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Edmond de Rothschild (France)

2021 annual financial report

47, rue du Faubourg Saint-Honoré - 75401 Paris Cedex 08, France

Telephone: +33 (0)1 40 17 25 25

Fax: +33 (0)1 40 17 24 02

Telex: Lacof 280 585 - Swift: COFIFRPP

Website: www.edmond-de-rothschild.fr

A public company with executive and supervisory boards and capital of €83,075,820 Registered with the Paris trade and companies register under number B 572 037 026

NAF 2 business code: 6419 Z

Contents

4

Shareholders

' letter 5

Key figures

6 Edmond de Rothschild Group

8 Edmond de Rothschild (France)

10

Management report

11

Report of the Executive Board

38 Statement of Non-Financial

Performance

73

Report of the Supervisory

Board 86

Consolidated financial

statements and notes 87

IFSRS consolidated balance

sheet

88 IFRS consolidated income

statement

88 Statement of comprehensive

income

89 IFRS cash flow statement

90 Statement of changes in equity

91 Notes to the

consolidated financial statements

144 Investments in

subsidiaries and associates

146 Consolidated companies

148

Parent company

financial statements and notes

149 Parent company balance sheet

and off-balance sheet items

150 Parent company income

statement

151 Notes to the

parent company financial statements

173 Parent company five year

summary 175

Statutory auditors'

reports

4 | EDMOND DE ROTHSCHILD (FRANCE)

Shareholders

letter

2021 was a year in which, more than any other, we

showed our resilience. The passing of my husband Benjamin de Rothschild in January filled my family and our Group with great sorrow. On the global stage, there followed a period in which hope alternated with the need for patience, as vaccination programmes advanced, economies reopened and new coronavirus variants emerged. Overall, our Group performed well during the year, accelerating our development while remaining firmly on course in terms of our strategy. We showed strong commercial momentum in all our business areas and geographies, supported by buoyant markets. These good results, achieved despite the complex operating environment, are the best possible tribute we could pay to Benjamin's memory. Together, we have pursued his wish to build a solid banking group, one that embodies a vision of finance combining performance with social impact. Results show that our ongoing efforts to develop that vision, along with our strategy based on an analysis and understanding of tomorrow's world, have paid off. We were very quick to understand the increasing desire to strike a balance between financial performance and positive social impact. In the space of ten years, our conviction-driven investment house has developed positions in several major themes that are now central to our clients' concerns, including energy transition, soil remediation, infrastructure and human capital.

In 2021, taking into account the profound and

irreversible impact that the pandemic has had on our lives, we once again enhanced the products and services we offer to our clients by anticipating the major growth trends of tomorrow. These trends include the use of technology to improve people's health, cybersecurity, digital lifestyles and responsible corporate governance. We also started investing in technology for the agriculture and food production sector, in order to take advantage of the fourth technological revolution that is currently underway. In addition, our convictions led us to form a strategic private equity partnership through which we are investing in innovative food production solutions, technologies related to alternative proteins, new agricultural systems and digital nutrition solutions. In the responsible investment field, more than 80% of our liquid assets under management are now in product categories that meet the highest European sustainability standards. Our real -estate team has also firmly embedded ESG criteria within its investment decision-making process, reducing the carbon footprint and energy consumption of the properties in which it invests.

Our good results in 2021 are also down to efforts

made in recent years to attract talent, capitalise on the qualities of our teams and invest heavily in our IT systems. Those results show our collective strength and the commitment of our staff members who, under the effective leadership of François Pauly and the Executive Committee, continued to implement our ambitious roadmap.

2022 looks set to be just as unpredictable

as 2021, due to the ongoing Covid -19 crisis, the uneven rebound in growth, the surge in inflation against a background of historically low interest rates and heightened geopolitical tensions. We have begun the year with an increased sense of vigilance, but also confident in the knowledge that our growth model and organisation have enabled us to overcome the historic challenges of the last two years.

Against a global backdrop that remains uncertain

and complex, our day-to-day focus is on providing our clients with service and advice of ever-greater quality.

Ariane de Rothschild,

Chairwoman o

f the Board of Directors of

Edmond de Rothschild Group

ANNUAL FINANCIAL REPORT 2021 | 5

Key figures

6

Edmond de

Rothschild Group

8

Edmond de Rothschild (France)

6 | EDMOND DE ROTHSCHILD (FRANCE)

Key figures

Edmond de Rothschild Group at 31 December 2021

Edmond de Rothschild: unique

among banks

The Edmond de Rothschild Group's position in the

world of finance is unique. We are fully in tune with the new global landscape but, at the same time, we cultivate values that have fallen by the wayside at many other banks.

The family tradition gives us an acute sense of

what the "long term" means, and this is reflected in the way we manage clients' assets: creativity does not preclude cautiousness; and while our business may break new ground, risk is always well managed.

Private Banking and Asset Management are the

powerful engines that lie at the centre of everything we do. We are also active in Corporate

Finance, Private Equity, Real Estate and

Institutional & Fund Services.

