NATIXIS // 2021 Universal Registration Document

RISK FACTORS, RISK MANAGEMENT AND PILLAR III Risk factors

a decline in prices on the bond, equity or commoditymarkets could V reduce business volumes on these markets; macro-economic policies adopted in response to actual or V anticipated adverse economic conditions could have unintended negativeeffects,andmaynegativelyimpactmarketparameterssuch as interest rates and foreign exchangerates, which could affect the results of Natixis’ businesses that are most exposed to marrkieskt ; perceived favorable economic conditions generally or in specific V business sectors could result in asset price bubbles decorrelated from the actual value of the underlying assets; this could in turn exacerbate the negative impact of corrections when conditions become less favorable and cause losses in Natixis’ businesses; a significant economic disruption (such as the 2008 financial V crisis, the European sovereign debt crisis of 2011 or the COVID-19 crisis since 2020) could have a severe negative impact on all Natixis’ activities, particularly if the disruption is characterized by an absence of market liquidity that makes it difficult to finance Natixis and to sell certain classes of assets at their estimated market value or, in extreme cases, to sell them at all; an adverse change in the market prices of various asset classes V could affect the performance of the Natixis Investment Managers management companies, due in particular to a decrease in the assets on which the management fees are charged; low interest rates may also negatively affect the profitability of V Natixis’ Insurance activities, as Insurance subsidiariesmay not be able to generate sufficient returns on investments to cover amounts paid out to the beneficiaries of some of their insurance products. Low interest rates may also affect commissionscharged by Natixis Asset Management subsidiaries on money market and other fixed-income products. In addition, if market interest rates were to increase in the future, particularly in the event of an economic recovery or higher inflation than expected by the monetary authorities, a portfolio consisting of low-interest loans and fixed-income securities could suffer a loss in value. A context of persistentlyhigher inflation and a rise in interest rates could also weigh on Natixis’ financing costs and access to liquidity. This could adversely affect the profitability and financial position of Natixis. For information, as of December 31, 2021, the sensitivities of the economic value of the consolidated scope of Natixis calculated according to EBA standards for a parallel movement upwards and downwards (with the regulatory floor and shocks of +/- 200 bps for the EUR and USD currencies) represent, respectively, an amount of -€17 million and €0.4 million. In addition, the main markets in which Natixis operates could be affected by uncertaintiessuch as those relating to changes in global trade (particularly related to geopolitical tensions, changes in the price of commoditiesand energy, tensions on global supply chains), the geopolitical context or of any other nature. Moreover, the COVID-19 pandemic, which has affected and continues to affect the global economy and whose main impacts on Natixis are presented under the risk factor “The current COVID-19 pandemic under way since early 2020 could adversely affect Natixis’ business, operations and financial performance” , is a perfect illustration of such uncertainties.

The military action carried out by the Russian Federation in Ukraine since February 2022 constitutes an event likely to affect Natixis' business At the end of February 2022, the Russian Federation launched a major military action in Ukraine. While Ukraine is not a member of NATO, the Western reaction to this invasion was strong. In a concertedmanner, the European Union, the United States and many other states have adopted a series of unprecedented sanctions, including the freezing of the Russian Central Bank's foreign assets, the exclusion of certain Russian banks from SWIFT, and the announcement by many Western groups of their disengagement from the Russian Federation. Even if the essential subject of energy and natural gas remains for the moment outside the scope of the measures taken on both sides, the United States and Great Britain have announced their intention to ban the import of Russian oil and gas. In addition, new economic measures and sanctions could be adopted, including by the European Union and the United States, and retaliatory economic measures and sanctions could be adopted by the Russian Federation. This conflict could have major consequences on the Russian economy but also on the Western economies and more generally on the world economy. The risk of default on Russian debt, rising inflation and the loss of purchasingpower for the population in Russia are significant. A questioning of growth prospects and increased inflationarypressurecannot be ruled out in both the United States and Europe. As of February 28, 2022, direct exposures to Russian and Ukrainian clients (direct on-balance sheet and off-balance sheet exposures net of guarantees to Russian and Ukrainian clients) amounted to €788 (1) million in Russia (of which €615 million - in management data - to corporate and structured financing counterparties)and €63 (2) million in Ukraine. In addition, in the Asset Management business on behalf of the Group's clients, the exposure to Russia of the various funds managed by Natixis Investment Managers, correspondingmainly to investments in bonds issued by the Russian government, amounted to €302 million ( in management data ) as of February 28, 2022, and €97 million ( in management data ) to Ukraine. These exposures should be compared with assets under management of €1,259 billion as of December 31, 2021 (including H2O's assets under management). In addition, the risk of expropriation measures that the Russian authorities could take against foreign companies in retaliation for the sanctions imposed was mentioned. In this respect, Natixis has a subsidiary in Russia, Natixis Moscow, with equity of eq. €73 million as of December 31, 2021, including eq. €48 million of subordinated debt with Natixis. Natixis is also an issuer of structuredprivate placementsdenominatedin rubles for eq. €83 million ( in management data ) as of February 28, 2022. Of the resources raised in ruble, approximately eq. €58 ( in management data ) million are used to refinance the subsidiary. At the beginningof March 2022, most of the subsidiary's assets consisted of ruble and foreign currency loans to bank counterparties, as well as its excess liquidity with the Central Bank of Russia (approximately€66 million - in management data - at the beginning of March 2022). In addition to the above, the direct market risk on Russian or ruble assets is not material. Finally, H2O AM funds and mandates are exposed to a basket of emerging currencies including the Russian ruble. The long exposure to the Russian ruble was built via forwards with physical settlement at maturity. As of March 3, 2022, this exposure representedless than 7.5% of their overall gross currency exposure.

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In management data - Gross exposures: €1,310m in Russia. (1) In management data - Gross exposures: €122m in Ukraine. (2)

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021