NATIXIS -2020 Universal Registration Document

5 FINANCIAL DATA

Consolidated financial statements and notes

Note 3

Consolidation scope

Deconsolidated entities Deconsolidationof the ThematicsMeta Fund in the first quarter of V 2020. The seed money invested in the fund was partially repaid, bringing Natixis IM’s stake below the 20% mark, corresponding to the deconsolidation threshold. Deconsolidation in the fourth quarter of 2020 of the following V entities following their liquidation: AEW Central Europe Romania, Arctic Blue Capital Ltd, Arctic Blue Capital Management Ltd, Loomis Sayles Solutions, LLC and CREA Western Investors I, Inc. As part of the simplification of the DNCA Group’s structure, the V companies DNCA Courtage and DNCA Luxembourg were subject to a Universal Transfer of Assets to DNCA Finance in the fourth quarter of 2020. In addition, DNCA Management, an entity wholly owned by NIM P3 and with a controlling stake in DNCA Finance, was absorbed by NIM P3. Deconsolidation in the fourth quarter of 2020 of the Thematics AI V and Robotics Fund after falling below the consolidationthresholds. Changes in percentage of ownership During the second quarter of 2020, within the buyback window V scheduled for 2020, the managers of DNCA exercised the put optionson a portionof their DNCAFinanceand DNCAManagement shares. Following these transactions,Natixis IM’s ownership stake in DNCA Finance and its subsidiaries (DNCA Courtage, DNCA Luxembourg, and DNCA Finance’s Milan branch) reached 85%, and its ownership stake in DNCA Management 100%. As a reminder, Vauban IP was cofounded in late 2019 by its V partner-managers(who owned 18.6% of the capital) and Natixis IM (owing 81.4% of the capital) as a spin-off of Mirova’s Infrastructure business. During the first quarter of 2020, the share held by the partner-managers grew by 20%, reaching the target ownership structure of the transaction. This lowered Natixis IM’s share in Vauban from 81.4% to 61.4%. Dorval Finance: the structure’s managers exercised their put V options and redeemed shares at the end of the first quarter of 2020. Following these transactions, Natixis IM’s ownership stake and control of Dorval became 88.7%. During the first half of 2020, some of the seed money invested in V the Thematics AI and Robotics fund was redeemed. As a result, Natixis IM’s share of that fund became 31%. During the third quarter of 2020, within the planned buyback V window, the managers of ThematicsAM exercised the put options on a portion of their shares, representing 10% of the share capital of Thematics AM. As part of the merger of the interest rate management and V insurance activities of Natixis IM and La Banque Postale AM, a large portion of LBP AM’s activities were transferred to Ostrum in the fourth quarter of 2020. Following this asset contribution, Natixis IM retains 55% of the capital of Ostrum, while La Banque Postale acquires a 45% stake. Restructuring NIM simplified the organizational structure of the AM holding V companies in the United States. On January 1, 2020,, Natixis US Holdings, Inc. absorbed Natixis InvestmentManagers LLC,a holding companywith an insignificant stake (1%) in Natixis Investment Managers LP, a company whose residual capital (99%) was also wholly owned by Natixis US. Holdings Inc. As part of this transaction, Natixis US Holdings Inc. was transformed into a limited liability company (LLC), then renamed Natixis Investment Managers US Holdings LLC.

3.1

Changes in consolidation scope

since January 1, 2020 The primary changes in scope that have taken place since January 1, 2020 are as follows: Corporate and investment banking 3.1.1 Deconsolidated entities During the first quarter of 2020, the Trez Commercial Finances V Limited Partnership was deconsolidated after falling below the thresholds. The Natixis Grand Cayman branch was closed in the third quarter V of 2020. Changes in percentage of ownership In the second quarter of 2020, the stake in Natixis Coficiné V increased from 99.9% to 100% following the buyback of shares from the executive officers. The shareholding rate in EDF Investissement Group increased V from 6.1% to 7.5% following two capital reductions in the second half of 2020. The shareholdingrate in the Azure entities increasedfrom52.2% to V 53.1% following the exit of non-controllinginterests in the first and fourth quarter of 2020. Asset & Wealth Management 3.1.2 Newly consolidated entities During the second quarter of 2020, Loomis Sayles Operating V Services LLC, intended for the operational support of Asset Management activities (service delivery, IT infrastructure) was created and consolidated. In order to developits distributionactivityin Europe,the Luxembourg V entityNatixisInvestment Managers S.A.createda branchin Belgium, Natixis InvestmentManagers S.A.,Belgian Branch, which has been consolidated since the third quarter of 2020. Consolidation of the Teora entity in the fourth quarter of 2020. V Natixis Wealth Management will transfer its life insurance brokerage activity to this subsidiary. During the fourth quarter of 2020, an additional Seed Money was V invested in the Thematics Subscription Economy fund, bringing Natixis IM’s stake to over 30%. On this occasion, the seeding periodwas extended beyond one year. As a result, this fund, whose assets exceed €60 million, is consolidated at December 312,020. As part of its expansion on the European continent, Loomis Sayles V has created a branch in the Netherlands (Loomis Sayles & Company, LP, Dutch Branch) in order to develop its fixed income expertise in the Eurozone. Loomis Sayles has also created a new entity, Loomis Sayles Alpha Luxembourg LLC, to facilitate the management of certain funds in Luxembourg. These two structures are consolidated in the fourth quarter of 2020. DNCA Finance has created a branch in Luxembourg to house the V former activities of its subsidiary DNCA Luxembourg. This branch was consolidated in the fourth quarter of 2020. In the fourth quarter of 2020, AEW Capital Management created V the Seaport Strategic Property Program I Co-Investors, LLC, in the context of the managementof a new real estate fund in the United States. This entity, wholly owned by AEW Capital Management, is consolidated as of December 31, 2020.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020