Preparation of the 1Q20 Financial Communication

                                                                                                                                           Paris, April 20, 2020

Preparation of the 1Q20 Financial Communication

The 2019 quarterly series have been updated following the February 25, 2020 announcement regarding the sale by Natixis of a 29.5% stake in Coface to Arch Capital Group. This announcement notably translates into the following:

• Natixis losing exclusive control over Coface in the first quarter of 2020 and the recognition of a capital loss at the date of such a loss of control. It is estimated at €112m based on the 2020 sale price;
   
• Application of the IAS 28 standard “Investments in associates and joint ventures” to the residual stake held by Natixis in Coface. For financial communication purposes, the contribution of Coface to Natixis' income statement is isolated on a line "Coface net contribution" as presented on page 2 (based on a ~42% ownership over 2019 and of ~13% as of the first quarter of 2020) and the Financial investments division no longer exists;
   
• In addition, the value of the retained stake (accounted for under the equity method) will be impacted by a €7m impairment due to the drop in the value of Coface related to the context prevailing at March 31, 2020. For financial communication purposes, these two items – capital loss and residual stake impairment – will be classified as exceptional items in the first quarter of 2020 and both presented within the line "Coface net contribution";
   
• The prudential treatment applied to Natixis' stake in Coface will result in a ~€2bn risk-weighted asset release in the first quarter 2020. Upon closing of the transaction, ~€1.5bn of additional risk-weighted assets should be released i.e. €3.5bn in total (estimated based on 31/12/2019 figures), as announced in the press release dated February 25, 2020;