NATIXIS_REGISTRATION_DOCUMENT_2017

PRESENTATION OF NATIXIS Natixis’ businesses

REVENUE BREAKDOWN OF EUROTITRES DEPARTMENT ■ BY CUSTOMER TYPE

By grouping these functionswithin a single department,Coface is equipping itself with the resources to streamline and accelerate decision-making processes that impact its policies, while also consolidatingits ability to fulfill its commitments. 2017 results Thanks to a favorable economic environment, the initiatives undertakenunder the Fit to Win plan led to a major improvement in Coface’sresults in 2017. At €1,354.9 million, consolidated revenue was up 0.3% comparedto 2016 (at constantscope and exchangerates (1) ). The net loss ratio improved by 14.1 points to 51.4% while the net cost ratio was stable at 35.2%. Coface ended the year with net income twice that of 2016 (€83.2 million vs. €41.5 million) and a solvencyratio up 16 pointsto approximately166% (2) . This level slightly exceeds the Group’s target range. As such, it was possible to begin leveraging capital management, as foreseenin the Fit to Win plan, by launchingshare buybacksfor a total target amount of €30 million. The Group intends to cancel the shares bought under this operation. Taking into account the dividend payment of €0.34 per share (3) proposed to the shareholders of Coface S.A., the capital return to shareholders would, assuming the full execution of the share buyback operation,reach 100%of 2017 earnings. Outlook Coface should continue to operation in a favorable economic environment,with global GDP growth expected to reach 3.2% (Coface estimate). The positive trends observed in 2017 should continue into 2018, particularly in the first half of the year. However, price competition remains fierce, making it all the more necessary to improve the quality of service offered to the Group’scustomers,an importantdifferentiatingfactor. This year, Coface will continue implementing the Fit to Win strategicplan with the same determination.The modernizationof the Group’s culture and the mobilizationof its teams around the new values embedded in the Fit to Win strategic plan (client focus, expertise, collaboration, courage and accountability) will be key to the plan's successof the plan. Cofacehas already achieved€19 million in cost savings,which is ahead of plan, and maintains its objective of €30 million in savingsin 2018. Coface intendsto invest €19 million in long-term value creation during the year, with initiatives to boost commercial activity and improve client service, the digital transformation and renewed efforts at developing a partial internalmodelfor the calculationof its requiredsolvencylevel. The Group maintains its objective of delivering a net combined ratio of around83%throughthe cycle.

1

23% External institutions

Total €98 M

77% Groupe BPCE’s institutions

CORPORATE CENTER 1.5.5

Coface Coface, a global expert in trade risk prevention and guarantees for corporate clients Seventy years of experience and a dense geographic network have made Coface a benchmark in credit insurance, risk management and the global economy. The experts at Coface, which seeks to become the most agile credit insurance partner in its industry, operate in the heart of the global economy. They help their 50,000 customers build successful, dynamic and growth-orientedcompanies by protecting them from the risk of financial default by their clients. Coface’s services and solutions protect companies and help them make the necessary credit-related decisions to strengthen their ability to sell their productson both domesticand exportmarkets. Establishment of the Underwriting Department Created in April 2017 as part of the “Fit to Win” strategic plan, this department is tasked with maintaining the right balance between Coface’s sales ambitions and its risk management while contributingto improvingcustomerservice. It is structured aroundfour divisions: commercial underwriting, which establishes policy a underwritingstandardsfor Coface and mediatesin commercial decisionsin cases regardedas exceptions; information, which handles the acquisition and production of a relevant and useful information for the purposes of risk underwriting; risk underwriting,which establishesand implementsthe credit a risk underwritingpolicy and ensuresit is properlyapplied; disputes,whichhandlescompensationand collections. a

Constant scope = excluding State Export Guarantees (revenue of €53.4 million in 2016; €0.6 million in residual revenue booked in Q4 2017). (1) Coface sold this activity on January 1, 2017. Figures impacted by this activity have been restated for the sake of comparison. This estimated solvency ratio constitutes a preliminary calculation made according to Coface’s interpretation of Solvency II regulations. The result (2) of the definitive calculation may differ from the preliminary calculation. The estimated solvency ratio is not audited. The proposed distribution of €0.34 per share is subject to approval by Coface S.A.’s General Shareholders’ Meeting of May 16, 2018. (3)

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Natixis Registration Document 2017