets held for sale 25 Equity and liabilities 3,249 3,171 10,341 7,802 2,173

Income statement Total revenue 1,598 1,506 242 Gross operating profit 469 383 159 Operating profit (loss) 122 (91) 304 199 72 Cost of net debt (137) (107) (58) Financial profit (loss) 140 143 (122) (102) (60) Income tax expense (52) (46) (39) (37) Net profit 210 6 145 60 13 Non-controlling interests (18) (9) Net profit attributable to owners 210 6 127 51 13

Other comprehensive income Net profit 210 6 145 60 13 Fair value adjustments on remeasurement of available-for-sale financial assets 4 Fair value adjustments on remeasurement of hedging instruments 76 (12) (59) Other (7) Total income and expense recognised directly in equity 4 69 (12) (59) Net profit and total income and expense recognised directly in equity 210 10 214 48 (46) Attributable to owners 210 10 194 39 (46) Non-controlling interests 20 9

Statement of cash flows Net profit attributable to owners 210 6 127 51 13 Non-controlling interests 18 9 Net profit 210 6 145 60 13 Cash flows related to operating activities (95) 236 79 102 Cash flows related to investing activities 140 (374) 86 (204) (86) Cash flows related to financing activities (97) 443 (259) 160 (22) Net increase (decrease) in cash and cash equivalents (52) 69 63 35 (6) Cash and cash equivalents at the beginning of the period 69 378 343 (39) Cash and cash equivalents at the end of the period 17 69 441 378 (45) (1) Application of IAS 19 (amended in 2011). Caisse des Dépôts Group Financial Report 2013 73

5.17.2 - Holdco SIIC, Icade and Silic

●●ICADE SANTÉ

The non-controlling interests at the level of the Icade sub-group relate mainly to Icade Santé, which was 56.5%-owned by Icade at 31 December 2013 (62.8% at 31 December 2012). The company’s statement of financial position and income statement are presented below.

(in millions of euros) Icade Santé

31.12.2013 31.12.2012 Assets Non-current assets 1,606 1,387 Current assets 7 28 Assets 1,613 1,415

Equity and liabilities Equity attributable to owners 947 839 Non-controlling interests Total equity 947 839 Non-current liabilities 351 310 Current liabilities 315 266 Equity and liabilities 1,613 1,415

Income statement Total revenue 124 91 Gross operating profit 115 85 Operating profit 60 43 Cost of net debt (10) (6) Financial loss (22) (18) Comprehensive income 39 24 Caisse des Dépôts Group Financial Report 2013 75

5.18 - Offsetting of financial assets and liabilities

(in millions of euros) 31.12.2013 Gross Amounts Closing Impact of Financial Net amount of offset in the balance master netting instruments financial statement agreements given/received assets/ of financial and similar as collateral liabilities position arrangements Assets Derivative financial instruments 968 968 968 Reverse repurchase agreements, securities borrowing agreements and similar Liabilities Derivative financial instruments 2,125 2,125 580 1,545 Repurchase agreements, securities 2,613 2,613 37 2,576 lending agreements and similar

(in millions of euros) 31.12.2012 Gross Amounts Closing Impact of Financial Net amount of offset in the balance master netting instruments financial statement agreements given/received assets/ of financial and similar as collateral liabilities position arrangements Assets Derivative financial instruments 1,217 1,217 1,217 Reverse repurchase agreements, securities borrowing agreements and similar Liabilities Derivative financial instruments 2,636 2,636 556 2,080 Repurchase agreements, securities 209 209 209 lending agreements and similar 76 Consolidated financial statements

6. Commitments given and received

(in millions of euros) 31.12.2013 31.12.2012 Commitments given 35,702 44,116 Financing commitments To credit institutions(1) 2,571 To customers 7,733 8,416 Guarantee commitments To credit institutions(2) 4,535 6,821 To customers 2,392 2,063 Securities-related commitments Securities to be delivered 84 51 Other commitments given To credit institutions(3) 15,831 20,355 To customers(4) 2,556 6,410 Commitments received 28,530 22,441 Financing commitments From credit institutions 11,266 9,052 From customers Guarantee commitments From credit institutions(1) (2) 11,765 6,697 From customers 4,181 4,607 Securities-related commitments Securities to be received 982 1,473 Other commitments received From credit institutions From customers 336 612 (1) Including a financing commitment given to SFIL (Société de Financement Local) for€ 1.7 billion in connection with the €12 billion lending agreement, and a guarantee commitment received on behalf of SFIL under the Dailly Law (receivables assignment) for €6.8 billion. (2) Including a decrease of €2.3 billion in the guarantee commitment granted to Natixis (residual balance: €4.4 billion) and a decrease of €2.3 billion in the counter-guarantee commitment received from BPCE (residual balance: €4.4 billion). (3) Including a €4.5 billion decrease in securities pledged to Banque de France in connection with the BCE Long-Term Refinancing Operation (LTRO). (4) Including the derecognition of the Strategic Investment Fund (SIF) following its transfer to Bpifrance on 12 July 2013, resulting in a decrease of €3.5 billion. Caisse des Dépôts Group Financial Report 2013 77

7. Employee benefits 7.1 - Employee benefits expense

(in millions of euros) 31.12.2013 31.12.2012 Payroll costs (1,322) (1,358) Post-employment benefit plan costs (14) (14) Discretionary and non-discretionary profit-sharing (79) (82) Total employee benefits expense (1,415) (1,454)

7.2 - Average number of employees

31.12.2013 31.12.2012 France 19,434 20,085 International 5,712 5,493 Average number of employees 25,146 25,578 78 Consolidated financial statements

7.3 - Employee benefit obligations 7.3.1 - Net employee benefit obligations recognised

(in millions of euros) 31.12.2013 31.12.2012 Assets and liabilities recognised in the statement of financial position Present value of funded employee benefit obligation 16 29 Present value of unfunded employee benefit obligation 250 259 Present value of employee benefit obligation 266 288 Market value of plan assets (8) (4) Provision for employee benefit obligations 258 284 Actuarial liability – current 47 26 Actuarial liability – non-current 211 258

7.3.2 - Change in employee benefit obligations in the income statement

(in millions of euros) 31.12.2013 31.12.2012 Current service cost – post-employment plans (11) (11) Current service cost – long-term benefits 1 (4) Past service cost (including plan amendments and curtailments) 10 Gains and losses on plan settlements 1 Service cost (9) (5) Net interest cost (5) (6) Actuarial gains and losses on long-term benefits (3) Post-employment plan and long-term benefit expense (14) (14)

7.3.3 - Change in provision for employee benefit obligations

(in millions of euros) 31.12.2013 31.12.2012 Opening balance 284 244 Post-employment plan and long-term benefit expense 14 14 Benefits paid (21) (12) Actuarial gains and losses on post-employment plans(1) (11) 19 Effect of changes in scope of consolidation and other (8) 19 Closing balance 258 284 (1) Changes in actuarial gains and losses relating to subsidiaries in 2013 reflect changes in demographic assumptions (increase of €14 million) and changes in financial assumptions (decrease of€ 24 million). Caisse des Dépôts Group Financial Report 2013 79

7.3.4 - Analysis of the provision for employee benefit obligations

Breakdown of obligations by type

(in millions of euros) 31.12.2013 31.12.2012 Provision for pension plans 179 196 Provision for other post-employment benefit plans 36 41 Provision for long-term employee benefit plans 43 47 Provision for employee benefit obligations 258 284

Breakdown of obligation by consolidated entity

(in millions of euros) 31.12.2013 31.12.2012 Caisse des Dépôts (Central Sector) 126 155 Egis group 30 28 Compagnie des Alpes group 29 28 Icade group 26 21 Informatique CDC 20 21 Other entities 27 31 Provision for employee benefit obligations 258 284 Employee benefit obligations relate mainly to employees hired under French employment contracts.

7.3.5 - Other information on employee benefit obligations

Main assumptions used to measure provisions for retirement benefits

Weighted average discount rates used to measure obligations 31.12.2013 31.12.2012 Caisse des Dépôts (Central Sector) 2.88% 1.97% Egis group 3.00% 2.78% Compagnie des Alpes group 3.25% 2.92% Icade group 3.00% 2.80% Informatique CDC 3.00% 2.40%

The discount rate used as from the end of the 31 December 2013 reporting period is determined by reference to the iBoxx € Corporates AA 10+ index, which essentially represents the rate of return on bonds issued by companies rated investment grade.

Analysis of sensitivity of the provision for employee benefit obligations to a 1% rise or fall in the discount rate

Sensitivity of actuarial liability 31.12.2013 Amount of provision in the event of a rise in the discount rate 238 Provision for employee benefit obligations at 31 December 258 Amount of provision in the event of a fall in the discount rate 283 80 Consolidated financial statements

8. Related-party transactions

Related parties include consolidated companies, savings funds, pension funds and funds managed by Caisse des Dépôts in connection with the national loan, and post-employment benefit plan managers.

8.1 - Relations between consolidated companies

Transactions and balances existing at year-end between fully consolidated companies are eliminated in consolidation. The following information therefore only concerns intragroup transactions with jointly controlled companies (accounted for by the equity method), and with associates over which the Group exercises significant influence (accounted for by the equity method).

(in millions of euros) 31.12.2013 31.12.2012 Equity- Equity- Equity- Equity- accounted accounted accounted accounted joint ventures associates joint ventures associates Loans(1) 763 3 1,021 1 Other financial assets 399 Other assets 9 6 7 Total related-party assets 772 9 1,028 400 Borrowings(2) 1,661 694 20 Other financial liabilities Other liabilities(3) 1,157 1 26 Total related-party liabilities 2,818 695 46 Commitments given(4) 1,303 8 1,129 341 Commitments received 8 9 334 Total related-party commitments 1,311 8 1,138 675 Interest income (expense), net 25 55 64 Fee and commission income (expense), net (1) Net income (loss) from financial transactions (42) Net income (loss) from other activities 2 (1) 12 (5) General operating expenses, net of rebillings 28 (8) 34 (8) Gross operating profit (loss) from related-party transactions 55 (10) 101 9 (1) Including a €0.6 billion loan granted to the Transdev group at 31 December 2013 (€0.9 billion at 31 December 2012). (2) Including €1.7 billion in ordinary accounts in credit with Bpifrance and €0.6 billion in securities sold under collateralised fixed repurchase agreements to La Banque Postale at 31 December 2013. (3) Including €1.1 billion in Bpifrance unpaid share capital at 31 December 2013. (4) Including €1.2 billion in guarantees given to CNP at 31 December 2013 (€1.1 billion at 31 December 2012). Caisse des Dépôts Group Financial Report 2013 81

8.2 - Related parties not controlled by the Group a) Savings Funds

(in millions of euros) 31.12.2013 31.12.2012 Loans(1) 1,813 Other financial assets 14 18 Other assets 8 45 Total assets 22 1,876 Borrowings 3,699 1,216 Other financial liabilities Other liabilities 29 39 Total liabilities 3,728 1,255 Commitments given 51 50 Commitments received 46 540 Total commitments 97 590 Interest income (expense), net 2 (14) Fee and commission income (expense), net 6 Net income from financial transactions 5 11 Net income from other activities 11 10 General operating expenses, net of rebillings 130 126 Gross operating profit 154 133 (1) Loans granted by CDC to the Savings Funds in connection with the Long-Term Refinancing Operation (LTRO) in 2012. b) Pension funds

(in millions of euros) 31.12.2013 31.12.2012 Loans 1 Other financial assets Other assets 44 41 Total assets 45 41 Borrowings 2,765 3,138 Other financial liabilities Other liabilities 32 33 Total liabilities 2,797 3,171 Commitments given 10 240 Commitments received Total commitments 10 240 Interest income (expense), net (5) Fee and commission income (expense), net 1 Net income from financial transactions Net income from other activities 1 General operating expenses, net of rebillings 294 282 Gross operating profit 296 277 82 Consolidated financial statements c) Funds managed in connection with the Investments for the Future programme

In 2010, Caisse des Dépôts was entrusted with managing eight programmes and twelve actions within the scope of the Investments for the Future programme, also known as the national loan. The Group was entrusted with managing a package of €7.4 billion, of which €6.5 billion was paid into a specific Caisse des Dépôts account with the French Treasury. This package was successively reduced, by €498 million in 2012 and by €75 million in 2013. At 31 December 2013, the amount paid by the French State can be analysed as follows after deducting management fees:

(in millions of euros) 31.12.2013 31.12.2012 Accruals – Assets Amounts receivable in respect of current or future cash investments 5,819 5,894 Fonds pour la société numérique (Digital society fund) – Services 1,278 1,514 Fonds pour la société numérique (Digital society fund) – Infrastructure 1,734 1,972 Tomorrow’s cities 727 842 National seed capital fund 549 573 Work-study programme – Housing 190 247 Work-study programme – Modernisation 219 240 Innovation platforms and competitive clusters 34 48 Social economy and solidarity 91 92 France Brevets 50 49 Fonds Ecotechnologies (Eco-technologies fund) 150 150 Firms to accelerate technology transfer (SATTs) 203 167 Technological development 594

Accruals – Liabilities Amounts payable to the French State in respect of current or future cash investments 5,819 5,894 Fonds pour la société numérique (Digital society fund) – Services 1,278 1,514 Fonds pour la société numérique (Digital society fund) – Infrastructure 1,734 1,972 Tomorrow’s cities 727 842 National seed capital fund 549 573 Work-study programme – Housing 190 247 Work-study programme – Modernisation 219 240 Innovation platforms and competitive clusters 34 48 Social economy and solidarity 91 92 France Brevets 50 49 Fonds Ecotechnologies (Eco-technologies fund) 150 150 Firms to accelerate technology transfer (SATTs) 203 167 Technological development 594

8.3 - Post-employment benefit plan managers

Caisse de Dépôts has entered into several agreements with Group pension fund managers.

Assets and liabilities from transactions with post-employment benefit plan managers were not material at either 31 December 2013 or 31 December 2012. Caisse des Dépôts Group Financial Report 2013 83

9. Fair value of financial instruments 9.1 - Fair value of financial assets and liabilities measured at amortised cost

(in millions of euros) 31.12.2013 31.12.2012 Carrying Estimated Carrying Estimated amount market value amount market value Assets Loans and receivables due from credit institutions 17,067 17,067 7,491 7,491 Loans and receivables due from customers 10,357 10,357 7,391 7,391 Held-to-maturity investments(1) 21,048 22,190 20,872 25,353 Total financial assets measured at amortised cost 48,472 49,614 35,754 40,235 (1) The method used to calculate the fair value of held-to-maturity investments corresponds to Level 1 in the fair value hierarchy.

Liabilities Due to credit institutions 20,423 20,423 22,274 22,274 Due to customers 49,325 49,325 49,173 49,173 Debt securities 27,709 27,709 23,222 23,222 Subordinated debt 1 1 1 1 Total financial liabilities measured at amortised cost 97,458 97,458 94,670 94,670 84 Consolidated financial statements

9.2 - Financial instruments measured at fair value

(in millions of euros) Quoted on an Measured Measured Total at active market: using using 31.12.2013 Level 1 observable unobservable inputs: inputs: Level 2 Level 3 Financial assets at fair value Financial assets at fair value through profit or loss – trading 172 667 839 Financial assets at fair value through profit or loss – FV option 1,084 70 1,154 Hedging instruments with a positive fair value 662 662 Available-for-sale financial assets 24,617 21,191 2,527 48,335 Total financial assets at fair value 25,873 22,520 2,597 50,990 Financial liabilities at fair value Financial liabilities at fair value through profit or loss – trading 350 350 Financial liabilities at fair value through profit or loss – FV option 3,155 972 4,127 Hedging instruments with a negative fair value 1,774 1,774 Total financial liabilities at fair value 3,155 3,096 6,251

(in millions of euros) Quoted on an Measured Measured Total at active market: using using 31.12.2012 Level 1 observable unobservable inputs: inputs: Level 2 Level 3 Financial assets at fair value Financial assets at fair value through profit or loss – trading 232 902 1,134 Financial assets at fair value through profit or loss – FV option 1,607 1 144 1,752 Hedging instruments with a positive fair value 720 720 Available-for-sale financial assets 23,779 28,301 600 52,680 Total financial assets at fair value 25,618 29,924 744 56,286 Financial liabilities at fair value Financial liabilities at fair value through profit or loss – trading 642 642 Financial liabilities at fair value through profit or loss – FV option 3,671 879 4,550 Hedging instruments with a negative fair value 17 1,977 1,994 Total financial liabilities at fair value 3,688 3,498 7,186 Caisse des Dépôts Group Financial Report 2013 85

The Group’s financial instruments are partly measured using prices observable transactions take place; or (iii) financial instruments measured “Quoted on an active market” (Level 1 of the fair value hierarchy). using inputs other than quoted prices that are observable. These include: These include: >>equities, measured on the basis of quoted prices on their reference >>structured products valued by the Group, arrangers or external valuers; market; >>OTC derivatives contracts; >>bonds, EMTNs, BMTNs: for each instrument, the value is determined >>money market securities other than BTANs measured based on the based on the most recent of the quoted prices available – on the stock zero coupon price curve plus a spread. exchange, from brokers, trading rooms or trading platforms; >>units in mutual funds and other funds, measured at net asset value; Financial instruments “Measured using unobservable inputs” (Level 3 of >>BTAN treasury notes, at the prices quoted under the Banque de the hierarchy) concern financial instruments measured using inputs not France’s centralised quotation system; based on observable market data. These are defined as inputs based >>derivative instruments traded on an organised market. neither on observable market transactions involving the same instrument at the measurement date, nor on observable market data available at Financial instruments “Measured using observable inputs” (Level 2 of the same date. Securities measured at amortised cost are classified in the hierarchy) concern: (i) instruments that are measured using the prices Level 3 of the fair value hierarchy. of similar-type instruments quoted on an active market; (ii) identical or Very few financial instruments used by the Group fall into this category, similar-type instruments quoted on a non-active market on which regular, which mainly includes asset-backed securities.

9.3 - Change in value of financial instruments measured at fair value using a technique based on unobservable inputs (Level 3)

(in millions of euros) Financial assets Financial assets Available- Total held for trading as at fair value for-sale through financial profit or loss assets At 31 December 2012 144 600 744 Additions 13 73 86 Disposals (28) (28) Transfers to Level 3 (incoming)(1) 1 1,927 1,928 Transfers from Level 3 (outgoing) Gains and losses in the period recognised in equity (45) (45) Gains and losses in the period recognised in profit or loss (88) (88) Translation adjustment Effect of changes in scope of consolidation At 31 December 2013 70 2,527 2,597 (1) Available-for-sale financial assets include non-consolidated equity interests and venture capital funds, classified in Level 2 of the fair value hierarchy in 2012. 86 Consolidated financial statements

all key reference texts concerning internal control at Caisse des Dépôts. 10. Risk factors The network of risk and internal control officers and finance directors deploy risk management processes throughout the divisions and subsidiaries within their reporting scope. 10.1 - Financial instrument Line managers are tasked with setting up effective risk management processes within their own departments, particularly with regard to risk segregation of tasks and procedures. c) Internal Control Organisation Principles

I - Financial instrument risk management ●●Ongoing and periodic controls system There are three levels of ongoing controls.