The Edmond de Rothschild Group

today

We provide a bespoke service for an international

client base consisting of wealthy families, entrepreneurs and major institutions.

Our lines of business

Private Banking

Corporate Finance

Asset Management

Private Equity

Real Estate

Institutional & Fund Services

Our strengths

The stability and solidity of an independent

financial group Unsurpassed attention to individual client needs combined with global expertise

Proactive teams that track and analyse the

latest economic developments and adjust our offerings accordingly

Access to a comprehensive range of financial

products and services

The Edmond de Rothschild Group in figures

CHF178 billion in assets under management (€172 billion)

23% FINMA capital adequacy ratio

2,500 employees at 31 December 2021

Key figures

ANNUAL FINANCIAL REPORT 2020 | 7

Edmond de Rothschild Group at 31 December 2018

GLOBALLY ACTIVE

29 offices in 14 countries

8 | EDMOND DE ROTHSCHILD (FRANCE)

Key figures

Edmond de Rothschild (France) at 31 December 2021

Shareholders at 31 December 2021

Edmond de Rothschild (France) is wholly-owned by

Edmond de Rothschild (Suisse) SA.

Total assets under management

In billions of euros

Offices in France

France

Bordeaux, Lille, Lyon, Marseille, Nantes,

Paris, Strasbourg and Toulouse

Breakdown of assets managed by division and

asset class (asset management subsidiaries)

Equities

Convertible bonds

Balanced (including funds of

funds) Alternative management (hedge funds and funds of hedge funds) Private Equity

Fixed-income products

Structured investment products

Real Estate

51,553,5

50,8

49,053,8

20172018201920202021

Breakdown of assets

managed by division

Breakdown of assets

managed by asset class (asset management subsidiaries) 23,8%
1,9% 19,9% 0,5%

3,2%23,7%8,0%

19,0%

Gestion

d'actifs

32,8 Mds

Banque

Privée

20,9 Mds

ANNUAL FINANCIAL REPORT 2021 | 9

Consolidated highlights (in millions of euros)

Balance sheet highlights 2019 2020 2021

Total assets 3,955 3,910 4,668

Equity attributable to equity holders of the parent* 381 395 397

Loans granted 877 1,160 1,422

Client deposits 1,604 1,830 2,488

The robustness of the Group's financial position is reflected in its capital ratios**. Its capital adequacy ratio stood

at 18.80% with its Tier One and Core Tier One ratios at 18.66% and 18.64%, respectively, at the end of 2021. The

minimum regulatory requirement is 10.73%. Under temporary arrangements to accommodate the pandemic crisis,

the regulatory requirement has been cut from 10.73% to 8%.

The Liquidity Coverage Ratio (LCR), which is the EU standard, stood at 168.8%, comfortably above the minimum

regulatory requirement of 100%.

Income statement highlights 2019 2020 2021

Net banking income 304 285 357

Gross operating income 39 30 67

Net income 16 27 54

of which attributable to equity holders of the parent 14 24 57

Average headcount (number) 783 775 791

* Excluding net income for the year.

** These ratios are calculated in accordance with prudential regulations on the basis of the consolidated equity of Edmond de

Rothschild

(France).

10 | EDMOND DE ROTHSCHILD (FRANCE)

Management report

11

Report of the Executive Board

36
Internal control procedure applicable to accounting and financial information 38

Non-financial performance

statement

ANNUAL FINANCIAL REPORT 2021 | 11

Report of the Executive

Board

The global pandemic that struck during 2020 and

continued into 2021 had an unparalleled impact on our way of life and on the financial and business worlds.

Even though the

pandemic caused further disruption, the markets moved higher in 2021. Against this backdrop, Edmond de Rothschild (France) again displayed tremendous resilience. Our flexible operational approach, with a large-scale switch to homeworking, and our robust bu siness model predicated on a high level of recurring revenue streams helped overcome the headwinds. Overall, Edmond de Rothschild (France) posted net income of €56.6 million in the year ended 31 December 2021, up €32.3 million or 132.8% on the level reported for the year to 31

December 2020.

The sales and financial performance of all our divisions improved on the previous year. Private Banking maintained its first-class sales activity, generating €2.1 billion in net new money in France and €0.1 billion in Italy. Private Equity raised a total of €376 million in

new money. Asset Management recorded a small net outflow. The real estate management outflow came to over €141 million, while the outflow from "liquid" asset

management products was just under €28 million. Lastly, Corporate Finance successfully completed a string of impressive deals and boasts a well -stocked pipeline.

Upbeat market trends paved the way for a strong

increase in assets under management relative to year- end 2020. Outstandings moved up €2.8 billion relative to year-end 2020, with Asset Management accounting for a €2.2 billion rise.

In thousands of euros 2021 2020 Change

Net banking income 357,209 284,653 25.5%

Operating expenses 14.0%

- Personnel expenses - Other operating expenses - Depreciation and amortisation

Gross operating income 66,783 29,824 123.9%

Cost of risk

Operating income 66,546 29,765 123.6%

Share in net income/(loss) of associates

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