natixis investor day - natixis, banque internationale …€¦ · · 2013-11-18natixis investor...

NATIXIS INVESTOR DAYLondonNovember 14, 2013

AGENDA

9:00 –10:00 a.m.

Laurent MignonJean Cheval

Introduction & Strategic plan presentation

10:15 –10:35 a.m.

Pierre ServantInvestment Solutions Strategic Vision

10:35 Specialized Financial

12:15 –12:50 p.m.

François PérolMorning closing: Natixis within Groupe BPCEPresentation and Q&A session

1:50 –2:35 p.m.

Gils BerrousPierre ServantFrédéric ChenotCatherine HalberstadtAlain Denizot

Round table discussion“Natixis and Groupe BPCE networks”

NATIXIS INVESTOR DAY London November 14, 2013

10:35 –10:55 a.m.

Gils BerrousSpecialized Financial Services Strategic Vision

10:55 a.m. –11:15 p.m.

Olivier PerquelMarc Vincent

Wholesale Banking Strategic Vision

11:15 –12:15 p.m.

Laurent Mignon Conclusion and Q&A session

2:35 –3:20 p.m.

Pierre ServantJohn HailerPascal Voisin

Round table discussion “NGAM multi-boutique structure”

3:20 –4:05 p.m.

Olivier PerquelPierre DebrayChristophe LanneLuc François

Round table discussion “Originate to Distribute”

4:05 –4:15 p.m.

Laurent Mignon Conclusion

François Pérol

Chairman of the Management Board, Groupe BPCEChairman of the Boardof Directors, Natixis

Laurent Mignon

Chief Executive Officer, Natixis

Gils Berrous

Head of Specialized Financial Services Division, Natixis

FrédéricChenot

Chief Executive Officer of Natixis Financement,Specialized Financial Services Division

Jean Cheval

Head of Finance and Risks, Natixis

Pierre Debray

Alain Denizot

Luc François

John Hailer

Catherine HalberstadtDebray

Head of Structured & Asset FinanceWholesale Banking Division, Natixis

DenizotChairman of the Management Boardof Caisse d’EpargneNord France Europe

FrançoisHead of Global MarketsWholesale Banking Division,Natixis

HailerPresident and CEO of NGAM*The Americas & AsiaNatixis

HalberstadtChief Executive Officer of Banque Populairedu Massif Central

Christophe Lanne

Head of Global Portfolio Management & Transaction BankingWholesale Banking Division, Natixis

Olivier Perquel

Head of Financing & Global MarketsWholesale Banking Division, Natixis

Pierre Servant

Head of Investment Solutions Division,Natixis

Marc Vincent

Head of Coverage & AdvisoryWholesale Banking Division, Natixis

Pascal Voisin

Chief Executive Officer of NAM**,Natixis

NATIXIS INVESTOR DAY London November 14, 2013

* Natixis Global Asset Management / ** Natixis Asset Management

Disclaimer

This media release may contain objectives and comments relating to the objectivesand strategy of Natixis. Any such objectives inherently depend on assumptions, projectconsiderations, objectives and expectations linked to future and uncertain events,transactions, products and services as well as suppositions regarding futureperformances and synergies.

No assurance can be given that such objectives will be realized and the figures hereincannot be considered as guidances. They are subject to inherent risks and uncertaintiesand are based on assumptions relating to Natixis, its subsidiaries and associates,and the business development thereof; trends in the sector; future acquisitionsand investments; macroeconomic conditions and conditions in Natixis' principal localmarkets; competition and regulation. Occurrence of such events is not certain,and outcomes may prove different from current expectations, significantly affecting

NATIXIS INVESTOR DAY London November 14, 2013 4

and outcomes may prove different from current expectations, significantly affectingexpected results. Actual results may differ significantly from those implied by suchobjectives.

Information in this media release relating to parties other than Natixis or takenfrom external sources has not been subject to independent verification, and Natixismakes no warranty as to the accuracy, fairness or completeness of the informationor opinions herein. Neither Natixis nor its representatives shall be liable for any errorsor omissions or for any harm resulting from the use of this media release, its contentsor any document or information referred to herein. Figures in this presentationare unaudited. Targets are based on current regulatory and accounting environment.

Introduction & Strategic plan presentation

� Laurent Mignon

� Jean Cheval

Contents

12009-2013Successful

22014-2017Strategic

3Financialtargets


2009-2013Successful

delivery

2014-2017Strategic

plan

Financialtargets

The rationale

Natixis is the corporate, investment management and financial services arm of Groupe BPCE, developing the strategic group business lines that require either critical mass, specific expertise or international scope

Our aim is to be:

a premier asset gatherer with global aspirations and a robust balance sheet

a fully client-centric bank, solution oriented with a very disciplined risk policy, and strict liquidity and capital management


Our mission

� Natixis serves large corporates and institutional clients that require tailor-made banking and investment solutions

� Natixis provides Groupe BPCE’s regional banks with a full range of products and services designed to the highest market standards

Strategic fit with Groupe BPCE

� Part of Natixis’ growth potential, especially in SFS and Investment Solutions, is directly linked to Groupe BPCE’s ambitions

� Natixis benefits from Groupe BPCE’s funding capacity and capital strength

Natixis: core to Groupe BPCE, the 2nd largest banking group in France

2012 net revenues(1)

€22.5bn

2012 net income(1)

€2.8bn

Basel 3 CET1(2)

as of end-Sept 2013

Guaranty on workout portfolio GAPC – risk profile reduction

P3CI transaction – Improvement in solvency

Service provider for the networks (Investment Solutions, SFS)


(1) Excluding non-operating items

(2) Estimate – CRR/CRD4, as applied by Groupe BPCE; without transitional measures, after restating for DTAs

(3) Long term rating – As of October 2013

20% of 2012 Natixis’ net revenues generated with the BPCE networksNatixis core businesses contribute for 32% to Groupe BPCE pre-tax profit in 2012

as of end-Sept 2013

9.9%

Ratings(3)

S&P: A Moody’s: A2 Fitch: A

Synergies of revenues: €817m generated as of end-September 2013

Single treasury platform with the two signatures

Successful delivery of New Deal plan

Profitable refocusing on 3 core businesses

� 17 successive quarters with positive net income; ~€6bn cumulative net income since 3Q09

� From €51bn notional value as of end-08 to €10bn in GAPC as of end-September 2013

CET1 ratio(1) Net revenues(2)

in €bnDynamic balance sheetmanagement(3) in €bn

6.5%

~10%

6.2

6.5 6.5 6.5

166

148

95

74


(1) End-08 ratio: including new CCI prudential treatment as RWA – End-13 estimated ratio: Final Basel 3 impact will depend on final rules – Fully loaded except for DTAs - Net of BPCE guarantee

(2) Annual net revenues excl. FV adjustment on own debt and GAPC

(3) RWA: excluding CCI prudential treatment as RWA, excluding P3CI, CRD3 and 4 - Liquidity needs: LT and ST funding for Wholesale Banking and GAPC

as of end-September 2013

� 43% and 50% reduction in RWA and liquidity needs since end-08

Natixis’ transformation achieved in accordance with New Deal plan

End-08 Basel 2

End-13 Basel 3

2009 2010 2011 2012 2013 RWA Liquidity needs

End 2008 End-Sept. 2013

Financial structure simplified and value creation for shareholders

August 6, 2013:Sale of the CCIs

� Sale to Banques Populairesand Caisses d’Epargneof the CCIs held

20%CCI

19Banques Populaires 50%

Central institution

50% 17Caisses d’Epargne

71.8%

20%CCI


of the CCIs held by Natixis for ~ €12bn

� Limited impact on 2012 pro forma net income and improvement in solvency

� ~ €2bn exceptional distribution to shareholders August 19, 2013

Natixis share price growth vs. STOXX 600 / banks, 01MAR09-08NOV13, in %

97%

411%

STOXX 600 / banks

Natixis

Natixis is on track for growth and value creation

Wholesale Investment Specialized Financial

Strong base for growth in our core

Groupe BPCE

with a 50% payout ratio target

Shareholders friendly dividend policy

Enabling Natixisto catch

Solid financial structure


Wholesale Banking

Investment Solutions

FinancialServices

Financial Investments

in our core businesses

to provide solutions and services for Natixisand BPCE networks customers

Client-oriented business model

to catch opportunities

a pure player in credit-insurance

Coface – successful restructuring

Contents


22014-2017Strategic

3Financialtargets


2009-2013Successful

delivery

2014-2017Strategic

plan

Financialtargets

Our ambitions for our 3 core businesses…

Relative weight to 2017 core businesses pre-tax profit - Target

X%

Return on capital allocated

10%

12%

14%

16%>15%

Investment Solutions ~12%

Wholesale Banking

>16%

SFSReturn on capital allocated – 2017 target


Differentiated approaches for our core businesses

Capital allocated in €bn2 4 6

8%

10%

~ 9%

~ 11.5-13%

…to reach a ~ 11.5-13% ROTE in 2017

Natixis’ Return On Tangible Equity

Capital management

Cost efficiency and model adaptation

Business development


9M13 2017 target(1)

(1) Pro forma of the sale of the CCIs – Excluding FV adjustment on own debt

Rebalance the capital allocation in favor of Investment Solutions…Capital management

Disposal of non-strategic assets which have negative impact on profitability

� GAPC closing by mid-2014

� Coface full-disposal during the strategic plan

9%6%

13%

2013 capital allocation basis(1)

� Capital allocation oriented to profitable and liquidity light businesses

2017 capital allocation

13%

� 2017 target includes acquisitions hypothesis in Asset Management business (Investment Solutions)


(1) Including goodwill and intangible assets

49%25%

11%

58%

29%

Core businesses

Financial Investments GAPCInvestment Solutions SFSWholesale Banking

allocation target(1)

50%37%

Dividend policy: payout ratio ≥ 50%

50%

29%

8%

58%

22%

7%

…with a priority to Asset Management and InsuranceCapital management

Core businesses

2013 capital allocation basis

2017 capital allocation target

Target: excesscapital allocation for

~ €1.5bn acquisitions

Excess capital allocated to Asset Management

� Acquire new asset management entities to expand the range of expertise

� Participate in consolidation opportunity in Europe

� Creation of J.V. in emerging countries

Insurance


50%

13%

58%

13%

Wholesale Banking SFS AM Insurance & others


Core businesses capital allocation(1)Insurance

� Grow the insurance platform dedicated to retail networks with BPCE Assurances projected acquisition and new business with Caisses d’Epargne starting January 1st, 2016

