NATIXIS // 2021 Universal Registration Document

4 COMMENTS OF THE FISCAL YEAR

Management report as of December 31, 2021

Non-controlling interests reached -€81 million in 2021 compared to -€52 million in 2020. The Coface contribution , isolated in the presentation of the income statement, amounted to €7 million in 2021 (excluding dividends recorded in net banking income of €11 million) and corresponds to the recognition in gains or losses on other assets of the impact of the stock market price recorded when significant influence over Coface was lost and the residual interest was reclassified as a financial investment. In 2020, it represented -€192 million, including the exceptional impacts related to the disposal (-€146 million in gains or losses on other assets and -€47 million under the equity method in 2020). The contribution of H20, now isolated in the presentation of the income statement, represents -€58 million in 2021 including a provision for capital losses on future disposals and the change in differences related to the Euro GBP translation. In 2020, the contribution of H20 amounted to -€19 million in net income. This resulted in positive net accounting income of €1,403 million in 2021 compared with €101 million in 2020. Consolidated management ROE after tax (excluding non-recurring items) came to 8.5% in 2021, giving an accounting ROE (including non-recurring items) of 6.6%. Consolidated management ROTE after tax (excluding non-recurring items) came to 11.1% in 2021, giving an accounting ROTE (including non-recurring items) of 10.2%.

Gross operating income The gross operating income reached €2,295 million in 2021, a very strong rebound compared to 2020 (€1,404 million) which was penalized by the crisis. Pre-tax profit The cost of risk amounted to €190 million in 2021, down sharply compared to 2020 (€851 million). The cost of risk of the main business lines as a percentage of assets amounted to 28 basis points in 2021 versus 128 basis points in 2020. Revenues from associates totaled €18 million in 2021 versus -€6 million in 2020. The Gains and losses on other assets amounted to €29 million in 2021 including the impact of the acquisition of AEW UK IM LLP by AEW Global Ltd at 100% (purchase of the remaining 50%), which led to the transition from equitymethod to full consolidationallowing the generation of a profit on the disposal of the EMT compared to €6 million in 2020. The change in the value of goodwill was nil in 2021 as in 2020. Pre-tax profit therefore totaled €2,152 million in 2021 versus €553 million in 2020. Net income (Group share) Tax expenses came to €617 million in 2021, with an effective tax rate of 29.9%. Analysis of Natixis businesses 4.2.2 Asset & Wealth Management 4.2.2.1

Change 2021 vs. 2020

2020 pro forma

2021

(in millions of euros)

Current

Constant

3,800 3,504

3,096 2,820

22.7% 24.3%

25.0% 26.8%

Net banking income Asset Management Wealth Management

185 110

177

4.3%

4.3%

Employee Savings Schemes Banking operating expenses Gross operating income

99

11.1% 19.2% 33.5% (86.6)% 38.0%

11.1% 21.3% 36.5%

(2,787)

(2,338)

1,013

759 (27) 732

Cost of risk

(4)

Net operating income

1,009

Associates

1

1 3

17.9%

Gains or losses on other assets Change in the value of goodwill

14 (8)

(11) 725 (19) 455

(24.8)% 40.2%

Pre-tax profit

1,017

Contribution of H2O

(58) 637

Net income (Group share)

40.1%

Cost/income ratio Equity (average)

73.3% 4,625 13.8%

75.5% 4,603

ROE 9.9% The interim management balances (from Net banking income to Pre-tax profit) do not include the H2O contribution. The revenuesof the Asset & WealthManagement division grew 25% compared to 2020 at constant exchange rates (23% at current exchange rates) to €3.8 billion. Expenses increased 21% at constant exchange rates (19% at current exchange rates) to €2.8 billion. Gross operating income increased by 37% at constant exchangerates (34% at current exchange rates) to €1.0 billion. The division’s ROE amounted to 13.8%, an improvement of 3.9 pts compared toDecember 31, 2020.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021