NATIXIS -2020 Universal Registration Document

4 OVERVIEW OF THE FISCAL YEAR

Management report at December 31, 2020

A – Asset Management Assets under management at the end of December 2020 were to €1,135.5 billion up by 22% at current exchange rates (+27% at

LBPAM contributions, the market effect (+€58.9 billion or

+€63.6 billion excluding the H 2 O impact) and net inflows constant exchange rates) comparedto December 31,2019, driven by (+€5.1 billion or +€12.5 billion restated to include H 2 O) partly offset the very favorable scope effect (+€177.7 billion) mainly related to by a negative exchange rate effect (-€40.3 billion).

Change in assets under management over the year (in billions of euros)

+22 % / +€201.5 bn

18.4 1,135.5

63.6 1,117.2

177.7 12.5

934.1

903.8 -40.3

31/12/2019

31/12/19 excl. H2O

Currency effect

Scope effect *

Net inflows excl. H2O

Market effect excl. H2O

31/12/2020 excl. H2O

H2O

31/12/2020˜

(*) AUM correction (+€0.5 billion) in Private Equity in Q1 2020, integration of LBPAM AUM (+€177.2 million) in Q4 2020 in Europe.

The business line recorded net inflows of €5.1 billion at current exchange rates. in the United States, net inflows amounted to €7.4 billion, mainly V at Loomis Sales & Co. (+$13.2 billion, fixed income), and at WCM Investment Management (+$12.4 billion, equity products) and at AEW Capital Management (+$2.7 billion, real estate products) partially offset by outflows at Harris Associates (-$19.8 billion, mainly equity products) and Gateway Investment Advisers, LLC (-$1.6 billion, alternative products); Private Equity companies reported net inflows of €2.7 billion, V mainly Vauban Infrastructure Partners (+€1.6 billion) and MV Credit (€0.5 billion); the Europe region recorded a net outflow of €2.6 billion with net V inflows from Mirova (+€5.5 billion, equity and bond products), AEW Europe (+€1.5 billion, real estate products) and Ostrum (+€1.3 billion, mainly money market products), more than offset by H2O (-€7.3 billion, mainly bond products) and DNCA Finance (-€3.6 billion, diversified and fixed income products); there was a net outflow in Asia (-€1.3 billion), mainly in equity V products; for Retail, outflows of €1.0 billion mainly relate to Dynamic V Solutions diversified products (-€0.5 billion), structured products (-€0.5 billion) and equity products (-€0.4 billion).

At €881.1 billion, average assets under management at December 31, 2020 were up (+3.5% or stable when restated to include the LBPAM contribution) compared with last year at constant EUR exchange rates. The rate of return on outstandings,at 26.7 points, was down by 9.4% compared to December 31, 2019 at constant exchange rates, a smaller decline when restated to include the LBPAM contribution (-6.6%). At December 31, 2020, Net revenues of €2,948.0 million were down by €562.7 million (-16%) compared to December 31, 2019. (-15% at constant exchange rates) with a scope effect related to LBPAM contributions limited to €4.4 million in 2020. The change in net revenues year-on-year was affected by the sharp decrease in outperformancefees, mainly in Europe at H 2 O, and to a lesser extent in management fees in the United States and Europe in connection with the fall in the rate of return, as well as the decline in interest income. Expenses amounted to €2,156.5 million, down by €94.8 million (-4%) compared to December 31, 2019, (-3% at constant exchange rates) with an LBPAM scope effect of €5.5 million in 2020. The favorable change in expenses was driven by the significant decrease in variable compensation (decrease mainly in the United States, Europe and the Federation) in line with the change in results and, to a lesser extent, in operating expenses (a mainly in travel and hospitality expenses, and communicationand advertising related to the health crisis, which more than offset the increase in consulting, documentation and market data expenses). Fixed internal payroll costs were up, driven by the increase in headcount, while premises and logistics were also up compared to 2019. An additional provision following the announcement of the proposed sale of the subsidiary H2O was recorded in Q4 on the basis of the estimated capital loss, bringing the total annual impact recorded in losses on other assets to -€47.6 million.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020