Corporate & Investment BankIngExpertise at the service of our clients

CORPORATE & INVESTMENT BANKING / INVESTMENT SOLUTIONS & INSURANCE / SPECIALIZED FINANCIAL SERVICES

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NATIXISA singular vision of the client relationship

Groupe BpCeFrance’s second-largest banking group(1)

Listed on the Paris stock exchange, Natixis is the international corporate, investment, insurance and financial services arm of Groupe BPCE. We design customized financial solutions leveraging the complementary expertise of our three core businesses:

Corporate & Investment Banking

Investment Solutions & Insurance

Specialized Financial Services

Groupe BPCE operates across the full spectrum of the banking and insurance business, leveraging the presence of its two major independent and complementary cooperative commercial banking networks – Banque Populaire and Caisse d’Epargne – and its subsidiaries, including Natixis and Banque Palatine.

36 million clients

8,000 bank branches

108,000 employees

9 million cooperative shareholders

Key dATA(2)

countries (1)

16,000More than employees in 38

All financial institutions affiliated to BpCe benefit from

a joint and several guarantee.

(1) No. 1 in terms of total penetration in the small- and medium-sized entrepreneur markets (TNS Sofres 2013 survey), No.2 in terms of market share in customer savings deposits and customer loans (Banque de France Q3 2014 – for all non-financial customers), No.2 in terms of individual professional and entrepreneur markets (Pépites CSA 2013-2014 survey) - (2) As at 12/31/2014 - (3) As at 12/31/2014 – excluding fair-value adjustment of own debt - (4) Estimate as at 12/31/2014 - CRR/CRD4, excluding provisional measures after restatement of deferred tax assets (DTAs) - (5) As at 03/17/2015

(1) Excluding financial interests - (2) Figures at 12/31/2014 – Pro forma and excluding exceptional items - (3) Based on Natixis’ understanding of CRR-CRD4 rules published on 06/26/2013, including the Danish compromise - Without phase-in except for DTAs on tax loss carry forwards - (4) As at 03/17/2015

SolId fINANCIAl perforMANCeS (3)

12%CET1

Basel 3 ratio (4)

€23.6bnNet

revenues

€3.1bnNet income group share

SolId 2014 reSulTS (2) ANd fINANCIAl STruCTure

€7.743bn 11.4%Net

revenues CET1

Basel 3 ratio(3)

€1.249bnNet income group share

loNG-TerM rATINGS (5)

Standard & Poor’s

AMoody’s

A2Fitch Ratings

A

loNG-TerM rATINGS(4)

Standard & Poor’s

AMoody’s

A2Fitch Ratings

A

ShorT-TerM rATINGS(4)

Standard & Poor’s

A-1Moody’s

P-1Fitch Ratings

F1+

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“We work to maintain strategic dialogue and a lasting close relationship with clients underpinned by a strong local and international presence. We deliver solutions by leveraging the Bank’s comprehensive range of expertise,” says Marc Vincent, Head of Coverage & Advisory.

A ClIeNT-drIveN STrATeGy

Corporate & Investment Banking advises companies, institutional investors, financial sponsors and public-service groups. We furnish a diversified array of financing solutions, provide access to capital markets and deliver transactional banking services. We leverage the expertise and highly technical skills of its teams, and industry-recognized research to build customized solutions for all our clients.

CorporATe & INveSTMeNT BANKING

(1) As at 12/31/2014 (2) Europe (excluding France), Middle East, Africa (3) Based on 2014 CIB net revenues

EMEA(2) : nearly 550 employees(1)

INTerNATIoNAl preSeNCe

Americas: more than 600 employees(1)

France: nearly 2,350 employees(1) Asia-Pacific:

nearly 500 employees(1)

50%internationally

of our business(3) is carried out

INNovATIve ANd CuSToMIzed produCTS ANd ServICeS

“We thoroughly examine the requirements of every client. Our experts employ their analyses, experience and technical know-how to design innovative and tailor-made solutions to support the strategy of each of our clients,” explains Olivier Perquel, Head of Financing and Global Markets.

