NATIXIS // 2021 Universal Registration Document

4 COMMENTS OF THE FISCAL YEAR

Management report as of December 31, 2021

A – Natixis Algérie At constant exchange rates, average short-term outstanding loans increased by 16% due to the increase in the financial and cash management needs of the Bank’s large and medium-sizedcorporate clients, while average medium- and long-term outstanding loans declined by 11% compared to 2020. Customer deposits were up by 10%, thanks to the increase in deposits on current accounts (non-interest-bearing accounts), particularly for corporate customers. Off-balance sheet commitments decreased by 6%, mainly on the reissues of guarantees and to a lesser extent on documentary credits. Natixis Algérie presents net banking income down by 2% compared to 2020, to €55.4 million. Excluding the unfavorable exchange rate effect of €5.3 million, net banking income increased by 8% with, (i) the increase in income from equity (+26%), mainly income from investments in treasury bills whose investment budget was revised upwards in January 2021, (ii) the increase in the net margin (+15%) due to the increase in interest received (+8%) in line with the increase in loans, combined with the decrease in interest paid (-6%). These increases were partially offset by the reduction in commissions on foreign exchange transactions (-45%) following the decision of the Algerian government to reduce, from March 2020, the margin rate on these transactions to 0.10% (compared to 1% previously). Cost of risk amounted to -€5.1 million, stable compared to 2020. B – Natixis Private Equity (NPE) Natixis Private Equity’s commitments are down by 39% compared to 2020. Cash-at-risk commitments were down by 18% to €33.0 million, mainly due to the impairment of the Venture KurmaBioFunds fund (-€3.6 million) and a distribution on the Ventech IV fund in November 2021 (-€3.7 million). Off-balance sheet commitments were at zero as of December 31, 2021 due to the cancelationof uncalled commitments of the Cape Due fund (-€13.4 million), which were liquidated in December 2021. Net banking income at €1.1 million was down by €1.5 million compared to 2020, mainly due to the exceptional distribution of carried interest (EMZ6 funds of funds) of €11 million in the first quarter of 2020, partially offset by the sale of Solocal equity investments in the first quarter of 2021, an additional distribution of the EMZ6 fund and positive revaluations on venture capital funds.

C – Cross-business functions Cross - business functions net banking income totaled +€35 million at end-December 2021 versus -€85 million at end-December 2020. Exchange rate fluctuations on deeply subordinated notes issued V in dollars amounted to +€69 million at the end of December 2021 compared to -€86 million the previous year. The FVA DVA hedge was valued at -€7 million at the end of V December 2021 compared to +€10 million at the end of December 2020. Excluding these items, net banking income was -€27 million at the end of December 2021, compared to -€9 million at the end of December 2020. It mainly consists of: revenue from cash and balance sheet management operations; V rebilled expenses from the support functions to entities for the V most part linked to Groupe BPCE. Corporate Center expenses totaled €541 million at the end of December 2021 versus €454 million at the end of December 2020. The contributionto the Single ResolutionFund totaled €137 million V for 2021 versus €165 million in 2020. Excluding this item, expenses amounted to €404 millionat the end V of December 2021 compared to €289 million at the end of December 2020. They mainly comprised: the expenses of the support functions net of reallocations to V Natixis’ business lines amounting to €182 million at the end of December 2021, up by €31 million compared to the end of December 2020with a readjustment, in 2021, in the level of the expenses in 2020 impacted by the health crisis. This balance of expenses is rebilled in net banking income in the amount of €73 million at the end of December 2021, mainly to BPCE entities, as part of the services provided following the sale of the retail banking activities to BPCE S.A., cross-functional expenses of €190 million, up by €82 million V compared to the end of December 2020, mainly for strategic projects such as, for example, the Real Estate Master Plan. Gross operating income stood at -€449 million at the end of December 2021 versus -€479 million at the end of December 2020. The cost of risk of the CorporateCenter amounted to -€11 millionat the end of December 2021 compared to -€8 million at the end of December 2020. Pre-tax profit was -€438 million at the end of December 2021 compared to -€473 million at the end of December 2020.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021