1. Risk control organisation in Caisse des Dépôts The first tier consists of controls designed to safeguard the regularity of all transactions processed and they are performed directly by line personnel a) Scope within the divisions. Each line manager has responsibility for effective Pursuant to decree 2009-268 of 9 March 2009, Caisse des Dépôts control of his/her activities. First-tier controls are designed around the applies CRBF 97-02 guidelines (issued by the French Banking and Finan- principles of segregation of functions, delegation of power and approval cial Regulation Committee) which require it to organise its internal control limits, and the accuracy and completeness of all entries and data flows system on a number of different levels covering all of its subsidiaries. processed. They usually take place when operations are being recorded Internal control processes must also comply with the general regulations or reviewed by means of routine or random checks on key aspects of of the AMF as well as with specific regulations applicable to the Group’s transaction processing. different entities and specialised businesses (portfolio management, insurance, etc.). Second-tier controls are performed by the network of risk and internal The Risk Management and Internal Control department (DRCI) is respon- control officers in the divisions and subsidiaries and by DRCI. sible for tracking changes in regulations and deploying the resulting processes throughout the Group. Third-tier controls are performed by Group Internal Audit and the Audit The French Law on modernisation of the economy also extends to network in accordance with the action principles and methodology set Caisse des Dépôts, by adapting, to Caisse des Dépôts’ specific activi- out in the Caisse des Dépôts Internal Audit Charter. ties, the decision of 20 February 2007 on capital adequacy requirements applicable to credit institutions and investment firms, as well as other The control process is actually deployed by risk officers in the divisions laws regarding the monitoring of major risks, liquidity, the cost of refinanc- and subsidiaries who oversee the first-tier controls in their own entity. ing and interbank risks. They are independent of line management and are not involved in the Lastly, implementing decree 2010-411 of 27 April 2010 subjects Caisse operational decision-making of the Commitments Committees. They des Dépôts’ banking and financial activities to a specific regulatory either report to senior management within the division or subsidiary, or framework overseen by the French banking and insurance watchdog to another level of management if this is more appropriate. (ACPR) on behalf of the Supervisory Board. The framework is based around a prudential model previously adopted by the Supervisory Board. ●●Independence and reporting relationship of risk officers The Caisse des Dépôts “Internal Control Organisation Principles” charter Risk officers within the Public Institution report to the Risk Director who has been approved by the Management Committee and applies to all is involved in their recruitment and in setting their annual objectives. divisions of the Public Institution (“the divisions”) as well as to subsidiaries Risk officers in the divisions and subsidiaries keep DRCI informed of all identified by DRCI which has devised risk management “circles” based aspects of the risk management process and they may request that the on the degree of risk inherent to each subsidiary. department intervene directly.

It is up to each division and subsidiary to analyse the principles listed ●●Documented procedures and traceability of internal control below and to provide any additional information needed to factor in the Internal control is based on written procedures and formally documented specific features of their businesses and to ensure compliance with the control processes. The divisions and subsidiaries are responsible for Group’s internal control processes. The divisions also roll out these pro- devising internal control guidelines and checking for compliance. cesses to all of the subsidiaries and entities within their reporting scope. DRCI uses its compliance enforcement plans to oversee compliance Regardless of whether they are subject to CRBF 97-02 guidelines or not, with internal control processes throughout the Group on a regular basis all subsidiaries must deploy risk management and prevention systems and regularly submits reports to Caisse des Dépôts’ governance and adapted to their businesses and the degree of inherent risk, in compli- executive bodies. ance with the Group’s overall risk management framework and without All control plans, control results and control events for the Public Institu- prejudice to provisions specifically applying to them. Their internal control tion are archived in a Group-wide application known as PRISM. The function must be organised in line with the approach set out in this report. subsidiaries have developed applications for ensuring the reliability of the internal control audit trail as well as the traceability of any events b) Key players identified. The Chairman and Chief Executive Officer is responsible for the Group’s internal control and risk management system. He or she receives key internal control reports and defines the strategic focuses of Group risk 2. Risk control policies, objectives and procedures management policy. The Group Charter sets out Caisse des Dépôts’ risk policy in the fol- The policies themselves are implemented, coordinated and monitored lowing terms: by the Group Risk Management and Internal Control Director in liaison “The Group has three joint strategic financial objectives: security, a sat- with the Director of Group Internal Audit. isfactory long-term return on its portfolio of assets, and recurrent profits. DRCI tracks compliance with legislation and regulations and centralises The Public Institution finances general-interest investments in accord- Caisse des Dépôts Group Financial Report 2013 87

ance with the law. As it does not have any shareholders, it relies solely Lastly, in the area of operational risk monitoring, DRCI works with the on its own performance to build its equity capital.” business lines to ensure that all appropriate control measures are imple- “The Group’s objectives are set out in a medium-term strategy plan. mented to obtain reasonable assurance that the risks inherent in each Based on a common macro-economic framework, this plan establishes process are properly managed. Various tools are deployed at the level of the strategic objectives of the Group and the associated target indicators, the business lines within Caisse des Dépôts, including: the main guidelines in terms of capital allocation, and the prospects for >>the event database, detailing risk events and the corresponding action creating value.” plans; >>operational risk maps; In accordance with this framework, the Group primarily uses its capital >>warning flags; adequacy ratios for steering purposes. >>the compliance enforcement plan, which takes the form of a contract The Group’s capital adequacy ratios were adopted by the Supervisory between DRCI and the business lines and subsidiaries specifying various Board, based on the recommendation of the Chairman and Chief Execu- levels of controls, the methods to be used to perform those controls, and tive Officer and following approval by the ACPR. The Supervisory Board monitoring arrangements; also fixed the amount of Caisse des Dépôts’ equity. >>the business continuity plan.

In accordance with legal and regulatory provisions, these new ratios The Group has acquired integrated software to manage all of these dif- reflect the specific nature of Caisse des Dépôts, and in particular its role ferent applications. as long-term investor. Consequently, the prudential model adopted by Caisse des Dépôts has been specifically tailored to the Central Sector to DRCI reviews the internal control and operational risk management take account of its business model and management objectives. procedures of all business lines within Caisse des Dépôts at half-yearly intervals. It covers all the main risks: liquidity risk, interest rate risk, credit risk on portfolio securities and on loans granted, real estate risk, foreign exchange risk, operational risk, equity risk and risks related to subsidiar- 3. Ex-ante reviews of commitments ies and equity interests. The business lines are assigned annual operating targets that are determined jointly with the Strategic Management, Sustainable Development The resulting modelling of risk and of working capital requirements is and Surveys department and validated by the Chairman and Chief Execu- designed primarily to ensure a very high level of financial security, con- tive Officer. sistent with the missions entrusted to Caisse des Dépôts. The model is intended to cover all Caisse des Dépôts Group entities in line with their DRCI intervenes in the pre-commitment phase, as a member of: various different businesses. >>the Group Commitments Committee chaired by the Chairman and Chief Executive Officer, which examines all commitments above a Caisse des Dépôts is a long-term investor and, as such, the capital certain amount; adequacy ratios adopted by the Supervisory Board measure the finan- >>the department-level Commitments Committees – representing the cial strength of Caisse des Dépôts over a time horizon of several years. ultimate decision-making body within the department concerned – and the Real Estate Investment Committee; Depending on the business cycle and market fluctuations, the ratios >>the Asset/Liability Committee, which meets monthly, and the Asset/ applicable to the Central Sector allow for variations in available equity Liability Monitoring and Portfolio Management Committee, which meets within a solvency “corridor” bracketed between a target amount, a at quarterly intervals to present management strategies to the Chairman surveillance threshold and a minimum amount. The minimum solvency and Chief Executive Officer. threshold, calculated as per the prudential model, is always higher than the regulatory baseline (the Basel II framework). 4. Credit and market risk monitoring As stated in the Group Charter, “the Group’s risk management is based The Counterparty Risk Committee (CRC) meets every month to review primarily on the participation of the Public Institution in the governing the updated counterparty risk assessments prepared by DRCI for the bodies of the subsidiaries, especially their audit committees. Secondly, bond and money market portfolios and related derivatives portfolios. the Public Institution has an internal control and risk management These assessments cover: system, which covers both financial and non-financial risk and encom- >>the breakdown by credit rating, geographical area and issuer category; passes all of the Group’s activities. This system is adjusted to the nature >>the level of risk concentration; and volume of an activity, and to the legal status of the organisations >>changes in counterparty ratings since the last report. exercising it.” The management reporting schedules prepared by the lender business lines include information to monitor their credit risks. Risk controls are described in the internal control charter named “Internal Control Organisation Principles”. This charter, which applies to the entire Market and liquidity risks are monitored during monthly presentations to Group, also deals with issues relating to compliance risk management the Asset/Liability Committee on the management of these risks and of and the organisation of ethical compliance and anti-money laundering financial (market and ALM) risks. procedures. The monthly management reports submitted to the Chairman and Chief DRCI performs ex-ante controls on the business lines’ commitments, as Executive Officer include input from DRCI on financial risks. well as monitoring credit and market risks on financial portfolios. DRCI also prepares half-yearly risk reports for the Supervisory Board. It also performs independent back-up reviews of financial risks on a These reports, which are reviewed at meetings of the Financial Statement basis geared to the nature of the investment and the amount involved. and Risk Review Committee, include detailed information about credit risks, market risks and concentration risks. 88 Consolidated financial statements

II - Identifying financial risks To efficiently manage this type of portfolio, it is important to be able to respond quickly to changing market conditions. For this reason, the com- 1. Definitions mitment process for these portfolios is different to that for other activities. For these portfolio transactions, DRCI’s independent risk review is organ- a) Credit and counterparty risk ised around its participation in monthly meetings of the Asset/Liability Credit risk is the current or prospective risk of a loss on a receivable, due Committee and quarterly meetings of the Portfolio Review Committee to a deterioration in the borrower’s credit standing that may result in an and Capital Adequacy Management Committee, chaired by the Chair- inability to meet payments when they fall due. man and Chief Executive Officer, during which management strategies for the coming period are discussed. b) Concentration risk These quarterly committee meetings review management activities for Concentration risk is the risk that results from a large exposure to a given the previous quarter. At the end of each year, they determine the manage- counterparty, or from a high probability that certain groups of counterpar- ment strategy for the coming year, based on an assessment of balance ties will default. sheet financial risks and objectives over the medium term (typically five years). These exercises are based on detailed analyses of forecast asset/ c) Liquidity risk liability ratios performed by a dedicated team. The broad asset allocation Liquidity risk is the risk that the entity will be unable to meet the com- strategies are then rolled down to each individual asset class. mitments associated with its financial liabilities when they fall due, or to Real estate and private equity investments are examined by specific access the funds needed on the market. Investment Committees. d) Market risk b) Oversight procedure Market risk is the risk of losses on balance sheet or off-balance sheet Concerning credit risks on financial portfolios, the Counterparty Risk items resulting from an unfavourable change in market factors such as Committee referred to above meets every month to set exposure limits interest rates, equities, credit spreads, exchange rates or volatility, or from by counterparty, based on DRCI’s recommendations, and to review price fluctuations in general. compliance with these limits during the previous month. The exposure limits recommended by DRCI are determined using methods that aim to e) Currency risk diversify risks within each portfolio. DRCI also performs daily checks to Currency risk is the risk that changes in exchange rates will affect the ensure that the limits are complied with. Specific market risk exposure entity’s profitability. limits are set for each portfolio. The monthly reporting schedules submitted to the Financial Management f) Interest rate risk Committees include risk measurements for each of these limits. Interest rate risk is the impact on an entity’s annual earnings and net assets of an adverse change in interest rates. c) Risk mitigation procedure For fixed income portfolios, issuer, issue or transaction guarantees are taken into account by the information systems in calculating credit risk 2. Risk acceptance process exposures at the level of the guarantors. a) Decision-making process Caisse des Dépôts is exposed to counterparty risk on its capital markets Investments (other than capital markets transactions) are reviewed during transactions which it manages through standard contractual arrange- meetings of the Commitments Committee. The Committee is chaired by ments requiring counterparties to put up collateral or to offset trades. the Group’s Chairman and Chief Executive Officer when investments Offsetting is used to mitigate counterparty risk on derivative instruments. involve over €50 million, and by the Deputy Chief Executive Officer when Caisse des Dépôts mainly uses the technique of close-out netting which they concern amounts between €10 million and €50 million. works as follows: in the event of counterparty default, all positions are unwound at their current market value and aggregated to a net amount a.1) Commitments other than as an institutional investor payable or receivable with the counterparty. The business lines are responsible for their commitments, which must This close-out netting balance may be secured by collateral in the form of comply with the annual objectives approved by the Chairman and Chief pledges on liquidities, securities or cash deposits. All such transactions Executive Officer. are executed in accordance with bilateral master agreements that comply Commitments (other than capital markets transactions) are decided by with the general provisions of French or international master agreements. committees at different levels within the business lines. DRCI participates The main bilateral agreement models used are those of the Fédération in all meetings of Commitments Committees representing the ultimate Bancaire Française (FBF) and the Master agreement of the International decision-making body within a department, expressing an opinion on Swaps and Derivatives Association (ISDA) for international agreements. the project before the final decision is made and requesting additional information about the related risk when appropriate. It checks that the The Group does not use securitisation techniques to attenuate its risk project is in line with the Group’s strategy, that risks have been properly exposures. identified and – if necessary – hedged, and that the expected return on investment is reasonable for the class of assets concerned. If DRCI d) Impairment procedure opposes a project, it may be overruled only by the business line’s executive management and, in this case, the Group Management Committee d.1) Business line and central Impairment Committees must be informed. A procedure exists within Caisse des Dépôts for recording or reversing impairment losses. a.2) Commitments as an institutional investor According to this procedure, impairment decisions are made by Impair- Portfolios of financial assets are managed within the framework of ment Committees set up at the level of the business lines, or by a central authorised investment criteria and defined management processes. Impairment Committee, depending on the amounts involved in each transaction. Caisse des Dépôts Group Financial Report 2013 89

In addition to provisions for impairment of assets (such as non-per- Chaired by the Group Finance Director, the committee meets at half- forming loans and fixed assets), these committees also review untaxed yearly intervals in the month following the end of the reporting period provisions and provisions for contingencies and charges. as fixed in the bylaws. Its permanent members are the head of the Risk Impairment losses are recorded in particular for non-performing or irre- Management and Internal Control department, the head of the Legal and coverable loans and receivables. The Proprietary Investment Valuation Tax department, the managers of the Accounts & Management Control, Committee is responsible for deciding on any impairment to be recog- Investments & Subsidiaries Development and Finance departments, and nised against equity investments, with the exception of public-interest the investment portfolio manager of the Central Sector. investments which are managed by the Regional Development depart- The committee assesses proposed impairment losses based on IFRS ment (see section II d.2). and in line with the procedure set out in the accounting policies section Investments subject to legal proceedings (e.g. disputes, litigation, of the Financial Report. liquidations) continue to be dealt with by the business line and central The basis for determining impairment relating to goodwill and invest- Impairment Committees. ments in associates is also described in the section of the Financial The committees meet at quarterly intervals and decisions are made Report covering significant accounting policies. based on a file containing all information needed to understand and validate the proposed write-downs. 3. Risk measurement methods The business line committees are competent to decide impairment Given the ongoing economic turmoil affecting the financial markets and losses ranging from €50,000 to €300,000. They review commitments of the business environment generally, Caisse des Dépôts has stepped up between €1.5 million and €4 million related to a given third party or file. its oversight of financial risks (especially market and credit risks). The Group currently has exposure on four categories of fixed income The central committee vets impairment losses in excess of €300,000 and assets and counterparties: reviews commitments in excess of €4 million. >>sovereign issuers in the European Union and, to a lesser extent, in a The Legal and Tax department and DRCI are permanent members of the number of other emerging countries; central Impairment Committee. >>financial institutions in OECD countries rated at least investment grade; >>corporate issuers in OECD countries rated investment grade; d.2) The Proprietary Investment Valuation Committee >>senior asset-backed securities, mainly exposed to risk in the European This committee is tasked with using available information to determine residential housing sector. the value of proprietary investments in the financial statements of the Central Sector and the consolidated financial statements of the Group, along with any necessary impairment losses. 90 Consolidated financial statements

a) Credit risk • Maximum exposure to credit risk Maximum exposure to credit risk corresponds to the carrying amount of loans and receivables, debt instruments and derivative financial instruments, net of any offsets and impairment losses.

(in millions of euros) 31.12.2013 31.12.2012 Financial assets at fair value through profit or loss (excl. variable-income securities) 1,594 2,325 Hedging instruments with a positive fair value 662 720 Available-for-sale financial assets (excl. variable-income securities) 29,323 34,984 Loans and receivables due from credit institutions 17,067 7,491 Loans and receivables due from customers 10,357 7,391 Held-to-maturity investments 21,048 20,873 On-balance sheet exposure, net of impairment losses 80,051 73,784 Financing commitments given 10,304 8,415 Commitments given in respect of securities 6,927 8,883 Other commitments given 1,873 6,034 Provisions for commitments given Off-balance sheet exposure, net of provisions 19,104 23,332 Total net exposure 99,155 97,116

The Group’s total net exposure corresponds mainly to the exposures of the A team of DRCI analysts assigns internal ratings to issuers (other than Central Sector which represented 95% of the total at 31 December 2013 structured finance) on a scale that is consistent with that used by the and 92% of the total at 31 December 2012. rating agencies. The commitment towards a given issuer is measured by reference to the fair value of the underlying securities and their nature. The net exposure of other subsidiaries is not material to the Group as For derivative instruments, the commitment includes an add-on to reflect a whole. the potential future exposure.

Caisse des Dépôts Group did not receive any pledges of collateral or of The internal rating system for structured finance issues comprises financial or non-financial assets in either 2013 or 2012. detailed quality graduations. The Group invests only in structured products rated AAA by at least one agency. The Group renewed a pledge on shares given to Banque de France for The business lines engaged in lending activities have set up dedicated an amount of €5,779 million in 2013, and €12,393 million in 2012, as part counterparty rating teams. of a Long Term Refinancing Operation (LTRO). The securities portfolios – other than the held-to-maturity portfolio – have Credit risks on fixed-income portfolios are measured on the basis of the been measured at fair value, in accordance with IFRS. For most of these sum of commitments by consistent credit rating category. securities, fair value corresponds to their market price at 31 December. Caisse des Dépôts Group Financial Report 2013 91

• Financial assets by type

31.12.2013

Gross O/w O/w financial O/w Impairment On-balance financial financial assets past impaired losses on sheet ( ) assets * assets due but not financial financial exposure, neither past impaired assets assets net of due nor impairment (in millions of euros) impaired losses Debt instruments not measured at fair value through profit or loss 50,371 50,371 50,371 Loans and prepayments 27,596 26,760 17 819 (418) 27,178 Derivative financial instruments 967 Total financial assets by type 77,967 77,131 17 819 (418) 78,516 Debt instruments at fair value through profit or loss 1,289 Total financial assets 79,805 (*) No financial assets were renegotiated at the reporting date.

31.12.2012

Gross O/w O/w financial O/w Impairment On-balance financial financial assets past impaired losses on sheet ( ) assets * assets due but not financial financial exposure, neither past impaired assets assets net of due nor impairment (in millions of euros) impaired losses Debt instruments not measured at fair value through profit or loss 55,858 55,858 55,858 Loans and prepayments 15,124 14,364 4 756 (401) 14,723 Derivative financial instruments 1,217 Total financial assets by type 70,982 70,222 4 756 (401) 71,798 Debt instruments at fair value through profit or loss 1,828 Total financial assets 73,626 (*) No financial assets were renegotiated at the reporting date.

