NATIXIS - Document d'enregistrement universel et rapport financier annuel 2020

FACTEURS DE RISQUES, GESTION DES RISQUES ET PILIER III Facteurs de risques

Risques financiers Une dégradation des marchés financiers pourrait générer des pertes significatives sur les activités de marché de Natixis !;HM F? =;>L? >? M?M ;=NCPCNwM >? G;L=Bw ?N JIOL LwJIH>L? ;OR ? M?M =FC?HNM +;NCRCM ?MN ;G?Hw? r CHN?LP?HCL MOL F?M G;L=BwM @CH;H=C?LM HIN;GG?HN F?M G;L=BwM >? >?NN? >? =B;HA? >? G;NCvL?M JL?GCvL?M ?N >f;=NCIHM O =IOLM >? =?M >?LHCvL?M ;HHw?M F?M G;L=BwM @CH;H=C?LM IHN JO =IHH;{NL? >?M P;LC;NCIHM NLvM MCAHC@C=;NCP?M >;HM OH =IHN?RN? >? PIF;NCFCNw J;L@ICM ?R=?JNCIHH?FF? KOC JIOLL;C?HN M? LwJwN?L ?N M? NL;>OCL? J;L >?M J?LN?M MCAHC@C=;NCP?M MOL F?M ;=NCPCNwM >? G;L=Bw )?M J?LN?M wP?HNO?FF?G?HN =IHMN;Nw?M ?H L;CMIH >? F; @ILN? PIF;NCFCNw >?M G;L=BwM JIOLL;C?HN =IH=?LH?L JFOMC?OLM JLI>OCNM >? G;L=Bw ?N >? =IOP?LNOL? MOL F?MKO?FM +;NCRCM CHN?LPC?HN ); PIF;NCFCNw >?M G;L=BwM @CH;H=C?LM L?H> >C@@C=CF? F?M JLwPCMCIHM >? N?H>;H=?M F; GCM? ?H `OPL? >? MNL;NwAC?M >? A?MNCIH >? JILN?@?OCFF? ?@@C=;=?M ?N ;OAG?HN? wA;F?G?HN F? LCMKO? >? J?LN?M MOL F?M JIMCNCIHM H?NN?M ;=B?N?OM?M FILMKO? F?M JLCR <;CMM?HN ?N r FfCHP?LM? MOL F?M JIMCNCIHM H?NN?M P?H>?OM?M FILMKO? F?M JLCR ;OAG?HN?HN +;NCRCM ?MN ;CHMC JFOM J;LNC=OFCvL?G?HN ?RJIMw? ;OR @FO=NO;NCIHM >?M =IOLM >?M ;=NCIHM o NCNL? >f?R?GJF? F; =LCM? M;HCN;CL? ,3&! ; HIN;GG?HN ?O >?M CGJ;=NM >w@;PIL;? +;NCRCM NL;CN;HN >?M JLI>OCNM M?HMC? LCMKO? ;=NCIHM -?OP?HN HIN;GG?HN xNL? =CNw?Mn F; @ILN? B;OMM? >?M HCP?;OR >? PIF;NCFCNw >?M ;=NCIHM KOC ; =IH>OCN r V >?M CH=C>?H=?M HwA;NCP?M MOL F; P;FILCM;NCIH >?M JLI>OCNM IJNCIHH?FM CH>?RwM MOL ;=NCIHMn F; @ILN? <;CMM? IO Ff;HHOF;NCIH >?M >CMNLC? >CPC>?H>?M V ;HHIH=w?M FILM >?M ;MM?G?M AL;H>?M ?HNL?JLCM?M ;MMI=Cw? r F?OLM JLwPCMCIHM ?H H?NN? >CGCHONCIH KOC IHN ?O >?M CGJ;=NM HwA;NC@M MOL F?M JLI>OCNM MOL ;=NCIHM o NCNL? >fCH@ILG;NCIH =IH=?LH;HN F?M ;=NCPCNwM >? F; FCAH? >? GwNC?L ;HKO? >? AL;H>? =FC?HNvF? F? LCMKO? FCw ;OR ;=NCPCNwM >? G;L=Bw S = 3 L?JLwM?HN? n >?M /4 NIN;OR >? +;NCRCM ;O n>w=?G?M JLI>OCNM >wLCPwM >? +;NCRCM ?MN >wN?LGCHw? ?H N?H;HN =IGJN? >fOH =?LN;CH HIGf;DOMN?G?HNM ;>>CNCIHH?FM >IHN HIN;GG?HNn F; KO;FCNw >? F; =IHNL?J;LNC? L?