GlobeNewswire Inc | Aug 3, 2020 11:38AM EDT

August 03, 2020

Paris, August 3, 2020

2Q20 and 1H20 resultsUnderlying net income1 impacted by the crisisbut in positive territory thanks to strong cost controlReported net income at (57)m in 2Q20 and +4m excluding exceptional items2 despite an unprecedented market environmentBasel 3 fully-loaded CET1 ratio3 at 11.2%, +290bps above regulatory requirements

MODEL DEMONSTRATING ITS FLEXIBILITY WITH STRONG FINANCIAL DISCIPLINE

BUSINESSES UNDERLYING NET REVENUES1 EXCL. CVA/DVA: 1.5BN IN 2Q20 (-26% YOY), 3.4BN IN 1H20 (-15%)

UNDERLYING EXPENSES1 DOWN -11% YOY IN 2Q20

AWM: Model flexibility and best quarter in 5 years for net inflows driving AuM above 900bn

AuM up +9% QoQ in 2Q20 to reach 906bn at end-June 2020, thanks to positive net inflows and positive market effect

Net inflows reached 00E216bn in 2Q20, best quarter since 1Q15 with close to 00E27bn net inflows in North America

Underlying net revenues1 down -24% YoY in 2Q20 (-13% in 1H20) impacted by the full effect of the first quarter market dislocation and with notably, lower performance fees and mark-downs on the seed money portfolio. 2Q20 average fee rate impacted by a mix effect following the drop in equity markets in March (averaging effect) with some improvement in June

Flexibility of the AM multiboutique model with underlying expenses1 down -14% YoY in 2Q20

Outlook End-June AuM close to their 3Q19 average level. 00E2100m cost savings identified by 2022 with ~50% to materialize by end-2020

CIB: A tight cost control and a cost of risk sensitivity unchanged despite a higher 2Q20

Underlying net revenues1 down -39% YoY in 2Q20 (-27% in 1H20), significantly impacted by the crisis. Continued support to the economy with financing revenues strongly up QoQ. Solid +11% YoY revenue growth in Investment banking/M&A in 2Q20 with a historical quarter for DCM and a role played in ~80% of CAC 40 issuances

Market activities impacted by the COVID-19 context, notably in Equity with lower client activity during lockdown and significant mark-downs for 2019 dividends. Resilient client activity in FICT although below its 1Q20 levels

Strict cost control with underlying expenses1 down -8% YoY in 2Q20 and -6% in 1H20

Cost of risk increase in 2Q20 due to higher provisioning, notably due to IFRS9 and across energy exposures

Outlook 2020 cost of risk sensitivity unchanged vs. previous estimate. Project to adjust EQD positioning to focus on Groupe BPCE retail networks and Natixis key strategic clients

Insurance: Particularly resilient model, driver of growth and profitability

Underlying net revenues1 up +14% YoY in 2Q20 and +9% in 1H20

Underlying RoE1 at ~35% in 2Q20 and ~34% in 1H20

Outlook New Dimension 2020 financial targets all expected to be delivered or exceeded

Payments: Lower volumes in April/May, back to normal in June

Underlying net revenues1 moderately down -5% YoY in 1H20 despite a -18% evolution in 2Q20, impacted by the dropin activity due to lockdown

Profitable in 1H20 despite the 2Q20 slowdown

Outlook 2020 net revenues are expected to exhibit growth momentum, with positive jaw effect in 2H20

FINANCIAL STRENGTH

Basel 3 FL CET1 ratio3 at 11.2% as at June 30, 2020, and at 11.6% proforma for items temporarily impacting RWA, notably on the market side. Ratio +290bps above regulatory requirements (00E23.1bn of CET1 buffer) and +330bps proforma

Reported net income at (261)m in 1H20 and (77)m excluding exceptional items2. Positive earnings capacity3 of +17m in 1H20 despite volatile items impacting the semester and the cost of risk increase due to the COVID-19 context

2021 targets to be released on November 5, 2020 and new strategic plan in June 2021

Figures restated as communicated on April 20, 2020 following the announced disposal of a 29.5% stake in Coface. See page 16 for the reconciliation of the restated figures with the accounting view 1 Excluding exceptional items. Excluding exceptional items and excluding IFRIC 21 for the Cost income ratio, RoE and RoTE. 2 See page 6 3 See note on methodology Natixis results in the first half of 2020 were impacted by the coronavirus crisis. In an unprecedented context marked by an increased cost of risk, the impact of lockdown measures on economic activity, and extreme market volatility, Natixis maintained positive earnings capacity and a very comfortable capital position. This demonstrates the strength of our business model and, notably in the second quarter of the year, the flexibility of our cost base, in line with the objectives of the New Dimension strategic plan. The impact of certain one-off factors such as the suspension of dividends and the mark to market of assets and liabilities, some of which are expected to reverse over time, has been integrated into our results. However, the crisis is not over, and the cost of risk is likely to remain elevated over the coming quarters. We will draw on the strength of our businesses to accelerate Natixis transformation through structural changes. We are launching a project to adjust the setup of our Equity Derivatives business towards our key strategic clients and are implementing significant measures to reduce expenses.

Franois Riahi, Natixis Chief Executive Officer 2Q20RESULTS

On August 3rd , 2020, the Board of Directors examined Natixis second quarter 2020 results.

2Q20 2Q19 2Q20 2Q19 2Q20 vs. 2Q20 vs.?m restated restated o/w o/w 2Q19 2Q19 underlying underlying restated underlyingNet revenues 1,564 2,100 1,596 2,115 (26)% (25)%o/wbusinesses 1,536 2,094 1,543 2,094 (27)% (26)%excl. CVA/DVAExpenses (1,292) (1,448) (1,278) (1,438) (11)% (11)%Grossoperating 272 653 318 677 (58)% (53)%incomeProvisionfor credit (289) (109) (289) (109) lossesNetoperating (17) 543 29 568 (103)% (95)%incomeAssociatesand other 4 1 4 1 itemsPre-tax (13) 545 33 569 (102)% (94)%profitIncome tax (5) (149) (19) (156) Minority (12) (68) (12) (68) interestsNet income -group shareexcl. Coface (30) 328 2 345 (109)% (99)%netcontributionCoface net (27) 18 2 18 contributionNet income -group shareincl. Coface (57) 346 4 363 (116)% (99)%netcontribution

Underlying net revenues are down -25% YoY in 2Q20. They are impacted by the full effect of the late 1Q market dislocation (mainly Asset management) and lockdown measures (mainly Payments) as well as continued dividend cancellations and uncertainty regarding the shape of the economic recovery (mainly CIB). Market bounce-back during 2Q allowing for some reversal of the 1Q COVID-19 related impacts that were reflecting a snapshot view as at March 30. Overall, 2Q20 was thus notably impacted by the following lumpy items for a total amount of ~(106)m:

-- AWM: (17)m mark-down impact on the seed money portfolio (post overlay) with 25m of mark-ups on its listed part, recovering from end-March levels, offset by (42)m of mark-downs on its unlisted part (real estate, private equity) ; -- CIB: (143)m impact from dividend mark-downs across Equity following a second leg of corporates 2019 dividend cancellation. Limited impact from CVA/DVA (Credit/Debit Value Adjustment): 1m ; -- Corporate Center: 53m FVA (Funding Value Adjustment) impact, largely reversing from 1Q.

