NATIXIS // 2021 Universal Registration Document

4 COMMENTS OF THE FISCAL YEAR Highlights of 2021

The second quarter of 2021 confirmed the upward trend of the main equity indices (MSCI World +7.3% and +12.3% YTD). The “reflation trade” from the first quarter (bet on a preferential recovery of cyclical stocks after the crisis) ceased in the second quarter, leading the Nasdaq to significantly outperform (+11.2%). Despite a very positive flow of information in the euro zone, the European indices underperformed the American indices. With the exception of a massive catch-up in Latin America, equities remained bullish in the second quarter but with characteristics that changed compared to the first quarter (preferencefor defensivesectors, underperformance of the Value style), with the market anticipating a return to slower growth and inflation and central banks still accommodating. Volatilities also reduced. After five consecutivequarters of strong increases, the equity indices stalled in the third quarter (MSCI World -0.35%, S&P 500 and SXXP very close to 0%). Emerging indices underperformed significantly (MSCI EM $ -8.8% driven down by China) while the Nikkei stood out (+2.2%). At the end of the quarter, the MSCI World $ recorded its largest decline of the year, as did the S&P 500 and the Euro Stoxx (nearly -5% in the third quarter). September was the worst month for the MSCI World and S&P 500 since March 2020. However, the cumulative decline in the Nasdaq in the third quarter was lower than in the first quarter (-6.3% vs. -10% last March). Then, the equity indices rebounded in the fourth quarter (MSCI World $ +7.5%). The US markets strongly outperformed: the S&P 500 at +10.6%, driven by Tech large caps, versus only +6.2% for the Euro Stoxx 50. The emerging MSCI $ declined (-1.7%), penalized by the prolonged correction of the Chinese indices (-5% over the quarter). Despite macro risks that remained very high: sustained inflation leading to the tightening of central bank policies, the pandemic (fifth wave in Europe) and China, the markets took advantage of a positive macro and micro information flow to make progress. The new ambitions for 2024 of Natixis’ Global Financial Services (Asset & Wealth Management, Corporate & Investment Banking) and Retail (Insurance, Payments) business lines are based on three principles: Diversification, for the benefit of customersand development.This V principle aims to: selectively enrich our value proposition based on our expertise, V to better support our customers and aim for the highest satisfaction rates, combine our strengths with the Banque Populaire and Caisse V d’Epargne networks to conquer high-potential segments (e.g. mid-cap companies and Healthcare), and win new customers in Europe, America and Asia-Pacific. V This diversification should translate into some €500 million in additional revenues for the eight core industries at Natixis Corporate & Investment Banking (CIB) in 2024, with a contribution of private assets to the profitability of Natixis Investment Managers (IM) in excess of 25%, and a Net Promoter Score above 40 for Non-life Insurance and Payments;

Oil

4.1.1.4 The average price of Brent stood at US$70.9/bbl in 2021, a strong rebound compared to 2020 (US$43.2/bbl). The increase during the year was almost linear, with an average price of US$61/bbl in the first quarter, to US$79/bbl in the fourth quarter. The year was marked by the continued upturn in demand. Seasonal demand in the northern hemisphere was very strong from May. OPEC+ could therefore sign a new agreement in July, gradually ending its production cuts by September 2022. The upward volatility of the natural gas markets in the third and fourth quarters led to a further increase in oil prices. 4.1.1.5 2021 was marked by record performances for the main indices of developed economies (S&P 500 +27%, Eurostoxx 50 +20.4%), while the emerging indices remained largely down (-4.6% for the MSCI EM $ and -13.8% for the HSI). In Europe and the United States, performance was mainly driven by results, which continued to outperform expectations. Conversely, valuations measured by P/E 12m forward ratios declined throughout the year. The first quarter was favorable to equities (MSCI World $ at +4.7% excluding dividends), driven by the macro rebound, reflation and, lastly, the rise in US rates, which penalized the most expensiveequity segmentsand favored the cyclical/valuesectors (banking, cars). The first quarter of 2021 was marked by two episodes of temporary equity risk with the GameStop short squeeze in January (emergency buyback of the video game retailer’s stock sold short) and, in Asia, the forced deleveraging of the Archegos hedge fund in March. Europe outperformed over the quarter and the indices returned to their pre-crisis levels (early 2020), while the S&P 500 and the Dow Jones reached new all-time highs. Equities

Key events for Natixis’ business lines 4.1.2 Following the closing of the simplified public tender offer filed by BPCE for the shares of Natixis, open from June 4, 2021 to July 9, 2021 inclusive, on July 13, 2021, BPCE announced that it held 91.80% of the share capital and voting rights of Natixis (1) . In accordance with the opinion of the French Financial Markets Authority, published the same day (D&I No. 221C1758 of July 13, 2021), on July 21, 2021, BPCE squeezed out all Natixis shares that had not been tendered to the public offer (2) , under the same financial conditions as the simplified public tender offer, i.e. €4 per Natixis share. As a result, due to the successful implementation of the squeeze-out, Natixis was delisted on July 21, 2021. This change is part of an ambitious industrial project for the developmentof Natixis’ business lines and the simplification of its functional channels that Groupe BPCE has launched and that include direct reporting by the Insurance and Payments business lines to BPCE].

In addition, in July 2021, Groupe BPCE published its new BPCE 2024 strategic plan. This strategic plan sets out the development axes of the Group’s various business lines and the financial targets for 2024.

BPCE is also deemed to hold, by assimilation, (i) 2,461,581 Natixis treasury shares, and (ii) 4,664,262 Natixis shares in respect of put and call options provided for in the (1) liquidity agreements entered into between BPCE and Group employees and executive officers who are beneficiaries of free Natixis shares, together representing approximately 0.23% of the share capital and voting rights. These assimilated shares are not included in the above percentage. With the exception of (i) 2,461,581 Natixis treasury shares, and (ii) 4,664,262 Natixis shares in respect of put and call options provided for in the liquidity agreements entered (2) into between BPCE and Group employees and executive officers who are beneficiaries of free Natixis shares.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021