NATIXIS - 2021 Meeting notice combined general shareholder's meeting

MANAGEMENT REPORT AT DECEMBER 31, 2020

Interest rates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orex /@= DAEAL=< ;@9F?= AF L@= 0- 0. AJKL @9D> G> L@= Q=9J LG 9K G> %MF=a E9KC=< 9 D9J?= J9F?= OAL@ GML=JEGKL HGAFLK GF (9J;@a GF (9J;@a /@= B42>=3 70;5 >5 C74 H40A O9K E9JC=< :Q 9 KA?FA>A;9FL <=HJ=;A9LAGF G> L@= =J9LAGF G> 9FFGMF;=E=FLK G> =>>=;LAN= *1$ N9;;AF=K N9;;AF9LAGF ;9EH9A?FK 9F< AF H9JLA;MD9J L@= 9FFGMF;=E=FL G> 9 >AK;9D KLAEMDMK AF L@= 0FAL=< .L9L=K >M=D=< 9F 9HH=LAL= >GJ JAKC L@9L 9>>=;L=< L@= L@= >GJ " ;MJJ=F;A=K AF L@= K=;GF< @9D> G> L@= Q=9J >GJ '9LAF E=JA;9F ;MJJ=F;A=K 9F< >GJ KA9F =E=J?AF? ;MJJ=F;A=K 9F< >GJ =E=J?AF? ;MJJ=F;A=K AF L@= ( J=?AGF ?9AFKL L@AK :9;C G> L@= Q=9J AF;J=9KAF? >JGE 9 @9D> Q=9J DGO GF %MDQa LG 9 @A?@ GF =;=E:=Ja L@MK ;DGKAF? L@= Q=9J OAL@ 9F 9HHJ=;A9LAGF G> L L@= =F< G> L@= Q=9J L@= 0FAL=< &AF?J9E=OGJC >GJ J=D9LAGFK :=LO==F L@= LOG H9JLF=JK 9K G> %9FM9JQa >L=J <=HJ=;A9LAF? :Q AF L@= >AJKL @9D> G> L@= Q=9J 9?9AFKL L@= =MJG L@= HGMF< KL=JDAF? 9HHJ=;A9L=< :Q AF L@= K=;GF< @9D> 9F< ;DGK=< 9L H=J =MJG -=?9J G> L@= Q=9J 9F< =F<=< L@= Q=9J 9L ALK @A?@=KL D=N=D KAF;= LOG 9F< 9 @9D> Q=9JK L@= K@9JH AF;J=9K= AF =P;=KK DAIMA

Equity $F L@= >AJKL IM9JL=J G> 9 K=DDAF? EGN=E=FL G> MFHJ=;=<=FL=< E9?FALM<= O9K LJA??=J=< :Q L@= KHJ=9< G> L@= @=9DL@ ;JAKAK /@= E9PAEME ;MEMD9LAN= DGKK GN=J L@= >AJKL IM9JL=J :=LO==F !=:JM9JQa 9F< (9J;@a O9K >GJ L@= . +a 9F< >GJ L@= .33+ MJGKLGPPa ;LM9D 9F< AEHDA=< NGD9LADALA=K J=9;@=< J=;GJ< D=N=DK $F L@= K=;LGJK L@GK= @9J<=KL @AL O=J= L@= ;Q;DA;9DK H9JLA;MD9JDQ L@= LJ9N=D D=AKMJ= K=;LGJK 9K O=DD 9K GAD KLG;CK O@A;@ O=J= 9>>=;L=< :Q L@= >9DD AF L@= GAD HJA;= O@AD= L@= <=>=FKAN= K=;LGJK >GG< H@9JE9;=MLA;9DK 9F< L=;@FGDG?Q GMLH=J>GJE=< /@= E9AF KLG;C E9JC=L AF 9F =;GFGEA; :GMF;= :9;C 9F< E9KKAN= 9;LAGFK :Q ?GN=JFE=FLK 9F< ;=FLJ9D :9FCK HGKLAF? J=;GJ< @A?@K >GJ GN=J aQ=9JK $F L@= K=;GF< IM9JL=J G> L@= E9AF KLG;C E9JC=L AFA;9FL AF;J=9K=K OAL@ 9F AF;J=9K= AF L@= . +a G> L@= :=KL KAF;= L@= GO %GF=K L@= :=KL KAF;= 9F< L@= )9K<9I O@AD= MJGH= K9O 9F AF;J=9K= G> >GJ L@= MJGKLGPPa /@MK L@= >AJKL @9D> G> OADD @9N= :==F E9JC=< :Q 9F =NGDMLAGF G> L@= 0. AFGJ L@= . +a 9F< 9 )9K<9I K@GOAF? =P;=HLAGF9D H=J>GJE9F;= G> >A;MDLQ OAL@ H=J>GJE9F;= G> LG >GJ L@= MJGKLGPPa 9F< L@= MJG.LGPPa $F L@= L@AJ< IM9JL=J =IMALA=K GN=J9DD JGK= OAL@ 9F (. $ 2GJD< 0. MH "9AFK O=J= J=;GJ<=< AF %MDQ 9F< =KH=;A9DDQ AF M?MKL O@AD= L@= E9JC=L J=E9AF=< KMHHGJL=< :Q L@= J=GH=FAF? G> =;GFGEA=K '9KLDQ L@= =IMALQ AF L@= Q=9J OAL@ L@= 0. =D=;LAGFK 9K KMHHGJLAF? >9;LGJK Y KM??=KLAF? 9 K;=F9JAG <==E=< GHLAE9D G> 9 A<=F NA;LGJQ 9F< 9 -=HM:DA;9F .=F9L= Y 9F< =KH=;A9DDQ L@= 9FFGMF;=E=FL G> =>>=;LAN= *1$ N9;;AF=K /@= (. $ 2GJD< L@MK JGK= :Q AF L@= >GMJL@ IM9JL=J ;DGKAF? L@= Q=9J 9L ;GEH9J=< LG =;=E:=Ja 0DLAE9L=DQ 9DL@GM?@ 0. =IMALA=K JGK= K@9JHDQ AF >GJ L@= . +a L@= AEHJGN=E=FL L@9L :=?9F AF L@= K=;GF< IM9JL=J >K=L L@= >9DD AF L@= >AJKL IM9JL=J AF MJGH= 9F< L@= =F<=< L@= Q=9J GJ 9 MJGKLGPPa AF<=P

MANAGEMENT REPORT