Underlying expenses are down -11% YoY reflecting the cost flexibility embedded in the Asset management multiboutique model (-14% YoY) as well as ongoing cost discipline across the board, notably reflected through the CIB and the Corporate Center cost bases (-8% YoY and more than -40% YoY respectively). Theunderlying cost/income ratio1 stands at 83.5% in 2Q20 vs. 70.5% in 2Q19.

2Q20 underlying cost of risk reflecting higher impairments mainly across energy exposures as well as some IFRS 9 provisioning following the latest SSM macroeconomic update. Expressed in basis points of loans outstanding (excluding credit institutions), the business underlying cost of risk worked out to 162bps in 2Q20 (~45bps excluding the COVID-19 related impacts such as IFRS9, fraudulent credit counterparties or provisioning on airlines).

Coface net contribution based on a ~13% residual stake (vs. ~42% in 1H19) reached 2m in 2Q20.

Net income (group share), adjusted for IFRIC 21 and excluding exceptional items reached (43)m in 2Q20. Accounting for exceptional items ((61)m net of tax in 2Q20) and IFRIC 21 impact (47m in 2Q20) the reported net income (group share) in 2Q20 is at (57)m.

Natixis underlying RoTE1 reached (2.2)% in 2Q20 excl. IFRIC 21.

The sensitivity test that had been carried out for the 1Q20 results has been updated with data as at end-June 2020. This would notably include the projection of a ~10% drop in the 2020 French GDP (~5% recovery in 2021) and severe assumptions across sectors of expertise incl. oil price ~$40/bbl. and significant haircuts to asset prices on real assets (e.g. ~45% for aircrafts and ~15% for real estate).

1See note on methodology. Excluding exceptional items and excluding IFRIC 21

In such a scenario, the conclusions presented in 1Q20 remain unchanged regarding the full-year 2020 cost of risk. In addition, the exit from shale Oil & Gaz could, on the long run, have a structuring positive impact on Natixis cost of risk of around 20m each year (on the basis of average S3 provisioning over 2014-2019).

Natixis exposure to the Oil & Gas sector stood at 00E210.2bn of net EAD1 (Exposure at Default) as at 30/06/2020 (~60% Investment Grade) of which 00E22.5bn across independent producers and service companies which have a more limited absorption capacity of lower oil price (o/w 00E20.9bn in the US, exit from this portfolio has been announced last May 18, 2020). As at 30/06/2020, the exposure to Aviation stood at 00E24.5bn of net EAD1, was well diversified across more than 30 countries (none of which exceeding 25% of the exposure), secured for ~75% and majority Investment Grade. The exposure to Tourism & Leisure stood at 00E21.9bn of net EAD as at 30/06/2020, with 92% being in the EMEA region, geared towards industry leaders and with limited non-performing assets (~2%).

Main observable impacts from the COVID-19 context in 1H20 (excluding items classified as exceptional, see page 6)2

?m 1Q20 2Q20 1H20Net revenues (290) (106) (396)Seed money portfolio mark-downs AWM (34) (17) (51)- Listed (33) 25 (7)- Unlisted (2) (42) (44)Dividend mark-downs on equity CIB (130) (143) (273)productsCVA/DVA impact CIB (55) 1 (54)FVA impact Corporate (71) 53 (18) CenterCost of risk CIB (115) (210) (325)Total pre-tax profit impact (405) (316) (721) CET1 capital (507) 342 (165)OCI (389) 299 (90)PVA (118) 43 (75)Risk-weighted assets (?bn) 3.2 6.7 9.9Credit RWA 1.7 0.9 2.6- RCF drawdowns & new money^3 1.7 0.4 2.1- State-guaranteed loans^3 0.0 0.5 0.5Market RWA 1.0 6.0 7.0CVA RWA 0.5 (0.2) 0.3Total CET1 ratio impact (bps) (90)bps (40)bps (135)bps

P&L 00E2125m of 1S20 impacts recoverable upon market conditions (seed money, XvA)

Capital ~105bps of 1S20 impacts recoverable upon market conditions and over time (OCI, PVA, Market and CVA RWA, state guarantees) o/w ~40bps could materialize as soon as in 3Q20 (coming from Market RWA and state guarantees becoming effective)

1 Energy & Natural Resources + Real Assets perimeters 2 Not exhaustive 3 Management data, gross. 00E20.5bn RWA impact from state-guaranteed loans in 2Q20 o/w 00E20.3bn related to the guarantee not being effective yet as at 30/06/201H20RESULTS

1H20 1H19 1H20 1H19 1H20 vs. 1H20 vs.?m restated restated o/w o/w 1H19 1H19 underlying underlying restated underlyingNet revenues 3,314 4,057 3,328 4,053 (18)% (18)%o/wbusinesses 3,386 4,004 3,400 4,004 (15)% (15)%excl. CVA/DVAExpenses (2,874) (3,044) (2,857) (3,018) (6)% (5)%Grossoperating 439 1,013 471 1,035 (57)% (55)%incomeProvisionfor credit (482) (140) (482) (140) lossesNetoperating (43) 873 (11) 895 (105)% (101)%incomeAssociatesand other (4) 686 11 4 itemsPre-tax (47) 1,559 (1) 899 (103)% (100)%profitIncome tax (19) (349) (28) (278) Minority (51) (133) (51) (100) interestsNet income -group shareexcl. Coface (116) 1,077 (80) 521 (111)% (115)%netcontributionCoface net (145) 33 3 34 contributionNet income -group shareincl. Coface (261) 1,110 (77) 555 (124)% (114)%netcontribution

Underlying net revenues are down -18% YoY in 1H20. They are impacted by the following lumpy items, all directly or indirectly linked to the COVID-19 context for a total amount of 00E2(396)m:

-- AWM: (51)m mark-down impact on the seed money portfolio (post overlay) including both listed and private assets; -- CIB: (54)m CVA/DVA (Credit/Debit Value Adjustment) impact due to spreads widening on the back of perceived counterparty credit risk deterioration as at June 30, 2020 vs. December 31, 2019. (273)m impact from dividend mark-downs across Equity following corporates 2019 dividend cancellation and the related sharp moves of dividend future curves; -- Corporate Center: (18)m FVA (Funding Value Adjustment) impact due to the YTD increase in funding costs on the market ;

Underlying expenses are down -5% YoY (-6% YoY at constant exchange rate), demonstrating Natixis ability to adjust to its environment and with further cost saves to be realized, notably in Asset Management (see page 7). Natixis underlying cost income ratio1 reaches 82.6% in 1H20 (71.8% in 1H19).

Underlying cost of risk mainly reflects higher IFRS 9 provisioning as well as cases of fraud, essentially across energy exposures and increasing non-performing loans. Expressed in basis points of loans outstanding (excluding credit institutions), the business underlying cost of risk worked out to 145bps in 1H20 (~45bps excluding the COVID-19 direct impacts and frauds).

Coface net contribution based on a ~13% residual stake (vs. ~42% in 1H19) reached 3m in 1H20.

Net income (group share), adjusted for IFRIC 21 and excluding exceptional items reached +17m in 1H20. Accounting for exceptional items ((184)m net of tax in 1H20) and IFRIC 21 impact ((94)m in 1H20) the reported net income (group share) in 1H20 is at (261)m.

Natixis underlying RoTE1 reached (0.7)% in 1H20 excl. IFRIC 21.