dIverSIfIed ANd AwArd-wINNING

eXperTISe

Advisory: M&A, primary equity market, capital and rating advisory

FinAncing: vanilla and structured financing

cApitAl mArkets: equities, fixed income, credit, forex and commodities

globAl trAnsAction bAnking: treasury and liquidity management, trade finance, cash management and correspondent banking

reseArch: economic, credit, equity and quantitative research

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M&A AdvISoryNatixis provides M&A advisory services to large French and international corporations, medium-sized businesses, institutional investors, private equity groups and public-sector entities. We assist clients in organizing and implementing divestment and merger transactions via acquisitions, tie-ups, joint ventures and asset swaps. We arrange debt issues, restructurings and capital protection. In 2014, our team advised a number of leading companies in Europe in the reorganization of their shareholding structure and divestment activities. In 2015, Natixis announced the acquisition of Leonardo & Co.’s activities in France. The structure, which was renamed Natixis Partners, has strengthened Natixis’ teams in the domain of M&A advisory for midcap groups and private equity funds in France.

CApITAl ANd rATING AdvISoryOur advisory activity defines the most appropriate capital and debt financing strategies depending on clients’ development profiles. We advise them on their choice of investors and lenders. The team’s work involves three stages: analyzing funding requirements over the course of the business plan, drawing up financing alternatives based on equity and/or debt and furnishing advice on financing, e.g., by diversifying funding sources, developing a debt-rating strategy and seeking access to alternative investors.

Natixis also delivers debt rating advisory expertise to assist companies throughout all stages of the rating process or to optimize their rating and thus improve financing terms in the debt markets.

with the strategic aspects of your businesswe help you

“Here at Natixis, we consider the strategy you have defined for your expansion opportunities to help you realize your acquisition or divestment transactions. We can also provide you with the necessary financing tools to implement your strategy.”

Guillaume de Saint-Seine,Head of Global Coverage Financial Institutions & Public Sector

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ACquISITIoN fINANCeNatixis is a front-ranking market participant in the strategic and acquisition finance domain and has been a global presence in the field for more than 20 years. Natixis leverages its expertise in the corporate finance arena, in M&A, debt, legal, tax, capital markets and accounting to assist clients in implementing these large-scale transactions by advising them and arranging the most suitable financing for their target and profile. Natixis has positioned itself as an arranger and works with purchasers from the very early stages of their projects. Our teams have been acclaimed for their capabilities in the corporate acquisition finance arena, as well as for their leveraged-finance skills.

“Natixis leverages its dedicated team of Mid Cap specialists to deliver comprehensive financial products and services, ranging from vanilla and structured finance to M&A advisory, and provides access to the primary equity and bond markets. Coverage teams from our regional, Île de France and Paris offices, working together with experts from the Bank’s business lines, have built close ties with this specific client segment. We have day-to-day knowledge of their strategic concerns and play a vital role in furnishing them with customized solutions. As a core market participant in this market segment, Natixis is organizing for the first time in late-2015 a mid caps conference focusing on their requirements and canvassing the solutions on offer.”

Core MArKeT pArTICIpANT wITh freNCh MId CApS

(1) Source: Thomson Reuters

fINANCIAl TrANSACTIoNS oN ShAreSNatixis is a top-tier market participant in the corporate finance arena. We develop and execute engineering and financing transactions on shares, advising clients in the strictest confidence. This service targets large corporations, holding groups, private equity funds, family offices, foundations and financial institutions. Our multi-disciplinary team harnesses financing and derivatives tools in addition to a full array of financial instruments.

Eric Anciaux, Head of Coverage Large & Upper Mid Caps

no.2 lbo bookrunner in France and No.11 bookrunner for

the EMEA region in 2014(1)

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prIMAry equITy MArKeTNatixis delivers customized advisory services to clients on all transactions involving their capital structure including IPOs, capital increases, block sales, convertible bonds and redeemable bonds with attached equity warrants. The Bank has also developed an advisory activity for the execution of public tender and exchange offers and the implementation of defense strategies. In France, Natixis ranks among the leaders in the primary equity market, notching 25 advisory mandates in the French market during 2014. The Bank also operates in the secondary market, assisting issuers in enhancing liquidity on securities using liquidity contracts or by assisting them in setting up their share buyback programs.

prIMAry BoNd MArKeTNatixis leverages the presence of its origination team in the main European marketplaces and in the US and Asia to advise and assist you with your financing transactions in the cash bond markets. We are a key market participant in the primary euro bond market. We draw on our award-winning skills to serve all issuer categories – from corporates, financial institutions and agencies to specific segments of the market such as the covered-bond, high-yield and green-bond markets, as well as for private placements.

