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10 Year of Growt and Inno 2006 ANNUAL REPORT IXIS CORPORATE & INVESTMENT BANK, A SUBSIDIARY OF NATIXIS 2006 ANNUAL REPORT IXIS CORPORATE & INVESTMENT BANK, A SUBSIDIARY OF NATIXIS IXIS CORPORATE & INVESTMENT BANK, A SUBSIDIARY OF NATIXIS 47, Quai D’AusterlitZ F 75648 Paris Cedex 13 - FRANCE TEL.: +33 (0)1 58 55 15 15 10 years Fax: +33 (0)1 58 55 20 02 of growth and innovation This reference document was filed in original (the of the French AMF’s generalS regulationecurities and ( if it is complemented with anE operation note stamped by the xchange Commission)French onlanguage 23.04.07, with in the accordance with article 212-13 AMF filing number D.07-0367). Autorité des Marchés Financiers It may be used to support a financial operation Autorité des Marchés Financiers . 1996 CREATION OF CDC MARCHÉS, 1998 WHICH WILL BECOME OPENING 1999 CDC IXIS CAPITAL OF THE FIRST MARKETS AND THEN BRANCHES FIRST 2004 IXIS CORPORATE IN LONDON, ISSUES & INVESTMENT BANK IXIS CORPORATE FRANKFURT OF FRENCH & INVESTMENT 2005 AND TOKYO COVERED BANK BECOMES BONDS FIRST A DIRECTLY-OWNED SECURITIZATION 2006 SUBSIDIARY OF ON AN AUTO GROUPE CAISSE INSURANCE BIRTH D’EPARGNE PORTFOLIO OF NATIXIS 2006 ANNUAL REPORT IXIS CORPORATE & INVESTMENT BANK, A SUBSIDIARY OF NATIXIS 2006 ANNUAL REPORT IXIS CORPORATE & INVESTMENT BANK, A SUBSIDIARY OF NATIXIS IXIS CORPORATE & INVESTMENT BANK, A SUBSIDIARY OF NATIXIS 47, Quai D’AusterlitZ F 75648 Paris Cedex 13 - FRANCE TEL.: +33 (0)1 58 55 15 15 10 years Fax: +33 (0)1 58 55 20 02 of growth and innovation This reference document was filed in original (the of the French AMF’s generalS regulationecurities and ( if it is complemented with anE operation note stamped by the xchange Commission)French onlanguage 23.04.07, with in the accordance with article 212-13 AMF filing number D.07-0367). Autorité des Marchés Financiers It may be used to support a financial operation Autorité des Marchés Financiers . 1996 CREATION OF CDC MARCHÉS, 1998 WHICH WILL BECOME OPENING 1999 CDC IXIS CAPITAL OF THE FIRST MARKETS AND THEN BRANCHES FIRST 2004 IXIS CORPORATE IN LONDON, ISSUES & INVESTMENT BANK IXIS CORPORATE FRANKFURT OF FRENCH & INVESTMENT 2005 AND TOKYO COVERED BANK BECOMES BONDS FIRST A DIRECTLY-OWNED SECURITIZATION 2006 SUBSIDIARY OF ON AN AUTO GROUPE CAISSE INSURANCE BIRTH D’EPARGNE PORTFOLIO OF NATIXIS orPorate FIXED EQUITIES FINANCING STRUCTURING C INCOME AND CREDIT finance IXIS Corporate & Investment Bank Based on its equities market expertise, Via an organization which integrates IXIS Corporate & Investment Bank IXIS Corporate & Investment Bank provides its expertise in trading, IXIS Corporate & Investment Bank Financing – Credit Markets, provides a genuine expertise develops customized innovative x. / distribution and structuring on a wide provides a wide range of simple IXIS Corporate & Investment Bank in structuring customized financial solutions using various range of products and risk classes. and complex structured products. provides a wide range of financing complex products. financial instruments. Métropole and innovative solutions in terms > Origination, syndication, trading > Trading and distribution > Structuring, management > Equity capital markets of structured credit products. and distribution of vanilla and of equity derivatives and distribution of alternative funds Reims Advisory and financial engineering / > structured credit bond products Corporate banking > Arbitrage on equities, > > Advisory in Private Equity and structured financing > Lazard-IXIS partnership for Trading and distribution of complex indices, convertible bonds, fund raising > capitalizations in excess of E500m Gettyimages and vanilla rate and credit listed options, bonds Trading and distribution / > derivative products of structured credit products > Customized financial solutions: > Equity Finance IXIS Corporate Solutions Isaacs Brokerage: IXIS Securities Gary > / Torregano Jacques / Business lines Bacquer le Alain / DIFC.ae / SEA Mission RFF Photography: PRINTEL. W (1) Consolidated results French Statutory data IFRS GAAP millions of euros production: 2006 2005 2005 2004 2003 and IN 2006, IXIS Corporate & Investment Bank Net banking income 1,846 1,295 1,342 790 633 took part in THE creation of Natixis Gross operating income 728 451 498 292 233 Design of WHicH it is A directly-OWned subsidiary. Consolidated net income 573 302 353 193 112 ROE based on average Since its creation, Natixis Has become consumed equity (6%) 24% 13% 16% 17% 14% THE fourtH larGest corporate French EDITORIAL COMMITTEE and investment bank in France. Consolidated equity IFRS GAAP millions of euros 2006 2005 2005 2004 2003 Ilona Scherk, Patrick Brault, Laurent Cauchy, Joanna Chessé, Corinne Lavaud, Consolidated shareholders’ equity(2) 4,265 4,166 3,704 3,432 747 France