1Q21 results: Laying the foundations of the upcoming...

BUSINESS ACTIVITY

BUSINESSES' UNDERLYING REVENUES¹ AT €2.1BN IN 1Q21, UP +21% YOY

AWM: Business growth and continued AuM increase

Underlying net revenues¹ excl. H2O AM up +11% YoY (flat YoY including H2O AM) mainly driven by higher management fees and financial revenues

Natixis Investment Managers' AuM up +3% QoQ. AuM at €1,153bn³ as at end-March 2021

Positive asset management net inflows on long-term products of ~€6bn³ in 1Q21 mainly driven by North American affiliates with net inflows notably turning positive at Harris. More than €20bn³ positive net inflows on long-term products over the past 12 months

CIB: Continued development and cost of risk improvement

Underlying net revenues¹ up +38% YoY (+9% excluding dividend mark-downs and XvA impacts in 1Q20). Net revenue growth mainly driven by Global markets and Global finance

Underlying cost income ratio¹ improving to 58.6% in 1Q21 (78.0% in 1Q20) thanks to a positive jaw effect

Cost of risk benefiting from a favorable environment in 1Q21 although still at elevated levels at 52bps of outstandings

Underlying RoE¹ at 12.3% in 1Q21

Insurance: Solid commercial activity and financials

Underlying net revenues¹ up +5% YoY in 1Q21 with a positive jaw effect

Underlying RoE¹ at ~30% in 1Q21

Life Insurance⁴: AuM growth of +4% QoQ to reach €75.7bn (of which 27% of unit-linked products)

Payments: Net revenue growth and investments

Underlying net revenues¹ up +4% YoY in 1Q21 despite COVID-19 lockdown measures in France

Underlying RoE¹ at 10.6% in 1Q21 while maintaining investment in order to ensure a sustainable development

FINANCIAL STRENGTH

Underlying net income¹ at +€239m in 1Q21 (+€225m reported) vs. €(81)m in 1Q20 (€(204)m reported). Underlying RoTE¹ at 10.4% in 1Q21

Basel 3 FL CET1 ratio² at 11.6% as at March 31, 2021 (flat vs. 4Q20), +330bps above regulatory requirements

'Natixis' results for the first quarter of 2021 continue the positive momentum underway since the second half of 2020. Our business lines are on a sustainable growth path, underpinned by the transformation measures undertaken over recent months.

These results represent a solid base for the kick-off of the 2021-2024 strategic plan and for the ongoing growth of Natixis' four businesses under the simplification and development project presented by Groupe BPCE in February.

I would like to pay tribute to the exceptional commitment of our teams who have remained fully mobilized throughout this unprecedented crisis to support our clients and contribute to a sustainable economic recovery.'

Nicolas Namias, Natixis Chief Executive Officer