NATIXIS : 3Q20 and 9M20 results Back to profitability and strategic orientations preparing the future - 05/11/2020

Paris, November 5, 2020

3Q20 and 9M20 results

Back to profitability and strategic orientations preparing the future

Reported net income at +€39m in 3Q20 and +€152m excluding exceptional items1

Basel 3 fully-loaded CET1 ratio2 at 11.7%, +340bps above regulatory requirements

BACK TO PROFITABILITY AND SOLID CAPITAL POSITION

Underlying3 net revenues of the businesses excl. CVA/DVA at €1.8bn in 3Q20 (-14% vs 3Q19) and €5.2bn in 9M20 (- 15% vs. 9M19). Activity bouncing back from 1Q20 and 2Q20 levels

Cost of risk improving in 3Q20 vs. 2Q20

Underlying3 net income at +€152m in 3Q20 (+€39m on a reported basis) and +€75m in 9M20 (€(222)m on a reported basis)

Basel 3 FL CET1 ratio2 at 11,7% in September 30, 2020 (11.2% proforma). Ratio standing +340bps above regulatory requirements (+290bps proforma) and +150bps above current target of 10.2% (+100bps proforma)

STRATEGIC CHOICES TOWARDS SUSTAINABLE VALUE CREATION

LAYING OUT SOLID FOUNDATIONS FOR THE 2021-2024 STRATEGIC PLAN

Sustainable development of our net revenues

AWM - Fostering growth relays

Closing of the Ostrum AM/LBP AM merger, creating a European leader in the management of fixed-income and insurance assets for large institutional clients with close to ~€430bn of assets under management as at end-September. Combined with the ~€630bn of AuM coming from its alpha-generating boutiques, Natixis IM reinforces its diversified positioning with close to €1,100bn of AuM. Besides, DNCA and Thematics see their positioning being reinforced through additional AuM being transferred from Ostrum AM

AWM - Evolution of the relationship between Natixis IM and H2O AM

Natixis IM and H2O AM are in discussions concerning the progressive and orderly unwinding of their partnership. Such discussions include (i) a possible progressive sale of Natixis IM's stake in H2O AM and (ii) the orderly assumption by H2O AM of its distribution over a transition period until the end of 2021. Such evolution would be subject to consideration and approval by relevant regulatory authorities. H2O AM will no longer be considered a strategic asset of Natixis

CIB - Equity Derivatives repositioning under a lower risk appetite

Exit from most complex products and tightened exposure limits on low/medium risk products. These products will essentially be offered to Groupe BPCE retail networks and Natixis' selected strategic clients, translating into a reduction in the number of clients served from >400 to ~50. Equity net revenues are expected to reach a new run-rateof ~€300m per annum and with an associated reduction in the cost base

Business transformation: €350m of cost savings by end-2024

Transformation and efficiency program allowing for ~€350m of recurring cost savings to be generated by 2024 (~€270m of related one-off investment expenses over 4Q20-2023) notably including the transformation of the CIB Equity business

Financing the energy transition and reducing the cost of risk

Active -20% reduction in the overall Oil & Gas exposure since the beginning of the year through a repositioning of the trade finance activity (-35%). Complete exit from shale oil and shale gas by 2022 with a -25% reduction in exposure already achieved over 2020. Besides an expected reduction in the through-the-cycle cost of risk, such an active management of the loan portfolio should help accelerate Natixis' green transition to address clients' needs and through the development of its Green Weighting Factor

Capital management: long-term growth and shareholder return capacity

With a Basel 3 FL CET1 ratio2 at 11.7% as at end-September and 11.2% proforma for the front-loading of all regulatory impacts expected by the end of 2021, Natixis has enough room for maneuver in order to ensure the development of its businesses and its dividend distribution capacity. Natixis intends to resume dividend distribution in the first semester of 2021 (subject to ECB recommendations) and actively manage its capital position with a ~200bps CET1 buffer above its regulatory requirements

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 See page 6 2 See note on methodology 3 Excluding exceptional items. Excluding exceptional items and excluding IFRIC 21 for the Cost income ratio, RoE and RoTE

Natixis - 30, avenue Pierre Mendès France - 75013 Paris - Mailing address: BP 4 - 75060 Paris Cedex 02 - France - Phone: [phone] - www.natixis.com

Limited liability company with a Board of Directors, with a share capital of 5,049,522,403 euros - Trade register Nr. 542 044 524 - VAT: FR 73 542 044 524

"Natixis has taken a number of strategic and operational decisions in order to prepare the future. Our goal is to get Natixis back onto a path of sustainable value creation. Growth in our Asset Management division will be boosted by the operational merger between La Banque Postale AM and Ostrum AM, which has increased our assets under management to close to 1.1 trillion euros, and by the decision to evolve our relationship with H2O AM. Meanwhile, the results of our Corporate & Investment Banking business will become steadier through the adjustment of our Equity Derivatives positioning and through the reduction of our exposure to the Oil & Gas sector. These decisions mark an important step in Natixis' development and growth and pave the way for the preparation of our 2024 strategic plan, to be published in early June 2021.

The past quarter also marked a return to positive earnings for Natixis with Insurance and Payments recording solid growth, Asset & Wealth Management holding up well, notably in terms of assets under management, and Corporate & Investment Banking revenues normalizing. In such an extraordinary health and economic context, I would like to pay tribute to the commitment and dedication of Natixis' teams to serving our clients and supporting the financing of the economy as well as reaffirm the confidence I have in Natixis' ability to fulfill its ambitions."

Nicolas Namias, Natixis Chief Executive Officer

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3Q20 RESULTS

On November 5th, 2020, the Board of Directors examined Natixis' third quarter 2020 results.

