NATIXIS // 2021 Universal Registration Document

COMMENTS OF THE FISCAL YEAR Management report as of December 31, 2021

A – Asset Management Assets under management at the end of December 2021 amounted to €1,245.5 billion (excluding H20), up by €128.3 billion, or 11% at current exchange rates (€89.2 billion, +8% at constant exchange rates) compared to December 31, 2020, driven by a favorable market effect

(€68.3 billion), a positive currency effect (€39.1 billion) andynamic net inflows (€21.5 billion). Change in assets under management over the year (in billions of euros)

+11 % / +€123.5 bn

+11 % / +€128.3 bn

68.3 1,245.5 13.6 1,259.0

21.5

39.1 -0.6

1,135.5

1,117.2

4

31/12/2020

31/12/2020 excl. H20

Currency effect

Scope effect/other*

Net inflows excl. H2O

Market effect excl. H2O

31/12/2021 excluding H20

H2O

31/12/2021˜

(*) Scope effect for 2021: transfer of Natixis Wealth Management to VEGA Investment Management in the first quarter of 2021, and change in reporting method for Private debt in the second quarter of 2021.

The business recorded net inflows of €21.5 billion over the year, of which €20 billion for long-term products. In the United States, net inflows amounted to €17.0 billion, mainly V at WCM Investment Management (equity products), at Loomis Sales & Co. (mainly in fixed-income products), at Integrated Portfolio Implementation (diversified products) and at Harris Associates and Direct Indexing (equity products). Private Equity companies reported net inflows of €3.1 billion, V mainly with Vauban Infrastructure Partners and Naxicap Partners. In Retail, inflows totaled €2.9 billion thanks to Dynamic Solutions V (in life, monetary and equity insurance). Net inflows in Europe amounted to €0.3 billion. This is the V combination of net inflows at Mirova (mainly equity and bond products), AEWEurope (real estate products) and Vega Investment Managers (diversified products), and an outflow mainly at Ostrum Asset Management (life insurance). The Asia region saw a net outflow of -€1.8 billion, mainly from V Investors Mutual Limited (equity products). Distribution platforms recorded long-term net inflows excluding reinvested dividends of €13.0 billion over the year (+€6.5 billion for NIM US Distribution and +€6.4 billion for NIM International Distribution). Average outstandings of €1,087.2 billion at December 31, 2021 were up (29%) compared to last year in constant euros. The rate of return on outstandings was 24.2 basis points, down by 2.1 basis points compared to December 31, 2020. It amounted to 38.2 basis points excluding money market products and insurance-related activities (+0.5 basispoints) whose average rate is much lower given the activity. As of December 31, 2021, net banking income of €3,504.5 million were up by €684.7 million(+24%) compared to December 31, 2020 (+27% at constant exchange rates), with a scope effect linked to the LBPAMand AEW UK IM LLP contributionsfor a total of €31.9 million

in 2021. The change in net banking income over one year was driven by the increase in management fees in the United States and Europe in line with the increase in average outstandings. It is also supported by the significant increase in outperformancefees, mainly in Europe at AEW, and to a lesser extent by the improvement of financial productswith the positive impact of the valuation of the seed money portfolio and the payment, by WCM Investment management, of higher dividends compared to 2020. Expenses amounted to €2,532.4 million, up by €425.3 million (+20%) compared to December 31, 2020, (+22% at constant exchange rates) with an LBPAM and AEW UK IM LLP scope effect of €29.2 million. The increase in expenses is mainly due to the significant increase in variable compensation, in Europe and in the United States, in line with the increase in performance fees and income. Internal fixed personnel costs are also up, driven by headcount growth. To a lesser extent, IT investments made necessary by the development of the business are implemented (development and deployment of new tools) while the costs of external non-IT staff and consulting also increase in line with project support and the strengthening of the control system. Expenses for documentation and market data are higher than in 2020 due to higher pricing and volumes. Communication and advertising and travel expenses were up compared to 2020, driven by the recovery in activity, but were nevertheless lower than the level recorded before the health crisis. One gain on other assets of €13.1 million was recorded in the last quarter of the year in the context of the acquisition of AEW UK IM LLP, fully owned by AEW Global Ltd. The annual contribution of subsidiary H 2 O represents a loss of -€57.6 million over the year. It is mainly due to the recording of an additional provision for the capital loss on disposal following the review of the sale price of the entity.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021