Obligation Compagnie de financement foncier 0.375% ( FR0013281748 ) en EUR

Compagnie de financement foncier

100 % ▲

France

FR0013281748 ( en EUR )

0.375% par an ( paiement annuel )

11/12/2024

Prospectus brochure de l'obligation Compagnie de financement foncier FR0013281748 en EUR 0.375%, échéance 11/12/2024

100 000 EUR

1 250 000 000 EUR

11/12/2024 ( Dans 28 jours )

L'Obligation émise par Compagnie de financement foncier ( France ) , en EUR, avec le code ISIN FR0013281748, paye un coupon de 0.375% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 11/12/2024

COMPAGNIE DE FINANCEMENT FONCIER
Euro 125,000,000,000
Euro Medium Term Note Programme
for the issue of Obligations Foncières due from one month from the date of original issue
Under the Euro Medium Term Note Programme (the "Programme") described in this base prospectus (the "Base Prospectus"), Compagnie de Financement Foncier (the
"Issuer"), subject to compliance with all relevant laws, regulations and directives, may from time to time issue obligations foncières (the "Obligations Foncières" or the
"Notes"), benefiting from the statutory privilège created by Article L. 513-11 of the French Code monétaire et financier, as more fully described herein. No credit linked Notes
will be issued under the Programme.
The aggregate nominal amount of Notes outstanding will not at any time exceed Euro 125,000,000,000 (or the equivalent in other currencies).
This Base Prospectus replaces and supersedes the base prospectus dated 15 June 2016 and the supplements thereto and shall be in force for a period of one year as of the date of
its approval by the Autorité des marchés financiers (the "AMF").
Application has been made to the AMF in France for approval of this Base Prospectus, in its capacity as competent authority pursuant to Article 212-2 of its Règlement Général and,
at the same time for the notification of a certificate of approval released to the Commission de surveillance du secteur financier in Luxembourg for Notes issued under the
Programme to be listed and admitted to trading on the Regulated Market (as defined below) of the Luxembourg Stock Exchange, both of approval and notification being made in
its capacity as competent authority under Article 212-2 of the Règlement Général of the AMF which implements the Directive 2003/71/EC of 4 November 2003 on the prospectus to
be published when securities are offered to the public or admitted to trading, as amended (the "Prospectus Directive").
Application may be made to Euronext Paris for Notes issued under the Programme for the period of 12 months from the date of this Base Prospectus to be listed and admitted to
trading on Euronext Paris. Euronext Paris is a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EEC, as amended, appearing on the list of
regulated markets issued by the European Commission (a "Regulated Market"). Application may also be made for Notes to be listed and admitted to trading on a Regulated
Market of any other Member State of the European Economic Area (the "EEA") (subject to the notification of a certificate of approval released to the competent authority of
such other Member State). Notes which are not listed or admitted to trading on a Regulated Market, or which are not offered to the public, in a Member State of the EEA may be
issued under the Programme and may also be listed on an alternative stock exchange or may not be listed at all. The relevant final terms (the "Final Terms") (as defined in
"Summary of the Programme") in respect of the issue of any Notes will specify whether or not such Notes will be listed and admitted to trading and/or offered to the public and,
if so, the relevant Regulated Market in the EEA where the Notes will be listed and admitted to trading and/or the Member State(s) in the EEA where the Notes will be offered to the
public and will be published, if relevant, on the website of the Regulated Market where the admission to trading is sought, if the rules applicable to such regulated market so
