NATIXIS // 2021 Universal Registration Document

5 CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2021 Statutory Auditors’ report on the consolidated financial statements

Goodwill measurement Risk identified and main judgments

Our audit approach We reviewed the processes and controls implemented by Natixis to identify any objective indications of impairment and assess the need for goodwill impairment. We then carried out, with the help of our business valuation experts, a critical review of the methods used to implement the methodology and we assessed the calculation of the recoverable amount of the various CGUs. We thus verified: the relevance of the valuation methods selected by Natixis with V regard to market practices; the consistency of cash flow projections with management’s latest V estimates as validated by the Board of Directors, and their reasonableness in the context of the economic and financial situation caused by the health crisis; the consistency of the main assumptions (growth rate, discount V rate, etc.) by comparison with market data; the validity of the calculations made by the Natixis Group by V carrying out independent counter-calculations. We also carried out analyses of the sensitivity of the valuations to a change in the main assumptions. For the Insurance and Payments CGUs, we reviewed the consistency of the methodology implemented in line with the provisions of IFRS 5. Lastly, we examined the appropriateness of the information provided in the notes to the consolidated financial statements relating to the fiscal year ended on December 31, 2021 on the impairment tests and the associated sensitivity analyzes.

As part of its development, Natixis recognized goodwill on the assets side of its consolidated balance sheet, corresponding to the difference between the acquisition price of the companies acquired and the fair value of the identifiable assets and liabilities assumed at the date of acquisition. This goodwill is specifically monitored by allocating it to dedicated cash-generating units (CGUs). Each CGU is subject to an impairment test, at least annually, or more frequently when there are indications of impairment, by comparison between its net carrying amount and recoverable amount (determined by discounting future cash flows). As the Insurance and Payments CGUs were transferred to BPCE, and in accordance with IFRS 5, the impairment test consisted this year in comparing the sale price with the carrying amount, restated for the recycling of gains and losses recorded directly in equity. We considered that the valuation of goodwill was a key point of our audit because of the judgment by management involved in the determination of the recoverable amount, in particular with regard to the choice of valuation methods used and the main assumptions taken into account in the calculations (in particular the assumptions regarding the growth rate of the projected cash flows from the medium-term plans of the business lines and the discount rates), but also given the current context of the health crisis. Goodwill recorded on the balance sheet amounted to €3,440 million at December 31, 2021. For more details, please refer to Notes 2.5, 5.22 and 7.13 to the consolidated financial statements.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021