€m

Net revenues

o/w businesses excl. CVA/DVA

Expenses

Gross operating income

Provision for credit losses

Net operating income

Associates and other items

Pre-tax profit

Income tax

Minority interests

Net income - group share excl. Coface net contribution

Coface net contribution

Net income - group share incl. Coface net contribution

3Q20	3Q19
restated	restated
1,762	2,102
1,758	2,045
(1,383)	(1,465)
379	637
(210)	(70)
169	567
(18)	12
152	579
(56)	(114)
(16)	(66)
80	399
(41)	16
39	415

3Q20	3Q19
o/w	o/w
underlying	underlying
1,806	2,056
1,758	2,045
(1,360)	(1,443)

1. 613

1. (70)

1. 543

412

239 555

1. (106)

1. (66)

148 383

417

152 400

3Q20 vs.		3Q20 vs.
3Q19		3Q19
restated		underlying
(16)%	(12)%
(14)%	(14)%
(6)%	(6)%
(40)%	(27)%
(70)%	(57)%
(74)%	(57)%
(80)%	(61)%
(91)%	(62)%

Underlying net revenue evolution highlights Natixis' resilient business model, recovering from the impacts of the late 1Q20 market dislocation (mainly in Asset Management), 2Q20 lockdown measures (mainly in Payments) as well as 1H20 dividend cancellations and uncertainty regarding the shape of the economic recovery (mainly in CIB).

Underlying expenses are down -6% YoY in 3Q20 reflecting the cost flexibility embedded in the Asset management multiboutique model (-14% YoY) as well as ongoing cost discipline across the board. The underlying cost/income ratio1 stands at 78.3% in 3Q20 vs. 72.8% in 3Q19.

Underlying cost of risk has improved QoQ although reflecting higher impairments mainly across energy exposures as well as an increase in non-performing loans vs. 3Q19. Expressed in basis points of loans outstanding (excluding credit institutions), the businesses' underlying cost of risk worked out to 123bps in 3Q20 (o/w ~90% of COVID-19 related impacts such as IFRS9, fraudulent credit files and airlines).

Coface net contribution based on a ~13% residual stake (vs. ~42% in 3Q19).

Net income (group share), adjusted for IFRIC 21 and excluding exceptional items reached €105m in 3Q20. Accounting for exceptional items (€(113)m net of tax in 3Q20) and IFRIC 21 impact (€47m in 3Q20) the reported net income (group share) in 3Q20 is at €39m.

Natixis' underlying RoTE1 reached 2.4% in 3Q20 excl. IFRIC 21.

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

3

The sensitivity test that had been carried out for the 1Q20 et 2Q20 results has been updated with data as at end-September 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 ~30% for real estate). In such a scenario, the cost of risk could continue to progressively improve below 100bps regarding the full-year2021.

Natixis' exposure to the Oil & Gas sector stood at ~€10.0bn of net EAD1 (Exposure at Default) as at 30/09/2020 (~60% Investment Grade) of which ~€0.8bn across US independent producers and service companies which have a more limited absorption capacity of lower oil price. As at 30/09/2020, the exposure to Aviation stood at ~€4.4bn of net EAD1, was well diversified across more than 30 countries (none of which exceeding 20% of the exposure), secured for ~75% and majority Investment Grade. The exposure to Tourism & Leisure stood at ~€1.9bn of net EAD as at 30/09/2020, with ~95% being in the EMEA region, geared towards industry leaders.

Outlook

Natixis' future financial performances may be impacted by the latest developments linked to the COVID-19 context and the uncertainties it creates. For instance, they could be affected by the lockdown measures taken in various geographies and their potential implications on macroeconomic scenarios, the behavior of sectors/counterparts to which Natixis is exposed that could impact credit risk estimates and capital consumption, market levels impacting valuations and solvency through related CET1 items and RWA, goodwill depreciation or depreciation of associates' value, or securities…

Main observable impacts from the COVID-19 context in 9M20 (excluding items classified as exceptional, see page 6)2

€m		1Q20	2Q20	3Q20
Net revenues		(290)	(106)	59
Seed money portfolio mark-downs	AWM	(34)	(17)	18
- Listed		(33)	25	18
- Unlisted		(2)	(42)	0
Dividend mark-downs on equity products	CIB	(130)	(143)	1
CVA/DVA impact	CIB	(55)	1	26
FVA impact	Corporate Center	(71)	53	14
Cost of risk	CIB	(115)	(210)	(190)
Total pre-tax profit impact		(405)	(316)	(131)
CET1 capital		(507)	342	104
OCI		(389)	299	70
PVA		(118)	43	34
Risk-weighted assets (€bn)		3.2	6.7	(4.4)
Credit RWA		1.7	0.9	(0.6)
- RCF drawdowns & new money(3)		1.7	0.4	(0.4)
- State-guaranteed loans(3)		0.0	0.5	(0.2)
Market RWA		1.0	6.0	(3.4)
CVA RWA		0.5	(0.2)	(0.4)
Total CET1 ratio impact (bps)		(90)bps	(40)bps	60bps

9M20

(337)

(33)
11
(44)
(272)
(28)
(4)
(515)
(852)
(61)
(20)
(41)
5.4
1.9
1.7
0.2
3.6
(0.1)
(70)bps

P&L : ~€65m of 9M20 impacts recoverable upon market conditions (seed money, XvA)

Capital : ~50bps of 9M20 impacts recoverable upon market conditions and over time (OCI, PVA, Market RWA, state guaranteed loans)

1 Energy & Natural Resources + Real Assets perimeters 2 Not exhaustive 3 Management data, gross. ~€0.2bn RWA impact from state-guaranteed loans as at end 3Q20 o/w close to nil related to the guarantee not being effective yet as at 30/09/20

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