NATIXIS - 2018 Registration document and annual financial report

PRESENTATION OF NATIXIS Natixis’ businesses

The new tag line is intended as a clearer, more engaging motto. It underscores the Group's commitment to trade and commerce, as levers for wealth creation and stability. The slogan also captures the Group's fundamental commitment to helping companies grow. Appointments to the Board of Directors At a meeting of Coface S.A.'s Board of Directors on June 15, 2018, the CEO of Natixis, François Riahi, was co-opted as Director and subsequently elected Chairman of the Board. He replaces Laurent Mignon, who is leaving Coface S.A.'s Board of Directors to focus on his new responsibilities at Groupe BPCE. The Group’s reorganization drive, which took effect from May 2018, comes in response to the recent changes in the credit insurance market and as a means of addressing one of the Group's main strategic challenges: improve operating efficiency to optimize customer service. The new organization system is firmly focused on clients and meeting the needs of group business lines, by strengthening the latter's role and fostering improved project steering. The new organization system is based on three pillars: a new Business Technology (BT) Department, created from the a merger of the IT Services Department and the Operations Management Department, headed by Keyvan Shamsa; the creation of a Transformation Office for project planning and a Lean management, headed by Nicolas de Buttet, who will report to Thibault Surer, Director of Strategy and Business Development; and the introduction of the new roles of sponsor (at Management a Committee level and for each field of operations) and product owner, tasked with linking projects to strategic targets. This new organization structure has brought changes in the way Coface operates and given it the means to streamline and accelerate the decision-making processes affecting company life. It also fosters collaborative working between teams at the Business Technology Department, across Group business lines and at the Transformation Office. Reorganization of Group operations management and creation of a Transformation Office

2018 results Coface chalked up a solid performance in 2018, proving that its Fit to Win strategy is relevant. Consolidated revenue increased 4.6% relative to 2017 (on comparable scope and exchange rates), at €1,384.7 million. The net loss ratio improved by 6.2 points to 45.1%, while the net cost ratio shrunk 0.7 points to 34.5%. Coface ended the year on net income (Group share) of €122.3 million, an increase of 47% (compared with €83.2 million in 2017) and an estimated solvency ratio of ~169% (1) , which is above the Group’s target comfort zone (140%-160%). Coface is confident that its balance sheet is sufficiently solid for it to push ahead with its drive to leverage capital management, consistent with its Fit to Win plan, and commit to returning 100% of 2018 earnings to shareholders. Outlook The scenario adopted by Coface for a gradual return to a normal risk environment was borne out at end-2018. Economic conditions have become visibly more volatile. Indeed, a number of new risk factors (slowdown in the Chinese economy, confidence in Europe, US government shutdown, and trade wars) can now be added to known sources of risk (Argentina and Turkey). Against this backdrop, Coface is confident that its strategic drive to become the most agile credit insurer is on point, and remains focused on its implementation. Bolstered by its investments in risk management, Coface will be pushing forward with its disciplined underwriting policy, while bearing in mind the sensitivity of its credit insurance business to major claims, which can account for a sizable share of quarterly profit. Coface still has its sights set on filing for registration of its internal required solvency model in the summer of 2019. Talks are now underway with the regulator regarding this issue. Meanwhile, the changes in the standard solvency capital requirement formula, which are expected to shave 15-20 points off Group solvency, are now expected to come into effect in 2020. The Group is maintaining its targets to deliver a net combined ratio of around 83% across the cycle and generate a RoATE of 8% (+1%).

1

This estimated solvency ratio constitutes a preliminary calculation made according to Coface’s interpretation of Solvency II regulations. The result (1) of the definitive calculation may differ from the preliminary calculation. The estimated solvency ratio is not audited.

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Natixis Registration Document 2018