require.
Each time the Notes will be admitted to trading on Euronext Paris, the Notes will also be admitted to trading on the Regulated Market of the Luxembourg Stock Exchange.
Notes may be issued either in dematerialised form ("Dematerialised Notes") or in materialised form ("Materialised Notes") as more fully described herein.
Dematerialised Notes will at all times be in book entry form in compliance with Articles L. 211-3 and R. 211-1 of the French Code monétaire et financier. No physical documents of
title will be issued in respect of the Dematerialised Notes.
Dematerialised Notes may, at the option of the Issuer, be in bearer dematerialised form (au porteur) inscribed as from the issue date in the books of Euroclear France
("Euroclear France") (acting as central depositary) which shall credit the accounts of Account Holders (as defined in "Terms and Conditions of the Notes - Form,
Denomination, Title and Redenomination") including, Euroclear Bank S.A./N.V. ("Euroclear") and the depositary bank for Clearstream Banking S.A. ("Clearstream"), or in
registered dematerialised form (au nominatif) and, in such latter case, at the option of the relevant holder, in either fully registered dematerialised form (nominatif pur), in which
case they will be inscribed with a registration agent (appointed in the relevant Final Terms) for the Issuer, or in administered registered dematerialised form (nominatif
administré) in which case they will be inscribed in the accounts of the Account Holders (as defined in "Terms and Conditions of the Notes - Form, Denomination, Title and
Redenomination") designated by the relevant holder of Notes.
Materialised Notes will be in bearer materialised form only and may only be issued outside France. A temporary global certificate in bearer form without interest coupons
attached (a "Temporary Global Certificate") will initially be issued in relation to Materialised Notes. Such Temporary Global Certificate will subsequently be exchanged for
definitive Materialised Notes in bearer form (the "Definitive Materialised Notes") on or after a date expected to be on or about the 40th day after the issue date of the Notes
(subject to postponement as described in "Temporary Global Certificates issued in respect of Materialised Notes") upon certification as to non-US beneficial ownership with,
where applicable, coupons for interest attached.
The Programme has been rated Aaa by Moody's Investors Service ("Moody's"), AAA by Standard & Poor's Ratings Services ("S&P") and AAA by Scope Ratings AG
("Scope"). It is expected that the Notes issued under the Programme will be rated AAA by S&P, Aaa by Moody's and AAA by Scope. Each of S&P, Moody's and Scope is
established in the European Union, registered under Regulation (EC) No.1060/2009 on credit ratings agencies, as amended (the "CRA Regulation") and included in the list of
registered credit rating agencies published on the website of the European Securities and Markets Authority (www.esma.europa.eu/supervision/credit-rating-agencies/risk). The
relevant Final Terms will specify whether or not such credit ratings are issued by a credit rating agency established in the European Union and registered under the CRA
Regulation. A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating agency.
The final terms of the Notes will be determined at the time of the offering of each Tranche and will be set out in the relevant Final Terms.
Copies of the documents incorporated by reference can be obtained without charge from the registered office of the Issuer and are also published on the Issuer's website
(www.foncier.fr).
Arranger
DEUTSCHE BANK
Dealers
BARCLAYS
BNP PARIBAS
BOFA MERRILL LYNCH
COMMERZBANK
CRÉDIT AGRICOLE CIB
CRÉDIT FONCIER DE FRANCE
CREDIT SUISSE
DEUTSCHE BANK
HSBC
J.P. MORGAN
MORGAN STANLEY
NATIXIS
NATWEST MARKETS
NOMURA
SOCIÉTÉ GÉNÉRALE CORPORATE & INVESTMENT BANKING
UBS INVESTMENT BANK