A more integrated “bancassureur” and a targeted acquisition policy in AM

Cost efficiency

Strong focus on cost management

9M13CIR

NATIXIS(1)69.6%WholesaleBanking56.9%

InvestmentSolutions74.5%

SpecializedFinancialServices

64.8%

Cost reduction

� Resizing and streamlining some activities

� Operational excellence reinforcement (Support functions, Back offices)

� ~ 700 targeted jobs reduction

Operational Efficiency Program on trackin €m

101 105

>100 >300 66%

completion of the programas of Sept 30, 2013

9M13 Wholesale


(1) Excluding GAPC and FVA on own senior debt

2017CIR targets

NATIXIS(1)~65%WholesaleBanking~55%

InvestmentSolutions<70%

SpecializedFinancial Services

<64%

� ~ 700 targeted jobs reduction

� ~ €100m restructuring costs accounted in 4Q13

€100m additional reduction in expenses by 2015

2012 completion

9M13 completion

2013 Target 2014 Target End-2014 cumulative

Target

979M13 Wholesale

Banking fixed-expenses

decreased by4% vs. 9M12

Model adaptation

Wholesale Banking: development with strict capital and liquidity management

Doing business with scarce-resources consumption under control

� Strict control of RWA in capital intensive business

� Re-deploy partly RWA towards Structured financing and Fixed income

O2D: a fully integrated chain

� Enhance Structured financing underwriting capacity

• Bigger day one underwriting allowed by a more integrated organization


2014-2017 stable RWA target

35% of net arrangement fees in 2017 financing revenues

� Develop business lines with low RWA consumption (GSCS, Derivatives, Advisory)

� Limited increase in liquidity consumption during the strategic plan

• Exclusive partnerships with long-term investors

� Net revenues growth driven by increasing fee businesses

� Increase in RoRWA

Model adaptation

Reshaping the organization of Investment Solutions in Europe, further optimization on SFS processes


� Develop a new AM model in Europe

• Move to a multi-affiliates organization

• Become a real European player by capitalizing on our existing institutional coverage and with focused initiatives in retail

� Create a unified insurance platform

Specialized Financial Services

� Improve IT process with BPCE retail networks

� Payments

• 7 billion operations managed in 2012

• Project to create a single IT platform for Groupe BPCE

� Refinancing diversification


2014-2017 targets

� Create a unified insurance platform for BPCE networks

• Integrate BPCE Assurances

• In source over time Caisses d’Epargneinsurance business

� Refinancing diversification

• Factoring: €1.1bn securitization of commercial receivables (3 years maturity)

• Project for Groupe BPCE consumer credit securitization

€22bn cumulated net inflows in European asset management business

Net revenues increase by + 10% in insurance business per year

Improvement in CIR with a 2017 target < 64%

Net revenues development with liquidity needs and RWA slight increase


Additional growth with Groupe BPCE retail networks


� Additional possibility to deploy SFS offer with Groupe BPCE retail


� Adapt offering and services

� Build the insurance platform

Wholesale Banking

� Provide customized solutions for retail networks corporate

€400m cumulative additional revenues generated with Groupe BPCE retail networks from end-09 to end-13

Additional target of €400m from 2013 to 2017


SFS offer with Groupe BPCE retail clients

� Groupe BPCE market share is still low for those services

� Build the insurance platform for the group

� Further deployment of Private banking offering

for retail networks corporate clients

Cumulative targetfor 2017:

~ €800mEnd2009

End-Sept2013

> €400m

End2017

€800mCumulative additional revenues

A solid international basis…

Wholesale Banking

� Solid international set-up (Capital market debt platform, Structured financing range of expertise)

� Strong client franchise in South EMEA

� Nearly 40% of FTE deployed in international areas

Asset Management

� #13 asset manager worldwide with €619bn AuM as of end-Sept 2013

� Nearly half of total AuM managed outside Europe

� A global centralized distribution platform with 650 FTE


Geographical net revenues breakdown


53%

21%

19%

7%

France

EMEA

Americas

Asia-Pacific

47%

31%

69%

Europe

US

(1) (2)

(1) Geographical booking based on 2013 forecasts (2) Excluding Asia, holding and inter-area operation – Based on 9M13 figures

Geographical net revenues breakdown

…with targeted developments

Wholesale Banking

� Selective strengthening of our international platform

• America: renewed effort for Equity derivatives, opportunistic development for FIC-T (LatAm, Canada…)

• EMEA: focus on Capital markets and Structured financing

• Asia: strengthen Trade finance and develop O2D

� Target: around 50% of FTE in international areas in 2017 (vs. nearly 40% in 2013)


56%

44%

France

International

Natixis core businesses’ geographical net revenues breakdown

2014(1)



� Pursue the development of our US platform ($150bn) via investments in new expertise and access to new distribution channels

� Reinforcement of our distribution in Asia, Middle East and LatAmorganically and through local partnerships

� + 500 FTE targeted in Investment Solutions, mainly overseas

2017 target 49%

51%

France

International

(1) Estimated

Contents


22014-2017Strategic

3Financialtargets


2009-2013Successful

delivery

2014-2017Strategic

plan

Financialtargets

The economic environment: a three speed recovery where Europe is still lagging…

Stabilization of financial markets

� The spectrum of euro break-up is behind us

� US external funding declines

Deleveraging to continue in the developed world

� Household debt reduction cycle: Europe vs. USA

� Public debt stabilization at a high level

Rebalancing of emerging-market growth

� Higher production costs

� Stronger domestic demand

� End of the commodity super-cycle

17

Euro zone USA

2.5%

Emerging Countries

7.0%

4.5% 4.0%


Gro

wth

CA

GR

14

- 17

In

flati

on

� Sluggish potential growth (demography)

� Problem of monetary policy transmission to peripheral countries

� 2% - under control

� Accommodative monetary policy, very low ST rates

> 1.0%

� Average – cyclically well ahead of Europe

� Effects of low energy prices(Oil and Gas supply shock)

� 2% - under control

� Monetary policy to gradually and prudently turn restrictive (as from 2014)

2.5%

� Growth to slow markedly, but remain at a sustained pace and also more volatile

� Large volatility of financial markets and exchange rates

China Emerging Asiaexcl. China

Middle East- North Africa

…but it will not hinder our own development

Our development will focus on clients/business lines which will register significant growth in the future

Wholesale Banking

� FIC-T

• Bond originations

- Expected refinancing 2014-2017 in Europe => €3.2 trillion (Source: S&P Capital IQ)

- Growing role of capital markets funding for corporates in Europe

- Development of a Euro High Yield market

• Securitization


� Asset management / Insurance / Private banking

• Growing needs of retirement scheme

• Strategic target development for Groupe BPCE, a huge savings gatherer (€573bn)

• Become a true “ bancassureur ” (Groupe BPCE)

� Asset management industry – anticipated CAGR 2014-2017:

+5% USA


• Securitization

- A new take-off in Europe=> Pursuit of European banks deleveraging

� Structured financing

• Infrastructure finance

- Strong growth forecasted

- Infrastructure bonds

• Commodities

- World trade will continue to develop at 1.5/2x the world GDP growth

• Acquisition & strategic finance

- A new wave of consolidation will take place in Europe

• +5% USA

• +5% Europe

• +13% Asia (excl. Japan)


� Potential market share gains to reach the networks current ones:

• Factoring

• Consumer finance

The banking and financial environment for European banks will continue to be challenging…

4 key constraints

� No sign of abating

� Additional demands to be expected

� Multiple layers of regulatory requirements

The regulatory environment

� On track to fulfill all the ratios

� French banking law: no dedicated subsidiary for proprietary trading activities

� In spite of some efforts, still too high a reliance on leverage

� Euro zone banking system: 270% of GDP / US: 72%(1)

The necessary deleveraging� Leverage ratio > 3% as early

of end-June 2013(2)

Our beliefs for the European industry Our action plan


270% of GDP / US: 72%(1)

� Scope still to be precisely definedThe forthcoming AQR /stress test

� We have quasi exited sectors/products said to be targeted by the review: legacy assets (GAPC), shipping

USD liquidity access� The lesson of 2011/2012: a necessary

reduction of European banks’ reliance on the US MMF

� Limited additional USD funding requirement by 2017 < $5bn

� Policy of USD diversification sources (EETCs, MuniGIC, PP) in addition of BPCE MLT funding

(1) ECB (2) Based on Natixis understanding of CRR-CRD4 rules / excluding DTAs

…but we are on track to fill all the regulatory ratios, well ahead of the planned agenda

2017 TargetsNow

9.5 - 10.5% fully loaded

CET 1 9.9%(1)

Total capital 12.7%(2) ~ 14 - 15%


Optimal use of scarce-resources

(1) Final Basel 3 impact will depend on final rules – Fully loaded except for DTAs - Net of BPCE guarantee (2) Excluding DTAs (3) Based on Natixis understanding of CRR-CRD4 rules / excluding DTAs

Liquidity Coverage Ratio > 100%by January 2014

Leverage ratio > 3%(3) > 3%

2017 Natixis financial ambitions

2017 Targets

� Natixis totally refocused on its 3 core businesses

� 2017 targets based on organic growth

� Stable revenues generation

� Cost management: a 5pp gain

� Normalized cost of risk

2017 Targets

> €8bnNet revenues

CIR ~ 65%

Cost of risk ~ 30-35bp through the cycle


Dividend policy: payout ratio ≥ 50%

� Normalized cost of risk

� ROTE significant improvement

• Capital allocation rebalanced

• For Wholesale Banking RoE > CoE

Cost of risk ~ 30-35bp through the cycle

~ 11.5 - 13%ROTE

Wholesale Banking: business model transformation to improve profitability

2017 ROE

CoE

2013 ROE

Allocated Capital

2017 Targets

~ 5%Net revenues

CAGR

CIR ~ 55%


A four-pronged approach

� Enhance O2D model

� Improve share of wallet

� Operational efficiency / streamlining of some businesses

� Selective growth of the international platforms

ROE ~ 12%

Stable vs. 2013RWA

Investment Solutions: increase the relative weight of the business

2017 Targetsbased on organic growth

~ 7-8%Net revenues

CAGR

+ €75bn

RoE

AllocatedCapital(1)

2013 2017

CoE

AM Net New Flows


+ €75bn

CIR < 70%

> 15%ROE

� Become a more important AM player in the European market

� Pursue the development of our US platform

� Expand profitability of our distribution organization in new markets (Asia, LatAm, Middle East)

� Create the insurance platform for Groupe BPCE to become a fully fledged bancassureur

2013 2017

(1) Including potential external growth

Flows

Specialized Financial Services: additional synergies with Groupe BPCE retail networks