Lehir, Véronique Léon-Marois, IXIS Corporate & Investment Bank was ranked Regulatory capital 5,865 5,723 5,871 5,622 1,377 11th safest bank worldwide, and 1st French bank in Geoffroy Sartorius, Steve Smith. this category, by the Magazine Global Finance. (1) As at the end of 2006, IXIS Corporate & Investment Consolidated balance sheet total French Bank’s scope of consolidation comprised IXIS Corporate as at December 31 IFRS GAAP & Investment Bank, IXIS Capital Markets (United States), IXIS Securities, IXIS Asia Limited (Hong Kong), Printed in France on paper with a low content millions of euros 2006 2005 2005 2004 2003 the Nexgen group, as well as several dedicated business-line subsidiaries and special-purpose entities of heavy metals certified ISO 9001 and ISO 14001 (the full scope of consolidation is provided in note 36 (Environmental Management Standard) Consolidated balance sheet total 261,653 245,489 227,821 207,059 134,213 to the consolidated financial statements). (2) Attributable to the Group. and EMAS (Eco-Management and Audit Scheme). PRofiLE IXIS Corporate & Investment Bank is a directly- owned subsidiary of Natixis, the Corporate and investment banking, asset management and services vehicle set up by Groupe Caisse d’Epargne and Groupe Banque Populaire We are a leading player in the financing and capital markets arenas and offer clients a combination of optimal security and excellent ratings. We focus our efforts on areas where we command genuine expertise and where we can deliver an extensive array of high value-added intermediation, structured finance, financing, engineering and research solutions. Our fast-reacting teams are renowned for their strong advisory skills and financial engineering capability, along with their proximity to clients. We leverage these strengths to devise innovative and made to-measure products that respond to market developments and changing client needs. Our international development is underpinned by branches and subsidiaries in North America, Europe, the Middle East and Asia. Consolidated headcount as at December 31 (permanent staff) 2004 1,352 2005 1,955 2006 2,308 Senior long term ratings as at December 31 IXIS Corporate & Investment Bank’s ratings were confirmed as of November 17, 2006. AA Aa2 AA Stable outlook Stable outlook Stable outlook Standard & Poor’s Moody’s Fitch Until January 23, 2007 (included), IXIS Corporate & Investment Bank benefited from the Caisse des Dépôts guaranty. All operations carried out until that date under this guaranty are rated AAA/Aaa/AAA (Standard & Poor’s/Moody’s/Fitch). 001 IXIS Corporate & Investment Bank A leading player in Europe Management report 004 Message from the chairmen 018 ACTIVITIES 020 Analysis of income 006 022 Fixed income IXIS CORPORATE & INVESTMENT BANK 024 Equities JOINS NATIXIS 1 026 Financing and credit 010 Innovation 028 Structuring 012 Success 030 Corporate finance 014 International 033 International operations 016 Economic and financial 038 IXIS Capital Markets (United States) environment 041 Financial functions 044 Research 047 Financial structure and regulatory ratios 050 RISK MANAGEMENT AND CONTROL 052 Overview 053 Market risks 2 056 Credit risks 059 Operational risks 062 Prevention and control 002 ConTenTS 064 124 Consolidated financial RESOURCES statements AND EXPERTISE 127 Consolidated balance sheet 066 Human resources 128 Consolidated income statement 068 Back-office 129 Changes in minority interests 069 IT systems and shareholders’ equity 3 130 Cash flow statement 071 Sustainable development 132 Notes to the consolidated 073 THE OUTLOOK FOR 2007 financial statements 178 Auditors’ report on the 2006 consolidated financial statements 074 180 Parent company CORPORATE GOVERNANCE financial statements AND LEGAL ELEMENTS (extracts) 076 Legal elements 182 Balance sheet 095 Corporate governance 184 Off-balance sheet items 185 Income statement 4 186 Notes to the parent company financial statements 195 Table of results for the last five years 196 Additional information 198 AMF regulation table 200 Offices 003 “ Natixis marks a new form of cooperation between two major banking groups” Philippe Dupont Chairman of the Executive Board of Natixis and Chairman of the Supervisory Board of IXIS Corporate & Investment Bank Message from Philippe Dupont Groupe Banque Populaire and Groupe This new dimension is reflected in the fine Caisse d’Epargne’s decision to pool a results achieved across all of Natixis’ busi- selection of their activities was a highlight ness lines in 2006, and particularly in of 2006. This ambitious industrial project corporate and investment banking, where led to the creation of Natixis, a new listed net banking income climbed 27% and combine with the potential to create value international operations contributed and
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