NATIXIS // 2021 Universal Registration Document

4 COMMENTS OF THE FISCAL YEAR

Management report as of December 31, 2021

B – Wealth Management In 2021, the net bankingincomeof the businessline, at €184.9 million , wereup by 4% (+€7.6 million)comparedto 2020,whichhad recordeda record level of outperformancefees. The increaseis mainlydue to the increase in commissions on outstandings, as well as the good performance of the financial margin. Expenses amounted to €171.4 million, up by 12% compared to 2020, due in particular to the inclusion in 2021 of exceptional costs related to the restructuringof the Luxembourgsubsidiary and of the Real Estate Master Plan. Adjusted for these exceptional items, business line expenses increased by 4% (€6.4 million) compared to 2021, with a technical impact of accelerated depreciation of €1.2 million in 2021. C – Employee savings schemes Assets under managementat the end of December 2021amounted to €31.7 billion , up by €3.5 billion, or 13% compared to December 31, 2020, driven by a positive market effect (+€2.9 billion) and a favorable investment effect (+€0.6 billion).

PERCO assets under management at €3.9 billion, increased by 16% compared to the end of December 2020, with a higher number of savers (+5%), confirmingthe role of retirement savings as a driver for the continued growth of the employee savings schemes market. Average assets under management amounted to €30.1 billion over the year, up (+17%) year-on-year, mainly driven by market performance. At December 31, 2021, the net banking income of €110.3 million were up by €11.0 million or 11% compared to December 31, 2020, thanks to the improvement in management fees linked to the increase in average outstandings and the rate of compensation as well as the increase in invoicing. subscription commissions on better-priced funds. Expenses amounted to €82.8 million and were up by €5.8 million or +7% compared to December 31, 2020, in the absence of capitalization of IT projects in 2021, and to a lesser extent, under the effect of variable personnel costs, up due to profit-sharingexpenses and higher severance payments.

Corporate & Investment Banking division 4.2.2.2

Change 2021 vs. 2020 Current

2020 pro forma

2021

(in millions of euros)

Constant

Net banking income

3,651 1,560 1,131

2,770 1,071 1,105

31.8% 45.7%

33.7% 47.4%

Global Markets Fixed Income

2.4%

3.3%

Equity

427

(48)

XVA desk

2

14

(86.8)%

(86.8)% 10.6% 46.1% 23.5% 16.8%

Global Finance

596 613 882

551 421 728

8.2%

Investment Banking

45.6% 21.2% 15.7% 82.5% (79.7)%

Other items

(2,434)

(2,104)

Banking operating expenses Gross operating income

1,216 (167) 1,050

667

Cost of risk

(819) (152)

Net operating income

ns

Associates

10

10

4.5%

Gains or losses on other assets

1

0

Pre-tax profit

1,061

(143) (109) 75.9% 6,998 (1.6)%

ns ns

769

Net income (Group share)

Cost/income ratio Equity (average)

66.7% 7,853

ROE

9.8%

Capital market revenues totaled €1,560 million in 2021, up 47.4% compared with 2020 at constant exchange rates.

In 2021, Corporate & Investment Banking net banking income amounted to €3,651 million,up 33.7% compared to 2021 at constant exchange rates.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021