2017 Targets

~ 3-4%Adjusted net

revenues CAGR

CIR < 64%

AllocatedCapital

RoE

2013

2017

CoE


CIR < 64%

ROE > 16%

Slight increase vs. 2013RWA

� Enhance revenue synergies with BP & CE networks and reach Groupe BPCE market share for most products (consumer finance, factoring, leasing, employee benefits planning)

� Contribute to increase the equipment rate of BP & CE clients

� Continue with our innovation and operational efficiency strategy

Investment Solutions Strategic Vision

� Pierre Servant

Contents

1Natixis

Investment

2Focus

of Asset

3Focus

on Insurance


InvestmentSolutions Division

of AssetManagement

on Insurance

Investment Solutions division: 3 business lines

In €m 9M13 %/2012

Net revenuesow Asset managementow Insurance(1)

ow Private banking

1,6191,32118987

+9%+7%+60%+10%

CIRHeadcount

74.5%4,190

-0.8 pts+4%

1. Asset Management

A global player with €619bn of AuM managed in Europe (> 50%) and in the US (< 50%)

2. Insurance(1)

A platform dedicated to BPCE networks managing €39bn of Life insurance but also non Life insurance


(1) Excluding BPCE Asssurances


Headcount 4,190 +4%

PBT 410 +10%

Allocated Equity(2) 3,480 +0%

ROE 11.4% +0.8 pts

€39bn of Life insurance but also non Life insurance (P&C, Creditor, Financial protection)

3. Private banking

€22bn managed by Banque Privée 1818 for direct clients, IFAs and BPCE networks

Groupe BPCE and Natixis want to grow the Investment Solutions division

1. Groupe BPCE french networks are powerful “asset gatherers” in France with more than €573bn of savings

� €390bn of on balance sheet deposits and savings

� €183bn of long term/off balance sheet savings totaling ~ €700m of commissions for the networks

2. Groupe BPCE’s ambition in “Bancassurance” has to be supported by a more integrated Insurance Business Unit


supported by a more integrated Insurance Business Unit to capture a bigger portion of the value chain

3. Investment Solutions businesses are profitable, capital and liquidity light with sustainable organic growth capacity

4. AM is a source of diversification and internationalizationfor the Group with a stand alone growth capacity and a proven track record

Two solid growth engines generating an 8% CAGR of revenues between 2009/2013 despite significant headwinds

1. Synergies with BPCE retail networks in France (> 33% of our net revenues)

� NGAM, Natixis Assurances and Banque Privée 1818 provide investment solutions for each market segment to Groupe BPCE networks

� Together, they manage ~€180bn of off balance sheet long term assets collected by Groupe BPCE networks1,580

1,7891,890

2,0652,158

Net revenues €m(1)

+ €0.6bn+ 8%/year

(2)


long term assets collected by Groupe BPCE networks

2. Growth of the international business of NGAM

� More than 50% of revenues and total headcounts of the division

� Unique combination of well known alpha providers and strong distribution platform

� A multi-affiliate organization able to seize M&A opportunities with limited execution risks

1,580

2009 2010 2011 2012 9M13(1) Excluding BPCE Assurances

(2) Annualized

A new business environment full of challenges but also opportunities as we adapt to the “new normal”…

Asset Management Insurance Private Banking

� Globalization of the business

� Concentration of net flows around a few mega AM players

� “Secular” shift of client demand

� Competition from passive product

� Waves of new regulations

� Competition from deposits for mass retail clients

� Increase of capital intensity of insurance businesses for banking group

� Solvency II revolution

� Risk of fiscal change in France

� Competition from universal banks and new intermediaries

� Clients in France are losing interest in funds and risk

� Lower ROA

� Tougher tax and compliance rules


� Waves of new regulations

� European captive AM have to adapt to open architecture

� Risk of fiscal change in France

� Despite all those challenges and the increase of the cost of doing business, the fundamentals of our businesses remain positive because of demographic trends and the needs of retirement

� But to grasp those opportunities, we will adapt our business models and add scale to become more efficient

… allowing us to maintain our target of organic growth (+8%) for the new plan based on our diversified book of businesses

2017 NBI per activity (2013(1))

AM US & Asia56%(54%)

AM Europe

Life Insurance7%(6%)

Non Life Insurance11%(11%)

Private Banking5%(5%)

2017 Targetsbased on organic growth

~ 7-8%Net revenues

CAGR

Net New Flows + €75bn

CIR < 70%


(1) Including BPCE Assurances but without new premiums coming from CEP in Life insurance

AM Europe21%(24%)

� An additional billion of revenue between 2013 and 2017(1) (~ 7-8%/year) coming from a diversified organic growth (€0.8bn) and BPCE Assurances projected integration (€0.2bn)

� Before acquisition, a fairly stable book of business except for the increase of the share of insurance

� ~4 points decrease of the CIR

� Strong ROE and capital generation for the group (> 2bn in 4 years) before acquisition

CIR < 70%

> 15%ROE

Focus on Natixis Global Asset Management

A multi-affiliate model with a centralized


A multi-affiliate model with a centralized distribution platform adapted to each market

NGAM: a global and diversified asset manager with €619bn AuM

A global asset manager

� Covering all the main asset classes including real estate and private equity

� Full range of € and $ expertise to cover main AM markets

� Excellent overall investment performance

Real Estate€33bn (5%)

Money Market€59bn (10%)

Alternatives & structured

€22bn (4%)

Equity€167bn (27%)

Fixed Income€338bn (54%)

Per Asset classes

Europe€319bn (51%)

US & Asia€300bn (49%)

Per Management center


performance

� Broad and global client franchise: institutional, large distributors and retail clients

� Through a powerful global distribution platform

� Able to provide a full range of vehicles (funds, mandates, separate accounts...) adapted to each regulation (UCITS, US Mutual Funds, OEICS…)

(1) Post European Action Plan and including Money Market Funds for the French division.

Institutional Mandates

€232bn (37%)

Open Funds€186bn (30%)

Life Insurance€173bn (28%)

Private Mandates & Other

€29bn (5%)

Per vehicle

Centralized distribution

Platform31% (1)

USA & Asia Affiliates (direct)

23%

European affiliates(1) (direct)

11%

Employee Saving plans3%

Life Insurance28%

BPCE Retail in France

4%

Per distribution platform

BPCE relatedbusinesses

A decentralized organization with a proven ability to attract and retain talent

What is our value proposition?

Multi-affiliate organization

Independent thinking and entrepreneurial approach

A centralized distribution platform

Support for organic growth:allows affiliated investment managers to focus on investment management, yet accessing economies of scale

1

2

A flexible organization adapted to each market

NGAM Distribution


economies of scale

Compensation plans

Fair long term alignment of interest between NGAM and affiliated investment managers (with Equity like bonus plan)

Support for innovation (seed money)

Support for new products and organic development (€0.7bn of seed capital)

Global Holding

Strong experience in acquisition and regulatory oversight of affiliates

3

4

5

25 SpecializedAffiliates

GlobalHolding

A multi-affiliate organization with a wide range of expertise

Expertises InsuranceMoney

MarketsFixed

IncomeEquity

and diversifiedAlternatives

and Real Estate

Loomis, Sayles & Co. Credit (HY et IG)

Harris Associates Equity Value

Aurora FoHF

Gateway Equity Hedged

AEW US and Europe Real Estate

R&T Funds MMF


Vaughan Nelson Small/Mid cap

McDonnell Municipals

Alpha Simplex Quant/Alternative

NAM Generalist

ow Mirova SRI Expertise

ow Seeyond Quans & Struct.

Vega IM Wealth Management

H2O Bonds

A multi-affiliate organizationwith a centralized distribution platform

London

Dubaï

ParisBeijingGeneva/Zurich

Stockholm

Frankfurt

Amsterdam

MilanMadrid

Hong Kong

TokyoBoston

Luxemburg

Oakland

NGAM Distribution offers a centralized distribution platform dedicated to NGAM affiliates with more than 650 FTE all over the world. It is a single point of access to the affiliate line-up.

$260bn (31%)


Dubaï

Singapore

Sydney

Hong Kong

Taipei


65 86 97 101 12015025

3239 49

57

110

2008 2009 2010 2011 2012 9M13

International

U.S. Retail

90118

135150

177

260

$260bn (31%) of products distributed through the centralized distributed platform(1)

(1) Post European Action Plan and including $15bn of Money Market Funds for the French BDU

UK14%

France (3P)39%

Continental Europe

9%

MENA8%

Japan15%

China6%

Australia4%

Rest of Asia

5%

This organization has delivered a strong organic growth and created value over the long term


2

NGAM distribution objectives for the next 4 years: €75bn of Net New Flows

1 Pursue the development of our US retail platform ($150bn as of Sept. 2013)

Become a more important player in the European market in the 3P Business

+ €24bn

+ €22bn

Cumulated net flows forecasted 2014-2017

€53bn of targeted Net New Flows through the centralized platform:NGAM Distribution


3

4

Expand profitability of our distribution organization in new markets (Asia, LatAM, Middle East)

Direct distribution by our affiliates in France and in the US

+ €7bn

+ €22bn

NGAM Distribution

Our net flows objectives are consistent with the major trends of the global asset management industry

Global Market$67tn / + 6%

40%$12tn

USA: $29tn44% / 5% 30%

$7tn

70%

45%

12%

88%

Europe: $24tn36% / 5%

Asia (excl. Japan): $3tn6% / 13%

Japan: $4tn6% / 3%


60%

50%50%

55%45% 88%

33%

67%

ROW: $4.4tn7% / 9%

Australia: $1.8tn3% / 9%

(1) Survey Global Markets Cerulli 2013 – data end of 2012

Retail (Mutual Funds)

Institutionnels

% of Global Market

CAGR 2012-2017

Natixis Assurances

A platform able to provide BPCE’s retail networks


A platform able to provide BPCE’s retail networks with a full range of insurance products and generating value

for Natixis and the networks

BPCE Assurances acquisition: a new step in the construction of a more integrated bancassurance platform

BPCE Assurances at a glance

� Created in 2002 by the Caisse d’Epargne

� BPCE Assurances is dedicated to P&C products for the Caisse d’Epargne Retail network

� A JV (60%-40%) with MACIF/MAIF two French significant players in the P&C segment

� 2.6 million contracts and €0.6bn of Gross Premium (Motor vehicle, Home Insurance, Health and Personal Protection)

� Net revenue 2013(1): €200m, PBT(1): €62m


Envisaged transaction

between Natixis

and BPCE

� Acquisition in cash of 60% of BPCE Assurances

� MoU signed between parties on November 7th, 2013

� Existing agreements with BPCE and MACIF/MAIF to be maintained

� Due diligence and Fairness opinion will be completed

� Execution of the transaction expected in Q1 2014

(1) Estimated figures

In 2016, Natixis will become the single insurance services provider for BPCE networks

