First quarter 2014 results

NET REVENUES⁽¹⁾ FROM CORE BUSINESSES UP 7% VS. 1Q13

• Wholesale Banking: €9bn of Financing production and new dynamic in Equity derivatives business

• Asset Management: €9bn net inflow and €653bn of AuM at end-March 2014

• Insurance: all business lines recorded a significant growth of business vs. 1Q13

• Specialized Financial Services: 2% increase in Specialized financing and Financial services net revenues vs. 1Q13

NET INCOME UP 8% EXCLUDING GAPC VS. 1Q13⁽¹⁾

• Net revenues grew 3% to €1.857bn vs. 1Q13

• Gross operating income up 6% and pre-tax profit up 12% vs. 1Q13

• Significant decrease in 1Q14 cost of risk to 40bp vs. 56bp in 1Q13

• €304m net income excluding GAPC, up 8% vs. 1Q13

• Core business ROE⁽¹⁾ of 11.8% in 1Q14, up 200bp vs. 1Q13

REINFORCEMENT OF FINANCIAL STRUCTURE

• Basel 3 CET1 ratio⁽²⁾ of 10.6% as at March 31, 2014, up 40bp vs. year-end 2013, pro forma of the BPCE Assurances acquisition

IMPLEMENTATION OF THE NEW FRONTIER STRATEGIC PLAN

• Creation of the Insurance platform, notably via the acquisition of 60% of BPCE Assurances realized on March 13, 2014

• GAPC closing process begun

• Coface: Analyst Day on May 7, 2014 in preparation for the IPO

1. +€72m of non-recurring items in Wholesale Banking revenues (mainly transition to IFRS 13 rules) – Pro forma of the sale of the CCIs
2. Based on CRR-CRD4 rules published on June 26, 2013, including the Danish compromise - no phase-in except for DTAs on loss carry forwards

The Board of Directors reviewed Natixis’ consolidated results for the first quarter of 2014 on May 6, 2014. Economic conditions are starting to improve in the eurozone and remain dynamic in the US. Stock indices made gains in the first quarter of 2014, with the Euro Stoxx 50 rising 1.7% and the Euro Stoxx Banks climbing 9.8%.

For Natixis, the main features of 1Q14 were:

• core-business revenues rose 7% vs. 1Q13, excluding non-recurring items in 1Q13. In Wholesale Banking, financing production reached almost €9bn, while Equity Derivatives entered into a period of new momentum. In the Investment Solutions division, Asset management fared well and posted an €8.6bn net inflow, primarily thanks to the USA; all Insurance businesses grew significantly relative to 1Q13. Within Specialized Financial Services, the Specialized financing and Financial services offerings continued to be rolled out via the Groupe BPCE networks. The two constituent business lines lifted revenues 2% vs. 1Q13;

• the closure of the GAPC is now underway;

• the cost of risk (excluding GAPC) improved sharply vs. 1Q13 and 4Q13;

• net income⁽¹⁾ excluding GAPC amounted to €304m, an 8% increase vs. 1Q13;

• financial structure was reinforced, with the Basel 3⁽²⁾ CET1 ratio improving to 10.6% at end-March 2014, a 40bp-increase vs. end-December 2013 pro forma of the BPCE Assurances acquisition.

Laurent Mignon, Natixis Chief Executive Officer says: “The New Frontier strategic plan was launched at the start of 2014, notably by re-allocating capital employed towards Investment Solutions, the preparation for the IPO of Coface and initiating the closure of the GAPC. In the first quarter of 2014, ROE from our core businesses worked out to 11.8%, a significant improvement on the first-quarter 2013 level. We also continued our efforts to restrict consumption of scarce resources and to reinforce our financial structure. These results confirm our ability to distribute at least 50% of our annual net income to shareholders”.

1. Pro forma of the acquisition of BPCE Assurances, excluding FVA on own debt and +€72m of non-recurring items in Wholesale Banking revenues (mainly transition to IFRS 13 rules) - Pro forma of the sale of the CCIs

2. Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in except for DTAs on tax loss carry forwards