NATIXIS :FOURTH-QUARTER AND FULL-YEAR 2012 RESULTS

Sun Feb 17, 2013 11:36am EST

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Paris, February 17, 2013

Project for the sale of CCIs(1) for an amount of EUR12.1bn(2): simplification of Natixis'
structure, deeply rooted in Groupe BPCE, value creation for shareholders
                                                                                                  
                                                                                                  
                
2012 underlying net income (group share)(3) of EUR1.141bn confirming earnings capacity and
strengthening capital
                                                                                                  
                                                             
In line with the New Deal strategic plan launched in 2009, which resulted in a significant
reduction of its risk profile, recurring profitability and being deeply rooted in Groupe BPCE,
Natixis announces a project for the sale of CCIs for an amount of EUR12.1bn. At the end of this
operation, Natixis would make an exceptional distribution of EUR2bn, i.e. EUR0.65 per share. 

Project for the simplification of Natixis' structure

*Sale of all CCIs to Banques Populaires and Caisses d'Epargne 
*Closing of the P3CI transaction 
*(4)Simplified accounts, 83% of capital allocated to the 3 core businesses: Wholesale Banking,
Investment Solutions, SFS

Value-creating operation

*(5)Exceptional distribution of EUR2bn, i.e. EUR0.65 per share in 2013
*(6)(7)Further strengthening of financial structure: Basel 3 Core Tier 1 ratio above 9% as of
January 1, 2013 and of 9.2% after Operation
*(8)Improved of cost/income ratio after Operation: 71.2% vs. 76.5%
*Limited impact on net income (group share) 
*(8)Increase of Return on Tangible Equity (ROTE) after Operation to 8.5% from 8.1%

2012 results: core business revenues up and earning capacity confirmed

*Core business revenues up +4% in 2012 vs. 2011 
*Program to reduce scarce-resources consumption (capital and liquidity) completed a year ahead of
schedule
*(3)Good underlying results: net income (group share) of EUR1.141bn down 15% vs. 2011 (excluding
interest on P3CI)
*Reported net income (group share) of EUR901m, after taking into account non-operating items of
-EUR240 million, net of tax (mainly revaluation of own debt)
*(9)Proposition to pay a cash dividend of EUR0.10 for 2012. A 3.5% yield (based on the share price
as of February 15, 2013) 

Dividend distribution policy favourable to shareholders: target distribution rate of 50% starting
in 2013

(1) Cooperative Investment Certificates - indicative schedule in appendix (2) Subject to the
experts' final reports (3) Excluding non-operating items (4) Normative capital allocation to core
businesses based on 9% of Basel RWA estimated on December 31 , 2012, including goodwill allocated
to business lines (5) Proposition presented to the Extraordinary Shareholders' Meeting (6) Impact
will depend on final Basel 3 rules - Fully loaded except on DTA (7) Sale of CCIs, repayment of 
P3CI and related operations, placement of liquidities and exceptional distribution (8) 2012 pro
forma figures, except non-operating items (9) Proposition presented to General Shareholders'
Meeting of May 21, 2013

2012 ANNUAL RESULTS http://hugin.info/143507/R/1678847/548066.pdf 


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