• Caisse des Dépôts’ sovereign debt risk exposure Net exposure corresponds to gross exposure less any guarantees Sovereign debt comprises all debt securities for which the counterparty received. is a given country, i.e., a national government or one of its agencies. The Group’s sovereign debt exposure corresponds mainly to the expo- Gross sovereign debt exposure comprises all such amounts carried on sures of the Central Sector. the balance sheet (marked to market and less any impairment losses). 92 Consolidated financial statements

• Central Sector sovereign debt exposure

31.12.2013 31.12.2012 Gross Net Gross Net (in millions of euros) exposure exposure exposure exposure France 19,698 19,698 12,249 12,249 Germany 2,954 2,954 3,906 3,906 Spain 1,012 1,012 1,499 1,499 Austria 717 717 803 803 Ireland 561 561 708 708 Belgium 209 209 219 219 Italy 199 199 234 234 Finland 217 217 223 223 Netherlands 119 119 119 119 Poland 190 190 117 117 Brazil 192 192 106 106 Canada 72 72 South Africa 44 44 81 81 Israel 49 49 49 49 Chile 38 38 21 21 South Korea 94 94 69 69 Qatar 83 83 62 62 Mexico 59 59 48 48 Czech Republic 6 6 6 6 Slovenia 23 23 Luxembourg 6 6 12 12 Total Central Sector sovereign debt exposure 26,447 26,447 20,626 20,626

The Central Sector’s sovereign debt exposure at 31 December 2013 mainly arises on held-to-maturity financial assets. b) Concentration risk >>For equity portfolios: Concentration risk is measured as described below: • industry concentration: based on the portfolio’s Value-at-Risk by industry; >>For fixed income portfolios, based on the sum of commitments: • individual concentration: based on the Gini coefficient. • by geographic area; • by industry; >>For aggregate commitments: • by credit rating category; • based on the sum of the Group’s largest exposures – according to the • for the 50 largest exposures. Basel II definition of credit risk – and the Herfindahl index calculated on these exposures. Caisse des Dépôts Group Financial Report 2013 93

• Performing debt instruments (not measured at fair value through profit or loss), loans and advances, and derivative financial instruments by credit rating, counterparty category and geographic area

(in millions of euros) 31.12.2013 31.12.2012 AAA 6,687 8,142 AA 39,258 24,034 A 20,409 27,656 BBB 2,906 3,804 BB 32 54 < B 5 10 Not rated 9,129 7,923 Total by credit rating 78,426 71,623 Central government agencies 27,377 20,937 Credit institutions 36,670 35,334 Institutions other than credit institutions 108 1,199 Large corporations 12,673 12,610 Retail banking customers 1,393 1,419 Other 205 124 Total by counterparty category 78,426 71,623 France 60,706 46,298 Other European countries 15,938 22,203 North America 983 1,600 Central and South America 369 258 Africa and the Middle East 224 198 Asia-Pacific 202 1,049 Other 4 17 Total by geographic area 78,426 71,623

• Performing debt instruments (not measured at fair value through profit or loss), loans and advances, and derivative financial instruments

(in millions of euros) 31.12.2013 31.12.2012 Derivative instruments held for trading 306 497 Hedging instruments with a positive fair value 662 720 Fixed-income securities 29,323 34,984 Loans and receivables due from credit institutions 17,067 7,491 Loans and receivables due from customers 10,020 7,059 Held-to-maturity investments 21,048 20,872 Total 78,426 71,623 94 Consolidated financial statements

c) Liquidity risk

• Financial assets by maturity

31.12.2013 Total 1-3 3-12 No fixed < 1 month 1-5 years > 5 years financial months months maturity (in millions of euros) assets Cash and amounts due from central banks 325 325 Financial assets at fair value through profit or loss 18 312 57 714 502 351 1,954 Hedging instruments with a positive fair value 8 16 35 56 176 371 662 Available-for-sale financial assets 2,423 2,684 15,376 5,016 3,373 15,491 44,363 Loans and receivables 8,352 3,791 2,023 6,734 5,894 630 27,424 Cumulative fair value adjustments to portfolios hedged against interest rate risk Held-to-maturity investments 391 280 1,391 5,125 13,860 21,047 Total financial assets 11,517 7,083 18,882 17,645 23,805 16,843 95,775

31.12.2012 Total 1-3 3-12 No fixed < 1 month 1-5 years > 5 years financial months months maturity (in millions of euros) assets Cash and amounts due from central banks 3,672 3,672 Financial assets at fair value through profit or loss 28 397 644 528 843 320 2,760 Hedging instruments with a positive fair value 12 6 56 238 407 719 Available-for-sale financial assets 974 4,006 21,544 4,658 3,151 18,874 53,207 Loans and receivables 4,952 2,468 223 4,229 2,792 218 14,882 Cumulative fair value adjustments to portfolios hedged against interest rate risk Held-to-maturity investments 465 183 1,764 6,551 11,910 20,873 Total financial assets 10,091 7,066 24,181 16,022 18,934 19,819 96,113 Caisse des Dépôts Group Financial Report 2013 95

• Financial liabilities by maturity

31.12.2013 Total 1-3 3-12 No fixed < 1 month 1-5 years > 5 years financial months months maturity (in millions of euros) liabilities Due to central banks and post office banks Financial liabilities at fair value 122 195 880 2,001 1,417 4,615 through profit or loss Hedging instruments with a negative fair value 161 134 141 352 314 673 1,775 Due to credit institutions 4,330 229 2,505 9,233 4,018 108 20,423 Due to customers 43,798 367 1,198 219 3,741 2 49,325 Debt securities 5,080 6,803 6,093 5,888 3,845 27,709 Subordinated debt 1 1 Total financial liabilities 53,491 7,728 10,817 17,693 13,336 783 103,848

31.12.2012 Total 1-3 3-12 No fixed < 1 month 1-5 years > 5 years financial months months maturity (in millions of euros) liabilities Due to central banks and post office banks Financial liabilities at fair value 248 143 559 1,498 2,389 4,837 through profit or loss Hedging instruments with a negative fair value 8 7 67 665 364 883 1,994 Due to credit institutions 1,238 942 926 15,404 3,537 227 22,274 Due to customers 43,334 776 1,178 423 3,456 6 49,173 Debt securities 3,173 6,999 6,584 3,680 2,786 23,222 Subordinated debt 1 1 Total financial liabilities 48,001 8,867 9,314 21,670 12,533 1,116 101,501

• Maturities of commitments given in respect of financing and guarantees

31.12.2013 Total 1-3 3-12 No fixed commit- < 1 month 1-5 years > 5 years months months maturity ments (in millions of euros) given Loan commitments given 2,873 134 4,442 1,116 1,739 10,304 Financial guarantees given 5,828 4 100 192 189 6,313 Total commitments given 8,701 134 4,446 1,216 1,931 189 16,617

31.12.2012 Total 1-3 3-12 No fixed commit- < 1 month 1-5 years > 5 years months months maturity ments (in millions of euros) given Loan commitments given 525 7,256 136 498 8,415 Financial guarantees given 8,881 8,881 Total commitments given 9,406 7,256 136 498 17,296 96 Consolidated financial statements

The Central Sector’s exposure to liquidity risk is tracked based on the Riskdata processes approximately 20,000 “primary” risk factors – based asset/liability gap and changes in the gap over time as assets and liabili- around equities, interest rates, foreign currencies and implicit volatility – to ties fall due. Deposits are taken into account based on the same maturity calculate VaR. assumptions as for the calculation of interest rate mismatches. In order to measure risk (including VaR), Riskdata uses a high-dimension Monte Carlo model that analyses 1,000 different scenarios by choosing Caisse des Dépôts’ investor balance is €2.9 billion at end-2013 and is from among 20,000 risk factors in the light of historical volatilities and considerably above its warning threshold and overall risk limit. This remains correlations. the case under various different five-year scenarios. If the price of an instrument does not vary in line with the primary risk Static gap analysis measures the difference between the natural maturities factor – as is the case with options – Riskdata remeasures it under each of liabilities (including contractual deposit maturities) and assets, excluding of the 1,000 scenarios using integrated pricing formula. new lending. The gap was negative at end-2013, reaching an amount of €13.7 billion at end-June 2014 but even this maximum gap remains a long Riskdata’s historical database goes back to 1 January 2000. It uses way short of the Group’s warning threshold or overall risk limit. exponential weighting for events (one half-life weighting is approximately eight months) that assigns a higher weighting to more recent events. d) Market risk d.1) Market risk Caisse des Dépôts’ equity portfolio risk is broken down by industry The DRCI performs the following Value-at-Risk calculations: using the ICB Industry Classification Benchmark (ICB) which makes it >>for equity portfolios managed by the Central Sector: VaR (1 month, possible to break out marginal VaR and to analyse the contribution of 99%) is calculated using the Monte Carlo method based on an annual- each industry to overall VaR. ized horizon and multiplication by root (12). This indicator is reported to Caisse des Dépôts senior management; Since models based on a Gaussian distribution cannot properly capture >>for the interest rate arbitrage portfolio: VaR (10 days, 99%) is calculated extreme movements in markets, DRCI has devised other methods to using Riskdata software. calculate risk. These methods take the form of stress tests, and are based on extreme distribution patterns which give a more accurate estimate of The VaR calculation uses normal (Gaussian) distribution assumptions extreme events and how often they occur. for the underlyings. This provides an estimate of the maximum risk for the chosen holding period and confidence interval under normal market conditions, assuming the Group will continue as a going concern.

• VaR at 31 December 2013

(in millions of euros) VaR (1 year, 99%) VaR (10 days, 99%) Equities portfolio 4,531 Interest rate arbitrage portfolio 0.41

• VaR at 31 December 2012

(in millions of euros) VaR (1 year, 99%) VaR (10 days, 99%) Equities portfolio 4,295 Interest rate arbitrage portfolio 0.15 Caisse des Dépôts Group Financial Report 2013 97

• Timeline of equity portfolio VaR for 2013 Backtesting of VaR revealed that VaR values did not exceed the monthly amounts recorded in 2013 (based on a one-month horizon for risk and performance).

Timeline of equity portfolio VaR € millions with a confidence interval of 99% over 1 year horizon 6,000

5,000

4,000

3,000

2,000

1,000

0 - Jul.-13 Apr.-13 May-13 Jan.-13 Oct.-13 Jun.-13 Mar.-13 Feb.-13 Nov.-13 Dec.-12 Aug.-13 Sep.-13 Dec.-13

• Breakdown of equity portfolio VaR by industry at end-2013

TECHNOLOGY 3% TELECOMMUNICATIONS SERVICES 2% CONSUMERS 5% GOODS MATERIALS 17% 7%

HEALTHCARE 9%

UTILITIES 8% INDUSTRY 17%

ENERGY 9% FINANCE 20% 98 Consolidated financial statements

d.2) Currency risk >>Scenario 1: impact on margins generated on fixed rate positions of The Central Sector’s exposure to currency risks on the carrying amount interest rates continuing at present levels; of foreign currency items is fully hedged by financing asset positions with >>Scenario 2: impact on margins generated on fixed rate positions of a borrowings in the same currency. Unrealised gains and losses on these 100 basis point increase in interest rates; positions are not hedged, but are taken into account in Value-at-Risk >>Scenario 3: impact on margins generated on fixed rate positions of calculations. Currency VaR (1 year, 99%) at 31 December 2013 was a 100 basis point decrease in interest rates (to fall no lower than 0%); valued at €158 million. >>Scenario 4: impact on margins generated on fixed rate positions of a forward movement in interest rates. d.3) General interest rate risk The Central Sector analyses assets and liabilities based on three types Under each scenario, sensitivity of annual margins generated on fixed of interest rates: contractual, variable and fixed. The fixed rate position is rate positions is calculated in terms of variance with the results obtained monitored based on the fixed rate gap – corresponding to the excess of under baseline interest rate forecasts using macro-economic data. fixed rate liabilities over fixed rate assets – and changes in the gap over time as assets and liabilities fall due. Deposits are taken into account at These sensitivity analyses are rounded out by a VaR calculation of the a discount that increases over time. fixed rate position that factors in the risk of decrease in the market value The sensitivity of annual interest margins generated on fixed rate posi- of the fixed rate position. tions to an unfavourable change in interest rates is calculated according to four scenarios: (i) continuation of interest rates at present levels (sce- Deposits from notaries and the float are adjusted for seasonal variations nario 1); (ii) a 100 basis point increase in interest rates (scenario 2) (iii) a 100 in calculating sensitivities. basis point decrease in interest rates (to fall no lower than 0%) (scenario 3); and a forward movement in interest rates (scenario 4):

• Sensitivity of annual margins generated on fixed rate positions to changes in interest rates

(in millions of euros) 31.12.2013 Year Scenario 1 Scenario 2 Scenario 3 Scenario 4 2014 -56 89 -128 -71 2015 -73 93 -168 32 2016 -126 58 -243 -86

(in millions of euros) 31.12.2012 Year Scenario 1 Scenario 2 Scenario 3 Scenario 4 2013 165 -38 53 0 2014 190 -67 133 32 2015 208 -92 160 91 Caisse des Dépôts Group Financial Report 2013 99

10.2 - Operational risk Warning flags The public institution entities and Group subsidiaries have devised a DRCI oversees compliance control processes at Group level and reports series of indicators, including warning thresholds, to anticipate any dete- back to senior Group management and the Supervisory Board. rioration in the quality of ongoing controls or operational risk monitoring It is tasked with managing operational risk and enhancing internal control and control. processes (defining standards, reporting and implementing compliance controls) in liaison with the business lines and Caisse des Dépôts’ sub- Coordinating the programme to combat money laundering and the sidiaries. Operational risk is the risk of loss resulting from inadequate or sponsoring of terrorism failed internal processes, people and systems or from external events. In accordance with the French Monetary and Financial Code, Caisse DRCI is also in charge of the programme to combat money laundering des Dépôts is responsible for setting up a programme to combat money and the sponsoring of terrorism and tracking compliance with the prin- laundering and the sponsoring of terrorism. ciples set out in the Group’s Code of Ethics. DRCI has devised the guidelines that must be applied throughout the It relies on a network of risk and internal control officers appointed within Group and, along with the Banking Services Division, it is in charge of each of the business lines and subsidiaries. This network is independent making declarations to, and liaising with TRACFIN, the French govern- of the departments that actually process transactions. ment anti-money laundering agency. DRCI carries out anti-money Units tasked with enhancing internal control have been set up within laundering compliance checks throughout the public institution and the the public institution: they leverage the expertise of business line man- subsidiaries and organises the required regulatory training for employees. agement to adapt internal control to relevant operating risks. These The programme was stepped up in 2013 with the creation of a unit tasked processes are focused on human resources, physical and environmental with liaising between TRACFIN and the Group as a whole. Its missions risks, legal and tax risk and accounting risk. include setting up an operational structure within the Group to deal with In 2013, Risk Management headed up an anti-fraud programme potentially suspect cases and to develop related oversight and manage- designed to assess the existing processes within the public institution ment applications. Although it will focus principally on money laundering, and ICDC and to come up with a Group-wide system for combating the unit also aims to tackle corruption, business ethics and fraud. fraud which is now embodied in an anti-fraud unit. Caisse des Dépôts has drawn up a list of countries that present a high risk in terms of money laundering and/or the sponsoring of terrorism • Applications for tracking operational risk: and more stringent controls are applied to any related potentially high- DRCI works with the business lines to ensure that all appropriate control risk files. measures are implemented to obtain reasonable assurance that the risks inherent in each process are properly managed and a number of different Coordinating ethical standards applications have been developed: The Group’s Code of Ethics sets out guidelines on best practices applicable to all Group employees together with procedures for applying them. An integrated operational risk management application A member of DRCI acts as Head of Investment Service Compliance as PRISM, which has been deployed by the management of all business defined in the general regulations of the AMF. lines, handles risk mapping, control processes and control events. All of the Group’s ethical standards and application procedures comply with AMF regulations and recommendations in the various areas concerned. Risk maps DRCI coordinates the operational risk mapping process performed and The business continuity plan updated annually by each public institution entity and Group subsidiary. DRCI coordinates and oversees all aspects of the Group’s business The resulting risk maps – which were fine-tuned in 2013 – highlight major continuity plans. A number of unannounced exercises were carried out risks and action plans to contain both the risks themselves and/or their during 2013 in order to raise awareness of crisis management among potential impact. employees.

The “event” database Information systems security All control events reported within the public institution are recorded in a DRCI defines Group information systems security policy in line with the centralised database and tracked by DRCI. Control events in the sub- appropriate regulations and legislation and business-specific require- sidiaries are also reported to DRCI. The aim is to consolidate all types ments for the different activities. In 2013, CDC published a new charter of events impacting Caisse des Dépôts Group, to highlight identified for the use of IT resources together with new general guidelines on infor- system failures, assess the potential or actual related losses and draw mation security throughout the Group. Information systems security is up appropriate corrective action plans. focused on system availability, data integrity and confidentiality and proof In 2013, the bulk of reported events related to administrative or operating (or non-repudiation) of transmission, represented by the acronym ASIC risk, and information system risk and fraud. (i.e., Availability, Security, Integrity, Confidentiality). Nearly 1,000 people received training in information systems security during 2013. The compliance enforcement plans Information systems security deployment is overseen by the Information DRCI, in liaison with the risk officer network, deploys a risk-based com- Systems Security Committee which meets quarterly and comprises pliance enforcement plan for the public institution and the subsidiaries representatives of all IT project managers from the public institution, a designed to test the appropriateness of internal control processes in representative from ICDC’s management committee and a representative terms of the risks involved and activities performed. Controls are carried from the Corporate Secretary’s Office. out half-yearly or annually, depending on the processes being reviewed. DRCI also issues an opinion on information systems security risk for each The plan was revamped in 2013 to focus on evaluation criteria and tight- IS project conducted in the public institution. ening up the internal control processes in the divisions and subsidiaries. A Data Protection Officer was appointed in late 2013 to protect personal These processes are evaluated based on the tests performed by DRCI data as part of the drive to secure the processes of the public institution and the results are presented to the Caisse des Dépôts Management and the Group as a whole. He or she is part of DRCI and reports directly Committee and Supervisory Board. to the Chairman and Chief Executive Officer. Data Protection Officer is a cross-disciplinary position and the duties include liaising between the 100 Consolidated financial statements

public institution and CNIL, the French national data protection com- This department has issued legal and tax guidelines to streamline pro- mission, and ensuring compliance with personal data protection rules. cesses and tighten up management practices in all Group operating activities. The Legal and Tax department is also involved in designing key public institution projects to boost Group-wide legal compliance. It also 10.3 - Legal and tax risk helps the operating divisions and subsidiaries with legal and tax matters in all aspects of their businesses as well as with cross-disciplinary issues Legal and tax risk comprises all risks related to ignorance, non-compli- such as secure IT development. ance or misinterpretation of current legislation and may result in law suits arising from erroneous application of procedures or regulations. DRCI leverages the expertise of the Group Legal and Tax department to ensure reliable oversight of ongoing controls of legal and tax matters and compliance throughout the Group.