1See note on methodology. Excluding exceptional items and excluding IFRIC 212Q20 & 1H20 RESULTSExceptional items

586m positive net impact from the disposal of the retail banking activities in 1Q19: 697m capital gain minus 78m income tax minus33m minority interests

?m 2Q20 2Q19 1H20 1H19Contribution to the Insurance Insurance (7) 0 (14) 0solidarity fund (Net revenues)Exchange rate fluctuations on DSN in Corporate center (25) (15) (1) 4currencies (Net revenues)Real estate management strategy Business lines & (3) 0 (5) 0(Expenses) Corporate centerTransformation & Business Efficiency Business lines & (12) (10) (12) (26)Investment costs (Expenses) Corporate centerImpact of Liban default on ADIR Insurance 0 0 (14) 0Insurance (Associates)Disposal of subsidiary in Brazil ( CIB 0 0 0 (15)Gain or loss on other assets)Capital gain - Disposal retailbanking (Gain or loss on other Corporate center 0 0 0 697assets)Coface Fit to win (Coface net Coface 0 (1) 0 (1)contribution)^1Coface capital loss (Coface net Coface 0 0 (112) 0contribution)^1Coface residual stake impairment Coface (29) 0 (36) 0(Coface net contribution)^1Total impact on income tax 14 8 9 (71)Total impact on minority interests 0 0 0 (33)Total impact on net income (gs) (61) (17) (184) 555

1 For financial communication purposes, all impacts related to Coface are shown in a separate P&L line Coface net contribution. From an accounting standpoint the 1Q20 Coface capital loss is classified in Gain or loss on other assets and the 1Q20 Coface residual stake impairment in Associates. See page 16 for the reconciliation with the accounting view

Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see details page.6)

Asset & Wealth Management

2Q20 1H20 1H20?m 2Q20 2Q19 vs. 1H20 1H19 vs. vs. 1H19 2Q19 1H19 constant FXNet revenues 704 932 (24)% 1,478 1,705 (13)% (14)% o/w Asset Management 668 900 (26)% 1,401 1,642 (15)% (16)%^1 o/w Wealth 36 32 12% 77 63 22% 22%managementExpenses (530) (605) (12)% (1,109) (1,158) (4)% (6)%Gross operating income 174 327 (47)% 369 547 (33)% (33)%Provision for credit (11) (2) (10) (1) lossesAssociates and other (3) (2) (5) (4) itemsPre-tax profit 160 323 (50)% 354 542 (35)% Cost/income ratio^2 75.5% 65.1% 10.4pp 74.9% 67.8% 7.1pp RoE after tax^2 8.9% 15.0% (6.1)pp 9.1% 13.5% (4.5)pp

Asset management underlying net revenues are down -24% YoY in 2Q20 (-13% YoY in 1H20). They have been impacted in 2Q20 by (42)m mark-downs on the unlisted seed money portfolio, partly offset by recoveries of 25m on the listed one post 1Q20 impacts (vs. overall contribution of 27m in 2Q19). AM gross base fees are down -12% YoY with expenses down -14% YoY, demonstrating the strong cost flexibility embedded in the multiboutique model.

The Asset management overall fee rate excluding performance fees has been impacted an unfavorable mix effect (especially in April and May) following the performance differential between equity and bond markets in 1Q20. The overall fee rate stood at ~28bps in June with some improvement throughout the quarter thanks to the equity market rebound flowing through the average AuM. For European affiliates, it stood above 15bps (above 27bps excl. Life Insurance General Accounts) and for North American affiliates it stood at ~35bps (lower share of average AuM at Harris). Asset management performance fees reached 22m in 2Q20 vs. 138m in 2Q19.

Asset management net inflows reached 00E216bn, best quarter since 1Q15. 00E27bn net inflows coming towards North American affiliates (notably through good traction with Asian clients: 00E25bn of net inflows) essentially across fixed income and growth equity strategies. Strong momentum for Loomis and WCM. Vast majority of European affiliates experiencing positive net inflows with continued strong success e.g. for Mirova.

Asset management AuM reached 906bn as at June 30, 2020, up +9% QoQ. Positive market effect of +72bn, negative FX & perimeter effect of (10)bn, net inflows as described above.

2020 outlook

-- 3Q20 starting with a level of AuM largely in line with its 3Q19 average level; -- New cost savings identified of 00E2100m by end-2022 (00E250m by end-2020 o/w majority in 2H20 and 00E280m by end-2021). In order to achieve such savings, restructuring costs of 00E245m in 2H20 and 00E225m in 2021 will be implemented.

1 Asset management including Private equity and Employee savings plan 2 See note on methodology. Excluding exceptional items and excluding IFRIC 21

Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see details page 6)

Corporate & Investment Banking

2Q20 1H20 1H20?m 2Q20 2Q19 vs. 1H20 1H19 vs. vs. 1H19 2Q19 1H19 constant FXNet revenues 519 847 (39)% 1,207 1,654 (27)% (28)%Net revenues excl. CVA/ 530 844 (37)% 1,271 1,644 (23)% (27)%DVA/OtherExpenses (477) (520) (8)% (1,034) (1,099) (6)% (7)%Gross operating income 43 327 (87)% 173 554 (69)% (69)%Provision for credit (275) (104) (469) (134) lossesAssociates and other 2 3 5 6 itemsPre-tax profit (230) 225 (202)% (291) 426 (168)% Cost/income ratio^1 93.6% 62.4% 31.2pp 84.1% 65.5% 18.6pp RoE after tax^1 (9.9) 9.3% (19.2) (5.8)% 9.5% (15.3) % pp pp

Underlying net revenues are down -39% YoY in 2Q20 and -27% YoY in 1H20.

Global markets: Equity revenues at (174)m due to (143)m of dividend mark-downs, together with low client activity during lockdown and higher hedging costs. No more dividend cancellation risk for 2H20. Project to adjust EQD positioning to focus on Groupe BPCE retail networks and Natixis key strategic clients. Run-rate for Equity revenues could reach 00E2300m per annum post review implementation, also leading to additional cost saves coming through.

Global markets: FICT revenues at 279m, slightly down in 2Q20 vs. a good 2Q19 with overall resilient client activity despite a less favorable environment vs. 1Q20, notably for FX.

Global finance Net revenues up +8% QoQ and largely stable YoY with high levels of new production driven by the support brought to the French economy and higher portfolio revenues offsetting lower syndication fees. Robust dynamics across Infrastructure and Europe Real Estate making up for lower contributions from Aviation and US Real Estate.

Investment banking/M&A Net revenues up +11% YoY driven by IB and DCM more specifically with strong footprint development across SSA and FIG together with continued support to French corporates (active in ~80% of CAC 40 issuances). Resilient contribution from M&A boutiques, although lower than in 2Q19, with good revenue generation e.g. from PJ Solomon and Natixis Partners.

Underlying expenses are down -8% YoY in 2Q20 and -6% YoY in 1H20 featuring a continued strong discipline on costs that is expected to be pursued.

Market RWA are expected to come down following the 2Q20 technical spike linked to the VaR calculation.

