Natexis Banques Populaires First-half 2001

2 First-half 2001 Banques Populaires Group: Financial highlights2 Natexis Banques Populaires: Trends and 1H01 key figures5 1H01 results 11 Activity by business line17 Risks and financial structure 24 Natexis Banques Populaires share30 T able of contents

3 First-half 2001 Banques Populaires Group: Financial highlights

4 First-half 2001 B anques Populaires Group: Key figures (1) Consolidated income statement EUR mn Net banking income 2,8262,723+4%  Operating expenses (1,824)(1,677)+9% Gross operating income 1,0021,047-4%  Cost of risk(198)(157)+27%  Gains / (losses) on fixed assets 5217  Income / (losses) of equity affiliates 68 Current income before taxes %  Exceptional items(48)(40)  Taxes(257)(310)-17%  Goodwill amortization 1827  Allocation to FGBR (66)(111)-41%  Minority interests(79)(40)+98% Attributable net income % * pro forma Change 1H01 1H00*

5 First-half 2001 Total regulatory capital (EUR mn)12,30111,816  Tier one equity8,9048,346 ­of which FGBR1,6191,553  2nd and 3rd tier ancillary capital3,3973,470 Tier one ratio 7.5%7.2% Risk coverage ratio 68%69% Weighted assets (EUR bn) B anques Populaires Group: Key figures (2) Financial structure and profitability ROE14.5%14.1% June 30, H Dec. 31, 2000

6 First-half 2001 Natexis Banques Populaires: Trends and 1H01 key figures

7 First-half 2001 S ix months characterized by: Sustained NBI growth  Total NBI: + 9%*to EUR 960 mn  Business sector NBI: + 8%*to EUR 935 mn compared with 1H00 which, on the whole, presented a very high reference base Resistant overall profitability  Gross operating income: - 5%*to EUR 371 mn  Attributable net income: + 8%*to EUR 175 mn (on a comparable basis) Determined expansion policy, particularly via organic growth  Average employees: + 12%* *1H01 / 1H00

8 First-half 2001 S teady progression in net banking income Other Services Investment banking Financing NBI (EUR mn) H992H991H002H001H01

9 First-half 2001 C ontribution to NBI by business line EUR mn +28% +14% +91% -51% +3% -1% 1H001H01

10 First-half 2001 S ix-monthly net income EUR mn Net income after allocation to FGBR Allocation to FGBR

11 First-half 2001 Earnings per share (1) in EUR E PS and profitability (1) Calculated on the average number of shares outstanding (42,719,000 in 1H01) (2) Calculated on the number of shares outstanding at the end of the period (42,719,000 at June 30, 2001) (3) On an annualized and comparable basis Book value (per share) (2) EUR 83EUR 80 ROE (3) 11.2% 13.6% 1H011H00

12 First-half 2001 Natexis Banques Populaires: 1H01 results

13 First-half 2001 C onsolidated income statement Net banking income %  Operating expenses(589)(494)+19% Gross operating income %  Cost of risk(86)(55)+56%  Gains / (losses) on fixed assets 3(8)  Income / (losses) of equity affiliates % Current income before taxes %  Exceptional items (2)(21)-88%  Taxes(77)(105)-26%  Goodwill amortization(10)(1)  Allocation to FGBR0(46)  Minority interests(31)(51)-40% Attributable net income % 1H00 Change 1H01 EUR mn

14 First-half 2001 C ontribution by business sector NBICurrent income Investment banking 24% Services 31% Financing 45% EUR 229 mn EUR 422 mn EUR 284 mn Investment banking 28% Services 21% Financing 51% EUR 78 mn EUR 146 mn EUR 60 mn

15 First-half 2001 Employees (Full-time equivalent):  at June 30,2001: 7,487  (average, 1H01: 7,300)  at June 30,2000: 6,720  (average, 1H00: 6,493) Operating expenses %  Personnel expenses %  Other expenses and amortization % Cost / Income ratio61.3%55.8%+5.5 pts O perating expenses and personnel 1H01Change1H00 EUR mn

16 First-half 2001 L oan outstandings * Financing of assets and acquisitions; commodity financing; trade finance Corporate client, average on the period H001H01 Specialized financing Corporate loan outstandings Other * Corporate and international banking +11.3% +4.1% +10.3% +6.6% EUR bn

17 First-half 2001 A ssets under management Total assets under management: EUR 69.6 bn EUR at June 30,2001, EUR 1.3 bn increase over December 31, 2000 (of which 2.5 bn in new money and -1.2 bn of valuation effect) Real estate asset management 1% International private banking 2% Private client asset management 4% Employee savings schemes 16% Insurance 24% Mutual fund management 53%

18 First-half 2001 Natexis Banques Populaires: Activity by business line

19 First-half 2001 C orporate and international banking Sector: Financing NBI 1H01 = EUR 335 mn (+28%*) Strong NBI growth:  Sustained expansion in value-added transactions (acquisition financing, real estate, financial engineering, syndications, LBOs)  Strong growth in payments and services activities (cash management) Moderate growth in outstandings:  Average outstandings: EUR 59.7 bn (+6%* and +4.5%* at constant exchange rates)  Weighted outstandings at June 30, 2001: EUR 38.4 bn (+4%*) Further productivity improvement:  Cost / income ratio at 48%, versus 53% at 1H00 * 1H01 / 1H00

