Report 2014 2014

Financial report 2014 2014

Financial Report

CAISSE DES DÉPÔTS GROUP

• 2 • Notion of Group

• 3 • Consolidated financial statements 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 parent company and consolidated financial statements, audited by Caisse des dépôts et consignations is a long-term investor promoting two statutory auditors, to the Finance Committees of the National business development in line with its own patrimonial interests. Assembly and the 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 - 2014 Financial Report

2 Caisse des Dépôts Group Consolidated financial statements at 31 DECEMBER 2014

Reviewed and adopted by the Chairman and Chief Executive Oﬃcer of Caisse des Dépôts on 17 March 2015

• 5 • Consolidated income statement

• 6 • Consolidated statement of comprehensive income

• 7 • Consolidated statement of financial position

• 8 • Consolidated statement of changes in equity

• 9 • Consolidated statement of cash flows

• 11 • Notes to the consolidated financial statements Consolidated financial statements

Detailed table of contents

Consolidated ﬁnancial statements 4.10 - Investments in equity-accounted companies ...... 34 4.11 - Investment property, owner-occupied property and Consolidated income statement, year ended 31 December 2014 ...... 5 equipment and intangible assets ...... 53 Consolidated statement of comprehensive income ...... 6 4.12 - Goodwill ...... 55 Consolidated statement of "nancial position, at 31 December 2014 .... 7 4.13 - Amounts due to credit institutions ...... 55 Consolidated statement of changes in equity, 1 January 2013 4.14 - Amounts due to customers ...... 56 to 31 December 2014 ...... 8 4.15 - Debt securities ...... 56 Consolidated statement of cash #ows, year ended 31 December 2014 ... 9 4.16 - Provisions ...... 57 4.17 - Non-controlling interests by division ...... 58 4.18 - Offsetting of "nancial assets and liabilities ...... 63 Notes to the consolidated ﬁnancial statements 5. SEGMENT INFORMATION ...... 64 1. SIGNIFICANT EVENTS ...... 11 6. COMMITMENTS GIVEN AND RECEIVED ...... 66 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ...... 11 7. EMPLOYEE BENEFITS ...... 67 3. NOTES TO THE CONSOLIDATED INCOME STATEMENT ....22 7.1 - Employee bene"ts expense ...... 67 3.1 - Interest income and expense ...... 22 7.2 - Average number of employees ...... 67 3.2 - Fee and commission income and expense ...... 22 7.3 - Employee bene"t obligations ...... 68 3.3 - Gains and losses on "nancial instruments at fair value through pro"t or loss, net...... 23 8. RELATED-PARTY TRANSACTIONS ...... 70 3.4 - Gains and losses on available-for-sale "nancial assets, net ...... 24 8.1 - Relations between consolidated companies ...... 70 3.5 - Income and expense from other activities ...... 24 8.2 - Related-parties not controlled by the Group ...... 71 3.6 - General operating expenses ...... 24 8.3 - Post-employment bene"t plan managers ...... 72 3.7 - Cost of risk ...... 25 3.8 - Gains and losses on other assets, net ...... 25 9. FAIR VALUE OF FINANCIAL INSTRUMENTS ...... 73 3.9 - Income tax expense ...... 26 9.1 - Fair value of "nancial assets and liabilities measured at amortised cost ...... 73 4. NOTES TO THE CONSOLIDATED STATEMENT 9.2 - Financial instruments measured at fair value ...... 74 OF FINANCIAL POSITION ...... 27 9.3 - Change in value of "nancial instruments measured at fair value 4.1 - Financial assets and liabilities at fair value through pro"t using a technique based on unobservable inputs (Level 3) ...... 75 or loss ...... 27 4.2 - Hedging instruments ...... 28 10. RISK FACTORS ...... 76 4.3 - Available-for-sale "nancial assets ...... 29 10.1 - Financial instrument risk ...... 76 4.4 - Loans and receivables due from credit institutions ...... 29 10.2 - Operational risk ...... 89 4.5 - Loans and receivables due from customers ...... 30 10.3 - Legal and tax risk ...... 90 4.6 - Held-to-maturity investments ...... 31 4.7 - Income taxes ...... 31 11. SUBSEQUENT EVENTS ...... 90 4.8 - Prepayments, accrued and deferred income and other assets and liabilities ...... 32 12. SCOPE OF CONSOLIDATION ...... 91 4.9 - Non-current assets and liabilities classi"ed as held for sale ...... 33

Caisse des Dépôts Group - 2014 Financial Report

4 Consolidated income statement, year ended 31 December 2014

(in millions of euros) Notes 31.12.2014 31.12.2013 Interest income 3.1 1,413 1,429 Interest expense 3.1 (976) (977) Fee and commission income 3.2 45 80 Fee and commission expense 3.2 (35) (50) Gains and losses on financial instruments at fair value through profit or loss, net 3.3 99 113 Gains and losses on available-for-sale financial assets, net 3.4 922 890 Income from other activities 3.5 4,446 4,589 Expenses from other activities 3.5 (2,266) (2,425) Net banking income 3,648 3,649 General operating expenses 3.6 (1,921) (1,969) Depreciation, amortisation and impairment of property and equipment and intangible assets (265) (263) Gross operating profit 1,462 1,417 Cost of risk 3.7 (7) (55) Operating profit 1,455 1,362 Share of profit (loss) of equity-accounted associates 4.10 60 (229) Share of profit (loss) of equity-accounted joint ventures 4.10 951 219 Gains and losses on other assets, net 3.8 (1) 1,636 Change in value of goodwill 4.12 (1) (15) Profit before tax 2,464 2,973 Income tax expense 3.9 (540) (671) Net profit (loss) from discontinued operations 4 (4) Net profit 1,928 2,298 Non-controlling interests 4.17 (135) (161) Net profit attributable to owners 1,793 2,137

Caisse des Dépôts Group - 2014 Financial Report

5 Consolidated financial statements

Consolidated statement of comprehensive income

(in millions of euros) 31.12.2014 31.12.2013 Net profit 1,928 2,298 Items not to be reclassified to the income statement Actuarial gains and losses on post-employment defined benefit obligations (38) 8 Actuarial gains and losses on post-employment defined benefit obligations – equity-accounted companies (83) (1) Total items not to be reclassified to the income statement (121) 7 Items to be reclassified to the income statement Exchange differences on translation of foreign operations 7 (7) Fair value adjustments on remeasurement of available-for-sale financial assets 246 1,216 Fair value adjustments on remeasurement of hedging instruments (122) 200 Items to be reclassified to the income statement recognised directly in equity – equity-accounted companies 921 328 Total items to be reclassified to the income statement 1,052 1,737 Total income and expense recognised directly in equity 931 1,744 Net profit and total income and expense recognised directly in equity 2,859 4,042 Attributable to owners 2,719 3,750 Attributable to non-controlling interests 140 292

Caisse des Dépôts Group - 2014 Financial Report

6 Consolidated statement of ﬁnancial position, at 31 December 2014

(in millions of euros) Notes 31.12.2014 31.12.2013 Assets Cash and amounts due from central banks 16 325 Financial assets at fair value through proﬁt or loss 4.1 1,813 1,993 Hedging instruments with a positive fair value 4.2 2,278 662 Available-for-sale ﬁnancial assets 4.3 49,056 48,335 Loans and receivables due from credit institutions 4.4 16,578 17,067 Loans and receivables due from customers 4.5 12,536 10,357 Cumulative fair value adjustments to portfolios hedged against interest rate risk Held-to-maturity investments 4.6 22,424 21,048 Current and deferred tax assets 4.7 524 596 Prepayments, accrued income and other assets 4.8 6,836 7,142 Non-current assets held for sale 4.9 170 11 Investments in equity-accounted companies 4.10 21,030 19,844 Investment property 4.11 13,929 13,308 Owner-occupied property and equipment 4.11 1,543 1,593 Intangible assets 4.11 368 353 Goodwill 4.12 472 455 Total assets 149,573 143,089

Liabilities and equity Due to central banks Financial liabilities at fair value through proﬁt or loss 4.1 3,788 4,477 Hedging instruments with a negative fair value 4.2 1,814 1,775 Due to credit institutions 4.13 13,089 20,423 Due to customers 4.14 47,786 49,325 Debt securities 4.15 40,919 27,709 Cumulative fair value adjustments to portfolios hedged against interest rate risk Current and deferred tax liabilities 4.7 1,682 1,757 Accruals, deferred income and other liabilities 4.8 6,317 5,997 Liabilities related to non-current assets held for sale 4.9 85 1 Provisions 4.16 631 530 Subordinated debt, guarantee deposits 1 1 Equity attributable to owners Reserves and retained earnings 20,858 19,188 Gains and losses recognised directly in equity 7,173 6,135 Proﬁt for the year 1,793 2,137 Total equity attributable to owners 29,824 27,460 Non-controlling interests 4.17 3,637 3,634 Total equity 33,461 31,094 Total liabilities and equity 149,573 143,089

Caisse des Dépôts Group - 2014 Financial Report

7 Consolidated financial statements

Consolidated statement of changes in equity, 1 January 2013 to 31 December 2014

Reserves Gains and losses recognised Net profit Equity Retained Non- Non- Non- Total and retained directly in equity (loss) attributable earnings controlling controlling controlling equity earnings attributable to owners - Non- interests interests in interests Translation Cumulative Cumulative to owners controlling in gains profit (loss) reserve fair value fair value interests and losses adjustments adjustments recognised to available- to cash flow directly in for-sale hedges equity financial (in millions of euros) assets Equity at 1 January 2013 19,860 20 4,785 (521) (454) 23,690 13,626 147 (862) 12,911 36,601 Effect of changes in accounting methods Appropriation of 2012 loss (454) 454 (862) 862 2012 dividend (203) (203) (203)

Transactions with 24 24 65 65 89 non-controlling interests Other movements(1) (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 (135) (135) (3) (3) (138) translation of foreign operations Fair value adjustments to financial instruments recognised 2,773 113 2,886 175 175 3,061 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 Effect of changes in accounting methods Appropriation of 2013 profit 2,137 (2,137) 161 (161) 2013 dividend (415) (415) (194) (194) (609) Transactions with non-controlling interests 71 71 71 Other movements(2) (52) (5) 1 (56) (22) 3 (19) (75) Profit for the year 1,793 1,793 135 135 1,928 Gains and losses recognised directly in equity Exchange differences on translation of foreign operations 105 105 4 4 109 Fair value adjustments to financial 1,330 (141) 1,189 (1) (1) 1,188 instruments recognised directly in equity Fair value adjustments to financial instruments reclassified (259) 7 (252) 7 7 (245) to the income statement Equity at 31 December 2014 20,858 (28) 7,566 (365) 1,793 29,824 3,523 (21) 135 3,637 33,461 (1) In 2013, other movements in non-controlling interests relate primarily to the deconsolidation of FSI (Fonds Stratégique d’Investissement) following its transfer to Bpifrance on 12 July 2013. (2) In 2014, other movements relate chiefly to net actuarial losses of €116 million on defined benefit pension plans and the positive €41 million impact of applying IFRS 10 for the La Poste group.

Caisse des Dépôts Group - 2014 Financial Report

8 Consolidated statement of cash flows, year ended 31 December 2014 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.

(in millions of euros) 31.12.2014 31.12.2013 Profit before tax (excluding discontinued operations) 2,464 2,973 Net depreciation, amortisation and impairment of property and equipment and intangible assets 701 738 Impairment losses on goodwill and other non-current assets 11 95 Net provision expense and impairment losses(1) (15) 85 Share of profit (loss) of equity-accounted companies (1,011) 10 Gains/losses from investing activities, net 620 81 Gains/losses from financing activities, net Other movements(2) (1,370) (1,943) Total non-monetary items included in profit before tax and other adjustments (1,064) (934) Cash flows relating to transactions with credit institutions(3) (6,371) (13,168) Cash flows relating to customer transactions (3,995) (3,237) Cash flows relating to other transactions affecting financial assets and liabilities(4) 9,528 10,169 Cash flows relating to investment property (669) (188) Cash flows relating to other transactions affecting non-financial assets and liabilities 863 855 Income taxes paid (547) (651) Net decrease in cash related to assets and liabilities from operating activities (1,191) (6,220) Net cash from (used in) operating activities 209 (4,181) Cash flows relating to financial assets and investments (86) (1,219) Cash flows relating to property and equipment and intangible assets (244) (327) Net cash used in investing activities (330) (1,546) Cash flows used in transactions with owners (538) (115) Other net cash flows from financing activities 517 1 Net cash used in financing activities (21) (114) Effect of discontinued operations on cash and cash equivalents 3 (4) Effect of changes in exchange rates on cash and cash equivalents 1 (2) Effect of changes in accounting methods (28) 2 Net decrease in cash and cash equivalents (166) (5,845) Cash and cash equivalents at the beginning 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 Cash and cash equivalents at the end of the period (382) (216) Cash and central banks, net 16 326 Net loans to (borrowings from) credit institutions repayable on demand (398) (542) Net decrease in cash and cash equivalents (166) (5,845) (1) This item relates mainly to other-than-temporary impairment of variable-income securities and non-consolidated equity interests. (2) At 31 December 2014, this item mainly reflects changes in the fair value of assets at fair value through profit or loss. At 31 December 2013, this item chiefly reflected the impact of the transfer of FSI and CDC Entreprises to Bpifrance. (3) The change observed in 2014 is attributable to the Central Sector and mainly concerns the repayment of interbank borrowings (decrease of €6.7 billion), of repurchase agreements at maturity (decrease of €1.3 billion), and the repayment of interbank loans (increase of €1.6 billion). (4) This line mainly corresponds to the net effect on cash and cash equivalents of instruments issued by the Central Sector.

Caisse des Dépôts Group - 2014 Financial Report

9 Consolidated financial statements

Composition of cash and cash equivalents

Cash and cash equivalents comprise cash, advances to and from central banks and post of"ce 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 insigni"cant risk of changes in value.

31.12.2014 31.12.2013

(in millions of euros) Assets Liabilities Assets Liabilities Cash 2 3 Central banks 14 323 Sub-total 16 326 Loans to (borrowings from) credit institutions repayable on demand 3,788 4,345 2,660 3,540 Money market mutual funds 159 338 Sub-total 3,947 4,345 2,998 3,540 Cash and cash equivalents (382) (216)

Caisse des Dépôts Group - 2014 Financial Report

10 Notes to the consolidated financial statements

III – Transdev Group 1. SIGNIFICANT EVENTS On 28 November 2014, SNCM was placed in receivership by the Com- mercial Court for an observation period of six months. It continues to be accounted for by the equity method in the books of the Transdev Group joint I – Bpifrance (investment in Orange) venture and – as was the case last year – the carrying amount of Transdev Since the end of 2012, following the amendment to the shareholders’ in the consolidated accounts for the year ended 31 December 2014 re#ects agreement between FSI (subsequently renamed Bpifrance Participa- the fair value of the Group’s exposure on its indirect holding in SNCM in light tions) and the State, and the creation of a consultation body for decisions of the ongoing insolvency proceedings. taken by Orange’s governance bodies (Board of Directors and Share- holders’ Meetings), Bpifrance Participations had exercised signi"cant Caisse des Dépôts Group continues to account for Transdev Group by the in#uence over Orange. In the second half of 2014, in line with its stated equity method and no indication of impairment was detected based on tests aim of reducing its exposure to the telecoms sector generally and to carried out at 31 December 2014. Orange in particular, Bpifrance Participations’ role in the governance of Orange changed when it sold 1.9% of Orange’s capital pursuant to a Ministerial Decree of 3 October 2014. Once the shares in question IV – CDC International Capital were settled and delivered on 6 October 2014, Bpifrance Participations’ Caisse des Dépôts has decided to develop its subsidiary CDC Inter- stake in Orange fell to 11.6%, meaning it was no longer Orange’s largest national by deploying an ambitious strategy based around investment shareholder. As a result of this new situation, Orange’s two largest share- partnerships designed to attract sovereign funds and other major holders – Bpifrance Participations and the French State – were forced international institutional investors. CDC International will also be tasked to review their relations within Orange’s governance bodies, particularly with developing a multi-lateral investment platform capable of attracting the practice of consulting each other on all matters examined by the sovereign wealth in general over the long term under the CDC Inter- company’s governance bodies. Consequently, the shareholders agree- national Capital banner. €75 million out of a total increase in capital of ment was amended to limit consultation to the resolutions put forward €300 million was paid up in February 2014. at the annual general meetings. CDC International Capital is wholly owned and controlled by Caisse des Bpifrance Participations’ loss of signi"cant in#uence over Orange from Dépôts and has been fully consolidated since 1 January 2014. early October 2014 resulted in the reclassi"cation of Orange shares in the consolidated "nancial statements of Bpifrance from “Investments in associates” to “Available-for-sale "nancial assets”. The impact of this reclassi"cation on Caisse des Dépôts’ net pro"t at 31 December 2014 was a positive amount of €523 million. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES II – Renewal of the partnership between CNP Assurances and the BPCE group On 19 February 2015, CNP Assurances and BPCE announced that I – Basis of preparation of the ﬁnancial they had signed de"nitive agreements relating to the implementation of statements a renewed partnership as of 1 January 2016. Caisse des Dépôts Group applies IFRS, which include International Financial Reporting Standards (IFRSs) 1 to 13 and International This renewed partnership, for an initial period of seven years, opens a Accounting Standards (IASs) 1 to 41, along with the related interpretations new chapter in the relationship between BPCE and CNP Assurances. as adopted by the European Union at 31 December 2014. The Group applies the IAS 39 carve-out provisions adopted by the European Union, As of 1 January 2016, Natixis Assurances will underwrite all savings and which allow certain exceptions from the standard regarding macro- retirement products distributed by the Caisses d’Epargne networks. In hedge accounting. parallel, the renewed partnership will include the implementation of an exclusive group creditor insurance partnership with Natixis Assurances The consolidated "nancial statements for the year ended 31 December covering the entire BPCE network, as well as speci"c partnerships in 2014 have been prepared in accordance with the recognition and personal and group protection, including health care. It will also include measurement principles set out in the relevant IASs/IFRSs and IFRS IC the introduction of mechanisms designed to align the interests of both (IFRIC) interpretations that were applicable at the end of the reporting partners regarding the management of insurance assets within CNP period. Assurances relating to Caisses d’Epargne client contracts taken out until 31 December 2015, as well as 10% quota-share reinsurance provided The following new amendments were effective for the "rst time in the by Natixis Assurances. 2014 "nancial year:

Caisse des Dépôts Group - 2014 Financial Report

11 Consolidated financial statements

- Amendments to IAS 32 – Presentation – Offsetting Financial Assets and expected to have a material impact on the Group’s consolidated "nancial Financial Liabilities statements. (EU Regulation No. 1256/2012 of 13 December 2012) These amendments provide clari"cations on offsetting rules for "nancial - Amendments to IAS 19 – Defined Benefit Plans: Employee Contributions assets and liabilities. A "nancial asset and "nancial liability must be (EU Regulation No. 2015/29 of 17 December 2014), offset and the net amount reported when, and only when, an entity has applicable for accounting periods beginning on or after 1 January 2016. an unconditional and legally enforceable right at all times to set off the These limited amendments are intended to simplify the accounting treat- amounts and intends either to settle on a net basis or to realise the asset ment of contributions by employees or third-parties to de"ned bene"t and settle the liability simultaneously. plans where the amounts of the contributions are independent of the number of years of service. They are not expected to have a material - Amendments to IFRS 10, IFRS 12 and IAS 27 – Investment Entities impact on the Group’s consolidated "nancial statements. (EU Regulation No. 1174/2013 of 20 November 2013) These amendments introduce a new type of entity known as an ‘invest- The Group has not early adopted the standards, amendments and inter- ment entity’. These entities are exempted from the requirement to con- pretations not yet adopted by the European Union at 31 December 2014. solidate their subsidiaries, which are to be carried at fair value through pro"t or loss. Speci"c disclosures must however be provided regarding For information, as of 1 January 2013, Caisse des Dépôts chose to these entities. early adopt the "ve new standards on consolidation – IFRS 10, IFRS 11, IFRS 12, IAS 27 as amended in 2011, and IAS 28 as amended in 2011 - Amendments to IAS 36 – Recoverable Amount Disclosures for (EU Regulation No. 1254/2012 of 11 December 2012) – together with Non-Financial Assets amendments to the transitional provisions of IFRS 10, IFRS 11 and (EU Regulation No. 1374/2013 of 19 December 2013) IFRS 12 (EU Regulation No. 313/2013 of 4 April 2013). These amendments introduce new disclosure requirements to be These standards and amendments are mandatorily effective in the Euro- included in the notes to "nancial statements when the recoverable value pean Union for reporting periods beginning on or after 1 January 2014. of an asset equals its fair value less the costs of disposal. USE OF THE ANC FINANCIAL STATEMENT FORMAT FOR BANKS - Amendments to IAS 39 – Novation of Derivatives and Continuation of In the absence of any requisite IFRS "nancial statement format, the Hedge Accounting layout of these "nancial statements complies with Recommendation (EU Regulation No. 1375/2013 of 19 December 2013) No. 2013-04 dated 7 November 2013 issued by the Autorité des normes These amendments provide an exception to the requirement for the dis- comptables (French accounting standards setter – ANC). continuation of hedge accounting when the parties to a hedging instrument agree that one or more central counterparties replace(s) the initial In accordance with IAS 1 as amended, Caisse des Dépôts presents counterparty and become(s) the new counterparty to each of the original a separate consolidated income statement providing a breakdown of parties to the derivative, or when other changes are made to the deriva- pro"t. It also presents a statement of comprehensive income which tive that are limited to those that are necessary to effect such a novation. starts with pro"t and details gains and losses recognised directly in equity, net of tax. The application of these amendments did not have a material impact on the consolidated "nancial statements of Caisse des Dépôts Group. USE OF ESTIMATES The preparation of the Group’s "nancial statements involves making The Group decided not to early adopt the following interpretation and certain estimates and assumptions which affect the reported amounts of amendments that will only be effective in subsequent reporting periods: income and expenses, assets and liabilities, as well as the disclosures in the accompanying notes. To make any such estimates and assumptions, - IFRIC 21 – Levies management is required to exercise judgement and consider informa- (EU Regulation No. 634/2014 of 13 June 2014), tion available when the "nancial statements are drawn up. The actual applicable for accounting periods beginning on or after 1 January 2015. outcome of transactions for which estimates and assumptions are made This interpretation provides guidance in accounting for a levy imposed by could differ signi"cantly from the anticipated outcome, particularly with a government covered by IAS 37 – Provisions, Contingent Liabilities and respect to market conditions, and this may have a material impact on Contingent Assets, and de"nes the obligating event for the recognition the "nancial statements. of a liability. IFRIC 21 also sets out the recognition principles applicable in interim "nancial reports. It mainly concerns the social solidarity contri- Estimates and assumptions are used to calculate: bution levied on French companies, real estate taxes and the bank levy > the fair value of unlisted "nancial instruments carried in the state- tied to systemic risks. ment of "nancial position under "nancial assets or liabilities at fair Application of IFRIC 21 will not have a material impact on the Group’s value through pro"t or loss, hedging instruments or available-for-sale earnings or equity. "nancial assets; > any impairment taken on "nancial assets (loans and receivables, - Annual improvements to IFRSs (2011-2013 Cycle) available-for-sale "nancial assets, held-to-maturity investments); (EU Regulation No. 1361/2014 of 18 December 2014), > any impairment taken on equity-accounted companies; applicable for accounting periods beginning on or after 1 January 2015. > the fair value of investment property disclosed in the notes; These include minor amendments to three standards and are not > any impairment taken on property, plant and equipment, intangible expected to have a material impact on the Group’s consolidated "nancial assets and goodwill; statements. > deferred tax; > provisions reported in liabilities (including for employee bene"ts) in - Annual improvements to IFRSs (2010-2012 Cycle) respect of contingencies and expenses; (EU Regulation No. 2015/28 of 17 December 2014), > the initial amount of goodwill recognised on business combinations; applicable for accounting periods beginning on or after 1 January 2016. > the carrying amount of non-current assets and related liabilities held These include minor amendments to eight standards and are not for sale.

Caisse des Dépôts Group - 2014 Financial Report

12 II – Basis of consolidation 2.3 - Companies excluded from the scope of consolidation 2.1 - Scope of consolidation Investments in associates and joint ventures held by the Group’s venture The consolidated "nancial statements comprise the "nancial statements capital organisations are not consolidated, in accordance with the option of the Central Sector, the consolidated "nancial statements of the sub- available under IAS 28.18. These investments are classi"ed as "nancial groups and the "nancial statements of entities over which Caisse des assets at fair value through pro"t or loss under the fair value option. Dépôts exercises control, joint control or signi"cant in#uence, whose consolidation has a material impact on the Group’s "nancial statements. The low-cost housing companies (ESH) are excluded from the scope of consolidation because they are not controlled by the Group within the 2.2 - Consolidation methods and deﬁnition of control meaning of IFRS. Shares in these companies are classi"ed as available- Investees (and structured entities) controlled by the Group are fully con- for-sale "nancial assets. solidated. Control is exercised when the Group has the power to direct the investee’s relevant activities; is exposed, or has rights, to variable Semi-public companies (SEMs, SAIEMs) not controlled by Caisse des returns from its involvement with the investee; and has the ability to affect Dépôts Group are also excluded from the scope of consolidation and those returns through its power over the investee. classi"ed as available-for-sale "nancial assets.

Potential voting rights which give the option to acquire additional voting Shares in companies acquired with the intention of being sold in the rights in an investee are taken into account to determine control when near term are excluded from the scope of consolidation and classi"ed such rights are currently exercisable in such a way as to allow the investor as non-current assets held for sale. to direct the relevant activities of the investee. In application of IFRS, the agreements signed with the French State Joint control is the contractually agreed sharing of control of an arrange- concerning the national loan require the assets and liabilities covered by ment, which exists only when decisions about the relevant activities the investment programmes to be derecognised in the Group’s consoli- require the unanimous consent of the parties sharing control. Joint control dated "nancial statements. In the French GAAP accounts of the Central may involve two types of arrangement: a joint venture or a joint operation. Sector, these assets and liabilities are transferred to adjustment accounts.

A joint venture is a joint arrangement whereby the parties that have joint 2.4 - Consolidation adjustments and intra-group control of the arrangement have rights to the net assets of the arrange- eliminations ment. Joint ventures are accounted for by the equity method. The "nancial statements of consolidated companies are restated based on Group accounting policies when the effects of the restatement are A joint operation is an arrangement whereby the parties that have joint material. The accounting policies applied by associates and joint ventures control of the arrangement have rights to the assets, and obligations are aligned with Group policies where necessary. for the liabilities, relating to the arrangement. Joint operations are consolidated by recognising Caisse des Dépôts Group’s interest in the joint Intra-group balances, income and expenses between fully-consolidated operation’s: companies are eliminated when their impact on the consolidated "nan- > assets, including its share of any assets held jointly; cial statements is material. > liabilities, including its share of any liabilities incurred jointly; > revenue from the sale of its share of the output of the joint operation Gains and losses on intra-group sales of assets to associates and joint and from the sale of the output by the joint operation; and ventures are eliminated proportionately, based on the Group’s percent- > expenses, including its share of any expenses incurred jointly. age interest in the associate or joint venture, except when the asset sold is considered as being other-than-temporarily impaired. Entities over which the Group exercises significant influence are accounted for by the equity method. Signi"cant in#uence is the power 2.5 - Foreign currency translation to participate in the "nancial and operating policy decisions of an entity The consolidated "nancial statements are presented in euros. The "nan- but is not control or joint control over those policies. Signi"cant in#uence cial statements of entities whose functional currency is different from the is presumed to be exercised when the Group holds, directly or indirectly, Group’s presentation currency are translated by the closing rate method. 20% or more of the voting power of the investee. Under this method, all monetary and non-monetary assets and liabilities are translated at the exchange rate at the end of the reporting period, The results of entities acquired during the period are included in the while income and expenses are translated at the average exchange rate consolidated "nancial statements from the acquisition date, while the for the year. The differences arising from translation are recognised as a results of entities sold during the period are included up to the date when separate component of equity. control, joint control or signi"cant in#uence is relinquished. Gains and losses arising from the translation of the net investment in Financial year-end foreign operations, borrowings and foreign exchange instruments that Almost all consolidated companies have a 31 December year-end. Com- are effective hedges of these investments are deducted from consoli- panies whose "nancial year-end is more than three months before or after dated equity. the Group’s year-end are consolidated based on "nancial statements drawn up at 31 December. In the case of companies whose "nancial When the foreign operation is sold, the cumulative exchange differences year-end falls within three months of the Group’s year-end, any material recorded in equity are recognised in the income statement as part of the transactions occurring between their year-end and 31 December are gain or loss on the sale. taken into account in preparing the consolidated "nancial statements when this is necessary to comply with the true and fair view principle.

