Paris, August 1, 2019

2Q19 resultsA well-balanced business model to navigate the current environmentReported net income at €346m in 2Q19 and €1.1bn in 1H19Financial strength with a Basel 3 fully-loaded CET1 ratio1 at 11.5%, well above our 2020 target (11%)

STRENGTH OF A DIVERSIFIED BUSINESS MODEL2Q19 UNDERLYING NET REVENUES2 AT €2.3BN, STABLE VS. A RECORD 2Q18

AWM: Strong net revenue growth and positive net inflows in the US notably

Strength of our active asset management model with underlying net revenues2 up +11% YoY in 2Q19 (+4% in 1H19)in part driven by high levels of performance fees that reached €138m this quarter (€171m in 1H19)

Demonstration of the strength of the multiboutique model with €(2)bn net outflows on LT products despite €(6)bnnet outflows at H2O. More than +€3bn net inflows on LT products across other affiliates, of which +€2bn in the US

The average fee rate remains in line with the New Dimension target at ~30bps

Strong AuM growth of +5% over the quarter to reach €898bn, including WCM

Projected partnership between Ostrum AM and LBP AM to create a key player in life insurance asset management

CIB: Revenue diversification and tight cost control to create value despite an elevated cost of risk due to a large single file

Underlying net revenues2 down YoY in 2Q19 with a high base effect in Global finance. Resilience of Global markets activities with revenues up QoQ and FIC-T also up YoY. Growth from IB/M&A and our Green & Sustainable Hub

Strict cost control, down -7% YoY at constant exchange rate in 2Q19

Cost of risk elevated this quarter driven by a large single file

Underlying RoE2 at 9.3% in 2Q19 and 11.7% with a normalized cost of risk of 30bps

Insurance: Sustained growth and profitability

Underlying net revenues2 up +7% YoY with a positive jaws effect both in 2Q19 and 1H19

Underlying RoE2 >30% in 1H19, in line with the New Dimension 2020 target

Payments: Continued growth dynamic

Underlying net revenues2 up +10% YoY with a positive jaws effect both in 2Q19 and 1H19

Increase in business volumes from Dalenys & PayPlug, up more than +20%

SUSTAINABLE VALUE CREATION AND FINANCIAL STRENGTH

Organic capital creation of 38bps in 2Q19. Basel 3 FL CET1 ratio1 at 11.5% as at June 30, 2019, well above our 2020 target (11%)

Underlying net income2 at €363m in 2Q19 and €555m in 1H19, despite an elevated cost of risk (63bps in 2Q19 and 43bps in 1H19)

Underlying RoTE2 at 9.6% in 2Q19 and 10.8% with a normalized cost of risk of 30bps

Underlying RoTE2 adjusted3 at 12.8% over New Dimension as at June 30, 2019

FOCUS ON THE IMPLEMENTATION OF OUR 2020 AMBITIONS

François Riahi, Natixis Chief Executive Officer, said: “Natixis recorded solid results across all its businesses in the second quarter of 2019. Our diversified and balanced business model proves, once again, its worth in an uncertain economic environment. In Asset & Wealth Management our multi-boutique model demonstrated its robustness. Revenues and assets under management both continued to rise despite outflows at H2O and with net flows in the United States turning back positive. We also announced our ambition to create a 100% SRI-compliant European leader in insurance-related fixed income asset management with La Banque Postale. In Corporate & Investment Banking, we enjoyed sustained performances, including in our capital markets activities despite a less favorable environment than last year to which we notably adapt through tighter cost control. In Insurance and Payments, we continued to combine strong growth with a positive jaws effect. We further bolstered our capital position with our CET1 standing at 11.5%, above our 2020 objective.”

Figures restated as communicated on April 11, 2019 following the disposal of the retail banking activities. See page 13 for the reconciliation of the restated figures with the accounting view [1] See note on methodology 2 Excluding exceptional items. Excluding exceptional items and excluding IFRIC 21 for cost/income, RoE and RoTE (see note on methodology) 3 Adjusting for the non-recurring impact on 4Q18 revenues from Asian equity derivatives and a 30bps normalized cost of risk in 2Q19, net of tax 2Q19 RESULTS

On August 1, 2019, the Board of Directors examined Natixis’ second quarter 2019 results.

€m 2Q19 2Q18 2Q19 2Q18 2Q19 vs. 2Q18 2Q19 vs. 2Q18 reported restated o/w underlying o/w underlying restated underlying ---------------------- -------- -------- -------------- -------------- ------------- ------------- Net revenues 2,282 2,360 2,297 2,305 (3)% 0% o/w businesses 2,091 2,106 2,091 2,106 (1)% (1)% Expenses (1,577) (1,528) (1,566) (1,514) 3% 3% Gross operating income 705 832 730 791 (15)% (8)% Provision for credit (110) (41) (110) (41) losses Net operating income 595 791 620 750 (25)% (17)% Associates and other 7 7 7 7 items Pre-tax profit 602 798 627 757 (25)% (17)% Income tax (164) (234) (172) (220) Minority interests (92) (57) (93) (56) Net income - group 346 507 363 481 (32)% (25)% share ---------------------- -------- -------- -------------- -------------- ------------- -------------

Natixis’ underlying net revenues are stable vs. a historically high 2Q18 with AWM up +11%, Payments up +10% YoY and Insurance up +7% YoY. Within CIB, Investment banking/M&A up +5% YoY and good resilience for Global markets (-5% YoY excl. CVA/DVA), offsetting Global finance evolution set against a 2Q18 historically high performance.

Underlying expenses are well under control and up +1% YoY at constant exchange rate, in part reflecting the strong top-line performance across AWM, Insurance and Payments. CIB costs down -7% YoY at constant exchange rate. The underlying cost/income ratio1 is at 70.5%, up +250bps vs. 2Q18.

The underlying loan loss provisioning increased above its normalized level this quarter, mainly driven by a large single file in France. Expressed in basis points of loans outstanding (excluding credit institutions), the businesses’ underlying cost of risk worked out to 63bps in 2Q19 vs. a normalized level of ~30bps.

Underlying tax rate at ~28% in 2Q19. YoY increase in minority interests on the back of a higher performance from some European AM affiliates and Coface.

Net income (group share), adjusted for IFRIC 21 and excluding exceptional items reached €315m in 2Q19. Accounting for exceptional items (-€17m net of tax in 2Q19) and IFRIC 21 impact (+€47m in 2Q19), the reported net income (group share) in 2Q19 is at €346m.

Businesses’ underlying RoE1 reached 12.6% in 2Q19 and 13.9% under a normalized2 cost of risk.

Natixis’ underlying RoTE1 reached 9.6% in 2Q19 excl. IFRIC 21 and 10.8% under a normalized2 cost of risk.

1 See note on methodology. Excluding exceptional items and excluding IFRIC 21 2 Normalizing the 2Q19 cost of risk at 30bps 1H19 RESULTS1

€m 1H19 1H18 1H19 1H18 1H19 vs. 1H18 1H19 vs. 1H18 restated restated o/w underlying o/w underlying restated underlying ---------------------- -------- -------- -------------- -------------- ------------- ------------- Net revenues 4,414 4,553 4,410 4,526 (3)% (3)% o/w businesses 3,992 4,146 3,992 4,146 (4)% (4)% Expenses (3,297) (3,202) (3,269) (3,173) 3% 3% Gross operating income 1,117 1,350 1,141 1,353 (17)% (16)% Provision for credit (141) (77) (141) (77) losses Net operating income 976 1,273 1,000 1,276 (23)% (22)% Associates and other 692 20 9 20 items Pre-tax profit 1,668 1,293 1,009 1,295 29% (22)% Income tax (379) (409) (308) (410) Minority interests (178) (117) (145) (117) Net income - group 1,110 767 555 769 45% (28)% share ---------------------- -------- -------- -------------- -------------- ------------- -------------

Natixis’ underlying net revenues are higher or stable vs. 1H18 for the vast majority of the businesses with Payments up +10% YoY, Insurance up +7% YoY, AWM up +4% YoY and IB/M&A up +6% YoY. 1H19 revenue evolution to be put in the context of a historically high 1H18, in particular 1Q18 for Global markets and 2Q18 for Global finance.