For the past two years, Natixis has developed strong market capabilities in the most frequently traded currencies, namely the US dollar and leading Asian currencies, making this franchise a springboard for our international development.

no.2 bookrunner in the primary equity market in France in

2014(1)

no.1 bookrunner in the primary covered bond

market in euro in 2014(2)

“Natixis leverages its integrated positioning in the global debt market to supply a comprehensive array of debt products with a platform that houses the Bank’s dedicated origination teams. Their in-depth regulatory expertise in Solvency 2 and Basel 3 is used in our syndicated loan, primary bond, securitization and asset monetization businesses. We use this platform to design

our deBT plATforM: AN eXCluSIve ANd GloBAl eNTry poINT To The CredIT MArKeT

the best solution for each client’s individual needs. Natixis also provides debt restructuring, acquisition financing and risk-transfer solutions to issuers. On the investor side, Natixis develops portfolio diversification and complex project structuring solutions.”

(1) Source: Bloomberg – Underwriter ranking by number of transactions in 2014 - (2) Source: Dealogic

Alain Gallois, Global Head of Fixed Income

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optimal financing for your specific activitieseNSurING

reAl-eSTATe fINANCeNatixis is a key company in the real-estate finance domain, offering a full array of financing solutions in France, Europe and the US. We harness our advisory expertise in debt financing and corporate- and specialized-finance transactions embracing financing for all asset types – real-estate acquisition and development program finance, financing – for property groups and structured finance transactions for clients of corporate and financial institutions, using the bank’s complementary know-how. Natixis is the only French bank to have a mortgage bank - Natixis Pfandbriefbank AG - which focuses predominantly on funding commercial real estate transactions in Germany and Europe.

eNerGy ANd CoMModITIeS fINANCeNatixis is one of the world’s top banks covering three major commodity sectors – energy, metals and agricultural commodities – serving all market participants in the commodities value chain: producers, processors, importers, traders, distributors and service groups.

Natixis blends its sectoral expertise and geographical reach to offer a wide range of products and services at the global level geared towards advisory and financial arranging, placement opportunities and market-risk hedging. For financing, our arranger and underwriter capabilities are recognized worldwide in the trade-finance and structured finance circles. Natixis has ranked among the top three trade-finance banks in the mines and metals sector for three years in a row (1).

&

(1) Bronze medal award for Best Trade Bank in Metals and Mining - Source: Trade & Forfaiting Review - TFR Excellence Awards June 2014 - (2) Source: Dealogic

“Natixis has vast international expertise in advisory, arranging, underwriting and financial engineering in the structured finance arena. We offer our clients tailor-made financing solutions in the banking, bond

and securitization markets. We work hand in hand with the capital markets and investment banking teams to deliver comprehensive fixed-income, forex and commodity-price hedging solutions and with the Coverage teams to assist clients with strategic deals.”

Pierre Debray,Global Head of Structured & Asset Finance

no.1 mlA for real-estate finance

in France

no.3 bookrunner in the EMEA region in 2014(2)

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Anne-Christine Champion, Global Head of Infrastructure and Projects

“Natixis has created an infrastructure platform, designed to facilitate investor access to infrastructure debt by offering them a joint investment with Natixis and a servicing offer on loans structured by Natixis. In 2014, we opened the platform up to new investors which enabled us to offer project sponsors diversified and competitive financing solutions in all currencies.”