1See note on methodology. Excluding exceptional items and excluding IFRIC 21Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see details page 6)

Insurance

?m 2Q20 2Q19 2Q20 1H20 1H19 1H20 vs. 2Q19 vs. 1H19Net revenues 235 207 14% 463 425 9%Expenses (117) (114) 3% (250) (239) 5%Gross operating income 119 93 27% 213 186 14%Provision for credit losses 0 0 0 0 Associates and other items (2) 5 2 5 Pre-tax profit 117 98 19% 214 192 12%Cost/income ratio^1 51.7% 56.9% (5.2)pp 51.9% 54.2% (2.3)ppRoE after tax^1 34.9% 27.7% 7.2pp 33.9% 30.4% 3.5pp

Underlying net revenues are up +14% YoY in 2Q20 and +9% YoY in 1H20 with limited impact from market volatility thanks to an efficient hedging strategy against a drop in equity markets together with low levels of claims for P&C notably in 2Q20.

Reported net revenues include exceptional items identified on page 6 (7)m impact from the contribution to the insurance solidarity fund both in 1Q20 and 2Q20 (Net revenues); (14)m impact from the Lebanon default on the value of 34%-owned ADIR Insurance in 1Q20 (Associates).

Underlying cost/income ratio1 at 51.7% in 2Q20 and 51.9% in 1H20, improving vs. prior year periods. Positive jaw effect of +11pp in 2Q20 and +4pp in 1H20.

Underlying RoE1 34.9% in 2Q20 and 33.9% in 1H20, up from 27.7% in 2Q19 and 30.4% in 1H19.

From a commercial standpoint: 3.9bn gross inflows2 and 1.7bn net inflows2 for Life insurance in 1H20. Share of unit-linked products in the gross inflows2 increasing sharply to ~36% across the two Groupe BPCE networks vs. ~29% in 1H19.

2020 outlook

-- Overall commercial activity back to pre-lockdown levels as of mid-June ; -- Under market conditions prevailing as at end-June 2020, New Dimension 2020 financial targets all expected to be delivered or exceeded3 - See 1Q20 financial communication for sensitivities across Life/Personal protection and P&C

Reminder on New Dimension 2020 financial targets:

Underlying net revenues ~7% CAGR i.e. net revenues of 00E2900m in 2020

Underlying cost/income ratio1 ~54%

UnderlyingRoE1 ~30%

1 See note on methodology. Excluding exceptional items and excluding IFRIC 21 2 Excluding reinsurance agreement with CNP 3 Excluding exceptional Items Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see details page 6)

Payments

?m 2Q20 2Q19 2Q20 1H20 1H19 1H20 vs. 2Q19 vs. 1H19Net revenues 86 105 (18)% 198 208 (5)%Expenses (93) (94) (1)% (187) (181) 3%Gross operating income (7) 11 (164)% 12 27 (56)%Provision for credit losses 0 (1) 2 (1) Associates and other items 0 0 0 0 Pre-tax profit (7) 10 (164)% 14 26 (48)%Cost/income ratio^1 108.3% 89.8% 18.5pp 93.9% 87.0% 6.9ppRoE after tax^1 (4.6)% 7.2% (11.7)pp 5.0% 9.8% (4.7)pp

Underlying net revenues are down -18% YoY in 2Q20 and -5% YoY in 1H20, impacted by lockdown measures in France in April/May and with a commercial activity back to normalized levels across most businesses in June:

Payment Processing & Services Number of card transactions processed significantly impacted by the lockdown period (volumes down ~50% YoY in April and ~30% YoY in May) with activity levels back to normal in June (volumes flat YoY);

Merchant Solutions Payplug strongly benefited from its positioning across small and medium-sized merchants with new and existing clients seeking to diversify their distribution channels towards online during lockdown (business volumes x2.8 YoY in 2Q20). Despite a slowdown in activity levels across a few sectors (e.g travel, entertainment), Dalenys continued to exhibit business volume growth, at +10% YoY in 2Q20;

Prepaid & Issuing Solutions Impact from technical unemployment and the closure of some acceptation venues such as restaurants for meal vouchers leading to volumes down ~60% YoY in April/May. Activity normalizing in June although still below June 2019 levels.

2020 outlook

2020 net revenues are expected to continue to exhibit positive momentum vs. 2019 and with a positive jaw effect in 2H20;

2020 EBITDA expected to be largely stable vs. 2019 (see page 21).

1 See note on methodology. Excluding exceptional items and excluding IFRIC 21

Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see details page 6)

Corporate Center

?m 2Q20 2Q19 2Q20 1H20 1H19 1H20 vs. 2Q19 vs. 1H19Net revenues 51 24 (18) 61 Expenses (62) (105) (41)% (277) (340) (19)%SRF (2) 0 (165) (170) (3)%Other (60) (105) (43)% (112) (171) (34)%Gross operating income (11) (81) (87)% (295) (279) 6%Provision for credit losses (4) (3) (5) (4) Associates and other items 7 (5) 9 (3) Pre-tax profit (7) (88) (92)% (291) (286) 2%

Underlying net revenues are impacted by a positive 53m FVA (Funding Value Adjustment) impact in 2Q20, recovering from the (71)m negative adjustment taken in 1Q20. As a reminder Funding Value Adjustments materialize through the P&L due to the change in the cost of funding above the risk-free rate for uncollateralized derivative transactions. Such adjustments can be quite volatile and tend to normalize over time.

Underlying expenses are down more than -40% YoY in 2Q20 and more than -30% YoY in 1H20 (excl. SRF), notably reflecting cost saving efforts being carried out across the organization.

FINANCIAL STRUCTURE

Basel 3 fully-loaded1Natixis Basel 3 fully-loaded CET1 ratio worked out to 11.2% as at June 30, 2020.

-- Basel 3 fully-loaded CET1 capital amounted to 11.6bn -- Basel 3 fully-loaded RWA amounted to 103.3bn

Main 2Q20 CET1 capital impacts:

-- +4m related to the underlying net income group share -- (61)m related to exceptional items -- +299m related to OCI evolution on securities -- +43m related to the Prudent Value (PVA) evolution -- (19)m related to other effects (e.g. FX)

Main 2Q20 RWA impacts:

-- (2.0)bn from Credit RWA incl. +0.4bn from RCF drawdowns/new money (management data, gross) and +0.5bn from state-guaranteed loans (o/w 00E20.3bn related to the guarantee not being effective yet as at 30/06/20) -- +6.0bn from Market RWA -- (0.2)bn from CVA RWA -- +0.2bn from other impacts (mainly related to franchise mechanisms)

As at June 30, 2020 Natixis Basel 3 fully-loaded capital ratios stood at 13.0% for the Tier 1 and 15.1% for the Total capital.

Basel 3 phased-in incl. current financial years earnings and dividends1As at June 30, 2020, Natixis Basel 3 phased-in capital ratios incl. current financial years earnings and dividends stood at 11.2% for the CET1, 13.3% for the Tier 1 and 15.5% for the Total capital.

-- Core Tier 1 capital stood at 11.6bn and Tier 1 capital at 13.7bn -- Natixis RWA totaled 103.3bn, breakdown as follows: Credit risk: 63.0bnCounterparty risk: 6.6bnCVA risk: 1.7bnMarket risk: 18.2bnOperational risk: 13.7bn

Book value per shareEquity capital (group share) totaled 19.1bn as at June 30, 2020, of which 2.0bn in the form of hybrid securities (DSNs) recognized in equity capital at fair value (excluding capital gain following reclassification of hybrids).

Natixis book value per share stood at 5.39 as at June 30, 2020 based on 3,151,102,683 shares excluding treasury shares (the total number of shares being 3,155,846,495). The tangible book value per share (after deducting goodwill and intangible assets) is 4.15.