The date of this Base Prospectus is 16 June 2017.

The prospectus as defined in Article 5.4 of the Prospectus Directive consists in (a) this base prospectus
containing the base terms and conditions of the Notes to be issued under the Programme, together with
any supplements thereto published from time to time (each a "Supplement" and together the
"Supplements") and (b) the Final Terms of the Notes.
This Base Prospectus is to be read in conjunction with all documents which are incorporated herein by
reference (see "Documents Incorporated by Reference").
No person has been authorised to give any information or to make any representation other than those
contained in this Base Prospectus in connection with the issue or sale of the Notes and, if given or made,
such information or representation must not be relied upon as having been authorised by the Issuer or any
of the Dealers or the Arranger (as defined in "Summary"). Neither the delivery of this Base Prospectus nor
any sale made in connection herewith shall, under any circumstances, create any implication that there has
been no change in the affairs of the Issuer since the date hereof or the date upon which this Base
Prospectus has been most recently amended or supplemented or that there has been no adverse change in
the financial position of the Issuer since the date hereof or the date upon which this Base Prospectus has
been most recently amended or supplemented or that any other information supplied in connection with
the Programme is correct as of any time subsequent to the date on which it is supplied or, if different, the
date indicated in the document containing the same.
The Issuer has undertaken with the Dealers to amend or supplement this Base Prospectus or publish a new
Base Prospectus if and when the information herein should become materially inaccurate or incomplete.
The distribution of this Base Prospectus and the offering or sale of the Notes in certain jurisdictions may
be restricted by law. Persons into whose possession this Base Prospectus comes are required by the Issuer,
the Dealers and the Arranger to inform themselves about and to observe any such restriction.
The Notes have not been and will not be registered under the United States Securities Act of 1933, as
amended (the "Securities Act") or with any security regulation authority of any state or other jurisdiction
of the United States and include Materialised Notes in bearer form that are subject to U.S. tax law
requirements. Subject to certain exceptions, Notes may not be offered or sold to U.S. persons (as defined in
Regulation S under the Securities Act ("Regulation S")) or, in the case of Materialised Notes in bearer
form, delivered within the United States or to United States persons (as defined under the U.S. Internal
Revenue Code of 1986, as amended).
THE NOTES ARE BEING OFFERED OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS IN
RELIANCE ON REGULATION S.
For a description of certain restrictions on offers and sales of Notes and on distribution of this Base
Prospectus, see "Subscription and Sale".
IMPORTANT EEA RETAIL INVESTORS - If the Final Terms in respect of any Notes includes a legend
entitled "Prohibition of Sales to EEA Retail Investors", the Notes are not intended, from 1 January 2018,
to be offered, sold or otherwise made available to and, with effect from such date, should not be offered,
sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these
purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11)
of Article 4(1) of Directive 2014/65/EU ("MiFID II"); (ii) a customer within the meaning of Directive
2002/92/EC ("IMD"), where that customer would not qualify as a professional client as defined in point
(10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive.
Consequently no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs
Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the
A33979533
1

EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to
any retail investor in the EEA may be unlawful under the PRIIPS Regulation.
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer, the
Arranger or the Dealers to subscribe for, or purchase, any Notes.
The Arranger and the Dealers have not separately verified the information or representations contained in
this Base Prospectus. None of the Dealers or the Arranger makes any representation, express or implied, or
accepts any responsibility, with respect to the sincerity, accuracy or completeness of any of the information
or representations in this Base Prospectus. Neither this Base Prospectus nor any other financial statements
nor any other information incorporated by reference are intended to provide the basis of any credit or
other evaluation and should not be considered as a recommendation by any of the Issuer, the Arranger or
the Dealers that any recipient of this Base Prospectus or any other financial statements or any information
incorporated by reference should purchase the Notes. Each potential purchaser of Notes should determine
for itself the relevance of the information contained in this Base Prospectus and its purchase of Notes
should be based upon such investigation as it deems necessary. None of the Dealers or the Arranger has
reviewed or undertakes to review the financial condition or affairs of the Issuer during the life of the
arrangements contemplated by this Base Prospectus nor to advise any investor or potential investor in the
Notes of any information coming to the attention of any of the Dealers or the Arranger.
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references to "",
"Euro", "EUR" are to the currency which was introduced as of 1 January 1999 with the start of the third
stage of the European Economic and Monetary Union by which date the Euro became the legal currency in
eleven Member States of the European Union, references to "£", "pounds sterling", "GBP" and "Sterling"
are to the lawful currency of the United Kingdom, references to "$", "USD" and "US Dollars" are to the
lawful currency of the United States of America, references to "HKD", "Hong Kong Dollars" are to the
lawful currency of Hong Kong, "¥", "JPY" and "Yen" are to the lawful currency of Japan, references to
"CHF" and "Swiss Francs" are to the lawful currency of the Helvetic Confederation, references to "NOK"
are to the lawful currency of Norway and references to "CAD" and "Canadian Dollars" are to the lawful
currency of Canada.