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2.6 - Business combinations and goodwill 2.7 - 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 identi"able 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 "nancial 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. 2.8 - 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 re#ect 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 2014 and recognised in pro"t or loss. 31 December 2013 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 classi"ed as "nancial liabilities are remeasured > Real Estate & Tourism Division; at fair value at the end of each reporting period and taken to pro"t or > Infrastructure, Transport & Environment Division. loss, unless these adjustments occur within 12 months of the date of the combination and relate to facts and circumstances existing at the acquisition date. III – Accounting policies

Goodwill represents the excess of the cost of the combination over the 3.1 - Financial instruments acquirer’s share in the acquisition-date fair value of the identi"able assets Financial assets and liabilities are recognised and measured in accor- and liabilities, and is recognised in assets in the consolidated statement dance with IAS 39, as adopted by the European Commission on of "nancial position, under “Goodwill”. Negative goodwill is recognised 19 November 2004 and subsequently amended, in particular by the directly in pro"t or loss. amendment relating to the use of the fair value option published in 2005.

Non-controlling interests may be carried at either their share in the net Financial assets and liabilities at fair value through pro"t or loss, hedg- identi"able assets of the acquiree (“partial” goodwill method) or at their ing derivatives and available-for-sale "nancial assets are measured and fair value, in which case they are allocated a percentage of the corre- recognised at market value on initial recognition and at subsequent sponding goodwill (“full” goodwill method). This decision can be renewed reporting dates. for each business combination. 3.1.1. Fair value of financial instruments The initial accounting for a business combination spans up to 12 months Fair value as de"ned by IFRS 13 is the price that would be received to after the acquisition date. sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Goodwill is initially measured in the statement of "nancial position at cost in the currency of the acquiree and is translated at the exchange rate at The Group determines the fair value of "nancial instruments based on the end of the reporting period. either prices obtained directly from external inputs or from valuation techniques. The valuation techniques applied are primarily the market Goodwill is tested for impairment, as explained in section III.8. approach and the income approach, which draw on several widely used techniques such as discounted cash #ow and adjusted net asset When a business combination is carried out in stages (step acquisition), value models. These approaches maximise the use of observable inputs goodwill is determined by reference to the fair value at the date control and minimise the use of unobservable inputs. Valuation techniques are is obtained. At this date, any previously-held interest in the acquiree is calibrated to re#ect current market conditions. remeasured at fair value through pro"t or loss. Assets and liabilities measured or shown at fair value correspond to the Similarly, a loss of control of a consolidated subsidiary requires the following levels in the fair value hierarchy: remaining holding to be remeasured at fair value through pro"t or loss. > Level 1: fair value is determined using prices quoted in active markets (unadjusted) for identical assets or liabilities. An active market is a Since the revised IFRS 3 is applied on a prospective basis, business market in which transactions in the asset or liability take place with combinations carried out prior to 1 January 2010 were not restated to suf"cient frequency and volume to provide pricing information on an re#ect the changes in the standard. ongoing basis. > Level 2: fair value is determined using valuation techniques that chie#y In accordance with the option available under IFRS 1, the Group chose not rely on directly or indirectly observable market inputs. These tech- to restate business combinations which occurred prior to 1 January 2006. niques are regularly calibrated and the inputs corroborated by data Any goodwill existing at that date is no longer amortised but tested for from active markets (“market-corroborated data”). impairment.

Caisse des Dépôts Group - 2014 Financial Report

14 > Level 3: fair value is determined using valuation techniques that chie#y but including accrued interest. They are subsequently measured at fair rely on unobservable inputs or on inputs that cannot be corroborated value, with changes in fair value recognised in the income statement by market data, for example due to a lack of liquidity for the instrument under “Gains and losses on "nancial instruments at fair value through or of a signi"cant model risk. Unobservable inputs are inputs for which pro"t or loss, net”. Exceptionally, on the "rst-time adoption of IFRS, fair no market data is available, and which therefore result from internal value adjustments to opening "nancial assets at fair value through pro"t assumptions based on data that would be used by other market par- or loss were recognised in equity and will never be reclassi"ed to the ticipants. Judgement is involved in determining when there is a lack income statement. of liquidity or a risk relating to the use of a model. Changes in fair value and disposal gains and losses are recognised in Assets and liabilities are classi"ed in the hierarchy depending on the level the consolidated income statement under “Gains and losses on "nancial of the main input used to determine their fair value. instruments at fair value through pro"t or loss, net”.

Unlisted equity instruments • Available-for-sale financial assets The fair value of unlisted equity instruments is generally computed using In accordance with IAS 39, this category is used by default for all "nancial a number of different techniques (discounted cash #ows, adjusted net assets not classi"ed in any of the other three categories. asset value or multiples for comparable companies): > if fair value is based on data relating to comparable listed companies It comprises "xed and variable income securities that are initially rec- or, for property investments, on a revaluation of property using observ- ognised at cost, including directly attributable transaction costs (unless able market inputs, equity instruments are classi"ed in level 2 of the it can be demonstrated that these costs are not material) and accrued fair value hierarchy; interest. > however, if fair value is calculated based on discounted cash #ows or adjusted net asset value using internal company data, the equity Changes in fair value are recognised in equity to be reclassi"ed to the instruments are classi"ed in level 3 of the fair value hierarchy. This also income statement. applies to instruments measured using the multiples approach when the inputs require signi"cant adjustments based on unobservable When the assets are sold or have suffered from other-than-temporary inputs to re#ect factors speci"c to the entity concerned. impairment, the cumulative unrealised gain or loss recognised in equity is reclassified to the income statement under “Gains and losses on In accordance with IAS 39, in the event that valuation techniques are available-for-sale "nancial assets, net”. unsatisfactory or the resulting range of reasonable fair value estimates is signi"cant, the instrument continues to be recorded at cost within An impairment loss is recognised on equity instruments when there is “Available-for-sale "nancial assets”, as its fair value cannot be deter- objective evidence of other-than-temporary impairment, de"ned as a mined reliably. It is then classi"ed in level 3 of the fair value hierarchy. signi"cant or prolonged decline in the fair value of the investment below its cost. 3.1.2. Securities Securities held by the Group are classified in the four categories of The criteria for assessing other-than-temporary impairment separate the "nancial assets de"ned by IAS 39, as follows: notion of “signi"cant” and “prolonged”. Therefore, either a signi"cant or > "nancial assets at fair value through pro"t or loss (including "nancial a prolonged decline is suf"cient to require the recognition of an impair- assets designated as at fair value through pro"t or loss upon initial ment loss. The criteria used by Caisse des Dépôts (Central Sector) are recognition or under the fair value option); based on two levels. > available-for-sale "nancial assets; > held-to-maturity investments; > Level 1: factors triggering a documented analysis > loans and receivables. - criteria associated with a “signi"cant” decline in value: the closing price for the instrument at the end of the reporting period is more Securities purchases and sales are recognised in the statement of "nancial than 30% lower than its acquisition cost; or position on the settlement/delivery date, except in certain speci"c cases. - criteria associated with a “prolonged” decline in value: the average price for the instrument over the previous 12 months is more than • Financial assets at fair value through profit or loss 30% lower than its acquisition cost. In accordance with IAS 39, this category includes "nancial assets and These two criteria represent substantial evidence of impairment allowing liabilities held for trading and "nancial assets and liabilities designated as the Group to identify the securities which will be subject to a documented at fair value through pro"t or loss under the fair value option. multi-criteria analysis. Once the analysis is complete, the Group uses its “expert judgement” to determine whether impairment should be recognised Financial assets and liabilities held for trading are "nancial assets and against pro"t or loss. liabilities acquired or incurred principally for the purpose of selling or repurchasing them in the near term. > Level 2: factors automatically triggering an impairment loss Except in duly authorised exceptional circumstances, an impairment IAS 39 also allows the fair value option to be used in place of hedge loss will be recognised when either of the criteria automatically trig- accounting (i) to avoid separately recognising and measuring derivatives gering impairment is met: embedded in hybrid contracts, or (ii) in the event that a group of "nan- - the closing price for the instrument at the end of the reporting period cial assets and/or "nancial liabilities is managed and its performance is is more than 50% lower than its acquisition cost; or evaluated on a fair value basis, in accordance with a documented risk - the instrument has been trading at a price below its acquisition cost management or investment strategy and provided that information about for more than three years. this group is reported on this basis internally. When either of these conditions is met, the unrealised capital loss on the investment is automatically taken to the income statement. Financial assets classi"ed as at fair value through pro"t or loss are initially recognised at fair value, excluding directly attributable transaction costs

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15 Consolidated financial statements

The criteria applied by Caisse des Dépôts (Central Sector) are also applied They are initially recognised at fair value. The fair value of loans corre- by Group entities, unless alternative criteria for determining other-than- sponds to the nominal amount less any fees and commissions received, temporary impairment are deemed more relevant in light of the entity’s less any discount, plus transaction costs. business. They are subsequently measured at amortised cost, determined using Impairment taken against equity instruments is recognised in “Gains and the effective interest method. losses on available-for-sale "nancial assets, net” in the income statement and can only be reversed when the instrument is sold. Any subsequent The effective interest rate includes all fees and points paid or received decrease in market value results in an impairment loss recognised in the between parties to the contract that are an integral part of the effective income statement. interest rate, transaction costs, and all other premiums or discounts.

An impairment loss is recognised in the income statement on debt instru- Accrued interest is recorded separately, with the contra-entry recorded ments when there is a proven counterparty risk. If, in a subsequent period, in the income statement. the counterparty risk decreases, the previously recognised impairment loss may be reversed. An impairment loss is recognised when there is objective evidence of an event that occurred after the initial recognition of the loan (a “loss event”), Revenue from "xed income securities classi"ed as available-for-sale is and that loss event has an impact on the estimated future cash #ows of reported in the income statement under “Interest income”. Dividends the loan that can be reliably estimated. received on variable income securities are reported in the income statement under “Gains and losses on available-for-sale "nancial assets, net”. Impairment losses are identi"ed at the level of each individual loan and then at the level of the related loan book. • Held-to-maturity investments Held-to-maturity investments are non-derivative "nancial assets with The amount of the impairment loss corresponds to the difference "xed or determinable payments and "xed maturity that the entity has between the carrying amount of the loans, before impairment, and the the positive intention and ability to hold to maturity. sum of the estimated future cash #ows discounted at the original effective interest rate. Impairment losses are recognised either as allowances or as If any "nancial assets classi"ed in this category are sold before maturity, discounts on loans restructured following borrower default. the entire portfolio must be reclassi"ed as “available-for-sale” and no further "nancial assets may be classi"ed as “held-to-maturity” for a There are two types of impaired loans: period of two years, unless (i) the sale takes place at a date very close > loans for which impairment losses are recognised on an individual to the "nancial asset’s maturity, (ii) the Group has collected substantially basis: these are non-performing loans covered by allowances and all of the "nancial asset’s principal, or (iii) the sale is attributable to an loans restructured following borrower default for which the impairment isolated, unforeseeable event, such as a serious adverse change in the is recognised as a discount; issuer’s credit quality. > loans covered by general provisions: these are loans with similar credit risk characteristics for which the impairment loss is determined for all To qualify for classi"cation as held-to-maturity investments, the "nancial of the loans taken as a whole. assets concerned may not be hedged against interest rate risks. • Specific allowances Held-to-maturity investments are initially recognised at cost, including Loans covered by speci"c allowances include non-performing loans directly attributable transaction costs (unless it can be demonstrated and irrecoverable loans. These classi"cations, which are applicable in that these costs are not material) and accrued interest. They are sub- the individual "nancial statements under French GAAP in accordance sequently measured at amortised cost, determined using the effective with standard CRC 2002-03, have also been used in the IFRS "nancial interest method. statements.

The effective interest rate is the rate that exactly discounts estimated In the case of non-performing loans, the “proven risk” criteria used future cash payments or receipts through the expected life of the "nancial under French GAAP are applied to determine the existence of objective instrument to the net carrying amount of the "nancial asset or "nancial evidence of impairment under IAS 39. liability. A proven risk exists when it is probable that all or some of the amounts due under the loan agreement will not be received, notwithstanding the If there is objective evidence that an impairment loss has been incurred existence of collateral or a guarantee. on held-to-maturity investments, a provision is booked for the difference between the carrying amount and the estimated recoverable amount, As a general principle, loans are classi"ed as non-performing when: discounted at the original effective interest rate. If, in a subsequent period, > one or more instalments are over three months past due (six months the amount of the impairment loss decreases, the surplus provision is past due in the case of real estate loans and nine months in the case reversed. of loans to local authorities); > the borrower’s "nancial position has deteriorated, resulting in a col- • Loans and receivables lection risk; The option of classifying non-derivative "nancial assets with "xed or > legal collection procedures have been launched. determinable payments that are not quoted in an active market as “Loans and receivables” has not been used by the Group. Irrecoverable loans are non-performing loans for which the likelihood of collection is remote and that are expected to be written off. 3.1.3. Loans Loans made by the Group are classi"ed as “Loans and receivables” due Non-performing loans not meeting these criteria are quali"ed as recov- from "nancial institutions or from customers, as appropriate. erable.

Caisse des Dépôts Group - 2014 Financial Report

16 When a loan is classified as non-performing, an impairment loss is > the documentation of the hedging relationship must include identi"ca- booked immediately for the probable loss. The impairment loss cor- tion of the hedging instrument and the hedged item, the nature of the responds to the present value of the aggregate probable losses on non- hedging relationship and the nature of the risk being hedged; performing and irrecoverable loans, discounted at the original effective > details must be provided of the hedge’s expected effectiveness at the interest rate. inception of the hedge and its actual effectiveness at the end of each reporting period. Discounts on restructured loans and allowances on non-performing loans are recognised in the income statement under “Cost of risk”. Dis- A fair value hedge is a hedge of the exposure to changes in fair value of counts on restructured loans reclassi"ed as performing are reversed over a recognised asset or liability or an unrecognised "rm commitment. In a the remaining life of the loans by crediting interest income. fair value hedging relationship, the hedging instruments are measured at fair value in the statement of "nancial position, with an offsetting entry to Reversals of allowances for credit losses due to a reduction in the under- “Gains and losses on "nancial instruments at fair value through pro"t or lying risk are recognised in the income statement under “Cost of risk”, loss, net” in the income statement, symmetrically with the gains and losses while reductions in allowances and discounts due to the passage of time that arise on the item hedged. In the statement of "nancial position, the gain adjust the interest margin. or loss from remeasuring the hedged component is recognised based on the classi"cation of the hedged item in a relationship hedging identi"able • General provisions assets or liabilities. Caisse des Dépôts (Central Sector) and its subsidiaries have not identi- If the hedging relationship is discontinued or no longer meets the effective- "ed any material groups of loans with similar credit risk characteristics ness criteria, the hedging instruments are reclassi"ed to the trading book requiring the recognition of signi"cant general provisions. and accounted for in accordance with the rules applicable to this category.

3.1.4. Financial liabilities A cash #ow hedge is a hedge of the exposure to variability in cash #ows IAS 39 identi"es two categories of "nancial liabilities: from "nancial instruments or a highly probable forecast transaction. In > "nancial liabilities at fair value through pro"t or loss (including "nancial a cash #ow hedging relationship, hedging instruments are measured at liabilities designated as at fair value through pro"t or loss upon initial fair value on the statement of "nancial position, with an offsetting entry to recognition or under the fair value option); “Gains and losses recognised directly in equity” for the effective portion > other "nancial liabilities. (equity) and to “Gains and losses on "nancial instruments at fair value through pro"t or loss, net” for the ineffective portion (income statement). Financial liabilities in the latter category are initially recognised at fair The amounts accumulated in equity over the life of the hedge are taken to value and are subsequently measured at amortised cost by the effective pro"t or loss under “Interest income” or “Interest expense” as and when interest method. the hedged item itself affects pro"t or loss. Hedged items continue to be accounted for under the rules applicable to their category. 3.1.5. Debt securities If the hedging relationship is discontinued or no longer meets the effective- Financial instruments are classi"ed as debt securities if the issuer has ness criteria, the cumulative gain or loss on the hedging instruments that a contractual obligation to deliver cash or another "nancial asset, or to has been recognised in equity will remain in equity until the forecast trans- exchange instruments on potentially unfavourable terms. action affects pro"t or loss or until the transaction is no longer expected to occur, in which case it is reclassi"ed to pro"t or loss. If the hedged Debt securities are initially recognised at their issue value including trans- item no longer exists, the amounts accumulated in equity are recognised action costs. They are subsequently measured at amortised cost by the immediately in pro"t or loss. effective interest method. A net investment hedge is a hedge of the exposure to unfavourable Perpetual subordinated notes are classi"ed as equity instruments when changes in fair value attributable to the currency risk on an investment the timing of interest payments is determined by the Group. All other other than in euros. The recognition principles applicable to net investment dated and undated debt instruments are included in debt. hedges are identical to those for cash #ow hedges.

3.1.6. Derivative financial instruments Irrespective of the hedging strategy, hedge ineffectiveness is recognised Derivative instruments are "nancial assets and liabilities initially recog- in the income statement under “Gains and losses on "nancial instruments nised in the statement of "nancial position at the transaction price. They at fair value through pro"t or loss, net”. are subsequently measured at fair value, regardless of whether they are held for trading or as part of a hedging relationship. The Group has chosen to recognise certain hedged items and the related hedging instruments under “Financial assets/liabilities at fair value through • Derivative instruments held for trading pro"t or loss” as allowed under IAS 39. This treatment has been applied Derivative instruments held for trading are recognised in the statement primarily to government bonds and negotiable debt securities hedged by of "nancial position under “Financial assets/liabilities at fair value through swaps under asset swap agreements. pro"t or loss”. They are recognised as assets when their market value is positive and as liabilities when it is negative. Realised and unrealised • Embedded derivatives gains and losses are recognised in the income statement under “Gains An embedded derivative is a component of a hybrid (combined) instru- and losses on "nancial instruments at fair value through pro"t or loss, net”. ment that meets the de"nition of a derivative instrument. If the hybrid instrument is not measured at fair value through pro"t or loss, the embed- • Derivative instruments and hedge accounting ded derivative is separated from the host contract when, at inception, The accounting principles applicable to hedging instruments and hedged the economic characteristics and risks of the embedded derivative are items depend on the hedging strategy and on whether or not they meet not closely related to the economic characteristics and risks of the host the criteria set out below: contract. In this case, the embedded derivative is recognised at fair value > the hedging instrument and the hedged item must both be eligible for in the statement of "nancial position under “Financial assets/liabilities at hedge accounting; fair value through pro"t or loss”.

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17 Consolidated financial statements

3.1.7. Financial guarantees given If the Group’s share in the losses of an equity-accounted entity equals A "nancial guarantee contract is a contract that requires the issuer to or exceeds its interest in that equity-accounted entity, the Group discon- make speci"ed payments to reimburse the holder for a loss that the tinues recognising its share of further losses and its interest is reduced holder incurs because a speci"ed debtor fails to make payment when to zero. Additional losses of the associate or joint venture are provided due in accordance with the original or modi"ed terms of a debt instru- for only to the extent that the Group has incurred legal and constructive ment. obligations or made payments on behalf of the associate or joint venture.

Financial guarantees are initially recognised at fair value and subse- When an interest in a joint venture becomes an interest in an associate quently measured at the higher of the amount of the obligation and the (and vice-versa), any retained interest in the investment is not revalued. amount initially recognised, less any accumulated amortisation on the This also applies to partial acquisitions and sales that do not result in a related commission. change of control.

Where appropriate, a provision is recorded in liabilities in accordance Any gains or losses resulting from sales of investments in associates and with IAS 37. joint ventures are recognised in “Gains and losses on other assets, net”.

3.1.8. Financing commitments 3.3 – Non-current assets held for sale and related Financing commitments are initially recognised at fair value. They are liabilities, discontinued operations accounted for in accordance with IAS 37 unless they meet the criteria A non-current asset or a disposal group is classi"ed as held for sale when for classi"cation as derivative instruments. its carrying amount will be recovered principally through a sale transaction rather than through continuing use. The asset or disposal group is 3.1.9. Repurchase agreements and securities lending/borrowing reported on a separate line of the statement of "nancial position when Securities lent or sold under a repurchase agreement continue to be it is highly probable that the sale will be completed within 12 months. shown on the statement of "nancial position of the lender/seller. However, if the borrower/acquiree is free to sell, lend or enter into a repurchase As soon as they are classi"ed as held for sale, non-current assets and agreement concerning the securities, they are reclassi"ed in a sub- disposal groups are carried at the lower of their carrying amount and account of securities or receivables. fair value less costs to sell and are no longer depreciated/amortised. However, "nancial instruments classi"ed in this category continue to be Securities borrowed or acquired under a repurchase agreement are not measured in accordance with the principles of IAS 39. shown on the statement of "nancial position of the borrower/acquiree. Any impairment of non-current assets held for sale and disposal groups is However, if the borrower/acquiree sells, lends or enters into a repurchase recognised in pro"t or loss and may be reversed in subsequent periods. agreement concerning the securities, a liability is recorded at fair value in the borrower/acquiree’s statement of "nancial position, representing the An operation is considered as discontinued when the related assets obligation to buy back these securities. ful"l the criteria for classi"cation as held for sale or when the operation has been sold. The pro"ts or losses from discontinued operations are 3.2 – Investments in equity-accounted companies shown on a single line of the income statement for the periods presented. The Group’s interests in associates and joint ventures are accounted for The reported amounts include the net pro"t or loss of the discontinued by the equity method. operations up to the date of sale and the after-tax disposal gain or loss.

Under this method, the investment in an associate or joint venture is 3.4 – Foreign currency transactions initially recognised at cost and subsequently adjusted to re#ect any At the end of each reporting period, monetary assets and liabilities changes in the Group’s share in the investee’s net assets after the acquisi- denominated in foreign currencies are converted into the Group’s function date. Goodwill relating to interests in associates and joint ventures is tional currency at the year-end exchange rate. included in the carrying amount of the investment. The resulting conversion gains and losses are recognised in the income The Group’s share of the earnings of associates and joint ventures is statement. As an exception to this principle, for monetary assets classi- re#ected in the income statement in “Share of pro"t (loss) of equity- "ed as available-for-sale "nancial assets, only the portion of the conver- accounted companies”. sion gain or loss calculated on these assets’ amortised cost is recognised in the income statement, with the other portion recognised in equity. After the interest has been accounted for by the equity method, the Group applies the provisions of IAS 39 to determine whether an impair- Concerning non-monetary assets: ment loss should be recognised. > assets measured at historical cost are converted at the exchange rate on the transaction date; If there is evidence that the interest may be impaired within the meaning > assets measured at fair value are converted at the exchange rate at of IAS 39, the full amount of the interest is tested for impairment in accor- the end of the reporting period. dance with IAS 36. An impairment loss is recognised if the recoverable amount of the investment, re#ecting the higher of its fair value less the Conversion gains and losses on non-monetary items are recognised in costs of disposal and its value in use, is lower than its carrying amount. the income statement if the gain or loss on the non-monetary item is also recognised in the income statement, or in equity if the gain or loss on the When an impairment loss is recognised, it is charged against the value of non-monetary item is also recognised in equity. the equity-accounted investment in the statement of "nancial position, and may subsequently be reversed if the value in use or fair value less 3.5 – Employee beneﬁts costs of disposal increases. The impairment loss is recognised in pro"t Bene"ts granted to the Group’s employees fall into four categories: or loss under “Share of pro"t (loss) of equity-accounted companies”. > short-term bene"ts, such as salaries, paid annual leave, matching payments to employee savings plans, and discretionary and non- discretionary pro"t-sharing;

Caisse des Dépôts Group - 2014 Financial Report

18 > post-employment bene"ts, corresponding to pensions, length-of- > the net interest cost related to discounting the net de"ned bene"t service awards payable to employees on retirement, "nancial support obligation (asset). The interest rate used to calculate the expected for employees receiving reduced rate pensions, and medical cover; return on plan assets is the same as the discount rate applied to the > other long-term benefits such as jubilee and other long-service provision. bene"ts; > termination bene"ts. Outside France, Group employees are covered by various compulsory contributory pension schemes. The corresponding obligations are 3.5.1. Short-term benefits funded by contributions to company pension funds or recognised in the Short-term bene"ts are employee bene"ts expected to be paid within "nancial 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 when 3.5.3. Other long-term benefits the Group has a contractual obligation or a constructive obligation arising Other long-term benefits are benefits, other than short-term ben- from past practices. e"ts, post-employment bene"ts and termination bene"ts, that are not expected to be paid in the 12 months after the end of the period in which 3.5.2. Post-employment benefits the employees render the related service. Post-employment bene"ts comprise de"ned contribution plans and de"ned bene"t plans. They are measured and recognised on a similar basis to de"ned post- employment bene"ts, except that actuarial gains and losses are recog- Obligations under de"ned contribution plans are generally covered by nised directly in pro"t or loss. contributions paid to a pay-as-you-go pension scheme or to an insurance company that manages bene"t payments or by the State for public 3.6 – Share-based payments service employees. In all cases, the contributions are in full discharge of Share-based payments consist of payments based on the equity instru- any future liability. Contributions paid are expensed as incurred. ments of Group subsidiaries that are equity settled or cash settled for amounts that re#ect the value of the underlying shares. IFRS 2 applies De"ned bene"t plans are plans under which the Group has an obligation solely to equity instruments granted after 7 November 2002 that had not to pay agreed bene"ts to current and former employees. These plans yet vested at 1 January 2005. give rise to a medium- or long-term liability which is measured and pro- visioned in the "nancial statements. Most of the share-based payment plans set up by Group entities are equity-settled plans. In accordance with IAS 19, the projected bene"t obligation is measured by the projected unit credit method based on a range of actuarial, "nan- IFRS 2 also applies to rights issues carried out under the Group’s cial and demographic assumptions. The projected unit credit method employee savings plans. sees each period of service as giving rise to an additional unit of ben- e"t entitlement and measures each unit separately to build up the "nal The employee bene"t corresponds to the difference, at the purchase obligation. Units of bene"t entitlement are determined based on the date, between the fair value of the acquired shares, taking into account discounted present value of the future bene"ts. the deemed cost of the lock-up feature, and the price paid by employees, multiplied by the number of shares purchased. At the end of each The discount rate used by the Group is determined by reference to the reporting period, the number of options likely to vest is reviewed. Where yield on investment-grade corporate bonds with a similar maturity to that appropriate, the estimates are revised and the effect of the revision is of the bene"t obligation within the same monetary area. recognised in the income statement with a corresponding adjustment to equity. The provision for de"ned post-employment bene"ts is therefore equal to the present value of the de"ned bene"t obligation at the end of the 3.7 – Fixed assets reporting period, calculated by the projected unit credit method, less the Fixed assets in the consolidated statement of "nancial position include fair value of the plan assets, if any. property and equipment, intangible assets and investment property.

The provision is adjusted at the end of each reporting period to re#ect Owner-occupied property is held for use in the production or supply of changes in the projected bene"t obligation. goods or services and for administrative purposes. It corresponds to assets not leased to third parties under operating leases. All gains or losses on remeasuring the net de"ned bene"t obligation (asset) are recognised immediately in equity within “Gains and losses Investment property corresponds to property held to earn rentals or for recognised directly in equity” and not reclassi"ed to pro"t or loss in capital appreciation or both. subsequent periods. These include actuarial gains and losses arising on changes in actuarial assumptions and experience adjustments, as well as Owner-occupied and investment property are initially recognised at cost, the return on plan assets and the change in any asset ceiling (excluding corresponding to their purchase price, any directly attributable expendi- amounts taken into account in calculating the net interest cost on the ture and any borrowing costs. de"ned bene"t obligation (asset)). Land is not depreciated. Other assets are depreciated from the date they The annual cost of defined benefit plans recognised in personnel are put into service by the straight-line method. This method consists of expenses re#ects: recording a constant annual charge to write off the cost of the asset less > the cost of services rendered by employees during the period (service its residual value over the asset’s estimated useful life. cost); > the cost of services rendered by employees in previous periods (past Government grants are recorded as a deduction from the carrying service cost), resulting from plan amendments or curtailments, as well amount of the assets they serve to "nance. as gains and losses on any plan settlements;

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19 Consolidated financial statements

When an asset comprises several items with different patterns of use > the lessee has the option to purchase the asset at a price that is that may require replacement at regular intervals or generate economic expected to be suf"ciently lower than the fair value for it to be reason- bene"ts at differing rates, each such item is recognised separately and ably certain that the option will be exercised; depreciated over its estimated useful life when the amounts involved > the lease term is for the major part of the economic life of the asset; are material. > the present value of the minimum lease payments amounts to substantially all of the fair value of the leased asset at the inception of the The main items of property and equipment recognised by the Group and lease; the related depreciation periods are as follows: > the leased assets are of such a specialised nature that only the lessee > building shell: 30 to 100 years; can use them without major modi"cations. > roof/façade: 25 to 40 years; > "xtures: 10 to 25 years; In the lessee’s "nancial statements, "nance leases are accounted for > "ttings and technical installations: 10 to 25 years; as follows: > major maintenance work: 15 years. > the leased asset is recognised in assets, under property and equipment, and a liability for the same amount is recognised in debt; The depreciable amount of each asset is determined by deducting > the asset is depreciated over its estimated useful life, in the same the residual value from its cost, where said value is both material and way as assets owned outright, and the minimum lease payments measurable. Residual value is de"ned as the estimated amount that an are apportioned between the "nance charge and the reduction of the entity would currently obtain from disposal of the asset, after deducting outstanding liability. 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. Leases that do not transfer substantially all the risks and rewards incidental to ownership are classi"ed as operating leases. Lease payments Software and development costs are recognised in intangible assets and under operating leases (net of bene"ts obtained from the lessor) are amortised over periods of between three to seven years. recognised in the income statement on a straight-line basis over the duration of the lease. At the end of each reporting period, an impairment test is performed if there is any internal or external indication that an asset may be impaired 3.10 – Provisions recorded under liabilities and the amount of the impairment may be material. Impairment tests Provisions recorded under liabilities, other than those relating to losses are performed by comparing the carrying amount of the asset with its on "nancial instruments and employee bene"ts, are mainly provisions recoverable amount. for claims and litigation, "nes and tax risks.