Leverage ratio1

The leverage ratio worked out to 4.4% as at June 30, 2020.

Overall capital adequacy ratioAs at June 30, 2020, the financial conglomerates excess capital was estimated at around 2.7bn.

1 See note on methodology

APPENDICES

Note on methodology:

The results at 30/06/2020 were examined by the board of directors at their meeting on 03/08/2020.

Figures at 30/06/2020 are presented in accordance with IAS/IFRS accounting standards and IFRS Interpretation Committee (IFRIC) rulings as adopted in the European Union and applicable at this date

Press release dated 20/04/2020 Preparation of the 1Q20 Financial Communication

The 2019 quarterly series have been updated following the February 25, 2020 announcement regarding the sale by Natixis of a 29.5% stake in Coface to Arch Capital Group. This announcement notably translates into the following:

-- Natixis losing exclusive control over Coface in the first quarter of 2020 and the recognition of a capital loss at the date of such a loss of control. It is estimated at 112m based on the 2020 sale price; -- Application of the IAS 28 standard Investments in associates and joint ventures to the residual stake held by Natixis in Coface. For financial communication purposes, the contribution of Coface to Natixis' income statement is isolated on a line "Coface net contribution" (based on a ~42% ownership over 2019 and of ~13% as of the first quarter of 2020) and the Financial investments division no longer exists; -- In addition, the value of the retained stake (accounted for under the equity method) will be impacted by a 7m impairment due to the drop in the value of Coface related to the context prevailing at March 31, 2020. For financial communication purposes, these two items capital loss and residual stake impairment will be classified as exceptional items in the first quarter of 2020 and both presented within the line "Coface net contribution (see page 16 for the reconciliation of the restated figures with the accounting view); -- The prudential treatment applied to Natixis' stake in Coface resulted in a 00E22bn risk-weighted asset release in the first quarter 2020. Upon closing of the transaction, 00E21.4bn of additional risk-weighted assets should be released i.e. 00E23.5bn in total; -- The remaining Financial investments, namely Natixis Algeria as well as the private equity activities managed in run-off, are no longer isolated and are reallocated to the Corporate center, which, as a reminder, gathers the holding and the centralized balance sheet management functions of Natixis.

The equity method value of Coface will be re-assessed every quarter depending, among other, on the evolution of the economic context and any change in such a value will be reflected in the P&L line Coface net contribution.

Business line performances using Basel 3 standards:

-- The performances of Natixis business lines are presented using Basel 3 standards. Basel 3 risk-weighted assets are based on CRR-CRD4 rules as published on June 26th, 2013 (including the Danish compromise treatment for qualified entities). -- Natixis RoTE is calculated by taking as the numerator net income (group share) excluding DSN interest expenses (the associated tax benefit being already accounted for in the net income following the adoption of IAS 12 amendment). Equity capital is average shareholders equity group share as defined by IFRS, after payout of dividends1, excluding average hybrid debt, average intangible assets and average goodwill -- Natixis RoE: Results used for calculations are net income (group share), deducting DSN interest expenses (the associated tax benefit being already accounted for in the net income following the adoption of IAS 12 amendment). Equity capital is average shareholders equity group share as defined by IFRS, after payout of dividends1, excluding average hybrid debt, and excluding unrealized or deferred gains and losses recognized in equity (OCI) -- RoE for business lines is calculated based on normative capital to which are added goodwill and intangible assets for the business line. Normative capital allocation to Natixis business lines is carried out on the basis of 10.5% of their average Basel 3 risk-weighted assets. Business lines benefit from remuneration of normative capital allocated to them. By convention, the remuneration rate on normative capital is maintained at 2%



Note on Natixis RoE and RoTE calculation Returns based on quarter-end balance sheet in 1Q20 to reflect the announced disposal of a 29.5% stake in Coface. The 112m net capital loss is not annualized.

[1]In line with ECB recommendations, the 2019 dividend has been reintegrated into Natixis capital and no dividend accrual will be carried out throughout 2020 - see press release dated 31/03/2020Net book value calculated by taking shareholders equity group share (minus distribution of dividends proposed by the Board of Directors but not yet approved by the General Shareholders' Meeting1), restated for hybrids and capital gains on reclassification of hybrids as equity instruments. Net tangible book value is adjusted for goodwill relating to equity affiliates, restated goodwill and intangible assets as follows:

?m 30/06/2020Restatement for Coface minority interests 3,602Restatement for AWM deferred tax liability & others (348)Restated goodwill 3,255

?m 30/06/2020Intangible assets 659Restatement for AWM deferred tax liability & others (8)Restated intangible assets 651

Own senior debt fair-value adjustment: calculated using a discounted cash-flow model, contract by contract, including parameters such as swap curves and revaluation spread (based on the BPCE reoffer curve). Adoption of IFRS 9 standards, on November 22, 2016, authorizing the early application of provisions relating to own credit risk as of FY16 closing

Phased-in capital and ratios incl. current financial years earnings and dividends: based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - phased in. Presentation including current financial years earnings and accrued dividend1

Fully-loaded capital and ratios: based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in. Presentation including current financial years earnings and accrued dividend1

Leverage ratio: based on delegated act rules, without phase-in (presentation including current financial years earnings and accrued dividend1) and with the hypothesis of a roll-out for non-eligible subordinated notes under Basel 3 by eligible notes. Repo transactions with central counterparties are offset in accordance with IAS 32 rules without maturity or currency criteria. Leverage ratio disclosed including the effect of intragroup cancelation - pending ECB authorization

Exceptional items: figures and comments on this press release are based on Natixis and its businesses income statements excluding non-operating and/or exceptional items detailed page 6. Figures and comments that are referred to as underlying exclude such exceptional items. Natixis and its businesses income statements including these items are available in the appendix of this press release

Restatement for IFRIC 21 impact: the cost/income ratio, the RoE and the RoTE excluding IFRIC 21 impact calculation in 1H20 takes into account of the annual duties and levies concerned by this accounting rule

Earnings capacity: net income (group share) restated for exceptional items and the IFRIC 21 impact

Expenses: sum of operating expenses and depreciation, amortization and impairment on property, plant and equipment and intangible assets

IAS 12: As of 3Q19, according to the adoption of IAS 12 (income taxes) amendment, the tax benefit on DSN interest expenses previously recorded in the consolidated reserves is now being accounted for in the income statement (income tax line). Previous periods have not been restated with a positive impact of 47.5m in 2019, of which 35.9m recognized in 3Q19 (23.8m related to 1H19).

