NATIXIS -2020 Universal Registration Document

OVERVIEW OF THE FISCAL YEAR Management report at December 31, 2020

Pre-tax profit At €851 million in 2020, provision for credit losses was up sharply compared with 2019 where it totaled €330 million. The provision for credit losses of the main business lines as a percentage of assets amounted to 128 basis points in 2020 versus 50 basis points in 2019. Revenues from Associates totaled or came to -€6 million in 2020 versus +€21 million in 2019. Gains or losses on other assets totaled -€42 million in 2020, of which -€48 millionwas attributableto the loss on the disposal of H 2 0, versus €685 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. Change in the value of goodwill was nil in 2020. Pre-tax profit therefore totaled €579 million in 2020 versus €2,745 million in 2019.

Recurring net income (Group share) The recurring tax expenses came to €204 million in 2020, with an effective tax rate of 27.4%. Minority interests came to -€81 million versus -€295 million in 2019, in line with the decrease in H 2 0 results. The contributionof Coface , now presentedseparatelyon the income statement, totaled -€192 million of net income in 2020, which includes the one-off impacts related to its disposal (-€147 million in gains or losses on other assets and -€57 million in revenue from Associates in 2020 versus +€62 million in 2019. This resulted in a positive net accounting income of €101 million in 2020 compared with +€1,897 in 2019. Consolidated management ROE after tax (excluding non-recurring items) came to 2.4% in 2020, giving an accounting ROE (including non-recurring items) of -0.1%. Consolidated management ROTE after tax (excluding non-recurring items) came to 3.0% in 2020, giving an accounting ROTE (including non-recurring items) of -0.1%.

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Analysis by Natixis main business line 4.2.2 Asset & Wealth Management 4.2.2.1

Change 2020 vs. 2019 Current

2020

2019 pro forma

(in millions of euros)

Constant

Net revenues

3,225 2,948

3,760 3,511

(14.2)% (16.0)%

(13.4)% (15.1)%

Asset Management Wealth Management Employee Savings

178

149 100

19.5% (1.1)% (4.2)%

19.5% (1.1)% (3.2)%

99

Banking operating expenses Gross operating income Provision for credit losses

(2,387)

(2,492)

838 (27) 811 (45) (11) 757 1

1,268

(33.9)%

(33.4)%

(8)

Net Operating income

1,260

(35.7)%

Associates

1

50.1%

Gains or losses on other assets Change in the value of goodwill

13 (8)

38.3%

Pre-tax profit

1,266 66.3% 4,477 14.8%

(40.2)%

Cost/income ratio Equity (Average)

74.0% 4,603 10.0%

ROE

The revenues of the Asset & Wealth Management division shrank 13% compared to 2019 at constant exchange rates (-14% at current exchange rates) to €3.2 billion. Expenses shrank 3% at constant exchange rates (-4% at current exchange rates) to €2.4 billion. Gross operating income fell 33% at constant exchange rates (-34% at current exchange rates) to €837.8 million. At 10.0%, the division’s ROE was down 4.8 points from December 31, 2019.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020