NATIXIS -2020 Universal Registration Document

UNIVERSAL REGISTRATION DOCUMENT and financial report 2020 and A nual Fin ncial Report

SOMMAIRE

INTERVIEW

2 4 8

PROFILE

NATIXIS BUSINESS MODEL

STRATEGY

10 14 16 18

GOVERNANCE

RISK MANAGEMENT ESR COMMITMENTS

PRESENTATION OF NATIXIS 1

6

21 22 24 36 36

2020 NON-FINANCIAL PERFORMANCE REPORT

459

History and links with BPCE 1.1

Natixis’ businesses 1.2

Strategic outlines and organization 6.1 of the ESR policy

460 469

2021 investor relations calendar 1.3

Conduct 6.2

Contacts 1.4

Business ethics and safety 6.3 Business line contributions 6.4

471

CORPORATE GOVERNANCE 2

37

to green and sustainable growth

473

Governance of Natixis at December 31, 2020 2.1 Management and oversight of corporate 2.2 governance 65 Policies and rules established for determining 2.3 compensation and benefits of any kind for corporate officers 90 38

Managing environmental, 6.5 social and governance risks

503 511 521

Managing our direct environmental impact 6.6

Employee engagement 6.7

Table of reporting on Natixis’ main 6.8 commitments Reporting frameworks and methodology 6.9 Report by one of the Statutory Auditors, 6.10 appointed independent third party, on the consolidated non-financial performance report CAPITAL AND SHARE OWNERSHIP 7 Distribution of share capital and voting 7.1 rights

534 535

3

RISK FACTORS, RISK MANAGEMENT AND PILLAR III

109

Risk factors 3.1

111 121 171

538

Risk management 3.2

Basel 3 Pillar III disclosures 3.3

541

OVERVIEW OF THE FISCAL YEAR 4

225

542 544

Significant events for 2020 4.1

226 232

Changes in share capital and voting rights 7.2 Other information concerning Natixis share 7.3 capital and securities

Management report at December 31, 2020 4.2 Main investments and divestments 4.3 performed over the period

546 547

242 243 243 245

Authorized potential capital 7.4 Issues potentially relevant 7.5 to any public offering Shareholder voting rights 7.6 Share buyback program 7.7 Dividend distribution policy 7.8 Natixis shares and shareholders 7.9

Subsequent events 4.4

Information about Natixis S.A. 4.5

549 550 550 551 552

Outlook for Natixis 4.6

Definitions and alternative performance 4.7 indicators

246

FINANCIAL DATA 5

247 Consolidated financial statements and notes 5.1 249 Statutory Auditors’ report 5.2 on the consolidated financial statements 404 Parent company financial statements 5.3 and notes 413 Statutory Auditors’ report on the parent 5.4 company financial statements 450 Internal control procedures relating to 5.5 accounting and financial information 455

GENERAL SHAREHOLDERS’ MEETINGS 8 555 Terms and conditions 8.1 of attendance by shareholders at General Shareholders’ Meetings 556 Combined General Shareholders’ Meeting 8.2 of May 28, 2021 558 LEGAL AND GENERAL INFORMATION 9 591 Legal notices and practical information 9.1 relating to Natixis 592 Natixis Bylaws 9.2 593 Statement of responsibility for the universal 9.3 registration document 598 Documents available to the public 9.4 599 Cross-reference table of the universal 9.5 registration document 600 Cross reference table for the annual financial 9.6 report and the management report 605 Cross-reference table for the registry office 9.7 606 Glossary 9.8 607

● The items in the Annuel Financial Report are identified in the summary using the pictogram The Statement of Non-Financial Performance is identified in the summary using the pictogram ■

This label recognizes the most transparent Universal Registration Documents according to the criteria of the Annual Transparency Ranking.

NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

UNIVERSAL REGISTRATION DOCUMENT 2020

and Annual Financial Report

Natixis, creator of customized solutions in asset management, financing, investment, insurance and payments

natixis.com

This universal registration document was filed with the French Financial Markets Authority (Autorité des Marchés Financiers – AMF) on March 9, 2021, as the competentauthority designatedunder EU regulation2017/1129without prior approval in accordancewith Article 9 of said regulation. The universal registration document of Natixis may be used for the purposes of a public offer of securities or admission of securities for trade on a regulated market if supplemented by a securities note and, where applicable, a summary of all amendments to the universal registration document. All these are approved by the AMF in accordance with EU regulation 2017/1129.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

INTERVIEW

Nicolas Namias, Natixis’ Chief Executive Officer

Appointed to Natixis General Management in August 2020, Nicolas Namias looks back on a year that has profoundly changed our environment. He analyzes the profound impacts of the Covid-19 health and economic crisis and how the Company is mobilizing f or its clien ts.

Howdid Natixis continue to support its clients throughout 2020 despite the health crisis? The health and economic shock that we have been facing since the beginning of 2020 has had a major impact on our lives and our operating methods. The human toll is heavy and the lockdown and curfews have had significant economic consequences. and agility of our teams, in all our business lines and support functions, have been remarkable and have enabled us to continue our missions to serve our customers, whose needs have increased and diversified. We have been able to offer innovative systems to our customers throughout this health crisis in order to respond to economic For Natixis, this crisis has highlighted the Natixis' solidity. The commitment

challenges: EMP, orientation of our asset management funds to economic recovery plan projects, implementation of the economic recovery plan, specific insurance and payment offers for retailers, etc.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

INTERVIEWWITH NATIXIS’ CHIEF EXECUTIVE OFFICER

“The priority is to create value for all our stakeholders: our customers, our emplo yees and our investors”