11. Subsequent events

There have been no subsequent events of a material nature since 31 December 2013. Caisse des Dépôts Group Financial Report 2013 101

12. SCOPE OF CONSOLIDATION

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest

Caisse des Dépôts Division

Caisse des Dépôts CDC (CENTRAL SECTOR) FULL 100.00 100.00 FULL 100.00 100.00 BETURE GROUP/CAP ATRIUM SASU FULL 100.00 99.96 FULL 100.00 99.96 CDC ENTREPRISES VALEURS MOYENNES FULL 100.00 100.00 FULL 100.00 100.00 CDC PME CROISSANCE EQUITY (JV) 51.54 51.54 EQUITY (JV) 58.84 58.84 INFORMATIQUE CDC FULL 99.90 99.90 FULL 100.00 100.00 AEW EUROPE EQUITY (Ass.) 40.00 40.00 EQUITY (Ass.) 40.00 40.00 SCI SARIHV FULL 100.00 100.00 FULL 100.00 100.00 SCI RIVE GAUCHE FULL 100.00 99.93 FULL 100.00 99.93 FONCIèRE FRANKLIN FULL 100.00 100.00 FULL 100.00 100.00 SCI BOULOGNE ILOT V FULL 100.00 99.00 FULL 100.00 99.00 SCI SILOGI FULL 100.00 99.00 FULL 100.00 99.00 SCI 43-45 RUE DE COURCELLES FULL 100.00 99.00 FULL 100.00 99.00 SCI 182 RUE DE RIVOLI FULL 100.00 99.00 FULL 100.00 99.00 SCI ALPHA PARK(1) EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SCI PRINTEMPS LA VALETTE(1) EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SCI CUVIER MONTREUIL(1) FULL 100.00 99.50 EQUITY (JV) 50.00 50.00 SAS LA NEF LUMIèRE FULL 100.00 75.00 FULL 100.00 75.00 SAS RICHELIEU VIVIENNE(1) EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SCI DES RÉGIONS FULL 100.00 100.00 FULL 100.00 100.00 SCET FULL 100.00 100.00 FULL 100.00 100.00 OPCI RIVER OUEST (1) EQUITY (JV) 40.01 40.01 EQUITY (JV) 40.01 40.01 SAS CHATEAUDUN FULL 100.00 100.00 FULL 100.00 100.00 SAS MALTHAZAR(1) EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SAS PRINTEMPS LA VALETTE II (1) EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SCI MAC DONALD FULL 100.00 100.00 FULL 100.00 100.00 SCI FARMAN(1) EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SAS PARIS NORD EST FULL 100.00 79.00 FULL 80.00 62.57 SCI TOUR MERLE EQUITY (JV) 50.00 50.00 SCI CUVIER MONTREUIL II FULL 100.00 99.00 Anatol Invest group ANATOL INVEST HOLDING FRANCE FULL 100.00 100.00 FULL 100.00 100.00 ANATOL INVEST HOLDING BV (Netherlands) FULL 100.00 100.00 FULL 100.00 100.00 PBW REAL ESTATE FUND (Netherlands) FULL 100.00 100.00 FULL 100.00 100.00 ATRIUM TOWER (Poland) FULL 100.00 100.00 FULL 100.00 100.00 BRISTOL (Hungary) FULL 100.00 100.00 FULL 100.00 100.00 IBC (Czech Republic) FULL 100.00 100.00 FULL 100.00 100.00 MOMPARK MFC (Hungary) FULL 100.00 100.00 FULL 100.00 100.00 MYSLBEK (Czech Republic) FULL 100.00 100.00 FULL 100.00 100.00 PAIGE INVESTMENTS (Poland) FULL 100.00 100.00 FULL 100.00 100.00 WEBC (Hungary) FULL 100.00 100.00 FULL 100.00 100.00 Banking, Insurance & La Poste Division LA POSTE EQUITY (Ass.) 26.32 26.32 EQUITY (Ass.) 22.88 22.88 CNP Assurances group CNP ASSURANCES(3) and (1) EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 102 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest STRATEGIC SUBSIDIARIES CAIXA ASSESSORIA E CONSULTORIA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.02 21.02 CAIXA CAPITALIZACAO (Brazil) EQUITY (JV) 10.79 10.79 EQUITY (JV) 10.72 10.72 CAIXA CONSORCIOS (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.02 21.02 CAIXA SEGUROS HOLDING SA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.02 21.02 CAIXA SEGUROS PARTICIPACOES EQUITY (JV) 21.17 21.17 DO SUL LTDA (Brazil) CAIXA SEGUROS PARTICIPACOES EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.02 21.02 SECURITARIAS LTDA (Brazil) CAIXA SAUDE (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.02 21.02 CAIXA SEGURADORA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.02 21.02 CAIXA VIDA E PREVIDENCIA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.02 21.02 CNP ASFALISTIKI (Cyprus) EQUITY (JV) 20.49 20.49 EQUITY (JV) 20.35 20.35 CNP BARCLAYS VIDA Y PENSIONES (Spain) EQUITY (JV) 20.45 20.45 EQUITY (JV) 20.31 20.31 CNP CYPRIALIFE (Cyprus) EQUITY (JV) 20.49 20.49 EQUITY (JV) 20.35 20.35 CNP CYPRUS INSURANCE EQUITY (JV) 20.49 20.49 EQUITY (JV) 20.35 20.35 HOLDINGS LTD (Cyprus) CNP HOLDING BRASIL (Brazil) EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 CNP EUROPE LIFE (Ireland) EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 CNP IAM EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 CNP INSURANCE SERVICES (Spain) EQUITY (JV) 38.64 38.64 EQUITY (JV) 38.37 38.37 CNP INTERNATIONAL EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 CNP PRAKTORIAKI (Greece) EQUITY (JV) 20.49 20.49 EQUITY (JV) 20.35 20.35 CNP SA DE CAPITALIZACION Y AHORRO EQUITY (JV) 20.45 20.45 EQUITY (JV) 20.31 20.31 P/ FINES DETERMINADOS (Argentina) CNP SEGUROS DE VIDA (Argentina) EQUITY (JV) 31.28 31.28 EQUITY (JV) 31.06 31.06 CNP UNICREDIT VITA (Italy) EQUITY (JV) 23.52 23.52 EQUITY (JV) 23.36 23.36 CNP VIDA DE SEGUROS Y EQUITY (JV) 38.64 38.64 EQUITY (JV) 38.37 38.37 REASEGUROS (Spain) CNP ZOIS (Greece) EQUITY (JV) 20.49 20.49 EQUITY (JV) 20.35 20.35 CSP PARTICIPACOES LTDA (Brazil) EQUITY (JV) 21.17 21.17 ESTALVIDA D’ASSEGURANCES Y EQUITY (JV) 31.03 31.03 EQUITY (JV) 30.81 30.81 REASSEGURANCES SA (Spain) FCP PAR CORRETORA DE EQUITY (Ass.) 5.29 5.29 SEGUROS SA (Brazil) ITV EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 LA BANQUE POSTALE PRÉVOYANCE EQUITY (JV) 20.45 20.45 EQUITY (JV) 20.31 20.31 MFPREVOYANCE SA EQUITY (JV) 26.47 26.47 EQUITY (JV) 26.29 26.29 PREVIPOSTE EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 PREVISUL (Brazil) EQUITY (JV) 14.82 14.82

Mutual funds CNP ACP 10 FCP EQUITY (JV) 20.36 20.36 EQUITY (JV) 20.21 20.21 CNP ACP OBLIG FCP EQUITY (JV) 20.32 20.32 EQUITY (JV) 20.18 20.18 CNP ASSUR ALT. 3DEC EQUITY (JV) 40.50 40.50 ÉCUREUIL PROFIL 30 EQUITY (JV) 39.17 39.17 EQUITY (JV) 38.86 38.86 ÉCUREUIL PROFIL 90 EQUITY (JV) 21.75 21.75 EQUITY (JV) 21.57 21.57 LB.ACT.D.A. SI 5DEC EQUITY (JV) 40.43 40.43 EQUITY (JV) 40.31 40.31 LBPAM ACT. DIVERSIF 5DEC EQUITY (JV) 23.42 23.42 EQUITY (JV) 22.58 22.58 Caisse des Dépôts Group Financial Report 2013 103

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest NATEXIS IONIS FCP 4DEC EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 OPCVM CAIXA CAPITALIZACAO SA (Brazil) EQUITY (JV) 10.79 10.79 EQUITY (JV) 10.72 10.72 OPCVM CAIXA CONSORCIOS (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.02 21.02 OPCVM CAIXA SEGURADORA SA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.02 21.02 OPCVM HOLDING CAIXA SEGUROS EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.02 21.02 HOLDING SA (Brazil) OPCVM CAIXA VIDA E PREVIDENCIA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.02 21.02 UNIVERS CNP 1 FCP EQUITY (JV) 40.79 40.79 EQUITY (JV) 40.53 40.53 VIVACCIO ACT 5DEC EQUITY (JV) 40.90 40.90 EQUITY (JV) 33.14 33.14

Real estate and other ASSURBAIL PATRIMOINE EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 AEP3 SCI EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 AEP4 SCI EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 ASSURIMMEUBLE EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 CIMO EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 CNP IMMOBILIER EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 ÉCUREUIL VIE DÉVELOPPEMENT EQUITY (JV) 20.86 20.86 EQUITY (JV) 20.72 20.72 LBP ACTIFS IMMO EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 OPCI AEP 247 EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 OPCI AEW IMCOM 1 EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 OPCI AEW IMCOM 6 EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 OPCI MTP INVEST EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 PB6 EQUITY (JV) 20.45 20.45 EQUITY (JV) 20.31 20.31 SICAC EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.62 40.62 Corporate Finance Division

Strategic Investment Fund group STRATEGIC INVESTMENT FUND (SIF) FULL 100.00 51.00 EIFFAGE EQUITY (Ass.) 21.05 10.74 SOPROL EQUITY (Ass.) 18.75 9.56 HIME EQUITY (Ass.) 38.00 19.38 SÉCHÉ ENVIRONNEMENT EQUITY (Ass.) 20.13 10.27 TYROL ACQUISITION 1 & CIE SCA EQUITY (Ass.) 23.99 12.23 EUTELSAT COMMUNICATIONS EQUITY (Ass.) 25.69 13.10 DAHER EQUITY (Ass.) 17.10 8.72 CDC ENTREPRISES CAPITAL INVESTISSEMENT FULL 100.00 51.00 FCPR PART’COM FULL 100.00 51.00 PART’COM FULL 100.00 51.00 FSI PME PORTEFEUILLE FULL 100.00 51.00 FFI PARTS A FULL 100.00 51.00 FFI PARTS B FULL 100.00 51.00 FPMEI FULL 100.00 51.00 FFI 2 FULL 100.00 51.00 FT1CI FULL 100.00 40.41 104 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest STConso (STM consolidation subgroup EQUITY (Ass.) 39.62 20.20 consolidated at 28.33%) FSI ÉQUATION FULL 100.00 51.00 ERAMET EQUITY (Ass.) 25.93 13.23 ORANGE EQUITY (Ass.) 13.61 6.94 FFI3 FULL 100.00 51.00 Bpifrance Group Bpifrance EQUITY (JV) 50.00 50.00 CDCE-1 EQUITY (JV) 50.00 50.00 BPIFRANCE INVESTISSEMENT EQUITY (JV) 49.71 49.71 BPIFRANCE INVESTISSEMENT RÉGIONS EQUITY (JV) 48.74 48.74 BPIFRANCE PARTICIPATIONS EQUITY (JV) 50.00 50.00 FSI PME PORTEFEUILLE EQUITY (JV) 50.00 50.00 FFI PARTS A EQUITY (JV) 50.00 50.00 FFI PARTS B EQUITY (JV) 50.00 50.00 FFI 2 EQUITY (JV) 50.00 50.00 FFI 3 EQUITY (JV) 50.00 50.00 FPMEI EQUITY (JV) 50.00 50.00 CDC ENTREPRISES CAPITAL INVESTISSEMENT EQUITY (JV) 50.00 50.00 FCPR PART’COM EQUITY (JV) 50.00 50.00 PART’COM EQUITY (JV) 50.00 50.00 FSI ÉQUATION EQUITY (JV) 50.00 50.00 EIFFAGE EQUITY (Ass.) 10.27 10.27 SOPROL EQUITY (Ass.) 9.38 9.38 TYROL ACQUISITION 1 & CIE SCA EQUITY (Ass.) 12.00 12.00 EUTELSAT COMMUNICATIONS EQUITY (Ass.) 12.84 12.84 DAHER SA EQUITY (Ass.) 8.55 8.55 FT1CI EQUITY (JV) 39.62 39.62 STConso (STM consolidation subgroup EQUITY (Ass.) 19.81 19.81 consolidated at 28.15%) ERAMET EQUITY (Ass.) 12.99 12.99 ORANGE EQUITY (Ass.) 6.80 6.80 BPIFRANCE FINANCEMENT EQUITY (JV) 44.87 44.87 BPIFRANCE RÉGIONS EQUITY (JV) 44.41 44.41 AUXI-CONSEIL EQUITY (JV) 44.87 44.87 AUXI-FINANCES EQUITY (JV) 44.87 44.87 AVENIR ENTREPRISE INVESTISSEMENT EQUITY (JV) 46.24 46.24 AVENIR TOURISME EQUITY (JV) 47.01 47.01 FCT PROXIMITÉ PME EQUITY (JV) 22.43 22.43 COMPAGNIE AUXILIAIRE BPIFRANCE EQUITY (JV) 44.87 44.87 ALSABAIL EQUITY (Ass.) 18.26 18.26 GRAS SAVOYE AUXI ASSURANCE EQUITY (Ass.) 15.26 15.26 SCI D’OSEO EQUITY (JV) 44.87 44.87 Caisse des Dépôts Group Financial Report 2013 105

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest Corporate Finance Division - Other entities SA OSEO(5) EQUITY (Ass.) 26.89 26.89 QUALIUM INVESTISSEMENT FULL 100.00 100.00 FULL 100.00 100.00 CDC ENTREPRISES II FULL 100.00 37.30 FULL 100.00 37.30 INNOVATION CAPITAL FULL 100.00 100.00 FULL 100.00 100.00 UNIVERS 12 FULL 100.00 100.00 FULL 100.00 100.00 CDC ÉLAN PME FULL 100.00 100.00 FULL 100.00 100.00 FSI RÉGIONS(5) FULL 100.00 80.00 CDC ENTREPRISES(5) FULL 100.00 100.00 Real Estate and Tourism division Real Estate HOLDCO SIIC FULL 100.00 75.07% FULL 100.00 75.07% Silic group SILIC FULL 100.00 32.93 SCI SEPAC FULL 100.00 32.93 SAS FONCIèRE NANTEUIL FULL 100.00 32.93 SARL EPP PERIPARC FULL 100.00 32.93 SARL DU NAUTILE FULL 100.00 32.93 SCI JCB2 FULL 100.00 32.93 SAS HAVANE FULL 100.00 32.93 SAS 21-29 RUE DES FONTANOT FULL 100.00 32.93 SAS SOCOMIE FULL 100.00 32.93 Icade group ICADE SA(4) FULL 100,00 39,26 FULL 100,00 41,90 ICADE FINANCES FULL 100,00 41,90 SARL EPP PERIPARC FULL 100,00 39,26 SAS HAVANE FULL 100,00 39,26 SAS SOCOMIE FULL 100,00 39,26

PROPERTY INVESTMENT COMPANIES HOUSING ICADE COMMERCES SAS FULL 100.00 41.90 SCI PAYS DE LOIRE FULL 100.00 39.26 FULL 100.00 41.90 SCI SARCELLES FULL 100.00 41.90 SAS SARVILEP FULL 100.00 39.26 FULL 100.00 41.90 BUSINESS PARKS CFI FULL 100.00 41.90 SCI 68 VICTOR HUGO FULL 100.00 39.26 FULL 100.00 41.90 SCI BASSIN NORD (1) EQUITY (JV) 50.00 19.63 EQUITY (JV) 50.00 20.95 SCI BATI GAUTIER FULL 100.00 39.26 FULL 100.00 41.90 SCI LE PARC DU MILLÉNAIRE FULL 100.00 39.26 FULL 100.00 41.90 SCI PDM 1 FULL 100.00 39.26 FULL 100.00 41.90 SCI PDM 2 FULL 100.00 39.26 FULL 100.00 41.90 SCI SÉVERINE FULL 100.00 23.56 FULL 100.00 25.14 106 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest SNC ICADE CBI FULL 100.00 41.90 SARL DU NAUTILE FULL 100.00 39.26 SAS FONCIèRE NANTEUIL FULL 100.00 39.26 SCI SEPAC FULL 100.00 39.26 SCI JCB2 FULL 100.00 39.26 OFFICES - France ICADE TOUR EQHO FULL 100.00 39.26 FULL 100.00 41.90 SCI CAMILLE DESMOULINS FULL 100.00 39.26 FULL 100.00 41.90 SCI DU 1 TERRASSE BELLINI(1) EQUITY (JV) 33.33 13.09 EQUITY (JV) 33.33 13.97 SCI DU 69 BLD HAUSSMANN FULL 100.00 39.26 FULL 100.00 41.90 SCI ICADE LÉO LAGRANGE FULL 100.00 39.26 FULL 100.00 41.90 SCI ICADE RUE DES MARTINETS FULL 100.00 39.26 FULL 100.00 41.90 SCI LE TOLBIAC FULL 100.00 39.26 FULL 100.00 41.90 SCI MESSINE PARTICIPATIONS FULL 100.00 39.26 FULL 100.00 41.90 SCI MORIZET FULL 100.00 39.26 FULL 100.00 41.90 SCI CHAMBOLLE FULL 100.00 41.90 SCI MOREY FULL 100.00 41.90 SCI MONDOTTE FULL 100.00 39.26 FULL 100.00 41.90 SNC MISTRAL FULL 100.00 41.90 SCI NANTERRE ÉTOILE PARK FULL 100.00 39.26 FULL 100.00 41.90 SCI GASCOGNE - BUREAUX FULL 100.00 39.26 FULL 100.00 41.90 SCI ÉVRY MOZART FULL 100.00 39.26 FULL 100.00 41.90 SCI ÉVRY EUROPÉEN FULL 100.00 39.26 FULL 100.00 41.90 SCI LES TOVETS FULL 100.00 39.26 FULL 100.00 41.90 SCI POLICE DE MEAUX FULL 100.00 39.26 FULL 100.00 41.90 SCI BÂTIMENT SUD CENTRE FULL 100.00 39.26 FULL 100.00 41.90 HOSPITALIER PONTOISE SCI BSM DU CHU DE NANCY FULL 100.00 39.26 FULL 100.00 41.90 SAS 21-29 RUE DES FONTANOT FULL 100.00 39.26 SHOPS SAS ODYSSEUM(1) EQUITY (JV) 50.00 20.95 ICADE BRICOLAGE FULL 100.00 39.26 FULL 100.00 41.90 ICADE BRICOLAGE CBI FULL 100.00 39.26 FULL 100.00 41.90 OFFICES - Germany ICADE REIT BV FULL 100.00 39.26 FULL 100.00 41.90 ICADE REIM GERMANY GMBH FULL 100.00 39.26 FULL 100.00 41.90 ICADE REIM ARNULFSTRASSE MK9 GMBH FULL 100.00 39.26 FULL 100.00 41.90 ICADE REIM DACHAUER STRASSE GMBH FULL 100.00 39.26 FULL 100.00 41.90 ICADE REIM FRIESENSTRASSE HAUS 4 GMBH FULL 100.00 39.26 FULL 100.00 41.90 ICADE REIM GOLDSTEINSTRASSE GMBH FULL 100.00 39.26 FULL 100.00 41.90 ICADE REIM HOHENZOLLERNDAMM GMBH FULL 100.00 41.90 ICADE REIM INDUSTRIESTRASSE FULL 100.00 41.90 (PRO 1) GMBH ICADE REIM INDUSTRIESTRASSE FULL 100.00 41.90 (PRO 3) GMBH Caisse des Dépôts Group Financial Report 2013 107

