2013 Annual Results and 2013 Fourth Quarter Results

Paris, France, February 19, 2014

2013: very strong momentum of our key franchises

Activity - Net revenues from core businesses rose 5% in 2013 vs. 2012

  • • Wholesale  Banking:  New  loan  production  remained  extremely  dynamic  in Structured financing in 2013 and reached €17.5bn
  • • Investment Solutions: a record €20bn net inflows in 2013 in Asset management (excluding money market funds) and assets under management of €630bn
  • • Specialized  Financial  Services:  7%  increase  in  net  revenues  in  2013  vs.  2012 driven by the business realized with Groupe BPCE networks


2013 & 4Q13 results (pro forma(1), excluding FV adjustment on ownsenior debt and restructuring costs)

  • 4% increase in Natixis net revenues in 2013 vs. 2012 as in 4Q13 vs. 4Q12
  • 2013 Gross Operating Income rose 8% vs. 2012 and 13% vs. 4Q12
  • Net income increased by 10% in 4Q13 vs. 4Q12, to €261m
  • Net income of €1.1bn in 2013, up 8% vs. 2012


Operational Efficiency Program

Operational Efficiency Program ahead of target : 2013 target exceeded by more than 35% with €143m expenses reduction, i.e. €240m cumulative reduction in expenses


Financial Structure

Basel 3 CET1 ratio(2) reached 10.4% as of December 31, 2013, i.e. a 120bp increase over the year (1)



Dividend: €0.16 by share for 2013(3), payable in cash



  1. Pro forma of the sale of the CCIs
  2. Based on Natixis understanding of CRR-CRD4 rules reported on June 26, 2013, including the danish compromise - without phase-in except for DTAs on tax loss carry forwards
  1. Proposal presented to the May 20, 2014 Shareholders’ General Meeting

This media release may contain objectives and comments relating to the objectives and strategy of Natixis. Any such objectives inherently depend on assumptions, project considerations, objectives and expectations linked to future and uncertain events, transactions, products and services as well as suppositions regarding future performances and synergies.

No assurance can be given that such objectives will be realized. They are subject to inherent risks and uncertainties and are based on assumptions relating to Natixis, its subsidiaries and associates, and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in Natixis' principal local markets; competition and regulations. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those implied by such objectives.

Information in this media release relating to parties other than Natixis or taken from external sources has not been subject to independent verification, and Natixis makes no warranty as to the accuracy, fairness or completeness of the information or opinions herein. Neither Natixis nor its representatives shall be liable for any errors or omissions or for any harm resulting from the use of this media release, its contents or any document or information referred to herein. Figures in this presentation are unaudited


Note on Methodology

> Following the reclassification of the deeply-subordinated notes as equity instruments, interest expense on these instruments ceased to be recognized in the income statement as of January 1, 2010.

> For 2012, the pro forma of the sale of Cooperative Investment Certificates (means the pro forma of the effective sale on August 6, 2013 of all CCIs hold by Natixis to the Banques Populaires and the Caisses d’Epargne) was computed based on the following assumptions (excluding the impact of revised IAS 19)

  • Sale of CCIs as at January 1, 2012.
  • Repayment of the P3CI transaction and related operations as at January 1, 2012.
  • Replacement of liquidity and exceptional distribution of €2 billion as at January 1, 2012.

The repayment of P3CI transaction hypothesis as at January 1, 2012 leads to suppressing all analytic restatements set up in 2012 concerning the contribution of divisions to the P3CI transaction.

> Business line results using Basel 3 standards:

Starting in 2013, the results of Natixis business lines will be presented using Basel 3 standards. Basel 3 risk weighted assets are estimated based on Natixis understanding of the forthcoming regulation.

Capital allocation specific to the insurance businesses is replaced by the Basel 3 treatment for investments in insurance companies, as stated in CRD4/CRR (the consolidated value of the investment being risk weighted at 370%), excluding CEGC.

Capital will be allocated to Natixis business lines on the basis of 9% of their Basel 3 average risk weighted assets. In this way, the calculated ratio is ROTE by business lines. And, since 3Q13, this ratio include goodwill and intangible assets by business lines to determinate the ROE ratio (2012 and 2013 figures pro forma in this presentation).

2012 Quarterly results are presented pro forma of Basel 3 measures.

> Change in the standards:

  • The remuneration rate on normative capital is revised downward to 3% (previously 3.5%) to take into account the decrease of long-term rates.
  • The bank tax on systemic risk and the contribution to the costs for the Autorité de Contrôle Prudentiel (French regulator), which were previously allocated to Corporate Center, will now be allocated to the business lines.
  • In line with the development of the “Originate to Distribute” model, the results of GSCS (Global Structured Credit Solutions – which aggregate securitization and credit solutions expertises in the debt platform), previously broken down between FIC-T and Structured Financing, will now be allocated only to FIC-T.