To meet the challenges ahead, we can rely on Natixis′ three key values: the constant search for a lasting impact, by providing our clients with differentiating expertise; the entrepreneurial spirit that we cultivate on a daily basis; finally, collective intelligence, in order to take full advantage of the company's multiple talents, working actively to succeed together as a team with openness and confidence. the creation of value for all our stakeholders: our customers, our employees and our investors. In the first place, our customers are at the heart of our attention; for them, let us use our expertise, all our know-how, our commitment and our agility! Next, we must support our employees, whom I would like to thank in particular for their commitment. Finally, we also demand results from our investors, to whom we must propose a sustainable growth trajectory. A final message? For me, the priority remains

What are your strategic priorities and Natixis strengths in the face of future challenges? Since my arrival at the helm of Natixis last August, my mandate has been clear: develop and sustainably grow each of Natixis' four business lines: Wealth & Asset Management, Corporate & Investment Banking, Insurance and Payments. Since my appointment, I have endeavored to address certain urgent issues and, in November 2020, we have taken and announced structuring decisions to put our company on a sustainable path of growth and development. These decisions concern our business lines, in particular Corporate & Investment Banking and Asset Management, but also our functions with better control of our costs and risks. We have started to implement these decisions. By the summer of 2021, in close consultation with Groupe BPCE, we will also specify our strategic roadmap for our four business lines by 2024.

What can you learn from it? We have accelerated our transformations. We have adapted our team operations within the company with the development of a “hybrid” model combining on-site presence and remote working. We have also redesigned and intensified our exchanges with our clients, always striving to add value to our advice and services. Despite the distance, we made sure to recreate proximity with our customers and, in the face of economic uncertainty, we supported them so that they could continue their activity and continue to undertake new projects. This situation, which was urgently experienced within Natixis at the beginning of the year, gave rise to in-depth discussions within our company to define what we must permanently change in our working methods. Beyond that, we remain committed to meeting the major challenges of the environmental transition and technological transformation.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

PROFILE

Natixis at a glance

As a designer of customized financial solutions, we support companies, banks, institutions and clients of the Banque Populaire and Caisse d'Epargne networks in the realization of their projects, all over the world, and design customized financial solutions for them. We build a sustainable business model with our clients thanks to our proximity, the quality of the strategic dialogue and the combination of our expertise.

A worldwide presence

Over 16,000 employees in 36 countries

EMEA (1) 13,000

NORTH & SOUTH AMERICA 2,700+

ASIA PACIFIC ≈ 900

(1) EMEA: Europe, Middle East, Africa (headcount at December 31, 2020) excluding financial investments.

Natixis posted positive net income for the full year thanks t o a mark ed rebound in its business lines

Net income (GS) €101 M

Net Banking Income -14% vs 2019 €7,3 Bn

CET Bâle 3 fully loaded 11.6 % +330 bps above regulatory requirements

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

Natixis at a glance Pr ofi lE

Strong expertise in four business lines

> Asset Management > Wealth Management > Employee savings schemes ASSETMANAGEMENT AND FORTUNE

CORPORATE & INVESTMENT BANKING > Investment Banking and acquisitions and disposals > Structured financing > Capital market > Trade finance and cash management > Coverage

INSURANCE

PAYMENTS

> Life & personal protection insurance > Non-life insurance

> Issue > Acquisition > Processing > Fight against fraud > Prepaid

A subsidiary of Groupe BPCE*

shareholders 9 MILLION

100% (3)

100%

FNBP (1)

FNCE (2)

50%

50%

14

15

100%

71% (5)

SUBSIDIARIES (4)

* S econd largest banking group in France. Source: Market shares: 22% in customer savings and 21.5% in customer loans (Banque de France Q3- 2020 (all non-financial customers)). (1) ) Fédération Nationale des Banques Populaires. (2) Fédération Nationale des Caisses d'Epargne. (3) Indirectly through Local Savings Companies (4) Banque Palatine, Subsidiaries grouped together within the Financial Solutions & Expertise division, Oney Bank. (5) Free float: 29%.

Non-financial ratings for 2020 Natixis’ main ESR ratings Natixis’ main ESR ratings atixis’ main ESR ratings atixis’ main ES ratin

Long and short-term rating (Situation on February 11, 2021)

AAA

AAA

2016 2017 2018 2019 2016 2017 2018 2019 78 73 2016 2017 2018 2019 2016 2017 2018 2019

AAA

AAA

AAA

AAA

0 10 20 30 40 50 60 70 80 90 100 0 10 20 30 40 50 60 70 80 90

0 10 20 30 40 50 60 70 80 90 100

Natixis gradually improv ESG ratings… Natixis gradually improves ESG ratings… Natixis gradually improve ESG ratings… atixis gradua y improve ratings

54 0 10 20 30 40 50 60 70 80 90 100 1

Standard & Poor’s Moody’s

Fitch Ratings

80

80

80

80

72

72

72

72

59

Long-term rating

59

59

A1

59

59

A+

A+

55 5

55

55

…To become one of the sector’s leader consisten focus on sustainable fina …To become one of the b sector’s leader consistent focus on su tainable fina To become one of the b sector’s leader consi tent focus on sustainable finan To becom one of the sector’s leader con isten focus on sustainable fina

C+/prime

C+/prime

C+/prime

C+/prime

C/prime C/prime C/prime C/prime C/prime C/prime

Short-term rating

A-1 P-1 F1

2017 2019

2 018 2 020

Perspective Negative Stable Negative

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

PROFILE

Key figures 2020 In 2020, Natixis posted positive net income for the full year thanks to a marked rebound in its business lines. These good results demonstrate the agility of its business model and the daily commitment of its teams to serving its customers. Through its results and its solid financial position, Natixis demonstrates its ability to create sustainable value for all its stakeholders and also returns to dividend payments.