AN INNovATIve ANd dedICATed INfrASTruCTure plATforM

AircrAFt FinAnce innovAtor

of the Year 2014(2)

AvIATIoN, eXporT ANd INfrASTruCTure fINANCeNatixis is internationally recognized for its sectoral expertise in the aviation domain and for infrastructure - social infrastructure and transport, conventional and renewable energy, natural resources and offshore assets, telecom and defense. Our services also embrace the financial advisory, arranger/underwriter and agent/servicer domains. We provide clients with integrated solutions combining a full suite of products including bank credit facilities, bond issues secured by asset revenues and/or guaranteed by export credit or multilateral agencies, Islamic finance, as well as fixed-income, forex and fuel hedging solutions.

no.10 mlA worldwide for project finance

in 2014(1)

In 2014, Natixis confirmed its place as a top-tier market participant in the infrastructure finance arena ranking as No.4 bookrunner in EMEA and No.9 in the Americas. The Bank has strengthened its know-how in specific segments such as the European project bond market, US private placements and renewable energies, particularly for offshore wind farms. In the aviation finance field, Natixis has shown its innovation capabilities when financing aircraft pre-delivery payments.

(1) Source: 2014 Global Project Finance Review - Thomson Reuters - (2) Source: Global Transport Finance Awards yearbook 2014

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Natixis leverages its cross-functional approach to securitization, asset and liability management, advisory and portfolio restructuring to furnish clients with cutting-edge and innovative solutions to meet requirements impacted by changes in regulatory and accounting rules, as well as balance-sheet reduction issues, optimum resource management and the search for alternative financing, etc.

A SeCurITIzATIoN ANd STruCTured-SoluTIoNS plATforM

“Natixis has broadened its footprint in the US in the CMBS(1) market, securitizing CMBS deals totalling approximately $1.4bn in 2014. We also furthered our expansion in the real-estate finance domain in Canada by entering into a strategic relationship with Trez Capital Group, one of the country’s largest commercial mortgage lenders.”

A STrATeGIC pArTNerShIp IN CANAdA

TrAde fINANCeNatixis offers a comprehensive range of trade finance products and services to secure and finance international trade transactions. These include import and export remittances, incoming and outgoing payments, domestic and international guarantees and sureties from our offices in Paris, Hong Kong, Singapore, Shanghai, New York, São Paulo, Dubai and Moscow, as well as a full array of Renminbi services. Covering a large number of countries, we deliver strong banking-risk coverage capacity and offer a full array of market guarantees(2) to corporate and commodities clients by leveraging our solid correspondent banking network.

“International trade finance forms part of our integrated transactional banking service(3) and covers the whole spectrum of clients’ international trade transactions, e.g., payments, guarantees, documentary credits and associated financing.”

(1) Commercial mortgage-backed securities - (2) Tender guarantees, advance payment guarantees, performance bonds, local overdraft guarantees and dispensation of retention bonds - (3) See page 13

Stéphane About, Head of the Americas Platform

Jean-Michel Russo, Head of Global Transaction Banking

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hedGING fIXed-INCoMe ANd foreX rISKNatixis enables its clients to hedge their fixed-income and forex risks by furnishing a variety of high-performance hedging strategies ranging from the simplest to the most complex solutions. Natixis’ financing and capital markets teams work closely together to design global solutions. We offer the full range of fixed-income derivative products in the world’s major currencies. We are a top-tier market participant in the interbank forex sector, with a large presence in non-deliverable currencies, supplying a full range of forex-risk hedging solutions.

your risk managementopTIMIze

“Natixis leverages the highly technical skills and responsiveness of its teams to offer clients bespoke risk-management solutions thanks to a comprehensive range of hedging products for the capital markets and structured solutions to transfer risk.”

Luc François,Global Head of Global Markets

hedGING CoMModITy MArKeT rISKSAcross the commodity markets, Natixis provides structuring and sales services on OTC derivatives and regulated markets. Teams design tailor-made hedging solutions for base and precious metals and energy, particularly on financings arranged for commodity sector market participants, i.e., producers, importers, traders and service groups.