If the recoverable amount is less than the carrying amount, the carrying A provision is recorded when the Group has a present obligation arising amount is reduced by recording an impairment loss. If the recoverable from past events, the settlement of which is expected to result in an amount increases in subsequent periods, all or part of the impairment out#ow of resources embodying economic bene"ts without there being loss is reversed. any expectation that economic bene"ts with at least an equivalent value will be received. The obligation may be legal, regulatory, contractual or 3.8 – Impairment of non-amortisable intangible constructive. The amount recognised as a provision is the best estimate assets and goodwill of the expenditure required to settle the present obligation at the end Goodwill and other intangible assets with an inde"nite useful life are not of the reporting period. Provisions are discounted when the effects amortised but are tested for impairment at annual intervals. of discounting are material, using a discount rate that re#ects current The impairment tests are performed at the level of cash-generating market assessments of the time value of money and the risks speci"c units (CGUs), representing the smallest identi"able group of assets that to the liability. Increases in the provision to re#ect the passage of time are generates cash in#ows that are largely independent of the cash in#ows recognised in “Interest expense”. from other assets or groups of assets. Impairment tests are performed by comparing the recoverable amount of the asset or CGU to its car- 3.11 – Current and deferred taxes rying amount. Deferred taxes are recognised using the liability method for temporary The recoverable amount of an asset or a CGU is the higher of its fair value differences between the carrying amount of assets and liabilities and less the costs of disposal and its value in use. their tax base. Under this method, deferred tax assets and liabilities are If the carrying amount is greater than the recoverable amount, an impair- measured at the tax rates that are expected to apply to the period when ment loss is recognised in the income statement for the difference the asset is realised or the liability is settled, based on tax rates (and tax between these two amounts. laws) that have been enacted or substantively enacted by the end of Impairment losses recognised on goodwill related to subsidiaries and the reporting period. The effects of changes in tax rates are recognised intangible assets with inde"nite useful lives cannot be reversed. in the period in which the change is enacted or substantively enacted.

3.9 – Finance leases Deferred taxes are calculated at the level of each tax entity. Deferred tax A "nance lease is a lease that transfers substantially all the risks and assets are recognised only when it is probable that suf"cient taxable rewards incidental to ownership of an asset. Title may or may not even- pro"ts will be available to permit their recovery. tually be transferred. Certain directly or indirectly held Group entities form part of a tax group. Leases are classi"ed as "nance leases when: > the lease transfers ownership of the asset to the lessee by the end of Income tax expense is recognised in the income statement, except for the lease term; tax on items recognised directly in equity, which is also recorded in equity.

Caisse des Dépôts Group - 2014 Financial Report

20 Deferred tax rates in France at 31 December 2014 were as follows: > Future differences to reverse after 30 December 2016 > Future differences to reverse before 30 December 2016 - 34.43% (including the additional social contribution) for transactions - 38.00% (including the additional social contribution) for transactions falling within the scope of the statutory tax regime; falling within the scope of the statutory tax regime; - 15.5% (including the additional social contribution) for transactions - 17.10% (including the additional social contribution) for transactions eligible for the long-term reduced rate, applicable to sales of shares eligible for the long-term reduced rate, applicable to sales of shares in tax-ef"cient venture capital funds held for more than "ve years, in tax-ef"cient venture capital funds (FCPR ﬁscaux ) held for more provisions for shares in tax-ef"cient venture capital funds and certain than "ve years, provisions for shares in tax-ef"cient venture capital asset distributions made by these funds; funds and certain asset distributions made by these funds; - 19.63% (including the additional social contribution) for transactions - 21.66% (including the additional social contribution) for transactions (sales and provisions) relating to shares in listed property companies (sales and provisions) relating to shares in listed property companies held for more than two years; (titres de sociétés à prépondérance immobilière – TSPI) held for - 4.13% for transactions (sales and provisions) relating to participating more than two years; interests as de"ned in French accounting and tax rules (investments - 4.56% for transactions (sales and provisions) relating to participating representing more than 5% of capital) held for over two years, other interests (titres de participation) as de"ned in French accounting than unlisted TSPIs falling under the statutory tax regime of 34.43%. and tax rules (investments representing more than 5% of capital) held for over two years, other than unlisted TSPIs falling under the Deferred taxes are not discounted. statutory tax regime of 38%. 3.12 – Capital In light of its status, Caisse des Dépôts does not have any share capital.

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21 Consolidated financial statements

3 - NOTES TO THE CONSOLIDATED INCOME STATEMENT

3.1 - INTEREST INCOME AND EXPENSE

31.12.2014 31.12.2013

(in millions of euros) Income Expense Net Income Expense Net Ordinary accounts in debit/credit 4 4 5 5 Accounts and loans/borrowings with fixed maturities 91 (229) (138) 94 (281) (187) Repurchase and resale agreements Other, including hedging instruments 27 27 6 (1) 5 Interbank transactions 122 (229) (107) 105 (282) (177) Ordinary accounts in debit/credit 8 8 7 7 Accounts and loans/borrowings with fixed maturities 188 (431) (243) 193 (443) (250) Other, including hedging instruments 45 45 35 35 Customer transactions 241 (431) (190) 235 (443) (208) Available-for-sale financial assets 402 402 462 462 Held-to-maturity investments 747 747 770 770 Other, including hedging instruments (99) (99) (143) (143) Financial instruments 1,050 1,050 1,089 1,089 Debt securities (316) (316) (252) (252) Subordinated debt Borrowings (316) (316) (252) (252) Total interest income and expense 1,413 (976) 437 1,429 (977) 452

3.2 - FEE AND COMMISSION INCOME AND EXPENSE

31.12.2014 31.12.2013

(in millions of euros) Income Expense Income Expense Interbank and similar transactions 1 Customer transactions 5 5 Securities and derivatives transactions (12) (27) Financial services transactions 40 (23) 74 (23) Other fees and commissions Fee and commission income and expense 45 (35) 80 (50)

Caisse des Dépôts Group - 2014 Financial Report

22 3.3 - GAINS AND LOSSES ON FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS, NET

31.12.2014 31.12.2013

Total o/w fair value Total o/w fair value (in millions of euros) option option Disposal gains and losses, net 6 (4) (6) Fair value adjustments, interest income or expense 51 43 27 24 Dividend income 14 11 Other income and expense, net Securities 71 43 34 18 Disposal gains and losses, net (4) (3) Fair value adjustments, interest income or expense 402 (36) Other income and expense, net Futures and options (excluding hedging instruments) 398 (39) 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 (328) (328) 219 219 Other income and expense, net (97) (97) (103) (103) Borrowings (425) (425) 116 116 Disposal gains and losses, net Fair value adjustments, interest income or expense Other income and expense, net Commitments Fair value hedges 31 15 Ineffective portion of cash flow hedges (16) 13 Hedging instruments 15 28 Discontinuation of cash flow hedges (3) Discontinuation of cash flow hedges (3) Currency instruments 40 (23) Currency instruments 40 (23) Total gains and losses on financial instruments 99 (382) 113 134 at fair value through profit or loss, net

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23 Consolidated financial statements

3.4 - GAINS AND LOSSES ON AVAILABLE-FOR-SALE FINANCIAL ASSETS, NET

(in millions of euros) 31.12.2014 31.12.2013 Disposal gains and losses, net 36 26 Fixed-income securities 36 26 Disposal gains and losses, net 308 375 Other-than-temporary impairment (79) (284) Dividend income 657 773 Variable-income securities 886 864 Loans Other Total gains and losses on available-for-sale ﬁnancial assets, net 922 890

3.5 - INCOME AND EXPENSE FROM OTHER ACTIVITIES

31.12.2014 31.12.2013

(in millions of euros) Income Expense Income Expense Income and expense from investment property 1,509 (685) 1,461 (724) Income and expense from other activities 2,937 (1,581) 3,128 (1,701) Total income and expense from other activities, net 4,446 (2,266) 4,589 (2,425)

3.6 - GENERAL OPERATING EXPENSES

(in millions of euros) 31.12.2014 31.12.2013 Employee beneﬁts expense (1,427) (1,415) Other expenses and external services (489) (550) Provision (charges)/reversals (5) (4) Other general operating expenses (494) (554) Total general operating expenses (1,921) (1,969)

Caisse des Dépôts Group - 2014 Financial Report

24 3.7 - COST OF RISK

31.12.2014 31.12.2013

(in millions of euros) Income Expense Income Expense Impairment of loans and receivables due from credit institutions 2 7 Impairment of loans and receivables due from customers 31 (29) 12 (48) Impairment of available-for-sale ﬁnancial assets 1 (15) Impairment of held-to-maturity investments Impairment losses 33 (29) 20 (63) Other provisions for counterparty risk 11 (4) 8 (3) Other provisions for counterparty risk 11 (4) 8 (3) Loan losses and bad debts (18) (17) Recoveries on loans and receivables written off in prior years Losses and recoveries (18) (17) Cost of risk 44 (51) 28 (83)

3.8 - GAINS AND LOSSES ON OTHER ASSETS, NET

(in millions of euros) 31.12.2014 31.12.2013 Gains and losses on disposals of property and equipment and intangible assets 1 (1) Gains and losses on disposals of property and equipment and intangible assets 1 (1) Gains and losses on disposals of securities(1) 8 1,592 Dilution gains and losses (1) 49 Other gains and losses on long-term equity interests (9) (4) Gains and losses on long-term equity interests (2) 1,637 Other gains and losses Other gains and losses Total gains and losses on other assets, net (1) 1,636 (1) In 2013, this mainly relates to the transfer of FSI (Fonds Stratégique d’Investissement) and CDC Entreprises to Bpifrance (€1.4 billion) and to the revised earn-out payment relating to La Poste (€0.2 billion).

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25 Consolidated financial statements

3.9 - INCOME TAX EXPENSE 3.9.1 - Analysis of income tax expense

(in millions of euros) 31.12.2014 31.12.2013 Current taxes (665) (486) Deferred taxes 125 (185) Income tax expense (540) (671)

3.9.2 - Reconciliation of theoretical and effective tax rates

(in millions of euros) 31.12.2014 31.12.2013 Net profit attributable to owners 1,793 2,137 Non-controlling interests 135 161 Share of profit (loss) of equity-accounted companies (1,011) 10 Change in value of goodwill 1 15 Net profit (loss) from discontinued operations (4) 4 Income tax expense 540 671 Profit before tax, change in value of goodwill and share of 1,454 2,998 profit (loss) of equity-accounted companies Theoretical tax rate 38.00% 38.00% Theoretical tax expense (553) (1,139) Effect of differences in tax rates 22 19 Effect of permanent differences 4 466 Effect of the SIIC regime for listed real estate companies and other exempt operations 4 (31) Net effect of deferred tax on prior-year temporary differences (14) (20) Tax credits 14 16 Other (17) 18 Consolidated income tax expense (540) (671) Effective tax rate 37.1% 22.4% 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”.

Caisse des Dépôts Group - 2014 Financial Report

26 4 - NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION

4.1 - FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 31.12.2014 31.12.2013 Fair value Fair value Held for trading Held for trading (in millions of euros) option option Government bonds and treasury bills 526 53 517 Negotiable debt securities 3 285 90 268 Mutual funds 179 361 Other securities Fixed-income securities 182 811 504 785 Equities Venture capital funds Other securities 53 347 29 369 Equities and other variable-income securities 53 347 29 369 Derivative instruments held for trading 420 306 Derivative instruments held for trading 420 306 Total ﬁnancial assets at fair value through proﬁt or loss 655 1,158 839 1,154

31.12.2014 31.12.2013 Fair value Fair value Held for trading Held for trading (in millions of euros) option option Credit institutions Customers Accounts and borrowings with fixed maturities Bonds Negotiable debt securities 3,587 4,127 Other Debt securities 3,587 4,127 Borrowed securities and short sales Borrowed securities and short sales Derivative instruments held for trading 201 350 Derivative instruments held for trading 201 350 Total financial liabilities at fair value through profit or loss 201 3,587 350 4,127

31.12.2014 31.12.2013 (in millions of euros) Fair value option Fair value option

Difference between carrying amount and contractual amount due at 465 137 maturity(1) Contractual amount due at maturity on ﬁnancial liabilities 3,122 3,990 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 (61) (17)

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27 Consolidated financial statements

4.2 - HEDGING INSTRUMENTS

(in millions of euros) 31.12.2014 31.12.2013 Interest rate derivatives 540 181 Currency derivatives 960 47 Equity derivatives Other derivatives 150 61 Fair value hedges 1,650 289 Interest rate derivatives 628 372 Currency derivatives 1 Equity derivatives Other derivatives Cash ﬂow hedges 628 373 Interest rate derivatives Currency derivatives Equity derivatives Other derivatives Hedges of net investments in foreign operations Total hedging instruments with a positive fair value 2,278 662

(in millions of euros) 31.12.2014 31.12.2013 Interest rate derivatives 574 632 Currency derivatives 29 374 Equity derivatives Other derivatives 57 64 Fair value hedges 660 1,070 Interest rate derivatives 1,152 702 Currency derivatives Equity derivatives Other derivatives 2 3 Cash ﬂow hedges 1,154 705 Interest rate derivatives Currency derivatives Equity derivatives Other derivatives Hedges of net investments in foreign operations Total hedging instruments with a negative fair value 1,814 1,775

Caisse des Dépôts Group - 2014 Financial Report

28 4.3 - AVAILABLE-FOR-SALE FINANCIAL ASSETS

31.12.2014 31.12.2013

o/w o/w un- o/w o/w un- hedged hedged Fair portion realised Fair portion realised value (fair value gains and value (fair value gains and losses losses (in millions of euros) hedge) hedge) Government bonds and treasury bills 4,438 71 94 2,984 52 92 Negotiable debt securities 23,487 294 92 25,189 297 45 Mutual funds Other securities 871 46 896 46 Accrued interest 220 254 Fixed-income securities 29,016 365 232 29,323 349 183 Equities 17,209 6,849 16,712 6,843 Venture capital funds 1,331 425 1,186 272 Other securities 1,500 422 1,114 306 Equities and other variable-income securities 20,040 7,696 19,012 7,421 Total available-for-sale ﬁnancial assets 49,056 365 7,928 48,335 349 7,604

Available-for-sale financial assets: impairment losses

(in millions of euros) 31.12.2014 31.12.2013 Fixed-income securities Equities and other variable-income securities (3,959) (4,001) Total impairment losses (3,959) (4,001)

4.4 - LOANS AND RECEIVABLES DUE FROM CREDIT INSTITUTIONS

(in millions of euros) 31.12.2014 31.12.2013 Ordinary accounts in debit and overnight loans 3,784 2,560 Savings fund current accounts 4 100 Securities and other assets purchased under collateralised fixed resale agreements Accrued interest 7 5 Non-performing items Impairment losses Loans to credit institutions repayable on demand 3,795 2,665 Accounts and loans with fixed maturities(1) 12,649 14,375 Term loans in respect of the Savings Funds Securities and other assets purchased under collateralised fixed resale agreements 110 Participating loans Subordinated loans Advances on securities transactions Other receivables Accrued interest 24 27 Non-performing items 16 18 Impairment losses (16) (18) Loans and receivables due from credit institutions with fixed maturities 12,783 14,402 Total loans and receivables due from credit institutions 16,578 17,067 (1) Including a €9.6 billion loan granted to Société de Financement Local (SFIL) at 31 December 2014 (€10.4 billion at 31 December 2013).

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29 Consolidated financial statements

4.5 - LOANS AND RECEIVABLES DUE FROM CUSTOMERS

(in millions of euros) 31.12.2014 31.12.2013 Ordinary accounts in debit 767 708 Accrued interest 5 Non-performing items 3 4 Impairment losses (3) (4) Ordinary accounts in debit 767 713 Loans to ﬁnancial sector customers 6 4 Cash facilities 7,262 4,740 Equipment ﬁnancing 385 398 Housing loans 483 497 Advances on securities transactions 934 1,205 Participating loans Subordinated loans 19 20 Securities and other assets purchased under resale agreements Other loans 2,189 2,324 Accrued interest 140 119 Non-performing items 731 732 Impairment losses (380) (395) Other loans and receivables due from customers 11,769 9,644 Total loans and receivables due from customers 12,536 10,357

Caisse des Dépôts Group - 2014 Financial Report

30 4.6 - HELD-TO-MATURITY INVESTMENTS

(in millions of euros) 31.12.2014 31.12.2013 Government bonds and treasury bills 18,864 17,207 Negotiable debt securities 3,213 3,509 Other securities Accrued interest 347 332 Impairment losses Fixed-income securities 22,424 21,048 Other held-to-maturity investments Total held-to-maturity investments 22,424 21,048 Fair value of held-to-maturity investments(1) 25,991 22,190 (1) The method used to calculate the fair value of held-to-maturity investments chieﬂy corresponds to Level 1 in the fair value hierarchy.

4.7 - INCOME TAXES 4.7.1 - Breakdown of income taxes in the statement of ﬁnancial position

(in millions of euros) 31.12.2014 31.12.2013 Deferred tax assets (liabilities), net (1,085) (1,221) Current tax assets (liabilities), net (73) 60 Total (1) (1,158) (1,161) (1) Tax assets are positive amounts, while tax liabilities are negative amounts.

4.7.2 - Analysis of deferred taxes

(in millions of euros) 31.12.2014 31.12.2013 Fair value adjustments to financial instruments and securities (2,436) (2,504) Rollover relief on long-term capital gains (121) (160) Fair value adjustments to financial assets at fair value through profit or loss 270 301 Temporary differences – securities 1,212 1,183 Temporary differences – other (10) (41) Total recognised deferred tax assets and liabilities, net (1,085) (1,221) o/w deferred tax assets 484 493 deferred tax liabilities (1,569) (1,714)

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31 Consolidated financial statements

4.8 - PREPAYMENTS, ACCRUED AND DEFERRED INCOME AND OTHER ASSETS AND LIABILITIES

(in millions of euros) 31.12.2014 31.12.2013 Prepaid expenses 80 50 Accrued income 49 46 Other accruals 1,560 916 Prepayments and accrued income 1,689 1,012 Miscellaneous receivables 2,916 3,660 Settlement accounts for securities transactions Inventories 653 903 Guarantee deposits 83 74 Accounts receivable 1,342 1,314 Other 301 303 Impairment losses (148) (124) Other assets 5,147 6,130 Total prepayments, accrued income and other assets 6,836 7,142

(in millions of euros) 31.12.2014 31.12.2013 Deferred income 279 293 Accrued expenses 11 18 Other accruals 1,959 1,774 Accruals and deferred income 2,249 2,085 Miscellaneous payables 533 242 Guarantee deposits 116 117 Accounts payable 827 872 Other 2,592 2,681 Other liabilities 4,068 3,912 Total accruals, deferred income and other liabilities 6,317 5,997

Caisse des Dépôts Group - 2014 Financial Report

32 4.9 - NON-CURRENT ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE

(in millions of euros) 31.12.2014 31.12.2013 Assets Loan portfolios Securities and derivatives portfolios Investment property(1) 157 11 Owner-occupied property Other assets held for sale 13 Assets held for sale 170 11

Assets of discontinued operations Total non-current assets held for sale 170 11 (1) The estimated market value of investment property held for sale and measured at amortised cost was €181 million at 31 December 2014 and €21 million at 31 December 2013. The method used to calculate the fair value of investment property held for sale corresponds to Level 3 in the fair value hierarchy.

(in millions of euros) 31.12.2014 31.12.2013 Liabilities Liabilities related to non-current assets held for sale 85 1 Liabilities related to non-current assets held for sale 85 1

Liabilities related to assets of discontinued operations Total non-current liabilities related to assets classiﬁed as held for sale 85 1

Caisse des Dépôts Group - 2014 Financial Report

33 Consolidated financial statements

4.10 - INVESTMENTS IN EQUITY-ACCOUNTED COMPANIES 4.10.1 - Associates 4.10.1.1 - Statement of ﬁnancial position

31.12.2014 31.12.2013

o/w o/w Carrying goodwill net Carrying goodwill net amount amount (in millions of euros) of adjustment of adjustment Caisse des Dépôts Division 50 27 50 27 AEW EUROPE 50 27 50 27 Banking, Insurance & La Poste Division 1,650 1,600 LA POSTE 1,650 1,600 Real Estate & Tourism Division 187 20 190 20 ICADE GROUP entities 3 1 COMPAGNIE DES ALPES GROUP entities 66 20 66 20 SANTOLINE 33 42 SNI GROUP entities 85 81 Infrastructure, Transport & Environment Division 640 667 VERDUN PARTICIPATIONS 1 68 73 COMPAGNIE NATIONALE DU RHÔNE 523 533 SECHE ENVIRONNEMENT(1) 38 52 EGIS GROUP entities 11 9 Investments in equity-accounted associates 2,527 47 2,507 47 (1) Based on the quoted price for a Séché Environnement share at 31 December 2014 (€19.90), Caisse des Dépôts’ stake in the company represents €34 million.

Caisse des Dépôts Group - 2014 Financial Report

34 4.10.1.2 - Income statement

31.12.2014 31.12.2013

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 (in millions of euros) associates of goodwill associates of goodwill Caisse des Dépôts Division (14) (15) AEW EUROPE (14) (15) Banking, Insurance & La Poste Division 12 (314) (191) LA POSTE 12 (314) (191) Corporate Finance Division 12 SA OSEO 6 Other FSI entities 6 Real Estate & Tourism Division 2 22 ICADE GROUP entities 2 2 COMPAGNIE DES ALPES GROUP entities 3 4 SANTOLINE (11) SNI GROUP entities 8 16 Infrastructure, Transport & Environment Division 46 65 VERDUN PARTICIPATIONS 1 (2) SECHE ENVIRONNEMENT 2 EGIS GROUP entities (2) COMPAGNIE NATIONALE DU RHÔNE 46 67 Share of profit (loss) of equity-accounted associates 60 (229) (206)

Caisse des Dépôts Group - 2014 Financial Report

35 Consolidated financial statements

4.10.1.3 - Statement of comprehensive income

Caisse des Dépôts Banking, Insurance & Division La Poste Division

(in millions of euros) 31.12.2014 31.12.2013 31.12.2014 31.12.2013 Net profit (loss) from continuing operations (14) 12 (314) Net profit (loss) from discontinued operations Net profit (loss) (14) 12 (314) 0 Total items not to be reclassified to the income statement (31) 7 Exchange differences on translation of foreign operations 8 (20) Fair value adjustments on remeasurement of available-for-sale financial assets 73 14 Fair value adjustments on remeasurement of hedging instruments (1) Total items to be reclassified to the income statement 80 (6) 0 Total income and expense recognised directly in equity 49 1 0 Net profit (loss) and total income and expense recognised directly in equity (14) 61 (313) 0

Caisse des Dépôts Group - 2014 Financial Report

36 Corporate Finance Real Estate & Infrastructure, Transport & Total Division Tourism Division Environment Division

31.12.2014 31.12.2013 31.12.2014 31.12.2013 31.12.2014 31.12.2013 31.12.2014 31.12.2013 12 2 22 46 65 60 (229)

12 2 22 46 65 60 (229) (11) (5) (42) 2 8 (20) 73 14 (5) 1 (3) 4 (9) 5 (5) 1 (3) 4 72 (1) (5) 1 (14) (1) 30 1 12 (3) 23 32 64 90 (228)

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37 Consolidated financial statements

4.10.2 - Joint ventures 4.10.2.1 - Statement of ﬁnancial position

31.12.2014 31.12.2013

o/w o/w Carrying Carrying amount goodwill net amount goodwill net (in millions of euros) of adjustment of adjustment Caisse des Dépôts Division 929 903 SCI Alpha Park 12 11 SCI Printemps La Valette 4 4 SCI Cuvier Montreuil SCI Richelieu Vivienne 30 30 OPCI River Ouest 80 86 SAS Malthazar 50 51 SAS Printemps La Valette II 16 16 SCI Farman 84 82 SCI Tour Merle 27 27 CDC PME Croissance 626 596 Banking, Insurance & La Poste Division 5,924 208 5,300 208 CNP Assurances(1) 5,924 208 5,300 208 Corporate Finance Division 11,113 10,624 Bpifrance 11,113 10,624 Real Estate & Tourism Division 134 115 ICADE GROUP entities 134 115 Infrastructure, Transport & Environment Division 403 2 395 AQUALTER 9 8 TRANSDEV GROUP 376 374 EGIS GROUP entities 18 2 13 Investments in equity-accounted joint ventures 18,503 210 17,337 208 (1) Based on the quoted price for a CNP Assurances share at 31 December 2014 (€14.70), Caisse des Dépôts’ stake in the company represents €4,132 million. The Market Consistent Embedded Value (MCEV) of a CNP Assurances share, which is taken as its value in use, was €25.50 at 31 December 2014. Caisse des Dépôts’ stake in the company therefore represents €7,156 million.

Caisse des Dépôts Group - 2014 Financial Report

38 4.10.2.2 - Income statement

31.12.2014 31.12.2013

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 (in millions of euros) joint ventures of goodwill joint ventures of goodwill Caisse des Dépôts Division 34 23 SCI Alpha Park 2 2 SCI Printemps La Valette 4 4 SCI Cuvier Montreuil 1 SCI Richelieu Vivienne 1 1 OPCI River Ouest 1 SAS Malthazar 1 1 SAS Printemps La Valette II SCI Farman 4 4 SCI Tour Merle 2 1 CDC PME Croissance 20 8 Banking, Insurance & La Poste Division 404 406 CNP Assurances 404 406 Corporate Finance Division 481 (158) Bpifrance 481 (158) Real Estate & Tourism Division 5 2 ICADE GROUP entities 5 2 Infrastructure, Transport & Environment Division 27 (54) AQUALTER 1 TRANSDEV GROUP 12 (65) EGIS GROUP entities 14 11 Share of profit (loss) of equity-accounted joint ventures 951 219

Caisse des Dépôts Group - 2014 Financial Report

39 Consolidated financial statements

4.10.2.3 - Statement of comprehensive income

Caisse des Dépôts Banking, Insurance & Division La Poste Division

(in millions of euros) 31.12.2014 31.12.2013 31.12.2014 31.12.2013 Net profit (loss) from continuing operations 35 23 404 406 Net profit (loss) from discontinued operations Net profit (loss) 35 23 404 406 Total items not to be reclassified to the income statement (10) (2) Exchange differences on translation of foreign operations 4 (74) Fair value adjustments on remeasurement of available-for-sale financial assets 5 86 440 53 Fair value adjustments on remeasurement of hedging instruments 3 (6) Total items to be reclassified to the income statement 5 89 444 (27) Total income and expense recognised directly in equity 5 89 434 (29) Net profit (loss) and total income and expense recognised directly in equity 40 112 838 377

Caisse des Dépôts Group - 2014 Financial Report

40 Corporate Finance Real Estate & Infrastructure, Total Division Tourism Division Transport & Environment Division

31.12.2014 31.12.2013 31.12.2014 31.12.2013 31.12.2014 31.12.2013 31.12.2014 31.12.2013 481 (158) 5 2 36 3 961 276 (10) (57) (10) (57) 481 (158) 5 2 26 (54) 951 219 (17) (14) (1) (41) (3) 81 (21) 9 (16) 94 (111) 316 289 1 761 429 2 14 (8) (6) 11 399 282 1 (15) 849 329 382 282 (13) (16) 808 326 863 124 5 2 13 (70) 1,759 545

Caisse des Dépôts Group - 2014 Financial Report

41 Consolidated financial statements

4.10.3 – 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. 4.10.3.1 - Material associates La Poste is the only material associate, accounting for 65% of the Group’s investments in equity-accounted associates.