Financial results

(in millions of euros)

2020 (1)

2019 (1)

2018

2017

2016

Net revenues

7,306

8,485

9,616

9,467

8,718

Gross operating income

1,478

2,369

2,793

2,835

2,480

Pre-tax profit

579

2,745

2,661

2,651

2,287

NET INCOME (GROUP SHARE) REPORTED

101

1,897

1,577

1,669

1,374

Cost/income ratio reported

79.8%

72.1%

71.0%

70.1%

71.6%

77.3%

71.3%

70.9%

68.9%

71.4%

Underlying cost/income ratio (2)

RoE reported

-0.1%

11.1%

9.2%

9.6%

7.9%

2.4%

7.8%

9.4%

9.9%

7.9%

Underlying RoE (2)

RoTE reported

-0.1%

14.3%

11.8%

11.9%

9.9%

3.0%

10.0%

12.0%

12.3%

9.9%

Underlying RoTE (2)

BUSINESS LINES

Net revenues by business line (in €m)

Pre-tax profit by business line (in €m)

R OE (4) after tax by business line (in %)

2,479

378 50

8,365

846 423

7,360

12.1%

431 901

1,087

1,266

3,760

393 42

3,225

5.2%

786

3,337

2,803

757

-105

31/12/20

31/12/20

31/12/19 31/12/20

31/12/19

31/12/19

Corporate & Investment Banking

A WM (3)

P ayments

I nsurance

(1) The intermediate 2019 and 2020 balances were restated following the announcement of the sale of a 29.5% stake in Coface, as disclosed on April 20, 2020. The intermediate 2019 balances were restated for the sale of retail activities to BPCE SA.

(2) Excluding exceptional items. (3) Asset & Wealth Management. (4) Reported figures including non-recurring items. Excluding non-recurring items, ROE 2019 of 12.5%, ROE 2020 of 6.2%.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

PROFILE Key figures 2020

FINANCIAL STRUCTURE

Common Equity Tier 1 ratio Basel 3 (phased) (%)

RWA Basel 3 (phased) (in €bn)

Total assets (in €bn)

110.7

11.6 %

11.3%

12.3% (1)

109.2

520.0

10.9 %

10.8 %

495.3

496.8

105.0

495.5

99.0

31/12/19 (2)

31/12/20

31/12/20

31/12/20

31/12/17

31/12/18 31/12/19

31/12/19

31/12/17

31/12/18

31/12/19

31/12/17

31/12/18

STOCK MARKET AND SHAREHOLDING

Net dividend per share in 2020 (3) € 0.0 6

Book value per share in 2020 € 4.14

Earnings per share - € 0.01

Extra-financial results

~ € 2.5 bn of State-guaranteed loans (EMP) paid at 31/12/2020

Outstanding in assets under management SRI certified € 1,082 bn

Bank in the ranking of women in SBF 120 governing bodies N°1

(1) In accordance with the ECB's recommendations, the 2019 dividend was reintegrated into Natixis' capital - see the press release of 31/03/2020. (2) Restated. (3) Proposal of an ordinary dividend per share of €0.06 submitted to the Shareholders' Meeting of May 28, 2021.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

BUSINESS MODEL

Natixis: a diversified financial player aiming for a sustainable impact

Challenges

Our four business lines

Our assets

Energy transition and climate change

Teams that are committed… More than 16,000women andmen fromvarious horizons. … and agile 98% of employees worked remotely during the lockdown period.

Asset & wealth management VALUE PROPOSAL: Combination of a

multi-boutique alpha generating model with an industrial managemen t platform serving major institutional investors.

A distinctive corporate culture, the Purple Way Three values that express our identity: sustainable impact, entrepreneurial spirit, collective intelligence.

Corporate & Investment banking VALUE PROPOSAL: Development of solutions based on solid industry expertise around our clients and supporting their transition.

Digitalization of processes New uses

Strong expertise focused on innovation and sustainable finance.

An international presence in 36 countries.

INSURANCE VALUE PROPOSAL:

3,900 customers entreprises, ibanks and sovereigns who trust us. A majority shareholder that is stable and committed to the long term: BPCE.

Comprehensive life and non-life insurance offer f or cust omers of Gr oupe BPCE network s.

Increased regulatory pressure

Payments VALUE PROPOSAL: Control of flows across the whole payment chain o f value promoting the integration o f F intechs.

A solid financial structure with a CET1 of 11.6%.

Over 8,000 suppliers in all our regions.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

BUSINESS MODEL Natixis: a diversified financial player aiming for a sustainable impact

Our added value for our stakeholderss

Opportunities

OUR CLIENTS V 2 nd largest European asset manager with more than €1,117 billion (excl. H20 AM) under management V €128 billion in outstandings to companies V Top ten issuers of green and sustainable bonds in euros OUR EMPLOYEES V Deployment of specific programs to support the transformation of jobs and skills (e.g. Step Up Academy) V Employee school development (around a hundred flash surveys) to strengthen ties and commitment OUR SHAREHOLDERS V The business lines (savings, insurance and payments) serving customers Banque Populaire and Caisse d'Epargne networks OUR SUPPLIERS V Over €1.3 billion in purchases that contribute to the economic development of our regions THE COMPANY V Multiple actions to support caregivers, research or the most disadvantaged to respond to the Covid health crisis V  Arranger of the largest social bond in the world with UNEDIC in May 2020 THE ENVIRONMENT V Leader in the financing of renewable energies with 6.5 GW renewable electricity capacity financed in 2020 V The only bank to develop a capital allocation tool linked to the climate impact: Green Weighting Factor V First bank to make measured and dated commitments for biodiversity protection with act4nature international

Expertise in green and sustainable finance

Cost control Diversification of the business portfolio

Team agility New services

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

STRATEGY

Strategic plan NEW DIMENSION 2018-2020

The initiatives rolled out as part of the New Dimension strategic plan, completed at the end of 2020, enabled Natixis to continue its development and strengthen its agility.

