NATIXIS -2020 Universal Registration Document

FINANCIAL DATA Consolidated financial statements and notes

Retention and performance plans settled in cash Deferred retention and performance bonuses paid in cash are awarded to some staff. These bonuses are subject to a continued service requirement and performance criteria. In terms of accounting treatment, they are recorded under “Other long-term employee benefits”. The estimated expense is based on an actuarial estimate of the probability of these conditions being met. The expense is recognized over the vesting period. The amount recognized in respect of fiscaylear 2020 was:

Expense for 2019 (in millions of euros)

Expense for 2020 (in millions of euros)

Year of plan

Grant date

Acquisition date

2016 plan 2017 plan 2018 plan 2019 plan 2020 plan

10/04/2017 23/02/2018 26/02/2019 22/01/2020 20/01/2021

Mar-2018 Mar-2019 Mar-2019 Mar-2020 Mar-2020 Mar-2021 Mar-2021 Mar-2022 Mar-2022 Mar-2023

(0.5) (9.4)

(1.1) (5.0) (3.2) (8.0)

1.1

(12.1)

TOTAL

(17.4)

(20.9)

Pension plans for which employees can voluntarily opt are operated by certain Natixis entities and are also classified as defined-contributionplans. These entities have a single contribution obligation (“PERCO” contribution). Contributionspaid under defined-contributionplans are expensed for the period in which the services were provided.

11.2.3

Pensions and other long-term

employee benefits Post-employment defined-contribution plans Under post-employment defined-contribution plans, Natixis pays fixed contributionsinto a separateentity and has no obligation to pay further contributions. The main defined-contribution plans available to Natixis employees are operated in France. They include the mandatorypension scheme and the national schemes AGIRC and ARRCO.

5

(in millions of euros)

31/12/2019

31/12/2020

107

124

Contributions expensed under post-employment defined contribution plans

For the other portion, Natixis has set up interest rate and liquidity hedges backed by long-term cash flows. Insurance contracts taken up with a related party to Natixis and intended to finance all or part of Natixis’ defined-benefit plan commitmentsare recorded in the asset side of the balance sheet as “Accruals and other assets”. Other long-term employee benefits comprise benefits other than post-employment and termination benefits not wholly due within twelve months of the end of the period in which employees have provided the related services. These notably include long-service awards, deferred compensation payable in cash twelve months or more after the end of the period and, since 2020, the Working Time Account (CET).

Post-employment defined-benefit plans and other long-term employee benefits

Post-employmentdefined-benefit plans include all post-employment benefits for which Natixis has committed to pay a specified level of benefits. Liabilities in respect of these awarded benefits are hedged, in full or in part, by assets comprised mainly of outsourced insurance contracts managed by French insurers specializing in retirement. The insurers carry the longevity risk once the annuitiesare liquidated. Plan assets are invested in the insurers’ general funds, which, for the most part, generally consist of bonds. The insurers are subject to French prudential standards and regulations. The insurers also manage the asset/liability strategy for the portion of the benefit liabilities that they cover.

373

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020