Underlying expenses are well under control and up +1% YoY at constant exchange rate reflecting solid revenue growth across most businesses, investments being made (e.g. strategic projects, support functions) and the increase in the SRF contribution. CIB costs down -3% YoY at constant exchange rate. The underlying cost/income ratio2 is at 71.7%, up +390bps vs. 1H18.

The underlying loan loss provisioning almost doubled vs. 1H18 on the back of a large single file impact in 2Q19 and is thus not representative of the normalized cost of risk. Expressed in basis points of loans outstanding (excluding credit institutions), the businesses’ underlying cost of risk worked out to 43bps in 1H19.

Underlying tax rate at ~31% in 1H19 due to the non-deductibility of the SRF contribution in 1Q. Guidance maintained at <30% for 2019.

Net income (group share), adjusted for IFRIC 21 and excluding exceptional items reached €650m in 1H19. Accounting for exceptional items (+€555m net of tax in 1H19) and IFRIC 21 impact (-€95m in 1H19), the reported net income (group share) in 1H19 is at €1,110m.

Businesses’ underlying RoE2 reached 12.5% in 1H19 and 12.9% under a normalized cost of risk3.

Natixis’ underlying RoTE2 reached 9.9% in 1H19 excl. IFRIC 21 and 10.3% under a normalized cost of risk3.

1 Figures restated as communicated on April 11, 2019 following the disposal of the retail banking activities. See page 13 for the reconciliation of the restated figures with the accounting view 2 See note on methodology. Excluding exceptional items and excluding IFRIC 21 3 Normalizing the 1H19 cost of risk at 30bps

2Q19 & 1H19 RESULTSExceptional items

€m 2Q19 2Q18 1H19 1H18 ------------------------------------------------------- --------------------------------- ---- ---- ---- ---- Exchange rate fluctuations on DSN in currencies (Net Corporate center (15) 55 4 27 revenues) Transformation & Business Efficiency Investment costs Business lines & Corporate center (10) (18) (26) (30) (Expenses) ------------------------------------------------------- --------------------------------- ---- ---- ---- ---- Fit to Win investments & restructuring expenses Corporate center (1) 4 (1) 1 (Expenses) ------------------------------------------------------- --------------------------------- ---- ---- ---- ---- Disposal of subsidiary in Brazil (Gain or loss on other CIB 0 0 (15) 0 assets) ------------------------------------------------------- --------------------------------- ---- ---- ---- ---- Capital gain - Disposal of retail activities(Gain or Corporate center 0 0 697 0 loss on other assets) ------------------------------------------------------- --------------------------------- ---- ---- ---- ---- Total impact on income tax 8 (14) (71) 1 Total impact on minority interests 0 (1) (33) (1) ------------------------------------------------------- --------------------------------- ---- ---- ---- ---- Total impact on net income (gs) (17) 25 555 (2) ------------------------------------------------------- --------------------------------- ---- ---- ---- ----

€586m positive net impact from the disposal of the retail banking activities in 1Q19: €697m capital gain minus €78m income tax minus €33m minority interests

TRANSFORMATION & BUSINESS EFFICIENCY

Investment costs by reporting line

€m 2Q19 2Q18 1H19 1H18 --------------------- ---- ---- ---- ---- AWM (0) (1) (5) (1) CIB (3) (3) (6) (4) --------------------- ---- ---- ---- ---- Insurance (2) (1) (2) (1) --------------------- ---- ---- ---- ---- Payments (0) (1) (0) (1) --------------------- ---- ---- ---- ---- Financial Investments 0 0 0 0 --------------------- ---- ---- ---- ---- Corporate center (5) (13) (13) (23) --------------------- ---- ---- ---- ---- Impact on expenses (10) (18) (26) (30) --------------------- ---- ---- ---- ----

Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see detail p4)

Asset & Wealth Management

2Q19 1H19 1H19 €m 2Q19 2Q18 vs. 2Q18 1H19 1H18 vs. 1H18 vs. 1H18 constant FX ----- ----- -------- ------- ------- -------- ----------- Net revenues 932 842 11% 1,705 1,641 4% 0% o/w Asset Management1 900 805 12% 1,642 1,567 5% 1% o/w Wealth management 32 37 (12)% 63 74 (14)% (14)% Expenses (605) (568) 7% (1,158) (1,116) 4% 0% --------------------------- ----- ----- -------- ------- ------- -------- ----------- Gross operating income 327 274 19% 547 525 4% 1% Provision for credit losses (2) (1) (1) (1) Associates and other items (2) (2) (4) (2) Pre-tax profit 323 270 20% 542 521 4% --------------------------- ----- ----- -------- ------- ------- -------- ----------- Cost/income ratio2 65.1% 67.7% -2.6pp 67.8% 67.8% -0.0pp RoE after tax2 15.0% 15.2% -0.2pp 13.5% 14.6% -1.1pp

Underlying net revenues from Asset & Wealth Management (AWM) are up +11% YoY in 2Q19 on a high 2Q18. Net revenues growth even excluding performance fees, illustrating the resilience of our active multi-boutique model. Asset management (excl. Employee savings plan) underlying net revenues excl. performance fees down -4% YoY in North America (€384m) and up + 9% in Europe (€208m) in 2Q19 (-5% at €756m and +11% at €378m in 1H19 for North America and Europe respectively). Wealth management net revenues are down -€5m YoY in 2Q19 mainly due to the perimeter effect from the disposal of Selection 1818 finalized in 4Q18.

The Asset management overall fee rate excluding performance fees is at 30bps in 2Q19, flat QoQ and in line with the New Dimension target. In Europe, 16.5bps (+0.5bps QoQ) and 28.6bps excl. Life Insurance General Accounts (+1.1bps QoQ). In North America, 38bps (flat QoQ). Performance fees reached €138m in 2Q19 and €171m in 1H19 (~11% of AM revenues vs. ~13% FY18) mainly driven by H2O and AEW.

Asset management net inflows on LT products reached >€3bn in 2Q19 excluding H2O illustrating the diversity of the multi-boutique model with, notably, a rebound in the US. H2O AuM at €26bn as at end-June, above its end-June 2018 level. H2O fund flows have normalized quickly - positive net inflows in July. In Europe, ~€1bn net inflows on LT products (excl. H2O) in 2Q19 mainly driven by Fixed income, ESG and Real asset strategies. Net outflows on money market funds (~€4bn) in part driven by corporates’ semester-end. In North America, ~€2bn net inflows on LT products in 2Q19 primarily driven by Fixed income and growth Equity strategies. Good momentum for Loomis.

Asset management AuM reached €898bn as at June 30, 2019 and are up +5% QoQ. Positive FX and perimeter effect of €27bn (mainly driven by the acquisition of a stake in WCM) and positive market effect of +€22bn in 2Q19. Wealth management AuM reached €30.0bn as at June 30, 2019 including Massena Partners (acquisition finalized end of June) and with €0.3bn positive net inflows.

