SOURCE: Natixis

February 26, 2009 02:17 ET


PARIS--(Marketwire - February 26, 2009) -


- Loss of EUR 2.622bn before restructuring income and expenses

- Solid banking activities, capital structure maintained

- Positive underlying net income[1] excluding segregated assets: +EUR 987m

The unprecedented financial crisis, which was at its height in the fourth quarter, savaged corporate and investment banks and led to the demise of Lehman Brothers in September 2008 and to an unprecedented market dislocation. Against this backdrop, Natixis recorded EUR 2.934 billion in revenues and a net loss (group share) of EUR 2.799 billion, after restructuring income and expenses.

|2008 group results       |2008 results excl.  |
|                         |segregated assets   |
|NBI: EUR 2.934bn         |NBI: EUR 6.386bn    |
|U/l net income (gp.      |U/l net income (gp. |
|share): -EUR 2.622bn     |Share)(1): EUR 987m |
|Tier One ratio: 8.2% and |                    |
|more than 9% pro forma(2)|                    |

Additionally to the measures taken in the summer of 2008, Natixis has decided to curtail most proprietary activities and the most complex derivatives. These activities have been segregated within a specific structure within Natixis' Corporate and Investment Bank (CIB). A specialist team will manage and gradually divest these assets until they are completely run off.

After stripping out these segregated assets, revenues from Natixis's continuing activities, focused on the group's key clients, generated EUR 6.386 billion in revenues and EUR 987 million in underlying net income.

Natixis maintained a solid capital structure, thanks to a EUR 3.7 billion capital increase successfully completed in September 2008 and to a EUR 1.9 billion capital injection by the two main shareholders, BFBP and CNCE, which equated to the bulk of the funding they received as part of the first tranche of French state aid for the banking system.

Natixis in 2008:

- a key player in corporate lending in France and abroad, with a client loan book amounting to EUR 116 billion

- solid levels of business. Revenues came mainly from classic banking activities, e.g. corporate lending, asset management, consumer credit, employee savings plans, credit insurance, factoring.

- an in-depth transformation of CIB activities, the benefits of which are now starting to emerge

- an ongoing cost reduction plan

- backing from two powerful shareholders who are in the process of building France's second-largest banking group with 20% of France's retail banking market and a EUR 40bn capital base.

Natixis' consolidated accounts were approved by the Executive Board on February 20, 2009. Unless otherwise stated, all the variations presented in this press release were calculated relative to figures for the corresponding period in 2007 (12 months or the fourth quarter).

(1) Before restructuring income and expenses

(2) including divestment projects underway and the 2nd tranche of financing from the SPPE sovereign investment vehicle

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