42 At itsmeeting on 15 March 2022, the Board of Directors of CFMIndosuezWealthManagement, chairedbyJean-Marie Sander, approvedtheconsolidatedfinancial statements for the year ended 31 December 2021, whichwere prepared in accordance with the IFRS international accounting rules and principles. Theconsolidationof theaccounts includesthethreeentities of theCFM IndosuezWealthManagement group, including theFrenchsubsidiarywhollyownedbyCFMIndosuezWealth Management (cal led CFM Indosuez Conseil en Investissement) andCFM IndosuezGestion, whichallowsa global viewof theactivitiesandresultsof theCFMIndosuez WealthManagement group. CONSOLIDATED RESULTS (IN € MILLION) 2021 VERSUS 2020 UNDER IFRS (in €million) 31/12/2021 31/12/2020 Change in % Net banking income 129.4 117.6 +10% Operating expenses -97.3 -90.9 +7% Gross operating income 32.1 26.7 +20% Cost of risk +1.8 -1.5 N/A Extraordinary items - - N/A Taxes on profits -4.8 -3.4 N/A CFM Indosuez Wealth Group net income 29.1 21.8 +33% Non-controlling interests - - CFM Indosuez Wealth Group’s net income 29.1 21.8 +33% The consolidated net banking income of CFM Indosuez Wealth Management Group in 2021 was €129.4million, i.e. +10% compared to 2020. This performance is linked to a particularlydynamicbrokerageactivityaswellasanincrease in the credit activity. The level ofoperatingexpensesfor theCFMIndosuezWealth Managementgroupamountsto97.3millioneurosover2021; it is 6.4 million euros higher than the actual for 2020 and thus reflects an acceleration of IT and digital investments in a health context that is generally calmer. Grossoperating incomewas€32.1million in2021, compared with€26.7million in 2020. Net income stood at €29.1 million in 2021, factoring in the cost of risk (+€1.8 million), compared with €21.8 million in 2020. This increase innet income reflects thecommercial dynamic observed throughout the year in a context of investments. At 31 December 2021, wealth under custody was up 11.4% compared to 31 December 2020, due to a combination of market effects and a dynamic collection over the year. Loans and receivables granted to customers were down nearly 11% compared to 31 December 2020. Accounts payable to customers amounted to €5,742 million, an increase of 7%compared to 31 December 2020. The corporate accounts of CFM Indosuez Wealth Management showa result of 24.8millioneuros in2021, up on the previous year. Inviewof theabove, theBoardofDirectorsproposes to the GeneralMeetingofShareholders tobeheldon 19May2022, todistributeadividendof 100%of the2021 result, i.e.€43.30 per share. TheBoardofDirectorsproposes that thegeneral meeting of shareholders record the balance in retained earnings intheamountof€34,149. Thedividendwill bepaid from24May 2022. ACTIVITIES AND RESULTS (CFM INDOSUEZ WEALTH MANAGEMENT SCOPE) At 31 December 2021, wealth under custody was up 11.4% compared to 31 December 2020, due to a combination of market effects and a dynamic collection over the year. Loans and receivables granted to customers were down nearly 19% compared to 31 December 2020. Accounts payable to customers amounted to €5,742 million, an increase of 7%compared to 31 December 2020. PRESENTATION OF THE 2021 INDIVIDUAL ACCOUNTS OF BANQUE CFM INDOSUEZ WEALTH MANAGEMENT (UNDER FRENCH GAAP) CFM INDOSUEZ WEALTH PARENT COMPANY/ SEPARATE FINANCIAL STATEMENTS UNDER FRENCH ACCOUNTING STANDARDS The balance sheet total amounted to €6,301 million at 31 December 2021, a decrease of 6% compared with 31 December 2020. On the assets side, loans granted to customers amounted to€3,715million, an increaseof +11%over the2021 financial year. The volume of securities in the portfolio and central REPORT OF THE BOARD OF DIRECTORS at the Ordinary General Meeting of 19 May 2022
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