Expertise at the service of our clients

Corporate & Investment BankIng

corporate & investment banking / investment solutions & insurance / specialized financial services

2

We work to maintain s t r a teg i c d i a l ogue and a lasting close r e l a t i o n s h i p w i t h

clients, underpinned by a strong local and international presence. We deliver solutions by leveraging the Bank’s comprehensive range of expertise.

A client-driven strAtegy

marc vincent, co-Head of corporate & investment Banking

corporate & investment bankingcorporate & investment Banking advises companies, institutional investors, financial sponsors and public-service groups. We deliver a broad range of services spanning capital markets solutions for financing, hedging and investment, structured finance, and transaction banking. natixis leverages the expertise and highly technical skills of its teams and industry-recognized research to build customized solutions for each client.

innovAtive And customized products And servicesWe 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.

François riahi, co-Head of corporate & investment Banking

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diversified And AwArd-winning expertise internAtionAl presence

americas over 600 employees(1)

France over 1,700 employees(1)

asia pacific over 500 employees(1)

emea(2)

over 600 employees(1)

corporate & investment banking

capital markets equities, fixed income, credit, forex and commodities

advisory m&a, primary equity market, capital and rating advisory

Financing vanilla and structured financing

global transaction banking liquidity management, trade finance, cash management and correspondent banking

research economic, credit, equity and quantitative research

(1) as at 12/31/2015 - (2) europe (excluding france), middle east, africa

natixislisted 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 and specialized financial services.

solid 2015 results(4) And finAnciAl structure

net revenues €8.565bn

net income group share €1.344bn

cet 1 Basel 3 ratio(5)

11.2%

rAtingsstandard & poor’s(1)

a-1

a

moody’s(2)

p-1

a2

fitch ratings(3)

F1

aShort-term

Long-term

(1) as at 12/3/2015 - (2) as at 09/16/2015 - (3) as at 01/15/2016 - (4) as at 12/31/2015 - pro forma and excluding exceptional items - (5) 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

groUpe bpceGroupe Bpce operates across the full spectrum of the banking and insurance business, leveraging the presence of its two major cooperative commercial banking networks – Banque populaire and caisse d’epargne – and its subsidiaries.

solid finAnciAl performAnces(2) long-term rAtings(5)

net revenues€23.824bn(3)

net income group share€3.242bn

cet 1 ratio(4)

13.2%standard & poor’s

amoody’s

a2fitch ratings

a

bank branches8,000

employees108,000 35 million

clients8.9 million cooperative shareholders

(1) market shares: 22.4% in customer savings deposits, and 20.7% in customer loans (source: Banque de france Q3 2015 - for all non-financial customers) - (2) as at 12/31/2015 - (3) excluding non-economic and exceptional items - (4) estimate as at 12/31/2015 - crr/crd4, excluding provisional measures after restatement of deferred tax assets (dtas) - (5) as at 02/10/2016

largest banking group in france(1)2nd

All financial institutions affiliated to Bpce benefit from a joint and several guarantee

more than 16,000 employees in 36 countries

4

natixis 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 transactions via acquisitions, divestments, mergers, tie-ups, joint ventures or asset swaps. We arrange debt issues, restructurings, equity raisings and capital protection. in early 2015, we expanded this business with mid cap clients and private equity groups through the acquisition of leonardo & co.’s activities in france which was renamed natixis partners. natixis developed an m&a expertise in milan and has broadened its footprint in spain after the acquisition at the beginning of 2016 of 360 corporate finance s.a., renamed natixis partners

m&a advisory

helping yoUwith the strategic aspects of your business

guillaume de saint-seine,Global Head of coverage

natixis advises its clients from upstream views on their development opportunities to execution of acquisition or divestment transactions. We also provide our clients with the relevant financing offers and structures to implement their strategy.

españa. at the beginning of 2016, natixis announced the signing of an agreement to acquire a majority stake in us advisory firm peter J. solomon company.

for m&a advisoryin France in 2015(1)no.3

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our advisory activity defines the most appropriate capital and debt financing strategies for our clients’ development profiles. We advise our clients 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, for example, by

capital and rating advisory

natixis is a top-ranking market part ic ipant in the st ra teg ic 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

acqUisition finance

natixis 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.