Caissesd’Epargne

BanquesPopulaires

Life Insurance

CNP is the current exclusive provider for Life Insurance(1)

NatixisAssurances

Natixis

FRENCH RETAIL NETWORKS


Creditor Insurance

CNP is the current exclusive provider but since 2007, Natixis is Co-insurer(1)

NatixisAssurances

Personal protection

CNP is a provider for Personal protection solutions(1) alongside with BPCE Assurances

NatixisAssurances

Property and Casualty

BPCE Assurances(2)

through a JV with Macif & Maif(60-40)

Natixis Assurances through a JV with MaafAssurances(50-50)

PR

OD

UC

TS

(1) Current agreements will end up in 2016

(2) Natixis will integrate BPCE Assurances after regulatory approvals and agreements from Worker Councils during Q1 2014

Groupe BPCE’s bancassurance ambitionA strong growth potential for Natixis

Life Insurance

� Cautious projections in term of AuM (€39bn as of Sept 2013): + 3% per year with a smooth recovery in term of flows

� Distribution agreement limited to the BP networks until 2015 and including CE in 2016

� Increase of Unit-linked product for Affluent and Private bank client

� Net revenues’ projections for 2017: + 10% per year (margin improvement)

� Integration of BPCE Assurances in the Investment Solutions Division (expected Q1 2014)


Non Life Insurance

� Integration of BPCE Assurances in the Investment Solutions Division (expected Q1 2014)

� Strong growth in the Creditor and Personal insurance: net revenues CAGR > 10%/year

Groupe BPCE aims to be the insurer of one third of its current client base before the end of 2017

� Strong and diversified growth of the net revenues: + 10%/year

� A CIR at 50%

� A profitable business line even without the Danish compromise

Conclusion

We are confident in our ability to grow organically and deliver this plan in a normalized business environment thanks to the investments we made since the crisis

We are also ready to seize M&A opportunities with limited execution risks because of our experience of previous acquisitions


of previous acquisitions

We will have the opportunity to dig deeper in AM and insurance during the afternoon round tables

Industry-leading investment thinkers in key markets globally

1

Expertise: Customized hedge fund solutions

Founded: 2004 Headquarters: Paris, France

1

Expertise: Index -based solutionsFounded: 2002

Headquarters: Oakland, CA

AUM: $445 M/ €342 M

Expertise: Flexible managementFounded: 1993Headquarters: Paris, France

Expertise: Real estate investments

Founded: 1981

Headquarters: Boston, MA

AUM: $17.9 B/ €13.7 B

Expertise: Fund distribution solutions

Founded: 2002

Headquarters: Paris, France

Expertise: Alternative global fixed -incomeand global macro management

Expertise: Money market funds & cash management servicesFounded: 1970Headquarters: New York, NY

Expertise: Absolute return strategiesFounded: 1999

Headquarters: Cambridge, MA

AUM: $2.9 B/ €2.2 B

Expertise: Alternative investment management

Founded: 1988Headquarters: Chicago, IL

Expertise: Value investmentsFounded: 1976Headquarters: Chicago, IL

AUM: $88.6 B/ €68.1 B

Expertise: Concentrated equity portfolios Founded: 1990


Expertise: Actively managed, research-driven equity and fixed -income portfoliosFounded: 1926Headquarters: Boston, MA AUM: $183.9 B/ €141.4 B

Expertise: Overlay managementFounded: 2005Headquarters: Oakland, CA

AUM: $10.1 B/ €7.8 B

Expertise: Middle market, mature, PIPE, and mezzanine investmentsFounded: 2007Headquarters: Luxembourg, LuxembourgAUM: $1.1 B/ €846 M

Expertise: Fixed -Inc. specialist managing taxable & tax - exempt bond portfoliosFounded: 2001 – leadership since 1987Headquarters: Oak Brook, ILAUM: $12.5 B/ €9.6 B

North America Europe

EUROPE

Expertise: European real estateFounded: 2001


AUM: $23.2 B/ €17.8 B

3

AUM: $9.6 B/ €7.4 B


2

Expertise: Asian & emerging Asian equities

Founded: 1998Headquarters: Singapore

AUM: $665 M/ €512 M

4 Expertise: Responsible investment solutions

Founded: 2012Headquarters: Paris, France

Expertise: European multi -strategyFounded: 1984


AUM: $372.1 B/ €286.2 B

Expertise: Hedged equity strategiesFounded: 1977

Headquarters: Cincinnati, OH

AUM: $11.8 B/ €9.1 B

Expertise: ETFs & quantitative strategiesFounded: 2009Headquarters: Paris, France

AUM: $1.1 B/ €859 M

and global macro managementFounded: 2010Headquarters: London, UK

AUM: $2.5 B/ €2.0 B

Headquarters: New York, NY AUM: $11.6 B/ €8.9 B

4 Expertise: Volatility management andstructured product investments

Founded: 2012


Expertise: U.S. small - and mid -cap value investmentsFounded: 1984Headquarters: San Francisco, CAAUM: $2.0 B/ €1.5 B

Expertise: Value equity investmentsFounded: 1970Headquarters: Houston, TX

AUM: $8.1 B/ €6.2 B


AUM: $3.8 B/ €3.0 B

5 Expertise: Specialist management solutionsFounded: 2012Headquarters: Paris, FranceAUM: $7.1 B/ €5.4 B

Expertise: U.S. private equityFounded: 2008Headquarters: New York, NY

AUM: $1.0 B/ €850 M

Asia

Expertise: Global/int’l investmentsFounded: 1994Headquarters: Ft. Lauderdale, FL

AUM: $4.2 B/ €3.2 B

Expertise: Indian equity and fixed -income investmentsFounded: 2000 Headquarters: Mumbai, IndiaAUM: $6.9 B/ €5.3 B

Specialized Financial Services Strategic Vision

� Gils Berrous

11%

10%

24%

10%

SFS: expertise geared to serve Groupe BPCE networks and Natixis’ clients

FIN

AN

CIA

L

SER

VIC

ES

SP

EC

IA

LIZ

ED

FIN

AN

CIN

G

9M13 net revenues by business line

Securities services

Payments

Sureties and guarantees

Factoring

€948m

44% 56%


15%

20%10%

24%

FIN

AN

CIA

L

SER

VIC

ES

SP

EC

IA

LIZ

ED

FIN

AN

CIN

G

Payments

Employee benefits planningConsumer finance

Leasing

€948m

Good balance betweenSpecialized financing and Financial services

SFS: core business lines for Groupe BPCE ambitions

� Supplier of Specialized financing solutions and Financial services to the networks (Banque Populaire and Caisse d’Epargne) and Natixis’s clients

� SFS is at the heart of the Groupe BPCE development strategy

� An innovation culture of and operational efficiency geared to preempt changes in the retail banking sphere


� An innovation culture of and operational efficiency geared to preempt changes in the retail banking sphere

� Proven expertise in pooling and industrializing banking platforms consistent with the highest market practices

� Value creation ability on regular basis and resilient to economic cycles

SFS: extensive growth potential within the second-largest banking group in France

� Two major brands: Banque Populaire and Caisse d’Epargne

� 8,000 branches in France(1)

19 Banques Populaires


� Over 30 million retail clients(1)

� Over 1,500,000 professional clients(1)

� Over 150,000 corporate clients(1)

17 Caisses d’Epargne

(1) Source: Groupe BPCE

Strong synergies with the BP and CE, facilitated by the SFS sales physical presence within the networks

Sustained growth, with staff deployed according to the Group’s regional organization

3,661 staff, including 2,539 in Paris and 1,058 in the regions

Specialized financing


FactoringLeasingConsumer financeSureties & guarantees

Financial services

Employee benefits planningPayments Securities services

+39%

+52%

+43%

Strong market shares and solid growth momentum

15 22

152231

5.9

09/2010 09/2013

Rankings in France

Factoring Factored turnover (€bn)#3

Consumer finance

New production (€bn)#3

Sureties & guarantees

Written premiums (€m)#1


+11%

1.6 1.8

Sources: ASF / Natixis

4.2 5.9financeNew production (€bn)#3

Leasing New production (€bn)#4 equipment

#2 real estate lease

Employeebenefitsplanning

#1

Employee savings planning account keeping

Payments #2

Payments processor

Securities services

#2

Retail custodian

Steady increase in SFS’s net revenues earned with the networks

€305m of additional net revenues earned with the networks over 2009-2013, well above the initial target

€305mInitial target €239m

2/3 of SFS’s net revenues earned with the networks and their clients in 2012


Networks67%

Direct33%

€542m

€847m

€305m

2009 Additional net revenues

2013

€239m

(1)

(1) 9M annualized

Strategic targets 2014-2017

Increase net revenues earned with both networks clients (Banque Populaire, Caisse d’Epargne) and Natixis clients

� Increase the clients equipment rate of SFS expertise

� Fully implementation of our range of solutions into the networks

Continue with our innovation and operational efficiency strategy


� Innovation: anticipate changes in client needs

� Operational efficiency: proprietary, shared platforms consistent with the best market practices

Expand, while controlling scarce-resources consumption

Increase net revenues with the networks: targets

Factoring

Employeebenefitsplanning

Duplicate successes in each network

Tap into the potential for saturating core clients

2017 Targets

Overall take-up for Pro and SME(2) clients

BP: 7%

CE: 3%

BP: 9%

CE: 5%

Take-up of employee savings planning

BP: Pro: 10%Corp: 8%

CE: Pro: 6%Corp: 5%

BP and CE:

Pro: 14% Corp: 10%

Current(1)


Securities & guarantees

Consumer finance

Tap into the potential for saturating core clients

Take-up of Saccef individual homebuyer guarantees

CE: > 75%

BP: < 10%

CE: > 75%

BP: < 50%

Consumer finance market share equal to banking market share in 2017

~ 13% ~ 17%

(1) Source: TB ASF / Natixis (2) Active clients with client receivables >€10K or 10% of sales

Increase net revenues with the networks: resources

Strengthen sales team within the networks and homogenize commercial presence and approach

Sales tools integrated into work stations of network sales staff

Consumer finance

IziventeSales tool with credit scoring and dynamic expert systems


Leasing Front Lease Equipment-leasing sales tool covering simulation to contract printing

Employee benefits planning

EasirisThree-way sales, with an employee benefits expert (web call back)

+71%

+31%

+43%

+40%

+45%

+42%

Ambitious commercial targets for all activities

Leasing: new production (€m)

Factoring: new contracts Employee benefits planning: corporate clients


1,197

2,041

2,683

2009 2013 2017

1,719

2,455

3,444

2009 2013 2017

46,465

67,328

95,693

2009 2013 2017(1) (1) (1)

