NATIXIS -2020 Universal Registration Document

5 FINANCIAL DATA

Consolidated financial statements and notes

In addition: regarding the standard IFRS 16 “Leases” , the IFRS Accounting V Interpretation Committee (IFRS IC) provided details on the methods used to assess the enforceable term to be used for leases at its meeting of November 26, 2019. On July 3, 2020, the Autorité des Normes Comptables published a statement of conclusions relating to the measurement of lease assets and liabilities in accordance with IFRS 16, relating to French commercial leases. This statement of conclusion replaces the one published on February 16, 2018. The application of this set of details and considerations did not have a material impact on Natixis’ consolidated financial statements; regarding the identification of defaulted outstandings, Natixis has V taken into account the clarifications provided by the European Banking Authority (see New definition of default ) . The guidelines of the European Banking Authority (EBA) on the application of the definition of default under Article 178 of European Regulation No. 575/2013, applicable from January 1, 2021, and the provisions of European Regulation 2018/1845 of the European Central Bank relating to the threshold for assessing the importance of arrears on credit obligations, applicable no later than December 31, 2020, are intended to strengthen the consistency of financial statements. practices of European credit institutions in identifying defaults. The definition of defaulted loans is specified by: the introduction of a relative threshold and an absolute threshold V to be applied to payment arrears to identify default situations; the clarification of the criteria for a return to sound outstandings V with the imposition of a probationary period (three months for a return to sound and twelve months for restructured assets); and the introductionof explicit criteria for classifyingrestructuredloans V as default. Natixis applied these new provisions for the identification of defaulted outstandings from October 22, 2020. The details provided for the identification of loans in default remain consistentwith the criteria for assessing the doubtful nature of loans classifiedas Level 3 in applicationof the provisionsof IFRS 9 relating to the recognition of expected losses due to credit risk. The changes brought about by the application of the new provisions relating to defaulted loans did not have a significant impact on Natixis’ consolidated financial statements. IFRS 17, “Insurance Contracts” , published by the IASB on May 18, 2017, which will replace IFRS 4, “Insurance Contracts”, has not yet been adopted by the European Union. Initially applicable on January 1, 2021, with a comparison at January 1, 2020, this standard is now only expected to come into force fromJanuary 1, 2023. Indeed, at its meetingof March 17, 2020, the Board of the IASB decided to postpone its application for two years. It also decided to align the schedule for the temporary exemption from IFRS 9 for insurers so that it coincides with the application of IFRS 17 from January 1, 2023. IFRS 17 establishes the principles of recognition, measurement, presentation and disclosure for insurance contracts and investment contracts with discretionary participation.

Liabilities under these contracts, which are currently valued at historical cost, will have to be recognized at present value under IFRS 17. As such, insurance contracts will be valued based on their future cash flows, including a risk margin in order to factor in the uncertainty relating to these cash flows. IFRS 17 also introduces the concept of the contractual service margin. This represents the insurer’s unearned profit and will be released over time as services are rendered to the insured. The standard demands a more detailed level of granularity in calculations than previously as it requires estimates by group of contracts. These accounting changes could change the profile of insurance activities (particularly for life insurance) and also introduce greater income volatility. The insurance entities have set up project structures that are in line with the changes brought about by the standard and are continuing preparatory work: examination and documentationof the normative choices, modeling, adaptation of systems and organizations, production of financial statements and changeover strategy, financial communication and change management. Presentation of the consolidated 1.1.2 financial statements The consolidated financial statements have been prepared in accordancewith the assessment and presentationprinciples set out in Notes 2 and 5 below. Year-end 1.1.3 The consolidated financial statements are based on the individual financial statementsat December 31,2020 of the entities included in Natixis’ consolidation scope. Notes to the consolidated financial 1.1.4 statements Unless otherwise indicated, the figures given in the notes are expressed in millions of euros. 1.2.1 Natixis announced on February 25, 2020 that it had signed a sale contract with Arch Capital Group (an insurer and reinsurer in the United States) for 29.5% of the share capital and voting rights of Coface at a unit price per share of €10.70. This price was revised on August 28, 2020 to €9.95 per share, bringing the capital loss recorded to €145.6 million. The completion of the deal is contingent on approval from regulatory authorities. The signing of the contract of sale led Natixis to reassess the nature of its controlling interest in Coface. As the criteria that define exclusive control under IFRS 10 were no longer being met, it has been determined that Natixis no longer exercised exclusive control over Coface and as such no longer needed to fully consolidate it into its consolidated financial statements of February 25, 2020. However, Natixis continues to exercise significant influence. Natixis’ remaining 12.7% stake in Coface consequently was consolidated using the equity method effective January 1, 2020, for simplicity’s sake and to better reflect the impacts of that transaction in its consolidated financial statements. A parent company’s loss of exclusive control over a subsidiary is treated as two different types of transactions: first, (i) the sale of all shares in the subsidiary, and second, (ii) a new investment corresponding to the retained stake. Significant events 1.2 Coface

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020