| Content | 2 |
| 1. PRESENTATION OF NATIXIS | 11 |
| 1.1 Business line presentation | 12 |
| 1.2 History and links with BPCE | 14 |
| 1.2.1 HISTORY | 14 |
| 1.2.2 FINANCIAL SOLIDARITY MECHANISM | 15 |
| 1.2.3 BPCE ORGANIZATION CHART | 15 |
| 1.3 Natixis’ businesses | 16 |
| 1.3.1 ASSET & WEALTH MANAGEMENT | 16 |
| 1.3.2 CORPORATE & INVESTMENT BANKING | 18 |
| 1.3.3 INSURANCE | 25 |
| 1.3.4 SPECIALIZED FINANCIAL SERVICES | 27 |
| 1.3.5 CORPORATE CENTER | 30 |
| 1.4 Natixis and its shareholders | 32 |
| 1.4.1 KEY SHARE DATA AT DECEMBER 31, 2018 | 32 |
| 1.4.2 BREAKDOWN OF SHARE CAPITAL AT DECEMBER 31, 2018 | 32 |
| 1.4.3 SHAREHOLDER SCORECARD | 32 |
| 1.4.4 SHARE PRICE INFORMATION | 33 |
| 1.4.5 NATIXIS AND ITS INDIVIDUAL SHAREHOLDERS | 33 |
| 1.4.6 INVESTOR RELATIONS | 36 |
| 1.4.7 2019 INVESTOR RELATIONS CALENDAR | 36 |
| 1.4.8 CONTACTS | 36 |
| 2. CORPORATE GOVERNANCE | 37 |
| 2.1 Natixis Governance at March 1, 2019 | 38 |
| 2.2 Additional information on the directors’ | 40 |
| 2.3 Management and oversight | 66 |
| 2.3.1 BOARD OF DIRECTORS | 67 |
| 2.3.2 SPECIAL COMMITTEES: OFFSHOOTS OF THE BOARD OF DIRECTORS | 77 |
| 2.3.3 SENIOR MANAGEMENT | 84 |
| 2.3.4 GENERAL SHAREHOLDERS’ MEETINGS | 86 |
| 2.3.5 INTEGRITY OF DIRECTORS AND CONFLICTS OF INTEREST | 87 |
| 2.4 Policies and rules established for determining compensation and benefits of any kind for corporate officers | 89 |
| 2.4.1 COMPENSATION AND BENEFITS OF ANY KIND FOR MEMBERS OF THE BOARD OF DIRECTORS | 89 |
| 2.4.2 COMPENSATION AND BENEFITS OF ANY KIND FOR THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE CHIEF EXECUTIVE OFFICER | 89 |
| 2.4.3. PRINCIPLES AND CRITERIA FOR DETERMINING, DISTRIBUTING AND AWARDING FIXED, VARIABLE AND NON-RECURRING ITEMS MAKING UP THE TOTAL COMPENSATION AND BENEFITS OF ANY KIND ATTRIBUTABLE TO THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE CHIEF EXECUTIVE OFFICER | 93 |
| 3. RISK FACTORS, RISK MANAGEMENT AND PILLAR III | 107 |
| 3.1 Risk factors | 109 |
| 3.2 Risk management | 116 |
| 3.2.1 ORGANIZATION OF NATIXIS’ INTERNAL CONTROL SYSTEM | 116 |
| 3.2.2 GOVERNANCE AND RISK MANAGEMENT SYSTEM | 119 |
| 3.2.3 CREDIT AND COUNTERPARTY RISKS | 124 |
| 3.2.4 SECURITIZATION TRANSACTIONS | 135 |
| 3.2.5 MARKET RISKS | 135 |
| 3.2.6 OPERATIONAL RISKS | 142 |
| 3.2.7 BALANCE SHEET MANAGEMENT | 147 |
| 3.2.8 COMPLIANCE RISK | 154 |
| 3.2.9 LEGAL RISKS | 158 |
| 3.2.10 OTHER RISKS | 160 |
| 3.2.11 AT-RISK EXPOSURES | 164 |
| 3.3 Basel 3 Pillar III disclosures | 166 |
| 3.3.1 CAPITAL MANAGEMENT AND CAPITAL ADEQUACY | 166 |
| 3.3.2 OTHER REGULATORY RATIOS | 180 |