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest ICADE REIM MERCEDESSTRASSE GMBH FULL 100.00 39.26 FULL 100.00 41.90 ICADE REIM RHINSTRASSE GMBH FULL 100.00 41.90 ICADE REIM SALZUFERSTRASSE GMBH FULL 100.00 39.26 FULL 100.00 41.90 ICADE REIM TURLENSTRASSE GMBH FULL 100.00 41.90 KABALO GRUNDSTÜCKS FULL 100.00 39.26 FULL 100.00 41.90 VERWALTUNGSGESELLSCHAFT GMBH KABALO GRUNDSTÜCKS FULL 100.00 39.26 FULL 100.00 41.90 VERWALTUNGSGESELLSCHAFT & Co KG PUBLIC AND HEALTH SECTOR REAL ESTATE SAS ICADE SANTÉ FULL 100.00 22.19 FULL 100.00 26.31 SAINT LAZARE FULL 100.00 26.31 ESPACE SANTÉ DU PETUREAU FULL 100.00 26.31 POLE SANTÉ SUD - CMTR FULL 100.00 26.31 WAREHOUSES SCI ZEUGMA FULL 100.00 41.90 SCI MARIGNANE LA PALUN FULL 100.00 41.90 SCI 21 (TRANSALLIANCE) FULL 100.00 41.90 SERVICE COMPANIES - Spain IMMOBILIARIA DE LA CDC ESPANA FULL 100.00 39.26 FULL 100.00 41.90 PROPERTY DEVELOPMENT COMPANIES ICADE PROPERTY DEVELOPMENT AND HOUSING COMPANIES 115 controlled companies 77 joint ventures 19 associates ICADE PROMOTION 10 controlled companies 20 joint ventures 2 associates ICADE ARCOBA FULL 100.00 41.90 ICADE GESTEC RS FULL 100.00 41.90 ICADE SETRHI - SETAE FULL 100.00 41.90 SERVICES PROPERTY MANAGEMENT ICADE PROPERTY MANAGEMENT FULL 100.00 39.26 FULL 100.00 41.90 CONSULTING & IT COMPANIES ICADE CONSEIL FULL 100.00 39.26 FULL 100.00 41.90 ICADE EXPERTISE FULL 100.00 39.26 FULL 100.00 41.90 ICADE ASSET MANAGEMENT FULL 100.00 39.26 FULL 100.00 41.90 IPORTA SAS FULL 100.00 39.26 FULL 100.00 41.90 ICADE SURETIS FULL 100.00 41.90 ICADE TRANSACTIONS FULL 100.00 39.26 FULL 100.00 41.90 108 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest Société Nationale Immobilière group SOCIÉTÉ NATIONALE IMMOBILIÈRE FULL 100.00 100.00 FULL 100.00 100.00 S2AI FULL 100.00 100.00 FULL 100.00 100.00 SAINTE BARBE FULL 100.00 100.00 FULL 100.00 100.00 SAS DES CASERTS FULL 100.00 97.00 FULL 100.00 97.00 ADOMA EQUITY (Ass.) 42.74 42.74 EQUITY (Ass.) 32.82 32.82 Tourism Compagnie des Alpes Group COMPAGNIE DES ALPES SA FULL 100.00 39.72 FULL 100.00 39.81 COMPAGNIE DES ALPES FINANCEMENT SNC FULL 100.00 39.72 FULL 100.00 39.81 CDA DS SAS FULL 100.00 39.72 FULL 100.00 39.81 CDHA FULL 100.00 39.72 FULL 100.00 39.81 INGELO FULL 100.00 39.72 FULL 100.00 39.81 MONTAVAL SAS FULL 100.00 39.72 FULL 100.00 39.81 LOISIRS RE SA (Luxembourg) FULL 100.00 39.72 FULL 100.00 39.81 CADEVI SAS FULL 100.00 39.72 FULL 100.00 39.81 INTERNATIONAL ORGANIC DEVELOPMENT & ENGINEERING CDA MANAGEMENT FULL 100.00 39.72 FULL 100.00 39.81 CDA PRODUCTIONS FULL 100.00 39.72 FULL 100.00 39.81 GRÉVIN MONTREAL INC (Canada) FULL 100.00 39.72 FULL 100.00 39.81 GRÉVIN PRAGUE SOR (Czech Republic) FULL 100.00 39.72 SKI RESORTS CDA SKI DIFFUSION SAS FULL 100.00 39.72 FULL 100.00 39.81 DEUX ALPES INVEST SA (DAI) FULL 100.00 39.72 FULL 100.00 42.83 DEUX ALPES LOISIRS SA (DAL) FULL 100.00 38.98 FULL 100.00 41.99 DEUX ALPES VOYAGES SA (DAV) FULL 100.00 38.98 FULL 100.00 41.99 DOMAINE SKIABLE DE FLAINE SA (DSF) FULL 100.00 32.16 FULL 100.00 32.23 DOMAINE SKIABLE DE LA ROSIÈRE SAS (DSR) EQUITY (Ass.) 20.00 7.94 EQUITY (Ass.) 20.00 7.96 DOMAINE SKIABLE DE VALMOREL SAS (DSV) EQUITY (Ass.) 20.00 7.94 EQUITY (Ass.) 20.00 7.96 DOMAINE SKIABLE DU GIFFRE SA (DSG) FULL 100.00 32.15 FULL 100.00 32.22 GROUPE COMPAGNIE DU MONT BLANC SA EQUITY (Ass.) 37.49 14.89 EQUITY (Ass.) 33.47 13.33 MERIBEL ALPINA SAS FULL 100.00 39.72 FULL 100.00 39.81 PIERRE ET NEIGE SA FULL 100.00 38.98 FULL 100.00 41.99 SERRE CHEVALIER VALLEY SA FULL 100.00 39.72 FULL 100.00 39.81 ADS FULL 100.00 38.63 FULL 100.00 38.70 STÉ AMÉNAGEMENT ARVES GIFFRE SA (SAG) FULL 100.00 32.15 FULL 100.00 32.22 STÉ AMÉNAGEMENT LA PLAGNE SA (SAP) FULL 100.00 38.95 FULL 100.00 39.04 STÉ CONSTRUCTION IMMOBILIèRE VALLÉE DE BELLEVILLE SCI (SCIVABEL) FULL 100.00 32.43 FULL 100.00 32.50 STÉ EXPLOIT RM MORZINE AVORIAZ SAS (SERMA) EQUITY (Ass.) 20.00 7.94 EQUITY (Ass.) 20.00 7.96 STÉ EXPLOITATION VALLÉE DE BELLEVILLE SAS (SEVABEL) FULL 100.00 32.42 FULL 100.00 32.50 Caisse des Dépôts Group Financial Report 2013 109

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest STÉ TÉLÉPHÉRIQUES DE LA GRANDE MOTTE SA (STGM) FULL 100.00 30.90 FULL 100.00 30.97 STÉ TÉLÉPHERIQUES DE VAL FULL 100.00 39.72 FULL 100.00 39.81 D’ISèRE SAS (STVI) SWISSALP SA (Switzerland) FULL 100.00 39.72 FULL 100.00 39.81 VALBUS SAS FULL 100.00 39.72 FULL 100.00 39.81 AMUSEMENT PARKS AVENIR LAND SAS FULL 100.00 39.72 FULL 100.00 39.81 BELPARK BV (Belgium) FULL 100.00 39.72 FULL 100.00 39.81 CENTRES ATTRACTIFS JEAN RICHARD LA MER DE SABLE SAS FULL 100.00 39.72 FULL 100.00 39.81 CDA BRANDS FULL 100.00 39.72 FULL 100.00 39.81 DOLFINARIUM HARDERWIJK BV (Netherlands) FULL 100.00 39.72 FULL 100.00 39.81 ÉCOBIOGESTION SAS FULL 100.00 39.72 FULL 100.00 39.81 ÉCOPARCS SA EQUITY (Ass.) 51.02 35.30 EQUITY (Ass.) 51.02 35.33 FRANCE MINIATURE SAS FULL 100.00 39.72 FULL 100.00 39.81 FUTURUSCOPE DESTINATION SA FULL 100.00 32.36 FULL 100.00 32.40 PARC FUTUROSCOPE FULL 100.00 32.36 FULL 100.00 32.40 GRÉVIN & CIE SA FULL 100.00 39.72 FULL 100.00 39.81 GRÉVIN DEUTSCHLAND GMBH (Germany) FULL 100.00 39.72 FULL 100.00 39.81 HARDERWIJK HELLENDORN HOLDING BV (Netherlands) FULL 100.00 39.72 FULL 100.00 39.81 IMMOFLOR NV (Belgium) FULL 100.00 39.72 FULL 100.00 39.81 LOOPING HOLDING SAS EQUITY (Ass.) 26.91 10.69 EQUITY (Ass.) 26.91 10.72 MUSÉE GRÉVIN SA FULL 100.00 38.09 FULL 100.00 38.17 PARC AGEN SAS FULL 100.00 39.72 FULL 100.00 39.81 PREMIER FINANCIAL SERVICES BV (Belgium) FULL 100.00 39.72 FULL 100.00 39.81 SAFARI AFRICAIN DE PORT SAINT-PèRE SA FULL 100.00 39.72 FULL 100.00 39.81 WALIBI WORLD BV (Netherlands) FULL 100.00 39.72 FULL 100.00 39.81 WALIBI HOLLAND (Netherlands) FULL 100.00 39.72 FULL 100.00 39.81 WALIBI HOLIDAYPARK (Netherlands) FULL 100.00 39.72 FULL 100.00 39.81 Santoline group SANTOLINE GROUP EQUITY (Ass.) 33.87 33.87 EQUITY (Ass.) 33.87 33.87 Infrastructure, Transport and Environment division Infrastructure AQUALTER (1) EQUITY (JV) 52.00 52.00 EQUITY (JV) 52.00 52.00 CDC INFRASTRUCTURE FULL 100.00 100.00 FULL 100.00 100.00 VERDUN PARTICIPATIONS 1 EQUITY (Ass.) 49.00 49.00 EQUITY (Ass.) 49.00 49.00 COMPAGNIE NATIONALE DU RHÔNE EQUITY (Ass.) 33.20 33.20 EQUITY (Ass.) 33.20 33.20 SÉCHÉ ENVIRONNEMENT(2) EQUITY (Ass.) 20.15 20.15 EGIS group EGIS SA FULL 100.00 74.88 FULL 100.00 74.88 France ACOUSTB FULL 100.00 44.49 FULL 100.00 44.49 AIRPORT AERONAUTICAL EQUIPMENT JOINT OP. 45.00 33.70 JOINT OP. 45.00 33.70 ATELIER VILLES ET PAYSAGES FULL 100.00 74.88 FULL 100.00 74.88 BUREAU TECHNIQUE MÉDITERRANÉE (BTM) FULL 100.00 74.87 FULL 100.00 74.87 EGIS AIRPORT OPÉRATION FULL 100.00 74.88 FULL 100.00 74.88 EGIS AVIA FULL 100.00 74.88 FULL 100.00 74.88 EGIS BÂTIMENTS INTERNATIONAL FULL 100.00 74.88 FULL 100.00 74.88 EGIS BÂTIMENTS FULL 100.00 74.88 FULL 100.00 74.88 110 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest EGIS BÂTIMENTS ANTILLES GUYANE FULL 100.00 74.88 FULL 100.00 74.88 EGIS BÂTIMENTS CENTRE OUEST FULL 100.00 74.88 FULL 100.00 74.88 EGIS BÂTIMENTS GRAND EST FULL 100.00 74.88 FULL 100.00 74.88 EGIS BÂTIMENTS MANAGEMENT FULL 100.00 74.88 FULL 100.00 74.88 EGIS BÂTIMENTS MÉDITERRANÉE FULL 100.00 74.88 FULL 100.00 74.88 EGIS BÂTIMENTS NORD FULL 100.00 74.88 FULL 100.00 74.88 EGIS BÂTIMENTS OCÉAN INDIEN FULL 100.00 74.88 FULL 100.00 74.88 EGIS BÂTIMENTS RHÔNE-ALPES FULL 100.00 74.88 FULL 100.00 74.88 EGIS BÂTIMENTS SUD OUEST FULL 100.00 74.88 FULL 100.00 74.88 EGIS BDPA FULL 100.00 74.88 FULL 100.00 74.88 EGIS CONCEPT FULL 100.00 74.88 FULL 100.00 74.88 EGIS CONSEIL FULL 100.00 74.88 FULL 100.00 74.86 EGIS CONSEIL BÂTIMENTS FULL 100.00 74.88 FULL 100.00 74.88 EGIS EAU FULL 100.00 74.88 FULL 100.00 74.88 EGIS ÉNERGIE SYSTÈMES FULL 100.00 74.88 FULL 100.00 49.42 EGIS ENGINEERING FULL 100.00 74.88 FULL 100.00 74.88 EGIS EXPLOITATION AQUITAINE FULL 100.00 74.88 FULL 100.00 74.88 EGIS EASYTRIP SERVICES SA FULL 100.00 74.88 FULL 100.00 74.88 EGIS France FULL 100.00 74.88 FULL 100.00 74.88 EGIS HOLDING BÂTIMENT INDUSTRIE FULL 100.00 74.88 FULL 100.00 74.88 EGIS INDUSTRIES FULL 100.00 74.88 FULL 100.00 49.42 EGIS INFORMATIQUE FULL 100.00 74.88 FULL 100.00 74.88 EGIS INGÉNIERIE FULL 100.00 74.88 FULL 100.00 74.88 EGIS INTERNATIONAL FULL 100.00 74.88 FULL 100.00 74.88 EGIS MOBILITÉ FULL 100.00 74.88 FULL 100.00 74.88 EGIS PROJECTS SA FULL 100.00 74.88 FULL 100.00 74.88 EGIS RAIL FULL 100.00 74.88 FULL 100.00 74.88 EGIS ROAD OPERATION SA FULL 100.00 74.88 FULL 100.00 74.88 EGIS ROUTE FULL 100.00 74.88 FULL 100.00 74.88 EGIS STRUCTURE ET ENVIRONNEMENT FULL 100.00 74.88 FULL 100.00 74.88 ENGAGE EQUITY (Ass.) 25.00 18.72 EQUITY (Ass.) 25.00 12.36 ENIA ARCHITECTES EQUITY (Ass.) 25.00 18.72 EQUITY (Ass.) 25.00 18.72 ÉTUDES BÂTIMENTS INGÉNIERIE (EBI) FULL 100.00 74.88 FULL 100.00 49.42 GUIGUES ENVIRONNEMENT FULL 100.00 74.88 FULL 100.00 74.88 INGESUD FULL 100.00 74.88 FULL 100.00 74.88 EGIS BÂTIMENTS INFRASTRUCTURE FULL 100.00 74.88 JEAN MULLER INTERNATIONAL FULL 100.00 74.87 FULL 100.00 74.87 MFI SAS EQUITY (Ass.) 33.34 24.96 EQUITY (Ass.) 33.34 24.96 MUTATIONS FULL 100.00 74.86 OTH INTERNATIONAL FULL 100.00 74.85 FULL 100.00 74.85 PARK + PARKINGS SÉCURISÉS EQUITY (JV) 40.00 29.95 EQUITY (JV) 40.00 29.95 POIDS LOURDS(1) ROUTALIS SAS FULL 100.00 52.42 FULL 100.00 52.42 SEGAP SA EQUITY (Ass.) 50.00 37.44 EQUITY (Ass.) 50.00 37.44 SEP A63 JOINT OP. 80.00 59.90 JOINT OP. 80.00 59.90 SINTRA FULL 100.00 74.88 FULL 100.00 74.88 SOCIÉTÉ D’ASSISTANCE ET DE CONSEIL INDUSTRIEL FULL 100.00 74.88 FULL 100.00 74.88 SOCIETÉ DU MÉTRO DE MARSEILLE (SMM) FULL 100.00 74.88 FULL 100.00 74.88 SOCIÉTÉ NOUVELLE INGEROUTE FULL 100.00 74.88 FULL 100.00 74.88 SOFREAVIA SERVICE SA FULL 100.00 74.86 FULL 100.00 74.86 EIP France FULL 100.00 74.88 Caisse des Dépôts Group Financial Report 2013 111

