4Q18 and 2018 results

SUSTAINED growth and PROFITABILITY OF OUR Businesses

Underlying net revenues^[1] at €9.5bn in 2018 (+2% at constant FX) and €2.2bn in 4Q18

Businesses’ underlying net revenues² UP +5% at constant fx excluding non-recurring items announced ON december 18, 2018^[2]

AWM - Net revenues and fee rate improving thanks to our active positioning

Underlying net revenues² up +13% at constant FX in 2018 and up +12% in 4Q18 amidst volatile markets

Ninth consecutive year of fee rate increase at 31bps in 2018 vs. 29bps in 2017

Performance fees up +50% YoY in 2018 with €249m booked in 4Q18

Underlying RoE² at 16.0% in 2018, in line with the New Dimension 2020 target (~16%)

CIB - Underlying RoE² >10% in 2018 despite 4Q18 headwinds, thanks to our diversified expertise

Underlying net revenues² down a modest -3% in 2018 at constant exchange rate, excluding the -€259m non-recurring drag on Asian equity derivatives in 4Q18³

Underlying net revenues² up in Global finance (+9% YoY at constant FX in 2018) and in IB/M&A (+4% YoY in 2018 of which +68% in 4Q18) offsetting, thanks to our sectorial approach, a decrease in Global markets, impacted by a challenging environment in 4Q18

Underlying RoE² of 13.0% in 2018 excl. 4Q18 non-recurring impact³, close to the 2020 target (~14%)

Insurance - Solid profitability improvement

Underlying net revenues² up +8% YoY in 2018

Underlying RoE² of 29.1% in 2018 in line with New Dimension 2020 target (~30%)

SFS - Strong growth dynamic in Payments

Underlying net revenues² from SFS up +6% YoY in 2018, of which +16% in Payments (+18% in 4Q18)

Payments: Increase in business volumes from PayPlug and Dalenys, up +31% YoY in 2018. Historical processing

activity up +11% YoY

SUSTAINABLE VALUE CREATION AND FINANCIAL STRENGTH

Underlying net income² at €1,607m in 2018 and at €261m in 4Q18

Underlying RoTE² at 12.0% in 2018 and 13.9% adjusted³, in line with the New Dimension 2020 target (14-15.5%)

Basel 3 FL CET1 ratio^[3]at 10.8% as at December 31, 2018 and 11.1% pro forma

Cash dividend of 0.78€ per share¹: 0.30€ ordinary, 0.48€ special

2018: A PROMISING START TO NEW DIMENSION

François Riahi, Natixis Chief Executive Officer, said: “Natixis has delivered strong results in 2018 and 4Q18 despite a challenging market environment. This performance illustrates how relevant our business model is - selective, asset light and diversified - with a complementary fit across our businesses that allows us to absorb shocks effectively. With a solvency level already at our 2020 target, we are in a position to distribute a €2.4bn total cash dividend to our shareholders. Our New Dimension strategic plan is well embarked and is already delivering satisfying results. We thus confirm all our strategic ambitions, continue to transform ourselves and as well as to provide our clients with differentiating solutions.”

DISPOSAL OF RETAIL BANKING ACTIVITIES

On February 12th 2019, the Board of Directors of Natixis approved the terms and conditions of the transaction and the entering into agreements relating to the sale by Natixis to BPCE of its subsidiaries Natixis Financement, Natixis Factor, Natixis Lease and CEGC as well as the Eurotitres business as a going concern (« fonds de commerce »), it being specified that only the independent directors of Natixis took part in such vote.

Morgan Stanley, appointed by Natixis independent directors as financial advisor (attestateur d’équité) to assess the fairness of the financial terms of the transaction, delivered on February 12th 2019 a fairness opinion to the Board of Directors, the conclusion of which is as follows: “the consideration to be received by Natixis is fair from a financial point of view to Natixis”.

Natixis reminds the decision process which led to the approval of the transaction by its Board of Directors:

• The independent directors of Natixis have been informed of the contemplated transaction in July 2018;
• On July 20th 2018, the independent directors of Natixis have appointed Morgan Stanley as financial advisor (attestateur d’équité) to assess the fairness of the financial terms of the transaction;
• The independent directors of Natixis reviewed the terms and conditions of the contemplated transaction in several meetings, accompanied by Morgan Stanley, and have resolved at the Natixis Board of directors’ meeting of September 12th 2018 in favor of the contemplated transaction and approved the entering into by Natixis of a non-binding memorandum of understanding with BPCE;
• Since September 12th 2018, discussions between Natixis and BPCE have continued, and led to the finalization of the sale agreements, which have been submitted today to the approval of the Board of Directors. The independent directors had previously met on February 7th 2019 to review the definitive terms and conditions of the transaction, accompanied by Morgan Stanley;
• In parallel, the employee representative bodies of Natixis and its relevant subsidiaries have been consulted and delivered their opinion on the transaction on January 24th 2019.

Footnotes

3 Cf. December 18, 2018 press release: €(259)m non-recurring impact on Asian equity derivatives (net of tax for adjusted RoE and RoTE)4 See note on methodology

1. ^{^} [1] Excluding exceptional items
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