Underlying expenses up +3% YoY at constant exchange rate in 2Q19 reflecting investments being made in new initiatives and digitalization as well as MIFID 2 impact.

The underlying RoE2 reached 15.0% in 2Q19 and 13.5% in 1H19.

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 detail p4)

Corporate & Investment Banking

2Q19 1H19 1H19 €m 2Q19 2Q18 vs. 2Q18 1H19 1H18 vs. 1H18 vs. 1H18 constant FX ----- ----- -------- ------- ------- -------- ----------- Net revenues 847 976 (13)% 1,654 1,920 (14)% (16)% Net revenues excl. CVA/DVA/Other 844 922 (9)% 1,644 1,872 (12)% (15)% Expenses (520) (548) (5)% (1,099) (1,113) (1)% (3)% -------------------------------- ----- ----- -------- ------- ------- -------- ----------- Gross operating income 327 428 (24)% 554 807 (31)% (34)% Provision for credit losses (104) (37) (134) (68) Associates and other items 3 3 6 9 Pre-tax profit 225 393 (43)% 426 748 (43)% -------------------------------- ----- ----- -------- ------- ------- -------- ----------- Cost/income ratio1 62.4% 56.9% +5.5pp 65.5% 57.2% +8.3pp RoE after tax1 9.3% 17.3% -8.0pp 9.5% 17.2% -7.7pp

Underlying net revenues are down high-single digit in 2Q19 excl. CVA/DVA and Other. Revenue evolution largely driven by a high base effect for Global finance activities with a historically high 2Q18. Continued growth in Investment banking/M&A and resilient Global markets in 2Q19 with solid performances across the Americas and EMEA (excl. France) platforms. Increased revenue diversification and robust pipeline built up for 2H19 especially on our key sectors and Investment banking/M&A.

Global markets net revenues excl. CVA/DVA significantly up QoQ in 2Q19 and slightly down YoY. 1H19 revenue evolution reflecting a high base, especially in 1Q18. FICT net revenues up +2% YoY in 2Q19 with maintained high selectivity on profitable deals. Continued good performance in Credit especially in the US and revenues picking up in Rates, despite challenging market conditions and the lack of jumbo transactions. Less favorable environment for FX, notably due to the lack of volatility on major currencies. Equity net revenues excluding cash equity down -16% YoY in 2Q19 (high 2Q18) with a solid recovery post 4Q18 and remaining close to 1Q19 levels. Increased diversification while continuing to bring innovative solutions to address clients’ needs. Global finance net revenues down YoY due to the base effect from a historically high 2Q18, especially on Aviation and US Real estate. Sustained 2Q19 activity in Energy & Natural Resources as well as in Europe Real estate. Robust new loan production, up +36% QoQ although down YoY (base effect). Solid origination levels for Europe Real estate and ASF. Distribution rate on Real Assets at ~62% in 1H19. Investment banking and M&A net revenues up +5% YoY in 2Q19 (+6% in 1H19), in part driven by Green & Sustainable initiatives and including a good performance both in ECM and DCM. Sustained M&A activity in 2Q19 with a good contribution from PJ Solomon in the US. Proportion of revenues generated from service fees at ~38% in 2Q19 and ~40% in 1H192.

Underlying expenses are well under control and down -7% YoY at constant exchange rate in 2Q19 reflecting lower variable costs and ongoing efforts to improve efficiency despite investments being made to develop our sectorial approach as well as control functions.

Underlying cost of risk above its normalized level of ~30bps due to a large single file in France in 2Q19.

Underlying RoE1 of 9.3% in 2Q19 and 9.5% in 1H19. Normalizing for the cost of risk3, the 2Q19 RoE would have reached 11.7% (10.4% in 1H19). RWA are well under control, down -1% QoQ. Acquisition of Azure Capital Limited in Australia finalized in June to complement the international network of M&A boutiques and already bringing new mandates.

1 See note on methodology. Excluding exceptional items and excluding IFRIC 21 2 ENR, Real Assets, ASF 3 Normalizing the cost of risk at 30bps Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see detail p4)

Insurance

€m 2Q19 2Q18 2Q19 1H19 1H18 1H19 vs. 2Q18 vs. 1H18 ----- ----- -------- ----- ----- -------- Net revenues 207 193 7% 425 397 7% Expenses (114) (107) 6% (239) (225) 6% --------------------------- ----- ----- -------- ----- ----- -------- Gross operating income 93 85 9% 186 171 9% Provision for credit losses 0 0 0 0 Associates and other items 5 0 5 3 Pre-tax profit 98 86 15% 192 175 10% Cost/income ratio1 56.9% 58.1% -1.2pp 54.2% 54.4% -0.2pp RoE after tax1 27.7% 25.2% +2.5pp 30.4% 29.1% +1.3pp

Banking view

Underlying net revenues up +7% YoY both in 2Q19 and 1H19 with growth across the board.

Underlying expenses up +6% YoY both in 2Q19 and 1H19, translating into a positive jaws effect and an underlying cost/income ratio1 improvement, in line with the 2020 target of ~54%.

Underlying gross operating income up +9% YoY both in 2Q19 and 1H19.

Underlying RoE1 continued progression, above 30% in 1H19 which is the target set for New Dimension by 2020

Insurance view

Global turnover2 reached €3.3bn in 2Q19, up +10% YoY (+2% in 1H19 at €6.7bn).

Life and Personal protection: €2.9bn earned premiums2 in 2Q19, up +11% YoY.

-- Total AuM2at €65.0bn as at end-June 2019, up +3% QoQ and +8% YTD, driven by €1.6bn of net inflows2 in 2Q19 (€3.4bn YTD). -- Unit-linked AuM2at €15.9bn as at end-June 2019, up +5% QoQ and +13% YTD, driven by €0.6bn of net inflows2both in 1Q19 and 2Q19 (36% of total net inflows). UL products accounted for 29% of gross inflows in 2Q19, above the French market3. -- Personal protection: earned premiums up +22% YoY in 2Q19 at €0.3bn (+12% in 1H19 at €0.5bn).

P&C: €0.4bn earned premiums in 2Q19, up +7% YoY (+5% in 1H19 at €0.8bn). The combined ratio reaches 90.5% in 2Q19 (-1.5pp YoY) and 91.5% in 1H19 (-0.6pp YoY).

The non-life equipment rate at the end of June is at 26.5% (+0.5pp QoQ) for Banques Populaires and at 29.5% (+0.4pp QoQ) for Caisses d’Epargne.

1 See note on methodology. Excluding exceptional items and excluding IFRIC 21 2 Excluding reinsurance agreement with CNP 3 Source: FFA Unless specified otherwise, the following comments and data refer to underlying results, i.e. excluding exceptional items (see detail p4)

Payments

€m 2Q19 2Q18 2Q19 1H19 1H18 1H19 vs. 2Q18 vs. 1H18 ----- ----- -------- ----- ----- -------- Net revenues 105 95 10% 208 188 10% Expenses (94) (87) 8% (181) (166) 9% --------------------------- ----- ----- -------- ----- ----- -------- Gross operating income 11 8 33% 27 22 21% Provision for credit losses (1) (0) (1) (0) Associates and other items 0 1 0 1 Pre-tax profit 10 9 17% 26 23 15% Cost/income ratio1 89.8% 91.6% -1.8pp 87.0% 88.1% -1.1pp RoE after tax1 7.2% 7.9% -0.7pp 9.8% 10.6% -0.8pp

Underlying net revenues are up +10% YoY both in 2Q19 and 1H19. 40% of 1H19 revenues realized with direct clients (+3pp vs. 1H18).