A33979533
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TABLE OF CONTENTS
Page
SUMMARY ..................................................................................................................................................... 4
RÉSUMÉ EN FRANÇAIS (FRENCH SUMMARY) .................................................................................... 27
RISK FACTORS ............................................................................................................................................ 50
CONDITIONS ATTACHED TO THE CONSENT OF THE ISSUER TO USE THE BASE PROSPECTUS
............................................................................................................................................................... 70
SUPPLEMENT TO THE BASE PROSPECTUS ........................................................................................... 72
DOCUMENTS INCORPORATED BY REFERENCE .................................................................................. 73
TERMS AND CONDITIONS OF THE NOTES ........................................................................................... 76
TEMPORARY GLOBAL CERTIFICATES ISSUED IN RESPECT OF MATERIALISED NOTES ......... 126
USE OF PROCEEDS ................................................................................................................................... 127
SUMMARY OF THE LEGISLATION AND REGULATIONS RELATING TO SOCIÉTÉS DE CRÉDIT
FONCIER ............................................................................................................................................ 128
DESCRIPTION of COMPAGNIE DE FINANCEMENT FONCIER .......................................................... 130
RELATIONSHIP BETWEEN COMPAGNIE DE FINANCEMENT FONCIER AND CRÉDIT FONCIER
DE FRANCE ....................................................................................................................................... 143
RECENT DEVELOPMENTS ...................................................................................................................... 148
TAXATION .................................................................................................................................................. 151
SUBSCRIPTION AND SALE ..................................................................................................................... 154
FORM OF FINAL TERMS 1 ....................................................................................................................... 158
FORM OF FINAL TERMS 2 ....................................................................................................................... 178
GENERAL INFORMATION ....................................................................................................................... 227
PERSON RESPONSIBLE FOR THE INFORMATION GIVEN IN THE BASE PROSPECTUS .............. 230

A33979533
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SUMMARY
Summaries are made up of disclosure requirements known as "Elements" the communication of which is required by
Annex XXII of Regulation (EC) No 809/2004 of 29 April 2004, as amended. These Elements are numbered in Sections
A E (A.1 E.7). This summary contains all the Elements required to be included in a summary for this type of
securities and for Compagnie de Financement Foncier (the "Issuer"). Because some Elements are not required to be
addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to
be inserted in the summary because of the type of securities and Issuer, it is possible that no relevant information can
be given regarding such Element. In this case a short description of the Element is included in the summary and
marked as "Not applicable".
This summary is provided for purposes of the issue by the Issuer of the Notes of a denomination of less than Euro
100,000 which are offered to the public or admitted to trading on a Regulated Market of the European Economic Area
(the "EEA"). The issue specific summary relating to this type of Notes will be annexed to the relevant Final Terms and
will comprise (i) the information below with respect to the summary of the Base Prospectus and (ii) the information
below included in the items "issue specific summary" and which will be completed at the time of each issue.
Section A - Introduction and warnings
A.1
General disclaimer
This summary must be read as an introduction to the Base Prospectus. Any
regarding the
decision to invest in the Notes should be based on a consideration by any investor
summary
of the Base Prospectus as a whole, including any documents incorporated by
reference and any supplement from time to time. Where a claim relating to
information contained in the Base Prospectus is brought before a court, the
plaintiff may, under the national legislation of the Member State of the EEA where
the claim is brought, be required to bear the costs of translating the Base
Prospectus before the legal proceedings are initiated. Civil liability attaches only to
those persons who have tabled the summary, including any translation thereof, but
only if the summary is misleading, inaccurate or inconsistent when read together
with the other parts of the Base Prospectus or it does not provide, when read
together with the other parts of the Base Prospectus, key information in order to
aid investors when considering whether to invest in the Notes.
A.2
Information
In the context of any offer of Notes in France, in the Grand Duchy of Luxembourg
regarding consent
and/or any other Member State of the EEA specified in the applicable Final Terms
by the Issuer to the
(the "Public Offer Jurisdictions") that is not within an exemption from the
use of the
requirement to publish a prospectus under the Prospectus Directive, as amended, (a
Prospectus
"Public Offer"), the Issuer consents to the use of the Base Prospectus and the
relevant Final Terms (together with the Base Prospectus, the "Prospectus") in
connection with a Public Offer of any Notes during the offer period specified in the
relevant Final Terms (the "Offer Period") and in the Public Offer Jurisdiction(s)
specified in the relevant Final Terms by (i) any financial intermediary duly
authorised designated in such Final Terms or (ii) if so specified in the relevant
Final Terms, any financial intermediary (each an "Authorised Offeror"). The
consent referred to above relates to Offer Periods (if any) ending no later than the
date falling 12 months from the date of the approval of the Base Prospectus by the
Autorité des marchés financiers.