LA POSTE 31.12.2014 31.12.2013 Percent control and percent interest held by the entity 26.32% 26.32% Nature of relationship Strategic interest Strategic interest Dividends received €45 million €45 million

Summarised "nancial information Statement of ﬁnancial position - La Poste group

(in millions of euros) 31.12.2014 31.12.2013* Assets Goodwill 1,805 1,626 Intangible assets 850 807 Tangible assets 5,880 5,931 Investments in equity-accounted companies 3,075 2,741 Other non-current financial assets 831 938 Deferred tax assets 264 149 Non-current assets 12,705 12,192 Current banking assets Customer receivables and loans 67,857 59,204 Receivables from credit institutions 83,315 82,894 Securities portfolio 52,541 50,565 Other current financial assets 1,521 1,435 Accruals 998 1,220 Cash and central bank deposits 1,950 2,182 Other current assets Inventories and work-in-progress 119 132 Trade and other receivables 3,303 2,810 Other current financial assets 383 433 Income tax credit 194 253 Other accruals – Assets 60 117 Cash and cash equivalents 1,389 2,104 Assets held for sale 29 120 Current assets 213,659 203,469 Total assets 226,364 215,661 *Accounts restated to reflect the application of IFRS 10, IFRS 11 and IFRS 12.

Caisse des Dépôts Group - 2014 Financial Report

42 (in millions of euros) 31.12.2014 31.12.2013* Equity and liabilities Share capital 3,800 3,800 Issue premium 900 900 Reserves 3,277 2,878 Unrealised gains and losses on financial instruments 888 613 Actuarial adjustments on employee benefits (198) (80) Cumulative translation adjustments (92) (120) Net profit, Group share 513 624 Equity, Group share 9,088 8,615 Non-controlling interests 270 235 Consolidated equity 9,358 8,850 Medium- and long-term bonds and other financial debt 6,120 6,048 Employee benefits – non-current liabilities 1,912 1,685 Non-current provisions for contingencies and losses 172 114 Deferred tax liabilities 309 238 Non-current liabilities 8,513 8,085 Current provisions for contingencies and losses Specific provisions for the insurance and banking activities 2,228 1,802 Current provisions for contingencies and losses 585 538 Short-term bonds and other financial debt 885 1,023 Current banking liabilities Liabilities to credit institutions 15,157 14,757 Liabilities to customers 167,250 166,583 Certificated debt and other financial liabilities 15,143 6,801 Accruals 1,995 2,022 Other current liabilities Trade and other payables 4,321 4,357 Government – income tax 38 34 Employee benefits – current liabilities 683 663 Other accruals – Liabilities 208 146 Current liabilities 208,493 198,726 Total liabilities and equity 226,364 215,661 *Accounts restated to reflect the application of IFRS 10, IFRS 11 and IFRS 12. “Equity, Group share” before the application of the new standards amounted to €8,460 million at 31 December 2013.

Caisse des Dépôts Group - 2014 Financial Report

43 Consolidated financial statements

Income statement - La Poste group

(in millions of euros) 31.12.2014 31.12.2013* Revenues from commercial activities 16,503 16,158 Net banking income 5,660 5,557 Operating revenue 22,163 21,715 Net operating expenses (21,462) (20,949) Operating profit (loss) 719 778 Financial profit (loss) (198) (222) Profit before tax of consolidated companies 521 556 Consolidated net profit 539 646 Attributable to non-controlling interests (27) (23) Net profit, Group share 512 623 *Accounts restated to reflect the application of IFRS 10, IFRS 11 and IFRS 12.

Other comprehensive income - La Poste group

(in millions of euros) 31.12.2014 31.12.2013* Consolidated net profit 539 646 Other comprehensive income recognised under equity Recyclable items Translation adjustments 29 (27) Change in unrealised gains and losses on financial instruments 79 32 Share in other comprehensive income and expenses of equity-accounted companies 216 (26) Non-recyclable items Actuarial adjustments on employee benefits (118) 28 Total other comprehensive income recognised in equity (after tax) 206 7 Total comprehensive income 745 653 Total comprehensive income, Group share 698 630 Total comprehensive income attributable to non-controlling interests 47 23 *Accounts restated to reflect the application of IFRS 10, IFRS 11 and IFRS 12.

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

(in millions of euros) 31.12.2014 31.12.2013 Equity attributable to owners 9,088 8,460 Restatement (chieﬂy purchase price allocation) (1,261) (1,261) Equity based on Caisse des Dépôts’ percent interest 2,060 1,894 Goodwill, net Impairment loss on La Poste shares (410) (294) Equity-accounted carrying amount on Caisse des Dépôts’ statement of ﬁnancial position 1,650 1,600

Caisse des Dépôts Group - 2014 Financial Report

44 4.10.3.2 - Material joint ventures The Group’s material joint ventures are CNP Assurances and BPI, which account for 92% of investments in equity-accounted joint ventures.

CNP ASSURANCES GROUP

(in millions of euros) 31.12.2014 31.12.2013 Percent control and percent interest held by the entity 40.90% 40.90% Insurance Insurance Nature of relationship subsidiary subsidiary Dividends received €216 million €201 million Summarised "nancial information Statement of ﬁnancial position - CNP Assurances group

(in millions of euros) 31.12.2014 31.12.2013* Assets Goodwill 474 236 Value of in-force business 21 82 Other intangible assets 123 200 Total intangible assets 618 518 Investment property 2,408 2,541 Held-to-maturity investments 564 603 Available-for-sale financial assets 285,236 265,664 Securities held for trading 68,775 65,514 Loans and receivables 4,984 4,662 Derivative instruments 5,173 5,855 Insurance investments 367,140 344,839 Banking and other investments 15 49 Investments in equity-accounted companies 359 333 Reinsurers’ share of insurance and financial liabilities 10,951 9,795 Insurance or reinsurance receivables 3,053 2,773 Current tax assets 698 319 Other receivables 6,733 4,645 Owner-occupied property and other property and equipment 349 349 Other non-current assets 1,366 509 Deferred participation asset Deferred tax assets 281 232 Other assets 12,480 8,827 Non-current assets held for sale 3,042 Cash and cash equivalents 796 1,069 Total assets 395,401 365,430 *Accounts restated to reflect the application of IFRS 10, IFRS 11 and IFRS 12.

Caisse des Dépôts Group - 2014 Financial Report

45 Consolidated financial statements

(in millions of euros) 31.12.2014 31.12.2013* Equity and liabilities Share capital 687 687 Share premium account 1,717 1,717 Revaluation reserve 3,162 2,085 Cash flow hedge reserve (12) (12) Deeply-subordinated notes 2,635 2,142 Retained earnings 7,499 7,076 Profit for the period 1,080 1,030 Translation reserve (88) (98) Equity attributable to owners of the parent 16,680 14,627 Non-controlling interests 1,620 1,367 Total equity 18,300 15,994 Insurance liabilities (excluding unit-linked) 132,914 121,125 Insurance liabilities (unit-linked) 31,035 27,978 Insurance liabilities 163,949 149,103 Financial liabilities - financial instruments with DPF (excluding unit-linked) 140,339 143,172 Financial liabilities - financial instruments without DPF (excluding unit-linked) 811 780 Financial liabilities - unit-linked financial instruments 7,471 8,052 Financial liabilities 148,621 152,004 Derivative financial instruments separated from the host contract Deferred participation reserve 31,783 18,980 Insurance and financial liabilities 344,353 320,087 Provisions 250 246 Subordinated debt 3,175 2,614 Financing liabilities 3,175 2,614 Operating liabilities represented by securities 8,848 9,163 Operating liabilities due to banks 155 137 Liabilities arising from insurance and reinsurance transactions 2,148 1,598 Current taxes payable 298 259 Current account advances 42 43 Liabilities towards holders of units in controlled mutual funds 821 1,170 Derivative instruments 5,806 6,114 Deferred tax liabilities 1,378 1,139 Other liabilities 7,169 6,866 Other liabilities 26,665 26,489 Liabilities relating to assets held for sale 2,658 Total equity and liabilities 395,401 365,430 *Accounts restated to reflect the application of IFRS 10, IFRS 11 and IFRS 12.

Caisse des Dépôts Group - 2014 Financial Report

46 Income statement - CNP Assurances group

(in millions of euros) 31.12.2014 31.12.2013* Premiums written 30,643 27,490 Change in unearned premiums (108) (71) Earned premiums 30,535 27,419 Revenue from other activities 150 154 Other operating revenue Investment income 10,453 10,311 Gains and losses on disposal of investments 546 971 Change in fair value of financial assets at fair value through profit or loss 2,630 3,170 Impairment losses on financial instruments 651 388 Investment income before finance costs 14,280 14,840 Net revenue 44,965 42,413 Claims and benefits expenses (37,843) (35,376) Investment and other financial expenses, excluding finance costs (888) (809) Reinsurance result 197 (115) Expenses of other businesses 1 Acquisition costs (3,355) (3,239) Amortisation of value of in-force business acquired and distribution agreements (16) (18) Contract administration expenses (197) (195) Other recurring operating income and expense, net (488) (450) Total other recurring operating income and expense, net (42,589) (40,202) Recurring operating profit 2,376 2,211 Other non-recurring operating income and expense, net (46) (12) Operating profit 2,330 2,199 Finance costs (178) (155) Change in fair value of intangible assets 2 (55) Share of profit of equity-accounted companies 22 20 Income tax expense (773) (686) Profit for the period 1,403 1,323 Non-controlling interests (323) (293) Attributable to owners of the parent 1,080 1,030 *Accounts restated to reflect the application of IFRS 10, IFRS 11 and IFRS 12.

Caisse des Dépôts Group - 2014 Financial Report

47 Consolidated financial statements

Other comprehensive income - CNP Assurances group

(in millions of euros) 31.12.2014 31.12.2013 Profit for the period 1,403 1,323 Gains and losses recognised directly in equity Amounts recycled through profit or loss 1,155 (277) Available-for-sale financial assets Change in revaluation reserve during the period 14,766 (84) Reclassification of proceeds from disposals (822) (1,270) Reclassification of impairment losses to profit or loss 115 185 Sub-total including deferred participation and deferred taxes 14,059 (1,169) Deferred participation including deferred taxes (12,313) 1,285 Deferred taxes (621) (66) Of which, change in revaluation reserve for non-current assets held for sale 19 Sub-total net of deferred participation and deferred taxes 1,125 50 Cash flow hedge reserve (16) Change in cash flow hedge reserve during the period 75 (53) Cash flow hedge reserve recycled through profit or loss during the period (75) 28 Deferred taxes 9 Translation differences 30 (313) Amounts not recycled through profit or loss (22) (7) Actuarial gains and losses (23) (7) Other movements 1 Total income and expense recognised directly in equity 1,133 (284) Net income and expense recognised directly in equity 2,536 1,039 Attributable to owners of the parent 2,145 956 Non-controlling interests 391 83

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

(in millions of euros) 31.12.2014 31.12.2013 Equity attributable to owners 16,680 14,627 Restatements (chieﬂy CNP Assurances deeply-subordinated notes) (2,703) (2,177) Equity based on Caisse des Dépôts' percent interest 5,716 5,092 Goodwill, net 208 208 Equity-accounted carrying amount on Caisse des Dépôts' statement of ﬁnancial position 5,924 5,300

Caisse des Dépôts Group - 2014 Financial Report

48 BPIFRANCE

(in millions of euros) 31.12.2014 31.12.2013 Percent control and percent interest held by the entity 50% 50% Corporate Corporate ﬁnancing and ﬁnancing and Nature of relationship investment investment partner partner Dividends received €385 million -

Summarised "nancial information Statement of ﬁnancial position - Bpifrance

(in millions of euros) 31.12.2014 31.12.2013 Assets Cash and amounts due from central banks 375 174 Financial assets at fair value through proﬁt or loss 2,735 2,523 Hedging instruments with a positive fair value 588 367 Available-for-sale ﬁnancial assets 9,182 5,658 Loans and receivables due from credit institutions 2,288 2,189 Loans and receivables due from customers 29,851 25,139 Cumulative fair value adjustments to portfolios hedged against interest rate risk 523 298 Held-to-maturity investments 7,204 6,634 Current and deferred tax assets 97 68 Prepayments, accrued income and other assets 3,550 4,493 Investments in equity-accounted companies 3,172 6,219 Investment property 12 Owner-occupied property and equipment 117 105 Intangible assets 54 50 Total assets 59,736 53,929

Caisse des Dépôts Group - 2014 Financial Report

49 Consolidated financial statements

(in millions of euros) 31.12.2014 31.12.2013 Liabilities and equity Financial liabilities at fair value through proﬁt or loss 3 5 Hedging instruments with a negative fair value 596 432 Due to credit institutions 11,029 11,180 Due to customers 3,068 2,522 Debt securities 13,884 9,442 Cumulative fair value adjustments to portfolios hedged against interest rate risk 509 229 Current and deferred tax liabilities 443 332 Accruals, deferred income and other liabilities 3,040 3,452 Provisions 1,754 1,664 Innovation and public guarantee funds 3,010 3,302 Subordinated debt 15 15 Equity attributable to owners 22,069 21,067 Share capital and related reserves 20,981 20,981 Reserves and retained earnings (2,348) (2,144) Gains and losses recognised directly in equity 2,171 1,843 Proﬁt for the period 1,265 387 Non-controlling interests 316 287 Total liabilities and equity 59,736 53,929

Caisse des Dépôts Group - 2014 Financial Report

50 Income statement - Bpifrance

(1) (in millions of euros) 31.12.2014 31.12.2013 Interest income 1,413 662 Interest expense (815) (406) Fee and commission income 35 32 Fee and commission expense (3) (4) Gains and losses on financial instruments at fair value through profit or loss, net 129 (43) Gains and losses on available-for-sale financial assets, net 183 12 Income from other activities 74 43 Expenses from other activities (43) (21) Net banking income 973 275 General operating expenses (460) (209) Depreciation, amortisation and impairment of property and equipment and intangible assets (26) (13) Gross operating profit 487 53 Cost of risk (99) (32) Operating profit 388 21 Share of profit of equity-accounted companies 258 417 Gains and losses on other assets, net 799 Income tax (169) (47) Net profit 1,276 391 Non-controlling interests (11) (4) Net profit attributable to owners 1,265 387 (1) Net profit at 31 December 2013 relates to net profit derived from the Bpifrance group’s activities since its creation on 12 July 2013.

Caisse des Dépôts Group - 2014 Financial Report

51 Consolidated financial statements

Other comprehensive income - Bpifrance

(in millions of euros) 31.12.2014 31.12.2013 Net profit 1,276 391 Items to be reclassified to the income statement 490 472 Fair value adjustments on remeasurement of available-for-sale financial assets 354 462 Exchange differences on translation of foreign operations 137 (43) Share of unrealised or deferred gains and losses on investments in equity-accounted companies (1) 53 Items not to be reclassified to the income statement (25) Actuarial gains and losses on post-employment defined benefit obligations (25) Total income and expense recognised directly in equity 465 472 Net profit and total income and expense recognised directly in equity 1,741 863 Attributable to owners 1,730 860 Attributable to non-controlling interests 11 3

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

(in millions of euros) 31.12.2014 31.12.2013 Equity attributable to owners 22,069 21,067 Restatements (fair value adjustments) 157 180 Equity based on Caisse des Dépôts' percent interest 11,113 10,624 Equity-accounted carrying amount on Caisse des Dépôts' statement of ﬁnancial position 11,113 10,624

Caisse des Dépôts Group - 2014 Financial Report

52 4.11 - INVESTMENT PROPERTY, OWNER-OCCUPIED PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS 4.11.1 - Gross value

31.12.2013 Additions Disposals Other 31.12.2014 (in millions of euros) movements Land 4,058 59 (77) 119 4,159 Buildings 11,314 293 (325) 499 11,781 Technical installations and ﬁxtures 198 (9) (52) 137 Woodland and land banks 70 70 Prepayments 2 (2) Government grants (305) (2) 8 (299) Assets under construction 748 869 (6) (585) 1,026 Intangible assets related to investment property 10 10 Other Investment property 16,095 1,219 (417) (13) 16,884 Land 182 (3) 179 Buildings 789 11 (4) 29 825 Technical installations and ﬁxtures 1,755 29 (26) 47 1,805 Prepayments 6 (5) 1 Government grants (1) (1) Assets under construction 144 85 (161) 68 Other 372 28 (24) 52 428 Owner-occupied property and equipment 3,247 153 (54) (41) 3,305 Software 649 5 (233) 118 539 Concessions, licences and patents 117 (1) 116 Intangible assets in progress 120 98 (112) 106 Other intangible assets 79 2 14 95 Intangible assets 965 105 (234) 20 856

Caisse des Dépôts Group - 2014 Financial Report

53 Consolidated financial statements

4.11.2 - Depreciation, amortisation and impairment

31.12.2013 Increases Decreases Other 31.12.2014 (in millions of euros) movements Land (238) (51) 53 11 (225) Buildings (2,401) (431) 153 62 (2,617) Technical installations and ﬁxtures (121) (6) 7 4 (116) Woodland and land banks (1) (1) Government grants 103 9 (2) 110 Intangible assets related to investment property (10) (10) Other (119) (23) 5 41 (96) Investment property (2,787) (511) 227 116 (2,955) Land Buildings (380) (27) 3 (1) (405) Technical installations and ﬁxtures (1,021) (94) 20 8 (1,087) Other (253) (41) 28 (4) (270) Owner-occupied property and equipment (1,654) (162) 51 3 (1,762) Software (505) (91) 233 (363) Concessions, licences and patents (61) (5) 1 (65) Intangible assets in progress Other intangible assets (47) (16) 3 (60) Intangible assets (613) (112) 234 3 (488)

Carrying amount Carrying amount (in millions of euros) 31.12.2013 31.12.2014 Investment property* 13,308 13,929 Owner-occupied property and equipment 1,593 1,543 Intangible assets 353 368 Total 15,254 15,840 * The estimated market value of investment property excluding items held for sale measured at amortised cost was €19,383 million at 31 December 2014 versus €18,814 million at 31 December 2013. The method used to calculate the fair value of investment property corresponds to Level 3 in the fair value hierarchy.

Caisse des Dépôts Group - 2014 Financial Report

54 4.12 - GOODWILL

31.12.2013 Increases Decreases Impairment Other 31.12.2014 (acquisitions) (disposals) losses for movements (in millions of euros) the period Real Estate & Tourism Division ICADE GROUP 64 (1) 63 Property investment 4 4 Property development 36 (1) 35 Property services 24 24 COMPAGNIE DES ALPES GROUP 292 292 Ski resorts 141 141 Amusement parks 151 151 Infrastructure, Transport & Environment Division EGIS GROUP 99 22 (4) 117 Engineering services 84 22 106 Project development and operation 15 (4) 11 Total goodwill 455 22 (1) (4) 472

4.13 - AMOUNTS DUE TO CREDIT INSTITUTIONS

(in millions of euros) 31.12.2014 31.12.2013 Ordinary accounts in credit and overnight borrowings 248 353 Demand deposits from savings funds 4,097 3,187 Securities and other assets sold under collateralised fixed repurchase agreements Accrued interest 1 1 Amounts due to credit institutions repayable on demand 4,346 3,541 Accounts and borrowings with fixed maturities 7,331 14,144 Securities and other assets sold under collateralised fixed repurchase agreements 1,355 2,613 Accrued interest 57 125 Amounts due to credit institutions with fixed maturities 8,743 16,882 Total amounts due to credit institutions 13,089 20,423

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55 Consolidated financial statements

4.14 - AMOUNTS DUE TO CUSTOMERS

(in millions of euros) 31.12.2014 31.12.2013 Ordinary accounts in credit 40,271 42,503 Accrued interest 79 30 Ordinary accounts in credit 40,350 42,533 Borrowings from customer financial institutions 18 35 Escrow accounts 5,799 4,438 Time deposits 1,025 1,738 Securities and other assets sold under collateralised fixed repurchase agreements Other amounts due to customers with fixed maturities 12 11 Accrued interest 582 570 Other amounts due to customers 7,436 6,792 Total amounts due to customers 47,786 49,325

4.15 - DEBT SECURITIES

(in millions of euros) 31.12.2014 31.12.2013 Medium-term notes and other negotiable debt securities 39,133 26,479 Accrued interest 119 98 Interbank and negotiable debt securities 39,252 26,577 Bonds and similar debt securities 1,638 1,116 Accrued interest 29 16 Bonds and similar debt securities 1,667 1,132 Total debt securities 40,919 27,709

Caisse des Dépôts Group - 2014 Financial Report

56 4.16 - PROVISIONS

31.12.2013 Increases Reversals Reversals Other 31.12.2014 (utilisations) (surplus movements (in millions of euros) provisions) Provisions for employee beneﬁt obligations 258 92 (29) (20) 94 395 Provisions for real estate risks 20 5 (7) (1) 17 Provisions for counterparty risks 69 7 (39) (7) (4) 26 Other provisions 183 54 (30) (20) 6 193 Total provisions 530 158 (105) (48) 96 631

Regarding tax contingencies, when the accounts were audited during the 2010 financial year, in its proposed tax reassessment (8 December 2010), the French Tax Authorities questioned the market values as at 31 December 2006, based on the property valuations that were used as the basis for calculating the exit tax (corporate tax at the rate of 16.50%) during the merger/absorption of Icade Patrimoine (by Icade) on 1 January 2007. As a result, the exit tax bases were increased, generating additional tax of €204 million in principal. In another proposed correction dated 26 April 2012, the tax authorities increased the rate of taxation applicable to some of the revised amounts from 16.5% to 19%. The additional tax was increased to €206 million. On 16 July 2012, Icade applied to consult the Commission nationale des impôts directs et taxes sur le chiffre d’affaires [National Commission for Direct Taxes and Revenues taxes]. At the end of the hearing on 5 July 2013, the Commission gave an opinion questioning the valuation method used by the tax authorities (“[the comparison method] would appear much less suitable than the DCF to the type of assets in question”) while recording that some sales carried out in 2007 had been completed at higher prices than those used to estimate the exit tax. The tax authorities did not follow the Commission’s recommendation and maintained the increases initially notified, a decision of which it informed Icade on 3 December 2013 at the same time the Commission’s opinion was sent. On 11 December 2013, in accordance with the applicable procedure, the tax authorities therefore sent a payment demand for all sums, i.e. €225,084,492 including late payment interest (or €206 million in principal). Maintaining its position, on 23 December 2013 Icade filed a claim asking for complete discharge of the sums demanded along with deferral of payment. This deferral was obtained after the submission of a bank guarantee covering the entire tax bill (excluding late-payment interest). In not replying to the Company’s claim, the tax authorities implicitly reject it. As a result, in consultation with legal firms, Icade filed an action with the competent Administrative Court on 17 December 2014 challenging the entire amount of the proposed reassessment. Consequently, as was the case at 31 December 2013, no provision was recorded for this purpose at 31 December 2014.

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57 Consolidated financial statements

4.17 - NON-CONTROLLING INTERESTS BY DIVISION

31.12.2014 31.12.2013 o/w Net o/w Net Equity proﬁt (loss) Equity proﬁt (loss) attributable to attributable to non-controlling attributable to non-controlling attributable to interests non-controlling interests non-controlling (in millions of euros) interests interests Caisse des Dépôts Division 1 (2) 3 (1) Corporate Finance Division 1 113 FSI 113 Other 1 Real Estate & Tourism Division 3,502 121 3,500 35 HOLDCO SIIC 372 (12) 372 (13) ICADE 2,659 113 2,662 96 SILIC (48) COMPAGNIE DES ALPES GROUP 471 20 466 Other 134 16 130 14 Total 3,637 135 3,634 161

4.17.1 - Compagnie des Alpes

(in millions of euros) 30.09.2014 30.09.2013 Percent interest held by the entity 39.7% 39.7% Percent control held by the entity 39.7% 39.7% Percent interest held by non-controlling interests 60.3% 60.3% Percent control held by non-controlling interests 60.3% 60.3% Dividends paid to non-controlling interests 3 15

Caisse des Dépôts Group - 2014 Financial Report

58 Summarised "nancial information

(in millions of euros) 30.09.2014 30.09.2013 Assets Non-current assets 1,348 1,345 Current assets 134 114 Assets 1,482 1,459

Equity and liabilities Equity attributable to owners 715 694 Non-controlling interests 45 52 Total equity 760 746 Non-current liabilities 471 372 Current liabilities 251 341 Equity and liabilities 1,482 1,459

Income statement Total revenue 702 686 Gross operating profit 169 153 Operating profit 61 49 Cost of net debt (17) (14) Impairment losses on goodwill and other assets (20) Net profit 30 Net profit (loss) attributable to non-controlling interests (5) 2 Net profit attributable to owners 25 2

Other comprehensive income Net profit 30 Actuarial gains and losses on post-employment defined benefit obligations (3) Total income and expense recognised directly in equity (3) 1 Net profit and total income and expense recognised directly in equity 27 1 Attributable to the CDA group 22 2 Attributable to non-controlling interests 5 (1)

Statement of cash flows Net profit attributable to owners 25 2 Non-controlling interests 5 (2) Net profit 30 Cash flows related to operating activities 156 137 Cash flows related to investing activities (130) (151) Cash flows related to financing activities 82 (37) Net increase (decrease) in cash and cash equivalents 108 (53) Cash and cash equivalents at the beginning of the period (88) (35) Cash and cash equivalents at the end of the period 20 (88) 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.

Caisse des Dépôts Group - 2014 Financial Report

59 Consolidated financial statements

4.17.2 - Holdco SIIC and Icade

(in millions of euros) Percent interest held by the entity Percent control held by the entity Percent interest held by non-controlling interests Percent control held by non-controlling interests Dividends paid to non-controlling interests Summarised "nancial information Assets Non-current assets Current assets Assets held for sale Assets

Equity and liabilities Equity attributable to owners Non-controlling interests Total equity Non-current liabilities Current liabilities Liabilities related to assets held for sale Equity and liabilities

Income statement Total revenue Gross operating profit Operating profit (loss) Cost of net debt Financial profit (loss) Income tax expense Net profit Non-controlling interests Net profit attributable to owners

Other comprehensive income Net profit Fair value adjustments on remeasurement of available-for-sale financial assets Fair value adjustments on remeasurement of hedging instruments Other Total income and expense recognised directly in equity Net profit and total income and expense recognised directly in equity Attributable to owners Non-controlling interests

Statement of cash flows Net profit attributable to owners Non-controlling interests Net profit Cash flows related to operating activities Cash flows related to investing activities Cash flows related to financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period (1) Restated to reflect the impact of applying IFRS 11 on the published 2013 financial statements.

Caisse des Dépôts Group - 2014 Financial Report

60 Holdco SIIC Icade

31.12.2014 31.12.2013 31.12.2014 31.12.2013(1) 75.1% 75.1% 39.3% 39.3% 75.1% 75.1% 52.4% 52.3% 24.9% 24.9% 60.7% 60.7% 24.9% 24.9% 47.6% 47.7% 24 24 130 83

3,146 3,208 8,178 8,045 30 25 2,022 2,227 7 3,176 3,233 10,200 10,279

3,155 3,222 4,042 4,168 488 412 3,155 3,222 4,530 4,580 3,883 3,565 21 11 1,787 2,134

3,176 3,233 10,200 10,279

1,764 1,462 523 438 (62) 106 348 307 (131) (127) 141 140 (141) (123) (51) (52) (34) (39) 28 194 173 145 (21) (18) 28 194 152 127

28 194 173 145

5 76 (5) (7) 69 28 194 173 214 28 194 155 194 18 20

28 194 152 127 21 18 28 194 173 145 (34) (95) 486 170 142 140 (273) 87 (95) (97) (164) (209) 13 (52) 49 48 17 69 393 345 30 17 442 393

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61 Consolidated financial statements

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 2014 and 31 December 2013. The company’s statement of "nancial position and income statement are presented below.