financial transactions on shares

core mArket pArticipAnt with french mid cAp clients

gwenola Deguerre, Head of regional corporate coverage

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 so improve financing terms in the debt markets.

natixis harnesses the acumen of its dedicated mid cap specialists within corporate coverage to deliver a comprehensive range of products, from vanilla and structured finance to m&a advisory. these teams, located in our regional and paris offices, have close ties with mid cap clients and work together with

experts from the Bank’s business lines to provide access to the capital markets. after the success of the first mid caps conference in november 2015, natixis plans to organize another event late in 2016, focusing specifically on the requirements of mid-sized groups and canvassing the solutions on offer.

(1) thomson reuters, mergers & acquisitions review - by number of transactions completed in 2015 - (2) dealogic by number of transactions

been acclaimed for their capabilities in the corporate acquisition finance arena, as well as for their leveraged finance skills.

bookrUnner on sponsored leveraged transactionsin France no.5in the EMEA region in 2015(2)

no.2

&

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natixis leverages the presence of its origination team in the main european markets, and in the us and asia, to advise and assist clients with their financing transactions in the cash bond markets. natixis is a key market participant in the primary euro bond market, with award-winning skills across all issuer categories – from corporates, financial institutions and agencies – and specific segments of the market, such as covered bonds, high yield and green bonds, and euro private placements. over the past three years, natixis has developed strong market capabilities in the most frequently traded currencies, specifically concentrating on the us dollar.

primary bond marketnatixis delivers customized advisory services to clients on all transactions involving their capital structure. this includes ipos, capital increases, block sales, and issuances of 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 and also operates in the secondary market, assisting issuers in enhancing liquidity on securities using liquidity contracts or by supporting them in implementing share buyback programs.

primary eqUity market

(1) Bloomberg - (2) dealogic

bookrUnner on rights issUes in France in 2015(1)no.1 bookrUnner on primary

covered bond issUesin euros in 2015(2)

no.1

natixis harnesses its solvency ii and Basel iii expertise to offer issuer clients debt restructuring, acquisition financing and risk transfer solutions, and furnish

investor clients with portfolio diversification and complex project structuring solutions.

An exclusive And gloBAl entry point to the credit mArket

selim mehrez,Global Head of fixed income

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ensUring optimal financing for your specific activities

pierre Debray,Global Head of structured & asset finance

natixis has extensive international advisory, arranging, underwriting and financial engineering expertise in structured finance. We offer our clients tailor-made financing solutions in the banking, bond and securitization markets. We work hand in hand with the Bank’s teams to deliver comprehensive fixed income, forex and commodity-price hedging solutions, and to assist clients with strategic deals.

natixis is one of the world’s top banks covering the three major commodity sectors (energy, metals and agricultural commodities).

We serve market participants across the commodities value chain, including 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. our arranger and underwriter capabilities are recognized worldwide in trade finance and structured finance circles.

energy and commodities financenatixis is a major player in real estate finance, providing comprehensive financing solutions in europe and the us. We offer advisory services a n d a r r a n g e c o r p o r a t e and special ized finance, securitizations and mortgage bond issues through our German subsidiary natixis pfandbriefbank aG. We are the only french bank to have a mortgage bank in Germany. leveraging natixis’ complementary skills, we command extensive know-how in real estate acquisition and development program finance, financing for property groups and structured finance transactions for corporate and financial institution clients.

real estate finance

(1) dealogic, Global trade finance review - (2) dealogic, emea syndicated real estate finance loan review 2015 (rankings excluding reits)

mla of syndicated trade finance loansin 2015(1)

no.3 bookrUnner for real estate financefor the EMEA region in 2015(2)

no.5

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lAtin AmericA: A mAjor plAnk of our development

stéphane about, Head of the americas platform

in latin america, we’ve extended our geographical presence and product breadth, as well as our structured and asset finance advisory capabilities. We pool our regional and sectorial expertise with natixis globally to deliver client-centric solutions. in 2015, we advised and undertook multiple financing roles

for seaborn networks’ seabras-1, the subsea fiber optic cable network that provides a direct link between new York and são paulo.