20 First-half 2001 S pecialized financing Sector : Financing NBI 1H01 = EUR 87 mn (+ 14%*) Factoring  Strong NBI growth (+ 31.2%* to EUR 49.9 mn): ­Sharp increase in factoring and financing fees, but under increased competition  28%* increase in factoring revenues  Average outstandings: EUR 1.8 billion Lease financing (real estate and equipment)  Slight advance in outstandings (average outstandings: EUR 5.1 bn)  New business: + 11%*  NBI down slightly (- 1%*) Business line cost / income ratio: 46.4% * 1H01 / 1H00

21 First-half 2001 C apital markets Sector : Investment banking NBI 1H01 = EUR 146 mn (1) Capital markets  Strong increase in contribution of treasury and interest rate derivatives  Strenghtened commercial positions on the primary bond market (NBI + 30%)  Fine foreign exchange performance (3 rd place on EUR/USD on the French market) Brokerage and market origination  Reduction in NBI due to very difficult equity market conditions Good performance by ABM Corp. (1) To compare with EUR 77 mn at 1H00, after exceptional provision of EUR 76 mn

22 First-half 2001 P rivate equity Sector : Investment banking NBI 1H01 = EUR 83 mn Own funds  Investments5995  Disposals at sale price  Net assets in portfolio (at June 30) Capital under management  Investments 8777  Disposals at sale price  Managed equity (at June 30) Total managed equity 1,5801,360 (net assets in portfolio + managed equity in funds) 1H011H00 1H00 base exceptionally high Strong decrease in capital gains, though with maintained high deal flow EUR mn

23 First-half 2001 B anking, financial and technology services Sector : Services Banking services: increase in volumes  Drop in the number of checks processed  Strong growth in card transactions (+ 35%*) and Interbank Teleclearing System (ITS) transactions (+ 29%*) Global custody: satisfactory advance  Number of portfolios: 2.69 million (+ 14%*)  Assets under custody : EUR 309 bn (+ 9%*) Xeod Services  Decrease in NBI (- 28%*)  General reduction in the number of orders executed (very rare large market placements) Line Bourse  Number of accounts at June 30, 2001: 23,000 Expansion  Acquisition of 34% of OFIVM (OFIVALMO Group) NBI 1H01 = EUR 135 mn (+ 3% * ) * 1H01 / 1H00

24 First-half 2001 A sset management and insurance Sector : Services 7.4%* advance in assets under management to EUR 69.6 bn Collective asset management growth (NBI + 12%*) thanks in particular to money market funds, but decrease in private banking Employee savings schemes: Interépargne strengthens its position as leader in France (market share: 19.1%)  Number of accounts: 1.79 million ( million **)  Number of corporate: 9,183 (+ 429 **) Insurance:  3%** increase in assets and 15%** in number of contracts  Weak market conditions compared with 1H00 Creation of Asset Square (fund broker for professionals) NBI 1H01 = EUR 149 mn (- 1%*) * 1H01 / 1H00 * *During 1H01

25 First-half 2001 Natexis Banques Populaires: Risks and financial structure

26 First-half 2001 Doubtful loan outstandings1,5571,578 Specific provisions Coverage ratio 57%59% (sp ecific provisions / doubtful loan outstandings) Doubtful loan outstandings / total loan outstandings2.7%2.9% Sectorial and geographical provisions Fund for General Banking Risks (FGBR) (Sectorial and geographical provisions1.3%1.2% + FGBR) / weighted assets R isk coverage June 30, 2001 Dec. 31, 2000 EUR mn

27 First-half 2001 (1) EUR 56.1 bn (on and off-balance sheet) (2) Telecom: Industry = 2%, Services = 1.8% C redit risk: breakdown by economic sector Corporate and international banking activities portfolio (1)

28 First-half 2001 C redit risk: breakdown by geographic area Corporate portfolio (1) (1) EUR 62.9 bn (on and off-balance sheet) European Economic Area Countries 7.7% Other European Countries 3.0% Latin America 2.5% Africa/Middle East 1.8% Asia and Oceania 3.4% North America 10.7% France 70.9%

29 First-half 2001 Credit risks  Corporate and international banking  Specialized financing  Other Capital market risks Total weighted risks W eighted risks June 30, 2001 Dec. 31, 2000 EUR bn

30 First-half 2001 E quity Total regulatory capital 5,7755,528  Tier one equity 4,0513,875 ­of which FGBR ­of which preferred shares  2nd and 3rd tier ancillary capital1,7241,653 Tier one ratio 7.2%7.2% Weighted assets56,62554,134 June 30, 2001 Dec. 31, 2000 EUR mn

31 First-half 2001 Natexis Banques Populaires Share

32 First-half 2001 S hare price Source : Datastream /03/0008/03/0009/03/0010/03/0011/03/0012/03/0001/03/0102/03/0103/03/0104/03/0105/03/0106/03/0107/03/0108/03/0109/03/01 Base 100 at 07/03/00 Natexis Banques Populaires SBF Banks

33 First-half 2001 S hare ownership June-July 2001: Expansion of Employee Stock Ownership (ESOP)  Successful share issue reserved for Banques Populaires Group personnel: one employee out of two suscribed  EUR 102 mn capital increase Share ownership *  Banque Fédérale des Banques Populaires52%  Banques Populaires regional banks25%  General public23% among which: Employees (ESOP)4.8% * as of