NATIXIS // 2021 Universal Registration Document

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

7.8

Deferred tax assets and liabilities

31/12/2021

31/12/2020

Deferred tax liabilities

Deferred tax liabilities

Deferred tax assets

Deferred tax assets

Standard

(in millions of euros)

Standard

Sources of deferred taxes (a) Tax amortization of goodwill (b) Provision for employee benefits Other non-deducted provisions

(1,286)

(1,193)

232 724

195

1,247

Non-deducted accrued expenses (including deferred compensation)

688

463 (61)

Elimination of equalization reserve

0

Other sources of deferred tax through profit or loss

38

(169) 7,139

Ordinary tax losses

6,263

Unrecognized sources of deferred tax

(3,624)

(4,286)

TOTAL SOURCES OF DEFERRED TAX THROUGH PROFIT OR LOSS

3,035

1,201

362

3,335 (734)

1,323 (194)

379

Sources of deferred tax on recyclable OCI Sources of deferred tax on non-recyclable OCI

141 176

(33)

0

10 49

58

92

269

67

TOTAL SOURCES OF DEFERRED TAX 438 Positive amounts represent sources of deferred tax giving rise to deferred tax assets, while negative amounts represent sources giving rise to deferred tax (a) liabilities. Deferred tax related to the tax amortization of goodwill in the United States. (b) 3,352 1,226 454 2,870 1,196

Breakdown of deferred tax assets on losses by geographic area

Legal carry forward period

Max. period of capitalization

(in millions of euros)

31/12/2021

31/12/2020

Deferred tax assets on losses by geographic area France (a)

533

580

Unlimited

10 years

United States United Kingdom

85 18 68

57

Unlimited (b)

10 years (c)

Unlimited

10 years

Other

121

TOTAL 758 The amount of deferred taxes on tax losses recognized at December 31, 2021 was €704 million, of which €533 million capitalized on the tax consolidation (a) group in France. The base of the tax loss recognized for the tax consolidation group in France amounts to €2,140 million, out of a total stock of tax loss carryforwards of €3,606 million. At December 31, 2021, Natixis conducted tests to measure the potential impact on deferred tax assets of the assumptions applied when implementing its tax business plans. These tests, which measure the impact of a variation of +/- 10% in NBI growth assumptions, confirm the probability that Natixis will be able to offset its tax losses against future taxable profits, used as part of the capitalization of deferred tax. Except for tax losses that arose prior to January 1, 2018 (limited to 20 years). (b) Concerning the federal deficit, the “State” and “City” portions may be capitalized over longer periods (limited to the legal time limit). (c) 704

348

NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021