NATIXIS // 2021 Universal Registration Document

RISK FACTORS, RISK MANAGEMENT AND PILLAR III Risk management

On March 11, 2021, Contango Trading S.A. decided to file a tort action in order to preserve its rights and avoid the statute of limitations on the tort claim. Lucchini Spa In March 2018,Natixis S.A.was summoned, jointly and severallywith other banks, by Lucchini Spa (under extraordinary administration) to appear before the Court of Milan, with Lucchini Spa’s receiver alleging improprieties in the implementationof the loan restructuring agreement granted to Lucchini Spa. In its decision on July 21, 2020, the Court of Milan dismissed all Lucchini Spa’s claims and sentenced it to pay cost of proceedings for a total amount of €1.2 million,of which €174,000 for each bank or group of banks. Lucchini Spa appealed against the judgment. The case iosngoing. Competition Authority/Natixis Intertitres and Natixis On October 9, 2015, a company operating in the meal voucher industry lodged a complaint with the Competition Authority (Autorité de la Concurrence) to contest industry practices with respect to the issuance and acceptance of meal vouchers. The complaint targeted several French companies operating in the meal voucher industry, including Natixis Intertitres. In its decision of December 17,2019, the CompetitionAuthority ruled that Natixis Intertitres had participated in a practice covering the exchange of information and a practice designed to keep new entrants out of the meal voucher market. Natixis Intertitres was fined €4,360,000 in its own right, along with two other fines totaling €78,962,000, jointly and severally with Natixis. This decision was the subject of a press release from the Competition Authority dated December 18, 2019. Natixis and Natixis Intertitres have appealed against this decision and believe they have strong arguments to challenge it. Under these conditions, no provisions were made in the financial statements at December 31, 2019, or at subsequent closing dates. This situation is unchanged as of December 31, 2021. Bucephalus Capital Limited/Darius Capital Conseil On June 7, 2019, Bucephalus Capital Limited (a UK law firm), together with other firms, brought claims against Darius Capital Partners (a French law firm, now operating under the name Darius Capital Conseil, a 70%-held subsidiary of Natixis Investment Managers) before the Paris CommercialCourt, to contest the breach of various contractual obligations, particularly with respect to a framework agreement dated September 5, 2013 setting out their contractual relations and various subsequent agreements. Bucephalus Capital Limited claims a total of €178,487,500. Darius Capital Conseil consider these claims to be unfounded. The case is ongoing. European Government Bonds Antitrust Litigation At the end of December 2019,Natixis was added as a defendant in a class action brought to the US District Court, SD New York, on allegations of violations in the market for European Government Bonds (EGBs) between January 1, 2007 and December 31, 2012.

The classactionwas initially brought against several identifiedbanks and banks of unknown identity (“John Doe”) in March 2019. Natixis, like the other defendants in this case, requested the dismissal of the action on a preliminary basis and before any decision on the merits on multiple grounds, a request which was denied at this stage. Natixis intends to continue to defend itself vigorously, both on the merits and procedurally, against these allegations that it considers unfounded. Disputes of receivables offset On July 17, 2020, a case was brought against Natixis and another defendant before the English courts in order to request a declaratory judgment recognizing the merits of a set-off made on a transaction financed by Natixis. The plaintiff is also contesting the transfer to Natixis of the payment rights under the transaction. Natixis counterclaimed for payment in the amount of US$55,396,323.46. An agreement, the terms of which are confidential,was reached and, in November 2021, the English courts issued a decision terminating the proceedings. In March 2020, cases were brought before the courts of the State of New York following a set-off made by Natixis upon the payment of a standby letter of credit, the set-off taking into account a debt of the recipient in the form of a standby letter of credit. Natixis asked the Court to uphold the merits of the set-off and to dismiss the demand for payment made against the bank in the amount of US$46,076,165.15. The Court ruled against Natixis, which filed an appeal. European Government Bonds – Cartel Decision On May 20, 2021, the European Commission issued an infringement decision against Natixis and found that it had breached EU competition rules by participating in a cartel on the primary and secondary European Government Bonds market in 2008-2009. As Natixis left the cartel more than five years before the Commission began its investigation, it benefited from the limitation period. No fines were thus imposed on Natixis. On July 30, 2021, Natixis filed a request with the General Court of the European Union to set aside the Commission’sdecision. The appeal is based, in particular, on the argument that the Commission is only entitled to issue a decision on infringement if it can demonstrate a “legitimate interest” in doing so, and on the argument of infringement of Natixis’ rights of defense. H 2 O carriers collective At the end of October 2021, a non-profit organizationcalled "Collectif porteurs H2O" and 85 natural and legal persons claiming to have invested in seven UCITS managed by the UK H2O AM LLP entity and the French H2O AM Europe entity, between 2015 and 2021 (hereinafter the “Fund”), brought proceedings against the Luxembourg entity Natixis Investment Managers S.A. before the President of the Paris Commercial Court, alongside the main players in the funds (managers, statutory auditor, custodian), as part of a summary action. This was not an action for damages, but a procedure aimed at obtaining the appointment of an expert and the production of evidence relating to the management of the Funds. Situation of dependency Natixis is not dependent on anypatent or license, or on any industrial, commercial or financial supply contract.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021