NATIXIS // 2021 Universal Registration Document

3 RISK FACTORS, RISK MANAGEMENT AND PILLAR III Risk factors

Operational difficulties could also arise as a result of unforeseen or catastrophic events, such as terrorist attacks, natural disasters or a major health crisis. In 2020 and 2021, Natixis demonstrated its resilience in the face of the COVID-19pandemicand has been able to adapt rapidly to the successive phases of the crisis as well as to changes in government directives, in France and abroad. All of the players in charge of operational continuity management have collectively contributed, thanks to their expertise and responsiveness, to keeping all business lines and support functions operational. The resilience of Natixis in the technological and logistics areas has made it possible to strengthen the remote working system. Natixis cannot guarantee that interruptions, failures in its communication and information systems or third-party systems or that a breach of its information systems will not occur or, should they occur, that they will be immediately resolved with no impact on the bank. The occurrence of one or more of the events described above may result in lost business and other additional costs and losses for Natixis, or result in reputational damage. Any damage to Natixis’ reputation could affect its competitive position and have a negative impact on its financial position Natixis’ reputation is pivotal to its ability to conduct its business. Thanks to Natixis’ current reputation, it is able to maintain relationships with its clients, employees, suppliers, partners and investors that are built on trust. The occurrence, whether once or repeatedly, of one or more of the risks identified in this section, a lack of transparency or communication errors could harm Natixis’ reputation. There is greater reputation risk today due to the growing use of social media across the economic sphere. In addition to its own negative impact, any damage to Natixis' reputationcould be accompaniedby a loss of business or affect its competitive position and negatively impact its financial position. In the specific case of asset management activities, the reputational risk and the associated potential losses are closely linked to the various aspects of the investment process, whether at the level of the management of the various investment funds by the affiliates or through direct investments by Natixis Investment Managers and/or Natixis (i.e. external acquisitions, seed money and sponsorship activities). A confidenceshock impacting the reputationof the Group or its affiliates could result in an outflow of funds, a decrease in assets under management and ultimately in revenue generated by the business. Strategic and business risks The COVID-19 pandemic underway since early 2020 could adversely affect Natixis’ business, operations and financial performance The COVID-19 pandemic and the measures taken by the various governments and central banks in many countries (border closures, travel restrictions, lockdown measures, etc.) have had and should continue to have potentially unfavorable impacts on business, the economy and financial markets worldwide.

A number of uncertainties remain, particularly with regard to the duration of the pandemic, the deployment of vaccines and their effectiveness in the face of the emergence of new variants of the virus, and the effect of the economic and monetary policies implemented at the national and international level. The COVID-19 pandemic has been disruptive for clients, suppliers and staff (production difficulties, disrupted supply chains, slowdown in investments, shocks to supply and demand, etc.), because of how it has brought economic activity to a near-standstill.The final impact on the global economy and financial markets will largely depend on the intensity of the pandemic and the effects of the decisions made by authorities to stimulate the economy and limit the spread of the virus. In addition, international logistics chains, severely strained by the traffic restrictionsput in place, remain very disrupted, resulting in shortages affecting certain consumer goods (for example, a shortage of semiconductors creating telephone snf automotive production delays) or tensions on the supply of hydrocarbon raw materials or the labor market, affecting prices in a specific way (increase inthe price of commodities) or more generally (inflation). The COVID-19 pandemic may have an unfavorable material direct and indirect impact on Natixis’ business, its financial environment, operating results, outlook, capital and financial ratings (including possible changes to its outlook or ratings). Over the full year of 2020, the mainly market-relatedeffects resulting from the COVID-19 crisis impactedNatixis’ net banking income, cost of risk and CET1 ratio, with the following main effects: an impact of -€283 million on the net banking income of Corporate & Investment Banking due to mark-downs of dividends following the announcementof their cancellation, an increase in the cost of risk of nearly €610 million and a CET1 ratio impact of around 45 bp. Given the rise in the financial markets in 2021 and the improvement in the macroeconomic and financial environment, the negative effects did not affect fiscal year 2021, but an unfavorable change in these factors would be likely to have an impact on the business, operations and the financial performance of Natixis, as mentioned above. Some targets of the new strategic plan for 2024 may not be achieved, which could potentially significantly affect Natixis’ business, financial position and results Regarding Natixis’ business, 2021 is the year for embarking on its new 2024 Strategic Plan, which was revealed in July 2021 as part of the new Groupe BPCE 2024 Plan. This strategic plan set the development axes of the variousNatixis divisions, some of which are the subject of a project to integrate them into Groupe BPCE’s retail banking business lines, and the financial targets for 2024. For Natixis, the “BPCE 2024” plan is a growth and investment plan based on three areas: diversification, for the benefit of our customers and our V development; commitment, to the energy transition and SRI finance; V transformation, and investment to create sustainable value. V For the Asset & Wealth Management division, the average annual growth in net banking income is expected to be more than 3% over the 2020-2024 period with a very limited market effect, without external growth and cumulative net inflows over 2021-2024 of €100 billion. In addition, Natixis Investment Managers intends to position itself as an ESG leader (Environmental, Social, Governance) in Europe with 50% of its assets under sustainable or impact management.

104

NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021