(1) Estimated

CAGR of 5% over 2013-2017, i.e. €172m of additional net revenues, the bulk from Specialized financing

Significant additional revenues with the networks over the course of the plan

€305m

€172m

3/4 of SFS’s net revenues earned with the networks

in 2017


€542m

€847m€1,019m

€305m

2009 Additional net

revenues

2013 Additional net

revenues

2017(1)

Networks74%

Direct26%

(1) Estimated

+32%

Consumer finance: continued momentum

€308m

€120m

€68m

6% CAGR in net revenues during the plan

Growth in new production(€bn)


+50%

+32%

58

11

2009 2013 2017

€120m

€240m

2009 Additional net

revenues

2013 Additional net

revenues

2017(1)

(1) Estimated

(1)


Innovation: Anticipate changes in client needs and strengthen our culture of innovation

Payments

� Leading French bank for prepaid card issuance with Prepaid Anywhere• Best supplier of payment services at the Prepaid Awards 2012

Factoring

� Assisting clients with their international development projectsAuto components


� Assisting clients with their international development projects• Multi-domestic offering

• Reverse factoring

Employee benefits planning

� The only complete range of solutions for deferred remuneration systems: Employee savings, Retirement savings, Employee shareholding, Special payment vouchers

FactoringMulti-domestic 8 countriesPotential turnover of €2.6bn

Employee benefits planning70 000 accounts savers€200m AuM


Operational efficiency: proprietary, shared platforms consistent with the highest market standards

Payments

� Since 2006: JV with BNP Paribas to design a join card payment software platform

� 2011-2014: same software platform to process the cards payments of Groupe BPCE

� Next stage: single software to process all other payments

7 billion transactions

in 2012

€95 billion exchanged

daily


� Next stage: single software to process all other payments

Consumer finance

� Since 2013: Development of a joint consumer finance management platform with BNP Paribas Personal Finance geared to bringing the whole of the value chain back in house

4.5 millionpersonal loan

and revolving credit accounts

Expand, while controlling our consumption of scarce resources

Diversify and secure sources of financing

First securitization of commercial receivables rated triple A by Moody’s and Fitch€1.1bn of liquidity over 3 years

Factoring


SecuritizationRefinancing of medium-term notes collateralized by a portfolio of real-estate leases

Leasing

Projected securitization of Groupe BPCE consumer finance portfolios

Consumer finance

2017 targets: solid and improving performances

2017 Targets

~ 3-4%Adjusted net

revenues CAGR

CIR < 64%AllocatedCapital

RoE

2013

2017

CoE


ROE > 16%

Slight increase vs. 2013RWA

� Enhance revenue synergies with BP & CE networks and reach Groupe BPCE market share for most products (consumer finance, factoring, leasing, employee benefits planning)

� Contribute to increase the equipment rate of BP & CE clients

� Continue with our innovation and operational efficiency strategy

� Stable cost of risk due to strong knowledge of BP and CE retail clients

Cost of risk Stable

Wholesale Banking Strategic Vision

� Olivier Perquel

� Marc Vincent

1,464

1,371

1,476

Since 2009, refocus…

Deleveraging and exit from

non-core activities

� Exit from non-core activities (GAPC, Shipping, Corporate Financing in Germany, refocus of the LBO financing business on Europe)

B3 RWA & revenues

2009 “New Deal”, 2011 strategic adjustments

Subprime crisis Sovereign debt crisis Economic environment Regulatory environment

Constraints: Solvency, Liquidity, Productivity

+ 1%


864855

846

H1-12 H2-12 H1-13

- 2%

85

76 77

H1-12 H2-12 H1-13

RWA B3 (€bn)

1,371

Net revenues (€m)

Client-oriented business model

� Client focus enhanced� Cross-selling� Risk reduction. Exit from proprietary trading activities

Drastic reduction in consumption

of scarce resources

� O2D� RWA reduction program / models reliability� Liquidity optimization measures and mutualization

of long-term funding

Productivity improvement

� Two successive efficiency plans: adaptation plan (2011) and PEO (2012)

Expenses(in €m)

- 9%

…and investment in key franchises

Financing Activities

Structured Finance

Commercial Banking

GEC

AEI

REF

ASF

Vanilla credit

GTB

Capital Markets

FICT

Revenues 9M-13

47%

35%

13%

53%

38%

Investment

Structured Finance

� Implementation of O2D

� Creation of a Pfandbriefbank in Germany

Global Markets

� Creation of the Debt Platform

� Development of FI in the US

� Strengthening of the Global Markets platform in Asia


Note: GEC: Global Energy and Commodities; AEI: Aircraft, Export & Infrastructure; REF: Real Estate Finance; ASF: Acquisition and Strategic Finance; GTB: Global Transaction Banking; ELF: Equity Linked Finance

(1) ELF: split between Equity Markets and Structured Finance

ELF(1)

FICT

Equity Markets

Cash Equity

Derivatives

Trading

Debt Platform

Commodities

Treasury

Investment Banking

Coverage

38%

14%

� Strengthening of the Global Markets platform in Asia

Coverage

� Reengineering of Coverage

� Improved cross-selling

� Strengthening of Asian Coverage

Transverse

� Creation of EMEA platform

� Improved risk control

Focus on Natixis’ franchisesA leading player in Structured finance

Leading franchises for each business, either geographical or product

Sophisticated state of the art expertise

2013

Corporate Term Loan & Bridge Loan Facility

USD 13,222,000,000 – Russia

MLA, Bookrunner

Refinancing of existing debt maturing in 2015

EUR 1,650,000,000 – Belgium

Major structured finance expertise and quality relationships in most regions

� #3 MLA for Structured Commodity Finance (2012)

� Best Trade Bank (Bronze category) in Metals and Mining (2013)

Global Energy and

Commodities

Aircraft, Export &

Internationally recognized franchises in Infrastructure and Aircraft Finance

� Aircraft Finance House of the Year (2012)

2012-2013(1)


(1) Sources: Trade Finance Magazine – Dealogic / League tables for the trade finance market (in value); Trade & Forfaiting Review / TFR Excellence Awards 2013; Global Transport Finance, Awards 2012 - November 16, 2012; Magazine des Affaires - Grand Prix Infrastructure - between January 2011 and June 2013 (in volume); Reuters, FY2012 as at Jan. 17, 2013 (in value); Reuters, League Table LBO 2012 (in value)

2013

EUR 1,650,000,000 – Belgium

MLA, Bond manager, Bookrunner

2013

Club DealCredit Revolving Facility

EUR 750,000,000 – France

MLA

2013

Acquisition financing

EUR 1,400,000,000 – Italy

M&A Advisor, MLA, Bookrunner

Export & Infrastructure

� Aircraft Finance House of the Year (2012)

� #1 MLA in France for PPP projects, concessions and public-service outsourcing (2013)

Real Estate Finance

Leading market share in France, securitization expertise in NY

Acquisition and Strategic

Finance

Solid track record in France, international LBO finance expertise and close relationship with PE funds

� #6 MLA for LBO finance in EMEA and #1 French bank

� #7 bookrunner for LBO financing in EMEA

2012-2013(1)

2012(1)

Focus on Natixis’ franchisesDebt Platform and Equity Derivatives

Debt Platform� A major player on € bond issues and an established franchise for GSCS

� A global and integrated approach from origination to distribution

2013

Fleet Financing

EUR 550,000,000

Arranger, Senior Lender

2012

Catastrophe Bond

EUR 130,000,000

USD 60,000,000

Atlas Reinsurance VII

Joint Bookrunner

Syndication desk

Sales forces

Issuers Investors

Debt Platform

DCM

GSCS

Origination platform for loan syndication, primary bond market, securitization

� Best euro lead manager for covered bonds: 2012, 2013

� Best secondary loans house (2012)2013

2012(1)


� #2 bookrunner on the euro primary bond market for financial institutions and French corporate issuers (2012)

� #4 bookrunner – Global Structured Finance in Euros (2012)

2012

Equity Derivatives

� Flow and structured derivatives for retail, institutional and corporate clients providing hedging, investment and financing solutions with a wide product coverage

� Existing franchise to be extended

� New set-up on January 1, 2014

� Strategic Equity: 2 Equity Lending awards recognizing Natixis as "Winner overall Group 2 Borrower" and "One to Watch Group 2 Borrower" on the equity markets in EMEA

� Structured Equity Derivatives: best manufacturer in structured products for retail clients in France, #2 manufacturer in Equity structured products in France, #3 manufacturer in hybrid structured products in France

(1) Sources: The Cover/Euroweek - Covered Bond Awards 2012; Euroweek, Syndicated loans and leveraged finance awards 2012; Dealogic (ranking based on unsecured senior debt, covered bonds, secured debt, subordinated debt and securitization); IFR; Global Investor / ISF equity lending survey 2013; Structured Retail Products.com, Europe Structured Products Awards 2012

2013(1)

2012(1)

Worldwide presence beyond key home market

Domestic market: France, Spain, Italy International market: EMEA(2), Americas, Asia-Pacific

� Reengineered Corporate Coverage

� Dedicated FIPS and Financial Sponsor Coverage

� Rationalized client portfolio

� Upgraded product-neutral Coverage

� Granular regional set-up targeting mid-cap corporates

� Selectively build on our key franchises: GEC, GIP, REF, Aircraft, LBO, DCM, ELF etc.

