Identification
Symbol
KN
ISIN code
FR0000120685
Trading location
Paris
ICB
Banks
Operation
IPO date
IPO type

<p>
Global Placement and Open Price Offer</p>

IPO price
19.55 euros
IPO type
Initial Public offering
Catégorie
IPO
Operation procedure

<p>
Private Placement: see the Transaction note Open Price Offer - Number of shares offered as part of the OPO: The plan is to allocate to the Open Price Offering between 30% and 70% of the total number of Shares Offered in the Offering. Price of shares offered as part of the OPO and of the Private Placement The sales price for the Shares Offered as part of the OPO will be determined no later than two stock market days after the OPO closes. The sales price for the Shares Offered as part of the OPO (&quot;OPO Price&quot;) will equal the lesser of the two following references: (i) the Private Placement Price and (ii) the Maximum Price in euros that will be announced on 30 November 2006 (according to the indicative timetable (the &quot;Maximum Price&quot;). The Maximum Price will be determined by the Selling Shareholders on the basis of the greatest average price of the shares during 5 consecutive days included the 60 trading days before the determination of the Maximum Price. The sales price for the Shares offered as part as the Private Placement (Private Placement Price) will be determined by using the &quot;Order book Construction&quot; (see transaction note).</p>

Operation description
Operation calendar

<p>
17 November 2006 - The Autorit&eacute; des march&eacute;s financiers grants its Visa to the Prospectus - Press release announcing the operation - Euronext publishes the notice indicating the Offering&#39;s characteristics and timetable 18 November 2006: - Opening of the OPO&#39;s reservation period and the deposit period of S Orders in the form of a purchase mandate for the &quot;Soci&eacute;taires&quot; (00:01 for those placed via the Internet and 8:00 am for those placed at the counters of the authorised intermediaries) 20 November 2006: The Private Placement opens 28 November 2006: - Decision of the CECEI concerning the capital reduction resulting from the cancellation of treasury shares 30 November 2006: - Setting of the OPO&#39;s Maximum Price and distribution of the press release regarding the OPO&#39;s Maximum Price 1, 2 and 3 December 2006: - Closing of the OPO reservation period and the deposit period of S Orders in the form of a purchase mandate for the &quot;Soci&eacute;taires&quot; (1 or 2 December 2006 at 5.00 pm, depending on the authorised intermediaries, for those placed at the counters of the authorised intermediaries and 3 December 2006 at 11:59 pm for those placed via the Internet) 4 December 2006: - Opening of the OPO (00:01 for orders placed via the Internet and 8:00 am for orders placed at the counters of authorised intermediaries) and last day that reservations and S Orders can be revoked (5:00 pm for those placed at the counters of authorised intermediaries and 11:59 pm for those placed via the Internet) 5 December 2006: - Closing of the OPO (5:00 pm for orders placed at the counters of authorised intermediaries and 08:00 pm for orders placed via the Internet and of the Private Placement (11.59 pm unless early closing) 6 December 2006: - Trading suspension of NATIXIS shares on Euronext Paris - Setting of the OPO price and Private Placement Price - Signature of underwriting agreement regarding the Offering - Distribution of the press release indicating the OPO Price, the Private Placement Price and the respective size of the OPO and the Private Placement and the number of shares sold to Strategic Investors - Publication by Euronext Paris of a notice concerning the result of the Offering 7 December 2006: - Potential delay of opening of trading on NATIXIS shares - Beginning of the potential stabilisation period 11 December 2006: - Settlement-delivery of shares offered as part of the OPO and Private Placement - Sale of the shares to Strategic Investors 5 January 2007: - End of the potential stabilisation period - Deadline to exercise the over-allotment option The dates and times shown above for entering orders are provided as an indication and can vary depending on the authorised intermediary concerned.</p>

Broker to issue

<p>
LAZARD FRERES BANQUE<br />
IXIS Corporate &amp; Investment Bank<br />
NATEXIS BLEICHROEDER<br />
MERRILL LYNCH INTERNATIONAL<br />
ABN AMRO ROTHSCHILD GIE<br />
MORGAN STANLEY &amp; Co. International Limited</p>