>CN 3;FO? >DOMN?G?HN d 3 ?H V CHNwAL;HN >;HM F; P;FILCM;NCIH >?M CHMNLOG?HNM >wLCPwM F? LCMKO? >? =Lw>CN =ILL?MJIH>;HN ;O LCMKO? >? HIH J;C?G?HN >?M MIGG?M >O?M J;L F; =IHNL?J;LNC? ;MMI=Cw?n F? LCMKO? >? =Lw>CN JLIJL? >? +;NCRCM !?DOMN?G?HN d V !3 ?H CHNwAL;HN >;HM F; P;FILCM;NCIH J;MMCP? >?M CHMNLOG?HNM >wLCPwM F? LCMKO? JILNw J;L HIM =IHNL?J;LNC?M C ? J?LN?M JIN?HNC?FF?M KO? +;NCRCM @;CN =IOLCL r M?M =IHNL?J;LNC?M ?H =;M >? >w@;ON IO >? >wAL;>;NCIH >? M; JLIJL? KO;FCNw >? =Lw>CN n F? LCMKO? >? @OH>CHA #OH>CHA 3;FO;NCIH >DOMNG?HN d #3 ?H V CHNwAL;HN >;HM F; P;FILCM;NCIH >?M CHMNLOG?HNM >wLCPwM HIH IO CGJ;L@;CN?G?HN =IFF;NwL;FCMwM F?M =I€NM FCwM ;O @CH;H=?G?HN >?M @FOR @ONOLM >? NLwMIL?LC? ?M ;DOMN?G?HNM ;>>CNCIHH?FM =IGJN;;HM F? =IGJN? >? LwMOFN;N IHN OH CGJ;=N >CL?=N MOL F? -LI>OCN +?N ;H=;CL? ?N F?M =;JCN;OR JLIJL?M >? +;NCRCM CHMC F; =LCM? M;HCN;CL? ,3&! ; HIN;GG?HN ?O >?M CGJ;=NM >w@;PIL;?M MJL?;>M >? =Lw>CN >?M =IHNL?J;LNC?M >? +;NCRCM ?N >?M HCP?;OR >? =I€NM >? @CH;H=?G?HN MOL F? G;L=Bw o NCNL? >fCH@ILG;NCIH ;O n>w=?G?M L?F;NCIHM >? =IOP?LNOL? =IGJN;f?OLIM =IHNL? n nGCFFCIHM >f?OLIM ;O n>w=?G

L’accès de Natixis à certains financements pourrait être affecté négativement en cas de crise financière, de dégradation de sa notation et de celle du Groupe BPCE ); MNLO=NOL? >? L?@CH;H=?G?HN >? +;NCRCM L?JIM? >?JOCM MOL FfILA;HCM;NCIH >fOH? JF;N?@ILG? =IGGOH? >? L?@CH;H=?G?HN ?HNL? +;NCRCM ?N - " )? L?@CH;H=?G?HN >? +;NCRCM MOL F? GIS?H ?N FIHA N?LG? JIOL F? =IGJ;LNCG?HN >?M wGCMMCIHM YnP;HCFF?Mn^ JO? L;HA M?HCIL IO MOIHHw ?MN ?@@?=NOw ;O HCP?;O >O $LIOJ? - " J;L FfCHN?LGw>C;CL? >? - "n0 +;NCRCM L?MN? FfwG?NN?OL GIS?H ?N FIHA N?LG? >O $LIOJ? - " JIOL F?M IJwL;NCIHM >? L?@CH;H=?G?HN JLCPw?M MNLO=NOLw?M ); =LCM? M;HCN;CL? ,3&! ; ?HNL;{Hw F; @?LG?NOL? N?GJIL;CL? >?M @CH;H=?G?HNM r N?LG? >? G;L=BwM =? KOC ; ?O JIOL =IHMwKO?H=? Ff;OAG?HN;NCIH >?M NCL;A?M MOL F?M FCAH?M >? =Lw>CN >? F; J;LN >?Mn=FC?HNM =ILJIL;N?M ?N F; B;OMM? >O GIHN;HN >?M >wJ~NM onF;nMOCN?n>?M ;=NCIHM ?HA;Aw?M J;L F?M <;HKO?M =?HNL;F?M HIN;GG?HN F; " ?N F; #"! F? G;L=Bw >O L?@CH;H=?G?HN r N?LG? Mf?MN JLIAL?MMCP?G?HN LIOP?LN MOL F? G;L=Bw >IFF;L >;HM OH JL?GC?L N?GJM JOCM MOL Ff?OLI JIOL L?P?HCL r OH HCP?;O HILG;F ;O =IOLM >O GICM >? DOCH 1ION ;O FIHA >? F; =LCM? ,3&! F; MCNO;NCIH >? +;NCRCM ?H N?LG?M >? FCKOC>CNw ?HNCNw >O $LIOJ? - " ; @;CN FfIfOH MOCPC L;JJLI=Bw >? F; J;LN >? F; >CL?=NCIH AwHwL;F? )? ) / )CKOC>CNS IP?L;A? /;NCI >? +;NCRCM Mf?MN NIODIOLM wN;?M <;HKO?M =?HNL;F?M JLCH=CJ;F?G?HN F; " )1/, d )IHA 1?LG /?