[1]In line with ECB recommendations, the 2019 dividend has been reintegrated into Natixis capital and no dividend accrual will be carried out throughout 2020 - see press release dated 31/03/2020Natixis - Consolidated P&L (restated)

2Q20 1H20?m 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 vs. 1H19 1H20 vs. 2Q19 1H19Net revenues 1,957 2,100 2,102 2,326 1,750 1,564 (26)% 4,057 3,314 (18)%Expenses (1,597) (1,448) (1,465) (1,606) (1,582) (1,292) (11)% (3,044) (2,874) (6)%Grossoperating 360 653 637 719 167 272 (58)% 1,013 439 (57)%incomeProvisionfor credit (31) (109) (70) (119) (193) (289) (140) (482) lossesAssociates 3 8 3 6 (8) 1 11 (7) Gain or losson other 682 (7) 9 1 (0) 4 675 3 assetsChange invalue of 0 0 0 0 0 0 0 0 goodwillPre-tax 1,015 545 579 607 (34) (13) (102) 1,559 (47) (103)profit % %Tax (201) (149) (114) (153) (13) (5) (349) (19) Minority (65) (68) (66) (96) (39) (12) (133) (51) interestsNet income -group share (109) (111)excl. Coface 749 328 399 358 (87) (30) % 1,077 (116) %netcontributionCoface net 15 18 16 12 (118) (27) 33 (145) contributionNet income -group share (116) (124)incl. Coface 764 346 415 371 (204) (57) % 1,110 (261) %netcontribution

Figures restated as communicated on April 20, 2020 following the announced sale of a 29.5% stake in Coface. See below for the reconciliation of the restated figures with the accounting view

Natixis - Reconciliation between management and accounting figures

1H19

Residual contribution?m 1H19 Exceptional 1H19 Coface from 1H19 underlying items restated restatement perimeter reported sold (ex SFS)Net revenues 4,053 4 4,057 356 22 4,436Expenses (3,018) (26) (3,044) (252) (22) (3,319)Grossoperating 1,035 (22) 1,013 104 (0) 1,117incomeProvisionfor credit (140) 0 (140) (1) (0) (141)lossesAssociates 11 0 11 0 0 11Gain or losson other (7) 682 675 5 0 681assetsPre-tax 899 660 1,559 108 (0) 1,668profitTax (278) (71) (349) (30) 0 (379)Minority (100) (33) (133) (45) 0 (178)interestsNet income -group shareexcl. Coface 521 556 1,077 netcontributionCoface net 34 (0) 33 contributionNet income -group shareincl. Coface 555 555 1,110 1,110netcontribution

1H20

?m 1H20 Exceptional 1H20 Coface 1H20 underlying items restated restatement reportedNet revenues 3,328 (15) 3,314 0 3,314Expenses (2,857) (17) (2,874) 0 (2,874)Gross operating income 471 (32) 439 0 439Provision for credit (482) 0 (482) 0 (482)lossesAssociates 7 (14) (7) (33) (40)Gain or loss on other 3 0 3 (112) (109)assetsPre-tax profit (1) (46) (47) (145) (192)Tax (28) 9 (19) 0 (19)Minority interests (51) 0 (51) 0 (51)Net income - groupshare excl. Coface net (80) (36) (116) contributionCoface net 3 (148) (145) contributionNet income - groupshare incl. Coface net (77) (184) (261) (261)contribution

Natixis - IFRS 9 Balance sheet

Assets (?bn) 30/06/ 31/03/ 2020 2020Cash and balances with central banks 20.9 15.3Financial assets at fair value through profit and loss^1 212.0 223.4Financial assets at fair value through Equity 13.0 12.3Loans and receivables^1 126.8 126.1Debt instruments at amortized cost 1.6 1.5Insurance assets 107.0 103.2Non-current assets held for sale 0.5 0.5Accruals and other assets 15.5 15.8Investments in associates 0.9 0.9Tangible and intangible assets 2.0 2.0Goodwill 3.6 3.6Total 503.8 504.7 Liabilities and equity (?bn) 30/06/ 31/03/ 2020 2020Due to central banks 0.0 0.0Financial liabilities at fair value through profit and 206.4 216.9loss^1Customer deposits and deposits from financial institutions 112.5 104.9^1Debt securities 44.7 45.3Liabilities associated with non-current assets held for 0.0 0.0saleAccruals and other liabilities 16.8 17.3Insurance liabilities 99.1 95.3Contingency reserves 1.5 1.4Subordinated debt 3.6 3.6Equity attributable to equity holders of the parent 19.1 19.7Minority interests 0.2 0.3Total 503.8 504.7

1 Including deposit and margin call

Natixis - 2Q20 P&L by business line

?m AWM CIB Insurance Payments Corporate Center 2Q20 reportedNet revenues 704 519 228 86 27 1,564Expenses (537) (477) (117) (96) (66) (1,292)Gross operating 167 42 112 (10) (39) 272incomeProvision for credit (11) (275) 0 0 (4) (289)lossesNet operating income 156 (232) 112 (10) (43) (17)Associates and other (3) 2 (2) 0 7 4itemsPre-tax profit 153 (230) 110 (10) (36) (13) Tax (5) Minority (12) interests Net income (gs) excl. Coface net (30) contribution Coface net contribution (27) Net income (gs) incl. Coface net (57) contribution

Asset & Wealth Management

2Q20 1H20?m 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 vs. 1H19 1H20 vs. 2Q19 1H19Net 773 932 945 1,109 774 704 (24) 1,705 1,478 (13)revenues % %Asset (26) (15)Management^ 742 900 908 1,061 733 668 % 1,642 1,401 %1Wealth 31 32 37 48 41 36 12% 63 77 22%managementExpenses (558) (605) (648) (681) (579) (537) (11) (1,163) (1,116) (4)% %Gross (49) (33)operating 216 327 297 428 195 167 % 542 362 %incomeProvisionfor credit 1 (2) (8) 2 1 (11) (1) (10) lossesNet (52) (35)operating 216 325 289 430 195 156 % 541 352 %incomeAssociates 0 0 0 0 0 0 0 1 Other items (2) (2) 8 1 (2) (3) (4) (6) Pre-tax 214 323 297 432 194 153 (53) 537 347 (35)profit % %Cost/Income 72.1% 64.9% 68.5% 61.4% 74.8% 76.3% 68.2% 75.5% ratioCost/Incomeratio excl. 71.6% 65.1% 68.7% 61.5% 74.3% 76.4% 68.0% 75.3% IFRIC 21RWA (Basel 12.5 13.7 13.4 14.0 14.0 14.1 3% 13.7 14.1 3%3 - in ?bn)Normativecapital 4,364 4,407 4,555 4,581 4,604 4,623 5% 4,385 4,613 5%allocation(Basel 3)RoE aftertax (Basel 11.5% 15.1% 13.3% 19.0% 9.0% 8.6% 13.3% 8.8% 3)^2RoE aftertax (Basel 11.8% 15.0% 13.3% 19.0% 9.2% 8.5% 13.4% 8.9% 3) excl.IFRIC 21^2

[1] Asset management including Private equity and Employee savings plan2Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangiblesCorporate & Investment Banking

2Q20 1H20?m 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 vs. 1H19 1H20 vs. 2Q19 1H19Net 807 847 784 899 688 519 (39)% 1,654 1,207 (27)%revenuesGlobal 366 419 344 381 279 106 (75)% 785 386 (51)%markets FIC-T 251 304 258 306 367 279 (8)% 554 646 16% Equity 125 117 94 81 (32) (174) (248) 242 (206) (185) % % CVA/DVA (9) (3) (8) (6) (55) 1 (12) (54) deskGlobal 337 333 369 369 302 326 (2)% 670 628 (6)%finance^1Investment 87 90 73 145 104 100 11% 177 204 15%banking^2Other 16 6 (2) 5 2 (12) 22 (11) Expenses (582) (523) (527) (602) (557) (477) (9)% (1,105) (1,034) (6)%Grossoperating 225 324 256 297 130 42 (87)% 549 173 (69)%incomeProvisionfor credit (30) (104) (59) (118) (194) (275) (134) (469) lossesNet (206) (171)operating 195 219 197 179 (64) (232) % 414 (296) %incomeAssociates 2 3 2 2 2 2 6 5 Other (15) 0 (0) (0) 0 0 (15) (0) itemsPre-tax 183 222 200 181 (61) (230) (203) 405 (291) (172)profit % %Cost/Income 72.2% 61.8% 67.3% 67.0% 81.1% 91.8% 66.8% 85.7% ratioCost/Incomeratio 69.1% 62.7% 68.3% 67.9% 76.9% 93.6% 65.9% 84.1% excl.IFRIC 21RWA (Basel3 - in 62.0 61.1 62.3 62.2 65.4 69.2 13% 61.1 69.2 13%?bn)Normativecapital 6,634 6,740 6,734 6,768 6,757 7,120 6% 6,687 6,939 4%allocation(Basel 3)RoE after (2.8) (9.5)tax (Basel 7.6% 9.6% 8.5% 7.8% % % 8.6% (6.2)% 3)^3RoE aftertax (Basel 8.6% 9.2% 8.2% 7.5% (1.6) (9.9) 8.9% (5.8)% 3) excl. % %IFRIC 21^3

