NATIXIS - 2020 Meeting notice combined general shareholder's meeting

MANAGEMENT REPORT AT DECEMBER 31, 2019

Post closing events On February 6, 2020, the Board of Directors approved the 2019 financial statements. On February 25, 2020, Natixis announced the signing of a preliminary agreement for the sale of 29.5% of its stake in Coface for a unit price of €10.70 per share. After the sale — which, given the regulatory authorizations required, may not be completed until several months after the announcement — Natixis will no longer be represented onCoface’s Boardof Directors.

Information concerning Natixis S.A. Natixis S.A.’s parent company income statement

REPORT

At December 31, 2019, Natixis’ gross operating income stood at +€1.292 million, a -€468 million decrease compared with December 31,2018, due to a €535 decrease in revenues, and despite a €68 million decreasein operating expenses. Net interest income rose by +€64 million:+€23 millionfor business in Mainland France and +€41 million for foreign branches. Net fee and commission income increased by +€27 million, resulting from a +€36 million increase in Mainland France and a decrease of -€9 million in business recorded by foreign branches. This change in fee and commissionincome can be broken down into +€73 million in net fee and commission income on off-balance sheet transactions, -€22 million on transactions with customers, +€35 million in securities transactions, and -€59 million in financial service or paymentinstrument transactions. Dividends paid by Natixis subsidiaries decreased by €570 million, of which -€457 can be attributedto the lower dividendpaid by the Asset Management subsidiary Natixis Investment Managers, -€186 million to the dividends paid by the subsidiaries of SFS, sold to BPCE, +€45 millionfromNatixis Assurances and +€28 million from Coface.

Gains on trading book transactions increased by €66 million, i.e. +€93 million for Mainland France and -€26 million for transactions carried outby foreignbranches. Operating expenses fell €68 million, including -€28 million in payroll costs, -€26 million in external services net of rebilling and -€15 millionin costs and taxes. The net provision for credit losses was up €201 million (of which +€145 million foractivity in Mainland France)to -€429 million. Together, these items brought operating income to +€863 million, down -€669 million. At December 31, 2019, net gains/(losses)on fixed assets amounted to +€1,259 million, largely corresponding to the €1,092 capital gain from the sale to BPCE of the Sureties & Financial Guarantees, Leasing, Factoring, Consumer Finance and Securities Services businesses of the formerSpecialized FinancialServices division. Net income after tax was +€2,242 million versus +€1,834 million in 2018. At December 31, 2019, the balance sheet totaled €438,497 million versus €406,868 millionat December 31,2018.

Proposed allocation of earnings Natixis’ financial statements at December 31,2019, showed positive net income of €2,242,111,898.15 and, taking into account retained earnings of €1,008,081,398.50, showed distributable earnings of €3,250,193,296.65.

The third resolution thatwill be put before the General Shareholders’ Meeting on May 20, 2020, proposes to allocate the distributable earnings in totality to retained earnings whose amount after allocation is €3,250,193,296.65.

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NATIXIS MEETING NOTICE 2020