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest EGIS PORT FULL 100.00 74.88 INTERNATIONAL AERIA (Ivory Cost) EQUITY (Ass.) 35.00 26.21 EQUITY (Ass.) 35.00 26.21 AEROSERVICE (Brazil) FULL 100.00 74.88 ARGE PPP FOE (Austria) JOINT OP. 40.00 29.95 JOINT OP. 40.00 29.95 ATTIKES DIADROMES LTD (Greece) EQUITY (Ass.) 20.00 14.98 EQUITY (Ass.) 20.00 14.98 AUTOBAHN + A8 GMBH (Germany) EQUITY (Ass.) 5.00 3.74 EQUITY (Ass.) 19.00 14.23 AUTOBAHN + SERVICES GMBH (Germany)(1) EQUITY (JV) 56.00 41.93 EQUITY (JV) 56.00 41.93 AUTOSTRADA EXPLO EKSPLOATACJA EQUITY (JV) 34.71 25.99 EQUITY (JV) 34.71 25.99 (AESA) (Poland)(1) BHEGIS (Australia)(1) EQUITY (JV) 50.00 37.44 BONAVENTURA STRASSENERHALTUNG FULL 100.00 74.88 EQUITY (JV) 50.00 37.44 GMBH (Austria)(1) CAOG AIRPORT OPERATIONS LTD (Cyprus) EQUITY (JV) 36.00 26.96 EQUITY (JV) 36.00 26.96 CEL TRAK LTD (Ireland) EQUITY (Ass.) 22.22 16.64 EQUITY (Ass.) 22.22 16.64 CONTIR SRL (Italy) FULL 100.00 52.42 DES Srl (Italy) FULL 100.00 74.88 DES Autostrada Spain SL (Spain) FULL 100.00 74.88 EASYTRIP SERVICES FULL 100.00 74.88 FULL 100.00 74.88 CORPORATION (Philippines) EASYTRIP SERVICES IRELAND LTD (Ireland)(1) EQUITY (JV) 50.00 37.44 EQUITY (JV) 50.00 37.44 EAZY PASS LTD (Ireland)(1) EQUITY (JV) 50.00 37.44 EQUITY (JV) 50.00 37.44 EGIS ALGÉRIE SPA (Algeria) FULL 100.00 74.88 FULL 100.00 74.88 EGIS BÂTIMENTS MAROC (Morocco) FULL 100.00 74.88 FULL 100.00 74.88 EGIS BEIJING ENGENNEERING FULL 100.00 74.88 CONSULTING (China) EGIS BULGARIE EAD (Bulgaria) FULL 100.00 74.88 FULL 100.00 74.88 EGIS CAMEROUN (Cameroon) FULL 100.00 74.83 FULL 100.00 74.83 EGIS DO BRASIL (Brazil) FULL 100.00 74.88 FULL 100.00 74.88 EGIS EYSER (Spain) FULL 100.00 74.88 FULL 100.00 74.88 EGIS INDIA Consulting Engineers FULL 100.00 74.88 FULL 100.00 74.88 Private Limited (India) EGIS INDONESIA (Indonesia) FULL 100.00 41.18 EGIS INFRAMAD (Madagascar) FULL 100.00 53.16 FULL 100.00 53.16 EGIS INFRASTRUCTURE EQUITY (JV) 44.00 32.95 EQUITY (JV) 44.00 32.95 MANAGEMENT INDIA (India)(1) EGIS INVESTMENT PARTNERS - FULL 100.00 74.13 FULL 100.00 74.88 INFRASTRUCTURE (Luxembourg) EGIS INVESTMENT PARTNERS - FULL 100.00 14.98 FULL 100.00 14.98 M25 (Luxembourg) EGIS INVESTMENT PARTNERS - FULL 100.00 19.71 3 (Luxembourg) EGIS INVESTMENT SARL (Luxembourg) FULL 100.00 74.88 FULL 100.00 74.88 EGIS KENYA FULL 100.00 74.88 FULL 100.00 74.88 EGIS LAGAN SERVICES (Ireland)(1) EQUITY (JV) 50.00 37.44 EGIS MONACO FULL 100.00 74.88 FULL 100.00 74.88 EGIS POLAND SP Zoo FULL 100.00 74.88 FULL 100.00 74.88 EGIS PROJECTS ASIA PACIFIC FULL 100.00 74.88 FULL 100.00 74.88 PTY LTD (Australia) EGIS PROJECTS CANADA INC (Canada) FULL 100.00 74.88 FULL 100.00 74.88 EGIS PROJETS INCORPORATION (United States) FULL 100.00 74.88 EGIS PROJECTS IRELAND (Ireland) FULL 100.00 74.88 FULL 100.00 74.88 EGIS PROJECTS PHILIPPINES (Philippines) FULL 100.00 74.88 FULL 100.00 74.88 Egis Projects POLSKA (Poland) FULL 100.00 74.88 FULL 100.00 74.88 112 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest EGIS RAIL ISRAËL (Israel) FULL 100.00 74.88 FULL 100.00 74.88 EGIS RAIL PTE (Singapore) FULL 100.00 74.88 EGIS RAIL SL (Spain) FULL 100.00 74.88 FULL 100.00 74.88 EGIS ROAD & TUNNEL OPERATIONS FULL 100.00 74.88 FULL 100.00 74.88 IRELAND LTD (Ireland) EGIS ROAD OPERATION AUSTRALIA FULL 100.00 74.88 FULL 100.00 74.88 PTY LTD (Australia) EGIS ROAD OPERATION CROATIA (Croatia) FULL 100.00 74.88 FULL 100.00 74.88 EGIS ROAD OPERATION INDIA (India) FULL 100.00 74.88 EGIS ROAD OPERATION FULL 100.00 74.88 FULL 100.00 74.88 PHILIPPINES (Philippines) EGIS ROAD OPERATION POLOGNE (Poland) FULL 100.00 74.88 FULL 100.00 74.88 EGIS ROAD OPERATION TURQUIE (Turkey) FULL 100.00 74.88 EGIS ROAD OPERATION UK (United Kingdom) FULL 100.00 74.88 FULL 100.00 74.88 EGIS ROMANIA (Romania) FULL 100.00 74.88 FULL 100.00 74.88 ENGLAND TIR SPA (Italy) FULL 100.00 74.88 EP INFRASTRUKTURPROJEKTENTWICKLUNG FULL 100.00 74.88 FULL 100.00 74.88 (Austria) EUROPEAN NUCLEAR FULL 100.00 38.19 DECOMMISSION (Netherlands) FIRSTROUTE (Ireland) FULL 100.00 74.88 FULL 100.00 74.88 GSI (India) FULL 100.00 74.88 FULL 100.00 74.88 HeBra HOLDING GmbH (Germany) FULL 100.00 73.67 FULL 100.00 74.88 HELIOS (United Kingdom) FULL 100.00 74.88 HERMES AIRPORTS LTD (Cyprus) EQUITY (Ass.) 20.00 14.98 EQUITY (Ass.) 20.00 14.98 HOLDING ENGLAND TIR GROUP SPA (Italy) FULL 100.00 74.88 IJSBREKER ICT BV (Netherlands) EQUITY (Ass.) 49.19 36.83 EQUITY (Ass.) 50.00 37.44 ISIS BELGIQUE (Belgium) FULL 100.00 74.88 FULL 100.00 74.88 ITS ROAD SERVICES LTD (Ireland)(1) EQUITY (JV) 50.00 37.44 EQUITY (JV) 50.00 37.44 JMI PACIFIC (Thailand) FULL 100.00 74.88 FULL 100.00 74.88 LEM OOSTENDE (Belgium) FULL 100.00 74.88 LEM ANTWERPEN (Belgium) FULL 100.00 74.88 M6 TOLNA EXPLOITATION EQUITY (JV) 52.00 38.94 EQUITY (JV) 52.00 38.94 HONGRIE (Hungary)(1) MIDLINK M7/M8 LTD (Ireland) FULL 100.00 50.17 FULL 100.00 50.17 NORTHLINK M1 LTD (Ireland) FULL 100.00 50.17 FULL 100.00 50.17 OPERSCUT (Portugal) FULL 100.00 52.42 FULL 100.00 52.42 ROAD SAFETY OPERATION EQUITY (JV) 42.00 31.45 EQUITY (JV) 42.00 31.45 IRELAND LTD (Ireland)(1) SEMALY IRELAND (Ireland) FULL 100.00 74.88 FULL 100.00 74.88 SEMALY PORTUGAL (Portugal) FULL 100.00 74.88 FULL 100.00 74.88 SEMALY SINGAPORE (Singapore) FULL 100.00 74.88 SEMALY UK (United Kingdom) FULL 100.00 74.88 FULL 100.00 74.88 SOUTHLINK N25 LTD (Ireland) FULL 100.00 50.17 FULL 100.00 50.17 STALEXPORT TRANSROUTE EQUITY (JV) 45.00 33.70 EQUITY (Ass.) 45.00 33.70 AUTOSTRADA (Poland)(1) TMC (Philippines)(1) EQUITY (JV) 34.00 25.46 EQUITY (JV) 34.00 25.46 TRANS CANADA FLOW EQUITY (JV) 50.00 37.44 EQUITY (JV) 50.00 37.44 TOLLING INC (Canada)(1) TRANS FINANCE BV (Netherlands) FULL 100.00 74.88 FULL 100.00 74.88 TRANSLINK INVESTMENT (Australia)(1) EQUITY (JV) 50.00 37.44 EQUITY (JV) 50.00 37.44 TRANSPASS BV (Netherlands) FULL 100.00 74.88 FULL 100.00 74.88 TRANSPASS HOLDING BV (Netherlands) FULL 100.00 74.88 FULL 100.00 74.88 TRANSPASS INTERNATIONAL BV (Netherlands) FULL 100.00 74.88 FULL 100.00 74.88 Caisse des Dépôts Group Financial Report 2013 113

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest TRANSPASS SERVICES BV (Netherlands) FULL 100.00 74.88 FULL 100.00 74.88 TRANSROUTE UK LTD (United Kingdom) FULL 100.00 74.88 FULL 100.00 74.88 VAT solutions Spa (Italy) FULL 100.00 74.88 VEGA ENGENHARIA LTDA (Brazil) FULL 100.00 74.88 FULL 100.00 74.88 VERSLUIS INTERNATIONAL FULL 100.00 74.88 FULL 100.00 74.88 TAXES BV (Netherlands) Transport and Environment CDC CLIMAT FULL 100.00 100.00 FULL 100.00 100.00 Transdev group TRANSDEV GROUP(1) EQUITY (JV) 50,00 50,00 EQUITY (JV) 50,00 50,00

ALGERIA VEOLIA TRANSPORT PILOTE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GERMANY ALPINA IMMOBILIEN GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AWV AHRWEILER VERKEHRS GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BAYERISCHE OBERLANDBAHN GMBH IG EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BAYERISCHE REGIOBAHN GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BUSTOURISTIK TONNE GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 DEUTSCHE TOURING GMBH EQUITY (JV) 10.39 10.39 EQUITY (JV) 10.39 10.39 DILLS REISEN GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 EISENBAHNWERKSTATT GESELLSCHAFT MBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 EURAILCO VERWALTUNGSGESELLSCHAFT EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MBH NEW EUROLINES FRANKFURT EQUITY (Ass.) 10.39 10.39 EQUITY (Ass.) 10.39 10.39 GRIENSTEIDL GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 HABUS GMBH VERKEHRSBETRIEBE EQUITY (JV) 25.50 25.50 EQUITY (JV) 25.50 25.50 HEIDENHEIMER EQUITY (JV) 37.42 37.42 EQUITY (JV) 37.42 37.42 VERKEHRSGESELLSCHAFT MBH KSA VERWALTUNG GMBH AUGSBURG EQUITY (JV) 24.50 24.50 EQUITY (JV) 24.50 24.50 KSI GMBH & CO.KG AUGSBURG EQUITY (JV) 24.50 24.50 EQUITY (JV) 24.50 24.50 MOVE ON TELEMATIC SERVICE GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MITTELRHEINISCHER EQUITY (JV) 45.00 45.00 EQUITY (JV) 50.00 50.00 VERKEHRSBETRIEB GMBH NASSAUISCHE VERKEHRS- EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GESELLSCHAFT MBH NBRB TEILE- UND LOGISTIK GMBH EQUITY (JV) 33.35 33.35 EQUITY (JV) 33.35 33.35 NIEDERSCHLESISCHE EQUITY (JV) 42.50 42.50 EQUITY (JV) 42.50 42.50 VERKEHRSGESELLSHAFT NORDDEUTSCHE VERKEHRSBETRIEBE GMBH EQUITY (JV) 32.50 32.50 EQUITY (JV) 32.50 32.50 NORD-OSTSEEBAHN GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 NORDWESTBAHN GMBH EQUITY (JV) 32.00 32.00 EQUITY (JV) 32.00 32.00 NUTZFAHRZEUGZENTRUM EQUITY (JV) 47.45 47.45 EQUITY (JV) 50.00 50.00 MITTELRHEIN GMBH OBERLANDBAHN EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 FAHRZEUGBEREITSTELLUNGSGMBH OMNIBUS-VERKEHR RUOFF GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 OSTSEELAND VERKEHR GMBH EQUITY (JV) 35.00 35.00 EQUITY (JV) 35.00 35.00 PALATINABUS GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PERSONENVERKEHR GMBH MÜRITZ (PVM) EQUITY (JV) 35.00 35.00 EQUITY (JV) 35.00 35.00 REGIOBUS GÜTERSLOH GMBH EQUITY (JV) 50.00 50.00 RHEIN-BUS VERKEHRSBETRIEB GMBH EQUITY (JV) 25.50 25.50 EQUITY (JV) 25.50 25.50 RHEIN-MOSEL- EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 VERKEHRSGESELLSCHAFT MBH ROHDE VERKEHRSBETRIEBE GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 114 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest SAX-BUS EILENBURGER BUSVERKEHR GMBH EQUITY (JV) 28.00 28.00 EQUITY (JV) 28.00 28.00 SCHAUMBURGER VERKEHRS- EQUITY (JV) 25.50 25.50 EQUITY (JV) 25.50 25.50 GESELLSCHAFT MBH STADTBUS SCHWÄBISCH HALL GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SVP STADTVERKEHR PFORZHEIM EQUITY (JV) 25.50 25.50 EQUITY (JV) 25.50 25.50 GMBH & CO. KG TAETER-TOURS GMBH EQUITY (JV) 25.50 25.50 EQUITY (JV) 25.50 25.50 TRANSREGIO DEUTSCHE EQUITY (JV) 50.00 50.00 EQUITY (JV) 37.50 37.50 REGIONALBAHN GMBH VEOLIA TRANSPORT CENTRAL EQUITY (JV) 32.50 32.50 EUROPE GMBH VEOLIA VERKEHR GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR KUNDENSERVICE GMBH EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR NIEDERSACHSEN/ EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 WESTFALENG VEOLIA VERKEHR OSTWESTFALEN GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR PERSONALSERVICE GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR REGIO GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR REGIO OST GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR RHEINLAND GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR RHEIN-MAIN GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR SACHSEN-ANHALT GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR SERVICE OST GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR STADT GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR SÜD-WEST GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR UND SERVICE WEST GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR WEST GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VERKEHRSGESELLSHAFT GORLITZ GMBH EQUITY (JV) 24.50 24.50 EQUITY (JV) 24.50 24.50 VERKEHRSBETRIEB LAHN DILL GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VERKEHRSBETRIEB RHEIN EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 EIFEL MOSEL GMBH VERKEHRSBETRIEB RHEIN LAHN GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VERKEHRSBETRIEB RHEIN EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 WESTERWALD GMBH WEST-BUS GMBH EQUITY (JV) 24.50 24.50 EQUITY (JV) 24.50 24.50 WÜRTTEMBERGISCHE EISENBAHN- EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GESELLSCHAFT AUSTRALIA BRISBANE FERRIES EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 BUSLINK VIVO PTY LTD EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 CONNEX MELBOURNE PTY LTD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 HARBOUR CITY FERRIES EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 MAINCO MELBOURNE PTY LTD EQUITY (JV) 15.00 15.00 EQUITY (JV) 15.00 15.00 METROLINK EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 SHORELINK EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV BRISBANE FERRIES P/L EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANDEV NSW SOUTH P/L EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV AUSTRALIA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV AUSTRALASIA P/L EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV FERRIES SYDNEY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV QUEENSLAND LTD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV MELBOURNE EQUITY (JV) 50.00 50.00 TRANSDEV SOUTH WEST P/L EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 Caisse des Dépôts Group Financial Report 2013 115

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest TRANSDEV SYDNEY P/L EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV TSL P/L EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV VICTORIA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV WA P/L EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ACN 105 260 099 EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VIVO CONNECT PTY LTD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUSTRIA VEOLIA VERKEHR ÖSTERREICH GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BELGIUM A. DE VOEGHT & CO BVBA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUTOBUS & AUTOCARS GEORGES SPRL EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUTOBUS EN AUTOCARBEDRIJF EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 REIZEN DE VALK N.V. AUTOBUS VERLEYEN N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUTOBUSBEDRIJF G. MEBIS & CO. N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUTOBUSSEN EN AUTOCARS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ACHIEL WEYN EN ZONEN N.V. AUTOCARS DE POLDER N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 B&C EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BUS DE POLDER N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 DE DUINEN N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GEENENS BUS & CAR N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GEENENS N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GRUSON AUTOBUS N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 HADEP N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 HEIDEBLOEM N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 KATRIVA N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 R. MELOTTE & CO. N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 V.B.M.N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VAN COILLIE N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VAN PEE INVEST N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT BELGIUM NV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VERVOERBEDRIJF GEBROEDERS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 DE VOS BVBA YPRABUS S.A. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CANADA QUEBEC EQUITY (JV) 50.00 50.00 4345240 CANADA (AUTOCAR EQUITY (JV) 50.00 50.00 METROPOLITAIN) 4369645 CANADA (AUTOCAR EQUITY (JV) 50.00 50.00 METROPOLITAIN) QUEBEC (MEDICAR) EQUITY (JV) 50.00 50.00 AUGER INC. EQUITY (JV) 50.00 50.00 AUTOBUS BOULAIS Ltee EQUITY (JV) 50.00 50.00 LIMOCAR EQUITY (JV) 50.00 50.00 LIMOCAR ESTRIE EQUITY (JV) 50.00 50.00 LIMOCAR ROUSSILLON EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORTATION EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SERVICES CANADA IN VEOLIA TRANSDEV CANADA INC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VT QUEBEC INC EQUITY (JV) 50.00 50.00 YORK BRT EQUITY (JV) 50.00 50.00 EQUITY (JV) 37.50 37.50 VEOLIA TRANSDEV QUEBEC INC EQUITY (JV) 50.00 50.00 116 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest CHILE REDBUS URBANO SA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT CHILE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CHINA ANQING ZHONGBEI BUS CO., LTD EQUITY (JV) 9.94 9.94 EQUITY (JV) 9.94 9.94 HONG KONG TRAMWAYS LIMITED EQUITY (JV) 27.50 27.50 EQUITY (JV) 27.50 27.50 HUAIBEI ZHONGBEI BUS CO., LTD EQUITY (JV) 7.01 7.01 EQUITY (JV) 7.01 7.01 HUAINAN ZHONGBEI BUS CO., LTD EQUITY (JV) 11.20 11.20 EQUITY (JV) 11.20 11.20 MAANSHAN ZHONGBEI BUS CO., LTD EQUITY (JV) 8.09 8.09 EQUITY (JV) 8.09 8.09 MACAU BUS EQUITY (JV) 16.25 16.25 NANJING ZHONGBEI EQUITY (JV) 13.48 13.48 EQUITY (JV) 13.48 13.48 SHENYANG TRAM EQUITY (Ass.) 12.25 12.25 VEOLIA TRANSPORT CHINA LTD HK EQUITY (JV) 27.50 27.50 EQUITY (JV) 27.50 27.50 VT RATP CHINA EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 VT RATP CONSULTING CO., LTD EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 COLOMBIA CITY MOVIL EQUITY (JV) 12.05 12.05 EQUITY (JV) 12.05 12.05 CONEXION MOVIL EQUITY (JV) 15.54 15.54 EQUITY (JV) 15.54 15.54 STÉ INTERNATIONALE DE EQUITY (JV) 19.25 19.25 EQUITY (JV) 19.25 19.25 TRANSPORT MASSIVO SOUTH KOREA SEOUL LINE 9 EQUITY (JV) 22.00 22.00 EQUITY (JV) 22.00 22.00 VEOLIA TRANSPORT KOREA EQUITY (JV) 27.50 27.50 EQUITY (JV) 27.50 27.50 VT RATP KOREA EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 CROATIA PANTURIST d.d. EQUITY (JV) 29.39 29.39 TOURING CROATIA EQUITY (JV) 10.39 10.39 EQUITY (JV) 10.39 10.39 VEOLIA TRANSPORT HRVATSKA D.O.O EQUITY (JV) 32.50 32.50 SPAIN CORPORACION JEREZANA EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 TRANSPORTES URBANOS DETREN EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 EUROLINES PENINSULAR EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 FCC-CONNEX CORPORACION SL EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 VT ESPAGNE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MOVEBUS EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 TENEMETRO EQUITY (JV) 30.00 30.00 EQUITY (JV) 30.00 30.00 TRANSDEV ESPANA SL EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 UTE TRAMBAIX EQUITY (JV) 16.50 16.50 EQUITY (JV) 16.50 16.50 UTE TRAMBESOS EQUITY (JV) 16.50 16.50 EQUITY (JV) 16.50 16.50 VIAJES EUROLINES EQUITY (JV) 18.75 18.75 EQUITY (JV) 18.75 18.75 UNITED STATES 10 - 10 TAXI AR, LLC EQUITY (JV) 50.00 50.00 10 - 10 TAXI MN, LLC EQUITY (JV) 50.00 50.00 10 - 10 TAXI NY, LLC EQUITY (JV) 50.00 50.00 10 - 10 TAXI TX 1, LLC EQUITY (JV) 50.00 50.00 AIRLINES ACQUISITION CO., INC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AIRPORT LIMOUSINE SERVICE, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ASSOCIATED CAB, LLC EQUITY (JV) 50.00 50.00 ATC PARTNERS LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ATC/VANCOM OF ARIZONA. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 LIMITED PARTNERSHIP Caisse des Dépôts Group Financial Report 2013 117

