NATIXIS // 2021 Universal Registration Document

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

Market data is now calculated based on a five-year history. In addition, and in more detail, the discount rates were determined by taking into account, for the Asset & Wealth Management and CIB CGUs, the average of the French and US ten-year treasury bills (French OAT), averaged over a depth of five years. A risk premium calculated on the basis of a sample of companies representative of the CGU is then added to these rates, with an average over a depth of five years. For CIB, the fact that goodwill comes exclusively from the M&A activity led to carrying out the valuation exercise on the sole scope of M&A while enriching the valuation methods used (multi-criteria approach including a DCF approach, as well as valuation methods by market multiples and comparable transactions) in line with the previous fiscal year. For the Insurance and Payments business lines, classified as activities held for sale (see Note 2.6) , an impairment test was performed at December 31, which consisted in comparing the fair value of the contribution and the carrying amount (restated for recyclable shareholders’ equity). These tests did not result in the recognition of impairment losses at December 31, 2021. A 50 bp increase in discount rates (assumption based on the historical annual variability observed over one year using 2012-2020 historical data) combined with a 50 bp reduction in perpetual growth rates would reduce the value in use of CGUs by: -14% for the Asset & Wealth Management CGU; V -13% for the Corporate & Investment Banking CGU (on M&A V activity); and would not lead to the recognition of any impairment losses for these CGUs. The sensitivity to key assumptions does not significantly affect the recoverable amount of the CGUs: for Asset & Wealth Management, a 10% decline in the equity V markets (uniform decline across all years) would have a 10% negative impact on the CGU’s recoverable value and would not lead to the recognition of an impairment loss; for the Wholesale Banking CGU (for the M&A activity), the V sensitivity to the dollar would have an immaterial impact on the recoverable amount and would not lead to the recognition of an impairment; 2.6 The assets and liabilities of controlled entities which Natixis intends to sell within a maximum period of 12 months, and for which it is actively seeking a buyer, are identified separately on two specific lines of the consolidated balance sheet as non-current assets and liabilities. A group of assets and liabilities held for sale may be a group of CGUs, a CGU or part of a CGU. The group may include the entity’s assets and liabilities, including current assets, current liabilities and assets that are outside the scope of the measurement provisions under IFRS 5. If a non-current asset within the scope of the measurement provisions under IFRS 5 is part of a group held for sale, the measurement provisions under IFRS 5 apply to the group as a whole, which means that the group is measured at the lower of its carrying amount or its fair value net of selling costs. When the fair value of the group of assets and liabilities is lower than their overall net carrying amount, Natixis limits the amount of impairment to non-current assets (goodwill, intangible assets and property, plant and equipment) measured in accordance with IFRS 5. Subsidiaries held for sale

The contribution values used for consolidation purposes in respect of both categories of assets are the carrying amounts of these assets in the former CNCE’s consolidated financial statements, restated in accordance with IFRS as adopted in the European Union. Other transactions affecting the structure of the Group that led to the creation of Natixis were accounted for by the acquisition method for consolidation purposes, in accordance with IFRS 3. Goodwill arising in connection with the above-mentioned business combination on December 31, 2006 was accounted for as follows: Goodwill on contributed entities As the contributions were recognized at their net carrying amount under IFRS, no valuation adjustments have been recorded for the various assets and liabilities contributed. The difference between the acquisition cost and the Group’s interest in the net assets of the contributed entities does not constitute goodwill within the meaning of IFRS 3, since the acquisition cost takes into account the real value of the shares, while the contributions were recognized at their net carrying amount. Each of the differences observed was recognized in “Consolidated reserves”. An amount of €3,170 million was charged against the share premium in this respect as at December 31, 2006. Goodwill on other transactions The goodwill arising from the transaction resulting in the creation of Natixis amounted to €484 million, which breaks down as follows: €229 million for the former IAMG, €21 million for the former IXIS CIB and €8 million for the former Novacrédit, plus the goodwill recorded in “Investments in associates” relating to the Caisse d’Epargne CICs for €190 million, and the Banque Populaire CICs for €36 million. Since then, goodwill relating to the former IXIS CIB has been fully written-down. In light of the sale of the cooperative investment certificates during fiscal year 2013, the associated goodwill is no longer included in the consolidated balance sheet. Other goodwill During the 2021 fiscal year, excluding translation differences (€113 million), goodwill decreased by €205 million (see Note 7.13) . Impairment tests All items of goodwill are impaired, based on the value in use of the cash-generating units (CGUs) to which they have been allocated. The determination of values in use primarily relied on the updating of the estimate of future flows of CGUs, using the Discounted Cash Flows (DCF) method, as determined by the latest forecasts for the results of the business lines reassessed in the context of the health crisis. As at December 31, 2021, the following assumptions were used: estimated future cash flows: forecast data from the latest V multi-year profit trajectory forecasts for the business lines; perpetual growth rate: the perpetual rate set at 2.5% for the Asset & V Wealth Management CGUs and for the M&A activity of CIB, due to the prospects for sustained growth in their activity and their resilience in the context of the crisis; discount rate: use of a differentiated rate per CGU: 7.7% for Asset & V Wealth Management (7.6% at December 31, 2020), 9.2% for CIB (9.5% as of December 31, 2020).

280

NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021