Creating value for customers in the four business lines

ASSET & WEALTH MANAGEMENT

CORPORATE AND INVESTMENT BANKING

Ambition

Ambition

Asserting our position as world leader in active management, through size, profitability and ability to innovate

Becoming a leading bank in four key sectors and being recognized as a bank for innovative solutions

Achievements VV Reinforcement of the innovative “origination-distribution” model by extending it to a broader base of investors VV Strengthening our expertise and capacity for innovation , particularly in our four key sectors (Energy & Natural Resources, Aviation, Infrastructure, Real Estate & Hospitality) VV Network development in mergers and acquisitions (M&A) : Natixis is ranked number ten in the ranking of M&A advisory banks in France in 2020, up four places compared to 2019 (source: L'Agefi hebdo of January 7, 2021) VV Supporting customers in the energy transition thanks to the “Green & sustainable hub” global center of expertise and the development of the “Green Weighting Factor”. Structuring in 2020 of the largest social bond ever issued for €5 billion VV Strategic repositioning of certain activities: a a transfer of the “Equity Cash & Research” activity a a discontinuation of the most complex products and refocusing on Groupe BPCE’s networks and strategic clients for the equity derivatives business a a decision to exit from shale oil and gas activities in the United States

Achievements VV Creation of a European leader in rate and insurance management on behalf of large institutional clients, with the merger between Ostrum Asset Management and La Banque Postale Asset Management VV Targeted strengthening of the product range , in particular on alternative management, thematic and customized solutions VV Strengthening governance of the multi-affiliate model of Natixis Investment Managers and active management of the affiliate portfolio VV Creation of the Natixis Investment Managers brand and increased visibility VV Strategic repositioning of private banking and simplification of the business model

Manager of European assets Natixis Investment Managers 2 nd

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

STRATEGY Strategic plan NEW DIMENSION 2018-2020

INSURANCE

PAYMENTS

Ambition

Ambition

Strengthening the position o f leading insur er in France

Becoming a pure payments player in Europe

Achievements VV Unique insurance platformserving customers of the Banque Populaire and Caisse d'Epargne networks: fully‑fledged bancassurer VV Redesigned and enhanced offers on life and non-life activities VV Digital customer journeys of the highest standards for clients and advisors of the Banque Populaire and Caisse d'Épargne networks VV Combined ratio at the best level

Achievements VV Innovative solutions in growing segments (e-commerce) thanks to the Fintechs portfolio VV Positioning on the “Banking As a Service” market with the Xpollens payment solution VV Strengthening relations with the Banque Populaire and Caisse d'Epargne networks: from producer to partner-expert in payment solutions

Transforming to gain agility

Make culture a lever f or emplo yee engagement Natixis launched an unprecedented approach at the height of the economic and financial crisis. Objective: identify practices and behaviors that reflect its corporate culture. The participatory approach mobilized nearly 400 employees around approximately 40 workshops and discussion forums, as well as an upstream survey. Result: “Purple Way” Natixis' trademark, highlighted three key values: sustainable impact,

Simplified andmore agile operatingmethods, f or e xample

VV Deployment of the “Easy” program , giving employees more flexibility in their working methods (e.g. deployment of laptops for all and collaborative tools). VV Implementation of a new leadership mode l and an approach to simplify organizations (reduction of hierarchical layers). VV TEO program targets exceeded (~€340 million) and cost flexibility proven with the crisis.

sentrepreneurial spirit, collective intelligence.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

STRATEGY

Strategic choices to pr epar e for the fu ture

At the end of November 2020, Natixis adopted a series of structuring decisions in order to lay a solid foundation for preparing its next strategic plan for 2024.

Finalization of the merger between Ostrum Asset Management (Natixis) and Banque PostaleAssetManagement. CreationofaEuropean leader in interest rateand insurance management. With €1,117 billion in assets under management, Natixis Investment Managers has become the second-largest European asset manager.

Development of our business lines

Evolution in the relationshipbetweenNatixis InvestmentManagers andH2OAsset Management. Towards a gradual and orderly outcome of this partnership.

Repositioning of the equity derivatives business. Exit frommost complex products and tightened exposure limits on low/medium risk products. Refocusing on Groupe BPCE’s networks and Natixis' strategic clients, i.e. a reduction in the number of clients frommore than 400 to around 50.

Launch of a transformation and operational efficiency program.

of perennial recurring cost savings identified by 2024 ≈€ 350 M

Company transformation

Continued development of the center of expertise in Porto which has 900 employees.

Complete exit from shale oil and shale gas by 2022 with a -25% reduction in exposure already achieved over 2020.

Exit of shale O&G (in €bn)

~1.1

in exposure to independent producers in the United States since 31/12/19 - 25 %

~0.8

20% reduction in exposure to the Oil & Gas sector thanks in particular to the refocusing of the trade finance activity.

Financing for the energy transition

~0.4

0

21/12/20

21/12/20

2021 target

2022 target

Reduction in the cost of risk related to these commitments. Greening of the portfolio in line with the development of Gr eenW eigh ting F actor.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

STRATEGY Strategic choices t o pr epar e for the fu ture

Supporting customers towards economic recovery

Proximity, responsiveness, innovation… Natixis teams worked hard throughout the year to support customers and help them prepare for the future.

