NATIXIS - 2020 Meeting notice combined general shareholder's meeting

MANAGEMENT REPORT AT DECEMBER 31, 2019

Pre-tax profit At €332 million in 2019, provision for credit losses was up sharply compared with first-half 2018 where it totaled €193 million. The provision for credit losses of the main business lines as a percentage of assets amounted to 50 basis points in 2019 versus 19 basis points in 2018. Revenues from Associates climbed to €21 million in 2019 versus €29 million in 2018. Gains or losses on other assets totaled €687 million in 2019, of which €697 million was attributable to the disposal of the retail banking activities to BPCE S.A. in the first quarter of 2019, versus €54 million in 2018. Change in the value of goodwill reached€5 million in 2019. Pre-tax profit therefore totaled €2,945 million in 2019 versus €2,281 million in 2018.

Recurring net income (Group share) The recurring tax expenses came to €669 million in 2019, with an effective taxrate of 22.9%. After incorporating -€304 million in non-controlling interests , net income (Group share) amounted to €1,897 million in 2019, up sharply from 2018 owing to the exceptional capital gains from the sale of retail bankingactivities to BPCE S.A. Consolidated management ROE after tax (excluding non-recurring items) cameto 7.8% in 2019, giving an accountingROE of 11.1%. Consolidatedmanagement ROTE after tax (excluding non-recurring items) cameto 10.0% in 2019,giving anaccountingROTE of 14.3%.

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NATIXIS MEETING NOTICE 2020