NATIXIS // 2021 Universal Registration Document

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

6.10

Reconciliation of the tax expense in the financial statements

and the theoretical tax expense

(in millions of euros)

31/12/2020

31/12/2021

+ Net income (Group share)

1,403

101

+ Net income (Non-controlling interests)

106 452

81

+ Income tax expense

204

+ Income from discontinued operations + Impairment of goodwill - Share in net income of associates

(379)

(19)

53

= Consolidated net income/(loss) before tax, goodwill amortization and share in income of associates

1,563

439 282 721

(21)

+/- Permanent differences (a)

= Consolidated taxable income/(loss)

1,542

x Theoretical tax rate (b) = Theoretical tax charge

28.40%

32.02%

(438)

(231)

+ Income taxed at reduced rates

(1) 29

(2) 16 18 (3) (2)

+ Losses for the period not recognized for deferred tax purposes

+ Impact of tax consolidation

5

+ Difference in tax rates for foreign subsidiaries + Tax on prior periods and other tax items (c)

19

(66)

= Tax charge for the period

(452) (468)

(204) (247)

of which: taxes payable

5

deferred tax

16

43

Permanent differences include the impact of the recognition of projected losses related to the sale of H2O by Natixis Investment Managers (a) (a positive €84.2 million at December 31, 2021 compared with €49.0 million at December 31, 2020), the effect of the end of the tax consolidation in France (a gain of €49.0 million), as well as the positive impact of non-tax deductible regulatory contributions amounting to €89.1 million at December 31, 2021 versus €114.7 million as at December 31, 2020. In 2020, the permanent differences included the impact of the loss of control of the Coface division (a gain of €145.6 million). In 2021, the standard corporate tax rate fell to 28.40%. (b) including the effects of changes in deferred tax assets recognized on Natixis’ losses in France. These effects are mainly due to the planned entry (c) of the companies of the Natixis tax consolidation group, which ended on December 31, 2021, into the BPCE tax consolidation group as of January 1, 2022. This entry would be accompanied by an option formulated by BPCE for the legal mechanism known as the extended base, allowing the losses of the former Natixis group to be offset against the profits of the companies of the Natixis tax consolidation group that have joined the BPCE tax consolidation group. This option would improve future capacity to allocate the deficit and the tax savings related to this allocation would have to be fully reallocated to Natixis.

Net income from discontinued operations 6.11 The table below presents a breakdown of the item “Income from discontinued operations” by major category. As of December 31, 2021, the item “Income from discontinued operations” concerns the income from the Insurance and Payments business lines to be transferred to BPCE (see Notes 1.2 and 2.8) .

(in millions of euros)

Notes

31/12/2021

Pre-tax profit from Insurance activities

6.11.1 6.11.2

490

Pre-tax profit from Payments

69

Pre-tax profit

559

Income tax

(180)

NET INCOME FROM DISCONTINUED OPERATIONS

379

319

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021