Icade Santé

(in millions of euros) 31.12.2014 31.12.2013 Assets Non-current assets 1,962 1,606 Current assets 11 7 Assets 1,973 1,613

Equity and liabilities Equity attributable to owners 1,118 947 Non-controlling interests Total equity 1,118 947 Non-current liabilities 489 351 Current liabilities 366 315 Equity and liabilities 1,973 1,613

Income statement Total revenue 141 124 Gross operating proﬁt 131 115 Operating proﬁt 68 60 Cost of net debt (23) (10) Financial loss (24) (22) Comprehensive income 44 39

Caisse des Dépôts Group - 2014 Financial Report

62 4.18 - OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES

31.12.2014 Amounts Impact of Financial Gross amount offset in the master netting Closing instruments of financial statement agreements Net balance given/received assets/liabilities of financial and similar as collateral (in millions of euros) position arrangements Assets Derivative financial instruments 2,698 2,698 1,370 1,328 Reverse repurchase agreements, securities borrowing 110 110 37 73 agreements and similar Liabilities Derivative financial instruments 2,015 2,015 18 1,997 Repurchase agreements, securities 1,355 1,355 14 1,341 lending agreements and similar

31.12.2013 Amounts Impact of Financial Gross amount offset in the master netting Closing instruments of financial statement agreements Net balance given/received assets/liabilities of financial and similar as collateral (in millions of euros) 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

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63 Consolidated financial statements

5 - SEGMENT INFORMATION

Caisse des Dépôts Banking, Insurance & Division La Poste Division

(in millions of euros) 31.12.2014 31.12.2013 31.12.2014 31.12.2013 Interest income 1,386 1,375 Interest expense (675) (660) Fee and commission income 27 36 Fee and commission expense (33) (48) Gains and losses on financial instruments at fair value through profit or loss, net 94 69 Gains and losses on available-for-sale financial assets, net 833 523 Income from other activities 371 383 Expenses from other activities (445) (445) Net banking income 1,558 1,233 General operating expenses (462) (423) Depreciation, amortisation and impairment of property (122) (115) and equipment and intangible assets Gross operating profit 974 695 Cost of risk 14 (29) Operating profit 988 666 Share of profit (loss) of equity-accounted associates (14) 12 (314) Share of profit (loss) of equity-accounted joint ventures 35 23 404 406 Gains and losses on other assets, net (14) 1,640 Change in value of goodwill Profit before tax 1,009 2,315 416 92 Income tax expense (375) (411) Net profit (loss) from discontinued operations 4 Net profit 638 1,904 416 92 Non-controlling interests 2 1 Net profit (loss) attributable to owners 640 1,905 416 92

Caisse des Dépôts Banking, Insurance & Division La Poste Division

(in millions of euros) 31.12.2014 31.12.2013 31.12.2014 31.12.2013 Contribution to statement of ﬁnancial position 129,318 124,289 3,936 3,261

Caisse des Dépôts Group - 2014 Financial Report

64 Corporate Finance Real Estate & Infrastructure, Total Division Tourism Division Transport & Environment Division

31.12.2014 31.12.2013 31.12.2014 31.12.2013 31.12.2014 31.12.2013 31.12.2014 31.12.2013 41 15 4 12 9 1,413 1,429 (295) (312) (6) (5) (976) (977) 18 44 45 80 (2) (2) (35) (50) 7 8 (4) 35 2 1 99 113 1 284 49 55 39 28 922 890 2 3 3,203 3,293 870 910 4,446 4,589 (2) (1,641) (1,778) (180) (200) (2,266) (2,425) 26 376 1,327 1,297 737 743 3,648 3,649 (22) (71) (791) (835) (646) (640) (1,921) (1,969)

(1) (122) (128) (21) (19) (265) (263)

4 304 414 334 70 84 1,462 1,417 (14) (4) (3) (17) (9) (7) (55) 4 290 410 331 53 75 1,455 1,362 12 2 22 46 65 60 (229) 481 (158) 4 2 27 (54) 951 219 (9) (3) 22 (1) (1) 1,636 (1) (14) (1) (1) (15) 485 144 406 338 148 84 2,464 2,973 (2) (64) (151) (178) (12) (18) (540) (671) (4) 4 (4) 483 80 255 156 136 66 1,928 2,298 (113) (121) (35) (16) (14) (135) (161) 483 (33) 134 121 120 52 1,793 2,137

Corporate Finance Real Estate & Infrastructure, Total Division Tourism Division Transport & Environment Division

31.12.2014 31.12.2013 31.12.2014 31.12.2013 31.12.2014 31.12.2013 31.12.2014 31.12.2013 296 105 15,061 14,701 962 733 149,573 143,089

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65 Consolidated financial statements

6. COMMITMENTS GIVEN AND RECEIVED

(in millions of euros) 31.12.2014 31.12.2013 Commitments given 36,465 35,702 Financing commitments To credit institutions (1) 5,446 2,571 To customers (3) 4,677 7,733 Guarantee commitments To credit institutions (2) 3,736 4,535 To customers 2,410 2,392 Securities-related commitments Securities to be delivered 84 84 Other commitments given To credit institutions (4) 15,032 15,831 To customers 5,080 2,556 Commitments received 34,201 28,530 Financing commitments From credit institutions (5) 17,825 11,266 From customers Guarantee commitments From credit institutions (1) (2) 10,425 11,765 From customers 4,025 4,181 Securities-related commitments Securities to be received 1,101 982 Other commitments received From credit institutions From customers 825 336 (1) Including a ﬁnancing commitment given to SFIL (Société de Financement Local) for €2.9 billion (€1.7 billion at end-2013) in connection with the €12.5 billion lending agreement, and a guarantee commitment received on behalf of SFIL under the Dailly Law (receivables assignment) for €6.2 billion. (2) Including a decrease of €0.8 billion in the guarantee commitment granted to Natixis (residual balance: €3.6 billion) and a decrease of €0.8 billion in the counter- guarantee commitment received from BPCE (residual balance: €3.6 billion). (3) Including a decrease of €3 billion in the commitments given to France’s central social security body ACOSS (residual balance: €3.7 billion). (4) Securities pledged to Banque de France. (5) Credit lines to Banque de France.

Caisse des Dépôts Group - 2014 Financial Report

66 7. EMPLOYEE BENEFITS

7.1 - EMPLOYEE BENEFITS EXPENSE

(in millions of euros) 31.12.2014 31.12.2013 Payroll costs (1,297) (1,322) Post-employment benefit plan costs (72) (14) Discretionary and non-discretionary profit-sharing (58) (79) Total employee benefits expense (1,427) (1,415)

7.2 - AVERAGE NUMBER OF EMPLOYEES

31.12.2014 31.12.2013* France 19,304 19,434 International 4,923 5,010 Average number of employees 24,227 24,444 * Headcount restated compared to the 2013 ﬁnancial statements in order to reﬂect the application of IFRS 10 and IFRS 11.

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67 Consolidated financial statements

7.3 - EMPLOYEE BENEFIT OBLIGATIONS 7.3.1 - Net employee beneﬁt obligations recognised

(in millions of euros) 31.12.2014 31.12.2013 Assets and liabilities recognised in the statement of financial position Present value of funded employee benefit obligation 14 16 Present value of unfunded employee benefit obligation 388 250 Present value of employee benefit obligation 402 266 Market value of plan assets (7) (8) Provision for employee benefit obligations 395 258 Actuarial liability – current 52 47 Actuarial liability – non-current 343 211

7.3.2 - Change in employee beneﬁt obligations in the income statement

(in millions of euros) 31.12.2014 31.12.2013 Current service cost – post-employment plans (11) (11) Current service cost – long-term benefits (10) 1 Past service cost (including plan amendments and curtailments) (44) Gains and losses on plan settlements 20 1 Service cost (45) (9) Net interest cost (8) (5) Actuarial gains and losses on long-term benefits (19) Post-employment plan and long-term benefit expense (72) (14)

7.3.3 - Change in provision for employee beneﬁt obligations

(in millions of euros) 31.12.2014 31.12.2013 Opening balance 258 284 Post-employment plan and long-term benefit expense 72 14 Benefits paid (29) (21) Actuarial gains and losses on post-employment plans resulting from: - changes in demographic assumptions 12 14 - changes in financial assumptions 45 (24) - experience adjustments (1) (1) Other movements 38 (8) Closing balance 395 258

Caisse des Dépôts Group - 2014 Financial Report

68 7.3.4 - Analysis of the provision for employee beneﬁt obligations Breakdown of obligations by type

(in millions of euros) 31.12.2014 31.12.2013 Provision for pension plans 244 179 Provision for other post-employment benefit plans 54 36 Provision for long-term employee benefit plans 97 43 Provision for employee benefit obligations 395 258

Breakdown of obligations by consolidated entity

31.12.2014 31.12.2013 (in millions of euros) Caisse des Dépôts (Central Sector) 240 126 Egis group 33 30 Compagnie des Alpes group 36 29 Icade group 31 26 Informatique CDC 24 20 Other entities 31 27 Provision for employee beneﬁt obligations 395 258 Employee beneﬁt obligations relate mainly to Caisse des Dépôts employees based in France.

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 31.12.2014 31.12.2013 Caisse des Dépôts (Central Sector) 1.17% 2.88% Egis group 1.66% 3.00% Compagnie des Alpes group 2.20% 3.25% Icade group 1.66% 3.00% Informatique CDC 1.66% 3.00% The discount rate used 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 31.12.2014 31.12.2013 Amount of provision in the event of a rise in the discount rate 352 238 Provision for employee beneﬁt obligations at 31 December 395 258 Amount of provision in the event of a fall in the discount rate 435 283

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69 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 bene"t 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 signi"cant in#uence (accounted for by the equity method).

31.12.2014 31.12.2013

Equity- Equity- Equity- Equity- accounted accounted accounted accounted (in millions of euros) joint ventures associates joint ventures associates Loans(1) 602 47 763 3 Other financial assets Other assets 8 9 6 Total related-party assets 610 47 772 9 Borrowings(2) 1,313 1,661 694 Other financial liabilities Other liabilities(3) 1,158 6 1,157 1 Total related-party liabilities 2,471 6 2,818 695 Commitments given(4) 1,630 8 1,303 8 Commitments received 5 8 Total related-party commitments 1,635 8 1,311 8 Interest income (expense), net 20 25 Fee and commission income (expense), net (3) (1) Net income (loss) from financial transactions Net income (loss) from other activities 7 (1) 2 (1) General operating expenses, net of rebillings 21 (9) 28 (8) Gross operating profit (loss) from related-party transactions 48 (13) 55 (10) (1) Including a €0.5 billion loan granted to the Transdev group at 31 December 2014 (€0.6 billion at 31 December 2013). (2) Including €1.3 billion in ordinary accounts in credit with Bpifrance at 31 December 2014 (€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 2014 (€1.1 billion at 31 December 2013). (4) Including €1.4 billion in guarantees given to CNP at 31 December 2014 (€1.2 billion at 31 December 2013).

Caisse des Dépôts Group - 2014 Financial Report

70 8.2 - RELATED PARTIES NOT CONTROLLED BY THE GROUP a) Savings funds

(in millions of euros) 31.12.2014 31.12.2013 Loans Other financial assets 10 14 Other assets 38 8 Total assets 48 22 Borrowings 4,695 3,699 Other financial liabilities Other liabilities 28 29 Total liabilities 4,723 3,728 Commitments given(1) 2,186 51 Commitments received 46 Total commitments 2,186 97 Interest income (expense), net (3) 2 Fee and commission income (expense), net 3 6 Net income from financial transactions 5 5 Net income from other activities (2) 11 General operating expenses, net of rebillings 136 130 Gross operating profit 139 154 (1) Including €2.0 billion in financing commitments given by Caisse des Dépôts to the Savings Funds at 31 December 2014. b) Pension funds

(in millions of euros) 31.12.2014 31.12.2013 Loans 1 Other financial assets Other assets 46 44 Total assets 46 45 Borrowings 1,702 2,765 Other financial liabilities Other liabilities 33 32 Total liabilities 1,735 2,797 Commitments given 10 Commitments received Total commitments 10 Interest income (expense), net (1) Fee and commission income (expense), net 1 1 Net income from financial transactions Net income from other activities 1 1 General operating expenses, net of rebillings 297 294 Gross operating profit 298 296

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71 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 speci%c Caisse des Dépôts account with the French Treasury. This package was successively reduced, by €498 million in 2012, €75 million in 2013, and €850 million in 2014. In the second Investments for the Future programme, eight new actions were launched for a total of €936 million. At 31 December 2014, the amount paid by the French State can be analysed as follows after deducting management fees: ASSETS LIABILITIES

Amounts payable to the French Amounts receivable in respect of State in respect of current or current or future cash investments future cash investments

(in millions of euros) 31.12.2014 31.12.2013 31.12.2014 31.12.2013 France Brevets 50 50 50 50 Technological development 594 594 594 594 Social economy and solidarity 88 91 88 91 Work-study programme – Housing 174 190 174 190 Work-study programme – Modernisation 191 219 191 219 National seed capital fund 503 549 503 549 Innovation platforms and competitive clusters 33 34 33 34 Fonds Ecotechnologies (Eco-technologies fund) 150 150 150 150 Firms to accelerate technology transfer (SATTs) 262 203 262 203 Fonds pour la société numérique (Digital society fund) – Infrastructure 1,721 1,734 1,721 1,734 Fonds pour la société numérique (Digital society fund) – Services 592 1,278 592 1,278 Tomorrow's cities 611 727 611 727 Nano 2017 274 274 National fund for innovation and entrepreneurial culture 20 20 Regional integrated energy transition projects 75 75 Sovereign intellectual property fund 100 100 Transition Numérique de l'État et Modernisation de l'Action Publique (Digital transition for government and modernisation of public action) 126 126 French Tech Accélération 200 200 French Tech Attractivité 15 15 Partenariat pour la Formation Professionnelle et l'Emploi (Alliance for vocational training and employment) 126 126 Accruals 5,905 5,819 5,905 5,819 In application of IFRS, the agreements signed with the French State concerning the National Loan require the assets and liabilities covered by the investment programmes to be derecognised in the Group’s consolidated ﬁnancial statements. In the French GAAP accounts of the Central Sector, these assets and liabilities are included in accrual accounts.

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 bene%t plan managers were not material at either 31 December 2014 or 31 December 2013.

Caisse des Dépôts Group - 2014 Financial Report

72 9. FAIR VALUE OF FINANCIAL INSTRUMENTS

9.1 - FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT AMORTISED COST

31.12.2014 31.12.2013

Carrying Estimated Carrying Estimated (in millions of euros) amount market value amount market value Assets Loans and receivables due from credit institutions 16,578 16,578 17,067 17,067 Loans and receivables due from customers 12,536 12,536 10,357 10,357 Held-to-maturity investments(1) 22,424 25,991 21,048 22,190 Total ﬁnancial assets measured at amortised cost 51,538 55,105 48,472 49,614 (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 13,089 13,089 20,423 20,423 Due to customers 47,786 47,786 49,325 49,325 Debt securities 40,919 40,919 27,709 27,709 Subordinated debt 1 1 1 1 Total ﬁnancial liabilities measured at amortised cost 101,795 101,795 97,458 97,458

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73 Consolidated financial statements

9.2 - FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE

Quoted on an Measured using Measured using Total at active market: observable unobservable 31.12.2014 Level 1 inputs: inputs: (in millions of euros) Level 2 Level 3 Financial assets at fair value Financial assets at fair value through profit or loss – trading 27 627 654 Financial assets at fair value through profit or loss – FV option 1,070 89 1,159 Hedging instruments with a positive fair value 2,278 2,278 Available-for-sale financial assets 25,087 21,066 2,903 49,056 Total financial assets at fair value 26,184 23,971 2,992 53,147 Financial liabilities at fair value Financial liabilities at fair value through profit or loss – trading 201 201 Financial liabilities at fair value through profit or loss – FV option 2,850 737 3,587 Hedging instruments with a negative fair value 1,814 1,814 Total financial liabilities at fair value 2,850 2,752 5,602

Quoted on an Measured using Measured using Total at active market: observable unobservable 31.12.2013 Level 1 inputs: inputs: (in millions of euros) 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

Caisse des Dépôts Group - 2014 Financial Report

74 The Group’s financial instruments are partly measured using prices observable transactions take place; or (iii) "nancial 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, measured at the prices quoted under the the hierarchy) concern "nancial instruments measured using inputs not Banque de France’s centralised quotation system; based on observable market data. These are de"ned 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 classi"ed 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 "nancial 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)

Financial Financial Available-for-sale Total assets assets as financial assets held for trading at fair value through profit (in millions of euros) or loss At 31 December 2013 70 2,527 2,597 Additions 8 612 620 Disposals 4 (403) (399) Transfers to Level 3 (incoming) Transfers from Level 3 (outgoing) Gains and losses in the period recognised in equity 7 163 170 Gains and losses in the period recognised in profit or loss 5 5 Translation adjustment (1) (1) Effect of changes in scope of consolidation At 31 December 2014 89 2,903 2,992

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75 Consolidated financial statements

The network of risk and internal control of"cers and "nance directors 10. RISK FACTORS deploys risk management processes throughout the divisions and subsidiaries within their reporting scope. Line managers are tasked with setting up effective risk management 10.1 FINANCIAL INSTRUMENT processes within their own departments, particularly with regard to segregation of tasks and procedures. RISK c) Internal Control Organisation Principles

I - Financial instrument risk management Ongoing and periodic controls system There are three levels of ongoing controls. 1.1 - Risk control organisation in Caisse des Dépôts a) Scope The "rst tier consists of controls designed to safeguard the regularity of Pursuant to decree 2009-268 of 9 March 2009, Caisse des Dépôts all transactions processed and they are performed directly by line person- applies CRBF 97-02 guidelines (issued by the French Banking and Finan- nel within the divisions. Each line manager has responsibility for effective cial Regulation Committee) which require it to organise its internal control control of his/her activities. First-tier controls are designed around the system on a number of different levels covering all of its subsidiaries. principles of segregation of functions, delegation of power and approval Internal control processes must also comply with the general regula- limits, and the accuracy and completeness of all entries and data #ows tions of the French "nancial markets authority ( Autorité des marchés processed. They usually take place when transactions are being recorded ﬁnanciers – AMF) as well as with speci"c regulations applicable to the or reviewed by means of routine or random checks on key aspects of Group’s different entities and specialised businesses (portfolio manage- transaction processing. ment, insurance, etc.). The Risk Management and Internal Control department (DRCI) is respon- Second-tier controls are performed by the network of risk and internal sible for tracking changes in regulations and deploying the resulting control of"cers in the divisions and subsidiaries and by DRCI. processes throughout the Group. The French Law on modernisation of the economy also extends to Third-tier controls are performed by Group Internal Audit and the Audit Caisse des Dépôts, by adapting, to Caisse des Dépôts’ speci"c activi- network in accordance with the action principles and methodology set ties, the decision of 20 February 2007 on capital adequacy requirements out in the Caisse des Dépôts Internal Audit Charter. applicable to credit institutions and investment "rms, as well as other laws regarding the monitoring of major risks, liquidity, the cost of re"nanc- The control process is actually deployed by risk of"cers in the divisions and ing and interbank risks. subsidiaries who oversee the "rst-tier controls in their own entity. They are Lastly, implementing decree no. 2010-411 of 27 April 2010 subjects independent of line management and are not involved in the operational Caisse des Dépôts’ banking and "nancial activities to a speci"c regula- decision-making of the Commitments Committees. They either report to tory framework overseen by the French banking and insurance watchdog senior management within the division or subsidiary, or to another level of (ACPR) on behalf of the Supervisory Board. The framework is based management if this is more appropriate. around a prudential model previously adopted by the Supervisory Board. The Caisse des Dépôts “Internal Control Organisation Principles” charter Independence and reporting relationship of risk officers has been approved by the Management Committee and applies to all divisions of the Public Institution (“the divisions”) as well as to subsidiaries Risk of"cers within the Public Institution report to the Risk Director who identi"ed by DRCI which has devised risk management “circles” based is involved in their recruitment and in setting their annual objectives. on the degree of risk inherent to each subsidiary. Risk of"cers in the divisions and subsidiaries keep DRCI informed of all aspects of the risk management process and they may request that the It is up to each division and subsidiary to analyse the principles listed department intervene directly. below and to provide any additional information needed to factor in the speci"c features of their businesses and to ensure compliance with the Documented procedures and traceability of internal control Group’s internal control processes. The divisions also roll out these processes to all of the subsidiaries and entities within their reporting scope. Internal control is based on written procedures and formally documented Regardless of whether they are subject to CRBF 97-02 guidelines or not, control processes. The divisions and subsidiaries are responsible for all subsidiaries must deploy risk management and prevention systems devising internal control guidelines and checking for compliance. adapted to their businesses and the degree of inherent risk, in compli- DRCI uses its compliance enforcement plans to oversee compliance ance with the Group’s overall risk management framework and without with internal control processes throughout the Group on a regular basis prejudice to provisions speci"cally applying to them. Their internal control and regularly submits reports to Caisse des Dépôts’ governance and function must be organised in line with the approach set out in this report. executive bodies. All control plans, control results and control events for the Public Institu- b) Key players tion are archived in a Group-wide application known as PRISM. The The Chairman and Chief Executive Of"cer is responsible for the Group’s subsidiaries have developed applications for ensuring the reliability of internal control and risk management system. He or she receives key the internal control audit trail as well as the traceability of any events internal control reports and de"nes the strategic focuses of Group risk identi"ed. management policy. The policies themselves are implemented, coordinated and monitored 1.2 - Risk control policies, objectives and by the Group Risk Management and Internal Control Director in liaison procedures with the Director of Group Internal Audit. The Group Charter sets out Caisse des Dépôts’ risk policy in the fol- DRCI tracks compliance with legislation and regulations and centralises lowing terms: all key reference texts concerning internal control at Caisse des Dépôts. “The Group has three joint strategic financial objectives: security, a

Caisse des Dépôts Group - 2014 Financial Report

76 satisfactory long-term return on its portfolio of assets, and recurrent tasked with managing all types of risk – under the chairmanship of the pro"ts. The Public Institution "nances general-interest investments in Chairman and Chief Executive Of"cer. accordance with the law. As it does not have any shareholders, it relies solely on its own performance to build its equity capital.” Lastly, in the area of operational risk monitoring, DRCI works with the “The Group’s objectives are set out in a medium-term strategy plan. business lines to ensure that all appropriate control measures are imple- Based on a common macro-economic framework, this plan establishes mented to obtain reasonable assurance that the risks inherent in each the strategic objectives of the Group and the associated target indicators, process are properly managed. Various tools are deployed at the level of the main guidelines in terms of capital allocation, and the prospects for the business lines within Caisse des Dépôts, including: creating value.” > the event database, detailing risk events and the corresponding action In accordance with this framework, the Group primarily uses its capital plans; adequacy ratios for steering purposes. > operational risk maps; The Group’s capital adequacy ratios were adopted by the Supervisory > warning #ags; Board, based on the recommendation of the Chairman and Chief Execu- > the compliance enforcement plan, which takes the form of a contract tive Of"cer and following approval by the ACPR. The Supervisory Board between DRCI and the business lines and subsidiaries specifying also "xed the amount of Caisse des Dépôts’ equity. various levels of controls, the methods to be used to perform those controls, and monitoring arrangements; In accordance with legal and regulatory provisions, these new ratios > the business continuity plan. re#ect the speci"c nature of Caisse des Dépôts, and in particular its role as a long-term investor. Consequently, the prudential model adopted by The Group has acquired integrated software to manage all of these dif- Caisse des Dépôts has been speci"cally tailored to the Central Sector to ferent applications. take account of its business model and management objectives. DRCI reviews the internal control and operational risk management It covers all the main risks: liquidity risk, interest rate risk, credit risk procedures of all business lines within Caisse des Dépôts at half-yearly on portfolio securities and on loans granted, real estate risk, foreign intervals. exchange risk, operational risk, equity risk and risks related to subsidiar- It submits a half-yearly report to the Supervisory Board covering the ies and equity interests. evaluation and control of risks – especially "nancial risks – throughout the Group and this report is rounded out by annual disclosures concern- The resulting modelling of risk and of working capital requirements is ing internal control pursuant to Article 42-43 of CRBF guideline 97-02. designed primarily to ensure a very high level of "nancial security, consistent with the missions entrusted to Caisse des Dépôts. The model is 1.3 - Ex-ante reviews of commitments intended to cover all Caisse des Dépôts Group entities in line with their The business lines are assigned annual operating targets that are deter- various businesses. mined jointly with the Strategic Management, Sustainable Development and Surveys department and validated by the Chairman and Chief Execu- Caisse des Dépôts is a long-term investor and, as such, the capital tive Of"cer. adequacy ratios adopted by the Supervisory Board measure the "nancial strength of Caisse des Dépôts over a time horizon of several years. DRCI intervenes in the pre-commitment phase, as a member of: > the Group Commitments Committee chaired by the Chairman and Depending on the business cycle and market #uctuations, the ratios Chief Executive Of"cer, which examines all commitments above a applicable to the Central Sector allow for variations in available equity certain amount; within a solvency “corridor” bracketed between a target amount, a > the department-level Commitments Committees – representing the surveillance threshold and a minimum amount. The minimum solvency ultimate decision-making body within the department concerned – threshold, calculated as per the prudential model, is always higher than and the Real Estate Investment Committee; the regulatory baseline (the Basel II framework). > the Asset/Portfolio Management Committees, which are organised As stated in the Group Charter, “the Group’s risk management is based around monthly and quarterly meetings to present management primarily on the participation of the Public Institution in the governing strategies to the Chairman and Chief Executive Of"cer. bodies of the subsidiaries, especially their audit committees. Secondly, the Public Institution has an internal control and risk management 1.4 - Credit and market risk monitoring system, which covers both "nancial and non-"nancial risk and encom- DRCI convenes the Counterparty Risk Committee (CRC) every month to passes all of the Group’s activities. This system is adjusted to the nature review the updated counterparty risk assessments prepared by DRCI for and volume of an activity, and to the legal status of the organisations the bond and money market portfolios and related derivatives portfolios. exercising it.” These assessments cover: > the breakdown by credit rating, geographical area and issuer category; Risk controls are described in the internal control charter named “Internal > the level of risk concentration; Control Organisation Principles”. This charter, which applies to the entire > changes in counterparty ratings since the last report. Group, also deals with issues relating to compliance risk management The management reporting schedules prepared by the lender business and the organisation of ethical compliance and anti-money laundering lines include information to monitor their credit risks. procedures. Market and liquidity risks are monitored during monthly presentations DRCI performs ex-ante controls on the business lines’ commitments, as to the Asset/Portfolio Management Committees on the management of well as monitoring credit and market risks on "nancial portfolios. these risks and of "nancial (market and ALM) risks.

It also performs independent back-up reviews of "nancial risks on a The monthly management reports submitted to the Chairman and Chief basis geared to the nature of the investment and the amount involved. Executive Of"cer include input from DRCI on "nancial risks.

Twice a year, DRCI convenes the Risk Committee – the governing body DRCI also prepares half-yearly risk reports for the Supervisory Board.

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77 Consolidated financial statements

These reports, which are reviewed at meetings of the Financial Statement respond quickly to changing market conditions. For this reason, the com- and Risk Review Committee, include detailed information about credit mitment process for these portfolios is different to that for other activities. risks, market risks and concentration risks. For these portfolio transactions, DRCI’s independent risk review is organised around its participation in monthly meetings of the Asset/Liability Committee and quarterly meetings of the Portfolio Review Committee II - Identifying ﬁnancial risks and Capital Adequacy Management Committee, chaired by the Chair- man and Chief Executive Of"cer, during which management strategies 2.1 - Deﬁnitions for the coming period are discussed. a) Credit and counterparty risk These quarterly committee meetings review management activities for Credit risk is the current or prospective risk of a loss on a receivable, due the previous quarter. At the end of each year, they determine the manage- to a deterioration in the borrower’s credit standing that may result in an ment strategy for the coming year, based on an assessment of balance inability to meet payments when they fall due. sheet "nancial risks and objectives over the medium term (typically "ve years). These exercises are based on detailed analyses of forecast asset/ b) Concentration risk liability ratios performed by a dedicated team. The broad asset allocation Concentration risk is the risk that results from a large exposure to a given strategies are then rolled down to each individual asset class. counterparty, or from a high probability that certain groups of counterpar - Real estate and private equity investments are examined by speci"c ties will default. Investment Committees. c) Liquidity risk b) Oversight procedure Liquidity risk is the risk that the entity will be unable to meet the com- Concerning credit risks on financial portfolios, the Counterparty Risk mitments associated with its "nancial liabilities when they fall due, or to Committee referred to above meets every month to set exposure limits access the funds needed on the market. by counterparty, based on DRCI’s recommendations, and to review compliance with these limits during the previous month. The exposure limits d) Market risk recommended by DRCI are determined using methods that aim to diversify Market risk is the risk of losses on balance sheet or off-balance sheet risks within each portfolio. DRCI also performs daily checks to ensure that items resulting from an unfavourable change in market factors such as the limits are complied with. Speci"c market risk exposure limits are set interest rates, equities, credit spreads, exchange rates or volatility, or from for each portfolio. price #uctuations in general. The monthly reporting schedules submitted to the Financial Management Committees include risk measurements for each of these limits. e) Currency risk Currency risk is the risk that changes in exchange rates will affect the c) Risk mitigation procedure entity’s pro"tability. For "xed-income portfolios, issuer, issue or transaction guarantees are taken into account by the information systems in calculating credit risk f) Interest rate risk exposures at the level of the guarantors. Interest rate risk is the impact on an entity’s annual earnings and net assets of an adverse change in interest rates. Caisse des Dépôts is exposed to counterparty risk on OTC capital markets transactions which it manages through standard contractual 2.2 - Risk acceptance process arrangements requiring counterparties to put up collateral or to offset a) Decision-making process trades. Investments (other than capital markets transactions) are reviewed during Offsetting is used to mitigate counterparty risk on derivative instruments. meetings of the Commitments Committee. The Committee is chaired by Caisse des Dépôts mainly uses the technique of close-out netting which the Group’s Chairman and Chief Executive Of"cer when investments works as follows: in the event of counterparty default, all positions are involve over €50 million, and by the Deputy Chief Executive Of"cer when unwound at their current market value and aggregated to a net amount they concern amounts between €10 million and €50 million. payable or receivable with the counterparty. This close-out netting balance may be secured by collateral in the form of a.1) Commitments other than as an institutional investor pledges on liquidities, securities or cash deposits. All such transactions The business lines are responsible for their commitments, which must are executed in accordance with bilateral master agreements that comply comply with the annual objectives approved by the Chairman and Chief with the general provisions of French or international master agreements. Executive Of"cer. The main bilateral agreement models used are those of the Fédération Commitments (other than capital markets transactions) are decided by Bancaire Française (FBF) and the Master agreement of the International committees at different levels within the business lines. DRCI participates Swaps and Derivatives Association (“ISDA”) for international agreements. in all meetings of Commitments Committees representing the ultimate decision-making body within a department, expressing an opinion on the Caisse des Dépôts offsets qualifying derivatives in accordance with project before the "nal decision is made and requesting additional infor- EMIR regulations. mation about the related risk when appropriate. It checks that the project is in line with the Group’s strategy, that risks have been properly identi"ed The Group does not use securitisation techniques to attenuate its risk and – if necessary – hedged, and that the expected return on investment exposures. is reasonable for the class of assets concerned. If DRCI opposes a project, it may be overruled only by the business line’s executive management d) Impairment procedure and, in this case, the Group Management Committee must be informed. In the second-half of 2014, Caisse des Dépôts strengthened and restructured the processes it uses for measuring and booking provisions for a.2) Commitments as an institutional investor "nancial instrument risk around three decision-making bodies: Portfolios of financial assets are managed within the framework of > business line valuation and impairment committees; authorised investment criteria and de"ned management processes. > the Central Valuation and Impairment Committee; To ef"ciently manage this type of portfolio, it is important to be able to > the Accounts Committee.

