BPCE - 2020 Universal Registration Document

FINANCIAL REPORT

BPCE PARENT COMPANY ANNUAL FINANCIAL STATEMENTS

A sensitivity analysis based on a 50 basis point increase in the discount rate was carried out and would contribute to a decrease of 4.5% in the value in use of the shares in affiliated companies and other long-term securities. A sensitivity analysis based on a 50 basis point increase in the discount rate and a 50 basis point increase in the capital adequacy requirement was also carried out and would contribute to a decrease of 7.2% in the value in use of the shares in affiliated companies and other long-term securities. A sensitivity analysis based on a 50 basis point increase in the discount rate and a 50 basis point decrease in the perpetual growth rate has been carried out and would contribute to a

reduction of 6.0% in the value in use of the shares in affiliated companies and other long-term securities. In the specific case of Natixis, by way of illustration, taking into account a cost of capital of 11.5% and a capital adequacy requirement of 11.0% (CET1 ratio) would reduce the value of the investment to €8,173 million for 70.6% ( i.e. €3.66 per share). In addition, for information purposes, the fair value of BPCE shares as used in the IFRS consolidated financial statements of its shareholders was established by using a fair value of Natixis shares of €3.77 per share. This fair value is based on the share price at December 31,2020 and on the price targets (after taking into account a control premium).

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UNIVERSAL REGISTRATION DOCUMENT 2020 | GROUPE BPCE