NATIXIS - 2018 Registration document and annual financial report

OVERVIEW OF THE FISCAL YEAR Outlook for Natixis

PAYMENT TERMS 4.5.3

Pursuant to Article D.441-4 of the French Commercial Code, supplier invoices that have been received but remain unpaid at the reporting date (for a total amount including tax of €85.2 million) are as follows:

INVOICES RECEIVED BUT STILL UNPAID AT THE END OF THE PERIOD R

0 days

Total

4

(for reference)

1 to 30 days

31 to 60 days

61 to 90 days 91 days and more (1 day and more)

Total amount of invoices affected, including tax (in millions of euros) Percentage of the total amount of purchases, including tax, for the period Number of invoices concerned

71.9

5.3

1.1

0.5

6.4

13.3

3.89% 2,138

0.29%

0.06%

0.03%

0.35%

0.72%

468

This information does not include bank transactions or related transactions. For debt and receivables associated with Natixis S.A. clients, please refer to Note 37 of Chapter 5.3 on assets and liabilities by maturity, which provides information on their residual maturity.

Outlook for Natixis 4.6 Global growth is expected to cool in 2019 but will nevertheless exceed its potential to total around 3.4%. In the US, growth should remain robust at 2.4% (versus 2.9% in 2018), whereas the deceleration will be felt more strongly in the euro zone at 1.2% (versus 1.9% in 2018). While we can expect a slowdown of the Chinese economy, growth will remain moderate (6.3%) thanks to the government’s determination to shore up growth with fiscal and monetary policies. Political risks will continue to loom large this year. Despite the 90-day truce signed by the US and China at the G20 meeting at the end of November, we still cannot rule out the risk of rising China-US trade tensions—a risk that would have grave consequences for global trade. In Europe, with the uncertainty surrounding the Brexit impasse, the European elections at the end of May and probable political instability in Italy, 2019 looks to be another difficult year. Central banks are nevertheless expected to continue tightening monetary policies, although the Fed’s approach may prove more gradual than initially planned—only one interest rate hike is expected in 2019 (+25 bp), since the latest data from 2018 suggests a marked slowdown in the US manufacturing sector. For the European Central Bank, 2019 will be a pivotal year, given the end of its net asset purchase program (APP) in December 2018 and the increasing likelihood that it will engage in the first bout of monetary tightening since April 2011. In 2019 Natixis will pursue the implementation of the New Dimension strategic plan and its three powerful initiatives to give its clients a broader range of high added-value solutions: deepening the business model transformation that it successfully

began under the New Frontier plan, allocating a significant portion of its investments to digital technologies and differentiating itself by taking the lead in the areas where Natixis’ teams are recognized for their exceptional skills. As a reminder, the strategic priorities for Natixis’ various divisions break down as follows: Asset & Wealth Management: confirming our position as a a world leader in active investment strategies in terms of size, profitability and capacity for innovation; Corporate & Investment Banking: becoming a benchmark bank a in four key sectors (energy and natural resources, aerospace, infrastructure, real estate and hospitality), with a reputation for offering innovative solutions; Insurance: consolidating our position as a top-tier insurer in a France; Specialized Financial Services: becoming a pure play in the a European payments industry and accelerating its digital transformation. This year Natixis will also continue to transform its business model as part of the plan announced in 2018 to sell its retail banking-focused activities (Consumer Finance, Leasing, Sureties & Financial Guarantees, Factoring and Securities Services) to BPCE. With this transaction, Natixis can expand its strategic development capacity to create the flexibility it needs to accelerate the deployment of its asset-light model, while consolidating the high added-value areas of expertise that set it apart from the competition but are light on capital expenditure and low on cost of risk.

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Natixis Registration Document 2018