Paris, France, February 17, 2013

Project for the sale of CCIs(1) for an amount of €12.1bn(2): simplification of Natixis’ structure, deeply rooted in Groupe BPCE, value creation for shareholders

2012 underlying net income (group share)(3) of €1.141bn confirming earnings capacity and strengthening capital

In line with the New Deal strategic plan launched in 2009, which resulted in a significant reduction of its risk profile, recurring profitability and being deeply rooted in Groupe BPCE, Natixis announces a project for the sale of CCIs for an amount of €12.1bn. At the end of this operation, Natixis would make an exceptional distribution of €2bn, i.e. €0.65 per share.

Project for the simplification of Natixis’ structure

  • Sale of all CCIs to Banques Populaires and Caisses d’Epargne
  • Closing of the P3CI transaction
  • Simplified accounts, 83% of capital allocated to the 3 core businesses(4): Wholesale Banking, Investment Solutions, SFS

Value-creating operation

  • Exceptional distribution(5) of €2bn, i.e. €0.65 per share in 2013
  • Further strengthening of financial structure: Basel 3 Core Tier 1 ratio(6) above 9% as of January 1, 2013 and of 9.2% after Operation(7)
  • Improved of cost/income ratio(8) after Operation: 71.2% vs. 76.5%
  • Limited impact on net income (group share)
  • Increase of Return on Tangible Equity (ROTE) after Operation to 8.5% from 8.1%(8)

2012 results: core business revenues up and earning capacity confirmed

  • Core business revenues up +4% in 2012 vs. 2011
  • Program to reduce scarce-resources consumption (capital and liquidity) completed a year ahead of schedule
  • Good underlying(3) results: net income (group share) of €1.141bn down 15% vs. 2011 (excluding interest on P3CI)
  • Reported net income (group share) of €901m, after taking into account non-operating items of -€240 million, net of tax (mainly revaluation of own debt)
  • Proposition(9) to pay a cash dividend of €0.10 for 2012. A 3.5% yield (based on the share price as of February 15, 2013)

Dividend distribution policy favourable to shareholders: target distribution rate of 50% starting in 2013

  1. Cooperative Investment Certificates – indicative schedule in appendix (2) Subject to the experts’ final reports (3) Excluding non-operating items (4) Normative capital allocation to core businesses based on 9% of Basel RWA estimated on December 31 , 2012, including goodwill allocated to business lines (5) Proposition presented to the Extraordinary Shareholders’ Meeting (6) Impact will depend on final Basel 3 rules – Fully loaded except on DTA (7) Sale of CCIs, repayment of

P3CI and related operations, placement of liquidities and exceptional distribution (8) 2012 pro forma figures, except non-operating items (9) Proposition presented to General Shareholders’ Meeting of May 21, 2013

 

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