[1] Including Film industry financing 2 Including M&A3 Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangiblesInsurance

2Q20 1H20?m 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 vs. 1H19 1H20 vs. 2Q19 1H19Net revenues 218 207 205 216 221 228 10% 425 449 6%Expenses (125) (116) (112) (125) (134) (117) 1% (241) (250) 4%Gross operating 93 92 93 90 87 112 22% 184 199 8%incomeProvision for 0 0 0 0 0 0 0 0 credit lossesNet operating 93 92 93 90 87 112 22% 184 199 8%incomeAssociates 0 5 1 4 (11) (2) 5 (13) Other items 0 (0) 0 0 0 (0) 0 0 Pre-tax profit 93 96 94 94 76 110 14% 189 186 (2)%Cost/Income 57.5% 55.8% 54.6% 58.1% 60.6% 51.1% 56.7% 55.7% ratioCost/Incomeratio excl. 51.7% 57.8% 56.6% 60.1% 53.9% 53.2% 54.7% 53.6% IFRIC 21RWA (Basel 3 - 8.0 7.9 8.4 8.3 7.6 7.6 (4)% 7.9 7.6 (4)%in ?bn)Normativecapital 858 942 926 978 965 896 (5)% 900 930 3%allocation(Basel 3)RoE after tax 29.4% 28.4% 27.7% 26.4% 20.7% 34.2% 28.8% 27.2% (Basel 3)^1RoE after tax(Basel 3) excl. 33.3% 27.2% 26.4% 25.2% 25.0% 32.7% 30.1% 28.7% IFRIC 21^1

1Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangiblesPayments

2Q20 1H20?m 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 vs. 1H19 1H20 vs. 2Q19 1H19Net revenues 103 105 103 111 113 86 (18)% 208 198 (5)%Expenses (88) (94) (93) (96) (94) (96) 2% (181) (190) 5%Gross (192) (69)operating 16 11 10 15 18 (10) % 27 8 %incomeProvision for (0) (1) (1) (0) 2 0 (1) 2 credit lossesNet operating 16 10 9 15 20 (10) (194) 26 10 (61)income % %Associates 0 0 0 0 0 0 0 0 Other items 0 0 0 (0) 0 0 0 0 Pre-tax 16 10 9 15 20 (10) (194) 26 10 (61)profit % %Cost/Income 84.8% 89.6% 90.1% 86.1% 83.8% 111.7% 87.2% 95.8% ratioCost/Incomeratio excl. 84.1% 89.8% 90.3% 86.3% 83.2% 111.9% 87.0% 95.6% IFRIC21RWA (Basel 3 1.1 1.2 1.1 1.1 1.1 1.2 0% 1.2 1.2 0%- in ?bn)Normativecapital 356 373 385 384 391 403 8% 365 397 9%allocation(Basel 3)RoE after tax 12.0% 7.3% 6.5% 10.9% 14.3% (6.6)% 9.6% 3.7% (Basel 3)^1RoE after tax(Basel 3) 12.5% 7.1% 6.3% 10.7% 14.7% (6.7)% 9.7% 3.8% excl. IFRIC21^1

Standalone EBITDA calculationFigures excluding exceptional items2

?m 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20Net revenues 103 105 103 111 113 86Expenses (88) (94) (91) (93) (94) (93)Gross operating income - Natixis reported 16 11 13 18 19 (7)excl. exceptional itemsAnalytical adjustments to net revenues (1) (1) (1) (1) (1) 1Structure charge adjustments to expenses 6 5 5 5 (6) (6)Gross operating income - standalone view 20 15 17 22 24 (2)Depreciation, amortization and impairment onproperty, plant and equipment and intangible 4 4 3 4 4 4assetsEBITDA - standalone view 24 19 20 26 28 2

EBITDA = Net revenues (-) Operating expenses. Standalone view excluding analytical items and structure charges

[1] Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles2 See page 6Corporate Center

2Q20 1H20?m 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 vs. 1H19 1H20 vs. 2Q19 1H19Net revenues 55 10 64 (10) (46) 27 65 (19) Expenses (244) (110) (84) (102) (217) (66) (40) (354) (284) (20) % %SRF (170) 0 0 (0) (163) (2) (170) (165) (3)%Other (74) (110) (84) (102) (54) (64) (42) (184) (118) (36) % %Gross operating (188) (100) (20) (112) (263) (39) (61) (289) (302) income %Provision for (1) (3) (2) (2) (2) (4) (4) (5) credit lossesNet operating (190) (103) (22) (114) (265) (43) (58) (293) (308) income %Associates (0) 0 (0) (0) 0 (0) 0 (0) Other items 699 (5) 1 (0) 2 7 694 9 Pre-tax profit 509 (108) (21) (114) (263) (36) (66) 402 (299) %RWA (Basel 3 - in 8.8 9.2 9.8 9.4 9.1 9.3 2% 9.2 9.3 2%?bn)

697m capital gain coming from the disposal of the retail banking activities in 1Q19

?bn 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20Coface RWA (Basel 3) 3.9 3.8 3.8 4.0 1.9 1.9

2Q20 results: from data excluding non-operating items to reported data

Contribution Exchange Real Transformation Coface 2Q20 to the rate estate & Business residual 2Q20?m underlying Insurance fluctuations management Efficiency stake restated solidarity on DSN in strategy Investment impairment fund currencies costsNet revenues 1,596 (7) (25) 1,564Expenses (1,278) (3) (12) (1,292)Grossoperating 318 (7) (25) (3) (12) 0 272incomeProvisionfor credit (289) (289)lossesAssociates 1 1Gain or losson other 4 4assetsPre-tax 33 (7) (25) (3) (12) 0 (13)profitTax (19) 2 7 1 3 (5)Minority (12) 0 (12)interestsNet income -group shareexcl. Coface 2 (5) (17) (2) (8) 0 (30)netcontributionCoface net 2 (29) (27)contributionNet income -group shareincl. Coface 4 (5) (17) (2) (8) (29) (57)netcontribution

Figures restated as communicated on April 20, 2020 following the announced sale of a 29.5% stake in Coface. See page 16 for the reconciliation of the restated figures with the accounting view

