NATIXIS // 2021 Universal Registration Document

CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2021 Consolidated financial statements and notes

Subordinated debt 7.16 Subordinated debt differs from advances and bonds issued in that it is repaid after all senior and unsecured creditors, but before the repayment of participating loans and securities and deeply subordinated securities. Subordinated debt is valued at amortized cost.

(in millions of euros)

31/12/2020 (a)

31/12/2021

Dated subordinated debt (b) Undated subordinated debt

4,018

3,629

45 10

296

Accrued interest

9

TOTAL (A)

4,073

3,934

The main characteristics of the issues of subordinated notes are given on the Natixis website (www.natixis.com). Including €251 million for the Insurance business line, classified as “Liabilities related to non-current assets held for sale” at December 31, 2021 (see Notes 1.2 (a) and 7.10). Subordinated debt issue agreements do not incorporate a clause providing for early redemption in the event that the covenants are not observed. (b) The fair value of subordinated debt is given in Note 7.5.4.

Changes in subordinated debt over the 2021 fiscal year

Reclassi fication as liabilities held for sale (b)

Other items (a)

Translation adjustments

(in millions of euros)

31/12/2020

Issues Redemptions

31/12/2021

Other dated subordinated debt

3,629

1,800

(1,400)

(10) (10)

4,018

Subordinated notes Subordinated loans

679

(500) (900)

168

2,950

1,800

3,850

Other undated subordinated debt

296

(251)

45

5

Deeply subordinated notes

0

Subordinated notes Subordinated loans

45

45

251

(251) (251)

TOTAL

3,925

1,800

(1,400)

(10)

4,063

This table does not include accrued interest. Other changes mainly concern the revaluation of hedged debts. (a) Concerns the Insurance business line classified as “Liabilities related to non-current assets held for sale” at December 31, 2021. (b)

Changes in subordinated debt over the 2020 fiscal year

Other items (a)

Translation adjustments

Changes in scope (b)

(in millions of euros)

31/12/2019

Issues Redemptions

31/12/2020

Other dated subordinated debt

3,654

350

0

0

(378)

3 3

3,629

Subordinated notes Subordinated loans

674

2

679

2,980

350

(380)

2,950

Other undated subordinated debt

297

0

0

0

0

(0)

296

Deeply subordinated notes

0

0

Subordinated notes Subordinated loans

46

46

251

(0)

250

TOTAL

3,951

350

0

0

(378)

3

3,925

This table does not include accrued interest. Other changes mainly pertained to the revaluation of debts subject to hedging and variations in intra-group securities held by Natixis Funding (a) for the purposes of market making with respect to Natixis’ debt on the secondary market. Concerns Coface, which is now treated using the equity method. (b)

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www.natixis.com

NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021