natixis offers a comprehensive range of trade finance products and services to secure and finance international trade transactions. these include letters of credit, discounting of confirmed letters of credit, standby letters of credit (sBlc), documentary collection, supply chain finance payable and receivable solutions from our offices in dubai, Hong Kong, moscow, new York, paris, são paulo, shanghai and singapore, as well as integrated renminbi services. covering a large number of countries, we have strong capabilities in banking risk coverage and offer a full range of market guarantees(1) to corporate clients founded on our extensive correspondent banking network.

trade finance

employing a cross-functional approach to securitization, asset and liability management, advisory, and portfolio restructuring, natixis provides clients with cutting-edge and innovative solutions to meet requirements resulting from changes in regulatory and accounting rules, as well as balance sheet reduction issues, optimum resource management and the search for alternative financing.

a secUritization and strUctUred solUtions platform

An innovAtive And dedicAted infrAstructure plAtform

natixis created a platform dedicated to infrastructure debt to facilitate investor access to the asset class, offering co-lending with natixis and servicing on natixis-structured loans. since launching in europe, the platform with €4.55 billion commitments available has recorded 22 transactions and total investments of €1.5 billion. We are continuing to open up the platform to new investors in order to provide project sponsors with diversified and competitive financing solutions in all currencies.

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natixis is internationally recognized for its asset financing expertise in the sectors of aviation and infrastructure (including social infrastructure and transport, conventional and renewable energy, natural resources and offshore assets, and telecom infrastructure). We also act as financial advisor, arranger/underwriter and agent/servicer. We provide clients with integrated solutions combining products such as bank credit facilities; bond issues secured by asset revenues and/or guaranteed by export credit or multilateral agencies; islamic finance; and fixed income, forex and fuel hedging solutions.

aviation, export and infrastrUctUre finance

in 2015, natixis confirmed its place as a top-tier market participant in the infrastructure finance arena, ranking no. 1 bookrunner in emea(2), notably for the european project bond and renewable energy markets.every year, leading aviation and infrastructure sector publications recognize natixis and the transactions it arranges in their awards presentations(3).

pierre-Henri Denain, Head of the emea platform

in 2015, natixis played a key role in the uK and in the nordic countries, predominantly on the primary bond markets and in structured finance. in covered bonds, we were mandated in almost every euro-denominated issuance by uK and irish issuers. in acquisition finance, 2015 was a record year, with 8 mla/

bookrunner roles in the uK, scandinavia, Germany and Benelux, and landmark deals in italy and spain. in project finance we are a market leader in emea and no. 2 in italy(4). We have particular expertise in renewable energy finance, notably

offshore wind projects in europe, as evinced by transactions such as the financing of the Galloper offshore windfarm in the uK.

top-rAnking BAnk in emeA for our key frAnchises

(1) tender guarantees, advance payment guarantees, performance bonds and dispensation of retention bonds - (2) thomson reuters, Global project finance review - (3) Global trans-port finance, airfinance Journal, project finance international, iJ Global, etc. - (4) ijglobal.com

for offshore Wind finance in Europe in 2015(4)

no.1

bookrUnner for project finance in EMEA in 2015(2)

no.1

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natixis enables its clients to hedge their fixed income and forex risks by providing a variety of high performance hedging strategies ranging from simple to highly-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 major presence in non-deliverable currencies, supplying a full range of forex risk hedging solutions.

hedging fixed income and forex risks across 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 financing arranged for commodity sector market participants, including producers, importers, traders and service groups.

hedging commodity market risks

optimizingyour risk management

Luc François,Global Head of Global markets

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

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hedging eqUity market risks

in 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 is a widely-recognized front-line market participant in the catastrophe bond (cat bond) and catastrophe swap (cat swap) markets. the Bank delivers risk-transfer transactions in the financial markets to enable clients exposed to potential financial losses to cover their businesses against the destruction of facilities and insurance-portfolio loss caused by

hedging natUral catastrophe and climate risks

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 caused by non-catastrophic climate change, such as a fall in sales or production losses caused by variations in temperature, wind, rain and snow.