WB 2012 revenue by client category(1)

C. 2,000 clientsLondon

Moscow

Paris FrankfurtMontreal

America EMEA(2) Asia-Pacific

c. 550 staff c. 530 staff c. 430 staff


(1) Coveraged clients

(2) EMEA platform excludes France

Corporate France43%

Corporate International

19%

FIPS France19%

FIPS International

19%

Milan

New York

Sao Paulo

Hong Kong

Singapore

Paris

Houston

Dubai

Madrid BeijingTokyo

Mexico City

Lima

Buenos Aires

Johannesburg

Almaty Seoul

Jakarta

Sydney

Kuala LumpurLabuan

Ho Chi Minh CityBangkok

Hanoi Taipei

Shanghai

Mumbai

Branch & Subsidiary

Subsidiary

Branch

Marketing office

Representative office

Istanbul

The strategic planSelective growth and efficiency

Selective growth Focus on efficiency

Development of key franchises with a clear focus on international platforms…

� FIC-T, Structured Finance, Equity Derivatives

� North and Latin America, Asia, EMEA Emergings(Russia, Turkey, Middle East)

Rationalization of Cash Equity, GTB(1), Coverage in France

Optimization of liquidity and capital in line with the new regulatory framework

Strengthening of O2D, liquidity collection, RWA stability


(1) Global Transaction Banking (Trade Finance, Treasury Services)

(Russia, Turkey, Middle East)

… strengthened strategic dialogue with corporate, FIPS and FSG clients

� Strengthening of O2D, liquidity collection, RWA stability

Operational efficiency

� Cost consciousness at all levels of management

� Additional efficiency plans

� IT systems reengineering and rationalization

The strategic planAmbitions

Revenue growth

Franchise development

International development:

CAGR 2014-2017: ~ 10%

Repositioning /Rationalization

GTB

Cash EquityCoverage France

IT systems

Operational efficiency

1 2

2017 ROE

Revenue CAGR:~ 5%

Cost/Income ratio:~ 55%


O2D

Continuing deleveragingRisk control

RWA stability3

2017 ROE~ 12%

1. Revenue growth focusStructured Finance

Enhance O2D (higher underwritings thus improving client positioning / higher fees)

Improve client positioning (e.g. creation of FSG(1) Coverage, higher underwritings through O2D, development of Capital Markets offer: HY)

Selective international focus (e.g. GEC, GIP, ASF)

Global Energy and Commodities Aircraft, Export & Infrastructure New production(2) (€bn)

� Increase market share in Commodity Trade Finance

� Upgrade relationships with large clients in LatAm and Russia

� Develop franchise in Asia

� Global Infrastructure & Projects: build a global franchise, further expand partnerships

� Aircraft: focus on new funding tools

� Structured Export Finance: develop new

~ 115% of FY2012

new production


(1) FSG: Financial Sponsors Group (2) Perimeter: SAF O2D, new production including arrangement

Real Estate Finance Acquisition and Strategic Finance

� Develop franchise in Asia

� Expand in Africa, Middle East

� Further develop cross-selling

� Structured Export Finance: develop new refinancing tools, improve cross-selling

� Expand Americas footprint

� Europe: focus on generation of NatixisPfandbriefbank eligible loans, maintain leadership in France

� US: take advantage of improving market to increase participation in securitization market

� LBO: expand relationships with selected key PE Funds into global business (incl. Asia), with a major focus on the US market

� Corporate & Acquisition Finance: focus on French (+Italy/Spain) Coverage clients and GEC/Infra clients abroad

12.7

14.8

FY 2012 9M13

1. Revenue growth focusGlobal Markets

Develop client base and improve geographical footprint

�Uptier client franchise: AM, Public Institutions & Sovereign Funds, Insurance

�Extend geographical footprint: Northern Europe, Middle East, Americas (LatAm, Canada) and Asia

�Complete product offering in partnership with Wholesale Banking and Natixis

FIC-T


Improve franchise based on expertise in Strategic Equity and Structured Derivatives

�Set-up upgrade (at sales level) in UK-US and Asia and increased productivity

�Develop client portfolio, both in terms of clients (e.g. hedge funds) and geographical regions

�Simplify product offering on Flow Trading (e.g. underlying securities)

�Develop Strategic Equity Solutions and Fund Solutions

Equity Derivatives

1. Revenue growth focusSelective international development

America

CAGR 2014-2017: ~ 10%

Capitalize on franchise and existing set-up to further develop

EMEA(1)

CAGR 2014-2017: ~ 5%

Maintain and selectively develop

� Focus on Capital Markets

Asia-Pacific

CAGR 2014-2017: ~ 15%

Gain critical mass

� Focus on core franchises

Strengthen Trade Finance


to further develop

� Develop client franchise

� Enhance/optimize product offering

� Opportunistic development (LatAm, Canada)

� Focus on Capital Markets and Structured Finance

� Italy/Spain: maintain our franchise

� Foster development in emerging markets

(1) EMEA platform excluding France

� Strengthen Trade Finance development

� Implement O2D

� Extend new investor base

Opportunistic coverage approach driven by core business franchises

2. Rationalization

Rationalize and re-deploy

� Develop client base, capitalizing on Coverage forces (systematic approach)

� Selective international development of Trade Finance (Asia, Middle East, LatAm)

� Enlarge the product range towards liquidity and account management

Global Transaction Banking(1)

Ongoing turnaround

� Rationalize the whole set-up (Research, Sales, Execution) to increase productivity

� Reposition on UK/US clients

Cash Equity


Further rationalize the set-up and capitalize on the refocused client portfolio

� Adapt the set-up: repositioning on core corporate clients in France and close monitoring of vanilla credit production

� Strengthen strategic dialogue (Advisory) and improve cross-selling with all Natixis’ business lines, to reflect the focus on vanilla financing as merely a marketing tool

� Selective international development

Coverage

(1) Trade Finance, Treasury Services

3. RWA stability

Enhanced processes RWA selective allocation

Stronger O2D

� Increase rotation

� Generate higher fees thanks to higher underwritings improving client positioning

Selective vanilla credit production

Finalize deleveraging (run-off)

Develop business lines with low RWA

Re-deploy partly these RWA envelopes towards Structured Finance and Fixed Income

Share of net arrangement fees in revenues(1)


(1) Structured Finance (ASF, REF, AEI, GEC) and Commercial Bank; Arrangement fees and servicing fees

Develop business lines with low RWA consumption

Debt Platform, Equity Derivatives, Advisory and selected Structured Finance business lines

25%35%

2013e 2017e

Strict risk control policy

+ 10pp

Enhanced analytical processes

Wholesale Banking: business model transformation to improve profitability

2017 Targets

~ 5%Net revenues

CAGR

CIR ~ 55%

2017 ROE

CoE

2013 ROE

Allocated Capital


ROE ~ 12%

Stable vs. 2013RWA

A four-pronged approach

� Enhance O2D model

� Improve share of wallet

� Operational efficiency / streamlining of some businesses

� Selective growth of the international platforms

Conclusion and Q&A session

� Laurent Mignon

Conclusion

Operational excellence

Disciplined capital management

Solid growth prospects


Natixis will be a fully client-centric, less capital intensive provider of investment and financial solutions with plus-12% ROTE and a proactive dividend policy

Morning closing: Natixiswithin Groupe BPCE

� François Pérol

Groupe BPCE, the 2nd largest banking group in France

� 21.4% market share in France(1)

� 20.6% market share in France(1)

� 8,000 branches

Customer deposits & savings

Customer loans

Retail network

� €17.1 billion in 9M-13(2) (+2.5% vs. 9M-12)

� €5.2 billion in 9M-13(2) (+6.5% vs. 9M-12)

� €2.3 billion in 9M-13(2) (+12.3% vs. 9M-12)

Net banking income

Gross operating income

Net income


� €2.3 billion in 9M-13(2) (+12.3% vs. 9M-12)

� €1,146 billion

Net income

Total assets

� €41.6 billion(3)

� €421 billion(3)

� 9.9%(3)

Common Equity Tier-1 capital

Risk-weighted assets

Common Equity Tier-1 ratio

(1) Market share at the end of June 2013

(2) Pro forma of the sale of the CCIs held by Natixis and excluding revaluation of own debt for Group results

(3) Estimate as of end-September 2013 – CRR/CRD4, as applied by Groupe BPCE - Fully loaded except on DTAs

Natixis, one of Groupe BPCE’s two core businesses

9%

16%3%

Core business lines of Natixis: 31%

Retail banking: 72%

50%50%

8.7 million cooperative shareholders

100%100%

Groupe BPCE 3Q13 pre-tax profit by business(1) (%)


66%6%

9%

Commercial Banking and Insurance Specialized Financial Services

Investment Solutions Wholesale Banking

Equity Interests

72%

28%

Free float

(1) Excluding the GAPC "Workout portfolio management" and "Other businesses"

Natixis, a listed asset of Groupe BPCE, with a minority shareholder-friendly policy

Natixis will remain listed as a stand-alone company

Best governance practices

� One third of Natixis’ Board of Directors are independent members

� Separation of Chairman of the Board and CEO roles ensures better balance of power between controlling bodies and Natixis’ management

Minority shareholder-friendly/Alignment of interests

� Group internal guarantee & solidarity system/ GAPC guarantee

� CEO’s variable compensation is index-linked to Natixis shares

� CCI buyback transaction completed on August 6, 2013: exceptional distribution of €2bn


Natixis share price growth vs. STOXX 600 / banks, 01MAR09-08NOV13, in %

97%

411%

STOXX 600 / banks

Natixis

� CCI buyback transaction completed on August 6, 2013: exceptional distribution of €2bn

� Payout ratio ≥ 50%

Natixis’ contribution to Groupe BPCE’s 2014-2017 Strategic plan


Significant value creation between Natixis and the retail networksGroupe BPCE’s strategic plan

Capture €870m of revenue synergies through Natixis and the retail networks

� Expand Consumer finance in both networks to reach a market share of around 17% in 2017(vs. around 13% in 2013)

� Improve current growth in Life insurance

2014-2017 revenue synergies

37%7%

8%7%

Insurance

Consumer finance


� Improve current growth in Life insurance and customer take-up rates of Personal protection and P&C insurance

• New product offer

• New client-driven distribution

� Development of all other business lines (Factoring, Leasing, Asset Management, etc.) with the retail networks

37%

33%

7%

7%Factoring

Wholesale Banking

Other Investment Solutions

Other SFS

Growth strategy keeping risk profile at moderate levelGroupe BPCE’s strategic plan

Groupe BPCE’s business model is focused on core markets:

� Retail banking in France

� Savings/Asset gathering

� Customer-related wholesale banking activities at Natixis level

Targeted growth entailing low risk for Natixis:

Groupe BPCE: historical cost of risk (bp(1))

Cost of risk comparison (bp(1))


Targeted growth entailing low risk for Natixis:

� Create the insurance platform so as to enableGroupe BPCE to become a fully-fledged bancassurer (BPCE Assurances projected acquisition and new insurance business of Caisses d’Epargne startingJanuary 1st, 2016)

� Wholesale Banking revenue growth mainly driven by the development of our client base

� More ambitious targets for the rollout of the SFS offering to Groupe BPCE’s retail customers

Cost of risk comparison (bp(1))

51 50 55

7260

6855

7661

50 54 5546 40

69 75 7184

7567 69

3045

3044

33 36 31

Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13

BNP Paribas Groupe Crédit Agricole Société Générale Groupe BPCE

(1) Cost of risk excluding Greek impairment expressed in annualized bp on gross customer loan outstandings at the beginning of the quarter

132% 132%137%

141%Liquidity reserves/ST fundingoutstandings (as a %)

136 140

160 156

Short-term funding outstandings

Pursue our improving solvency trajectory and maintain a sizeable liquidity reserve