The Terms and Conditions of the Public Offer shall be provided to investors
by that Authorised Offeror at the time of the Public Offer. Neither the Issuer
nor any of the Dealers (as defined below) or other Authorised Offerors has
any responsibility or liability for such information.
References in the Base Prospectus to "Permanent Dealers" are to the persons
listed as Dealers (as defined below) and to such additional persons that are
appointed as dealers in respect of the whole Programme (and whose appointment
has not been terminated) and to "Dealers" are to all Permanent Dealers and all
A33979533
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persons appointed as a dealer in respect of one or more Tranches.

Issue specific Summary:
[In the context of the offer of the Notes in [.] (``Public Offer Jurisdiction[s]'')
which is not made within an exemption from the requirement to publish a
prospectus under the Prospectus Directive, as amended (the "Public Offer"), the
Issuer consents to the use of the Prospectus in connection with such Public Offer of
any Notes during the period from [.] until [.] (the "Offer Period") and in the
Public Offer Jurisdiction[s] by [.] / [any financial intermediary] (the "Authorised
Offeror[s]"). [The Authorised Offeror[s] must satisfy the following conditions:
[.]]]
The Terms and Conditions of the Public Offer shall be provided to Investors
by that Authorised Offeror at the time of the Public Offer. Neither the Issuer
nor any of the Dealers or other Authorised Offerors has any responsibility or
liability for such information.]/
[Not applicable]]

Section B Issuer
B.1
Legal and
Compagnie de Financement Foncier ("Compagnie de Financement
commercial name of
Foncier" or the "Issuer" or the "Company").
the Issuer
B.2
Domicile and legal
Compagnie de Financement Foncier is a credit institution authorised as a
form of the Issuer,
financial company and a société de crédit foncier by a decision of the French
the legislation under
Credit Institutions and Investment Companies Committee (CECEI - Comité
which the Issuer
des Etablissements de Crédit et des Entreprises d'Investissements, now
operates and its
known as Autorité de contrôle prudentiel et de résolution) on 23 July 1999. It
country of
is therefore governed by the legislation applicable to credit institutions and,
incorporation
as a société de crédit foncier, it is also governed by Articles L. 513-2 to
L. 513-27 of the French Code monétaire et financier.
Its registered office is located at 19, rue des Capucines, 75001 Paris.
B.4b
Description of any
Not Applicable.
known trends
No significant deterioration has affected the outlook of the Company since its
affecting the Issuer
last financial report was audited and published.
and the industries in
which it operates
B.5
A description of the
Compagnie de Financement Foncier is a wholly-owned subsidiary of Crédit
Issuer's Group and
Foncier de France (A-/A2/A) and an affiliate of BPCE (A/A2/A), the "central
the Issuer's position
body" of Groupe BPCE, which, with 15 Banques Populaires and 17 Caisses
within the Group
d'Epargne, contstitutes one of France's largest banking groups.
Since the merger of holding companies previously owned by Banques
Populaires (BP Participations) and Caisses d'Epargne (CE Participations) on
5 August 2010 within the Central body (BPCE), Crédit Foncier de France's is
wholly owned by Groupe BPCE, the second banking group in France (market
shares: 21.6% of market share for customer savings and 20.7% for customer
credits (source: Banque de France Q3-2016 all non-financial customers).
B.9
Profit forecast or
Not Applicable.
estimate
Compagnie de Financement Foncier does not disclose any profit forecast or
estimate.
A33979533
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B.10
Qualifications in the
Not Applicable.
auditors' report
The statutory auditors' reports on the financial statements of Compagnie de
Financement Foncier for the years ended 31 December 2016 and 31
December 2015 do not contain any qualifications.
B.12
Selected historical
There has been no material adverse change in the financial position or

key financial
prospects of the Compagnie de Financement Foncier since the date of its last

information
published audited financial statements.

