NATIXIS // 2021 Universal Registration Document

3 RISK FACTORS, RISK MANAGEMENT AND PILLAR III Risk management

Funding Short-term funding

2021 MLT funding program

16 % Other long-therm loans (y.c Financement du fonds Natixis Deposit)

After 2020 was marked by lockdowns, the progress made by vaccination campaigns throughout 2021 in developed countries has made it possible to limit the consequencesof COVID-19variants and create the conditions for the reopening of the global economy. While consumer demand for goods and services, supported by government stimulus plans, has been strong, commodity supply and logistics issues have severely disrupted supply. This situation has led to a rise in prices initially described as temporary by the Central Banks but which, however, seems to be of a more lasting nature and which has ended up changing the appreciation of the financial markets regarding changes in key interest rates in the main global economies. The Fed thus decided to end its liquidity injectionsvia its Quantitative Easing program at the end of the first quarter of 2022. On this time, the American Central Bank will be satisfied with renewing the deadlines of its bond portfolio and may begin to consider increases in key rates (three are expected by the market in 2022). The Bank of England, faced with both post-lockdownbottlenecks and disruptions related to Brexit, decided to act immediately by raising its directors rates by 15 bps in December. The EuropeanCentral Bank is currently more cautious, but part of the Board of Governors seems keen to start normalizing monetary policy. The PEPP, a share purchase program put in place during the pandemic, will therefore not be renewed at the end of the first quarter of this year. The past year has been very favorable for issuers of short-termdebt for a good part of the year as the inflow of liquidity injected by Central Banks has pushed yields and credit spreads down, forcing investors to extend the maturity of their securities purchases to maintain decent returns. The outstanding amount of Natixis’ short-term securities issuance programs, valued in euros, increased over the year from €30.08 billion to €32.98 billion. However, part of this increase is due to the increase in the US currency, which is used to denominate a large part of Natixis’ issues. At the end of 2021, programs denominated in dollars represented 59.6% of outstandings. Issuance rates remain very low, as evidenced by the average three-month Euribor for the year, which, at -0.549%, is well below the ECB deposit facility rate (-0.50%), marking the bottom of the zone’s monetary policy corridor. At the end of the year, the index was even below -0.60%.

45 % Natixis issues

39 % Borrowings from BPCE

2020 MLT funding program

25 % Other long-therm loans (y.c Financement du fonds Natixis Deposit)

37 % Natixis issues

41 % Borrowings from BPCE

Sources: Management data.

Natixis’ short-term issuance program outstandings

(in millions of euros or euro equivalents)

Deposit certificates

Commercial papers

Program cap *

45,000 21,401

25,244 11,581

Outstandings at 31/12/2021

For certificates of deposit, the ceiling of the NEU CP (Negotiable EUropean Commercial Paper) program only. *

150

NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021