Asset & Wealth Management

Insurance

Corporate & Investment Banking Increased commercial focus on the needs of clients in terms of financing, hedging and investment solutions. ~€2.5 billion in State Guaranteed Loans (EMP) at 31/12/2020. Increased interactions between clients and the economic research team, including sectoral focuses (Real Estate, Infrastructure, etc.) and sessions dedicated to “C-suites”.

Participation in the economic recovery plan via the “ Insurers - Caisse des Dépôts Relance Durable France” investment program to the tune of €60 million and other market initiatives. Contribution to the national solidarity fund for which the total contribution from French insurers amounts to €400 million . Implementation of extra-contractual measures for the benefit of policyholders in the pandemic context.

Payments

Launch of the Natixis Access Series platform to help clients better understand market issues (webinars, podcasts hosted by economists, financial market experts and portfolio managers). Labeling of the Mirova dynamic employment fund to direct savings towards economic recovery plan projects.

Innovative payment solutions/facilities provided by Fintechs (PayPlug with sauvetonresto.com, etc.). Facilitate retailers' click & collect experience thanks to online payment.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

GOVERNANCE

Committed and agile governance

Board of Directors as at March 1, 2021

15 Directors

15 Meetings (in 2020)

47 % Rate of diversity

96 % Rates of attendance

12 Training sessions

Directors from BPCE 2

4 Directors from

Caisse d'Epargne

Catherine Halberstadt

Laurent Mignon CHAIRMAN

Daniel de Beaurepaire

Dominique Duband

Nicole Etchegoïnberry

Christophe Pinault

Directors from Banques Populaires 4

5 Independent directors

BOARD OFDIRECTORS

Alain Condaminas

Sylvie Garcelon

Anne Lalou

Bernard Oppetit

Catherine Pariset

Diane de Saint Victor

Nicolas de Tavernost

Philippe Hourdain

Catherine Leblanc

Other attendants to the Board Social and Economic Committee Representatives Sylvie Pellier Laurent Jacquel Auditors Deloitte & Associés Pricewaterhousecoopers

Nicolas Namias CHIEF EXECUTIVE OFFICER

Non-Voting Member

Chief Financial Officer Nathalie Bricker

General Secretary André-Jean Olivier Board Secretary Karine Pinault

Henri Proglio

SPECIAL COMMITTEES OF THE BOARD OF DIRECTORS AS AT MARCH 1, 2021

STRATEGIC COMMITTEE

RISK COMMITTEE

AUDIT COMMITTEE

COMPENSATION COMMITTEE

APPOINTMENTS COMMITTEE

ESR COMMITTEE

16 members

5 members

5 members

7 members

6 members

4 members

Attendance 100 %

Attendance 88 %

Attendance 92 %

Attendance 97 %

Attendance 97 %

3 Meetings

8 Meetings

5 Meetings

4 Meetings

6 Meetings

Created on 17/12/2020

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

GOVERNANCE Committed and agile governance

SKILLS MAPPING

EXPERTISE KNOWLEDGE

Specific meetings dedicated to crisis management In the context of the health crisis, the Board of Directors, working alongside the General Management, regularly monitored the situation: two exceptional Board meetings and one meeting of the Risk Committee were dedicated to crisis management (business continuity plan, employee safety, disaster recovery scenario, etc.). The arrangements for organizing

CORPORATE & INVESTMENT BANKING INSURANCE PAYMENTS

ESR / SUSTAINABLE DEVELOPMENT BANK

GOVERNANCE / LEGAL

ASSET & WEALTH MANAGEMENT

RISKS / REGULATORY MONITORING BUSINESS STRATEGY

FINANCE (INCLUDING ACCOUNTING) CORPORATE MANAGEMENT

HR INTERNAL CONTROL / AUDIT

DIGITAL / TECHNOLOGY

INTERNATIONAL

6

7

5

11

5

7

7

meetings, mostly remote, have been adapted to the circumstances.

11

3

14

12

12

6

9

7

9

8

7 7

7

6

6

5

4

3

3

2

2

2

1

˜ Expertise ˜ Knowledge

Senior Management Committee as at March 1, 2021

Chief Executive Officer

36 % Rates of diversity

11 MEMBERS

NICOLAS NAMIAS

Heads of the four business lines

Heads of the main functional departments

NATHALIE BRICKER Chief Financial Officer and Executive Officer

ANNE-CHRISTINE CHAMPION Global co-head of Corporate & Investment Banking

MOHAMED KALLALA Global co-head of Corporate & Investment Banking

ANDRÉ-JEANOLIVIER General Secretary

VÉRONIQUE SANI Technology & Transformation Director

CÉCILE TRICON-BOSSARD Human Resources Director

OLIVIER VIGNERON Chief Risk Officer

PIERRE-ANTOINE VACHERON Head of the Payments division

JEAN RABY Head of the Asset &Wealth Management division

FRANÇOIS CODET Head of the Insurance division

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

RISK MANAGEMENT

Risk management: a key issue

The economic and financial crisis has shaken the global economy and financial markets and has had a very significant impact on risk management. Natixis has adapted its systemand implemented a series of measures to continue its business in a secure environment, protect the health of our employees and respond to new requests from its customers.

Risk governance

Natixis has set up a risk management system rolled out throughout the Company and supervised by the Board of Directors.

BOARD OF DIRECTORS and its specialized committees

SENIOR MANAGEMENT COMMITTEE

Main committees chaired by Senior Management contributing to risk supervision

Global Risks Committee

Culture & Conduct Committee

Specialized Risks Committees (Credit, Market, Operational, Model, etc.)