-- Payment Processing & Services: Steady +4% YoY revenue growth in Natixis Payments’ historical activities in 2Q19 (+5% in 1H19). Number of card transactions processed up +9% YoY in 2Q19. -- Merchant Solutions: Solid business volumes generated by Dalenys (medium/large corp.) and PayPlug (SME), up +22% YoY in 2Q19 (+24% in 1H19). Successful delivery of a fully-integrated “mobility as a service” (MAAS) solution for the SNCF Group simplifying payment services associated with all types of travel. -- Prepaid & Issuing Solutions: Robust growth in 2Q19 driven by meal vouchers (+7% YoY) and the contribution of our Benefits & Rewardsactivity (Titres Cadeaux and Comitéo). Number of mobile payments more than x2.6 vs. 2Q18. Launch of Xpollens in partnership with Visa, the first end-to-end “Payments in a box” offer integrating a full range of innovative payment solutions, from payment cards to instant payments through account management.

1 See 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 detail p4)

Financial Investments

€m 2Q19 2Q18 2Q19 1H19 1H18 1H19 vs. 2Q18 vs. 1H18 ----- ----- -------- ----- ----- -------- Net revenues 196 174 13% 389 364 7% Coface 181 156 16% 356 333 7% Other 15 18 (18)% 33 31 6% Expenses (140) (129) 9% (273) (257) 6% --------------------------- ----- ----- -------- ----- ----- -------- Gross operating income 56 45 23% 116 107 8% Provision for credit losses (4) 1 (6) (5) Associates and other items 5 3 5 6 (5)% Pre-tax profit 57 50 15% 115 108 6% --------------------------- ----- ----- -------- ----- ----- --------

The net combined ratio of Coface1 reached 77.5% in 2Q19 vs. 81.5% in 2Q18 (76.0% 1H19 vs. 77.0% 1H18) with a cost ratio moving from 35.0% to 32.2% (from 33.8% 1H18 to 32.0% 1H19) and a loss ratio moving from 46.6% to 45.3% (from 43.2% 1H18 to 44.0% 1H19).

Corporate Center

€m 2Q19 2Q18 2Q19 1H19 1H18 1H19 vs. 2Q18 vs. 1H18 ---- ---- -------- ----- ----- -------- Net revenues 9 25 28 16 Expenses (93) (74) 25% (318) (296) 7% SRF 0 (0) (170) (160) 6% Other (93) (74) 26% (148) (136) 9% --------------------------- ---- ---- -------- ----- ----- -------- Gross operating income (83) (49) 69% (290) (280) 3% Provision for credit losses 1 (4) 1 (3) Associates and other items (5) 2 (3) 4 Pre-tax profit (87) (51) 72% (292) (280) 4% --------------------------- ---- ---- -------- ----- ----- --------

Underlying net revenues from the Corporate Center of €9m in 2Q19 vs. €25m in 2Q18 (various positive elements impacting 2Q18).

Underlying expenses excluding SRF contribution up +€19m YoY in 2Q19 mainly due to severances and real estate management.

Underlying pre-tax profit contribution broadly unchanged YoY in 1H19 excl. SRF.

1 Reported ratios, net of reinsurance

FINANCIAL STRUCTURE

Basel 3 fully-loaded ratios1Natixis’ Basel 3 fully-loaded CET1 ratio worked out to 11.5% as at June 30, 2019.

-- Basel 3 fully-loaded CET1 capitalamounted to €11.1bn -- Basel 3 fully-loaded RWAamounted to €96.9bn

Based on a Basel 3 fully-loaded CET1 ratio of 11.6% as at March 31, 2019, the respective 2Q19 impacts were as follows:

-- Irrevocable Payment Commitment deduction from capital (IPC): -12bps -- 2Q19 strategic operations (WCM, IM, Fiera Capital, Massena Partners, Azure Capital): -16bps -- 2Q19 results: +36bps -- 2Q19 ordinary dividends: -20bps -- 2Q19 RWA and other effects: +2bps

Basel 3 regulatory ratios1 As at June 30, 2019, Natixis’ Basel 3 regulatory capital ratios stood at 10.6% for the CET1, 12.8% for the Tier 1 and 15.2% for the total capital ratio.

-- Core Tier 1 capitalstood at €10.3bn andTier 1 capitalat €12.4bn -- Natixis’ RWAtotaled €96.9bn, breakdown as follows: o Credit risk: €65.6bn o Counterparty risk: €6.6bn o CVA risk: €1.8bn o Market risk: €9.6bn o Operational risk: €13.3bn

Book value per shareEquity capital (group share) totaled €18.6bn as at June 30, 2019, 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 €5.24 as at June 30, 2019 based on 3,150,059,450 shares excluding treasury shares (the total number of shares being 3,153,078,482). The tangible book value per share (after deducting goodwill and intangible assets) was €3.96.

Leverage ratio1

The leverage ratio worked out to 4.35% as at June 30, 2019.

Overall capital adequacy ratioAs at June 30, 2019, the financial conglomerate’s excess capital was estimated at around €3.5bn (based on own funds including current financial year’s earnings).

1 See note on methodology APPENDICES

Note on methodology:

The results at 30/06/2019 were examined by the board of directors at their meeting on 01/08/2019.Figures at 30/06/2019 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

Changes in Natixis’ account presentation following the disposal of the retail banking activities to BPCE S.A.

-- Employee savings plan is reallocated to Asset & Wealth Management -- Film industry financing is reallocated to Corporate & Investment Banking -- Insurance is not impacted -- Payments becomes a standalone business line -- Financial Investments are isolated and include Coface, Natixis Algeria and the private equity runoff activities. The Corporate Center is refocused on Natixis’ holding and ALM functions and carries the Single Resolution Fund contribution within its expenses

Additional impacts on the quarterly series from the disposal of the retail banking activities to BPCE S.A.

-- New support function services provided by Natixis to the activities sold (TSA / SLA), as well as the cancellation of services or analytical items that have been made obsolete following such a disposal are factored in -- The reclassification as Net revenues of the residual IT and logistic services that continue to be provided to the activities sold. Such services now being provided to entities that do not fall under Natixis’ scope of consolidation anymore, they have been reclassified as Net revenues instead of expense deductions -- The implementation of introductory fees between the Natixis CIB Coverage and the entities sold

In order to ensure comparability between the 2018 and 2019 quarterly series, these impacts have been simulated retroactively as of January 1st, 2018, even though they only impact the published financial statements as of their implementation date in 2019. These items essentially impact the Corporate Center and more marginally the CIB. The others business lines are unimpacted

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 on preferred shares after tax. Equity capital is average shareholders’ equity group share as defined by IFRS, after payout of dividends, 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 on preferred shares after tax. Equity capital is average shareholders’ equity group share as defined by IFRS, after payout of dividends, 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 based on 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: Calculations based on quarter-end balance sheet in 1Q19 to reflect the disposal of the retail banking activities. The €586m net capital gain is not annualized

Net book value: calculated by taking shareholders’ equity group share (minus distribution of dividends proposed by the Board of Directors and submitted to the approval of the General Shareholders' Meeting on May 28, 2019), 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 30/06/2019 --------------------------------------------------- ---------- Goodwill 3,863 Restatement for Coface minority interests (162) Restatement for AWM deferred tax liability & others (334) --------------------------------------------------- ---------- Restated goodwill 3,367 --------------------------------------------------- ----------

€m 30/06/2019 ------------------------------------------------- ---------- Intangible assets 697 Restatement for Coface minority interest & others (48) ------------------------------------------------- ---------- Restated intangible assets 649 ------------------------------------------------- ----------

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 FY2016 closing.

