SOURCE: Natixis

August 23, 2007 13:51 ET

NATIXIS : PREPARATION OF FINANCIAL REPORTS - INITIALISATION OF CHRONOLOGICAL EARNINGS SERIES

PARIS--(Marketwire - August 23, 2007) - For the first time, Natixis will report its interim results for H1 2007 on Thursday, 30 August 2007, before the market opens.

To initialise data for these chronological series at the consolidated level and by division, we have compiled the pro forma results for H1 and H2 2006 as shown in the tables below.

In preparing these results, a few minor technical adjustments were made to certain items on the income statement (net banking income and expenses) compared to the previously reported figures.

Pro forma consolidated income statement 2006

+-------------------------+----------+----------+----------+
|                         |  H1 06   |  H2 06   |  2006    |
+-------------------------+----------+----------+----------+
|€m                       |          |          |          |
+-------------------------+----------+----------+----------+
|                         |Pro forma |Pro forma |Pro forma |
+-------------------------+----------+----------+----------+
|•Net banking income      |    3,819 |    3,502 |    7,322 |
+-------------------------+----------+----------+----------+
|Operating expenses       |  (2,359) |  (2,609) |  (4,967) |
+-------------------------+----------+----------+----------+
|Cost/income ratio        |      62% |      74% |      68% |
+-------------------------+----------+----------+----------+
|•Gross operating income  |    1,461 |      893 |    2,354 |
+-------------------------+----------+----------+----------+
|Cost of risk             |       18 |     (68) |     (50) |
+-------------------------+----------+----------+----------+
|•Operating income        |    1,479 |      826 |    2,304 |
+-------------------------+----------+----------+----------+
|Net gains or losses on   |        8 |        6 |       14 |
|other assets             |          |          |          |
+-------------------------+----------+----------+----------+
|Share in the net income  |      411 |      268 |      679 |
|of equity affiliates     |          |          |          |
+-------------------------+----------+----------+----------+
|Of which CCIs            |      399 |      254 |      652 |
+-------------------------+----------+----------+----------+
|Change in value of       |        0 |      (3) |      (3) |
|goodwill                 |          |          |          |
+-------------------------+----------+----------+----------+
|•Income before tax       |    1,898 |    1,097 |    2,995 |
+-------------------------+----------+----------+----------+
|Income tax               |    (476) |    (257) |    (733) |
+-------------------------+----------+----------+----------+
|Minority interests       |     (63) |     (41) |    (104) |
+-------------------------+----------+----------+----------+
|•Underlying net income   |    1,360 |      798 |    2,158 |
|group share              |          |          |          |
+-------------------------+----------+----------+----------+
|Restructuring charges and|        0 |     (58) |     (58) |
|costs relating to the    |          |          |          |
|creation of              |          |          |          |
+-------------------------+----------+----------+----------+
|Natixis, net of tax      |          |          |          |
+-------------------------+----------+----------+----------+
|•Net income group share  |    1,360 |      740 |    2,100 |
+-------------------------+----------+----------+----------+
|•ROE (after tax)         |    17.5% |    10.3% |    13.9% |
+-------------------------+----------+----------+----------+
Income statement by business line

H106

+-----------------------+-------------------+-----------------+
|          €m           |  Corporate and    |Asset management |
+-----------------------+-------------------+-----------------+
|                       |investment banking |                 |
|                       |                   |                 |
+-----------------------+-------------------+-----------------+
|Net banking income     |             1,833 |             732 |
+-----------------------+-------------------+-----------------+
|Operating expenses     |           (1,022) |           (510) |
+-----------------------+-------------------+-----------------+
|Cost/income ratio      |               56% |             70% |
+-----------------------+-------------------+-----------------+
|Gross operating income |               811 |             223 |
+-----------------------+-------------------+-----------------+
|Cost of risk           |                30 |               2 |
+-----------------------+-------------------+-----------------+
|Income before tax      |               846 |             231 |
+-----------------------+-------------------+-----------------+
|Net income group share |               564 |             167 |
+-----------------------+-------------------+-----------------+

+-----------------------+-------------------+---------+------------+
|          €m           |Private equity and |Services |Receivables |
+-----------------------+-------------------+---------+------------+
|                       |   private banking |         | management |
|                       |                   |         |            |
+-----------------------+-------------------+---------+------------+
|Net banking income     |               271 |     607 |        419 |
+-----------------------+-------------------+---------+------------+
|Operating expenses     |              (72) |   (378) |      (286) |
+-----------------------+-------------------+---------+------------+
|Cost/income ratio      |               27% |     62% |        68% |
+-----------------------+-------------------+---------+------------+
|Gross operating income |               199 |     230 |        132 |
+-----------------------+-------------------+---------+------------+
|Cost of risk           |               (0) |     (7) |        (5) |
+-----------------------+-------------------+---------+------------+
|Income before tax      |               199 |     225 |        129 |
+-----------------------+-------------------+---------+------------+
|Net income group share |               147 |     149 |         82 |
+-----------------------+-------------------+---------+------------+