Groupe BPCE’s strategic plan

Natixis benefits from Groupe BPCE’s high level of solvency

Groupe BPCE offers Natixis stable access to a strong refinancing pool

9.9%

> 12%

CET 1 ratio

CET 1 ratio


103 106

117111

46 4357

40

12/31/2012 03/31/2013 06/30/2013 09/30/2013

Short-term funding outstandings(in €bn)

Avalaible assets eligible for centralbank refinancing (in €bn)

Cash replaced with central banks(in €bn)

97

90

September 30, 2013 2017

ratio

Groupe BPCE’s total capital ratio above 15% by 2017 at the latest (1)

Leverage ratio: 3% throughout the plan(2)

(1) Subject to bail-in regulation

(2) Calculated on BPCE understanding of CRD4/CRR, without transitional measures, except for DTAs

116103

We confidently expect to comply with regulatory standards on liquidity

Liquidity Coverage

Ratio

100% at January 1st, 2015 without waiting for the end

of the transitory period

Target Main actions

� Natixis will comply the 1st January 2014 with 100% LCR

� Continue our efforts to improve our deposit base, with a focus on gaining

Groupe BPCE’s strategic plan


Ratio

Loan-to-deposit

ratio

of the transitory period

Pursuing improvement

deposit base, with a focus on gaining market shares

� Pursue our transformation model:• O2D model at Natixis level

• Project for Groupe BPCE consumer credit securitization

• SCF to refinance long-term loans originated by the networks and Natixis

Groupe BPCE’s 2017 financial targetsGroupe BPCE’s strategic plan

Natixis’ contribution

Revenues for core business lines > €8bn> €23bn

≤ 65% ~ 65%Group Cost / Income ratio


≤ 65% ~ 65%

≥ €4bn

Group Cost / Income ratio

Group net earnings

Summary of our strategy with Natixis

Create value with the two retail networks in France

Natixis to house our national(1) and international businesses


Natixis to contribute substantially to strengthening the Group’s liquidity position

Groupe BPCE to operate investor-friendly policy through Natixis

(1) Excluding CFF

Comments on methodology

Note on methodology:

� Figures in this presentation are unaudited

� Following the reclassification of the deeply-subordinated notes as equity instruments, interest expense on these instruments ceased to be recognized in the income statement as of January 1, 2010.

� The sale of the CCIs means the effective sale on August 6, 2013 of all CCIs hold by Natixisto the Banques Populaires and the Caisses d’Epargne. 2013 datas are pro-forma of this operation.

� Business line results are based on Basel 3 standards:

Results of Natixis business lines are presented using Basel 3 standards. Basel 3 risk weighted assetsare estimated based on Natixis understanding of the coming regulation.

Capital allocation to the insurance businesses is based on the Basel 3 treatment for investments in insurancecompanies, as stated in CRD4/CRR (the consolidated value of the investment being risk weighted at 370%).


Capital is allocated to Natixis business lines on the basis of 9% of their Basel 3 average risk weighted assets.In this way, the calculated ratio is ROTE by business lines. Since 3Q13, this ratio include goodwilland intangible assets by business lines to present the ROE.

� Other standards:

The remuneration rate on normative capital is 3%.

The bank tax on systemic risk and the contribution to the costs for the Autorité de Contrôle Prudentiel (Frenchregulator) are allocated to the business lines.

In line with the development of the “Originate to Distribute” model, the results of GSCS (Global StructuredCredit Solutions – which aggregate securitization and credit solutions expertises in the debt platform),is allocated only to FIC-T.

Round table discussion “Natixis and Groupe BPCE networks”

� Gils Berrous

� Pierre Servant

� Frédéric Chenot

� Catherine Halberstadt

� Alain Denizot

Extensive growth potential within the second-largest banking group in France…

� Two major brands: Banque Populaire and Caisse d’Epargne

� 8,000 branches in France(1)



� Over 30 million retail clients(1)

� Over 1,500,000 professional clients(1)

� Over 150,000 corporate clients(1)

17 Caisses d’Epargne

(1) Source: Groupe BPCE

…represented today by two regional banks

Banque Populaire du Massif Central

Chief Executive Officer – Catherine Halberstadt

Key figures:

� 85 branches

� 240,000 customers

� 900 employees

� Savings outstanding: €5.2 billion

� Loans outstanding: €4.3 billion



� Loans outstanding: €4.3 billion

17 Caisses d’EpargneCaisse d’Epargne Nord France Europe

Chairman of the Management Board - Alain Denizot

Key figures:

� 260 branches

� 1.9 million customers

� 2,300 employees

� Savings outstanding: €18 billion

� Loans outstanding: €12 billion

Further growth with Groupe BPCE retail networks

~ €800m cumulative revenues realized at Groupe BPCE level between 2009 and 2013

Target: ~ €870m additional cumulative revenues from end-13 to end-17

Specialized Financial Services Investment Solutions Wholesale Banking


� Ambition extended in the deployment of SFS offer with Groupe BPCE retail clients

� Potential catch up to reach Groupe BPCE market shares

� Adapt offering and services

� Build the insurance platform for the group

� Further deployment of Private banking offering

� Provide customized solutions for retail networks corporate clients

Strong catalyst to enhance business with Groupe BPCE’s retail clients

Cumulative additional revenues with Groupe BPCE generated at Natixis level

Cumulative targetfor 2017:

~ €800mEnd2009

End-Sept2013

> €400m

End2017

€800m


Focus on main contributors to revenues synergies generation with Groupe BPCE



Consumer finance

Factoring

Insurance

SMIs and professional global equipment rate(1)BP: 7%

CE: 3%

BP: 9%

CE: 5%

Factoring: duplicate the success in each retail network

+43%

+40%

3.4

2017 TargetsCurrent

Change in new contracts(in thousand)

+27%

+40%

3.2

5.9

Evolution of ceded turnover(in €bn)

13.2

16.7

23.3


Additional target of €58m cumulative additional revenues to be realized by Factoring with Groupe BPCE at Natixis level

(1) Active clients with poste clients > 10K€ or 10% in turnover

(2) Estimated

(2)

1.72.6

3.4

2009 2013 2017

11.7 13.517.4

1.5

3.2

2009 2013(2) 2017

Caisse d'Epargne

Banque Populaire

13.2

A 2017 Consumer finance market share at the retail network level

~ 13% ~ 17%

Consumer Finance: catch the potential with core clients

+50%

+32%

2017 TargetsCurrent

Change in new production(in €bn)

€240m

€308m€120m

€68mCumulative net revenues generated with Groupe BPCE at Natixis level


Additional target of €68m cumulative additional revenues to be realized by Consumer finance with Groupe BPCE at Natixis level

(1) Estimated

58

11

2009 2013 2017(1)

€120m

€240m

2009 Additional net

revenues

2013 Additional net

revenues

2017(1)

Insurance: capitalize on the networks ambition

239

40556

166

BPCE networks growth potential for Insurance is significant

� Capacity to strengthen existing growth momentum for life insurance

� Capacity to raise the client equipment rate in personal protection and property and casualty insurance turnover

� Over 4% CAGR targeted for 2014-2017

� Over 6% CAGR targeted for 2014-2017

Natixis is ready to support the ambitions of the BP and CEP through

� An improved product offer: • Packaged solutions for SMEs

• Tailored offers to meet affluent clients needs

Natixis insurance revenues (in €m)


183

239

2009 Additional net

revenues

2013 Additional net

revenues

2017

� A new client driven distribution set up:• Dedicated teams to support the networks affluent clients team

• Integrated IT tools

• Improved quality of support services: training, web and phone platforms, etc.

Natixis confirmed as the production center of insurance products for the group

� In 2014, Natixis will become the single producer of property and casualty insurance for the group

� Natixis already main producer of group credit insurance

� Potential for CEP Life insurance with the ending of CNP contract

2017 target: €166m of additional revenues for Natixis Assurances

(1)

(1) Estimated

Round table discussion “NGAM multi-boutique structure”

� Pierre Servant

� John Hailer

� Pascal Voisin

An organization built for growth on a global basis

Natixis Global Asset Management - Holding

15 specialized affiliates

U.S.Investment Center

A “core/satellite” model

EuropeInvestment Center

International€319bn(51%)

Assets under management by geographical zone


15 specialized affiliates with distinctive capabilities

A “core/satellite” model with NAM in the center and specialized boutiques

NGAM DistributionU.S. and International Distribution

US€300bn(49%)

What are our strategic priorities to achieve this plan?

1Strengthen our global

distribution set up and our US business

2Transform our European

business to become a significant player

3Position ourselves to tap

the new sources of growth in todays




in a more integrated European market


environment

We have built an efficient global investment and distribution platform that sets us apart and delivers value

London

Dubaï

ParisBeijingGeneva/Zurich

Stockholm

Frankfurt

Amsterdam

MilanMadrid

Hong Kong

TokyoBoston

Luxemburg

Oakland

Global growth has been driven by a diversified multi-affiliate investment model and a diversified centralized distribution platform with more than 650 FTE all over the world

$260bn (31%)


Dubaï

Singapore

Sydney

Hong Kong

Taipei

65 86 97 101 12015025

3239 49

57

67

43

2008 2009 2010 2011 2012 9M2013

French BDU

International

U.S. Retail

90118

135150

177

260

$260bn (31%) of products distributed through the centralized distributed platform(1)

(1) Including Money Market Funds for $15Bn

(1)

2 31

NGAM U.S. OverviewA diversified model for growth

Our ambition is to continue to grow globally by focusing on the same principles that have driven NGAM U.S.’s long-term success:


2 31An efficient, disciplined

and diversified global

multi-affiliate investment

platform in parallel with…

A cost-effective,

centralized distribution

effort bringing…

Best-in-class investment

product to retail and institutional

investors in the U.S., Europe,

Japan and other key markets

worldwide

NGAM U.S. OverviewA diversified model for growth

If combined, the U.S. fund families distributed or marketed by NGAM Distribution would rank #8 among top asset gatherers for YTD flows (long term funds, $ in millions)

Manager YTD Sep. ($M)

1. Vanguard Group 53,983

2. DFA 17,229

3. JPMorgan Funds 16,945

Strong presence in U.S. intermediary retail

Whirehouse Fiduciary Services Independent


(1) NGAM includes the assets under management in the Natixis Funds, Loomis Sayles Funds, Hansberger International Series, Aurora Horizons Fund and Oakmark Funds.Source: Strategic Insights/Simfunds - Open-end funds only, excludes ETFs, money markets and affiliated funds of funds.