ALM Committee

BPCE

FIRST LINE OF DEFENSE

SECOND LINE OF DEFENSE

THIRD LINE OF DEFENSE

Control Functions Coordination

COMPLIANCE FUNCTION

Group Internal Control CoordinationCommittee (3 CIGs) and SpecializedCommittees

OPERATIONAL DEPARTMENTS Controls 1.1 (operational) Controls 1.2 (hierarchical/functional)

COMPLIANCE ITSS-BC

GENERAL INSPECTION

Committee (CFCC)

ITSS-BC FUNCTION

RISKS FUNCTION

RISKS

FINANCIAL CONTROL FUNCTION

PERMANENT FINANCIAL CONTROL LOD2

INTERNAL AUDIT FUNCTION

Permanent control under the responsibility of the Secretary General

Periodical controls

The business continuity and recovery plan field-tested The Compliance and Risk teams were at the forefront of deploying the Business Continuity Plan (BCP).

In a few days and at the height of the health crisis, 98% of employees were able to work remotely in a secure manner. This operation was facilitated thanks to the early adoption of teleworking, the equipment of employees with laptops and collaborative work training. More complex and unprecedented situation for market and treasury activities. Market operators have had to adopt remote working and adapt to this new environment in a context of high market volatility. This operation was successful thanks to a continuity system regularly tested by first and second level controls and recurring crisis management exercises.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

RISK MANAGEMENT Risk management: a key issue

A proactive approach to risks to manage the crisis

Credit risk is the risk of financial loss due to a debtor’s inability to honor its contractual obligations. CREDIT RISK

IMPACT OF THE ECONOMIC AND HEALTH CRISIS

ACTIONS IMPLEMENTED

V G eneral deterioration in the economic environment and financial situation of counterparties. V T emporary contraction of syndication activities.

Very high selectivity for new operations. Review of portfolios vulnerable to the health crisis and implementation of risk reduction measures.

Breakdown of the cost of risk in 2020 (1)

162 bps

128 bps

123 bps

-30 %

117 bps

94 bps

-10 %

-40 %

-40 %

Active management of distribution risk.

-70 %

-90 %

-60 %

-60 %

(1) Cost of risk excluding credit institutions. Cost of risk expressed in bps of total outstandings, beginning of period. Main impacts related to COVID-19: IFRS 9, fraudulent credit counterparties, airlines​

2020

1st quarter 2020

2nd quarter 2020

3rd quarter 2020

4th quarter 2020

COVID-19 impacts

Cost of risk excl. COVID-19

Market risk is the risk of loss in value caused by any adverse fluctuations in market parameters. MARKET RISK

IMPACT OF THE ECONOMIC AND HEALTH CRISIS

ACTIONS IMPLEMENTED

Change in regulatory VaR (1-day 99%VaR) and stressed VaR (1-day 99% SVaR)

Daily monitoring with senior management. Reduction of exposure on the most sensitive portfolios. Special attention to the valuation of transactions.

V V ery high volatility in all markets worldwide, particularly in equities and commodities (oil).

(in €M)

40 35 30 25 20

15 10 5 0 31/12/19 31/01/20 28/02/20 31/03/20 30/04/20 31/05/20 30/06/20 31/07/20 31/08/20 30/09/20 31/10/20 30/11/20 31/12/20 VaR réglementaire VaR stressée réglementaire

Operational risk is the risk of loss resulting from an inadequacy or failure of internal processes. OPERATIONAL RISK

IMPACT OF THE ECONOMIC AND HEALTH CRISIS

ACTIONS IMPLEMENTED

Support in the implementation of the remote working system. Adjustment of operational and legal processes to the context. Special attention to trading activities. Strengthening of the risk management system related to outsourced services.

V R isks related to the implementation of generalized remote working. V I ncreased risk related to outsourced services, internal and external fraud, and cybercrime.

30 incidents directly related t o in ternal or service provider failures due t o the heal th crisis (based on incidents identified/ declared as at 31/12/2020)

< € 1 M financial impact of incidents directly related t o the health crisis (based on incidents identified/ declared as at 31/12/2020)

Structural balance sheet risks cover the risk of managing the bank’s liquidity in order to meet its liquidity commitments, the risk of losses linked to changes in interest rates and credit spreads in bank portfolios, structural foreign exchange risk and the management of regulatory constraints and ratios. STRUCTURAL BALANCE SHEET RISKS

IMPACT OF THE ECONOMIC AND HEALTH CRISIS

ACTIONS IMPLEMENTED

V Acute liquidity

Liquidity coverage ratio

Leverage ratio (2)

Activation of Contingency Funding Plan (CFP) by Natixis and BPCE to manage the liquidity crisis and support business line needs (EMP, markets).

crisis with a peak in March-April. V Closing of the wholesale market in euros. V Implementation of quantitative easing by central banks.

4.7 % 4.6%

4.5 %

4.4 %

126 % 126 %

4.1 %

124 %

112 %

105%

(2) L everage ratio: see section 3.3.2.2 of Chapter [3].

31/12/19

31/12/19

31/12/20

31/12/20

31/03/20

31/03/20

30/06/20

30/09/20

30/06/20

30/09/20

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

ESR COMMITMENTS

Committed to sustainable finance

Natixis places environmental and social responsibility at the heart of its strategic ambitions. ESR/ESG commitments permeate all of its business lines and functions and support customers towards a sustainable business model.

The ESR policy has three priorities

Development of sustainable business

Direct impact & mobilization

Risk management

Contributing to the energy transition and helping clients move towards a sustainable business model.