+-----------------------+--------------------+------+
|          €m           |CIFG                |Other |
+-----------------------+--------------------+------+
|                       |(financial          |      |
|                       |guarantees)         |      |
+-----------------------+--------------------+------+
|Net banking income     |39                  | (82) |
+-----------------------+--------------------+------+
|Operating expenses     |(21)                | (70) |
+-----------------------+--------------------+------+
|Cost/income ratio      |53%                 |      |
+-----------------------+--------------------+------+
|Gross operating income |19                  |(152) |
+-----------------------+--------------------+------+
|Cost of risk           |0                   |  (1) |
+-----------------------+--------------------+------+
|Income before tax      |19                  | (80) |
+-----------------------+--------------------+------+
|Net income group share |11                  | (75) |
+-----------------------+--------------------+------+
H206
+-----------------------+-------------------+-----------------+
|          €m           |  Corporate and    |Asset management |
+-----------------------+-------------------+-----------------+
|                       |investment banking |                 |
|                       |                   |                 |
+-----------------------+-------------------+-----------------+
|Net banking icome      |             1,662 |             765 |
+-----------------------+-------------------+-----------------+
|Operating expenses     |           (1,084) |           (602) |
+-----------------------+-------------------+-----------------+
|Cost/income ratio      |               65% |             79% |
+-----------------------+-------------------+-----------------+
|Gross operating income |               578 |             163 |
+-----------------------+-------------------+-----------------+
|Cost of risk           |              (40) |             (2) |
+-----------------------+-------------------+-----------------+
|Income before tax      |               541 |             165 |
+-----------------------+-------------------+-----------------+
|Net income group share |               383 |              99 |
+-----------------------+-------------------+-----------------+

+-----------------------+-------------------+---------+------------+
|          €m           |Private equity and |Services |Receivables |
+-----------------------+-------------------+---------+------------+
|                       |   private banking |         | management |
|                       |                   |         |            |
+-----------------------+-------------------+---------+------------+
|Net banking icome      |               178 |     543 |        421 |
+-----------------------+-------------------+---------+------------+
|Operating expenses     |              (75) |   (390) |      (318) |
+-----------------------+-------------------+---------+------------+
|Cost/income ratio      |               42% |     72% |        76% |
+-----------------------+-------------------+---------+------------+
|Gross operating income |               103 |     153 |        103 |
+-----------------------+-------------------+---------+------------+
|Cost of risk           |               (6) |     (5) |        (6) |
+-----------------------+-------------------+---------+------------+
|Income before tax      |                98 |     153 |         99 |
+-----------------------+-------------------+---------+------------+
|Net income group share |                82 |      89 |         62 |

+-----------------------+-------------------+---------+------------+

+-----------------------+--------------------+------+
|          €m           |CIFG                |Other |
+-----------------------+--------------------+------+
|                       |(financial          |      |
|                       |guarantees)         |      |
+-----------------------+--------------------+------+
|Net banking icome      |39                  |(106) |
+-----------------------+--------------------+------+
|Operating expenses     |( 21)               |(119) |
+-----------------------+--------------------+------+
|Cost/income ratio      |53%                 |      |
+-----------------------+--------------------+------+
|Gross operating income |19                  |(225) |
+-----------------------+--------------------+------+
|Cost of risk           |0                   |  (9) |
+-----------------------+--------------------+------+
|Income before tax      |19                  |(161) |
+-----------------------+--------------------+------+
|Net income group share |11                  |(102) |
+-----------------------+--------------------+------+
Retail banking (contribution)

H106

+-------------------------+---------------+--------------------+
|€m                       |Retail banking |Caisses d'Epargne   |
|                         |               |network*            |
+-------------------------+---------------+--------------------+
|Net banking income       |         6,180 |3,266               |
+-------------------------+---------------+--------------------+
|Net banking income exc.  |         6,057 |3,213               |
|housing savings          |               |                    |
+-------------------------+---------------+--------------------+
|Operating expenses       |       (3,732) |(2,009)             |
+-------------------------+---------------+--------------------+
|Cost/income ratio        |           60% |62%                 |
+-------------------------+---------------+--------------------+
|Gross operating income   |         2,448 |1,257               |
+-------------------------+---------------+--------------------+
|Cost of risk             |         (204) |(40)                |
+-------------------------+---------------+--------------------+
|Income before tax        |         2,251 |1,219               |
+-------------------------+---------------+--------------------+
|Net income group share   |         1,642 |933                 |
+-------------------------+---------------+--------------------+
|Contribution of CCIs     |               |                    |
|under the equity method  |               |                    |
+-------------------------+---------------+--------------------+
|Share in the net income  |           328 |187                 |
|(20%)                    |               |                    |
+-------------------------+---------------+--------------------+
|Accretion profit         |            70 |38                  |
+-------------------------+---------------+--------------------+
|Tax on CCIs dividends    |          (39) |(20)                |
+-------------------------+---------------+--------------------+
|Net contribution for     |               |                    |
|accounting               |               |                    |
+-------------------------+---------------+--------------------+
|purposes                 |           360 |205                 |
+-------------------------+---------------+--------------------+