Regulatory (phased-in) capital and ratios: based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - phased in. Presentation excluding current financial year’s earnings and accrued dividend (based on a 60% pay-out1)

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 year’s earnings and accrued dividend (based on a 60% pay-out1)

Leverage ratio: based on delegated act rules, without phase-in (presentation including 1H19 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 4. 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 1H19 takes into account ½ of the annual duties and levies concerned by this accounting rule. The impact for the quarter is calculated by difference with the former quarter

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

1 Pay-out ratio based on reported net income group share minus DSN interest expenses on preferred shares after tax and excluding the €586m net capital gain from the disposal of the retail banking activities Natixis - Consolidated P&L (restated)

€m 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q19 1H18 1H19 1H19 vs. 2Q18 vs. 1H18 ------------------------ ------- ------- ------- ------- ------- ------- -------- ------- ------- -------- Net revenues 2,193 2,360 2,156 2,040 2,132 2,282 (3)% 4,553 4,414 (3)% Expenses (1,675) (1,528) (1,499) (1,656) (1,720) (1,577) 3% (3,202) (3,297) 3% ------------------------ ------- ------- ------- ------- ------- ------- -------- ------- ------- -------- Gross operating income 518 832 658 383 412 705 (15)% 1,350 1,117 (17)% Provision for credit (36) (41) (93) (23) (31) (110) (77) (141) losses Associates 7 3 6 13 3 8 10 11 Gain or loss on other 6 4 (0) 44 682 (2) 10 681 assets Change in value of 0 0 0 0 0 0 0 0 goodwill Pre-tax profit 495 798 570 418 1,066 602 (25)% 1,293 1,668 29% Tax (175) (234) (154) (110) (215) (164) (409) (379) Minority interests (60) (57) (59) (127) (86) (92) (117) (178) Net income (group share) 260 507 358 181 764 346 (32)% 767 1,110 45% ------------------------ ------- ------- ------- ------- ------- ------- -------- ------- ------- --------

Figures restated as communicated on April 11, 2019 following the disposal of the retail banking activities. See below for the reconciliation of the restated figures with the accounting view

Natixis - Reconciliation between management and accounting figures

1H18

€m 1H18 Exceptional items 1H18 Contribution from perimeter 1H18 underlying restated sold reported ---------------------------- ---------- ----------------- -------- --------------------------- -------- Net revenues 4,526 27 4,553 437 4,989 Expenses (3,173) (29) (3,202) (233) (3,435) ---------------------------- ---------- ----------------- -------- --------------------------- -------- Gross operating income 1,353 (2) 1,350 204 1,554 Provision for credit losses (77) (77) (7) (84) Associates 10 10 0 10 Gain or loss on other assets 10 10 0 10 ---------------------------- ---------- ----------------- -------- --------------------------- -------- Pre-tax profit 1,295 (2) 1,293 197 1,490 Tax (410) 1 (409) (61) (470) Minority interests (117) (1) (117) 0 (118) ---------------------------- ---------- ----------------- -------- --------------------------- -------- Net income (group share) 769 (2) 767 136 903 ---------------------------- ---------- ----------------- -------- --------------------------- --------

€m 1H19 Exceptional items 1H19 Residualcontribution from 1H19 underlying restated perimeter sold reported ---------------------------- ---------- ----------------- -------- ------------------------- -------- Net revenues 4,410 4 4,414 22 4,436 Expenses (3,269) (28) (3,297) (22) (3,319) ---------------------------- ---------- ----------------- -------- ------------------------- -------- Gross operating income 1,141 (24) 1,117 0 1,117 Provision for credit losses (141) (141) 0 (141) Associates 11 11 0 11 Gain or loss on other assets 2 682 681 0 681 ---------------------------- ---------- ----------------- -------- ------------------------- -------- Pre-tax profit 1,009 659 1,668 0 1,668 Tax (308) (71) (379) 0 (379) Minority interests (145) (33) (178) 0 (78) ---------------------------- ---------- ----------------- -------- ------------------------- -------- Net income (group share) 555 555 1,110 0 1,110 ---------------------------- ---------- ----------------- -------- ------------------------- --------

1H19

Natixis - IFRS 9 Balance sheet

Assets (€bn) 30/06/2019 31/03/2019 ------------------------------------------------------- ---------- ---------- Cash and balances with central banks 17.8 20.3 Financial assets at fair value through profit and loss1 218.1 219.3 Financial assets at fair value through Equity 11.5 11.1 Loans and receivables1 124.9 119.2 Debt instruments at amortized cost 1.8 1.5 Insurance assets 106.9 104.3 Non-current assets held for sale 0.0 0.0 Accruals and other assets 16.4 15.9 Investments in associates 0.7 0.7 Tangible and intangible assets 2.2 2.3 Goodwill 3.9 3.8 ------------------------------------------------------- ---------- ---------- Total 504.3 498.4 ------------------------------------------------------- ---------- ----------

Liabilities and equity (€bn) 30/06/2019 31/03/2019 ------------------------------------------------------------ ---------- ---------- Due to central banks 0.0 0.0 Financial liabilities at fair value through profit and loss1 217.8 211.9 Customer deposits and deposits from financial institutions1 97.5 101.8 Debt securities 48.5 45.7 Liabilities associated with non-current assets held for sale 0.0 0.0 Accruals and other liabilities 18.5 17.8 Insurance liabilities 96.5 93.4 Contingency reserves 1.7 1.7 Subordinated debt 4.0 4.0 Equity attributable to equity holders of the parent 18.6 20.8 Minority interests 1.2 1.4 ------------------------------------------------------------ ---------- ---------- Total 504.3 498.4 ------------------------------------------------------------ ---------- ----------

1 Including deposit and margin call

Natixis - 2Q19 P&L by business line

€m AWM CIB Insurance Payments Financial investments Corporate Center 2Q19 restated --------------------------- Net revenues 932 847 207 105 196 (5) 2,282 Expenses (605) (523) (116) (94) (141) (98) (1,577) --------------------------- ----- ----- --------- -------- --------------------- ---------------- -------- Gross operating income 327 324 92 11 55 (103) 705 Provision for credit losses (2) (104) 0 (1) (4) 1 (110) --------------------------- ----- ----- --------- -------- --------------------- ---------------- -------- Net operating income 325 219 92 10 51 (102) 595 Associates and other items (2) 3 5 0 5 (5) 7 --------------------------- ----- ----- --------- -------- --------------------- ---------------- -------- Pre-tax profit 323 223 96 10 56 (107) 602 --------------------------- ----- ----- --------- -------- --------------------- ---------------- -------- Tax (164) Minority interests (92) ------------------------------------- -------- Net income (gs) 346 ------------------------------------- --------