There has been no significant changes in the financial or trading position of
the Compagnie de Financement Foncier since the end of the last financial

period for which audited financial information has been published.

The following tables show the key figures related to the balance

sheet of the Compagnie de Financement Foncier as at 31 December

2015 and 31 December 2016:

Simplified economic balance sheet at 31 December 2015 (total balance

sheet: euro 87.6 billion)

%
%

Balance

Billion
Balance
Billion

sheet
sheet

Mortgage loans or
38.0
43.3%
Privileged resources
68.0
77.7%

equivalent

Public sector
39.3
44.9%
Obligations foncières
69.0
78.8%
exposures

Foreign exchange

French Public
29.3
33.5%
rate difference on
-1.2
-1.3%
sector1

obligations foncières
Foreign public
Other privileged
10.0
11.4%
0.2
0.3%
sector
resources
Difference
Replacement
associated with
values and other
10.3
11.8%
1.5
1.7%
hedging balance
assets
sheet item
Non-privileged
Replacement values
7.1
8.1%
18.1
20.7%
resources
Other assets
3.2
3.7%
Unsecured debt
12.6
14.4%
Subordinated debt or

2.2
2.6%
equivalent
Shareholder's equity,
provisions and

3.2
3.7%
reserve for general
banking risks
TOTAL
TOTAL ASSETS
87.6
100.0%
87.6
100.0%
LIABILITIES
1 Including deposits and short term loans at Banque de France of 5.4 billion at the end of 2015 and 1.2
billion at the end of 2014.

Liabilities benefiting from the privilège (obligations foncières) as at
31 December 2015
-
Issued in 2015: Euro 8.4 billion
-
Liabilities benefiting from the privilège: Euro 69 billion in obligations
foncières.
Simplified balance sheet at 31 December 2016 (total balance sheet:
A33979533
6

euro 84.3 billion)

%
%
Billion
Balance

Billion
Balance
sheet
sheet
Mortgage loans or
39.4
46.7%
Privileged resources
66.8
79.2%
equivalent
Public sector
34.7
41.2%
Obligations foncières
67.4
80.0%
exposures
Foreign exchange
French Public
25.0
29.6%
rate difference on
-0.8
-1.0%
sector 1
obligations foncières
Foreign public
Other privileged
9.7
11.5%
0.2
0.2%
sector
resources
Difference
Replacement
associated with
values and other
10.3
12.2%
1.6
1.9%
hedging balance
assets
sheet item
Non-privileged
Replacement values
6.8
8.1%
15.9
18.9%
resources
Other assets
3.4
4.0%
Unsecured debt
10.5
12.5%
Subordinated debt or

2.2
2.6%
equivalent
Shareholder's equity,
provisions and

3.2
3.8%
reserve for general
banking risks
TOTAL
TOTAL ASSETS
84.3
100.0%
84.3
100.0%
LIABILITIES

1 Including deposits and short term loans at Banque de France of 2.4 billion at the end of 2016 and
5.4 billion at the end of 2015.

Liabilities benefiting from the privilège (obligations foncières) as at
31 December 2016
-
Issued in 2016: Euro 5.2 billion
-
Liabilities benefiting from the privilège: Euro 67 billion in obligations
foncières.