Caisse des Dépôts Group - 2014 Financial Report

78 A new procedure has been introduced comprising internal guidelines d.2) The Central Valuation and Impairment Committee setting out the roles and workings of the different committees. Opera- The Central Valuation and Impairment Committee is authorised to act on tional deployment is based around a formally documented methodology behalf of the Accounts Committee by the Chairman and Chief Executive speci"c to each type of "nancial instrument. As of the reporting date, Of"cer. controls were up and running to ensure the completeness of the list of Chaired by the Group Finance Director, the committee meets at half- "nancial instruments covered in a given review, the appropriateness of yearly intervals in the month following the annual and interim accounts the measurement basis used, compliance with accounting standards closing. Its permanent members are the Group Risk Management and (as set out in section III – “Accounting policies” of Note 2 “Summary of Internal Control Director, the Head of the Legal and Tax department, the signi"cant accounting policies”) as well as substantiation of calculations business line heads, the Head of the Accounts & Management Control and any resulting provisions for impairment. department, and the Group Finance department’s Senior Risk Advisor. The committee validates the valuation and impairment guidelines and The brief of the business line and Central committees covers all of the methods submitted to it by the business line committees and it uses Public Institution’s outstandings (loans and receivables from customer the information provided to decide which valuations should actually "nancial institutions, accounts in debit, special "nancing operations, etc.) be applied together with any related impairment charges to be booked and security transactions. in the accounts of the Central Sector and in the Group’s consolidated "nancial statements. d.1) Business line valuation and impairment committees Business line committees are chaired by a business line head who sits on A summary of the decisions taken by the Central Committee is submit- the Public Institution’s Management Committee and they are tasked with: ted to the Accounts Committee as part of the Central Sector and Group > setting out or proposing methods for measuring and booking provi- accounts closing processes. sions for "nancial instrument risk by type of "nancial instrument; > "xing valuations and provisions within their designated threshold of responsibility; 2.3 - Risk measurement methods > setting out, or proposing valuations and provisions outside of their Given the ongoing economic turmoil affecting the "nancial markets and designated threshold of responsibility. the business environment generally, Caisse des Dépôts has stepped up Business line committees meet at least twice a year and decisions are its oversight of "nancial risks (especially market and credit risks). made based on a "le containing all information needed to understand The Group currently has exposure on four categories of "xed income and calculate assigned valuations. assets and counterparties: The Legal and Tax department, DRCI and the Group Finance department participate in all of the business line committees. > sovereign issuers in the European Union and, to a lesser extent, in a A summary of the decisions and proposals of each business line com- number of emerging countries; mittee is submitted for validation by the Central Valuation and Impairment > "nancial institutions in OECD countries rated at least investment grade; Committee as part of the annual and interim accounts closing process. > corporate issuers in OECD countries rated investment grade; > senior asset-backed securities, mainly exposed to risk in the European residential housing sector.

Caisse des Dépôts Group - 2014 Financial Report

79 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) 31.12.2014 31.12.2013 Financial assets at fair value through proﬁt or loss (excl. variable-income securities) 1,413 1,594 Hedging instruments with a positive fair value 2,278 662 Available-for-sale ﬁnancial assets (excl. variable-income securities) 29,016 29,323 Loans and receivables due from credit institutions 16,578 17,067 Loans and receivables due from customers 12,536 10,357 Held-to-maturity investments 22,424 21,048 On-balance sheet exposure, net of impairment losses 84,245 80,051 Financing commitments given 10,124 10,304 Commitments given in respect of securities 6,146 6,927 Other commitments given 4,447 1,873 Provisions for commitments given Off-balance sheet exposure, net of provisions 20,717 19,104 Total net exposure 104,962 99,155

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 93% of the total at 31 December 2014 structured "nance) on a scale that is consistent with that used by the and 95% of the total at 31 December 2013. rating agencies. The commitment towards a given issuer is measured by reference to the fair value of the underlying securities and their nature. Caisse des Dépôts Group did not receive any pledges of collateral or of For derivative instruments, the commitment includes an add-on to re#ect "nancial or non-"nancial assets in either 2014 or 2013. the potential future exposure.

In 2013, the Group renewed a pledge on shares given to Banque de The internal rating system for structured finance issues comprises France for an amount of €5,779 million as part of a Long Term Re"- detailed quality graduations. The Group invests only in structured prod- nancing Operation (LTRO), however these pledges no longer existed ucts rated AAA by at least one agency. at end-2014. The business lines engaged in lending activities have set up dedicated counterparty rating teams. Credit risks on "xed-income portfolios are measured on the basis of the sum of commitments by consistent credit rating category. The securities portfolios – other than the held-to-maturity portfolio – have been measured at fair value, in accordance with IFRS. For most of these securities, fair value corresponds to their market price at 31 December.

Caisse des Dépôts Group - 2014 Financial Report

80 • Financial assets by type

31.12.2014

On-balance O/w financial O/w financial Impairment sheet Gross financial assets neither assets past O/w impaired losses exposure, net assets* past due nor due but not financial assets on financial of impairment impaired impaired assets (in millions of euros) losses Debt instruments not measured at fair 51,440 51,440 51,440 value through profit or loss Loans and prepayments 29,643 28,764 52 827 (400) 29,243 Derivative financial instruments 2,697 Total financial assets by type 81,083 80,204 52 827 (400) 83,380 Debt instruments at fair value through profit or loss 994 Total financial assets 84,374 * No financial assets were renegotiated at the reporting date.

31.12.2013

On-balance O/w financial O/w financial Impairment sheet Gross financial assets neither assets past O/w impaired losses exposure, net assets* past due nor due but not financial assets on financial of impairment impaired impaired assets (in millions of euros) losses Debt instruments not measured at fair 50,371 50,371 50,371 value through profit or loss 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.

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

Caisse des Dépôts Group - 2014 Financial Report

81 Consolidated financial statements

• Central Sector sovereign debt exposure

31.12.2014 31.12.2013

Gross Net Gross Net (in millions of euros) exposure exposure exposure exposure France 21,251 21,251 19,698 19,698 Germany 2,107 2,107 2,954 2,954 Spain 1,045 1,045 1,012 1,012 Japan 912 912 Austria 610 610 717 717 Ireland 561 561 561 561 Belgium 141 141 209 209 Italy 121 121 199 199 Finland 217 217 217 217 Netherlands 114 114 119 119 Poland 194 194 190 190 Brazil 183 183 192 192 South Africa 45 45 44 44 Israel 85 85 49 49 Chile 94 94 38 38 South Korea 104 104 94 94 Qatar 94 94 83 83 Mexico 146 146 59 59 Czech Republic 6 6 6 6 Luxembourg 6 6 Total Central Sector sovereign debt exposure 28,030 28,030 26,447 26,447

The Central Sector’s sovereign debt exposure is on “Held-to-maturity investments” and “Loans and receivables due from customers”.

> For equity portfolios: b) Concentration risk - industry concentration: based on the portfolio’s Value-at-Risk by Concentration risk is measured as described below: industry; - individual concentration: based on the Gini coef"cient. > For "xed income portfolios, based on the sum of commitments: - by geographic area; > For aggregate commitments: - by industry; - based on the sum of the Group’s largest exposures – according - by credit rating category; to the Basel II de"nition of credit risk – and the Her"ndahl index - for the 50 largest exposures. calculated on these exposures.

Caisse des Dépôts Group - 2014 Financial Report

82 • 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) 31.12.2014 31.12.2013 AAA 5,372 6,687 AA 30,597 39,258 A 28,940 20,409 BBB 3,004 2,906 BB 113 32 < B 2 5 Not rated 14,873 9,129 Total by credit rating 82,901 78,426 Central government agencies 29,984 27,377 Credit institutions 39,771 36,670 Institutions other than credit institutions 212 108 Large corporations 11,363 12,673 Retail banking customers 1,393 1,393 Other 178 205 Total by counterparty category 82,901 78,426 France 60,860 60,706 Other European countries 19,251 15,938 North America 897 983 Central and South America 572 369 Africa and the Middle East 227 224 Asia-Paciﬁc 1,089 202 Other 5 4 Total by geographic area 82,901 78,426

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

(in millions of euros) 31.12.2014 31.12.2013 Derivative instruments held for trading 420 306 Hedging instruments with a positive fair value 2,278 662 Fixed-income securities 29,016 29,323 Loans and receivables due from credit institutions 16,577 17,067 Loans and receivables due from customers 12,186 10,020 Held-to-maturity investments 22,424 21,048 Total 82,901 78,426

Caisse des Dépôts Group - 2014 Financial Report

83 Consolidated financial statements

c) Liquidity risk The investor balance, calculated as the difference between long-term Given the importance of balance sheet liquidity throughout Caisse de investor assets and liabilities, measures the transformation or short-term Dépôts Group, a number of mechanisms have been set up that are financing impact on the investor balance sheet. It is €8.2 billion at designed to: end-2014, considerably above its warning threshold and overall risk > limit the need for market-based "nancing; limit. This remains the case under various different "ve-year scenarios. > match sources to uses of funds as effectively as possible by controlling the risk of “unbalancing” the balance sheet and therefore by limiting Liquidity gap analysis measures differences in maturities of liabilities and the need to re"nance long term investments with short-term liabilities; assets on a monthly basis over the next "ve years, beginning in the month > maintain conservative amounts of liquid assets to cover upcoming following the reporting date. Gaps are calculated on a static and dynamic repayment obligations. basis. Static gap analysis measures the difference between the natural maturities of liabilities (including contractual deposit maturities) and assets, The Group’s Liquidity Charter and associated "le contain all of the docu- excluding new lending. Dynamic gap analysis measures the risks related mentation relating to Caisse des Dépôts’ liquidity policy as well as its to reinvestment and new lending. Deposits are taken into account based operational deployment, governance and risk management, indicators, on the same maturity assumptions as for the calculation of interest rate tracking mechanisms and thresholds, together with stress testing sce- mismatches. Maximum liquidity gaps calculated at end-December 2014 narios and the Contingency Plan designed to contain the related impacts. are well below the Group’s warning threshold or overall risk limit.

• Financial assets by maturity 31.12.2014

Total Total No fixed financial Impact of < 1 month 1-3 months 3-12 months 1-5 years > 5 years financial maturity assets discounting assets (in millions of euros) recognised Cash and amounts due 16 16 16 from central banks Financial assets at fair value 29 130 44 666 569 313 1,751 1,813 (62) through profit or loss Hedging instruments with 173 467 322 276 1,023 17 2,278 2,278 a positive fair value Available-for-sale 401 3,845 17,734 3,853 2,720 16,206 44,759 49,056 (4,297) financial assets Loans and receivables 7,146 8,098 2,450 5,131 5,815 474 29,114 29,114 Cumulative fair value adjustments to portfolios hedged against interest rate risk Held-to-maturity investments 443 122 1,150 4,418 16,291 22,424 22,424 Total financial assets 8,208 12,662 21,700 14,344 26,418 17,010 100,342 104,701 (4,359)

31.12.2013

Total Total No fixed financial Impact of < 1 month 1-3 months 3-12 months 1-5 years > 5 years financial maturity assets discounting assets (in millions of euros) recognised Cash and amounts due 325 325 325 from central banks Financial assets at fair value 18 312 57 714 502 351 1,954 1,993 (39) through profit or loss Hedging instruments with 8 16 35 56 176 371 662 662 a positive fair value Available-for-sale 2,423 2,684 15,376 5,016 3,373 15,491 44,363 48,335 (3,972) financial assets Loans and receivables 8,352 3,791 2,023 6,734 5,894 630 27,424 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 21,048 (1) Total financial assets 11,517 7,083 18,882 17,645 23,805 16,843 95,775 99,787 (4,012)

Caisse des Dépôts Group - 2014 Financial Report

84 • Financial liabilities by maturity

31.12.2014

Total Total No fixed financial Impact of < 1 month 1-3 months 3-12 months 1-5 years > 5 years financial maturity assets discounting assets (in millions of euros) recognised Due to central banks Financial liabilities at fair 19 2 36 1,782 1,484 3,323 3,788 (465) value through profit or loss Hedging instruments with 4 36 66 350 1,253 105 1,814 1,814 a negative fair value Due to credit institutions 4,349 75 1,192 3,727 3,602 144 13,089 13,089 Due to customers 41,519 281 630 251 5,296 178 48,155 48,155 Debt securities 3,925 11,498 10,892 9,656 4,640 308 40,919 40,919 Subordinated debt 1 1 1 Total financial liabilities 49,816 11,892 12,816 15,766 16,276 735 107,301 107,766 (465)

31.12.2013

Total Total No fixed financial Impact of < 1 month 1-3 months 3-12 months 1-5 years > 5 years financial maturity assets discounting assets (in millions of euros) recognised Due to central banks Financial liabilities at fair 122 195 880 2,001 1,417 4,615 4,477 138 value through profit or loss Hedging instruments with 161 134 141 352 314 673 1,775 1,775 a negative fair value Due to credit institutions 4,330 229 2,505 9,233 4,018 108 20,423 20,423 Due to customers 43,798 367 1,198 219 3,741 2 49,325 49,325 Debt securities 5,080 6,803 6,093 5,888 3,845 27,709 27,709 Subordinated debt 1 1 1 Total financial liabilities 53,491 7,728 10,817 17,693 13,336 783 103,848 103,710 138

• Maturities of commitments given in respect of financing and guarantees 31.12.2014

Total No ﬁxed < 1 month 1-3 months 3-12 months 1-5 years > 5 years commitments maturity (in millions of euros) given Loan commitments given 2,658 120 3,602 737 3,006 10,123 Financial guarantees given 5,262 3 4 138 2 245 5,654 Total commitments given 7,920 123 3,606 875 3,008 245 15,777

31.12.2013

Total No ﬁxed < 1 month 1-3 months 3-12 months 1-5 years > 5 years commitments maturity (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

Caisse des Dépôts Group - 2014 Financial Report

85 Consolidated financial statements

d) Market risk d.1) Market risk If the price of an instrument does not vary in line with the primary risk fac- DRCI performs Value-at-Risk calculations for the equity portfolios tor – as is the case with options – Riskdata remeasures it under each of and multi-manager equity funds managed by the Central Sector: VaR the 1,000 scenarios using integrated pricing formulae. Riskdata’s histori- (1 month, 99%) is calculated using the Monte Carlo method based on cal database goes back to 1 January 2000. It uses exponential weighting an annualised horizon and multiplication by root (12). This indicator is for events (one half-life weighting is approximately eight months) that reported to Caisse des Dépôts senior management. assigns a higher weighting to more recent events.

DRCI also used to calculate Value-at-Risk for the interest rate arbitrage Caisse des Dépôts’ equity portfolio risk is broken down by industry using portfolio: VaR (10 days, 99%) calculated using Riskdata software. This the Industry Classi"cation Benchmark (ICB) which makes it possible to portfolio was closed out at end-2014 after the positions were unwound. break out marginal VaR and to analyse the contribution of each industry to overall VaR. The VaR calculation uses normal (Gaussian) distribution assumptions for the underlyings. This provides an estimate of the maximum risk for Multi-manager foreign currency equity fund risk is revalued at the the chosen holding period and con"dence interval under normal market equivalent euro amount but is not factored into the Group’s currency conditions, assuming the Group will continue as a going concern. risk. As explained in paragraph d.2, Caisse des Dépôts’ currency risk is measured for the Group as a whole and not at individual portfolio level. Riskdata processes approximately 20,000 “primary” risk factors – based around equities, interest rates, foreign currencies and implicit volatility Since models based on a Gaussian distribution cannot properly capture – to calculate VaR. In order to measure risk (including VaR), Riskdata extreme movements in markets, DRCI has devised other methods to uses a high-dimension Monte Carlo model that analyses 1,000 different calculate risk. These methods take the form of stress tests, and are based scenarios by choosing from among 20,000 risk factors in the light of on extreme distribution patterns which give a more accurate estimate of historical volatilities and correlations. extreme events and how often they occur.

• VaR at 31 December 2014

VaR (1 year, 99%) VaR (10 days, 99%) Equities portfolio €4,663 million Interest rate arbitrage portfolio €0 million Multi-manager equity funds - US equities €134 million - Japanese equities €85 million - emerging market equities €75 million - European small-caps €16 million - tactical allocation €11 million

• VaR at 31 December 2013

VaR (1 year, 99%) VaR (10 days, 99%) Equities portfolio €4,531 million Interest rate arbitrage portfolio €0.41 million Multi-manager equity funds - US equities €120 million - Japanese equities €44 million - emerging market equities €78 million - European small-caps €11 million - tactical allocation -

Caisse des Dépôts Group - 2014 Financial Report

86 • Timeline of equity portfolio VaR for 2014 Backtesting of VaR revealed that VaR values did not exceed the monthly amounts recorded in 2014 (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.-14 Apr.-14 May-14 Oct.-14 Jan.-14 Jun.-14 Mar.-14 Feb.-14 Nov.-14 Dec.-13 Dec.-14 Aug.-14 Sept.-14

• • Breakdown of equity portfolio VaR by industry at end-2014

CONSUMER GOODS 21% TELECOMMUNICATIONS 3% TECHNOLOGY 3% SERVICES INDUSTRY 7% 19%

MATERIALS 6%

ENERGY HEALTHCARE 7% 10%

UTILITIES FINANCE 10% 15%

Caisse des Dépôts Group - 2014 Financial Report

87 Consolidated financial statements

d.2) Currency risk > Scenario 1: impact on margins generated on "xed 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 "nancing asset positions with > Scenario 2: impact on margins generated on "xed 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 "xed rate positions of a calculations. Currency VaR (1 year, 99%) at 31 December 2014 was 100 basis point decrease in interest rates (to fall no lower than 0%); valued at €176 million, up slightly on the end-2013 "gure of €158 million. > Scenario 4: impact on margins generated on "xed 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 "xed of interest rates: contractual, variable and "xed. The "xed rate position is rate positions is calculated in terms of variance with the results obtained monitored based on the "xed rate gap – corresponding to the excess of under baseline interest rate forecasts using macro-economic data. "xed rate liabilities over "xed rate assets – and changes in the gap over time as assets and liabilities fall due. Deposits are taken into account at a These sensitivity analyses are rounded out by a VaR calculation of the discount that increases over time. "xed rate position that factors in the risk of decrease in the market value The sensitivity of annual interest margins generated on "xed rate positions of the "xed rate position. to an unfavourable change in interest rates is calculated according to four scenarios: (i) continuation of interest rates at present levels (scenario 1); Deposits from notaries and the #oat are adjusted for seasonal variations (ii) a 100 basis point increase in interest rates (scenario 2); (iii) a 100 basis in calculating sensitivities. point decrease in interest rates (to fall no lower than 0%) (scenario 3); and (iv) 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) 31.12.2014 Year Scenario 1 Scenario 2 Scenario 3 Scenario 4 2015 3 147 (33) (21) 2016 (34) 116 (96) (42) 2017 (91) 72 (179) (75)

(in millions of euros) 31.12.2013 Year Scenario 1 Scenario 2 Scenario 3 Scenario 4 2014 (56) 89 (128) (74) 2015 (73) 93 (168) 32 2016 (126) 58 (243) (86)

Caisse des Dépôts Group - 2014 Financial Report

88 evaluation criteria and tightening up the internal control processes in the 10.2 OPERATIONAL RISK divisions and subsidiaries. These processes are evaluated based on the tests performed by DRCI DRCI oversees compliance control processes at Group level and reports and the results are presented to the Caisse des Dépôts Management back to senior Group management and the Supervisory Board. Committee and Supervisory Board. It is tasked with managing operational risk and enhancing internal control processes (de"ning standards, reporting and implementing compliance • Warning flags controls) in liaison with the business lines and Caisse des Dépôts’ sub- The Public Institution entities and Group subsidiaries have devised a sidiaries. Operational risk is the risk of loss resulting from inadequate or series of indicators, including warning thresholds, to anticipate any dete- failed internal processes, people and systems or from external events. rioration in the quality of ongoing controls or operational risk monitoring DRCI is also in charge of the programme to combat money laundering and control. These indicators are subsequently validated in the various and the sponsoring of terrorism and tracking compliance with the prin- different risk committees. ciples set out in the Group’s Code of Ethics. It relies on a network of risk and internal control of"cers appointed within • Coordinating the programme to combat money laundering and the each of the business lines and subsidiaries. This network is independent sponsoring of terrorism of the departments that actually process transactions. In accordance with the French Monetary and Financial Code, Caisse Transversal units tasked with analysing risks have been set up within des Dépôts is responsible for setting up a programme to combat money the Public Institution: they leverage the expertise of business line man- laundering and the sponsoring of terrorism. agement to adapt internal control to relevant operating risks. These DRCI has devised the guidelines that must be applied throughout the processes are focused on human resources, potential sources of fraud, Group and, along with the Banking Services Division, it is in charge of physical and environmental risks, legal risk, money laundering and the making declarations to, and liaising with TRACFIN (the French govern- sponsoring of terrorism, ethical risk, the business continuity plan, infor- ment anti-money laundering agency) on behalf the Public Institution. mation systems security risk and accounting risk. DRCI carries out anti-money laundering compliance checks throughout In 2014, DRCI deployed a unit dedicated to analysing the risk of fraud the Public Institution and the subsidiaries and organises the required throughout the Group’s reporting structure to evaluate and assess ways regulatory training for employees. of controlling the overall risk as well as to identify areas for improvement Caisse des Dépôts has drawn up a list of countries that present a high and opportunities for sharing best practices. risk in terms of money laundering and/or the sponsoring of terrorism and more stringent controls are applied to any related potentially high- • Applications for tracking operational risk risk "les. In 2014, it also compiled a black list of prohibited investments DRCI works with the business lines to ensure that all appropriate control in countries listed as Non-Cooperative Countries and Territories by the measures are implemented to obtain reasonable assurance that the risks French Government, or considered by the Financial Action Task Force inherent in each process are properly managed and a number of different as strategically de"cient in combating money laundering and/or the tools have been developed: sponsoring of terrorism.

• An integrated operational risk management application • Coordinating ethical standards PRISM, which has been deployed by the management of all business The Group’s Code of Ethics sets out guidelines on best practices applica- lines, handles risk mapping, control processes, control events, business ble to all Group employees together with procedures for applying them. continuity plans and follow-up of audit recommendations. A member of DRCI acts as Head of Investment Service Compliance as de"ned in the general regulations of the AMF. • Risk maps All of the Group’s ethical standards and application procedures comply DRCI coordinates the operational risk mapping process performed and with AMF regulations and recommendations in the various areas con- updated annually by each public institution entity and Group subsidiary. cerned. The resulting risk maps highlight major risks and action plans. In 2014, the Group began incorporating the work already carried out on various • The business continuity plan different types of risk into the overall risk mapping process and in 2015 DRCI coordinates and oversees all aspects of the Group’s business this will culminate in a consolidated risk map for the Public Institution. continuity plans. A number of unannounced exercises were carried out during 2014 in order to raise awareness of crisis management among • The “event” database employees and maintain business continuity plans on an operational All control events reported within the Public Institution are recorded in a footing. centralised database and tracked by DRCI. Control events in the subsidiaries are also reported to DRCI. The aim is to consolidate all types • Information systems security of events impacting Caisse des Dépôts Group, to highlight identi"ed DRCI de"nes Group information security policy, rolls the policy out to system failures, assess the potential or actual related losses and draw the Public Institution and liaises with the divisions and Informatique up appropriate corrective action plans. CDC over its implementation. The entire IS security policy was recast In 2014, the bulk of reported events related to administrative or operating in 2014. Information systems security is focused on system availability, risk, information system risk and outside sources of fraud (particularly data integrity and con"dentiality and proof (or non-repudiation) of trans- attempted identity theft). mission, represented by the acronym ASIC (i.e., Availability, Security, Integrity, Con"dentiality). Information systems security deployment is • The compliance enforcement plans now overseen by the Information Systems Strategy Committee which DRCI, in liaison with the risk of"cer network, deploys a risk-based com- meets twice a year. pliance enforcement plan for the Public Institution and the subsidiaries DRCI systematically issues an opinion on information systems security designed to test the appropriateness of internal control processes in risk for each IS project conducted in the Public Institution. terms of the risks involved and activities performed. Controls are carried out half-yearly or annually, depending on the processes being reviewed. The overhaul that began in 2013 continued in 2014, with a focus on

Caisse des Dépôts Group - 2014 Financial Report

89 Consolidated financial statements

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

11. SUBSEQUENT EVENTS There have been no subsequent events of a material nature since 31 December 2014.

Caisse des Dépôts Group - 2014 Financial Report

90 12. SCOPE OF CONSOLIDATION

31.12.2014 31.12.2013 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) 48.21 48.21 EQUITY (JV) 51.54 51.54 INFORMATIQUE CDC FULL 99.90 99.90 FULL 99.90 99.90 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 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 EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SCI PRINTEMPS LA VALETTE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SCI CUVIER MONTREUIL FULL 100.00 99.50 SAS LA NEF LUMIÈRE FULL 100.00 75.00 FULL 100.00 75.00 SAS RICHELIEU VIVIENNE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SCI DES REGIONS FULL 100.00 100.00 FULL 100.00 100.00 SCET FULL 100.00 100.00 FULL 100.00 100.00 OPCI RIVER OUEST 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 EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SAS PRINTEMPS LA VALETTE II 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 EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SAS PARIS NORD EST FULL 100.00 79.00 FULL 100.00 79.00 SCI TOUR MERLE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SCI CUVIER MONTREUIL II FULL 100.00 100.00 FULL 100.00 99.00 SCI INNOVATIS II FULL 100.00 100.00 SCI MMV 2013 FULL 100.00 100.00 CDC GPI - GESTION DES FULL 100.00 100.00 PLACEMENTS IMMOBILIERS 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