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest BELLE ISLE CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BLUE BOOTH INCORPORATED EQUITY (JV) 42.00 42.00 EQUITY (JV) 42.00 42.00 BLUE VAN LEASING CORPORATION EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CAMELBACK INSURANCE LIMITED EQUITY (JV) 50.00 50.00 CENTRAL CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CENTURY CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CHAMPION CAB COMPANY, INC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CHECKER AIRPORT TAXI, INC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CHECKER CAB ASSOCIATION, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CHECKER YELLOW CAB OF EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 JACKSONVILLE, LLC CHOICE CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CIRCLE CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CLASSIC CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CLOUD 9 SHUTTLE, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 COAST CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 COLONIAL CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 COLORADO CAB COMPANY, LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 COLORADO SPRINGS TRANSPORATION, LLC EQUITY (JV) 50.00 50.00 COLORADO TRANS MANAGEMENT, LLC EQUITY (JV) 50.00 50.00 COMPUTER CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CONNEX RAILROAD LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CORDIAL CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 DENVER AIRPORT SHUTTLE SERVICES, LLC EQUITY (JV) 50.00 50.00 DULLES TRANSPORTATION PARTNERSHIP EQUITY (JV) 30.00 30.00 EQUITY (JV) 30.00 30.00 ENVIROCAB, LLC EQUITY (JV) 50.00 50.00 GOLDEN TOUCH TRANSPORTATION EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 OF NEW YORK, INC GOLDEN TOUCH TRANSPORTATION EQUITY (JV) 50.00 50.00 OF THE DISTRICT OF COLUMBIA GREEN TOMATO CARS DC, LLC EQUITY (JV) 50.00 50.00 HOUSTON O & M LLC EQUITY (JV) 35.00 35.00 EQUITY (JV) 35.00 35.00 HUNTLEIGH TRANSPORTATION SERVICES LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 INTELLIRIDE LLC EQUITY (JV) 50.00 50.00 JIMMY’S CAB, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 KANSAS CITY LIMOUSINE LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 KANSAS CITY SHUTTLE LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 KANSAS CITY TAXI LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MASSACHUSETTS BAY EQUITY (JV) 30.00 30.00 EQUITY (JV) 30.00 30.00 COMMUTER RAILROAD LLC MINI BUS SYSTEMS, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 NATIONAL HARBOR TRANSPORTATION EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SERVICES LLC NATIONAL TRANSPORTATION PARTNERHIP EQUITY (JV) 30.00 30.00 OAK STREET SALES, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 OLD DOMINION TRANSIT EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MANAGEMENT COMPANY PITTSBURGH CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PITTSBURGH TRANSPORTATION COMPANY EQUITY (JV) 50.00 50.00 PITTSBURGH TRANSIT JOINT VENTURE EQUITY (JV) 50.00 50.00 PITTSBURGH TRANSPORTATION EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GROUP CHARTER SERVICES, INC. PROFESSIONAL FLEET MANAGEMENT LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 118 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest PROFESSIONAL TRANSIT MANAGEMENT, LTD. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PROFESSIONAL TRANSIT SOLUTIONS LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM BROKERAGE SERVICES, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM OF ASHEVILLE, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM OF ATTLEBORO, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM OF BOISE, LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM OF CAPE COD, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM OF DUTCHESS COUNTY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM OF GEORGIA, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM OF JACKSON, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM OF RACINE, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM OF TUCSON, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM OF WAUKESHA, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM OF WILMINGTON, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTM PARATRANSIT OF TUCSON, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 RAYRAY CAB COMPANY, LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 RDSM TRANSPORTATION EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 REGIONAL TRANSIT AUTHORITY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSIT SERVICES, INC. SACRAMENTO TRANSPORTATION, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SAFETY CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SCOUT CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SECURE CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SELECT CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SENTINEL CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SERENE CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SERVICE CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SFO AIRPORTER, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SHAMROCK CHARTERS, INC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SHAMROCK LEASING LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SHAMROCK LUXURY LIMOUSINE LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SHAMROCK TAXI OF FORT COLLINS, INC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SHAMROCK TRANS LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SHUTTLE ASSOCIATES LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SHUTTLE EXPRESS, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SHUTTLEPORT ARIZONA JOINT VENTURE EQUITY (JV) 32.50 32.50 EQUITY (JV) 32.50 32.50 SHUTTLEPORT CALIFORNIA LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SHUTTLEPORT CONNECTICUT LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SHUTTLEPORT DC LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SHUTTLEPORT FLORIDA LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SHUTTLEPORT SERVICES ARIZONA LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SKYLINE CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SPENCER LEASING LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUN TAXICAB ASSOCIATION, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUNRISE CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPER SHUTTLE INTERNATIONAL INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TEMPE ARIZONA VF JOINT VENTURE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPERIOR CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPERSHUTTLE ARIZONA, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPERSHUTTLE ATLANTA, LLC EQUITY (JV) 50.00 50.00 SUPERSHUTTLE DALLAS FORT WORTH, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 Caisse des Dépôts Group Financial Report 2013 119

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest SUPERSHUTTLE FRANCHISE CORPORATION EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPERSHUTTLE INTERNATIONAL EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 DENVER, INC. SUPERSHUTTLE LAS VEGAS, LLC EQUITY (JV) 50.00 50.00 SUPERSHUTTLE LEASING, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPERSHUTTLE LOS ANGELES, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPERSHUTTLE OF HOUSTON, LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPERSHUTTLE OF MINNESOTA, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPERSHUTTLE ORANGE COUNTY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPERSHUTTLE RALEIGH-DURHAM, INC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPERSHUTTLE SAN FRANCISCO, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPERSHUTTLE TENNESSEE, INC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPERTAXI, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUPREME CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 THE LIMO, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 THE YELLOW CAB COMPANY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 UNIFIED DISPATCH, LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORTATION INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORTATION SERVICES EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORTATION MAINTENANCE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AND INFRASTRUCTURE, INC. VEOLIA TRANSPORTATION ON DEMAND INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORTATION RAILROAD, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 WASHINGTON SHUTTLE, INC. EQUITY (JV) 45.00 45.00 EQUITY (JV) 45.00 45.00 YC HOLDINGS, INC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 YELLOW CAB ASSOCIATION, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 THE YELLOW CAB COMPANY OF PITTSBURGH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 YELLOW TAXI ASSOCIATION, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 DENMARK TOURING SCANDINAVIA EQUITY (JV) 10.39 10.39 EQUITY (JV) 10.39 10.39 FINLAND VEOLIA TRANSPORT ESPOO OY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT FINLAND OY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT TAMPERE OY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT VANTAA OY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT WEST OY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 WESTERLINES AB OY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 FRANCE AÉRO PISTE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AÉROPASS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AIRCAR EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ALBATRANS EQUITY (Ass.) 28.78 28.78 EQUITY (Ass.) 28.78 28.78 ALISO VOYAGES EQUITY (JV) 32.98 32.98 EQUITY (JV) 32.98 32.98 ALTIBUS EQUITY (JV) 32.98 32.98 EQUITY (JV) 32.98 32.98 ANTRAS EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 ARY EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 ATRIOM DE BEAUVAISIS EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 ATRIOM DU COMPIÉGNOIS EQUITY (JV) 47.94 47.94 EQUITY (JV) 47.94 47.94 AUTOBUS AIXOIS EQUITY (JV) 49.92 49.92 EQUITY (JV) 49.92 49.92 AUTOBUS ARTÉSIENS EQUITY (JV) 49.90 49.90 EQUITY (JV) 49.90 49.90 AUTOBUS AUBAGNAIS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUTOBUS AURÉLIENS EQUITY (JV) 34.83 34.83 EQUITY (JV) 34.83 34.83 120 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest AUTOBUS DU FORT EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUTOBUS DE L’ÉTANG EQUITY (JV) 50.00 50.00 AUTOBUS MARNE-LA-VALLÉE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUTOCARS ALIZÉS EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 AUTOCARS CHAMBON-GROS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUTOCARS DARCHE-GROS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUTOCARS DE L’AVESNOIS EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.95 49.95 AUTOCARS SABARDU EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUTOCARS TOURNEUX EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUXERROIS MOBILITÉS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BESANÇON MOBILITÉ EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BIÈVRE BUS MOBILITÉS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BRAVO PISTE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BREMOND EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BUS DE L’ÉTANG DE BERRE EQUITY (JV) 49.85 49.85 EQUITY (JV) 49.85 49.85 BUS EST EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BUS MANOSQUE VAL DE DURANCE EQUITY (JV) 26.00 26.00 C.A.P. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CABARO EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 CAP PAYS CATHARE EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 CAISSE COMMUNE EQUITY (JV) 50.00 50.00 CARBU WASH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CARS DE CHÂTEAU-THIERRY EQUITY (JV) 50.00 50.00 CARS D’ORSAY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CARS DU PAYS D’AIX EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CEA TRANSPORTS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CFTA CENTRE OUEST EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 CFTA PUY DE DÔME EQUITY (JV) 50.00 50.00 CFTA RHÔNE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CFTA SA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CFTI EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 CHARLIPISTE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CHARTRES MOBILITÉ EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CHEMIN DE FER DE LA MURE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CIE ARMORICAINE DE TRANSPORTS EQUITY (JV) 49.95 49.95 EQUITY (JV) 49.95 49.95 CIE DE TRANSPORTS DE SAUMUR EQUITY (JV) 49.90 49.90 CIE DES AUTOCARS DE TOURAINE EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 CIE DES TR COLLECTIF DE L’OUEST PARISIEN EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 CIE DES TRANSPORTS DU PAYS DE VANNES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CIE GÉNÉRALE DE TOURISME ET HÔTELLERIE EQUITY (JV) 33.00 33.00 EQUITY (JV) 33.00 33.00 CIE OCEANE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CIE PARC ET PASSEURS MONT ST-MICHEL EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 CIE SAINT QUENTINOISE DE TRANSPORTS EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 CIOTABUS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CIRCUL AIR EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CITÉBUS DES 2 RIVES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CITRAM AQUITAINE EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 CITRAM PYRÉNÉES EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 CITYWAY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CLOS PIERVIL EQUITY (JV) 49.92 49.92 EQUITY (JV) 49.92 49.92 COMPAGNIE DES BACS DE LOIRE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 Caisse des Dépôts Group Financial Report 2013 121

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest COMPAGNIE DES TRANSPORTS EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 DE LA RIVIERA COMPAGNIE DU GOLFE EQUITY (JV) 50.00 50.00 COMPAGNIE FERROVIAIRE SUD FRANCE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 COMPTOIRS DU SUD EQUITY (JV) 33.00 33.00 EQUITY (JV) 33.00 33.00 CONNEX CHAMBÉRY EQUITY (JV) 50.00 50.00 CONNEX ÉPINAL EQUITY (JV) 50.00 50.00 CONNEX LCB EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CONNEX NANCY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CONNEX TOULOUSE EQUITY (JV) 50.00 50.00 CONNEX VILLEFRANCHE EQUITY (JV) 50.00 50.00 COURRIERS AUTOMOBILES PICARDS EQUITY (JV) 48.92 48.92 EQUITY (JV) 48.92 48.92 COURRIERS DE L’AUBE EQUITY (JV) 49.70 49.70 EQUITY (JV) 45.73 45.73 COURRIERS DE SEINE-ET-OISE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CREUSOT MONTCEAU TRANSPORTS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CROLARD SA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CTPO EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 DUNAND EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 EAP EQUITY (JV) 50.00 50.00 ÉCAUXMOBILITÉ EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 ÉNERGIE BUS EQUITY (JV) 50.00 50.00 ENEZ EDIG EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ENEZ HOUAD EQUITY (JV) 50.00 50.00 ÉQUIVAL SAS NEW EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ESPACES SA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ESTÉREL CARS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 EURAILCO S.A.S NEW EQUITY (JV) 50.00 50.00 EURE-ET-LOIR MOBILITÉ EQUITY (JV) 49.97 49.97 EUROLINES FRANCE EQUITY (JV) 49.99 49.99 EQUITY (JV) 49.99 49.99 EUROPE AUTOCARS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 FERRYTOUR EQUITY (JV) 33.00 33.00 EQUITY (JV) 33.00 33.00 FNM2 EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 FRIOUL IF EXPRESS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GECIR EQUITY (JV) 22.50 22.50 EQUITY (JV) 22.50 22.50 GIE TRANSDEV FORMATION EQUITY (JV) 49.65 49.65 EQUITY (JV) 49.53 49.53 GUICHARD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 HANDILIB EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 IBERFRAN EQUITY (JV) 6.36 6.36 EQUITY (JV) 6.36 6.36 IBEROLINES EQUITY (JV) 12.71 12.71 EQUITY (JV) 12.71 12.71 INTERPISTE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 INTERVAL EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 JV VT RATP EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 KERDONIS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 KUNEGEL SA EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 LA MARE AU MOULIN (SCI) EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 LAON MOBILITÉ EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 LES AUTOCARS BLANCS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 LES CARS MARIETTE EQUITY (JV) 50.00 50.00 LES CARS ROSE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 LES LIGNES DU VAR EQUITY (JV) 49.78 49.78 EQUITY (JV) 49.19 49.19 LES MÉLÈZES EQUITY (JV) 49.91 49.91 EQUITY (JV) 49.91 49.91 122 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest LES RUBANS BLEUS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 L’IMMOBILIÈRE DES FONTAINES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MANU-PISTE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MARTIN FRÈRES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MÉCA PISTE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MEDIA CITÉ EQUITY (JV) 49.99 49.99 MÉDITERRANÉENNE CONSIGNATION EQUITY (JV) 33.00 33.00 EQUITY (JV) 33.00 33.00 MANUTENTION MELVAN EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MERCUR EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MOBILITÉ ET SERVICES EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 MONEGER EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 MONTBLANC BUS EQUITY (JV) 37.45 37.45 EQUITY (JV) 37.45 37.45 MOUV’IDÉES EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 MUSSO EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 N’4 MOBILITÉS EQUITY (JV) 48.27 48.27 EQUITY (JV) 48.27 48.27 OCECARS EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 ODULYS EQUITY (JV) 27.50 27.50 EQUITY (JV) 27.50 27.50 PASSAGERS PÔLE SERVICES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PAYS D’OC MOBILITES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PLATEFORME COMPTABLE IDF POLE 77 EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PÔLE ILE-DE-FRANCE IMMOBILIER EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AND FACILITIES PREVOST EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 PROGETOURS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PROXIWAY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 RAPIDES DE BOURGOGNE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 RAPIDES DE CÔTE D’AZUR EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 RAPIDES DE LA MEUSE EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 RAPIDES DE SAÔNE-ET-LOIRE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 RAPIDES DU LITTORAL EQUITY (JV) 49.92 49.92 EQUITY (JV) 49.88 49.88 RAPIDES DU VAL DE LOIRE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 RHÔNEXPRESS MEE EQUITY (Ass.) 14.10 14.10 EQUITY (Ass.) 14.10 14.10 RMTT EQUITY (JV) 35.70 35.70 EQUITY (JV) 35.70 35.70 R’ORLY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SAGEB EQUITY (JV) 24.50 24.50 EQUITY (JV) 24.50 24.50 SAINT-QUENTIN MOBILITÉ EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SCI 19 RUE DES SOURCES EQUITY (JV) 49.50 49.50 EQUITY (JV) 50.00 50.00 SCI DE LA LAVANDE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SCI LA MARE MOUREUSE EQUITY (JV) 50.00 50.00 SCI LA TRENTAINE EQUITY (JV) 50.00 50.00 SCI LE LUREAU EQUITY (JV) 50.00 50.00 SCI LE PRÉ BOUDROT EQUITY (JV) 25.00 25.00 EQUITY (JV) 24.50 24.50 SCI MARAIS BELLENE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SEGAR EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SENONAIS MOBILITÉS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SEM AAAS EQUITY (JV) 24.98 24.98 EQUITY (JV) 24.98 24.98 SERI 49 EQUITY (JV) 47.49 47.49 EQUITY (JV) 49.97 49.97 SETAO EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SETRA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SITE.OISE EQUITY (JV) 33.00 33.00 EQUITY (JV) 33.00 33.00 SMEA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 Caisse des Dépôts Group Financial Report 2013 123

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest SNA AJACCIENS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SNC CHEVALIER ARLEQUIN EQUITY (JV) 50.00 50.00 SNC MASSILIA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SNCM EQUITY (JV) 33.00 33.00 EQUITY (JV) 33.00 33.00 SNEG EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SOCIÉTÉ NORMANDIE VOYAGE EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 SOCIÉTÉ NOUVELLE CPL EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SOGAREL EQUITY (Ass.) 17.00 17.00 EQUITY (Ass.) 17.00 17.00 SOLEA EQUITY (JV) 43.92 43.92 EQUITY (JV) 43.92 43.92 SOMETRAR EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ST-BRIEUC MOBILITÉ EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ST2N EQUITY (JV) 50.00 50.00 EQUITY (JV) 47.51 47.51 STA CHALONS EQUITY (JV) 40.00 40.00 EQUITY (JV) 40.00 40.00 STAO - PL EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 STBC - TUC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 STCE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 STDE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 STÉ AUBAGNAISE RESTAURATION ET APPRO EQUITY (JV) 33.00 33.00 EQUITY (JV) 33.00 33.00 STÉ DES TRANSPORTS EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 D’ANNONAY DAVEZIEUX STÉ DES TRANSPORTS DEP DU GARD EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 STÉ DES TRANSPORTS DEP EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 DU LOIR-ET-CHER STÉ DES TRANSPORTS DU BRIANCONNAIS EQUITY (JV) 50.00 50.00 EQUITY (JV) 25.50 25.50 STÉ FOURAS AIX IG EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 STÉ INFORMATIQUE ET TÉLÉMATIQUE CORSE EQUITY (Ass.) 11.55 11.55 EQUITY (Ass.) 11.55 11.55 STÉ TRANSPORT AGGLOMÉRATION EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 THONONAISE STERNE EQUITY (JV) 50.00 50.00 STRAV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 STUD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUD CARS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SUD EST MOBILITÉS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 T.C.R.M TRANSP. COMMUNS RÉGION METZ EQUITY (Ass.) 19.98 19.98 EQUITY (Ass.) 19.98 19.98 TCAR EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TCR AVIGNON EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TCVO EQUITY (JV) 25.50 25.50 EQUITY (JV) 25.50 25.50 TÉLÉPHÉRIQUE DU SALÈVE EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.96 49.96 TIPS EQUITY (JV) 46.50 46.50 EQUITY (JV) 46.50 46.50 TPB EQUITY (JV) 24.50 24.50 EQUITY (JV) 24.50 24.50 TPMR BORDEAUX EQUITY (JV) 49.97 49.97 TPMR STRASBOURG (MOBISTRAS) EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 TPMR TOULOUSE EQUITY (JV) 49.96 49.96 EQUITY (JV) 49.95 49.95 TPMR TOURS EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 TRA SA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRAC-PISTE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRAFFIC AIR SERVICES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANS PROVENCE EQUITY (JV) 49.76 49.76 EQUITY (JV) 49.76 49.76 TRANS VAL DE FRANCE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANS VAL-D’OISE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSAMO EQUITY (JV) 47.53 47.53 EQUITY (JV) 44.88 44.88 TRANSAVOIE EQUITY (JV) 49.75 49.75 EQUITY (JV) 49.75 49.75 124 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest TRANSDATA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV AÉROPORT CARCASSONNE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV AÉROPORT DE NÎMES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV AÉROPORT PERPIGNAN EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV AÉROPORT SERVICES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV AÉROPORT TRANSIT EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV AGGLOMÉRATION DE BAYONNE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV ALLIER EQUITY (JV) 50.00 50.00 TRANSDEV ALPES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV ALPES-MARITIMES EQUITY (JV) 49.90 49.90 EQUITY (JV) 49.90 49.90 TRANSDEV ALSACE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV ARLES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV BRIVE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV CHAMBÉRY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV DAUPHINÉ EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV DU MARSAN EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV ÉQUIPAGES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV EST EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV FOUGÈRES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV GRAND EST EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 TRANSDEV IDF CSP CONTRÔLE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV MARITIME EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV MÉDITERRANNÉE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV MONTPELLIER EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV MULTI-MODES EQUITY (JV) 50.00 50.00 TRANSDEV NORD-EST EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV ORLÉANS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV OUTRE-MER EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV PARIS EST EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV PARIS SUD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV PAYS D’OR EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV PAYS ROCHEFORTAIS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV PICARDIE EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 TRANSDEV POITOU-CHARENTES EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 TRANSDEV RAIL EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV RE EQUITY (JV) 50.00 50.00 TRANSDEV REIMS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV RHÔNE-ALPES INTERURBAIN EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 TRANSDEV ROANNE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV ROYAN ATLANTIQUE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV SAINT DIZIER EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV SHUTTLE FRANCE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV SUD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV SUD-OUEST EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV URBAIN EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV VALENCE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV VOSGES EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 TRANSÉVRY EQUITY (Ass.) 22.18 22.18 EQUITY (Ass.) 22.18 22.18 TRANS’L EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSPART EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSPORT BÉRARD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 Caisse des Dépôts Group Financial Report 2013 125

