FRR 2016 ANNUAL REPORT64

EXTRAORDINARY CONTRIBUTION TO CNIEG in euros

Equity capital at 31 December 2015 12,816,488,730.60 CNIEG balance at 31 December 2015 4,581,594,321.66 2016 employers contributions CADES debt at 31 December 2016 16,800,000,000.00

34,198,083,052.26

CNAV SHARE AT 31 DECEMBER 2016 13.40%

Employers contributions

Allocations at 31 December 2015 2,870,680,121.97 2016 Allocations at 31 December 2016 2,870,680,121.97

Breakdown at 31 December 2016 31/12/2015 31/12/2016 à répartir Operating expenses -63,181,073.85 - 63,181,073.85 Financial Income 925,271,634.60 925,271,634.60

Extraordinary Income 23,447.41 23,447.41

TOTAL INCOME 862,114,008.16 862,114,008.16

Valuation difference Financial instruments 3,076,665,683.19 3,649,405,363.70 572,739,680.51 Valuation difference Forex 22,747,962.29 10,972,131.74 -11,775,830.55 Valuation difference Forward exchange -353,265,133.67 -40,304,337.33 312,960,796.34 Valuation difference Derivatives 32,989,409.01 55,728,470.61 22,739,061.60 Valuation difference Private equity funds 390,026,931.22 388,164,457.55 -1,862,473.67 Valuation difference Securitisation entities -1,074,699.55 1,389,003.38 2,463,702.93 Valuation difference Options -1,817,333.92 -2,612,713.46 -795,379.54

VALUATION DIFFERENCE TOTAL 3,166,272,818.57 4,062,742,376.19 896,469,557.62

Financial and extraordinary profit/loss less operating expenses t 862,114,008.16

Breakdown percentage 13.40%

TO BE CREDITED TO THE CNAV 115,499,358.21

Valuation difference 896,469,557.62

Breakdown percentage 13.40%

TO BE CREDITED TO THE CNAV 120,102,048.66

Summary

Financial and extraordinary profit/loss less operating expenses 115,499,358.21

Valuation difference 120,102,048.66

TOTAL 235,601,406.86

As a reminder: CNIEG contribution at 31 December 2015 4,581,594,321.66

CNIEG CONTRIBUTION AT 31 DECEMBER 2016 4,817,195,728.52