| 3.3.3 BREAKDOWN AND CHANGES IN RISK-WEIGHTED ASSETS | 182 |
| 3.3.4 ENCUMBERED AND UNENCUMBERED ASSETS | 210 |
| 3.3.5 LIQUIDITY REQUIREMENT COVERAGE RATIO | 211 |
| 3.3.6 COMPENSATION POLICY | 214 |
| 3.3.7 CROSS-REFERENCE TABLE | 215 |
| 3.3.7 TABLE INDEX | 216 |
| 4. OVERVIEW OF THE FISCAL YEAR | 219 |
| 4.1 Significant events of 2018 | 220 |
| 4.1.1 MACROECONOMIC CONTEXT | 220 |
| 4.1.2 KEY EVENTS FOR NATIXIS’ BUSINESS LINES | 220 |
| 4.2 Management report at December 31, 2018 | 225 |
| 4.2.1 CONSOLIDATED RESULTS | 225 |
| 4.2.2 ANALYSIS BY NATIXIS MAIN BUSINESS LINE | 226 |
| 4.3 Main investments and divestments performed over the period | 234 |
| 4.4 Post-closing events | 235 |
| 4.5 Information concerning Natixis S.A. | 235 |
| 4.5.1 NATIXIS S.A.’S PARENT COMPANY INCOME STATEMENT | 235 |
| 4.5.2 PROPOSED ALLOCATION OF EARNINGS | 236 |
| 4.5.3 PAYMENT TERMS | 237 |
| 4.6 Outlook for Natixis | 237 |
| 4.7 Definitions and alternative performance indicators | 238 |
| 5. FINANCIAL DATA | 239 |
| 5.1 Consolidated financial statements and notes | 241 |
| 5.2 Statutory Auditors’ report on the consolidated financial statements | 395 |
| 5.3 Parent company financial statements and notes | 403 |
| 5.4 Statutory Auditors’ report on the parent company financial statements | 442 |
| 5.5 Internal control procedures relating to accounting and financial information | 447 |
| 5.5.1 PREPARATION AND PROCESSING OF ACCOUNTING AND FINANCIAL INFORMATION | 447 |
| 5.5.2 PERMANENT CONTROL SYSTEM RELATING TO ACCOUNTING AND FINANCIAL INFORMATION | 448 |
| 5.5.3 EXTERNAL CONTROLS | 449 |
| 6. NON-FINANCIAL PERFORMANCE REPORT | 451 |
| 6.1 Strategic outlines and organization of the ESR policy | 452 |
| 6.1.1 NATIXIS' BUSINESS MODEL | 452 |
| 6.1.2 STRATEGIC PILLARS OF ESR | 453 |
| 6.1.3 ESR GOVERNANCE | 455 |
| 6.1.4 ESR COMMITMENTS | 456 |
| 6.1.5 DIALOGUE AVEC LES PARTIES PRENANTES | 458 |
| 6.1.5 COMMUNICATIONS WITH STAKEHOLDERS | 459 |
| 6.2 The Natixis Code of Conduct and its implementation | 460 |
| 6.2.1 PRESENTATION OF THE CODE OF CONDUCT | 460 |
| 6.2.2 IMPLEMENTATION OF THE CODE OF CONDUCT AT NATIXIS | 461 |
| 6.3 Business line contributions to green and sustainable growth | 463 |
| 6.3.1 SUSTAINABLE GROWTH: FINANCING THE TRANSFORMATION IN SOCIETY | 463 |
| 6.3.2 GREEN GROWTH: FINANCING THE ENERGY TRANSITION AND COMBATING CLIMATE CHANGE | 469 |
| 6.4 Managing environmental & social risks | 479 |
| 6.4.1 INCORPORATING E&S CRITERIA IN FINANCING OPERATIONS AND INVESTMENTS | 479 |
| 6.4.2 DUTY OF VIGILANCE | 481 |
| 6.4.3 CLIMATE RISKS | 483 |
| 6.5 Managing our direct environmental impact | 485 |
