NATIXIS // 2021 Universal Registration Document

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

Headcount, compensation and employee benefits Note 10

10.1

Headcount

Number

31/12/2020

31/12/2021

Headcount (a) 16,943 Full-time equivalent in activity at Natixis at the reporting date (including 3,258 employees of entities restated under IFRS 5 as of December 31, 2021 for the (a) Insurance, Payments, Natixis Immo Exploitation and H2O business lines). The breakdown of the headcount is presented in Note 6.7.1.1 of Chapter 6 “Non-Financial Performance Report”. 17,491

10.2 Compensation and employee benefits include wages and salaries net of rebilled expenses paid within twelve months of the end of the reporting period in which the services were rendered, deferred cash-settled or equity-settled variable compensation, employee incentives and profit-sharing for the period, the cost of pensions, other employee benefit obligations such as long-service awards and benefits related to capital increases reserved for employees. Personnel costs totaled €3,949 million at December 31, 2021, versus €3,505 million as at December 31, 2020. Short-term employee benefits 10.2.1 This item includes wages and salaries paid within twelve months of the end of the reporting period in which the related services were rendered, employee incentives and profit-sharing, meeting the definition of short-term benefits under IAS 19R “Employee benefits”. In accordance with this standard, short-term benefits are expensed in the period in which the employees render the services giving rise to such benefits. Deferred compensation 10.2.2 Deferred variable compensation plans Each year, since 2010 and until 2020, Natixis has allocated plans to certain categories of its employees for which payment was based on Natixis shares. Following the delisting of Natixis shares on July 21, 2021, the cash-settled plans indexed to the Natixis share price (for their components not yet vested) were modified: their payment is now indexed to a formula based on the price of the simplified tender offer for Natixis shares (i.e. €4) and the change in Groupe BPCE’s net income (Group share). The accounting treatment of these plans is described in Note 5.16. It should be noted that the plans allocated in 2021 did not have to be modified because their conditions had

Compensation and employee benefits

already been adapted at the time of their creation, in the event of a delisting of the Natixis share. With regard to share-settled plans, in June 2021 BPCE entered into a liquidity contract with each beneficiary of free shares, consisting of a sale agreement that the beneficiary can exercise within 60 calendar days from the date of availability of the shares, followed by a promise to purchase granted by BPCE to each beneficiary in favor of BPCE, exercisable by BPCE for 60 calendar days from the end of the exercise period of the promise to sell. The liquidity contract has no impact on the consolidated financial statements of Natixis at December 31, 2021, taking into account certain characteristics of these plans and taking into account the fact that they were not modified. Accordingly, the accounting treatment of these plans in Natixis’ consolidated financial statements is unchanged: the expense as calculated at the grant date of each plan continues to be spread over the vesting period and to be adjusted at the closing date according to changes in the presence and performance assumptions (see Note 5.16) . Concerning the 2022 plan on February 10, 2022, as the allocations were not formally carried out at the closing date of the financial statements, the estimates of expenses are based on the best possible estimate at December 31, 2021. In addition, this plan, to which the new CRD V Regulations will apply, will be fully liquidated in cash indexed to a valuation formula. It will provide for different payment dates depending on the categories of beneficiary. Natixis subsidiaries may also implement share-based payment plans based on their own shares. The expense relating to these plans at December 31, 2021 was -€16 million compared to -€13 million in 2020. The characteristics of Natixis deferred variable compensation plan are detailed in the following paragraphs.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021