NATIXIS // 2021 Universal Registration Document

COMMENTS OF THE FISCAL YEAR Highlights of 2021

In this business line, activity was also sustained with the implementation of two major IPOs: Vivendi/UMG and Acwa Power (US$1.2 billion, highest IPO of the year in Saudi Arabia). In addition, SECM took part in the largest issue of convertible bonds in 2021 on Safran (€730 million) in France and as the only French bank in the syndicate. Lastly, in Strategic & Acquisition Financing (ASF), a particularly high level of transactions was concluded, including several mandates (financing, rating, M&A advisory). Numerous ESG transactions should also be noted: the acquisitionof Solina by Astorg, the external growth led by Vivalto Santé and the bond issue of NRG Energy. All these achievements were the result of close collaboration between the various business lines (IB and Real Asset, Capital Structure & Rating Advisory, M&A stores, Green Hub, etc.) and Groupe BPCE, thus enablingus to better serve our customerswith all of their issues and more specifically ESG. Real Assets business lines (which include the Infrastructure & Energy, Real Estate & Tourism, and Aviation sectors) experienced contrasting dynamics depending on the sector. In the Infrastructure & Energy sector, activity was very dynamic in 2021 in all regions, driven by growing demand supported by the digital and energy transitions. Natixis has once again arranged numerous transactions in the renewable energy sectors, confirming its leadershipposition (#2 Global InfrastructureFinanceMLA and #4 Global Renewables MLA, IJGlobal ranking in 2021). For example, activity in Spain was marked by the emblematic Niners transaction (acquisition by Onivia of the Spanish fiber-to-the-home (FTTH) telecom operator Masmovil). Natixis also signed a long-term financing agreement of more than €130 millionfor Solaria for a solar power plant project of 250 MW awarded during the Spanish renewable energy auction of 2017. Lastly, Natixis is also positioned in emergingsectors such as hydrogenand notably participatedin the IPO of Hydrogène de France. In the Real Estate & Tourism sector, Natixis consolidated its leading position in the European market (#2 Mandate Lead Arranger & #2 Bookrunner, Dealogic ranking in 2021). In real estate too, Natixis contributes to the environmental transition and has arranged and distributednumeroussustainablefinancing transactions,such as the transaction for Unibail-Rodamco-Westfield. Also, in Germany, the financing of a data center near Frankfurt syndicated to a German pension fund was particularly visible in the market. The Aviation sector remainedaffectedby the COVID-19crisis despite a recovery compared to 2020. The uncertainty related to COVID led to delays in project signaturesat the end of the year. Despite this, the aviation sector has shown resilience in both loan and bond products (Avolon, Castelake), securitizationproducts (Carlyle ABS) and leases (Sun Express, VMO). Natixis has remained very selective in its operations. In distributionand portfoliomanagement , the year 2021 saw strong syndication activity with record levels of distribution (€13.2 billion in 2021, including €546 million with Groupe BPCE), as well as active portfolio management with low cost of risk. Indeed, the Distribution & Portfolio Management (DPM) teams have actively managed the bank’s financing portfolio, both in terms of credit quality and profitability. Lastly, in 2021, Natixis is continuing to strengthen and develop its Originate to Distribute (O2D) model through technological and financial innovations, such as the digitization of its private debt platform and the integration of the temperature dimension into the program managing its portfolio.

In terms of mergers and acquisitions , numerous large-scale operations were carried out in 2021. In France, Natixis Partners advised Advent International and the directors/foundersof the Circet Group in connection with the sale of a stake to ICG and Eurazeo in connection with the acquisition of Aromazone. In the United Kingdom, Fenchurch advised JC Flowers on the sale of Interactive Investor to Abrdn and IG Group in the acquisition of Tastytrade Inc. In the United States, Solomon Partners advised EDF on the sale of a 49.99% stake in CENG, a nuclear portfolio of four GMs located in PJM and NYISO, to Exelon. It also advised Conair on its acquisition by American Securities. Global Trade activity continued its development in 2021 with a very dynamic year, in both Trade Finance and Cash Management activities. Among the highlights, Natixis completed the export credit financing of Norske Skog Golbey (France) in the amount of €193.2 million. Natixis also issued the first RevolvingCredit Facilities (RCF) including performance indicators related to the energy transition for Trafiguraand Gunvor, with the role of lead arranger and Green Coordinator for these two transactions. Finally, Global Trade continued to innovate in the digital field, with the launch of Trade Tracker, the implementation of Komgo integrating Blockchain technology into Trade Finance activities and the establishment of a partnershipwith Trustpair in the field of the fight against fraud and fraudulent transfers. For the Insurance division, 2021 was marked by dynamic activity for the two main business lines. For Personal Insurance, this dynamism was reflected in Savings: inflows returned to a higher level than before the health crisis and recorded strong growth (+39%) compared to 2020, which was penalized by lockdowns. Two new offers were launched in 2021 in the Caisse d’Epargne and Banque Populaire networks: in June, life insurance was enhanced with a range of services based on entry-level delegatedmanagement and a reinforcement of its financial offering; pricing has also been adapted to reflect low interest rates. In Creditor Insurance, a new group contract was rolled out between June and October. It benefits from a simplified sales process and improved coverage. The ambition to create a single non-life insurance operating model for the Group’s individual and professional customers was realized with the successful deploymentof the #INNOVE2020program in the Banques Populaires and Caisses d’Epargne. With the full implementationof GroupeBPCE’spotential, the expected sales acceleration was confirmed in 2021. Core products recorded double-digit sales growth. The new customer experience model makes it possible to maintain a high level of service quality and gain competitiveness thanks to the new claims management system, redesigned and improved customer pathways, as well as a strengthened digital and agile customer relationship. However, the loss ratio was impacted in 2021 by the tension observed in the Automotive and MRH repair costs market, the deterioration of the water damage coverage in connection with weather events and the worsening of drought claims during the current fiscal years and earlier. Despite a year still marked by health restrictions in 2021, the Payments division benefited, in all its business lines, from the upturn in economicactivity and consumptionand continued to grow. Thus, all business units (BU) recorded growth in their activity: the Processing & Payment Solutions (PPS) business unit saw an V increase in its electronic payment transactionsof +17% and +11%, respectively, compared to 2020 and 2019;

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021