NATIXIS // 2021 Universal Registration Document

COMMENTS OF THE FISCAL YEAR Outlook for Natixis

In addition, the risk of expropriation measures that the Russian authoritiescould take against foreign companies in retaliation for the sanctions imposed was mentioned. In this respect, Natixis has a subsidiary in Russia, Natixis Moscow, with equity of eq. €73 million as of December 31, 2021, including eq. €48 million in subordinateddebt with Natixis. Natixis is also an issuer of structured private placements denominated in rubles up to €83 million as of February 28, 2022. Of the resources raised in ruble, approximately eq. €58 million are used to refinance the subsidiary.At the beginning of March 2022, most of the subsidiary's assets consistedof ruble and foreign currency loans to bank counterparties, as well as its excess liquidity with the Central Bank of Russia (approximately €66 million at the beginning of March 2022).

In addition to the above, the direct market risk on Russian or ruble assets is not material. Finally, H2O AM funds and mandates are exposed to a basket of emerging currencies including the Russian ruble. The long exposure to the Russian ruble was built via forwards with physical settlement at maturity. As of March 3, 2022, this exposure representedless than 7.5% of their overall gross currency exposure.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021