NATIXIS -2020 Universal Registration Document

OVERVIEW OF THE FISCAL YEAR Management report at December 31, 2020

B – Wealth Management In 2020, Wealth Management posted net inflows of €919 million mostly on the strength of the B2B Private Banking business brought by the networks, and significant Institutional inflows inLuxembourg. Assets under management totaled €30.7 billion, representing an increase of 1% year-on-year, driven by inflows that more than offset the negative market effect (extremely defavorable market effect recorded in first quarter). At the same time, outstanding loans increased by 6% to reach €2.2 billion with an increase concentrated in France. C – Employee Savings Plans Assets under managementat the end of December 2020amounted to €28.2 billion , up by €1.2 billion, or 4% compared to December 31, 2019, driven by a positive market effect (+€0.7 billion) and a favorable investment effect (+€0.5 billion). PERCO assets under management at €3.3 billion, increased by 13% compared to the end of December 2019, with a higher number of savers (+9%), confirming the role of retirement savings as a driver for the continued growth of the employee savings market. Average assets under management amounted to €25.8 billion over the year, down (-10%) year-on-year, mainly affected by the loss of Sanofi assets at the end of 2019.

In 2020 , the business line’s net revenues were significantlyup 19.5% to €177.8 million (+€29.0 million) comparedwith 2019. This increase is mostly due to the sharp increase in transaction fees, strong performanceof transaction fees and in AUM fees, and the solidity of the financial margin. Expenses amounted to €153.7 million , down 2% compared to 2019, reflecting the actions implemented to control costs.

As of December 31, 2020, net revenues at €99.1 million was down by €1.1 million, or 1% compared to December 31, 2019, attributable to the transfer of the Car Lease distance selling activities to BPCE Lease from June 2020, partially offset by the increase in net subscription fees from Car Lease (investor arbitrage). Expensesamounted to €77 million and were down by €5.9 millionor 7% compared to December 31, 2019, due to more capitalized IT projects (PACTE project), and lower operating expenses (impact of COVID-19 and cost control effort), partially offset by the increase in internal payroll costs, mainly fixed internal payroll costs (increase in provisions for paid leave and increase in employee benefits).

4

Corporate & Investment Banking division 4.2.2.2

Change 2020 vs. 2019 Current

2020

2019 pro forma

(in millions of euros)

Constant

Net revenues Global Markets

2,803 1,085 1,114

3,337 1,509 1,118

(16.0)% (28.1)%

(15.3)% (27.9)%

Fixed Income

(0.4)%

(0.1)%

Equity

(45)

417 (26)

(110.7)% (161.5)%

(110.7)% (161.5)%

XVA desk

16

Financing

1,300

1,408

(7.6)%

(6.5)%

Investment Banking

424

395

7.3%

8.3%

Other items

(5)

24

(121.8)%

(123.0)%

Banking operating expenses Gross operating income Provision for credit losses

(2,099.0)

(2,234.9) 1,101.8

(6.1)%

(5.4)%

704.4

(36.1)% 162.8% (114.5)%

(35.6)%

(818.9) (114.5)

(311.6)

Net Operating income

790.2

Associates

9.8 0.0

10.3

(5.1)%

Gains or losses on other assets Change in the value of goodwill Pre-tax profit

(14.8)

(104.7)

785.7 67.0% 6,719

(113.3)%

Cost/income ratio Equity (Average)

74.9% 6,998 (1.2)%

ROE

8.4%

In 2020, Corporate& InvestmentBanking net revenues amountedto €2,803 million, down 15.3% compared to 2019 at constant exchange rates.

Capital Market revenues totaled €1,085 million in 2020, down 27.9% compared with 2019 at constant exchange rates.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020