Asset & Wealth Management

€m 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q19 1H18 1H19 1H19 vs. 2Q18 vs. 1H18 ----------------------------------- ----- ----- ----- ----- ----- ----- -------- ------- ------- -------- Net revenues 799 842 841 1,032 773 932 11% 1,641 1,705 4% Asset Management1 762 805 805 998 742 900 12% 1,567 1,642 5% Wealth management 37 37 36 34 31 32 (12)% 74 63 (14)% Expenses (548) (569) (584) (642) (558) (605) 6% (1,117) (1,163) 4% ----------------------------------- ----- ----- ----- ----- ----- ----- -------- ------- ------- -------- Gross operating income 251 273 257 389 216 327 20% 524 542 3% Provision for credit losses (0) (1) (1) 0 1 (2) (1) (1) ----------------------------------- ----- ----- ----- ----- ----- ----- -------- ------- ------- -------- Net operating income 251 272 256 390 216 325 20% 523 541 4% Associates 0 0 0 2 0 0 0 0 Other items (0) (3) (2) 41 (2) (2) (3) (4) ----------------------------------- ----- ----- ----- ----- ----- ----- -------- ------- ------- -------- Pre-tax profit 251 269 255 433 214 323 20% 520 537 3% ----------------------------------- ----- ----- ----- ----- ----- ----- -------- ------- ------- -------- Cost/Income ratio 68.6% 67.6% 69.4% 62.3% 72.1% 64.9% 68.1% 68.2% Cost/Income ratio excl. IFRIC 21 68.1% 67.7% 69.6% 62.4% 71.6% 65.1% 67.9% 68.0% RWA (Basel 3 - in €bn) 11.7 11.8 12.5 12.3 12.5 13.7 16% 11.8 13.7 16% Normative capital allocation (Basel 4,143 4,065 4,150 4,363 4,364 4,407 8% 4,104 4,385 7% 3) RoE after tax (Basel 3)2 13.7% 15.2% 13.9% 19.6% 11.5% 15.1% 14.4% 13.3% RoE after tax (Basel 3) excl. IFRIC 14.0% 15.1% 13.8% 19.5% 11.8% 15.0% 14.5% 13.4% 212 ----------------------------------- ----- ----- ----- ----- ----- ----- -------- ------- ------- --------

[1] Asset management including Private equity and Employee savings plan2 Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles Corporate & Investment Banking

€m 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q19 1H18 1H19 1H19 vs. 2Q18 vs. 1H18 ----------------------------------- ----- ----- ----- ------ ----- ----- -------- ------- ------- -------- Net revenues 944 976 828 518 807 847 (13)% 1,920 1,654 (14)% Global markets 527 457 334 14 366 419 (8)% 984 785 (20)% FIC-T 378 299 252 231 251 304 2% 677 554 (18)% Equity 148 145 97 (219) 125 117 (19)% 293 242 (17)% Equity excl. cash 143 140 97 (219) 125 117 (16)% 283 242 (15)% Cash equity 5 4 (0) (0) 0 0 9 0 CVA/DVA desk 1 13 (15) 2 (9) (3) 14 (12) Global finance1 341 394 341 362 337 333 (15)% 735 670 (9)% Investment banking2 82 85 78 126 87 90 5% 167 177 6% Other (7) 41 74 16 16 6 34 22 Expenses (566) (551) (525) (559) (582) (523) (5)% (1,117) (1,105) (1)% ----------------------------------- ----- ----- ----- ------ ----- ----- -------- ------- ------- -------- Gross operating income 378 425 302 (41) 225 324 (24)% 803 549 (32)% Provision for credit losses (31) (37) (98) (9) (30) (104) (68) (134) ----------------------------------- ----- ----- ----- ------ ----- ----- -------- ------- ------- -------- Net operating income 347 388 204 (50) 195 219 (43)% 735 414 (44)% Associates 4 3 3 3 2 3 6 6 Other items 3 0 (0) 0 (15) 0 3 (15) ----------------------------------- ----- ----- ----- ------ ----- ----- -------- ------- ------- -------- Pre-tax profit 353 391 207 (47) 183 222 (43)% 744 405 (46)% ----------------------------------- ----- ----- ----- ------ ----- ----- -------- ------- ------- -------- Cost/Income ratio 60.0% 56.4% 63.5% 107.9% 72.2% 61.8% 58.2% 66.8% Cost/Income ratio excl. IFRIC 21 57.7% 57.2% 64.4% 109.4% 69.1% 62.7% 57.4% 65.9% RWA (Basel 3 - in €bn) 59.7 61.7 61.2 61.1 62.0 61.1 (1)% 61.7 61.1 (1)% Normative capital allocation (Basel 6,435 6,416 6,676 6,631 6,634 6,740 5% 6,426 6,687 4% 3) RoE after tax (Basel 3)3 16.0% 17.6% 9.0% NR 7.6% 9.6% 16.8% 8.6% RoE after tax (Basel 3) excl. IFRIC 17.0% 17.2% 8.7% NR 8.6% 9.2% 17.1% 8.9% 213 ----------------------------------- ----- ----- ----- ------ ----- ----- -------- ------- ------- --------

[1] Including Film industry financing 2 Including M&A 3 Normative capital allocation methodology based on 10.5% of the average RWA-including goodwill and intangibles Insurance

€m 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q19 1H18 1H19 1H19 vs. 2Q18 vs. 1H18 --------------------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- -------- Net revenues 204 193 192 201 218 207 7% 397 425 7% Expenses (118) (108) (103) (118) (125) (116) 7% (226) (241) 6% --------------------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- -------- Gross operating income 86 85 89 83 93 92 8% 170 184 8% Provision for credit losses 0 0 0 0 0 0 0 0 --------------------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- -------- Net operating income 86 85 89 83 93 92 8% 170 184 8% Associates 3 0 3 9 0 5 3 5 Other items 0 0 (0) 0 0 (0) 0 (0) --------------------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- -------- Pre-tax profit 89 85 92 91 93 96 14% 173 189 9% --------------------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- -------- Cost/Income ratio 58.0% 56.1% 53.8% 58.9% 57.5% 55.8% 57.1% 56.7% Cost/Income ratio excl. IFRIC 21 51.1% 58.5% 56.2% 61.2% 51.7% 57.8% 54.7% 54.7% RWA (Basel 3 - in €bn) 7.3 7.0 7.1 7.3 8.0 7.9 13% 7.0 7.9 13% Normative capital allocation (Basel 3) 853 868 828 841 858 942 8% 861 900 5% RoE after tax (Basel 3)1 28.6% 26.4% 30.3% 30.7% 29.4% 28.4% 27.5% 28.8% RoE after tax (Basel 3) excl. IFRIC 211 33.0% 24.9% 28.8% 29.2% 33.3% 27.2% 28.9% 30.1% --------------------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- --------

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

€m 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q19 1H18 1H19 1H19 vs. 2Q18 vs. 1H18 --------------------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- -------- Net revenues 93 95 96 105 103 105 10% 188 208 10% Expenses (79) (88) (84) (90) (88) (94) 7% (167) (181) 8% --------------------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- -------- Gross operating income 14 7 12 15 16 11 46% 21 27 25% Provision for credit losses (0) (0) 0 (2) (0) (1) (0) (1) --------------------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- -------- Net operating income 14 7 12 13 16 10 40% 21 26 23% Associates 0 0 0 0 0 0 0 0 Other items 0 1 0 0 0 0 1 0 --------------------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- -------- Pre-tax profit 14 8 12 13 16 10 28% 22 26 19% --------------------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- -------- Cost/Income ratio 85.2% 92.2% 87.6% 85.7% 84.8% 89.6% 88.7% 87.2% Cost/Income ratio excl. IFRIC21 84.5% 92.4% 87.9% 85.9% 84.1% 89.8% 88.5% 87.0% RWA (Basel 3 - in €bn) 1.0 1.2 1.0 1.1 1.1 1.2 (1)% 1.2 1.2 (1)% Normative capital allocation (Basel 3) 295 300 352 332 356 373 25% 297 365 23% RoE after tax (Basel 3)1 12.8% 7.4% 9.6% 10.1% 12.0% 7.3% 10.1% 9.6% RoE after tax (Basel 3) excl. IFRIC 211 13.4% 7.2% 9.4% 9.9% 12.5% 7.1% 10.3% 9.7% --------------------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- --------