+-------------------------+--------------------+
|€m                       |Banques Populaires  |
|                         |network*            |
+-------------------------+--------------------+
|Net banking income       |2,914               |
+-------------------------+--------------------+
|Net banking income exc.  |2,844               |
|housing savings          |                    |
+-------------------------+--------------------+
|Operating expenses       |(1,723)             |
+-------------------------+--------------------+
|Cost/income ratio        |59%                 |
+-------------------------+--------------------+
|Gross operating income   |1,191               |
+-------------------------+--------------------+
|Cost of risk             |(164)               |
+-------------------------+--------------------+
|Income before tax        |1,032               |
+-------------------------+--------------------+
|Net income group share   |709                 |
+-------------------------+--------------------+
|Contribution of CCIs     |                    |
|under the equity method  |                    |
+-------------------------+--------------------+
|Share in the net income  |142                 |
|(20%)                    |                    |
+-------------------------+--------------------+
|Accretion profit         |32                  |
+-------------------------+--------------------+
|Tax on CCIs dividends    |(20)                |
+-------------------------+--------------------+
|Net contribution for     |                    |
|accounting               |                    |
+-------------------------+--------------------+
|purposes                 |155                 |
+-------------------------+--------------------+
H206
+-------------------------+---------------+--------------------+
|€m                       |Retail banking |Caisses d'Epargne   |
|                         |               |network*            |
+-------------------------+---------------+--------------------+
|Net banking income       |         5,620 |2,955               |
+-------------------------+---------------+--------------------+
|Net banking income exc.  |         5,608 |2,909               |
|housing savings          |               |                    |
+-------------------------+---------------+--------------------+
|Operating expenses       |       (3,979) |(2,171)             |
+-------------------------+---------------+--------------------+
|Cost/income ratio        |           71% |73%                 |
+-------------------------+---------------+--------------------+
|Gross operating income   |         1,641 |784                 |
+-------------------------+---------------+--------------------+
|Cost of risk             |         (218) |(102)               |
+-------------------------+---------------+--------------------+
|Income before tax        |         1,440 |693                 |
+-------------------------+---------------+--------------------+
|Net income group share   |           981 |490                 |
+-------------------------+---------------+--------------------+
|Contribution of CCIs     |               |                    |
|under the equity method  |               |                    |
+-------------------------+---------------+--------------------+
|Share in the net income  |           196 |98                  |
|(20%)                    |               |                    |
+-------------------------+---------------+--------------------+
|Accretion profit         |            58 |35                  |
+-------------------------+---------------+--------------------+
|Tax on CCIs dividends    |          (33) |(20)                |
+-------------------------+---------------+--------------------+
|Net contribution for     |               |                    |
|accounting               |               |                    |
+-------------------------+---------------+--------------------+
|purposes                 |           221 |113                 |
+-------------------------+---------------+--------------------+

+-------------------------+--------------------+
|€m                       |Banques Populaires  |
|                         |network*            |
+-------------------------+--------------------+
|Net banking income       |2,665               |
+-------------------------+--------------------+
|Net banking income exc.  |2,699               |
|housing savings          |                    |
+-------------------------+--------------------+
|Operating expenses       |(1,808)             |
+-------------------------+--------------------+
|Cost/income ratio        |68%                 |
+-------------------------+--------------------+
|Gross operating income   |857                 |
+-------------------------+--------------------+
|Cost of risk             |(116)               |
+-------------------------+--------------------+
|Income before tax        |747                 |
+-------------------------+--------------------+
|Net income group share   |491                 |
+-------------------------+--------------------+
|Contribution of CCIs     |                    |
|under the equity method  |                    |
+-------------------------+--------------------+
|Share in the net income  |98                  |
|(20%)                    |                    |
+-------------------------+--------------------+
|Accretion profit         |22                  |
+-------------------------+--------------------+
|Tax on CCIs dividends    |(13)                |
+-------------------------+--------------------+
|Net contribution for     |                    |
|accounting               |                    |
+-------------------------+--------------------+
|purposes                 |107                 |
+-------------------------+--------------------+
* aggregated accounts

Contacts

ANALYSTS - INVESTORS

Cécilia Matissart: +33 1 58 19 25 93

Alain Hermann: +33 1 58 19 26 21

relinvest@natixis.fr

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