Caisse des Dépôts Group - 2014 Financial Report

91 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest BANKING, INSURANCE & LA POSTE DIVISION LA POSTE EQUITY (Ass.) 26.32 26.32 EQUITY (Ass.) 26.32 26.32 CNP ASSURANCES GROUP CNP ASSURANCES EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 STRATEGIC SUBSIDIARIES BVP ESPAGNE (CNP BARCLAYS EQUITY (JV) 20.45 20.45 EQUITY (JV) 20.45 20.45 VIDA Y PENSIONES) (Spain) CAIXA ASSESSORIA E CONSULTORIA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 CAIXA CAPITALIZACAO (Brazil) EQUITY (JV) 10.79 10.79 EQUITY (JV) 10.79 10.79 CAIXA CONSORCIOS (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 CAIXA SAUDE (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 CAIXA SEGURADORA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 CAIXA SEGUROS HOLDING SA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 CAIXA SEGUROS PARTICIPACOES EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 DO SUL LTDA (Brazil) CAIXA SEGUROS PARTICIPACOES EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 SECURITARIAS LTDA (Brazil) CAIXA VIDA E PREVIDENCIA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 CNP ASFALISTIKI (Cyprus) EQUITY (JV) 20.49 20.49 EQUITY (JV) 20.49 20.49 CNP CYPRIALIFE (Cyprus) EQUITY (JV) 20.49 20.49 EQUITY (JV) 20.49 20.49 CNP CYPRUS INSURANCE EQUITY (JV) 20.49 20.49 EQUITY (JV) 20.49 20.49 HOLDINGS LTD (Cyprus) CNP CYPRUS TOWER LTD EQUITY (JV) 20.49 20.49 CNP EUROPE LIFE (Ireland) EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 CNP HOLDING BRASIL (Brazil) EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 CNP IAM EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 CNP INSURANCE SERVICES (Spain) EQUITY (JV) 38.64 38.64 EQUITY (JV) 38.64 38.64 CNP INTERNATIONAL EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 CNP PARTNERS (formerly VIDA DE EQUITY (JV) 38.64 38.64 EQUITY (JV) 38.64 38.64 SEGUROS Y REASEGUROS) (Spain) CNP PRAKTORIAKI (Greece) EQUITY (JV) 20.49 20.49 EQUITY (JV) 20.49 20.49 CNP SA DE CAPITALIZACION Y AHORRO EQUITY (JV) 20.45 20.45 EQUITY (JV) 20.45 20.45 P/ FINES DETERMINADOS (Argentina) CNP SEGUROS DE VIDA (Argentina) EQUITY (JV) 31.28 31.28 EQUITY (JV) 31.28 31.28 CNP UNICREDIT VITA (Italy) EQUITY (JV) 23.52 23.52 EQUITY (JV) 23.52 23.52 CNP ZOIS (Greece) EQUITY (JV) 20.49 20.49 EQUITY (JV) 20.49 20.49 CSP PARTICIPACOES LTDA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 ESTALVIDA D'ASSEGURANCES Y EQUITY (JV) 38.64 38.64 EQUITY (JV) 31.03 31.03 REASSEGURANCES SA (Spain) FPC PAR CORRETORA DE EQUITY (Ass.) 5.29 5.29 EQUITY (Ass.) 5.29 5.29 SEGUROS SA (Brazil) HOLDING CAIXA SEGUROS PARTICIPACOES EQUITY (JV) 21.17 21.17 EM SAUDE LTDA (Brazil) ITV EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 LA BANQUE POSTALE PRÉVOYANCE EQUITY (JV) 20.45 20.45 EQUITY (JV) 20.45 20.45 MFPREVOYANCE SA EQUITY (JV) 26.58 26.58 EQUITY (JV) 26.47 26.47 ODONTO EMPRESAS CONVENIOS EQUITY (JV) 21.17 21.17 DENTARIOS LTDA (Brazil) PREVIPOSTE EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 PREVISUL (Brazil) EQUITY (JV) 14.82 14.82 EQUITY (JV) 14.82 14.82 SANTANDER INSURANCE EQUITY (JV) 20.86 20.86 EUROPE LTD (Ireland) SANTANDER INSURANCE LIFE LTD (Ireland) EQUITY (JV) 20.86 20.86 SANTANDER INSURANCE SERVICES Ireland LTD EQUITY (JV) 20.86 20.86

Caisse des Dépôts Group - 2014 Financial Report

92 31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest MUTUAL FUNDS UNITS CNP ACP 10 FCP EQUITY (JV) 20.36 20.36 EQUITY (JV) 20.36 20.36 CNP ACP OBLIG FCP EQUITY (JV) 20.33 20.33 EQUITY (JV) 20.32 20.32 ÉCUREUIL PROFIL 30 EQUITY (JV) 39.16 39.16 EQUITY (JV) 39.17 39.17 ECUREUIL PROFIL 90 EQUITY (JV) 22.17 22.17 EQUITY (JV) 21.75 21.75 LB.ACT.D.A. SI 5DEC EQUITY (JV) 40.43 40.43 LBPAM ACT. DIVERSIF 5DEC EQUITY (JV) 23.42 23.42 NATIXIS IONIS EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 OPCVM CAIXA CAPITALIZACAO SA (Brazil) EQUITY (JV) 10.79 10.79 EQUITY (JV) 10.79 10.79 OPCVM CAIXA CONSORCIOS (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 OPCVM CAIXA SEGURADORA SA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 OPCVM CAIXA VIDA E PREVIDENCIA (Brazil) EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 OPCVM HOLDING CAIXA SEGUROS EQUITY (JV) 21.17 21.17 EQUITY (JV) 21.17 21.17 HOLDING SA (Brazil) UNIVERS CNP 1 FCP EQUITY (JV) 40.78 40.78 EQUITY (JV) 40.79 40.79 VIVACCIO ACT 5DEC EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90

PROPERTY COMPANIES AEP 3 SCI EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 AEP 4 SCI EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 ASSURBAIL PATRIMOINE EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 ASSUR-IMMEUBLE EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 CIMO EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 CNP IMMOBILIER EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 ÉCUREUIL VIE DÉVELOPPEMENT EQUITY (JV) 20.86 20.86 EQUITY (JV) 20.86 20.86 LBP ACTIFS IMMO EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 OPCI AEP247 EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 OPCI AEW IMCOM 1 EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 OPCI AEW IMCOM 6 EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 OPCI MTP INVEST EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 PB6 EQUITY (JV) 20.45 20.45 EQUITY (JV) 20.45 20.45 SICAC EQUITY (JV) 40.90 40.90 EQUITY (JV) 40.90 40.90 CORPORATE FINANCE DIVISION

BPIFRANCE GROUP BPIFRANCE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CDCE-1 EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BPIFRANCE INVESTISSEMENT EQUITY (JV) 49.93 49.93 EQUITY (JV) 49.71 49.71 BPIFRANCE INVESTISSEMENT REGIONS EQUITY (JV) 48.74 48.74 BPIFRANCE PARTICIPATIONS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AVENIR ENT DVLP C3 EQUITY (JV) 37.72 37.72 AVENIR ENT DVLP C4 EQUITY (JV) 25.30 25.30 AVENIR ENT MEZZANINE EQUITY (JV) 16.67 16.67 CDC ENTREPRISES CAPITAL INVESTISSEMENT EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 DAHER SA EQUITY (Ass.) 8.19 8.19 EQUITY (Ass.) 8.55 8.55 EIFFAGE EQUITY (Ass.) 10.08 10.08 EQUITY (Ass.) 10.27 10.27

Caisse des Dépôts Group - 2014 Financial Report

93 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest ERAMET EQUITY (Ass.) 12.94 12.94 EQUITY (Ass.) 12.99 12.99 ETI 2020 EQUITY (JV) 50.00 50.00 EUTELSAT COMMUNICATIONS EQUITY (Ass.) 13.04 13.04 EQUITY (Ass.) 12.84 12.84 FCPR PART’COM EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 FFI 2 EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 FFIA PRIME EQUITY (JV) 50.00 50.00 FFI 3 EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 FFI 3 PRIME EQUITY (JV) 50.00 50.00 FFI PARTS A EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 FFI PARTS B EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 FFI PARTS B PRIME EQUITY (JV) 50.00 50.00 FPMEI EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 France INVEST CROISSANCE 1 EQUITY (JV) 50.00 50.00 France INVEST CROISSANCE 2 EQUITY (JV) 50.00 50.00 France INVEST CROISSANCE 3 EQUITY (JV) 50.00 50.00 France INVEST CROISSANCE 4 EQUITY (JV) 50.00 50.00 France INVEST REGION 1 EQUITY (JV) 50.00 50.00 France INVEST REGION 2 EQUITY (JV) 50.00 50.00 France INVEST REGION 3 EQUITY (JV) 25.11 25.11 France INVEST REGION 4 EQUITY (JV) 50.00 50.00 FSI EQUATION EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 FSI PME PORTEFEUILLE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 FT1CI EQUITY (JV) 39.62 39.62 EQUITY (JV) 39.62 39.62 ORANGE EQUITY (Ass.) 6.80 6.80 PART’COM EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SOPROL EQUITY (Ass.) 9.38 9.38 EQUITY (Ass.) 9.38 9.38 STConso (STM consolidation subgroup EQUITY (Ass.) 19.81 19.81 EQUITY (Ass.) 19.81 19.81 consolidated at 28.07%) TYROL ACQUISITION 1 & CIE SCA EQUITY (Ass.) 12.00 12.00 EQUITY (Ass.) 12.00 12.00 BPIFRANCE FINANCEMENT EQUITY (JV) 44.92 44.92 EQUITY (JV) 44.87 44.87 ALSABAIL EQUITY (Ass.) 18.28 18.28 EQUITY (Ass.) 18.26 18.26 AUXI-CONSEIL EQUITY (JV) 44.92 44.92 EQUITY (JV) 44.87 44.87 AUXI-FINANCES EQUITY (JV) 44.92 44.92 EQUITY (JV) 44.87 44.87 AVENIR ENTREPRISE INVESTISSEMENT EQUITY (JV) 46.28 46.28 EQUITY (JV) 46.24 46.24 AVENIR TOURISME EQUITY (JV) 47.05 47.05 EQUITY (JV) 47.01 47.01 BPIFRANCE REGIONS EQUITY (JV) 44.47 44.47 EQUITY (JV) 44.41 44.41 COMPAGNIE AUXILIAIRE BPIFRANCE EQUITY (JV) 44.92 44.92 EQUITY (JV) 44.87 44.87 FCT PROXIMITE PME EQUITY (JV) 22.46 22.46 EQUITY (JV) 22.43 22.43 GRAS SAVOYE AUXI ASSURANCE EQUITY (Ass.) 15.27 15.27 EQUITY (Ass.) 15.26 15.26 SCI BPIFRANCE EQUITY (JV) 44.92 44.92 EQUITY (JV) 44.87 44.87 CORPORATE FINANCE DIVISION - OTHER ENTITIES QUALIUM INVESTISSEMENT FULL 100.00 100.00 FULL 100.00 100.00 CDC ENTREPRISES II FULL 100.00 37.30

Caisse des Dépôts Group - 2014 Financial Report

94 31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest 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 ELAN PME FULL 100.00 100.00 FULL 100.00 100.00 CDC INTERNATIONAL CAPITAL FULL 100.00 100.00 REAL ESTATE AND TOURISM DIVISION REAL ESTATE HOLDCO SIIC FULL 100.00 75.07 FULL 100.00 75.07 ICADE GROUP ICADE SA FULL 100.00 39.32 FULL 100.00 39.26 SARL EPP PERIPARC FULL 100.00 39.26 SAS HAVANE FULL 100.00 39.26 GIE ICADE MANAGEMENT (formerly SAS SOCOMIE) FULL 100.00 39.32 FULL 100.00 39.26

PROPERTY INVESTMENT HOUSING SCI PAYS DE LOIRE FULL 100.00 39.32 FULL 100.00 39.26 SAS SARVILEP FULL 100.00 39.32 FULL 100.00 39.26 BUSINESS PARKS SCI 68 VICTOR HUGO FULL 100.00 39.32 FULL 100.00 39.26 SCI BASSIN NORD EQUITY (JV) 50.00 19.66 EQUITY (JV) 50.00 19.63 SCI BATI GAUTIER FULL 100.00 39.32 FULL 100.00 39.26 SCI LE PARC DU MILLÉNAIRE FULL 100.00 39.32 FULL 100.00 39.26 SCI PDM 1 FULL 100.00 39.32 FULL 100.00 39.26 SCI PDM 2 FULL 100.00 39.32 FULL 100.00 39.26 SCI SEVERINE FULL 100.00 23.56 SARL DU NAUTILE FULL 100.00 39.26 SAS FONCIERE 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 39.32 FULL 100.00 39.26 SCI CAMILLE DESMOULINS FULL 100.00 39.32 FULL 100.00 39.26 SCI DU 1 TERRASSE BELLINI EQUITY (JV) 33.33 13.11 EQUITY (JV) 33.33 13.09 SCI DU 69 BLD HAUSSMANN FULL 100.00 39.32 FULL 100.00 39.26 SCI ICADE LEO LAGRANGE FULL 100.00 39.32 FULL 100.00 39.26 SCI ICADE RUE DES MARTINETS FULL 100.00 39.32 FULL 100.00 39.26 SCI LE TOLBIAC FULL 100.00 39.32 FULL 100.00 39.26 SCI MESSINE PARTICIPATIONS FULL 100.00 39.32 FULL 100.00 39.26 SCI MORIZET FULL 100.00 39.32 FULL 100.00 39.26 SCI MONDOTTE FULL 100.00 39.32 FULL 100.00 39.26 SCI NANTERRE ETOILE PARK FULL 100.00 39.26 SCI GASCOGNE - BUREAUX FULL 100.00 39.32 FULL 100.00 39.26 SCI ÉVRY MOZART FULL 100.00 39.32 FULL 100.00 39.26

Caisse des Dépôts Group - 2014 Financial Report

95 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest SCI ÉVRY EUROPEEN FULL 100.00 39.32 FULL 100.00 39.26 SCI LES TOVETS FULL 100.00 39.32 FULL 100.00 39.26 SCI POLICE DE MEAUX FULL 100.00 39.32 FULL 100.00 39.26 SCI BÂTIMENT SUD CENTRE FULL 100.00 39.32 FULL 100.00 39.26 HOSPITALIER PONTOISE SCI BSM DU CHU DE NANCY FULL 100.00 39.32 FULL 100.00 39.26 SAS 21-29 RUE DES FONTANOT FULL 100.00 39.26 SHOPS ICADE BRICOLAGE FULL 100.00 39.26 ICADE BRICOLAGE CBI FULL 100.00 39.26 OFFICES - Germany ICADE REIT BV FULL 100.00 39.26 ICADE REIM GERMANY GMBH FULL 100.00 39.26 ICADE REIM ARNULFSTRASSE MK9 GMBH FULL 100.00 39.26 ICADE REIM DACHAUER STRASSE GMBH FULL 100.00 39.26 ICADE REIM FRIESENSTRASSE HAUS 4 GMBH FULL 100.00 39.26 ICADE REIM GOLDSTEINSTRASSE GMBH FULL 100.00 39.26 ICADE REIM MERCEDESSTRASSE GMBH FULL 100.00 39.26 ICADE REIM SALZUFERSTRASSE GMBH FULL 100.00 39.26 KABALO GRUNDSTÜCKS FULL 100.00 39.26 VERWALTUNGSGESELLSCHAFT GMBH KABALO GRUNDSTÜCKS FULL 100.00 39.26 VERWALTUNGSGESELLSCHAFT & Co KG PUBLIC AND HEALTH CARE AMENITIES SAS ICADE SANTÉ FULL 100.00 22.22 FULL 100.00 22.19 SERVICES - Spain IMMOBILIARIA DE LA CDC ESPANA FULL 100.00 39.26 DEVELOPMENT ICADE GROUP HOUSING DEVELOPMENT 104 controlled companies 70 joint ventures 19 associates ICADE COMMERCIAL PROPERTY DEVELOPMENT 14 controlled companies 17 joint ventures 5 associates SERVICES PROPERTY MANAGEMENT ICADE PROPERTY MANAGEMENT FULL 100.00 39.32 FULL 100.00 39.26 CONSULTANCY & SOLUTIONS ICADE CONSEIL FULL 100.00 39.32 FULL 100.00 39.26 ICADE EXPERTISE FULL 100.00 39.32 FULL 100.00 39.26 ICADE ASSET MANAGEMENT FULL 100.00 39.32 FULL 100.00 39.26 IPORTA SAS FULL 100.00 39.32 FULL 100.00 39.26 ICADE TRANSACTIONS FULL 100.00 39.32 FULL 100.00 39.26

Caisse des Dépôts Group - 2014 Financial Report

96 31.12.2014 31.12.2013 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 (JV) 42.74 42.74 EQUITY (JV) 42.74 42.74 AMPERE GESTION FULL 100.00 100.00 FONDS LE LOGEMENT INTERMEDIAIRE EQUITY (Ass.) 33.33 33.33 TOURISM COMPAGNIE DES ALPES GROUP COMPAGNIE DES ALPES SA FULL 100.00 39.69 FULL 100.00 39.72 HOLDING COMPANIES & SUPPORT SUBSIDIARIES COMPAGNIE DES ALPES FINANCEMENT SNC FULL 100.00 39.29 FULL 100.00 39.72 CDA DS SAS FULL 100.00 39.69 FULL 100.00 39.72 CDHA FULL 100.00 39.69 FULL 100.00 39.72 INGELO FULL 100.00 39.69 FULL 100.00 39.72 MONTAVAL SAS FULL 100.00 39.69 FULL 100.00 39.72 LOISIRS RE SA (Luxembourg) FULL 100.00 39.69 FULL 100.00 39.72 INTERNATIONAL DEVELOPMENT CDA MANAGEMENT FULL 100.00 39.69 FULL 100.00 39.72 CDA PRODUCTIONS FULL 100.00 39.69 FULL 100.00 39.72 GREVIN MONTREAL INC (Canada) FULL 100.00 39.69 FULL 100.00 39.72 GREVIN PRAGUE SOR (Czech Republic) FULL 100.00 39.69 FULL 100.00 39.72 BY GREVIN (formerly SWISSALP SA) (Switzerland) FULL 100.00 39.69 FULL 100.00 39.72 SKI AREAS CDA SKI DIFFUSION SAS FULL 100.00 39.69 FULL 100.00 39.72 DEUX ALPES INVEST SA (DAI) FULL 100.00 39.72 DEUX ALPES LOISIRS SA (DAL) FULL 100.00 38.94 FULL 100.00 38.98 SC2A (formerly DEUX ALPES VOYAGES SA) FULL 100.00 38.94 FULL 100.00 38.98 DOMAINE SKIABLE DE FLAINE SA (DSF) FULL 100.00 32.13 FULL 100.00 32.16 DOMAINE SKIABLE DE LA ROSIÈRE SAS (DSR) EQUITY (Ass.) 20.00 7.94 EQUITY (Ass.) 20.00 7.94 DOMAINE SKIABLE DE VALMOREL SAS (DSV) EQUITY (Ass.) 20.00 7.94 EQUITY (Ass.) 20.00 7.94 DOMAINE SKIABLE DU GIFFRE SA (DSG) FULL 100.00 32.12 FULL 100.00 32.15 GROUPE COMPAGNIE DU MONT-BLANC SA EQUITY (Ass.) 37.49 14.88 EQUITY (Ass.) 37.49 14.89 MERIBEL ALPINA SAS FULL 100.00 39.69 FULL 100.00 39.72 PIERRE ET NEIGE SA FULL 100.00 38.94 FULL 100.00 38.98 SERRE CHEVALIER VALLEY SA FULL 100.00 39.69 FULL 100.00 39.72 ADS FULL 100.00 38.59 FULL 100.00 38.63 STÉ AMÉNAGEMENT ARVES GIFFRE SA (SAG) FULL 100.00 32.12 FULL 100.00 32.15 STÉ AMÉNAGEMENT LA PLAGNE SA (SAP) FULL 100.00 38.91 FULL 100.00 38.95 STÉ CONSTRUCTION IMMOBILIÈRE VALLEE DE BELLEVILLE SCI (SCIVABEL) FULL 100.00 32.40 FULL 100.00 32.43 STÉ EXPLOIT RM MORZINE AVORIAZ SAS (SERMA) EQUITY (Ass.) 20.00 7.94 EQUITY (Ass.) 20.00 7.94

Caisse des Dépôts Group - 2014 Financial Report

97 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest

STÉ EXPLOITATION VALLÉE DE FULL 100.00 32.39 FULL 100.00 32.42 BELLEVILLE SAS (SEVABEL) STÉ TÉLÉPHÉRIQUES DE LA FULL 100.00 30.87 FULL 100.00 30.90 GRANDE MOTTE SA (STGM) STÉ TÉLÉPHÉRIQUES DE VAL D'ISÈRE SAS (STVI) FULL 100.00 39.69 FULL 100.00 39.72 VALBUS SAS FULL 100.00 39.69 FULL 100.00 39.72 LEISURE DESTINATIONS AVENIR LAND SAS FULL 100.00 39.69 FULL 100.00 39.72 BELPARK BV (Belgium) FULL 100.00 39.69 FULL 100.00 39.72 CADEVI SAS FULL 100.00 39.69 FULL 100.00 39.72 CENTRES ATTRACTIFS JEAN FULL 100.00 39.69 FULL 100.00 39.72 RICHARD LA MER DE SABLE SAS CDA BRANDS FULL 100.00 39.69 FULL 100.00 39.72 DOLFINARIUM HARDERWIJK BV (Netherlands) FULL 100.00 39.69 FULL 100.00 39.72 ÉCOBIOGESTION SAS FULL 100.00 39.69 FULL 100.00 39.72 ÉCOPARCS SA EQUITY (Ass.) 51.02 35.30 FRANCE MINIATURE SAS FULL 100.00 39.69 FULL 100.00 39.72 FUTURUSCOPE DESTINATION SA FULL 100.00 32.35 FULL 100.00 32.36 PARC FUTUROSCOPE FULL 100.00 32.35 FULL 100.00 32.36 GRÉVIN & CIE SA FULL 100.00 39.69 FULL 100.00 39.72 GRÉVIN DEUTSCHLAND GMBH (Germany) FULL 100.00 39.69 FULL 100.00 39.72 HARDERWIJK HELLENDORN HOLDING BV (Netherlands) FULL 100.00 39.69 FULL 100.00 39.72 IMMOFLOR NV (Belgium) FULL 100.00 39.69 FULL 100.00 39.72 LOOPING HOLDING SAS EQUITY (Ass.) 26.91 10.69 MUSEE GREVIN SA FULL 100.00 38.05 FULL 100.00 38.09 PARC AGEN SAS FULL 100.00 39.69 FULL 100.00 39.72 PREMIER FINANCIAL SERVICES BV (Belgium) FULL 100.00 39.69 FULL 100.00 39.72 SAFARI AFRICAIN DE PORT SAINT-PERE SA FULL 100.00 39.69 FULL 100.00 39.72 WALIBI WORLD BV (Netherlands) FULL 100.00 39.69 FULL 100.00 39.72 WALIBI HOLLAND (Netherlands) FULL 100.00 39.69 FULL 100.00 39.72 WALIBI HOLIDAYPARK (Netherlands) FULL 100.00 39.69 FULL 100.00 39.72 SANTOLINE GROUP SANTOLINE GROUP EQUITY (Ass.) 33.87 33.87 EQUITY (Ass.) 33.87 33.87 INFRASTRUCTURE. TRANSPORT AND ENVIRONMENT DIVISION AQUALTER 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 SECHE ENVIRONNEMENT EQUITY (Ass.) 20.15 20.15 EQUITY (Ass.) 20.15 20.15 CDC CLIMAT FULL 100.00 100.00 FULL 100.00 100.00 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 MEDITERRANEE (BTM) FULL 100.00 74.88 FULL 100.00 74.87 EASYTRIP France SAS FULL 100.00 73.67 EGIS AIRPORT OPERATION FULL 100.00 74.88 FULL 100.00 74.88 EGIS ASSET MANAGEMENT SOLUTIONS FULL 100.00 74.88 EGIS AVIA FULL 100.00 74.88 FULL 100.00 74.88

Caisse des Dépôts Group - 2014 Financial Report

98 31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest EGIS BATIMENTS FULL 100.00 74.88 FULL 100.00 74.88 EGIS BATIMENTS ANTILLES GUYANE FULL 100.00 74.88 FULL 100.00 74.88 EGIS BATIMENTS CENTRE OUEST FULL 100.00 74.88 FULL 100.00 74.88 EGIS BATIMENTS GRAND EST FULL 100.00 74.88 FULL 100.00 74.88 EGIS BATIMENTS INTERNATIONAL FULL 100.00 74.88 FULL 100.00 74.88 EGIS BATIMENTS MANAGEMENT FULL 100.00 74.88 FULL 100.00 74.88 EGIS BATIMENTS MÉDITERRANÉE FULL 100.00 74.88 FULL 100.00 74.88 EGIS BATIMENTS NORD FULL 100.00 74.88 FULL 100.00 74.88 EGIS BATIMENTS OCEAN INDIEN FULL 100.00 74.88 FULL 100.00 74.88 EGIS BATIMENTS RHÔNE ALPES FULL 100.00 74.88 FULL 100.00 74.88 EGIS BATIMENTS SUD OUEST FULL 100.00 74.88 FULL 100.00 74.88 EGIS BDPA 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 74.88 EGIS CONSEIL BATIMENTS 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 EAU FULL 100.00 74.88 FULL 100.00 74.88 EGIS ENERGIE SYSTEMES FULL 100.00 74.88 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 France FULL 100.00 74.88 FULL 100.00 74.88 EGIS HOLDING BATIMENT INDUSTRIE FULL 100.00 74.88 FULL 100.00 74.88 EGIS INDUSTRIES FULL 100.00 74.88 FULL 100.00 74.88 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 PORTS 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 STRUCTURES ET ENVIRONNEMENT FULL 100.00 74.88 FULL 100.00 74.88 EGIS INVESTMENT PARTNERS - France (formerly EGIS Investment Partners) FULL 100.00 37.64 FULL 100.00 74.88 ENGAGE EQUITY (Ass.) 25.00 18.72 EQUITY (Ass.) 25.00 18.72 ENIA EQUITY (Ass.) 90.00 67.39 EQUITY (Ass.) 25.00 18.72 ÉTUDES BÂTIMENTS INGÉNIERIE (EBI) FULL 100.00 74.88 FULL 100.00 74.88 GUIGUES ENVIRONNEMENT FULL 100.00 74.88 INGESUD FULL 100.00 74.88 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 OTH INTERNATIONAL FULL 100.00 74.85 PARK + PARKINGS SECURISÉS EQUITY (JV) 40.00 29.95 EQUITY (JV) 40.00 29.95 POIDS LOURDS ROUTALIS SAS FULL 100.00 52.42 FULL 100.00 52.42 SEGAP SA JOINT OP. 50.00 37.44 JOINT OP. 50.00 37.44 SEP A63 JOINT OP. 80.00 59.90 JOINT OP. 80.00 59.90 SEP EGIS RAIL EQUITY (JV) 70.00 52.42 SINTRA FULL 100.00 74.87 FULL 100.00 74.88 SOCIÉTÉ D'ASSISTANCE ET DE CONSEIL INDUSTRIEL FULL 100.00 74.88 FULL 100.00 74.88

Caisse des Dépôts Group - 2014 Financial Report

99 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest SOCIÉTÉ DU MÉTRO DE MARSEILLE (SMM) FULL 100.00 74.87 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 TOLLSYS FULL 100.00 52.42 WIND-IT DEVELOPPEMENT EQUITY (JV) 50.00 37.44 INTERNATIONAL AERIA (Côte d'Ivoire) EQUITY (Ass.) 21.46 16.07 EQUITY (Ass.) 35.00 26.21 AEROSERVICE (Brazil) FULL 100.00 74.88 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.) 5.00 3.74 AUTOBAHN + SERVICES GMBH (Germany) FULL 100.00 50.17 EQUITY (JV) 56.00 41.93 AUTOSTRADA EXPLO EKSPLOATACJA (AESA) (Poland) EQUITY (JV) 34.71 25.99 EQUITY (JV) 34.71 25.99 BIKE U SP ZOO (Poland) FULL 100.00 67.39 BONAVENTURA STRASSENERHALTUNG GMBH (Austria) FULL 100.00 74.88 FULL 100.00 74.88 CAOG AIRPORT OPERATIONS LTD (Cyprus) JOINT OP. 36.00 26.96 JOINT OP. 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 44.55 FULL 100.00 52.42 DES Autostrada Spain SL (Spain) FULL 100.00 74.88 FULL 100.00 74.88 DES Srl (Italy) FULL 100.00 74.88 FULL 100.00 74.88 EASYTRIP SERVICES CORPORATION (Philippines) EQUITY (JV) 50.00 37.44 FULL 100.00 74.88 EASYTRIP SERVICES IRELAND LTD (Ireland) EQUITY (JV) 50.00 37.44 EQUITY (JV) 50.00 37.44 EAZY PASS LTD (Ireland) EQUITY (JV) 50.00 37.44 EGIS ALGERIE SPA (Algeria) FULL 100.00 74.88 FULL 100.00 74.88 EGIS BATIMENTS MAROC (Morocco) FULL 100.00 74.88 FULL 100.00 74.88 EGIS BEIJING ENGENNEERING CONSULTING (China) FULL 100.00 74.88 FULL 100.00 74.88 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 Private Limited (India) FULL 100.00 74.88 FULL 100.00 74.88 EGIS INDONESIA (Indonesia) FULL 100.00 41.18 FULL 100.00 41.18 EGIS INFRAMAD (Madagascar) FULL 100.00 53.16 FULL 100.00 53.16 EGIS INFRASTRUCTURE MANAGEMENT INDIA (India) EQUITY (JV) 44.00 32.95 EQUITY (JV) 44.00 32.95 EGIS INVESTMENT PARTNERS - A8 (Luxembourg) FULL 100.00 19.71 FULL 100.00 19.71 EGIS INVESTMENT PARTNERS - INFRASTRUCTURE (Luxembourg) FULL 100.00 74.88 FULL 100.00 74.13 EGIS INVESTMENT PARTNERS - M25 (Luxembourg) FULL 100.00 14.98 FULL 100.00 14.98 EGIS INVESTMENT PARTNERS PHILIPPINES INC FULL 100.00 40.44 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) EQUITY (JV) 50.00 37.44 EQUITY (JV) 50.00 37.44 EGIS MONACO FULL 100.00 74.88 FULL 100.00 74.88 EGIS POLAND SP Zoo (Poland) FULL 100.00 74.88 FULL 100.00 74.88 EGIS POLSKA INZINIERIA Z ORGRANICZONAQ FULL 100.00 74.88