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest TRANSPORT SCHON ET BRULLARD EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 TRANSPORTS D’EURE-ET-LOIR EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 TRANSPORTS DU VAL DE SEINE EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 TRANSPORTS DU VAL-D’OISE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSPORTS EN COMMUN EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 DE COMBS-LA-VILLE TRANSPORTS JOFFET EQUITY (JV) 49.97 49.97 TRANSPORTS LIBOURNAIS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSPORTS MARNE ET MORIN EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSPORTS PUBLICS DE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 L’AGGLOMÉRATION ST TRANSDEV URBAINS DU VALENCIENNOIS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANS-SERVICES EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 THELLO EQUITY (Ass.) 16.67 16.67 EQUITY (Ass.) 16.50 16.50 VAD EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 VAL D’EUROPE AIRPORT EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VAROISE DE TRANSPORTS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VE AIRPORT EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VELOWAY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA EDF NICE AUTO PARTAGE EQUITY (JV) 34.93 34.93 EQUITY (JV) 34.93 34.93 VEOLIA TRANSPORT ALGÉRIE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VOYAGE ET TRANSPORTS DE NORMANDIE EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 VEOLIA TRANSPORT SIÈGE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VILLENEUVE MOBILITÉ EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VISUAL EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VT BORDEAUX EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV EUROLINES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VT NORD-PAS-DE-CALAIS EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 TRANSDEV AUVERGNE EQUITY (JV) 50.00 50.00 LES COURRIERS DE LA GARONNE EQUITY (JV) 49.97 49.97 LITTORAL NORD AUTOCARS EQUITY (JV) 49.97 49.97 TRANSDEV LOCATION DE VEHICULE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 INDIA METRO ONE OPERATION EQUITY (JV) 19.25 19.25 EQUITY (JV) 19.25 19.25 VTR INDIA EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 IRELAND VEOLIA TRANSPORT DUBLIN LIGHT RAIL LTD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT IRELAND LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VT IRELAND BUS LTD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ISRAEL CONNEX JERUSALEM (LIGHT TRAIN) LTD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CONNEX TRANSPORTATION ISRAEL EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORTATION ISRAEL LTD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 LEBANON GOLCONDE SAL EQUITY (JV) 30.56 30.56 EQUITY (JV) 30.56 30.56 MOROCCO TRAMWAY DE RABAT EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VT MAROC EQUITY (JV) 49.92 49.92 EQUITY (JV) 49.92 49.92 NEW CALEDONIA CARSUD SA (MEE) EQUITY (Ass.) 13.97 13.97 EQUITY (Ass.) 13.97 13.97 NEW ZEALAND TRANSDEV AUCKLAND P/L EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 126 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest NETHERLANDS ACM OPLEIDINGEN BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 ACM ZORGOPLEIDINGEN BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 ADVANCED NETHERLANDS TRANSPORT BV EQUITY (Ass.) 8.64 8.64 EQUITY (Ass.) 10.00 10.00 BEDRIJFSVERVOER LIMBURG BV EQUITY (JV) 10.80 10.80 CONNEXXION AMBULANCE SERVICES BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONNEXXION AMBULANCEDIENSTEN BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONNEXXION AMBULANCEZORG BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONNEXXION FACILITAIR BEDRIJF BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONNEXXION FINANCE BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONEXXION MULTIMONDIAL BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 50.00 50.00 CONNEXXION NEDERLAND NV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONNEXXION OPENBAAR VERVOER NV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONNEXXION RETAIL BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONNEXXION TAXI SERVICES BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONNEXXION TOURS BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONNEXXION VASTGOED BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONNEXXION VLOOT BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONNEXXION WATER BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CONTINENTAL BREDA BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 COOPERATIE REGIONAL EQUITY (Ass.) 21.61 21.61 EQUITY (Ass.) 50.00 50.00 AMBULANCEVOORZIENING KENNEMERLAND COOPERATIE REGIONAL EQUITY (Ass.) 10.80 10.80 EQUITY (Ass.) 50.00 50.00 AMBULANCEVOORZIENING HAAGLANDEN CTS NOORD BV EQUITY (Ass.) 22.04 22.04 EQUITY (Ass.) 25.50 25.50 CV ACTIVA WEERT EQUITY (JV) 42.78 42.78 EQUITY (JV) 24.75 24.75 CXX AMBULANCE EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CXX HQ EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CXX PUBLIC TRANSPORT EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CXX TAXI EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 CXX TOURS EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 DE GROOTH VERVOER BV EQUITY (JV) 43.21 43.21 EESV DE LIJN EQUITY (Ass.) 21.61 21.61 EQUITY (Ass.) 25.00 25.00 EUROLINES NETHERLANDS NV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 FOUNDATION AMBULANCEZORG EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 NOORD OOST GELDERLAND FUTURE TECHNOLOGY NEDERLAND BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 GVU NV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 HERMES GROEP NV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 HERMES OPENBAAR VERVOER BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 OV REGIO ULTRECH BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 OV REGIO LJSSELMOND BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 OMNITAX BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PERSONENVERVOER ZUID-NEDERLAND BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 STICHTING AMBULANCE NOORD EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 EN OOST GELDERLAND REGIONALE AMBULANCEDIENST EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 NOORD-WEST VELUWE REISINFORMATIEGROEP BV EQUITY (Ass.) 14.18 14.18 EQUITY (Ass.) 16.50 16.50 ROLINE EQUITY (JV) 43.21 43.21 EQUITY (JV) 50.00 50.00 SCHIPHOL TRAVEL TAXI BV EQUITY (Ass.) 21.61 21.61 EQUITY (Ass.) 25.00 25.00 STADSBUS GROEP MAASTRICHT NV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 STADSBUS MAASTRICHT PARTICIPATIES BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 Caisse des Dépôts Group Financial Report 2013 127

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest STICHTING REGIONALE EQUITY (JV) 43.21 43.21 EQUITY (JV) 50.00 50.00 AMBULANCEVOORZIENING ZEELAND TAXI CENTRALE MIDDEN-BRABANT BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TBC HOLDING BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 TECHNO SERVICE NEDERLAND NV EQUITY (JV) 43.21 43.21 EQUITY (JV) 25.00 25.00 VEOLIA TRANSPORT BRABANT NV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT FAST FERRIES BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT LIMBURG BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT LIMBURG BUS BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT LIMBURG TOUR BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT NEDERLAND EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 HOLDING BV VEOLIA TRANSPORT NEDERLAND O.V. BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT NEDERLAND PV BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT RAIL BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VERENIGING AMBULANCE ZORG EQUITY (Ass.) 21.61 21.61 EQUITY (Ass.) 50.00 50.00 VT LIMBURG PERSONEELSVOORZIENING BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 WITTE KRUIS AMBULANCEZORG BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 50.00 50.00 WITTE KRUIS BELGIE BVBA EQUITY (JV) 42.78 42.78 EQUITY (JV) 50.00 50.00 WITTE KRUIS INTERNATIONAL EQUITY (JV) 43.21 43.21 EQUITY (JV) 50.00 50.00 WITTE KRUIS ZORG EQUITY (JV) 43.21 43.21 EQUITY (JV) 50.00 50.00 POLAND TOURING POLSKA EQUITY (JV) 10.39 10.39 EQUITY (JV) 10.39 10.39 VEOLIA EUROLINES POLSKA SP. Z EQUITY (JV) 49.99 49.99 EQUITY (JV) 49.99 49.99 VEOLIA TRANSPORT POLSKA SP. Z EQUITY (JV) 32.50 32.50 VEOLIA TRANSPORT SP. Z O.O. EQUITY (JV) 32.33 32.33 VT EUROLINES POLSKA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 Portugal ALPTUR EQUITY (JV) 50.00 50.00 ASAD TPT EQUITY (JV) 50.00 50.00 AUTO-PENAFIEL. LDA (ROCALDAS) EQUITY (JV) 12.73 12.73 EQUITY (JV) 12.69 12.69 AVA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AVAF EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BEIRA DOURO EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CAIMA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CALCADA EQUITY (JV) 50.00 50.00 CHARLINE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 EAVT EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ETAC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GUEDES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GPS EQUITY (JV) 12.73 12.73 EQUITY (JV) 12.75 12.75 IBERO EUROSUR S.L. EQUITY (JV) 12.55 12.55 EQUITY (JV) 12.55 12.55 INTERCENTRO EQUITY (JV) 24.63 24.63 EQUITY (JV) 24.61 24.61 INTERGALIZA EQUITY (JV) 12.71 12.71 EQUITY (JV) 12.71 12.71 INTERNORTE EQUITY (JV) 25.42 25.42 EQUITY (JV) 25.42 25.42 INTERSUL EQUITY (JV) 22.28 22.28 JOALTO RB EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 JRF EQUITY (JV) 50.00 50.00 JVP EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MINHO BUS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MONDINENSE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 RBI EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 128 Consolidated financial statements

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest RBL EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 REDM EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 RT EQUITY (JV) 12.73 12.73 EQUITY (JV) 12.69 12.69 S2M EQUITY (JV) 29.97 29.97 SOARES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TPT-SGPS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSCOVILHA EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 TRANSCOVIZELA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV MOBILIDADE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRISAN EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 UMJ EQUITY (JV) 50.00 50.00 VIUVA CARNEIRO EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SERBIA TOURING SERBIA EQUITY (Ass.) 10.39 10.39 EQUITY (Ass.) 10.39 10.39 VEOLIA TRANSPORT LITAS A.D. EQUITY (JV) 32.14 32.14 VEOLIA TRANSPORT LUV D.O.O. EQUITY (JV) 32.50 32.50 CZECH REPUBLIC CONNEX CR S.R.O. EQUITY (JV) 32.50 32.50 TOURING BOHEMIA EQUITY (JV) 10.39 10.39 EQUITY (JV) 10.39 10.39 TRANSDE3V EUROLINES CZ A.S. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT CESKÁ REPUBLIKA A.S EQUITY (JV) 32.50 32.50 VEOLIA TRANSPORT MORAVA A.S. EQUITY (JV) 32.50 32.50 VEOLIA TRANSPORT PRAHA S.R.O. EQUITY (JV) 32.50 32.50 VEOLIA TRANSPORT TEPLICE S.R.O. EQUITY (JV) 32.50 32.50 VEOLIA TRANSPORT VYCHODNI CECHY A.S. EQUITY (JV) 32.50 32.50 REUNION CMTS (MAYOTTE) EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VT SERVICE RÉUNION EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 UNITED KINGDOM BLAZEFIELD BUSES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BLAZEFIELD TRAVEL GROUP EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BURNLEY & PENDLE TRAVEL EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CONNEX JERSEY EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CONNEX SOUTH EASTERN EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 EURAILCO UK LIMITED NEW EQUITY (JV) 50.00 50.00 GREEN TOMATO CARS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 HARROGATE & DISTRICT TRAVEL EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 KEIGHLEY & DISTRICT TRAVEL EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 LANCASHIRE UNITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 LONDON UNITED LTD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 NOTTINGHAM TRAM CONSORTIUM EQUITY (JV) 25.00 25.00 OY BIKE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV RATP PROJECT UK EQUITY (JV) 50.00 50.00 LONDON SOVEREIGN LIMITED EQUITY (JV) 50.00 50.00 TRANSDEV BLAZEFIELD LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV CLAIMS INVESTIGATIONS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV NORTHERN BLUE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV PLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV TRAM UK EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV YORK LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 Caisse des Dépôts Group Financial Report 2013 129

31 December 2013 31 December 2012 GROUPS/COMPANIES Method % control % interest Method % control % interest TRIDENT HERITAGE LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT UK HOLDINGS LIMITED EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT UK RAIL LIMITED EQUITY (JV) 50.00 50.00 SOVEREIGN EQUITY (JV) 50.00 50.00 YORKSHIRE COASTLINER EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SLOVAKIA VEOLIA TRANSPORT NITRA A.S EQUITY (JV) 19.66 19.66 VEOLIA TRANSPORT SERVICES S.R.O EQUITY (JV) 32.50 32.50 SLOVENIA VEOLIA TRANSPORT DOLENJSKA EQUITY (JV) 32.48 32.48 IN PRIMORSKA VEOLIA TRANSPORT STAJERSKA D.D. EQUITY (JV) 24.66 24.66 SWEDEN AB GÖTEBORGS-STYRSÖ SKÄRGÅRDSTRAFIK EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ÄLVSBY RESEBYRÅ AB EQUITY (JV) 50.00 50.00 BUSSDEPÅN I KRISTIANSTAD AB EQUITY (Ass.) 14.50 14.50 EQUITY (Ass.) 24.50 24.50 FAC FLYGBUSSARNA AIRPORT COACH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GRANBERGS BUSS EQUITY (JV) 50.00 50.00 KB BUSSNINGEN EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PTG CHARTER AB EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TAXI STOR & LITEN I GÄVLE AB EQUITY (JV) 45.49 45.49 VEOLIA TRANSPORT SVERIGE AB EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT SWEDEN HOLDING AB EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VETIMO AB EQUITY (JV) 30.00 30.00

(1) Entities accounted for by the equity method following the application of IFRS 11. (2) CDC has had a direct stake in Séché Environnement since 12 July 2013. (3) CNP Assurances: 40.87% interest before adjustment for CNP treasury stock. (4) Icade SA: 39.092% interest before adjustment for Icade treasury stock. (5) Entities transferred to BPI as from 12 July 2013.

Consolidation methods – FULL: full consolidation – EQUITY (JV): joint ventures accounted for by the equity method – EQUITY (Ass): associates accounted for by the equity method – JOINT OP.: Joint operation. 130 Consolidated financial statements

Caisse des dépôts et consignations Statutory Auditors’ report on the consolidated financial statements

For the year ended 31 December 2013

This is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English speaking read- ers. The Statutory Auditors’ report includes information specifically required by French law in such reports, whether modified or not. This information is presented below the opinion on the consolidated financial statements and includes an explanatory paragraph discussing the Auditors’ assessments of certain significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated financial statements taken as a whole and not to provide separate assurance on individual account captions or on information taken outside of the consolidated financial statements.

This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.

To the Shareholders, Without qualifying our opinion, we draw your attention to the matter set out in Note 2 “Summary of significant accounting policies” and Note 3 In compliance with the assignment entrusted to us, we hereby report to “Application of IFRS 10, IFRS 11, IFRS 12, IAS 27, IAS 28, IAS 19 and you, for the year ended 31 December 2013, on: IFRS 13” that present the main impacts of the early adoption of the new >>the audit of the accompanying consolidated financial statements of standards on consolidation with effect from 1 January 2013. Caisse des dépôts et consignations; >>the justification of our assessments; >>the specific verification required by law. II - Justification of our assessments These consolidated financial statements have been approved by the In accordance with the requirements of Article L.823-9 of the French Chairman and Chief Executive Officer. Our role is to express an opinion Commercial Code (Code de commerce) relating to the justification of our on these consolidated financial statements based on our audit. assessments, we bring to your attention the following matters:

Impairment of investments in associates, goodwill and indefinite-lived I - Opinion on the consolidated financial intangible assets statements Caisse des Dépôts Group tests investments in associates, goodwill We conducted our audit in accordance with professional standards and indefinite-lived intangible assets for impairment. These tests are applicable in France. Those standards require that we plan and perform performed as described in sections III. 2 and III. 8 of Note 2 “Summary of the audit to obtain reasonable assurance about whether the consolidated significant accounting policies” to the consolidated financial statements. financial statements are free of material misstatement. An audit involves These impairment tests resulted in the recognition of impairment losses performing procedures, using sampling techniques or other methods of (see Notes 5.10 and 5.12 to the consolidated financial statements). selection, to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. An audit also includes evaluating We have assessed the Group’s impairment testing procedures and the the appropriateness of accounting policies used and the reasonableness related assumptions, as well as the inputs used for estimating impair- of accounting estimates made, as well as the overall presentation of the ment losses recognised to bring carrying amounts back in line with fair consolidated financial statements. We believe that the audit evidence value and we have verified the appropriateness of their presentation in we have obtained is sufficient and appropriate to provide a basis for our the notes to the consolidated financial statements mentioned above. audit opinion. Impairment of available-for-sale financial assets In our opinion, the consolidated financial statements give a true and fair As set out in section III.1.2 of Note 2 “Summary of significant accounting view of the assets and liabilities and of the financial position of the Group policies” and Notes 4.4 and 5.3 to the consolidated financial statements, at 31 December 2013 and of the results of its operations for the year then the Group recognises impairment losses on available-for-sale financial ended in accordance with International Financial Reporting Standards as assets: adopted by the European Union. >>for equity instruments when there is objective evidence of a significant or prolonged decline in the fair value of the investment; >>for debt securities when there is a proven counterparty risk. Caisse des Dépôts Group Financial Report 2013 131

We have assessed the processes used for identifying indications of III - Specific verification impairment and estimating impairment losses recognised to bring car- As required by law and in accordance with professional standards appli- rying amounts back in line with fair value. cable in France, we have also verified the information presented in the Group’s management report.

These assessments were made as part of our audit of the consolidated We have no matters to report as to its fair presentation and its consist- financial statements taken as a whole, and therefore contributed to the ency with the consolidated financial statements. opinion we formed which is expressed in the first part of this report.

Neuilly-sur-Seine and Courbevoie, 31 March 2014

The Statutory Auditors

PricewaterhouseCoopers Audit Mazars

Patrice Morot Bruno Tesnière Charles de Boisriou Gilles Rainaut Caisse des Dépôts business review and corporate social responsibility report, as well as the financial statements and the savings funds report, are all available on the corporate website at: www.groupecaissedesdepots.fr/en

Published by Caisse des Dépôts Corporate Communications Department (contact: Jean-Yves Cornu) Finance Department (contact: Véronique Collet)

Design and production Publicis Consultants I Verbe

Note to the reader The French version of the 2013 financial report includes the audited consolidated financial statements of Caisse des Dépôts Group, the audited financial statements of Caisse des Dépôts Central Sector, and the audited financial statements of the savings funds centralised by Caisse des Dépôts. The English version of the report includes solely the audited consolidated financial statements of Caisse des Dépôts Group. The detailed financial statements for the subsidiaries and for other organisations and establishments managed by Caisse des Dépôts are not presented in this report, but in specific reports prepared by those entities. Financial Report 2013 56, rue de Lille – 75356 Paris 07 SP – France Tel.: + 33 1 58 50 00 00 @CaissedesDepots www.groupecaissedesdepots.fr 2013 Financial Report