Raising employee awareness, reducing the environmental footprint, responsible purchasing, commitment to solidarity initiatives.

Integration of ESG criteria in our financing and investments.

Support for the Sustainable Development Goals (SDGs)

The Group ’s ESR policy actively contributes to 13 SDGs in its business lines and operations

Solidarity: very strong employee engagement

Employees have been involved in general interest projects for many years. In 2020, this commitment accelerated to tackle the health crisis. Nearly 85 solidarity initiatives have been rolled out worldwide. In France, the Tous mobilés contre la COVID-19 platform enabled employees to donate their time or make financial donations to three charities: Samu Social de Paris, Action Against Hunger and Tous Unis contre le virus. To support this outpouring of solidarity, Natixis has implemented a matching scheme for all donations made around the world.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

ESR COMMITMENTS Climate action

Climate action

Natixis pursues a proactive policy to reduce the impact of its activity on the environment, by integrating the risks linked to climate change, pollution, loss of biodiversity or the increasing scarcity of resources. To complywith the scenario of limiting global warming to 2°C, Natixis leads its financing and investments towards a lowcarbon economy.

FINANCING THE ENVIRONMENTAL TRANSITION

ENVIRONMENTAL RISK MANAGEMENT

VV Renewable energy: €1.5 billion arranged in 2020 VV Green Bonds: €15.9 billion arranged in 2020 VV Natural capital: €110millionmanaged byMirova

VV Sector policies: selection and exclusion linked to environmental risks: timetable for the total phase-out of coal VV Signature of the Equator Principles since 2010 VV ESG risk monitoring tool integrated into our compliance and risk systems

DECARBONIZING OUR PORTFOLIOS

Natixis combines actions on its own operations and on its financing and investment portfolios to support the environmental transition.

VV Work tomeasure the carbon footprint of financing with the Green Weighting Factor proprietary tool VV Assessment of the trajectory of all Mirova portfolios with a trajectory of 1.5°C VV Natixis Assurance in line with its objective of aligning the investment portfolio with the Paris Agreement by 2030

REDUCING OUR DIRECT CARBON FOOTPRINT

VV 40% reduction in our energy consumption since 2010 VV Mobility plan to support the development of active transport VV Responsible digital program to reduce the impact of our digital equipment and uses

VV Integration of climate and environmental issues in shareholder dialog VV Integration of ESG criteria into the voting policies of asset management affiliates SHAREHOLDER ENGAGEMENT

The biodiversity commitments of Natixis as part of the act4nature international initiative Natixis was the first bank to publish its biodiversity commitment as part of act4nature international, an initiative launched by the French Entreprise pour l'Environnement (EPE) association. Objective: to integrate biodiversity into its activities and business lines through a series of concrete, measurable commitments over time, including: V Supporting clients’ environmental transition by systematically integrating biodiversity issues into the sustainable finance offering by 2021. V Measuring the impact of biodiversity on client portfolios, financing and a portion of assets managed on behalf of third parties. V Incorporating biodiversity criteria into the ESG analysis and shareholder dialog of asset management for the most material sectors. V Increase the assets under management dedicated to natural capital (Mirova) and the protection of water resources (Thematics) to €2 billion by 2023.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

1

PRESENTATION OF NATIXIS

1.1

History and links with BPCE

22

1.3

2021 investor relations

calendar

36

1.1.1 1.1.2

History

22

Financial solidarity mechanism

1.4

Contacts

36

with BPCE

23

1.2

Natixis’ businesses

24

1.2.1 1.2.2 1.2.3 1.2.4 1.2.5

Asset & Wealth Management

24 27 32 34 35

Corporate and investment banking

Insurance Payments

Financial investments

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

1 PRESENTATION OF NATIXIS History and links with BPCE

History and links with BPCE 1.1

History

1.1.1

1818 The first Caisse d’Epargne is established in Paris to promote, collect and manage the general public’s savings. The passbook savings account is launched

1949 Banque Française du Commerce Extérieur (BFCE) is founded to finance international trade deals

1919 Crédit National is founded to help rebuild France after the destruction caused by World War I

1878 The first Banque Populaire bank is established. The Banque Populaire banks are founded by and for the entrepreneurs with the aim of pooling funds to finance their projects

1921 Caisse Centrale des Banques Populaires is founded

2009 Groupe BPCE, the N°.2 banking group in France, is formed from the merger of CNCE and the Banque Fédérale des Banques Populaires

1999 Natexis Banques Populaires is founded from the contribution of the operating activities of Caisse Centrale des Banques Populaires to Natexis S.A

2004 Caisse Nationale des Caisses d’Epargne buys CDC IXIS, established in 2001. Caisse d’Epargne Group thus becomes a full-service bank

1999 Caisse Nationale des Caisses d’Epargne (CNCE) is founded

2009 Natixis launches its 2009-2013 strategic plan New Deal; securing its position as the corporate and investment banking, savings, solutions and specialized financial services arm of Groupe BPCE

2006 Natixis is founded from the merger of IXIS and Natexis Banques Populaires

2019 BPCE Group and Natixis sign the Principles for Responsible Banking and commit to strategically aligning their activities with the United Nations’ Sustainable Development Goals and the Paris Agreement on climate change VV Natixisbecomes the first bank toactivelymanage the climate impact of its balance sheet by implementing the Green Weighting Factor VV BPCEGroupandBanquePostaleAssetManagement hold discussions to allowNatixis to become amajor European insurancemanager and euro fixed income manager