Standalone EBITDA calculationFigures excluding exceptional items

€m 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19 ---------------------------------------------------------------- ---- ---- ---- ---- ---- ---- ----- ----- Net revenues 93 95 96 105 103 105 188 208 Expenses (79) (87) (85) (90) (88) (94) (166) (181) ---------------------------------------------------------------- ---- ---- ---- ---- ---- ---- ----- ----- Gross operating income - Natixis reported 14 8 11 15 16 11 22 27 excl. exceptional items Analytical adjustments to net revenues (1) (1) (2) (1) (1) (1) (3) (3) Structure charge adjustments to expenses 5 5 5 5 6 5 10 11 ---------------------------------------------------------------- ---- ---- ---- ---- ---- ---- ----- ----- Gross operating income - standalone view 18 12 14 19 20 15 29 35 Depreciation, amortization and impairment on property, plant and 3 4 4 5 4 4 7 8 equipment and intangible assets ---------------------------------------------------------------- ---- ---- ---- ---- ---- ---- ----- ----- EBITDA - standalone view 21 16 18 24 24 19 36 43 ---------------------------------------------------------------- ---- ---- ---- ---- ---- ---- ----- -----

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 intangibles Financial investments

€m 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q19 1H18 1H19 1H19 vs. 2Q18 vs. 1H18 --------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- -------- Net revenues 190 174 197 181 193 196 13% 364 389 7% Coface 177 156 180 165 175 181 16% 333 356 7% Other 13 18 17 16 18 15 (18)% 31 33 6% Expenses (130) (125) (131) (140) (133) (141) 13% (255) (275) 8% ----- ----- ----- ----- ----- ----- ----- ----- Gross operating income 59 49 66 41 60 55 11% 109 115 6% Provision for credit losses (6) 1 1 3 (2) (4) (5) (6) --------------------------- ----- ----- ----- ----- ----- ----- ----- ----- Net operating income 54 50 67 44 58 51 1% 104 108 4% Associates 0 0 0 0 0 0 0 0 Other items 2 3 0 0 0 5 5 5 --------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- -------- Pre-tax profit 56 53 67 44 58 56 5% 109 114 4% --------------------------- ----- ----- ----- ----- ----- ----- ----- ----- RWA (Basel 3 - in €bn) 5.3 5.6 5.5 5.6 5.7 5.7 2% 5.6 5.7 2% --------------------------- ----- ----- ----- ----- ----- ----- -------- ----- ----- --------

Corporate Center

€m 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2Q19 1H18 1H19 1H19 vs. 2Q18 vs. 1H18 --------------------------- ----- ---- ---- ----- ----- ----- -------- ----- ----- -------- Net revenues (37) 79 3 3 37 (5) 42 32 Expenses (232) (87) (71) (107) (234) (98) 12% (319) (331) 4% SRF (160) (0) (0) 0 (170) 0 (160) (170) 6% Other (73) (86) (71) (107) (64) (98) 13% (159) (162) 2% Gross operating income (269) (7) (68) (104) (196) (103) (277) (299) Provision for credit losses 1 (4) 4 (15) 0 1 (3) 1 --------------------------- ----- ---- ---- ----- ----- ----- -------- ----- ----- -------- Net operating income (269) (11) (63) (118) (196) (102) (280) (298) Associates 0 0 0 0 0 0 0 0 Other items 1 2 2 3 699 (5) 4 694 --------------------------- ----- ---- ---- ----- ----- ----- -------- ----- ----- -------- Pre-tax profit (268) (9) (62) (115) 503 (107) (276) 396 --------------------------- ----- ---- ---- ----- ----- ----- ----- ----- RWA (Basel 3 - in €bn) 9.0 9.4 8.7 7.8 7.0 7.3 (22)% 9.4 7.3 (22)% --------------------------- ----- ---- ---- ----- ----- ----- -------- ----- ----- --------

2Q19 results: from data excluding non-operating items to reported data

2Q19 Exchange rate Transformation & Fit to Win investments 2Q19 €m underlying fluctuations on DSN in Business Efficiency & restructuring reported currencies investment costs expenses Net revenues 2,297 (15) 2,282 Expenses (1,566) (10) (1) (1,577) ---------------------- ---------- ---------------------- ------------------- ---------------------- -------- Gross operating income 730 (15) (10) (1) 705 Provision for credit (110) (110) losses Associates 8 8 Gain or loss on other (2) (2) assets ---------------------- Pre-tax profit 627 (15) (10) (1) 602 Tax (172) 5 3 0 (164) Minority interests (93) 0 (92) ---------------------- ---------- ---------------------- ------------------- Net income (group 363 (10) (7) (0) 346 share) ---------------------- ---------- ---------------------- ------------------- ---------------------- --------

1H19 results: from data excluding non-operating items to restated data

Exchange rate Transformation Fit to Win Capital gain - 1H19 fluctuations & Business investments & Liquidation of Disposal of 1H19 €m underlying on DSN in Efficiency restructuring a holding retail banking restated currencies investment expenses structure activities costs Net revenues 4,410 4 4,414 Expenses (3,269) (26) (1) (3,297) -------------- ---------- ------------- -------------- ------------- -------------- -------------- -------- Gross operating 1,141 4 (26) (1) 0 0 1,117 income Provision for (141) (141) credit losses Associates 11 11 Gain or loss on other (2) (15) 697 681 assets -------------- Pre-tax profit 1,009 4 (26) (1) (15) 697 1,668 Tax (308) (1) 8 0 (78) (379) Minority (145) 0 (33) (178) interests -------------- ---------- ------------- -------------- ------------- -------------- -------------- -------- Net income 555 3 (18) (0) (15) 586 1,110 (group share) -------------- ---------- ------------- -------------- ------------- -------------- -------------- --------

Figures restated as communicated on April 11, 2019 following the disposal of the retail banking activities. See page 13 for the reconciliation of the restated figures with the accounting view

Natixis - 2Q19 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 30/06/2019 ------------------------- ---------- Shareholder’s Equity 18.6 Hybrid securities(2) (2.1) Goodwill & intangibles (3.8) Deferred tax assets (0.7) Dividend provision (0.3) Other deductions (0.5) CET1 capital 11.1 ------------------------- ---------- CET1 ratio 11.5% ------------------------- ---------- Additional Tier 1 capital 1.8 Tier 1 capital 12.9 ------------------------- ---------- Tier 1 ratio 13.3% ------------------------- ---------- Tier 2 capital 2.3 Total capital 15.1 ------------------------- ---------- Total capital ratio 15.6% ------------------------- ---------- Risk-weighted assets 96.9 ------------------------- ----------

Regulatory

€bn 30/06/2019 ----------------------------------------- ---------- Fully-loaded CET1 capital 11.1 Current financial year’s earnings (1.1) Current financial year’s accrued dividend 0.3 CET1 capital 10.3 ----------------------------------------- ---------- CET1 ratio 10.6% ----------------------------------------- ---------- Additional Tier 1 capital 2.1 Tier 1 capital 12.4 ----------------------------------------- ---------- Tier 1 ratio 12.8% ----------------------------------------- ---------- Tier 2 capital 2.3 Total capital 14.7 ----------------------------------------- ---------- Total capital ratio 15.2% ----------------------------------------- ---------- Risk-weighted assets 96.9 ----------------------------------------- ----------