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hedGING NATurAl CATASTrophe ANd ClIMATe rISKSNatixis has earned a reputation for being a front-line market participant in the catastrophe bond (cat bond) and catastrophe swap (cat swap) markets. The Bank helps clients exposed to potential financial losses to cover their businesses, through risk-transfer transactions in the financial markets, against the destruction of facilities and insurance-portfolio loss caused by natural catastrophes such as windstorms, hurricanes and earthquakes. A specialist in weather derivatives, Natixis also develops tailor-made solutions to protect companies against financial loss – a fall in sales and production losses are just two examples – caused by non-catastrophic climate change, e.g., variations in temperature, wind, rain and snow.

hedGING equITy MArKeT rISKSIn the equity markets, our financial engineering team designs customized solutions based on a wide variety of instruments and underlyings linked to shares, indices, funds and hybrids to meet the portfolio-hedging needs of its clients. Natixis leverages its capabilities as a dedicated solutions specialist for institutional investors, notably catering to the needs of insurance groups under Solvency II regulations by devising hedges such as the Equity Hedge Overlay, a derivatives-based solution that provides optimal portfolio hedging within the regulatory requirements.

“Natixis has developed a full suite of Islamic finance products for clients in the Middle East and in a number of Asian countries. Based in the Dubai branch, the team delivers a comprehensive array of Sharia-compliant transactions and financial products such as financing, risk-hedging and investment products.”

ISlAMIC fINANCe

Pierre-Henri Denain, Head of the EMEA Platform

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your placements and transactionsMANAGe

“Natixis devises equity market investments on equities, indices, funds and hybrids, spanning the full spectrum of risk-return profiles, including capital protection and leverage, to address clients’ specific needs. For example, we create solutions drawing on innovative management of risky and non-risky assets. Our NXS SHARPe range is one such strategic allocation solution that dynamically reduces market risk exposure in risk-adverse periods using a proprietary risk-perception model. We also offer cash placement and short-term products such as guaranteed capital and guaranteed minimum profitability products.”

fINANCIAl eNGINeerING oN equITy MArKeTS

Natixis helps its clients on a daily basis with short-, medium- and long-term placement solutions in the capital markets. These products meet their needs in terms of their risk-return profile and diversification objectives. We have also developed a high-performance transaction banking offering that comprises account-keeping services, treasury and cashflow management, in addition to correspondent banking, both in France and internationally.

fIXed-INCoMe, foreX, CredIT ANd TreASury MArKeT plACeMeNTSNatixis offers a broad range of short- and long-term products for the fixed-income, forex and credit markets to optimize your portfolio and cash management. We leverage the highly technical skills of our structuring teams to build customized solutions that are shaped to your risk-return profile. To do this, we draw on a wide array of underlyings including interest rates, currencies, inflation, commodities and credit, and varied instruments such as EMTNs, BMTNs, structured deposits, stand-alone bonds and Schuldscheins. We can enhance the value of your excess cash with our offering of customized and standard products, which include term deposits, certificates of deposit, euro commercial paper and Singapore certificates of deposit.

Selim Mehrez, Global Head of Equity Derivatives

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equITy-lINe prICING SoluTIoNSNatixis harnesses the structuring capabilities of its equity finance teams to offer clients an extensive array of financing and investment products and solutions. Our solutions embrace both simple and complex strategies; they range from equity lending and borrowing, and collateralized repo transactions to diverse performance generators such as indexation and hedging.

“Our priority for financial institutions in Asia is to provide fixed-income and equity-investment products, with a particular focus on value-added solutions. The key countries in this strategy are Japan, Taiwan and South Korea. In Japan and Korea, we are also able to use our distribution platform to grow placements of euro- and dollar-denominated products with major institutional investors, both for our European and US clients, and to secure funding for the group.”

dISTrIBuTIoN plATforM IN ASIA

Access to fixed-income, credit, forex and equity market

e-trading platforms

François Riahi, Head of the Asia-Pacific Platform

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CASh, TreASury ANd lIquIdITy- MANAGeMeNT SoluTIoNS, ANd CorreSpoNdeNT BANKINGNatixis offers its corporate and financial institution clients high-performance cash, treasury and liquidity management solutions, plus correspondent banking services to assist them in broadening their activities in France and internationally.

Correspondent banking

Natixis’ vast correspondent banking network assists Groupe BPCE and its banking partners worldwide throughout every stage of processing their international transactions. We centralize payments to and from Europe, optimize international payment circuits, facilitate payments in euro to Africa, and convert payments into local currencies.

Treasury and liquidity management

Natixis furnishes clients with treasury management and placement solutions in France and abroad, including physical and notional cash pooling, treasury reporting and surplus cash valuation. One of our products for Natixis’ corporate clients is the variable-rate current account, an innovative account-keeping product that locks in a remuneration mechanism geared to the amount and duration of deposits.

