NATIXIS -2020 Universal Registration Document

FINANCIAL DATA Consolidated financial statements and notes

Pillar III” Note 3.2.7 “Balance sheet management” of the universal registration document) . Some entities are also subject to local regulations concerning liquidity and solvency. The share of encumbered assets that cannot be freely used is presented in Section 3.3.4 of Chapter [3] “Risk factors, risk management and Pillar III” of the universal registrationdocument. Despite the application of exchange controls in some countries, Natixis did not encounter difficulties transferring the dividends of subsidiaries located in these countries during the period. Assets representativeof unit-linkedpolicies from insurance activities measured under the fair value option are held for the benefit of policyholders.

3.3.2

Impact of changes in the percentage

of ownership in subsidiaries that remain under control

After obtaining the required regulatory approvals, Natixis and La Banque Postalewere able to finalize on October 31,2020, the merger of the fixed income and insurance-relatedmanagement activities of Ostrum Asset Management and La Banque Postale Asset Management announced in 2019. This transaction resulted in the contribution of LBP AM’s activities to Ostrum (see note 1.2.3) . Following this asset contribution,Natixis retains 55% of the capital of Ostrum (compared to 100% before the transaction),while La Banque Postale now holds a 45% stake. LBP AM also has a promissory agreement granted by Natixis in relation to all its shares. No such material transactions were recorded in 2019. The signing of the Coface disposal agreement (see note 1.2.1) led Natixis to reassess the nature of the control exercised by it over this entity. Although it retains its interest in Coface, it was consideredthat Natixis no longer exercised control, as from February 25, 2020. No such transactions were recorded in 2019. Material restrictions 3.3.4 Natixis is subject to liquidity risk supervision, which requires the creationof a liquidity reserve limiting the use of the assets of which it is composed (see Chapter [3] “Risk factors, risk management and Impact of the loss of control during the period of a subsidiary in which an interest has been retained 3.3.3

3.4

Interests in partnerships

and associates Types of partnerships and associates

3.4.1

with which Natixis has dealings Partnerships (joint operations and joint ventures) Natixis does not have interests in partnerships (joint operations and joint ventures) that have an impact on Natixis’ consolidated financial statements. Associates The main investments of Natixis accounted for under the equity method as of December 31, 2020 are EDF Investment Group (EIG) and Coface.

5

Table summarizing investments in associates

31/12/2020

31/12/2019

Gains and losses recorded directly in equity

Gains and losses recorded directly in equity

Value of the investments in associates

Value of the investments in associates

Net income

(in millions of euros)

Net income

Joint ventures Associates

879 521 158 200 879

(53)

(2) (0) (1) (1) (2)

743 520

21 10

7

10

(0)

EDF Investment Group (EIG)

Coface (a)

(47) (16) (53)

Other entities (b)

223 743

11 21

7

TOTAL 7 Coface’s net income includes -€57.4 million for the impairment of the stake held by Natixis. The market value of the stake in Coface using the equity method (a) is €158.5 million as of December 31, 2020. The net income of other entities of -€16 million at December 31, 2020 includes a depreciation of -€11.5 million on the Adir entity, bringing the value (b) of the equity method to zero.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020