1H20 results: from data excluding non-operating items to reported data

Contribution Exchange Real Transformation Impact of Coface 1H20 to the rate estate & Business Liban Coface residual 1H20?m underlying Insurance fluctuations management Efficiency default capital stake restated solidarity on DSN in strategy Investment on ADIR loss impairment fund currencies costs InsuranceNet revenues 3,328 (14) (1) 3,314Expenses (2,857) (5) (12) (2,874)Grossoperating 471 (14) (1) (5) (12) 0 0 0 439incomeProvisionfor credit (482) (482)lossesAssociates 7 (14) (7)Gain or losson other 3 3assetsPre-tax (1) (14) (1) (5) (12) (14) 0 0 (47)profitTax (28) 4 0 2 3 (19)Minority (51) 0 (51)interestsNet income -group shareexcl. Coface (80) (10) (1) (4) (8) (14) 0 0 (116)netcontributionCoface net 3 (112) (36) (145)contributionNet income -group shareincl. Coface (77) (10) (1) (4) (8) (14) (112) (36) (261)netcontribution

Natixis - 2Q20 capital & Basel 3 financial structureSee note on methodology - Irrevocable Payment Commitment (IPC) deduction disclosed as part of the ratio as of 2Q19

Fully-loaded

?bn 30/06/2020Shareholder?s Equity 19.1Hybrid securities (incl. gains on hybrids) (2.1)Goodwill & intangibles (3.7)Deferred tax assets (0.8)Dividend provision 0.0Other deductions (0.8)CET1 capital 11.6CET1 ratio 11.2%Additional Tier 1 capital 1.8Tier 1 capital 13.4Tier 1 ratio 13.0%Tier 2 capital 2.2Total capital 15.6Total capital ratio 15.1%Risk-weighted assets 103.3

Phased-in incl. current financial years earnings and dividends

?bn 30/06/2020CET1 capital 11.6CET1 ratio 11.2%Additional Tier 1 capital 2.1Tier 1 capital 13.7Tier 1 ratio 13.3%Tier 2 capital 2.2Total capital 16.0Total capital ratio 15.5%Risk-weighted assets 103.3

IFRIC 21 effects by business lineEffect on expenses

?m 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 1H19 1H20AWM (4) 1 1 1 (4) 1 (3) (3)CIB (24) 8 8 8 (28) 9 (16) (19)Insurance (13) 4 4 4 (15) 5 (8) (10)Payments (1) 0 0 0 (1) 0 (0) (0)Corporate center (119) 40 40 40 (113) 38 (80) (76)Total Natixis (161) 54 54 54 (161) 54 (107) (107)

Normative capital allocation and RWA breakdown - 30/06/2020

Goodwill & RoE?bn RWA % of intangibles Capital after EoP total 1H20 allocation 1H20 tax 1H20AWM 14.1 15% 3.1 4.6 8.8%CIB 69.2 75% 0.2 6.9 (6.2)%Insurance 7.6 8% 0.1 0.9 27.2%Payments 1.2 1% 0.3 0.4 3.7%Total (excl. Corp. Center 92.1 100% 3.7 12.9 & Coface)

RWA breakdown (?bn) 30/06/2020Credit risk 63.0Internal approach 52.6Standard approach 10.4Counterparty risk 6.6Internal approach 5.8Standard approach 0.8Market risk 18.2Internal approach 12.3Standard approach 5.9CVA 1.7Operational risk - Standard approach 13.7Total RWA 103.2

Fully-loaded leverage ratio1According to the rules of the Delegated Act published by the European Commission on October 10, 2014, including the effect of intragroup cancelation - pending ECB authorization

?bn 30/06/2020Tier 1 capital^1 13.7Total prudential balance sheet 396.0Adjustment on derivatives (51.6)Adjustment on repos^2 (17.1)Other exposures to affiliates (53.0)Off balance sheet commitments 43.2Regulatory adjustments (5.4)Total leverage exposure 312.1Leverage ratio 4.4%

[1]See note on methodology. Without phase-in - supposing replacement of existing subordinated issuances when they become ineligible2Repos with clearing houses cleared according to IAS32 standard, without maturity or currency criteria Net book value as at June 30, 2020

?bn 30/06/2020Shareholders? equity (group share) 19.1Deduction of hybrid capital instruments (2.0)Deduction of gain on hybrid instruments (0.1)Distribution 0.0Net book value 17.0Restated intangible assets^1 (0.7)Restated goodwill^1 (3.3)Net tangible book value^2 13.1? Net book value per share 5.39Net tangible book value per share 4.15

1H20 Earnings per share

?m 30/06/2020Net income (gs) (261)DSN interest expenses on preferred shares adjustment (64)Net income attributable to shareholders (325)Earnings per share (?) (0.10)

Number of shares as at June 30, 2020

30/06/2020Average number of shares over the period, excluding treasury 3,151,380,328sharesNumber of shares, excluding treasury shares, EoP 3,151,102,683Number of treasury shares, EoP 4,743,812

Net income attributable to shareholders

?m 2Q20 1H20Net income (gs) (57) (261)DSN interest expenses on preferred shares adjustment (31) (64)RoE & RoTE numerator (88) (325)

[1] See note on methodology2Net tangible book value = Book value - goodwill - intangible assets

RoTE1

?m 30/06/2020Shareholders? equity (group share) 19,116DSN deduction (2,122)Dividend provision 0Intangible assets (651)Goodwill (3,256)RoTE Equity end of period 13,088Average RoTE equity (2Q20) 13,3592Q20 RoTE annualized with no IFRIC 21 adjustment (2.6)%IFRIC 21 impact (47)2Q20 RoTE annualized excl. IFRIC 21 (4.0)%Average RoTE equity (1H20) 13,4951H20 RoTE annualized excl. IFRIC 21 (2.6)%

RoE1

?m 30/06/2020Shareholders? equity (group share) 19,116DSN deduction (2,122)Dividend provision 0Unrealized/deferred gains and losses in equity (OCI) (357) RoE Equity end of period 16,637Average RoE equity (2Q20) 17,0242Q20 RoE annualized with no IFRIC 21 adjustment (2.1)%IFRIC 21 impact (47)2Q20 RoE annualized excl. IFRIC 21 (3.2)%Average RoE equity (1H20) 17,2171H20 RoE annualized excl. IFRIC 21 (2.0)%

Doubtful loans2

?bn 31/03/2020 30/06/2020Provisionable commitments^3 2.1 2.4Provisionable commitments / Gross debt 1.7% 1.9%Stock of provisions^4 1.5 1.7Stock of provisions / Provisionable commitments 73% 73%

[1]See note on methodology. Returns based on quarter-end balance sheet in 1Q20 to reflect the announced disposal of a 29.5% stake in Coface. The 112m net capital loss is not annualized

2On-balance sheet, excluding repos, net of collateral3Net commitments4Specific and portfolio-based provisionsDisclaimer

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 Insurance 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 regulation. 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.

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NATIXIS financial disclosures for the second quarter 2020 are contained in this press release and in the presentation attached herewith, available online at www.natixis.com in the Investors & shareholders section.

The conference call to discuss the results, scheduled for August 4, 2020 at 9:00 a.m. CET, will be webcast live on www.natixis.com (on the Investors & shareholders page).

Contacts:

Investor Press press@communication.natixis.comRelations: investorelations@natixis.com Relations: Damien T + 33 1 58 55 41 10 Daniel T + 33 1 58 19 10 40 Souchet WilsonNoemie T + 33 1 78 40 37 87 Vanessa T+ 33 1 58 19 34 16 Louvel StephanSouad Ed T + 33 1 58 32 68 11 Diaz

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Attachment

-- PR 2Q20