NATIXIS -2020 Universal Registration Document

5 FINANCIAL DATA

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 indicationsof 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 consistencyof cash flow projectionswith management’slatest V estimates as validated by the Board of Directors, and their reasonablenessin the context of the economicand financial 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. The impactsof the health crisis (reassessmentof business line profit forecasts) were taken into account in our work, with a special focus on the estimates used by Natixis. We also carried out analyses of the sensitivity of the valuations to a change in the main assumptions. Lastly, we examined the appropriatenessof the informationprovided in the notes to the consolidated financial statements closed at December 31, 2020 on impairment tests and sensitivity analyses.

As part of its development,Natixis recognizedgoodwill 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 identifiableassets and liabilities assumed at the date of acquisition. This goodwill is specifically monitored by allocating it to dedicated cash-generatingunits (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 cashflows). In the context of the health crisis, which is a source of uncertainty regarding future cash flow projections, Natixis reassessed the earnings forecasts for its business lines as part of its impairment tests at December 31, 2020. We considered that the valuation of goodwill was a key point of our audit because of the judgment by management involved in the determinationof the recoverableamount, 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-termplans of the business lines and the discount rates), but also given the current context of the health crisis. Goodwill recorded on the balance sheet at December 31, 2020 amounted to €3,533 million. For more details, please refer to Notes 2.5, 5.22 and 7.12 to the consolidated financial statements.

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NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2020