2017 VV Natixis creates the new Payments business line aimed at becoming a major player in the payments sector in Europe VV Natixis unveils its new brand territory and the new visual identity, reflecting its shared culture: the Purple Touch

2013 Natixis launches its 2014-2017 strategic plan New Frontier centered on the goal of becoming a bank for high value-added solutions, focused exclusively on its clients

2014 Natixis creates a unique insurance division, paving the way for Groupe BPCE to become a fully-fledged bancassurer

2018 VV Natixis launches its 2018-2020 strategic plan New Dimension, founded on three pillars: Deepen, Digitalize & Differentiate VV Groupe BPCE decides to transfer Natixis’ Special ized Financial Services business lines to BPCE S.A. in order to better meet clients’ needs across the Banques Populaires and Caisses d’Epargne networks

2020 VV During the health crisis, Natixis is stepping up support for its customers across all its business lines, with adapted products and services and ever more advice VV Natixis and La Banque Postale create a European leader in fixed-income and insurance-related asset management: Ostrum Asset Management, which provides an asset management offering and dedicated investment services VV Natixis announces its withdrawal from shale oil and gas and accelerates its exit from the coal industry

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020

PRESENTATION OF NATIXIS History and links with BPCE

Financial solidarity mechanismwith BPCE 1.1.2 Including Natixis, all the institutions affiliated with the central institution of Groupe BPCE benefit from a guarantee and solidarity mechanismthe purpose of which, according to Articles L.511-31and L.512-107-6 of the French Monetary and Financial Code, is to guarantee the liquidity and capital adequacy of all affiliated institutions, and to organize financial support within the Group. This financial support is based on legislative provisions imposing a legal solidarity mechanism by which the central institution is required to restore the liquidity or solvency of affiliates in difficulty, and/or all affiliates of the Group, by providing, as necessary, the total capacity and regulatory capital of all contributing affiliates. As a result of this fully-engaged legal solidarity mechanism, one or more affiliates cannot be placed in court-ordered liquidation nor be affected by the resolution measures within the meaning of Directive 2014/59 EU without this being is the case for all the affiliates.

1

passu securities, who would be more affected than holders of senior non-preferred external debt, who, in turn, would be more affected than holders of senior preferred external debt. In the event of resolution, identical write-down and/or conversion rates would be applied to the debts and credits of the same ranking and irrespective of their association to any given affiliated entity, and in the order of the hierarchy set out above. Only the entities not concerned by court-ordered liquidation nor resolution measures and which do not contribute to the Group solidarity mechanism, as is the case of Natixis, are excluded from contributing to the bail-in of other failing affiliates. It should be noted that the guarantee funds referred to above comprise a Groupe BPCE internal guaranteemechanismactivated at the initiative of the BPCE ExecutiveBoard, or the competentauthority dealing with banking crises which may request their use if deemed necessary. A resolution procedure may be initiated against Groupe BPCE if (i) the Group’s default is proven or foreseeable, (ii) there is no reasonableprospect that another measure could prevent this default within a reasonable timeframe and (iii) a resolution measure is required to achieve the resolution objectives: (a) guarantee the continuity of critical functions, (b) avoid significant adverse effects on financial stability, (c) protect Government resources by minimizing the use of exceptional public financial support and (d) protect the funds and assets of customers, in particular those of depositors. An institution is considered in default when it does not comply with the conditions of its authorization, if it is unable to pay its debts or other commitmentswhen they fall due, or if it requests exceptional public financial support (subject to limited exceptions)or the value of its liabilities exceeds that of its assets. In addition to the bail-in power, resolution authorities are given expandedpowers to implementother resolutionmeasures in relation to failing institutionsor, in certain circumstances,their groups, which may include, among others: the sale of all or part of the activity of the institution to a third party or a bridge institution, the separation of assets, the replacement or substitutionof the institutionas debt or of the debt instruments, changes in the terms and conditions of the debt instruments (including modification of the maturity and/or amount of interest payable and/or the temporary suspension of payments), suspension of admission to trading or official listing of the financial instruments, and the removal of executives or the appointment of a temporary administrator (special administrator) and the issue of capital or equity.

In accordance with Article L. 613-29 of the French Monetary and Financial Code, the judicial liquidation procedure is therefore implemented in a coordinated manner with regard to the central institution and all of its affiliates. Thus, in the event of difficulties for Natixis, (i) BPCE will firstly mobilize its own funds as a shareholder; (ii) if this is not sufficient, BPCE could call on the mutual guarantee fund created by BPCE, which at December 31, 2020 had a total of : €351.4 million in assets, contributed equally by the two Banque Populaire and Caisse d’Epargne networks, which are expected to grow through annual contributions (subject to the amounts that would be used in the event of calls for funds); (iii) if BPCE’s own funds and this mutual guarantee fund were not sufficient, BPCE couldcall (in equal shares) the guarantee funds of each of the two Banque Populaire and Caisse d'Epargne networks for a total amount of €900 million and the Mutual Guarantee Fund of the Banque Populaire banks and Caisse d’Epargne, made up of deposits made by the Banque Populaire banks and the Caisses d'Epargne in the books of BPCE in the form of term accounts with a term of ten years and renewable indefinitely, in the amount of €176 million at December 31, 2020. Lastly, (iv) if the use of BPCE’s equity capital and these three guarantee funds is insufficient, additional amounts would be requested from all the Banque Populaire banks and Caisses d’Epargne. In the event of court-ordered liquidation concerning all the affiliates, the external creditors of all the affiliates are managed by their ranking and in the order of hierarchy in an identical fashion and irrespective of their association with any given affiliated entity. Consequently, holders of AT1 capital and other pari passu securities would be more affected than holders of T2 capital and other pari

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