NATIXIS - 2020 Meeting notice combined general shareholder's meeting

MANAGEMENT REPORT AT DECEMBER 31, 2019

the Insurance platform continues to stand out as a recognized V partner to the networks thanks to its increasingly digitized solutions. Satisfaction surveys in progress already show that paperless documentationhas enhanced the customer experience. the implementation of a collective bargaining agreement V procedure has helped to better adapt the workforce following the sale of Sélection 1818in 2018. For VEGA Investment Managers , the year’s highlightswere: the One Bank project with the first NWM Luxembourg V subscriptions in VEGAIM funds; the strong momentum of the thematic funds created at the end V of 2018; signing of the UN-PRI (United Nations — Principles for Responsible V Investment) in May 2019. In Employee Savings , sales in the Groupe BPCE distribution networks remained brisk with a 22% increase in new contracts, attributable to the elimination/decrease of the “forfait social” (employee social charge) in companies with less than 250 employees. The final adoption of PACTE (France's Action Plan for Business Growth and Transformation) on May 23, 2019 created new challenges for the developmentof employee savings as well as retirement savings, and Natixis Interépargne is actively preparing for these. Corporate & Investment Banking’s 2019 highlights included the continued roll-out of New Dimension strategic plan targets aimed at achieving the following goals: to be recognizedas a bank that offers innovative solutions and to become a benchmark bank in four strategic sectors (energy and natural resources, aerospace, infrastructure,real estateand hospitality).Thanksto the diversification of its businesses,the Corporate & InvestmentBanking business line continuesto create value despite less favorableconditionsfor Capital Marketsactivities,especiallyin thefirst half of2019. It continuedto developits expertisein greenfinancethroughthe Green & SustainableHub, which assists clients in their energy transition.Of note, Natixis launched its Green WeightingFactor, making it the first bank to actively steer the impact of its balance sheet on climate. Any “green” financing granted by Corporate & Investment Banking is now awardeda bonus,whereasinternalprofitabilityis reducedfor any “brown” (i.e., high carbon, climate risk inducing) financing. Ultimately, Natixis is aiming for a financing trajectory that is consistent with the objectives of theParis Agreement on climatechange. Natixis continued to develop its advisory services, as shown by the “Most Innovative Investment Bank for Financial Institutions Group” Award it received from The Banker in recognition of its close relationshipwith its institutionalclients, as well as its ability to deliver innovative solutions adaptedto their needs. Natixis received numerous awards for its expertise and innovation capabilitiesin the “green” sector: “Deal of the Year” at the SRP Europe Awards Ceremony 2020; “Social Loan of the Year” and “Green Bond of the Year” atthe IFR Awards 2019. Its three international platforms continued to expand while extendingtheir expertise and increasing their visibility: In Asia-Pacific , Natixis expanded its M&A advisory services by making a strategic investment in Azure Capital (see below) . It also broadened its franchise in the infrastructure sector by funding its first offshore wind farm (WPD Offshore), and also did its first infrastructure financingproject in Taiwan. It created an organization to improve coordination among its strategic sectors, investment banking and coverage, and thus enhance its client focus and solutions approach.It also implemented a new salesroad map for CapitalMarkets.

In addition, it continued to develop its social initiatives: volunteer work in Cambodia as part of its partnership with PSE For a Child’s Smile; and new initiatives as part of the DANA program — Diversity @NatixisAsia (APAC BankingSchool for sharing knowledgebetween the Bank’s senior and junior staff, Début 2.0 for reinserting banking professionalsinto the job market). The Americas platform delivered a solid performance in all its business sectors. It continued to expand its range of solutions and strengthen its expertise in structured finance, acquisition finance and Capital Markets. It also developed a new activity to extend the lending businessto asset management companies. It sold its banking license in Brazil where it now has a representation office. It also obtained its broker dealer license in Houston. Natixis ranked No. 8 on the US market for CLO arrangers (sources: Bloomberg/Reuters) . LatinFinance magazine also awarded Natixis the “Infrastructure Bank of the Year — Mexico” for the second year running. The EMEA platform enjoyed strong business volumes in the Real Assets sector, particularly in energy and real estate infrastructure projects through the distribution of its assets to a variety of investors and partners. The loan solutions business on the capital markets alsomade progress. The London branch worked on its post-Brexit road map which aims to refocus its resources on UK clients. It also developed initiatives to encourage diversity and inclusion. In the Middle East, Natixis moved ahead on the opening of a Saudi Arabian subsidiary in Riyadh, which is expected to fully operational by the end of the first quarter of 2020. This local presence will allow Natixis to deepen its relationship with Saudi corporate and institutional clients, aswell as with family offices. In Capital Markets , Natixis pursued its strategy based on an innovative service offering that adapts to the specific needs of customers. It consolidated its long-standing reputation with institutional investors, insurance companies, mutual insurers and supranational agencies, while strengthening its offering to hedge funds, pension funds, and asset management companies through its dedicated salesforce. Business increased significantly on the credit market. In fixed income, the financialadvisory and engineeringteamcreatedbespoke solutions for its clients, in particular structures that enable growth in a persistently low interest rate environment and amid macro-economic uncertainties. In Equity Derivatives, Natixis continued to flesh out its offering with the addition of thematic indices, such as awater index, forinstance. In its four strategic sectors, Natixis increased its support for its customers by providing a continuum of solutions ranging from financing and investment banking to advisory services. The three business lines Real Assets (Aviation, Infrastructure, Real Estate & Hospitality), Energy and Natural Resources and Distribution and Portfolio Management generated robust activity in both origination and distribution. The Global Energy & Commodities sector assisted its commodity producing, transformingand trading clients in their developmentand financing transactions. In keeping with the bank’s sustainable development policy, Natixis arranged multiple deals indexed to environmental,social and governance. The infrastructure sector pursued its efforts in favor of renewable energies, and consolidated its co-investment platform by forming partnerships with institutional investors. There are currently 10 partners on the platform, with an investment capacity of nearly €7.5 billion. Natixis is the world’s number 7 MLA in project financing and the number 4 MLA in Europe in infrastructure financing (source: IJGlobal) .

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NATIXIS MEETING NOTICE 2020