Cash management

We deliver, to clients located in France, across the SEPA region and abroad, secure high-performance cash management solutions: account-keeping services in euro and other currencies, payments and collections in all currencies worldwide, a comprehensive range of reporting services (acknowledgements of receipt, transaction reports and account statements), SEPA and international formats, a wide selection of acquisition channels and risk management tools to secure their transactions.

(1) Excluding regulatory constraints

Access for all your international transactions(1) worldwide

thanks to our international offices and our 2,500 correspondent

banks

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ClIeNT-drIveN CroSS-eXperTISe reSeArCh

The Global Markets division houses our 80-strong team of analysts, economists and strategists who are located in the world’s leading financial marketplaces. They work together to offer clients an integrated view of the markets and recommend investment opportunities for each asset class.

Quantitative researchNatixis’ quantitative research team adapts our range of financial products(5) for the marketplace by designing pricing and risk-management models for financial products. The team is also involved in developing investment strategies and market-trend indicators.

(1) Euromoney - Fixed Income Survey 2015: No. 1 for agencies, ABS, covered bonds, retail and consumer goods, general industries and utilities - (2) Source: Euromoney - Fixed Income Research Survey 2012, 2013, 2014 and 2015 - (3) Socially Responsible Investment - (4) Environmental, Social and Governance - (5) Written as Marketing Communication

Economic research

Based on the economic outlook presented by Chief Economist Patrick Artus, the economic research team monitors the economic landscape, makes economic forecasts and offers analyses of the world’s main economies, thus providing vital support to clients’ investment decisions.

Credit research

The credit research team enables clients to gain a broader understanding of the eurozone bond market and its prevailing trends. They cover 125 issuers in the principal sectors and asset classes, and furnish independent analyses to support their investment strategies.

We cover 60 of the world’s key economies including the

main emerging markets

best credit research in Europe across 6 categories(1) in 2015 and ranked by Euromoney

for the 4th consecutive year(2)

Equity research

The equity research team offers institutional investors a comprehensive range of services to support equity-market investment decisions by covering over 300 European companies.

An experienced sri(3) team dedicated to analyzing

ESG(4) concerns

Multi-asset strategies

Our teams provide clients with updates and in-depth analyses of market trends in the fixed-income, forex and commodities sectors – covering the oil, natural gas, and base and precious metals segments – and offer investors asset-allocation strategies and customized products to address their diversification and yield needs. We can also help reduce their exposure to specific risks.

FLASH ECONOMICS ECONOMIC RESEARCH

September 18, 2014 - No. 691

What is the correlation between the euro’s exchange rate and growth in the euro zone?

Author:Patrick Artus

The divergent prospects for growth, interest rates and monetary policies between the euro zone and the United States has led to a completely normaldepreciation of the euro against the dollar, despite this depreciation being limited by the euro zone’s external surplus. Most observers are pleased about this depreciation of the euro. But faced with imports that the euro zone cannot do without (commodities, components manufactured outside the euro zone due to the segmentation of production processes), is it certain that it has a positive effect on euro-zone growth?

We look at the sensitivity of the euro zone’s foreign trade (in volume terms and in terms of prices) to the euro’s exchange rate, and at the historical link between the relative growth of the euro zone and the euro’s exchange rate.

We find that the effect of a depreciation of the euro on euro-zone growth is very minor at best and, at worst, zero.

