NATIXIS // 2021 Universal Registration Document

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

The annual payroll costs recognized in respect of defined-benefit plans consist of: the costs of services rendered, representing rights vested by V beneficiaries over the period; past service costs, arising from possible plan changes or V curtailments as well as the effects of possible plan settlements; the net interest cost reflecting the impact of unwinding the V discount on the net obligation. Other long-term benefits are valued using the same actuarial method as that applied to post-employment benefits under defined benefit plans, except that liability revaluation items are recognized directly as an expense. The estimated amount of the expense related to cash-settled variable compensation, subject to the employee’s continued service in accordance with the deferred variable compensation plans, is recognized over the vesting period. and equity In accordance with IAS 32, issued financial instruments are classified as debt or equity depending on whether or not they incorporate a contractual obligation to deliver cash to the holder: deeply subordinated notes and preference shares are classified in V equity in light of the 2009 renegotiation of a clause making the payment of interest non-optional in the event of positive consolidated income and which has since become discretionary. The change in outstandings during the year is presented in Note 7.16 “Changes in subordinated debt during the fiscal year” and in Note 11.2 “Capital management”; however, if an instrument is classified as equity: V payments on that instrument are treated in the same way as V dividends. However, the tax consequences of these distributions are recognized, depending on the origin of the amounts distributed, in the consolidated reserves, as gains or losses recorded directly in equity or in income, in accordance with the amendment to IAS 12 of December 2017 entering into force on January 1, 2019. Accordingly, when the distribution corresponds to the IFRS 9 definition of dividends, the tax consequences are recorded in income. This provision is to be applied to any interest income from deeply subordinated notes treated as dividends for accounting purposes, it is fixed at its historical value resulting from converting it to V euros on the date it was initially classified under equity; the share of third party investors in the net assets of dedicated V mutual funds included in Natixis’ consolidation scope comprises a financial liability recorded on the balance sheet under “Financial liabilities at fair value through profit or loss”. The share of third party investors in the profits of the mutual funds is recorded in “Net gains or losses on financial instruments at fair value through profit or loss” in the consolidated income statement; the units held by third party investors in dated funds, which are V fully consolidated by Natixis, entitling the unit-holders to the repayment of a share of the fund’s net assets upon its liquidation, are classified in liabilities on the consolidated balance sheet under “Accrual accounts and other liabilities”. The share of third party investors in the fund’s profits is recorded under “Interest and similar expenses” on the consolidated income statement. Distinction between debt 5.15

Employee benefits 5.14 In accordance with IAS 19, employee benefits are classified in one of four categories: “ short-term benefits ”, including salaries, social security V contributions, annual leave, employee profit-sharing, incentive plans, top-up contributions and bonuses payable for the period; “ severance payments ”, comprising employee benefits granted in V return for termination of a staff member’s employment before the normal retirement age, resulting from a decision by the entity, or a decision by the employee to accept a severance package in exchange for terminating their employment; “ post-employment benefits ”, such as pensions, other V supplementary retirement benefits applicable to the banking industry, end-of-career awards and other contractual benefits payable to retirees; “ other long-term benefits ”, including long-service awards, amounts V due under the Time Savings Account and deferred compensation paid in cash and cash indexed to a valuation formula that does not represent fair value (see Note 5.16) . Short-term employee benefits are recognized as an expense in the period in which the employee provides the service in exchange for said benefits. A provision is accrued for termination benefits when the employer is demonstrably committed to providing such benefits, or when the employer recognizes the costs of restructuring providing for the payment of such benefits. In accordance with the principles of recognition set out in IAS 19, Natixis has identified the following types of post-employment benefit: defined contribution plans, under which an entity has no obligation V to pay a specified benefit amount; defined benefit plans, under which Natixis has a legal or V constructive obligation to pay a specified benefit amount. Contributions paid under defined contribution plans are expensed in the period in which the employee rendered the service in exchange for said contributions. A provision is set aside for defined benefit plans based on an actuarial assessment of the benefit obligation using the projected unit credit method. This method draws on demographic and financial assumptions reviewed annually (specifically the discount rate based on the AA Corporate bond rate curve). The value of plan assets is deducted from the actuarial debt. This valuation is carried out on a regular basis by independent actuaries. Insurance contracts taken up with a related party to Natixis and intended to finance all or part of Natixis’ defined-benefit plan commitments are recorded in the asset side of the balance sheet as “Accruals and other assets”. Revaluation adjustments for actuarial debt related to changes in actuarial assumptions and experience adjustments (impact of differences between actuarial assumptions and actual experience) are booked under items not recycled to comprehensive income among “Gains and losses recognized directly in equity”.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021