NATIXIS // 2021 Universal Registration Document

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

At €1,499 million, revenues from Financing including Globa l Trade and film industry financing (Coficiné)were up by 19.0% comparedto 2020 at constant exchange rates. Revenues from origination and syndication of Real Assets amounted to €233 million, an increase of 17.6% compared to 2020, benefiting from dynamic activity in the various sectors, in particular Infrastructureand Energy, compared to a sharp slowdown in the first half of 2020 due to the COVID-19 crisis. At €903 million in 2021, revenues from the financing portfolio were up by 25.3% at constant exchange rates, driven by an increase in the interestmargin recorded on the Corporate portfolio and, to a lesser extent, on the Real Assets structured finance portfolio, as well as to positive impacts recorded on restructured projects. Revenues from Global Trade increased by 5.5% at constant exchange rates to €339 million, notably benefiting from a higher average oil price than last year. Revenues from Investment Banking , including M&A activities, were up 46.1% compared to 2021 at constant exchange rates for cumulativerevenuesof €613 million.M&A activity remaineddynamic in 2021, particularly in the second half of the year, with annual revenues of €371 million, up 80.0% at constant exchange rates. In 2021, Corporate & Investment Banking’s expenses totaled €2,434 million, up 16.8% at constant exchange rates compared with 2020. Excluding TEO expenses classified as exceptional items in financial communication for €9 million in 2021 and €11 million in 2020, expenses were up by 17.0% at constant exchange rates including a strong increase in variable compensation in connection with improved results compared to 2020. Excluding variable compensation, expenses increased by 5.0% at constant exchange rates. Gross operating income totaled €1,216 million, up 87.8% compared with 2020 at constant exchange rates. The cost/income ratio stood at 66.7% in 2021, up 9.3 points compared to 2020 (75.9%). At €167 million, the cost of risk was down sharply compared to 2020, which had seen a deterioration in risk on several items in the commodities sector, as well as the impact of fraud and IFRS 9 provisions in the context of the health crisis. The income before tax was €1,061 million compared to a negative result of €143 million in 2020 at current exchange rates. ROE after tax was negative at -9.8% in 2021 compared to negative ROE of -1.6% in 2020.

At €1,131 million in 2021, revenue from Fixed Income, FX, Credit, Commodities and Treasury activities are slightly up by 3.3% compared to 2020 at constant exchange rates. The following changes were observed in each segment: revenues from Fixed Income and FX activities were down by 8.9% V to €292 million including an exceptional charge of -€18.5 million related to provisioningfor litigationwith a local authority. Excluding this one-off item, revenue was down by 3.1% to €310 million. Revenue from Fixed Income was up by 17.9% to €211 million due to more dynamic commercial activity in the first half of 2021, while the FX business was down sharply by 29.8% to €99 million, suffering from an unfavorable base effect in a context of high currency volatility in the first half of 2020, which generated a strong demand for hedging from customers; revenue from GSCS Credit were up by 31.3% compared to 2020 to V €359 million benefiting from an active securitization market in 2021, unlike in 2020, which had seen a virtual closure of this market in the first half-year in the context of the health crisis followed by a gradual reopening in the second half; revenues from Repos , now split 50/50 between Fixed Income and V Equity, amounted to €314 million, a slight increase of 2.2% compared to 2020, the abundant liquidity available on the markets following the implementation of a new TRTLO operation by the Central Bank in June 2020 and strong pressure on margins limited business growth in 2021; with revenues of €421 million, Equity activities recovered strongly V compared to 2020, which recorded negative revenues of €58 million at constant exchange rates due to very high volatility in the equity markets and changes in dividend distribution policies (cancelations). Revenues from joint ventures (i.e. with income shared equally between Global Markets and Investment Banking to ensure team alignment) were sound in 2021. Revenues from Strategic and acquisition finance rose by 30.6% to €202 million, driven by a high volume of new production on acquisition financing and with a high basis of comparison, the first half of 2020 having seen strong demand for loans from Corporate customers, in particular through State-Guaranteed Loans (SGL). Bond market syndication recorded revenues of €122 million, down 8.4% compared to 2020 in a primary bond issuance market that remained dynamic, particularly in the first quarter of 2021, but which was still lower than in 2020, which had seen a historic issue peak for all customer segments in the context of the health crisis.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021