NATIXIS - 2018 Registration document and annual financial report

FINANCIAL DATA Consolidated financial statements and notes

Subordinated debt 8.16 Subordinated debt differs from advances and bonds issued in that it is repaid after all senior and unsecured creditors, but before the repayment of participating loans and securities and deeply subordinated securities. Subordinated debt is valued at amortized cost.

31/12/2018

01/01/2018

(in millions of euros)

Dated subordinated debt (b) Undated subordinated debt

3,646

3,393

297

261

Accrued interest

21

20

TOTAL (a)

3,964

3,674

The main features of the subordinated notes issues are outlined in Chapter [14] of the Pillar III report. Of which €1,423 million for the insurance entities at December 31, 2018, versus €1,423 million at January 1, 2018. (a) Subordinated debt issue agreements do not incorporate a clause providing for early redemption in the event that the covenants are not observed. (b)

CHANGES IN SUBORDINATED DEBT OVER THE 2018 FISCAL YEAR R

Translation adjustments

Changes in scope

01/01/2018

Issues (a)

Redemptions

Other (b)

31/12/2018

(in millions of euros)

Other dated subordinated debt

3,393

300

(10) (10)

0 0

0 0

(37)

3,646

5

Subordinated notes Subordinated loans

678

0

(2)

667

2,715

300

0 0

(36)

2,980

Other undated subordinated debt

261

0

0

0

36

297

Deeply subordinated notes

0

0

Subordinated notes Subordinated loans

10

36

46

251

251

TOTAL

3,654

300

(10)

0

0

(2)

3,943

This table does not include accrued interest. Issues of debts and subordinated notes consist of a€300.5 million issue of a new subordinated note underwritten by BPCE. (a) Other changes mainly pertained to the revaluation of debts subject to hedging and variations in intra-group securities held by Natixis Funding for (b) the purposes of market making with respect to Natixis’ debt on the secondary market.

CHANGES IN SUBORDINATED DEBT OVER THE 2017 FISCAL YEAR R

Translation adjustments

Changes in scope

31/12/2016

Issues

Redemptions (a)

31/12/2017

Other (b)

(in millions of euros)

Other dated subordinated debt

3,907 1,157 2,750

0 0 0 0

(540) (500)

(0) (0)

0 0

25 25

3,393

Subordinated notes Subordinated loans

683

(40)

2,710

Other undated subordinated debt

261

0

0

0

0

261

Deeply subordinated notes

0

0

Subordinated notes Subordinated loans

10

10

251

251

TOTAL

4,168

0

(540)

(0)

0

25

3,654

This table does not include accrued interest. Loan repayments and securities redemptions comprised: (a)

- the expiry of an EMTN issued in 2006 on January 20, 2017, for -€500 million; - the repayment of a loan from BPCE on December 7, 2017 for €40 million. Other changes mainly pertained to the revaluation of debts subject to hedging and variations in intra-group securities held by Natixis Funding for (b) the purposes of market making with respect to Natixis’ debt on the secondary market.

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Natixis Registration Document 2018