| 6.5.1 ENVIRONMENTAL MANAGEMENT OF NATIXIS BUILDINGS | 485 |
| 6.5.2 MANAGING RESOURCE CONSUMPTION | 486 |
| 6.5.3 CARBON FOOTPRINT MANAGEMENT | 487 |
| 6.5.4 WASTE REDUCTION AND SORTING | 488 |
| 6.5.5 PROMOTING SUSTAINABLE MOBILITY | 489 |
| 6.5.6 MANAGING OUR DIGITAL IMPACT | 490 |
| 6.5.7 DEVELOPING GREEN SPACES | 490 |
| 6.6 Employee mobilization | 492 |
| 6.6.1 HUMAN RESOURCES POLICY AND DIVERSITY MANAGEMENT | 492 |
| 6.6.2 COMMUNITY OUTREACH | 503 |
| 6.7 Reporting frameworks and methodology | 505 |
| 6.8 Report by one of the Statutory Auditor on the consolidated Non-Financial Performance Report contained in the Management Report | 508 |
| 7. LEGAL INFORMATION | 511 |
| 7.1 Legal notices and practical information relating to Natixis | 512 |
| 7.2 Natixis bylaws | 512 |
| 7.3 General information on Natixis’ capital | 518 |
| 7.3.1 FORM AND TRANSFER OF SHARES (CHAPTER II, ARTICLE 4 OF THE BYLAWS) | 518 |
| 7.3.2 SHARE CAPITAL | 518 |
| 7.3.3 AUTHORIZED BUT UNISSUED CAPITAL – CAPITAL INCREASE AUTHORIZATIONS | 518 |
| 7.3.4 SECURITIES NOT CONFERRING RIGHTS OVER THE SHARE CAPITAL | 521 |
| 7.3.5 OTHER SECURITIES GIVING ACCESS TO CAPITAL | 521 |
| 7.3.6 CHANGES IN THE CAPITAL OVER THE LAST FIVE FISCAL YEARS | 522 |
| 7.3.7 OTHER INFORMATION ON THE CAPITAL | 522 |
| 7.4 Distribution of share capital and voting rights | 523 |
| 7.4.1 DISTRIBUTION OF SHARE CAPITAL AT DECEMBER 31, 2018 | 523 |
| 7.4.2 OWNERSHIP OF SHARES BY MEMBERS OF MANAGEMENT AND SUPERVISORY BODIES | 523 |
| 7.4.3 TREASURY SHARES | 523 |
| 7.4.4 EMPLOYEE SHAREHOLDING | 524 |
| 7.4.5 CHANGES IN THE SHAREHOLDER BASE OVER THE PAST THREE YEARS | 525 |
| 7.4.6 NATURAL OR LEGAL PERSONS EXERCISING OR POTENTIALLY EXERCISING CONTROL OVER NATIXIS | 525 |
| 7.5 Information from Article L.225-37-5 of the French Commercial Code | 526 |
| 7.6 Draft resolutions of the Combined General Shareholders’ Meeting of May 28, 2019 | 526 |
| 7.6.1 REPORT OF THE BOARD OF DIRECTORS ON THE RESOLUTIONS SUBMITTED TO THE SHAREHOLDERS’ MEETING | 526 |
| 7.6.2 AGENDA AND DRAFT RESOLUTIONS OF THE COMBINED GENERAL SHAREHOLDERS’ MEETING OF MAY 28, 2019 | 540 |
| 7.7 Statutory Auditors’ special report on related-party agreements and commitments | 555 |
| 8. ADDITIONAL INFORMATION | 563 |
| 8.1 Statement by the person responsible for the registration document | 564 |
| 8.2 Documents available to the public | 565 |
| 8.3 Cross-reference table of registration document | 566 |
| 8.4 Cross-reference table for the annual financial report | 568 |
| 8.5 Cross-reference table for the management report | 569 |
| 8.6 Glossary | 570 |