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natixis 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.

fixed income, forex, credit and treasUry market placements

managingyour placements and transactions

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 liquidity and cashflow management, in addition to correspondent banking, both in france and internationally.

natixis harnesses the financial engineering acumen of its equity finance teams to offer clients an extensive array of equity market related financing and investment products and services. our solutions embrace both simple and complex strategies; they range from equity lending and borrowing and repo transactions to delta one derivatives, thereby furnishing clients with diverse performance generators such as indexation, hedging and synthetic prime brokerage tools.

eqUity finance solUtions

best relationship managementfor equity lending in Europe in 2015 (1)

best eqUity borroWer for EMEA in 2015 (2)&

(1) equity lending survey 2015 - Global investor/isf - Group 2 - (2) equity lending survey 2015 - Global investor/isf - Group 2 rated by Group 2

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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. We create solutions drawing on innovative management. for example, with the nXs optimum index range we

can design optimal investment solutions using a series of risk-management models based on minimum variance, risk parity and maximum diversification. the most recent addition to the range – the nXs climate optimum prospective index – provides direct risk exposure to a selection of

stocks with a low carbon footprint. We also furnish innovative short- and medium-term cash placement solutions such as guaranteed capital and guaranteed minimum profitability products.

financial engineering on eqUity markets

distriBution plAtform in AsiA

Éric Le brusq,Global Head of equity derivatives

direct accessto fixed income, credit, forex and equity markete-trading platforms

natixis’ priority for financial institutions in asia is to provide them with fixed income and equity-investment products, with a particular focus on value-added solutions. our actions are primarily focused on Japan, taiwan and south Korea. in Japan and south 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 Groupe Bpce.

alain gallois, Head of the asia pacific platform

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We deliver, to clients located in france, across the sepa region and abroad, secure high-performance cash management solutions: account-keeping services in euros and other currencies, payments and collections in all currencies worldwide, a comprehensive range of reporting services, a wide selection of formats and acquisition channels, and tools to secure their transactions and prevent fraud risks using electronic certificates, email alerts and the mycontrôles service.

cAsh mAnAgement

natixis furnishes clients with automatic liquidity solutions in france and abroad, including physical and notional cash pooling and solutions to help you optimize and pool all the information concerning your accounts. to maximize surplus cash, natixis offers placement products to its corporate clients through account, deposit and securities remuneration solutions.

liquidity mAnAgementnatixis’ extensive correspondent banking network assists Groupe Bpce and its banking partners worldwide through every stage of international transaction processing. We centralize payments to and from europe, optimize international payment circuits, facilitate payments in euros to africa, arrange automated payments in renminbi from africa to china and convert payments into local currencies.

correspondent BAnking

cash and liqUidity management solUtions, and correspondent banking

anne-cécile Delas, Head of Global transaction Banking(trade finance, liquidity management, cash management, correspondent banking)

natixis offers its corporate and financial institution clients high-performance cash and liquidity management solutions, plus correspondent banking services to assist them in broadening their activities in france and internationally, in addition to its trade finance products and services(1).

(1) cf. page 8: trade finance - (2) excluding regulatory constraints

access for all yoUr international transactions(2) WorldWide

through our international offices and 2,500 correspondent banks

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delivering cross-expertise research

the Global markets research division houses our 80-strong team of analysts, economists and strategists based out of the world’s leading financial centers. they work together to offer clients an integrated view of the markets and recommend investment opportunities for each asset class.

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, providing vital support to clients’ investment decisions. We cover 60 of the world’s key economies including the main emerging markets.

economic 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.

equity reseArch

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

credit reseArch

the multi-asset strategy 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 requirements. We can also help reduce their exposure to specific risks.

multi-Asset strAtegies

natixis’ quantitative research team designs pricing and risk management models to adapt financial products for the market, and also helps to develop investment strategies and market-trend indicators.

quAntitAtive reseArch

best credit research 2015 across 6 categories(3)

and ranked by eUromoney for the fourth consecutive year(4)

(1) socially responsible investment - (2) environmental, social and Governance - (3) euromoney - fixed income survey 2015: no. 1 for agencies, aBs, covered bonds, retail and consumer goods, industries and utilities - (4) euromoney - fixed income research survey 2012, 2013, 2014 and 2015

an experienced sri(1)

team dedicated to analyzing ESG(2) concerns

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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 last 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.

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