This document is a marketing presentation. It is a non-contractual document for information purposes only. The document and its contents are the property of Natixis and are strictly confidential. The document and any information contained herein may not be totally or partially reproduced, summarized or communicated to third parties without the prior written consent of Natixis. Natixis endeavours to ensure that the information disseminated in this document, in particular the financial information, is accurate. Natixis is not, however, in a position to guarantee that such information is complete, accurate, exhaustive or up to date. Accordingly, Natixis accepts no responsibility in respect of: (1) any imprecision, inaccuracy, default of update, mistake or omission relating to the information available herein, (2) any direct and/or indirect harm regardless of the cause, origin, nature or consequence thereof, brought about through access to this document, (3) decisions made on the basis of information contained in this document or the use that could be made of this information by recipients or any other third party. The information contained in this presentation is not intended to be updated after the date which appears on the first page. The delivery of this document shall in no way create an implied obligation on anyone to update the information contained herein. This document is communicated to each recipient for information purposes only and does not constitute a personalized investment recommendation. It is intended for general distribution and the products or services described herein do not take into account any specific investment objective, financial situation or particular need of any recipient. It should not be construed as an offer or solicitation with respect to the purchase, sale or subscription of any interest or security or as an undertaking by Natixis to complete any transaction nor an invitation to acquire securities issued by Natixis. Any guarantee, funding, interest or currency swap, underwriting or more generally any potential undertaking by Natixis would be treated as preliminary only and would be subject to a formal approval and written confirmation in accordance with Natixis’ current internal procedures. In all circumstances, it is your responsibility to obtain internal and external advice that you would deem necessary or advisable including that of legal counsel, tax consultants, accountants, financial advisors and any other specialist to verify that the transactions you would like to carry out are compatible with your objectives and constraints. Furthermore, it is your responsibility to seek an independent assessment of the transactions you would like to carry out to ensure you understand their underlying merits and risk factors. The distribution, possession or delivery of this document in, to or from certain jurisdictions may be restricted or prohibited by law. Recipients of this document are therefore required to ensure that they are aware of, and comply with, such restrictions or prohibitions. Neither Natixis nor any of its affiliates, legal representatives, directors, employees, agents or advisors shall be held liable to any person in relation to the distribution, possession or delivery of this document in, to or from any jurisdiction. Natixis is supervised by the European Central Bank (ECB). Natixis is authorised in France by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) as a Bank – Investment Services Provider and subject to its supervision. Natixis is regulated by the Autorité des marches financiers (AMF) in respect of its investment services activities. In the UK, Natixis is authorised by ACPR and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Natixis is authorised by the ACPR and regulated by the BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) for the conduct of its business under the right of establishment in Germany. Natixis is authorised by the ACPR and regulated by Bank of Spain and the CNMV for the conduct of its business under the right of establishment in Spain. Natixis is authorised by the ACPR and regulated by Bank of Italy and the CONSOB (Commissione Nazionale per le Società e la Borsa) for the conduct of its business under the right of establishment in Italy. In the United States, Natixis is a National Futures Association (NFA) member and has filed its Swap Dealer registration per the Commodity Futures Trading Commission (CFTC) regulations. Natixis Securities Americas LLC is a U.S. registered-broker dealer and a member of the Financial Industry Regulatory Authority (FINRA). The Natixis New York Branch is a New York licensed branch of Natixis, subject to the oversight of the New York State Department of Financial Services (NYDFS) and the Federal Reserve Bank of New York (FRB). Natixis is authorised by the ACPR and regulated by the Dubai Financial Services Authority (DFSA) for the conduct of its business in and from the Dubai International Financial Centre (DIFC). This document is intended solely for distribution to Market Counterparties and Professionnal Clients as defined in Chapter 2 of the DFSA Conduct of Business rulebook; any other recipient is required to inform Natixis and return the document.  The recipient also acknowledges and understands that neither the document nor its contents have been approved, licensed by or registered with any regulatory body or governmental agency in the GCC or Lebanon. Natixis Japan Securities Co., Ltd. is a financial instruments firm (Director General of Kanto Local Finance Bureau (Kinsho) 2527) and is supervised by the Financial Services Agency. In Australia, Natixis Australia Pty Ltd (“NAPL”) is registered with the Australian Securities & Investments Commission and holds an Australian Financial Services License (No 317114) which enables NAPL to conduct its business in Australia with “wholesale” clients. This document is distributed in Singapore by Natixis Singapore branch, which is regulated by the Monetary Authority of Singapore. This document is intended solely for distribution to Institutional Investors, Accredited Investors and Expert Investors as defined in Section 4A of the Securities and Futures Act of Singapore . Natixis Bank (ZAO) was licensed and is supervised by the Central Bank of Russia. Details about the extent of our regulation by the competent authorities are available from us upon request. Natixis 08/2015. All rights reserved © Shutterstock.com, Fabrice Vallon/Natixis

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