NATIXIS // 2021 Universal Registration Document

3 RISK FACTORS, RISK MANAGEMENT AND PILLAR III Risk factors

Accordingly, Natixis has committed to stop financing companies whose main activities include the exploration, production, transportationand storage of oil sands. Natixis has also committed to no longer finance oil exploration and production projects in the Arctic region nor the trade in oil from the Ecuadorianmarket (linked to the Amazon region) nor, since May 2020, the exploration and production of shale oil and gas. Lastly, in 2015 Natixis committed to stop financing the exploration, production, transportation and storage of coal, and includes companies for which these activities represent more than 50% of their business. In 2019, this percentage was lowered to 25%. This policy was topped up with a timetable to withdraw fully from thermal coal production by 2030 for facilities in Europe and OECD countries, and by 2040 in the rest of the world. In 2019 Natixis adopted the Green Weighting Factor – GWF, a tool that uses a color scale to rate a loan book’s exposure to climate risk. The aim is to encourage the lending businesses to favor clients and projects whose operations have a less harmful climate impact at an identical credit risk and thus accompany the transition. In 2021, Natixis developed a tool for assessing the temperature of Natixis CIB's financing portfolio based on the GWF methodologyand a process for monitoringthis temperatureby setting targets included in the 2024 strategicplan published in July 2021. This management of the portfolio temperature contributes to Groupe BPCE’s objective of a 2050 Net Zero trajectory (equivalent to a limited warming of portfolios of +1.5°C by 2050). For a more detailed description of Natixis’ ESR (environmental and social responsibility) policy and commitments, please refer to Chapter [7] “ESR Report” - and to section [7.3.3] for a description of climate risk management. A change in the businessmix of Natixis’ lending activities in favor of transactions with a positive climate and environmental impact could have a negative impact on Natixis’ performance due to lost opportunities in sectors presenting a material environmental impact. Postponing this adjustment in its portfolios could negatively affect credit quality. But keeping borrowers with a material climate impact in its loan book could have a negative impact on its credit quality should stricter regulations be imposed. Lastly, the ECB published its best practice guide for addressing climate risks in autumn 2020. We anticipate that this will be accompanied by a strengthening by the EBA of the regulations regarding the fight against global warming. This increase could penalize activities with a strong impact on the climate (directly through operational constraints for Natixis’ clients or through the increase in the price of carbon allowances). Insofar as the energy transition will probably take place over a long period, the strengtheningof these regulations could have an adverse effect on some of Natixis’ activities such as financing and investment activities in the hydrocarbons, commodities and transport sectors, for example. Natixis’ ability to attract and retain qualified employees is critical to the success of its business and failure to do so may significantly affect its performance Natixis employs over 17,200 people (permanent and fixed-term employment contracts) around the world (excluding financial investments) located as follows: 65.3% in France, 13% in the EMEA region, 16.4% in the Americas and 5.2% in Asia-Pacific. The performance of Natixis’ activities is closely linked to its people.

Indeed, Natixis’ business model is based on areas of expertise, which requires the recruitment of qualified employees. Moreover, stepped-up regulations on the back of the 2008 financial crisis have required Natixis to strengthen and align its business lines to regulations an area of expertise that requires drawing from a tight job market (scarce and mobile profiles). Natixis’ success relies in part on its ability to retain key people, be they at management level, leaders or staff, and to continue to attract highly qualified professionals and talents. A high turnover or the departure of talent could affect Natixis’ skills and know-how in key areas, which could reduce its business outlook and consequently affect its financial results. In addition, the financial sector is subject to specific regulations concerning employee compensation policies, in particular fixed and variable compensation, performance conditions and deferred payments. These regulations may constrain Natixis in its ability to attract and retain talent. Directive 2013/36/EU of the European Parliament and of the Council of June 26, 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms ("CRD IV"), which applies since 2014 to institutions in the European Economic Area (“EEA”), and Directive (EU) 2019/878 of the European Parliament and of the Council of May 20, 2019 amending the CRD IV Directive, applicable since January 2021, provide for a cap on the variable portion of compensation compared to its fixed portion, which may reduce Natixis’ ability to offer attractive compensation models and thus attract and retain employees, particularly in the face of competitors outside the EEA who are not subject to these regulations. In addition, the context linked to the COVID-19 pandemic has reinforced the aspirations of some workers to access new work organization methods. If Natixis were unable to adapt its organization to employee expectations, this could affect its ability to attract and retain its employees, or attract new ones, particularly those with high qualifications,and thus reduce their satisfactionand, consequently, affect the quality of its services and its performance. Unfavorable economic or market conditions, and the economic environment of persistently low interest rates, could weigh on Natixis’ profitability and financial position Natixis is the subsidiary of Groupe BPCE within which the activities of Asset & Wealth Management, Corporate & Investment Banking, Insurance and Payments are currently carried out, the latter two activities being the subject of a plan to transfer them to BPCE. These businesses are sensitive to changes in the financial markets, and more generally to economic conditions in France, Europe and the rest of the world. Adverse economic conditions in Natixis’ main markets could have the following negative impacts in particular: unfavorable economic conditions could affect the business and V operationsof Natixis’ customers, leading to a higher rate of default on loans and receivables and increased provisions for non-performing loans. A significant increase in these provisions or the realizationof losses in excess of the provisions recorded could have an adverse effect on Natixis’ results and financial position; the end of the ultra-accommodatingmonetary policies of central V banks in 2022 could have significant impacts on all asset classes;

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021