Caisse des Dépôts Group - 2014 Financial Report

100 31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest EGIS PROJECTS ASIA PACIFIC PTY LTD (Australia) FULL 100.00 74.88 FULL 100.00 74.88 EGIS PROJECTS CANADA INC (Canada) FULL 100.00 74.88 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 EGIS PROJETS INCORPORATION (United States) FULL 100.00 74.88 FULL 100.00 74.88 EGIS RAIL ISRAËL (Israel) FULL 100.00 74.88 FULL 100.00 74.88 EGIS RAIL PTE (Singapore) FULL 100.00 74.88 FULL 100.00 74.88 EGIS RAIL SL (Spain) FULL 100.00 74.88 FULL 100.00 74.88 EGIS ROAD & TUNNEL OPERATIONS IRELAND LTD (Ireland) FULL 100.00 74.88 FULL 100.00 74.88 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 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 TUNEL ISLETMECILIGI A.S. (formerly FULL 100.00 74.88 FULL 100.00 74.88 EGIS Road Operation Turquie) (Turkey) 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 FULL 100.00 74.88 EP INFRASTRUKTURPROJEKTENTWICKLUNG FULL 100.00 74.88 FULL 100.00 74.88 (Austria) EUROPEAN NUCLEAR DECOMMISSION (Netherlands) FULL 100.00 38.19 FIRSTROUTE (Ireland) 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 73.67 HELIOS (United Kingdom) FULL 100.00 74.88 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 FULL 100.00 74.88 IJSBREKER ICT BV (Netherlands) EQUITY (Ass.) 49.19 36.83 EQUITY (Ass.) 49.19 36.83 ISIS BELGIQUE (Belgium) FULL 100.00 74.88 FULL 100.00 74.88 ITS ROAD SERVICES LTD (Ireland) 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 ANTWERPEN (Belgium) FULL 100.00 74.88 FULL 100.00 74.88 LEM OOSTENDE (Belgium) FULL 100.00 74.88 FULL 100.00 74.88 LENC (Brazil) FULL 100.00 67.39 M6 TOLNA USEMELTETO KFT (formerly M6 Tolna Exploitation Hongrie) (Hungary) EQUITY (JV) 52.00 38.94 EQUITY (JV) 52.00 38.94 MIDLINK M7/M8 LTD (Ireland) FULL 100.00 50.17 FULL 100.00 50.17 NEW MOBILITY VENTURE EQUITY (JV) 40.00 29.95 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 IRELAND LTD (Ireland) EQUITY (JV) 42.00 31.45 EQUITY (JV) 42.00 31.45 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 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 AUTOSTRADA (Poland) EQUITY (JV) 45.00 33.70 EQUITY (JV) 45.00 33.70

Caisse des Dépôts Group - 2014 Financial Report

101 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest TMC (Philippines) EQUITY (JV) 34.00 25.46 EQUITY (JV) 34.00 25.46 TRANS CANADA FLOW TOLLING INC (Canada) EQUITY (JV) 50.00 37.44 EQUITY (JV) 50.00 37.44 TRANS FINANCE BV (Netherlands) FULL 100.00 74.88 FULL 100.00 74.88 TRANSLINK INVESTMENT (Australia) 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 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 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) VIA4 SA EQUITY (JV) 45.00 33.70 EQUITY (JV) 45.00 33.70 TRANSDEV GROUP Transdev group 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 (Ass.) 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 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 MITTELRHEINISCHER VERKEHRSBETRIEB GMBH EQUITY (JV) 45.00 45.00 EQUITY (JV) 45.00 45.00 MOVE ON TELEMATIC SERVICE GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 NASSAUISCHE VERKEHRS- GESELLSCHAFT MBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 NBRB TEILE- UND LOGISTIK GMBH EQUITY (JV) 33.35 33.35 EQUITY (JV) 33.35 33.35 NIEDERSCHLESISCHE VERKEHRSGESELLSHAFT EQUITY (JV) 42.50 42.50 EQUITY (JV) 42.50 42.50 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) 47.45 47.45 MITTELRHEIN GMBH OBERLANDBAHN FAHRZEUGBEREITSTELLUNGSGMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 OMNIBUS-VERKEHR RUOFF GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 OSTSEELAND VERKEHR GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 35.00 35.00 PALATINABUS GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00

Caisse des Dépôts Group - 2014 Financial Report

102 31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest PERSONENVERKEHR GMBH MÜRITZ (PVM) EQUITY (JV) 50.00 50.00 EQUITY (JV) 35.00 35.00 RHEIN-BUS VERKEHRSBETRIEB GMBH EQUITY (JV) 25.50 25.50 EQUITY (JV) 25.50 25.50 RHEIN-MOSEL- VERKEHRSGESELLSCHAFT MBH EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 ROHDE VERKEHRSBETRIEBE GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SAX-BUS EILENBURGER BUSVERKEHR GMBH EQUITY (JV) 28.00 28.00 EQUITY (JV) 28.00 28.00 SCHAUMBURGER VERKEHRS- GESELLSCHAFT MBH EQUITY (JV) 25.50 25.50 EQUITY (JV) 25.50 25.50 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 GMBH & CO. KG TAETER-TOURS GMBH EQUITY (JV) 25.50 25.50 EQUITY (JV) 25.50 25.50 TRANSREGIO DEUTSCHE REGIONALBAHN GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA VERKEHR NIEDERSACHSEN/ WESTFALENG EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 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 VERKEHRSBETRIEB LAHN DILL GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VERKEHRSBETRIEB RHEIN EIFEL MOSEL GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VERKEHRSBETRIEB RHEIN LAHN GMBH EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VERKEHRSBETRIEB RHEIN WESTERWALD 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 WEST-BUS GMBH EQUITY (JV) 24.50 24.50 EQUITY (JV) 24.50 24.50 WÜRTTEMBERGISCHE EISENBAHN- GESELLSCHAFT EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUSTRALIA ACN 105 260 099 EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 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 AUSTRALASIA 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 BRISBANE FERRIES 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 MELBOURNE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV NSW SOUTH P/L EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00

Caisse des Dépôts Group - 2014 Financial Report

103 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest TRANSDEV QUEENSLAND P/L EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV SOUTH WEST P/L EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 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 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 AUTOBUS & AUTOCARS GEORGES SPRL EQUITY (JV) 50.00 50.00 AUTOBUS EN AUTOCARBEDRIJF EQUITY (JV) 50.00 50.00 REIZEN DE VALK N.V. AUTOBUS VERLEYEN N.V. EQUITY (JV) 50.00 50.00 AUTOBUSBEDRIJF G. MEBIS & CO. N.V. EQUITY (JV) 50.00 50.00 AUTOBUSSEN EN AUTOCARS EQUITY (JV) 50.00 50.00 ACHIEL WEYN EN ZONEN N.V. AUTOCARS DE POLDER N.V. EQUITY (JV) 50.00 50.00 B&C EQUITY (JV) 50.00 50.00 BUS DE POLDER N.V. EQUITY (JV) 50.00 50.00 DE DUINEN N.V. EQUITY (JV) 50.00 50.00 GEENENS BUS & CAR N.V. EQUITY (JV) 50.00 50.00 GEENENS N.V. EQUITY (JV) 50.00 50.00 GRUSON AUTOBUS N.V. EQUITY (JV) 50.00 50.00 HADEP N.V. EQUITY (JV) 50.00 50.00 HEIDEBLOEM N.V. EQUITY (JV) 50.00 50.00 KATRIVA N.V. EQUITY (JV) 50.00 50.00 R. MELOTTE & CO. N.V. EQUITY (JV) 50.00 50.00 V.B.M.N.V. EQUITY (JV) 50.00 50.00 VAN COILLIE N.V. EQUITY (JV) 50.00 50.00 VAN PEE INVEST N.V. EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT BELGIUM NV EQUITY (JV) 50.00 50.00 VERVOERBEDRIJF GEBROEDERS EQUITY (JV) 50.00 50.00 DE VOS BVBA YPRABUS S.A. EQUITY (JV) 50.00 50.00 CANADA VEOLIA TRANSDEV CANADA INC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSDEV QUEBEC INC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORTATION EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SERVICES CANADA IN YORK BRT EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 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 ENGINEERING EQUITY (JV) 25.00 25.00 HONG KONG TRAMWAYS LIMITED EQUITY (Ass.) 24.75 24.75 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

Caisse des Dépôts Group - 2014 Financial Report

104 31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest NANJING ZHONGBEI EQUITY (JV) 13.48 13.48 EQUITY (JV) 13.48 13.48 SHENYANG TRAM EQUITY (JV) 12.25 12.25 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 TOURING CROATIA EQUITY (Ass.) 10.39 10.39 EQUITY (JV) 10.39 10.39 SPAIN CORPORACION JEREZANA EQUITY (JV) 50.00 50.00 EQUITY (JV) 25.00 25.00 TRANSPORTES URBANOS DETREN EQUITY (JV) 50.00 50.00 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) 50.00 50.00 EQUITY (JV) 25.00 25.00 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) 33.00 33.00 EQUITY (JV) 16.50 16.50 UTE TRAMBESOS EQUITY (JV) 33.00 33.00 EQUITY (JV) 16.50 16.50 VIAJES EUROLINES EQUITY (JV) 18.75 18.75 EQUITY (JV) 18.75 18.75 VT ESPAGNE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 UNITED STATES 10 - 10 TAXI AR, LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 10 - 10 TAXI FL 1, LLC EQUITY (JV) 50.00 50.00 10 - 10 TAXI MN, LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 10 - 10 TAXI NY, LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 10 - 10 TAXI TX 1, LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 10 - 10 TRANSPORTATION, 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 AJELO EQUITY (JV) 42.50 42.50 ASSOCIATED CAB, LLC EQUITY (JV) 50.00 50.00 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 BELLE ISLE CAB COMPANY, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BLUE BOOTH, INC. 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 EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 (GUERNSEY) LIMITED 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

Caisse des Dépôts Group - 2014 Financial Report

105 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest 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 CLEARWATER TRANSPORTATION, LLC 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 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 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 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 EQUITY (JV) 50.00 50.00 OF THE DISTRICT OF COLUMBIA GREEN TOMATO CARS DC, LLC EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GREEN TOMATO CARS VA, 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 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 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 PHOENIX TRANSIT JOINT VENTURE (formerly EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PITTSBURGH TRANSIT JOINT VENTURE) PITTSBURGH TRANSPORTATION COMPANY EQUITY (JV) 50.00 50.00 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 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

Caisse des Dépôts Group - 2014 Financial Report

106 31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest 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 SE FLORIDA TRANSPORTATION, LLC 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 SPLIT EQUITY (JV) 42.50 42.50 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 SUPER TRANSPORTATION OF FLORIDA, LLC 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 EQUITY (JV) 50.00 50.00 SUPERSHUTTLE DALLAS FORT WORTH, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 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 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

Caisse des Dépôts Group - 2014 Financial Report

107 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest SUPERSHUTTLE LOUISANA, LLC 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 OF PENNSYLVANIA, LLC 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 TEMPE ARIZONA VF JOINT VENTURE 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 THE YELLOW CAB COMPANY OF PITTSBURGH 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 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 VEOLIA TRANSPORTATION SERVICES 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 YELLOW TAXI ASSOCIATION, INC. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 DENMARK TOURING SCANDINAVIA EQUITY (Ass.) 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 AERO PISTE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AEROPASS 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) 49.96 49.96 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 AUTOBUS DE L'ÉTANG EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUTOBUS DU FORT EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00

Caisse des Dépôts Group - 2014 Financial Report

108 31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest AUTOBUS MARNE-LA-VALLÉE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AUTOCARS ALIZES EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 AUTOCARS CHAMBON-GROS 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) 49.97 49.97 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 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 CARBU WASH EQUITY (JV) 50.00 50.00 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 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 CIE ARMORICAINE DE TRANSPORTS EQUITY (JV) 49.95 49.95 EQUITY (JV) 49.95 49.95 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 CIE OCÉANE 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 CITEBUS 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 COMPAGNIE DES TRANSPORTS EQUITY (JV) 49.97 49.97 DE LA RIVIEIRA 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 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 COURRIERS AUTOMOBILES PICARDS EQUITY (JV) 48.92 48.92 EQUITY (JV) 48.92 48.92

Caisse des Dépôts Group - 2014 Financial Report

109 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest COURRIERS DE L'AUBE EQUITY (JV) 49.70 49.70 EQUITY (JV) 49.70 49.70 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 EAP EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 ECAUXMOBILITÉ EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 ENEZ EDIG EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 EQUIVAL 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 ESTEREL CARS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 EURE-ET-LOIR MOBILITÉ EQUITY (JV) 49.97 49.97 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 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 GREENTOMATOCARS EQUITY (JV) 50.00 50.00 GREENTOMATOCARS LEASING EQUITY (JV) 50.00 50.00 GUICHARD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 HANDILIB 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 ROSE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 LES COURRIERS DE LA GARONNE EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 LES LIGNES DU VAR EQUITY (JV) 49.78 49.78 EQUITY (JV) 49.78 49.78 LES MÉLÈZES EQUITY (JV) 49.91 49.91 EQUITY (JV) 49.91 49.91 LES RUBANS BLEUS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 L'IMMOBILIERE DES FONTAINES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 LITTORAL NORD AUTOCARS EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 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 MECA PISTE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 MÉDITERRANÉENNE CONSIGNATION EQUITY (JV) 33.00 33.00 EQUITY (JV) 33.00 33.00 MANUTENTION MELVAN 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

Caisse des Dépôts Group - 2014 Financial Report

110 31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest 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 MOBILITÉS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PLATEFORME COMPTABLE IDF PÔLE 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) 49.92 49.92 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 SCI DE LA LAVANDE EQUITY (JV) 50.00 50.00 SCI LE PRÉ BOUDROT EQUITY (JV) 25.00 25.00 EQUITY (JV) 25.00 25.00 SCI MARAIS BELLENE EQUITY (JV) 50.00 50.00 SEGAR 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 SENONAIS MOBILITÉS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SERI 49 EQUITY (JV) 47.49 47.49 EQUITY (JV) 47.49 47.49 SETAO 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 SNA AJACCIENS EQUITY (JV) 50.00 50.00 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 ST2N EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 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 ST-BRIEUC MOBILITÉ 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

Caisse des Dépôts Group - 2014 Financial Report

111 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest 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) 50.00 50.00 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 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 THELLO EQUITY (Ass.) 16.67 16.67 EQUITY (Ass.) 16.67 16.67 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 STRASBOURG (MOBISTRAS) EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 TPMR TOULOUSE EQUITY (JV) 49.96 49.96 EQUITY (JV) 49.96 49.96 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) 47.53 47.53 TRANSAVOIE EQUITY (JV) 49.75 49.75 EQUITY (JV) 49.75 49.75 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 NIMES 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 ALPES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV ALPES-MARITIMES EQUITY (JV) 49.92 49.92 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 AUVERGNE 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 DAUPHINE 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 EQUIPAGES EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00

Caisse des Dépôts Group - 2014 Financial Report

112 31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest TRANSDEV EST 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 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 ISTRE EQUITY (JV) 49.97 49.97 TRANSDEV LOCATION DE VEHICULE 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 NORD-EST EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV ORLÉANS EQUITY (JV) 50.00 50.00 TRANSDEV OUTRE MER EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV ON DEMANDE France 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 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 URBAINS DU VALENCIENNOIS 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 TRANSPORT BÉRARD EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 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 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 TRANS-SERVICES EQUITY (JV) 49.97 49.97 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

Caisse des Dépôts Group - 2014 Financial Report

113 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest 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) 34.95 34.95 EQUITY (JV) 34.93 34.93 VEOLIA TRANSPORT ALGÉRIE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT SIÈGE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VILLENEUVE MOBILITE 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 VOYAGE ET TRANSPORTS DE NORMANDIE EQUITY (JV) 49.97 49.97 EQUITY (JV) 49.97 49.97 VT BORDEAUX EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VT NORD-PAS-DE-CALAIS EQUITY (JV) 49.97 49.97 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 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 NETHERLANDS ACM OPLEIDINGEN BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 ACM ZORGOPLEIDINGEN BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 ADVANCED NETHERLANDS TRANSPORT BV EQUITY (Ass.) 8.64 8.64 EQUITY (Ass.) 8.64 8.64 BEDRIJFSVERVOER LIMBURG BV EQUITY (JV) 10.80 10.80 EQUITY (JV) 10.80 10.80 CONEXXION MULTIMODAL BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CONNEXXION AMBULANCE SERVICES BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CONNEXXION AMBULANCEDIENSTEN BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CONNEXXION AMBULANCEZORG BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CONNEXXION FACILITAIR BEDRIJF BV EQUITY (JV) 43.21 43.21 CONNEXXION FINANCE BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CONNEXXION NEDERLAND NV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CONNEXXION OPENBAAR VERVOER NV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CONNEXXION RETAIL BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CONNEXXION TAXI SERVICES BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CONNEXXION TOURS BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CONNEXXION VASTGOED BV EQUITY (JV) 43.21 43.21 CONNEXXION VLOOT BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CONNEXXION WATER BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CONTINENTAL BREDA BV EQUITY (JV) 50.00 50.00

Caisse des Dépôts Group - 2014 Financial Report

114 31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest COOPERATIE REGIONAL AMBULANCEVOORZIENING EQUITY (Ass.) 10.80 10.80 EQUITY (Ass.) 10.80 10.80 HAAGLANDEN U.A. COOPERATIE REGIONAL EQUITY (Ass.) 21.61 21.61 EQUITY (Ass.) 21.61 21.61 AMBULANCEVOORZIENING KENNEMERLAND CTS NOORD BV EQUITY (Ass.) 22.04 22.04 EQUITY (Ass.) 22.04 22.04 CV ACTIVA WEERT EQUITY (JV) 42.78 42.78 EQUITY (JV) 42.78 42.78 CXX AMBULANCE EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CXX HQ EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CXX PUBLIC TRANSPORT EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CXX TAXI EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 CXX TOURS EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 DE GROOTH VERVOER BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 EESV DE LIJN EQUITY (Ass.) 21.61 21.61 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) 43.21 43.21 NOORD OOST GELDERLAND FUTURE TECHNOLOGY NEDERLAND BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 GVU NV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 HERMES GROEP NV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 HERMES OPENBAAR VERVOER BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 HMT OPLEIDINGEN BV EQUITY (JV) 43.21 43.21 OMNITAX BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 OV REGIO LJSSELMOND BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 OV REGIO ULTRECH BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 PERSONENVERVOER GRONINGEN BV EQUITY (JV) 43.21 43.21 PERSONENVERVOER VAN DIJK DELFTZIJL BV EQUITY (JV) 43.21 43.21 PERSONENVERVOER ZUID-NEDERLAND BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 REGIONALE AMBULANCEDIENST EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 NOORD-WEST VELUWE REISINFORMATIEGROEP BV EQUITY (Ass.) 14.18 14.18 EQUITY (Ass.) 14.18 14.18 ROLINE EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 SCHIPHOL TRAVEL TAXI BV EQUITY (Ass.) 21.61 21.61 EQUITY (Ass.) 21.61 21.61 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 STICHTING AMBULANCEZORG EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 NOORD EN OOST GELDERLAND STICHTING REGIONALE EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 AMBULANCEVOORZIENING ZEELAND TAXI CENTRALE MIDDEN-BRABANT BV EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TAXIBERDRIJF BEDUM BV EQUITY (JV) 43.21 43.21 TBC HOLDING B.V. EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 TECHNO SERVICE NEDERLAND NV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 TEGEARRE HOLDING BV EQUITY (JV) 43.21 43.21 VEOLIA TRANSPORT BRABANT N.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT FAST FERRIES B.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT LIMBURG B.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT LIMBURG BUS B.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT LIMBURG TOUR B.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT NEDERLAND HOLDING B.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT NEDERLAND O.V. B.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT NEDERLAND PV B.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 VEOLIA TRANSPORT RAIL B.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00

Caisse des Dépôts Group - 2014 Financial Report

115 Consolidated financial statements

31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest VERENIGING AMBULANCE ZORG EQUITY (Ass.) 21.61 21.61 EQUITY (Ass.) 21.61 21.61 VT LIMBURG PERSONEELSVOORZIENING B.V. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 WITTE KRUIS AMBULANCEZORG BV EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 WITTE KRUIS BELGIE BVBA EQUITY (JV) 42.78 42.78 EQUITY (JV) 42.78 42.78 WITTE KRUIS INTERNATIONAL EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 WITTE KRUIS ZORG EQUITY (JV) 43.21 43.21 EQUITY (JV) 43.21 43.21 POLAND TOURING POLSKA EQUITY (JV) 10.39 10.39 VEOLIA EUROLINES POLSKA SP. Z EQUITY (JV) 49.99 49.99 VT EUROLINES POLSKA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 PORTUGAL AUTO-PENAFIEL. LDA (ROCALDAS) EQUITY (JV) 12.73 12.73 EQUITY (JV) 12.73 12.73 AUTO VIACAO AVEIRENSE EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 AVAF EQUITY (JV) 50.00 50.00 BEIRA DOURO EQUITY (JV) 50.00 50.00 CAIMA TRANSPORTES EQUITY (JV) 50.00 50.00 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 EMPRESA DE TRANSPORTES ANTONIO CUNHA EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 GPS TRANSPORTES EQUITY (JV) 12.73 12.73 EQUITY (JV) 12.73 12.73 GUEDES EQUITY (JV) 50.00 50.00 IBERO EUROSUR S.L. EQUITY (Ass.) 12.55 12.55 EQUITY (JV) 12.55 12.55 INTERCENTRO EQUITY (JV) 24.63 24.63 EQUITY (JV) 24.63 24.63 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 TRANSDEV INTERIOR 5 (formerly JOALTO RB) EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 JVP EQUITY (JV) 50.00 50.00 MINHO BUS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV NORTE (formerly MONDINENSE) EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 RODOVIARIA DA BEIRA INTERIOR EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 RODOIARIA DA BEIRA LITORAL EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 RODOVIARIA DE ENTRE D'OURO E MINHO EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 RODOIARIA DO TEJO EQUITY (JV) 12.73 12.73 EQUITY (JV) 12.73 12.73 TRANSDEV DOURO EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV PARTICIPACOES SGPS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSCOVILHA EQUITY (JV) 25.00 25.00 TRANSCOVIZELA 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 VIUVA CARNEIRO EQUITY (JV) 50.00 50.00 SERBIA TOURING SERBIA EQUITY (Ass.) 10.39 10.39 EQUITY (Ass.) 10.39 10.39 CZECH REPUBLIC TOURING BOHEMIA EQUITY (Ass.) 10.39 10.39 EQUITY (JV) 10.39 10.39 VEOLIA EUROLINES CZ A.S. EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 REUNION CMTS (Mayotte) EQUITY (JV) 50.00 50.00 TRANSDEV SERVICES REUNION 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

Caisse des Dépôts Group - 2014 Financial Report

116 31.12.2014 31.12.2013 GROUPS/COMPANIES Method % control % interest Method % control % interest BLAZEFIELD TRAVEL GROUP LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BURNLEY & PENDLE TRAVEL LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 CCH AVIATION LOGISTICS 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 GREEN TOMATO CARS EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 HARROGATE & DISTRICT TRAVEL LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 KEIGHLEY & DISTRICT TRAVEL LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 LANCASHIRE UNITED LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 LONDON UNITED LTD EQUITY (JV) 50.00 50.00 OY BIKE EQUITY (JV) 50.00 50.00 SOVEREIGN EQUITY (JV) 50.00 50.00 TRANSDEV BLAZEFIELD LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV CLAIMS INVESTIGATIONS LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 TRANSDEV LONDON LIMITED EQUITY (JV) 50.00 50.00 TRANSDEV NORTHERN BLUE LIMITED 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 TRIDENT HERITAGE LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 YORKSHIRE COASTLINER LIMITED EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 SWEDEN AB GÖTEBORGS-STYRSÖ SKÄRGÅRDSTRAFIK EQUITY (JV) 50.00 50.00 EQUITY (JV) 50.00 50.00 BUSSDEPÅN I KRISTIANSTAD AB EQUITY (Ass.) 14.50 14.50 EQUITY (Ass.) 14.50 14.50 FAC FLYGBUSSARNA AIRPORT COACH EQUITY (JV) 50.00 50.00 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 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

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.

Caisse des Dépôts Group - 2014 Financial Report

117 Consolidated financial statements

CAISSE DES DÉPÔTS ET CONSIGNATIONS STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

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 readers. The Statutory Auditors’ report includes information speci"cally required by French law in such reports, whether modi"ed or not. This information is presented below the opinion on the consolidated "nancial statements and includes an explanatory paragraph discussing the Auditors’ assessments of certain signi"cant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated "nancial statements taken as a whole and not to provide separate assurance on individual account captions or on information taken outside of the consolidated "nancial 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, II - Justiﬁcation of our assessments In accordance with the requirements of Article L.823-9 of the French In compliance with the assignment entrusted to us, we hereby report to Commercial Code (Code de commerce) relating to the justi"cation of our you, for the year ended 31 December 2014, on: assessments, we bring to your attention the following matters: > the audit of the accompanying consolidated "nancial statements of Caisse des dépôts et consignations; Impairment of investments in equity-accounted companies, goodwill and > the justi"cation of our assessments; indefinite-lived intangible assets > the speci"c veri"cation required by law. Caisse des Dépôts Group tests investments in equity-accounted companies, goodwill and inde"nite-lived intangible assets for impairment. These consolidated "nancial statements have been approved by the These tests are performed as described in sections III. 2 and III. 8 of Chairman and Chief Executive Of"cer. Our role is to express an opinion Note 2 “Summary of signi"cant accounting policies” to the consolidated on these consolidated "nancial statements based on our audit. "nancial statements. These impairment tests resulted in the recognition of impairment losses (see Notes 4.10 and 4.12 to the consolidated "nancial statements). I - Opinion on the consolidated ﬁnancial We have assessed the Group’s impairment testing procedures and the statements related assumptions, as well as the inputs used for estimating impair- We conducted our audit in accordance with professional standards ment losses recognised to bring carrying amounts back in line with fair applicable in France. Those standards require that we plan and perform value and we have veri"ed the appropriateness of their presentation in the audit to obtain reasonable assurance about whether the consolidated the notes to the consolidated "nancial statements mentioned above. "nancial statements are free of material misstatement. An audit involves performing procedures, using sampling techniques or other methods of Impairment of available-for-sale financial assets selection, to obtain audit evidence about the amounts and disclosures in As set out in section III.1.2 of Note 2 “Summary of signi"cant accounting the consolidated "nancial statements. An audit also includes evaluating policies” and Notes 3.4 and 4.3 to the consolidated "nancial statements, the appropriateness of accounting policies used and the reasonableness the Group recognises impairment losses on available-for-sale "nancial of accounting estimates made, as well as the overall presentation of the assets: consolidated "nancial statements. We believe that the audit evidence > for equity instruments when there is objective evidence of a signi"cant we have obtained is suf"cient and appropriate to provide a basis for our or prolonged decline in the fair value of the investment; audit opinion. > for debt securities when there is a proven counterparty risk. We have assessed the processes used for identifying indications of In our opinion, the consolidated "nancial statements give a true and fair impairment and estimating impairment losses recognised to bring car- view of the assets and liabilities and of the "nancial position of the Group rying amounts back in line with fair value. at 31 December 2014 and of the results of its operations for the year then ended in accordance with International Financial Reporting Standards as These assessments were made as part of our audit of the consolidated adopted by the European Union. "nancial statements taken as a whole, and therefore contributed to the opinion we formed which is expressed in the "rst part of this report.

Caisse des Dépôts Group - 2014 Financial Report

118 III - Speciﬁc veriﬁcation We have no matters to report as to its fair presentation and its consis- As required by law and in accordance with professional standards appli- tency with the consolidated "nancial statements. cable in France, we have also veri"ed the information presented in the Group’s management report.

Neuilly-sur-Seine and Courbevoie, 7 April 2015

The Statutory Auditors

PricewaterhouseCoopers Audit Mazars

Patrice Morot Cyrille Dietz Charles de Boisriou Gilles Rainaut

Caisse des Dépôts Group - 2014 Financial Report

119 Caisse des Dépôts’ Business Review and Corporate Social Responsibility Report, as well as the "nancial 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 2014 Financial Report includes the audited consolidated "nancial statements of Caisse des Dépôts Group, the audited "nancial statements of Caisse des Dépôts Central Sector, and the audited "nancial statements of the Savings Funds centralised by Caisse des Dépôts. The English version of the report includes solely the audited consolidated "nancial statements of Caisse des Dépôts Group. The detailed "nancial statements for the subsidiaries and for other organisations and establishments managed by Caisse des Dépôts are not presented in this report, but in speci"c reports prepared by those entities. 2014 Financial Report 56, rue de Lille – 75356 Paris 07 SP – France Tél. : + 33 1 58 50 00 00 @CaissedesDepots www.groupecaissedesdepots.fr