@CH;H=CHA ,J?L;NCIH ?N F; #"! -"-- d -;H>?GC= "G?LA?H=S -OL=B;M? -LIAL;GG? ?N >?M AIOP?LH?G?HNM F?M >C@@wL?HNM ;=N?OLM >O G;L=Bw @IH>M =ILJIL;N?M <;HKO?M M? L?NLIOP?HN >wMILG;CM F;LA?G?HN ?R=w>?HN;CL?M >? FCKOC>CNwM ?N =B?L=B?HN r F?M CHP?MNCL "H @;=? >? =?M ?R=w>?HNM F?M ? @CH;H=?G?HN >?M =FC?HNM >CGCHO?HN O F?M >C@@wL?HNM CH>C=;N?OLM >? MOCPC >? LCMKO? >? FCKOC>CNw HIN;GG?HN ) / $;J ?N 0NL?MM >? FCKOC>CNw >? +;NCRCM GIHNL?HN >?M JIMCNCIHM ?R=w>?HN;CL?M ;O L?A;L> >?M FCGCN?M CHN?LH?M #;=? r FfCGJ;=N >? F; =LCM? M;HCN;CL? ,3&! ?N ;OR CH=?LNCNO>?M FCw?M r F; =LCM? w=IHIGCKO? F?M ;A?H=?M >? HIN;NCIH #CN=B ?N 0N;H>;L> -IILfM IHN L?PO F?M J?LMJ?=NCP?M >? YnMN;? HIGIHN F?M <;HKO?M ?N HIN;GG?HN F? $LIOJ? - " ); MIFC>CNw @CH;H=CvL? >O $LIOJ? - " ;CHMC KO? F; @IL=? >? MIH GI>vF? >? <;HKO? >CP?LMC@Cw MIHN L?=IHHO?M J;L KO;NL? ;A?H=?M >? HIN;NCIH @CH;H=CvL? KOC IHN =IH@CLGw F; HIN;NCIH FIHA N?LG? M?HCIL JLw@wLwn *II>SfM J?LMJ?=NCP? MN;;L> -IILfM J?LMJ?=NCP? HwA;NCP? #CN=B J?LMJ?=NCP? HwA;NCP? ?N / & d /;NCHA ;H> &HP?MNG?HN &H@ILG;NCIH J?LMJ?=NCP? MN;? =Lw>CN >O $LIOJ? - " P?H;C?HN r xNL? L?PO?M r F; <;CMM? J;L F?M JLCH=CJ;F?M ;A?H=?M >? HIN;NCIH F; FCKOC>CNw >O $LIOJ? - " ?N J;L =IHMwKO?HN =?FF? >? +;NCRCM ;CHMC KO? F? =I€N >? @CH;H=?G?HN =ILL?MJIH>;HN JIOLL;C?HN xNL? ;@@?=NwM >? G;HCvL? >w@;PIL;w=F?H=B?L >?M I? M?M =IHNL;NM @CH;H=C?LM >? G;L=Bw Les variations de juste valeur des titres détenus par Natixis liées à l’évolution de la qualité de crédit de l’émetteur sont susceptibles d’avoir une incidence négative sur les capitaux propres de Natixis et sur sa solvabilité ? LCMKO? =IH=?LH? F?M NCNL?M >wN?HOM J;L +;NCRCM KOC MIHN =F;MMwM >;HM F; =;NwAILC? <;HECHA fOH? =IGJN;?M ;ONL?M wFwG?HNM >O LwMOFN;N AFI<;F , & +;NCRCM ?MN JLCH=CJ;F?G?HN ?RJIMw? r =? LCMKO? ;O NL;P?LM >?M CHMNLOG?HNM >? >?NN?M KOf?FF? >wNC?HN >;HM F? =;>L? >O =IOMMCH >f;=NC@M FCKOC>?M ? LCMKO? M? G;NwLC;FCM? J;L F; <;CMM? >? F; P;F?OL >?M ;=NC@M @CH;H=C?LM FCw? r FfwPIFONCIH >? F; KO;FCNw >? =Lw>CN >? FfwG?NN?OL JIOL F?M NCNL?M >? >?NN? 0/ d L?>CN 0JL?;> /CME CH NB? ;HECHA IIE O =IOLM >? F; =LCM? M;HCN;CL? ,3&! F?M MJL?;>M >? =Lw>CN L?@FwN;HN F; KO;FCNw >? =Lw>CN >?M wG?NN?OLM IHN @ILN?G?HN wPIFOw JLvM ;PICL =IHHO OH? @ILN? B;OMM? >wfOH? J?L=?JNCIH >wAL;>w?

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NATIXIS DOCUMENT D’ENREGISTREMENT UNIVERSEL 2020