The following table shows certain key performance indicators of the
Compagnie de Financement Foncier as at 31 December 2016 and 31
December 2015:

2016
2015
Net income
94 million
132 million
Regulatory overcollateralization ratio
117.6%
122.1%
Average LTV of mortgage loans
74.9%
75.5%

The following tables show key figures related to the eligible assets of
the Compagnie de Financement Foncier as at 31 December 2015
and 31 December 2016:
Eligible assets as at 31 December 2015 (total: euro 87.6 billion)

billion
%
Mortgage loans or equivalent
38.0
43.3%
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Public sector exposures
39.3
44.9%
French public sector loans1
29.3
33.5%
Foreign public sector
10.0
11.4%
Replacement values and other assets
10.3
11.8%
Replacement securities
7.1
8.1%
Other assets
3.2
3.7%
Total assets
87.6
100.00%

1 Including deposits and short term loans at Banque de France of 5.4 billion at the end of 2015 and 1.2
billion at the end of 2014.

Eligible assets as at 31 December 2016 (total: euro 84.3 billion)

billion
%
Mortgage loans or equivalent
39.4
46.7%
Public sector exposures
34.7
41.2%
French public sector loans1
25.0
29.6%
Foreign public sector
9.7
11.5%

Replacement values and other assets
10.3
12.2%
Replacement securities
6.8
8.1%
Other assets
3.4
4.0%
Total assets
84.3
100.00%

1 Including deposits and short term loans at Banque de France of 2.4 billion at the end of 2016 and
5.4 billion at the end of 2015.

The following quarterly financial information is unaudited and has
not been reviewed:
Financial information as at 31 March 2017 and as at 31 March 2016

Assets
31 March 2017
31 March 2016

(EUR thousands)
Cash due from central banks and post office
1,520,000
2,300,018
accounts
Treasury notes and similar securities
3,467,389
3,615,098
Due from banks
29,420,046
21,245,410
Customers loans
39,372,426
41,453,608
Bonds and other fixed income securities
5,921,613
12,389,935
Other long term securities
0
4
Shares / fixed assets

Other assets
16,127
42,627
Prepayments deferred charges and accrued
2,669,692
3,125,546
income
Total Assets
82,387,293
84,172,246
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Liabilities and Equity
31 March 2017
31 March 2016

(EUR thousands)
Cash due to central banks and post office
_
_
accounts
Due to banks
8,718,815
8,862,976
Customer deposits
8
17
Debt securities
66,018,419
66,467,534
Other liabilities
2,040,320
3,242,599
Accruals and deferred income
2,388,573
2,349,289
Provisions for liabilities and charges
20,663
16,139
Subordinated debt
0
0
Fund for general banking risks
20,000
20,000
Equity excluding fund for general banking
3,180,495
3,213,692
risks
Total Liabilities and Equity
82,387,293
84,172,246

Off-Balance Sheet
31 March 2017
31 March 2016

(EUR thousands)
Commitments given
873,405
819,783
Commitments received
9,705,067
9,028,025

B.13
Recent material
Not Applicable.
events relevant to
Compagnie de Financement Foncier did not record any recent events that
the evaluation of the
significantly impact the evaluation of its solvency.
Issuer's solvency
B.14
Extent to which the
As stipulated by law, Compagnie de Financement Foncier draws on the
Issuer is dependent
technical and human resources of its parent company under agreements
upon other entities
binding the two companies. These agreements, which are regulated
within the Group
(réglementés) as defined by Article L. 225-38 of the French Code de
commerce, cover all of the Compagnie de Financement Foncier's activities.
The texts are drafted taking into account the special nature of the relationship
between Crédit Foncier de France and its subsidiary Compagnie de
Financement Foncier.
The principal business of Crédit Foncier de France is to grant mortgage loans
to individuals and real estate professionals, grant loans to local authorities,
provide structured financing and to issue bonds to finance these loans.

Crédit Foncier de France transferred to Compagnie de Financement Foncier

all its property commitments and pledged assets to the CECEI pursuant to
Article 110 of law 99-532 of 25 June 1999.

After having been affiliated with the Groupe Caisse d'Epargne between

1999 and 2009, Crédit Foncier de France became affiliated in 2009 with

Groupe BPCE, which resulted from the merger of Caisses d'Epargne and
Banque Populaire networks. Since 5 August 2010, Crédit Foncier de France

has been fully owned by the Central body of BPCE.

Sixteen agreements are signed between Crédit Foncier de France and its
subsidiary Compagnie de Financement Foncier, namely:
A33979533
9