4. MFS 14,564

5. OppenheimerFunds 13,832

6. MainStay Funds 10,038

7. Goldman Sachs 9,719

8. NGAM(1) 9,169

9. John Hancock 9,017

10. Eaton 7,520

Our diversified model has allowed us to stay relevant over multiple investment cycles

We believe in the benefits of diversification and have built one of the most diversified asset management companies

� Our multi-affiliate model allows for multiple investment philosophies and independent thinking

� We are diversified by product, geography and distribution channels around the globe

23.5NGAM U.S. Net Inflows NGAM U.S. AUM


0.8

5.3

2.3

17.3

5.9

23.5

2008 2009 2010 2011 2012 YTD Sept. 2013

NGAM U.S. Net Inflows ($ in billions)

9 straight years of positive flows 214

265292 303

353399

2008 2009 2010 2011 2012 Sept. 2013

NGAM U.S. AUM($ in billions)

86%

A diversified international distribution platform structured to leverage our core competencies in new markets

The foundation of our international plan is to intensify our diversification across all sales channels:

Institutional: maintain our efficiency

� Continue to focus on large institutional clients in all countries

Wholesale: strengthen and grow relationships

� Continue to develop relationships with home offices of global distribution firms in addition to close relationship with local offices

� Replicate the efforts done in the U.S. and UK/Europe in newer markets (Asia, Latin America, MENA)

Retail: launch retail initiatives in selected international markets

� Replicate the success we had in the U.S. market that led to a more diverse mix of assets

� Retail efforts were launched in the UK in 2013


0.4

2.3

4.1

10.6

4.4

7.4

2008 2009 2010 2011 2012 YTD Sept. 2013

NGAM International Distribution Net Flows($ in billions)

25.232.4

38.648.6

57.367.8

2008 2009 2010 2011 2012 YTD Sept. 2013

NGAM International Distribution AUM($ in billions)

169%

Numbers exclude French BDU













environment

Transforming the European model: rationale

� Transform a centralized, “family centric” organization in a model able to compete globally

� Make clear cut choices about the expertise we are willing to develop

� Increase the share of distribution done outside France taking advantage of our global distribution platform


taking advantage of our global distribution platform

� Put a clear focus on innovation in order to increase the profitability of our European operations

� Maintain a centralized operational platform to support this development

Create a European multi-affiliates model….

Responsible investment€3.9bn(1)

Structured & volatility€15.1bn(1)

European equities€18.5bn(1)

Investment & client

Fixed income€214.4bn(1)

NAM Other European affiliates


NAM operational platform (Finance, HR, Risks, Compliance, Legal…)

(1) As of June 2013

Global emerging€0.9bn(1)

Investment & client solutions€31.9bn(1)

CORE SATELLITE

…With focused initiatives and distinctive expertise to grow in the 3P market in Europe and then more globally

Historically low level of interest rates

Fierce competition from ETF

Renewed appeal for Europe

Growing demand for alternative strategies

Diversify away from duration risks

Play alpha, not Beta New approach

to European equities

Explore new, non correlated

and risk managed assets

Short Term Credit

� Natixis Euro Short Term Credit

Long/short Credit

� Natixis Credit Opportunities

Value & small caps

� Natixis Europe value

Flexible Allocation

� Seeyond Global Flexible Strategies

Ch

all

en

ge

Op

port

un

ity


Credit

High Yield

� Natixis Euro High Income Fund

� Natixis ST Global High Income

Opportunities

Absolute Performance Strategies

� H2O Allegro

� H2O Vivace

Relative Performance Strategies

� H2O Multi-bonds

� H2O Multi-equities

� Natixis Europe Smaller Comp

Thematic approach

� Mirova Euro Sustainable Equity

� Mirova Europe Sustainable Equity

Minimum Variance

� Seeyond Europe Min Variance

Strategies

Actively managed volatility

� Seeyond Volatility Equity Strategies

Risk parity

Infrastructures

Loans

Solu

tion

s













environment

A global message for modern markets

of institutional investors say mitigating the impact of market volatility will be challenging(1)

82%

of financial advisors say they need to replace traditional diversification and portfolio construction techniques with new approaches to achieve results(2)

59%

Durable Portfolio Construction®

An investment philosophy focused on pursuing smarter strategies


(1) Online survey of 500 institutional investors in the 19 countries by CoreData in January-February 2013 on behalf of NGAM

(2) Online survey of 1,300 financial advisors in nine countries conducted by CoreData in August-September 2013 on behalf of NGAM

(3) Survey of 5,650 global investors with $200,000+ investable assets conducted by CoreData in June - July 2013 on behalf of NGAM

with new approaches to achieve results(2)

of individual investors say market volatility has eroded their confidence in the markets(3)

68%

on pursuing smarter strategies for navigating complex markets, while building a solid foundation for achieving long-term goals

A global message for modern markets

Durable Portfolio Construction®

Five principles

Understanding/Putting

Maximizediversification

Use alternatives

1 2 3

64%

31%

Alternatives Equity Fixed Income

NGAM U.S. retail flows(1):a more diverse mix withliquid alternatives


Putting risk first

diversification alternatives

Smarter use of traditional asset classes

Be consistent

4 5

8%16%

28%

53%

64%

2009 YTD 9/2013

(1) Gross sales for NGAM US Distribution mutual funds flows

Conclusion

We are confident in our ability to grow organically and deliver this plan in a normalized business environment thanks to the investments we made since 2007


We are also ready to seize M&A opportunities with limited execution risks because of our experience of previous acquisitions

Round table discussion “Originate to Distribute”

� Olivier Perquel

� Pierre Debray

� Christophe Lanne

� Luc François

O2D: a client-focused model

Optimize Natixis final

take

Free-up resources

Generatenew

production

Improving ROE by increasing arrangement

fees and decreasing

Origination Syndication


takeresources

Optimize Natixisbalance sheet

fees and decreasing final take

on balance sheet

DistributionPortfolio

Management

A fully integrated chain

Coverage

M. Vincent

Issu

ers

an

d b

orr

ow

ers

Ban

k i

nvesto

rs

Secondary

Originate to Distribute

GEC AEI

REFASF

Commercial bank vanillaloansorigination

Origination

P. DebrayM. Vincent

GEC AEI REF ASFCommercial bank vanilla

loansorigination

Syndication

L. François

Portfolio Management

Distribution

L. François

Primary


Issu

ers

an

d b

orr

ow

ers

Repackaging

Partnerships

Ban

k a

nd

Non

-Ban

k i

nvesto

rs

Specific performance indicators to foster O2D implementation

Commercial bank vanillaloansorigination

Servicing

P. Debray

GEC AEI REF ASFCommercial bank vanilla

loansorigination

Portfolio Management

C. Lanne

O2D: landmark transactions

AEI ASF

2013

Refinancing of existing debt maturing in 2015

EUR 1,650,000,000 – Belgium

MLA, Bond manager, Bookrunner 2013

Acquisition financing

EUR 1,400,000,000 – Italy

M&A Advisor, MLA, Bookrunner

� Natixis was able to offer the transaction’s biggest ticket (€225m), thanks to its partnership with Belgian insurer Ageas, with which it made a joint offer in the tender bid

� Natixis managed to very substantially reduce its initial take thanks to the partial transfer of the loan to Ageasand to the placement of the bond

� Natixis ASF was able to leverage on the bank's syndication and DCM capabilities to position itself as one of two banks arranging a € 1.4bn takeover of Impregilo by Salinito create the top Italian construction company

� In the process we substantially improved fee generation acting as guarantee provider, M&A advisor, bond bookrunner, while reducing our exposure through a bond issue and bank syndication


GEC REF

2013

Receive Purchase Agreement Facility

USD 2,500,000,000 – Angola

Joint MLA, Underwriter, Bookrunner

SonangolFinance

Ltd

2013

Mortgage Refinancing of a house portfolio leased to EDF

EUR 620,000,000 – France

MLA & Documentation Agent

� $500m underwriting in this new 5-year facility, reduced to $265m after primary syndication, incl. $154m insured

� Optimized balance sheet rotation: this new facility having been anticipated and prepared by the sale on the secondary market of the entire $97m outstanding in the existing 2012 facility with a positive global impact on P&L and EVA

� Natixis acted as sole MLA for a €620m refinancing

� The debt was subscribed 40% directly by the bank market

� The remainder was placed through a French mutual fund (Fonds Commun de Titrisation), structured specifically for this transaction and involving a number of institutional lenders

� An innovative structure which made it possible for institutional investors to take part in the loan syndication, working closely with banks in a real estate finance operation, rare in the French market

Roll-out of O2D implementation

Impact of O2D per transaction Illustrative example

Impact of O2D on targeted 2017 Wholesale Banking ROE

Revenue growth RWA

Net margin

Fees

Loss/sales(secondary market)

New gross production

Primary distribution

Secondary distribution

2017 ROE impact c.[1-2]ptsFinal take (bal. Sh.)

Secondary distribution

Primary distribution

Underwriting

O2D Impact Before O2D O2D Model

Loan Loan


(1) Structured Finance / O2D perimeter, new production including arrangement

(2) Structured Finance (ASF, REF, AEI, GEC) and Commercial Banking, including servicing fees

New production(1) (€bn)

12.7

14.8

FY 2012 9M13

~ 115% of FY2012

new production 25%

35%

2013 E 2017 E

+ 10pp

Share of net arrangement fees in revenues (2)

Loan Loan

Conclusion � Laurent Mignon

Comments on methodology

Note on methodology:

� Figures in this presentation are unaudited

� Following the reclassification of the deeply-subordinated notes as equity instruments, interest expense on these instruments ceased to be recognized in the income statement as of January 1, 2010.

� The sale of the CCIs means the effective sale on August 6, 2013 of all CCIs hold by Natixisto the Banques Populaires and the Caisses d’Epargne. 2013 datas are pro-forma of this operation.

� Business line results are based on Basel 3 standards:

Results of Natixis business lines are presented using Basel 3 standards. Basel 3 risk weighted assetsare estimated based on Natixis understanding of the coming regulation.

Capital allocation to the insurance businesses is based on the Basel 3 treatment for investments in insurancecompanies, as stated in CRD4/CRR (the consolidated value of the investment being risk weighted at 370%).


Capital is allocated to Natixis business lines on the basis of 9% of their Basel 3 average risk weighted assets.In this way, the calculated ratio is ROTE by business lines. Since 3Q13, this ratio include goodwilland intangible assets by business lines to present the ROE.

� Other standards:

The remuneration rate on normative capital is 3%.

The bank tax on systemic risk and the contribution to the costs for the Autorité de Contrôle Prudentiel (Frenchregulator) are allocated to the business lines.

In line with the development of the “Originate to Distribute” model, the results of GSCS (Global StructuredCredit Solutions – which aggregate securitization and credit solutions expertises in the debt platform),is allocated only to FIC-T.

natixis investor day - natixis, banque internationale …€¦ · · 2013-11-18natixis investor...

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