IFRIC 21 effects by business line

Effect in Expenses

€m 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H18 1H19 --------------------- ----- ---- ---- ---- ----- ---- ----- ----- AWM (4) 1 1 1 (4) 1 (3) (3) CIB (22) 7 7 7 (24) 8 (15) (16) Insurance (14) 5 5 5 (13) 4 (9) (8) Payments (1) 0 0 0 (1) 0 0 0 Financial investments 0 0 0 0 0 0 0 0 Corporate center (119) 40 40 40 (119) 40 (80) (79) --------------------- ----- ---- ---- ---- ----- ---- ----- ----- Total Natixis (160) 53 53 53 (161) 54 (107) (107) --------------------- ----- ---- ---- ---- ----- ---- ----- -----

Historical figures restated for the disposal of the retail banking activities

Normative capital allocation and RWA breakdown - 30/06/2019

RWA % of Goodwill & intangibles RoE €bn EoP total 1H19 Capital allocation 1H19 after tax 1H19 AWM 13.7 16% 3.1 4.4 13.3% CIB 61.1 73% 0.2 6.7 8.6% Insurance 7.9 9% 0.1 0.9 28.8% Payments 1.2 1% 0.2 0.4 9.6% --------------------------------------- ---- ----- ---------------------- ----------------------- --------- Total (excl. Corp. center and Financial 83.9 100% 3.6 12.3 invmts) --------------------------------------- ---- ----- ---------------------- ----------------------- ---------

RWA breakdown (€bn) 30/06/2019 ----------------------------------- ---------- Credit risk 65.6 Internal approach 54.5 Standard approach 11.1 Counterparty risk 6.6 Internal approach 5.7 Standard approach 1.0 Market risk 9.6 Internal approach 4.1 Standard approach 5.4 CVA 1.8 Operational risk- Standard approach 13.3 ----------------------------------- ---------- Total RWA 96.9 ----------------------------------- ----------

Fully-loaded leverage ratio1 According 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 30/06/2019 ------------------------------ ---------- Tier 1 capital1 13.2 Total prudential balance sheet 399.0 Adjustment on derivatives (48.4) Adjustment on repos2 (29.8) Other exposures to affiliates (47.7) Off balance sheet commitments 36.4 Regulatory adjustments (5.2) Total leverage exposure 304.4 ------------------------------ ---------- Leverage ratio 4.35% ------------------------------ ----------

[1] See note on methodology. Without phase-in - supposing replacement of existing subordinated issuances when they become ineligible 2 Repos with clearing houses cleared according to IAS32 standard, without maturity or currency criteria Net book value as at June 30, 2019

€bn 30/06/2019 --------------------------------------- ---------- Shareholders’ equity (group share) 18.6 Deduction of hybrid capital instruments (2.0) Deduction of gain on hybrid instruments (0.1) Distribution Net book value 16.5 Restated intangible assets1 (0.6) Restated goodwill1 (3.4) Net tangible book value2 12.5 --------------------------------------- ---------- € --------------------------------------- ---------- Net book value per share 5.24 Net tangible book value per share 3.96 --------------------------------------- ----------

1H19 Earnings per share

€m 30/06/2019 --------------------------------------------------- ---------- Net income (gs) 1,110 DSN interest expenses on preferred shares after tax (45) Net income attributable to shareholders 1,065 --------------------------------------------------- ---------- Earnings per share (€) 0.34 --------------------------------------------------- ----------

Number of shares as at June 30, 2019

30/06/2019 ------------------------------------------------------------------- ------------- Average number of shares over the period, excluding treasury shares 3,149,759,007 ------------------------------------------------------------------- ------------- Number of shares, excluding treasury shares, EoP 3,150,059,450 ------------------------------------------------------------------- ------------- Number of treasury shares, EoP 3,019,032 ------------------------------------------------------------------- -------------

Net income attributable to shareholders

€m 2Q19 1H19 ---- ----- Net income (gs) 346 1,110 DSN interest expenses on preferred shares after tax (22) (45) --------------------------------------------------- ---- ----- RoE & RoTE numerator 324 1,065 --------------------------------------------------- ---- -----

[1] See note on methodology 2 Net tangible book value = Book value – goodwill - intangible assets

RoTE1 --------- €m 30/06/2019 ------------------------------------------------ ---------- Shareholders’ equity (group share) 18,621 DSN deduction (2,122) Dividend provision (288) Intangible assets (649) Goodwill (3,367) ------------------------------------------------ RoTE Equity end of period 12,195 ------------------------------------------------ ---------- Average RoTE equity (2Q19) 12,202 ------------------------------------------------ ---------- 2Q19 RoTE annualized with no IFRIC 21 adjustment 10.6% IFRIC 21 impact (47) 2Q19 RoTE annualized excl. IFRIC 21 9.1% ------------------------------------------------ ---------- Average RoTE equity (1H19) 12,205 ------------------------------------------------ ---------- 1H19 RoTE annualized excl. IFRIC 21 13.4% ------------------------------------------------ ----------

RoE1 --------- €m 30/06/2019 ---------------------------------------------------- ---------- Shareholders’ equity (group share) 18,621 DSN deduction (2,122) Dividend provision (288) Unrealized/deferred gains and losses in equity (OCI) (513) ---------------------------------------------------- RoE Equity end of period 15,697 ---------------------------------------------------- ---------- Average RoE equity (2Q19) 15,722 ---------------------------------------------------- ---------- 2Q19 RoE annualized with no IFRIC 21 adjustment 8.3% IFRIC 21 impact (47) 2Q19 RoE annualized excl. IFRIC 21 7.0% ---------------------------------------------------- ---------- Average RoE equity (1H19) 15,735 ---------------------------------------------------- ---------- 1H19 RoE annualized excl. IFRIC 21 10.4% ---------------------------------- -------------------

Doubtful loans2

31/03/2019 30/06/2019 €bn Under Under IFRS 9 IFRS 9 ----------------------------------------------- ---------- ---------- Provisionable commitments3 1.7 1.7 Provisionable commitments / Gross debt 1.5% 1.4% Stock of provisions4 1.3 1.3 Stock of provisions / Provisionable commitments 76% 75% ----------------------------------------------- ---------- ----------

[1]See note on methodology. Returns based on quarter-end balance sheet to reflect the disposal of the retail banking activities. The €586m net capital gain is not annualized 2 On-balance sheet, excluding repos, net of collateral 3 Net commitments 4 Specific and portfolio-based provisions Disclaimer

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.

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, precision or completeness of the information or opinions herein. Neither Natixis nor its representatives shall be liable for any errors or omissions, or for any prejudice resulting from the use of this media release, its contents or any document or information referred to herein.

Included data in this press release have not been audited.

NATIXIS financial disclosures for the second quarter 2019 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 2, 2019 at 9:00 a.m. CET, will be webcast live on www.natixis.com (on the “Investors & shareholders” page).

Contacts:

Investor Relations: investorelations@natixis.com Press Relations: relationspresse@natixis.com Damien Souchet T + 33 1 58 55 41 10 Daniel Wilson T + 33 1 58 19 10 40 Noemie Louvel T + 33 1 78 40 37 87 Vanessa Stephan T + 33 1 58 19 34 16

www.natixis.com

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-- PR 2Q19

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