Disclaimer

This document has been prepared by Natixis as commercial documentation for discussion and information purposes only. It is highly confidential and it is the property of Natixis. It should not be disclosed or transmitted to any person other than the original addressee(s) without the prior written consent of Natixis.

This document does not constitute a personalised recommendation. It is intended for general distribution and the opinions, analysis, products or services described herein do not take into account any specific investment objective, financial situation or particular need of any recipient.

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, directors, employees, agents or advisers nor any other person accept any liability to anyone in relation to the distribution, possession or delivery of this document in, to or from any jurisdiction.

In any event, you should request for any internal and/or external advice that you consider necessary or desirable to obtain, including any financial, legal, tax or accounting advice, or any other specialist advice, in order to verify in particular that the investment(s), transaction(s), structure or arrangement described in this document meets your investment or financial objectives and constraints, and to obtain an independent valuation of such investment(s)/transaction(s), its risks factors and rewards.

This document 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 a transaction subject to the terms and conditions described in this document or any other terms and conditions. Any guarantee, funding, interest or currency swap, underwriting or more generally any undertaking provided for in this document should be treated as preliminary only and is subject to a formal approval and written confirmation in accordance with Natixis’ current internal procedures.

Natixis makes no representation or warranty, express or implied, as to the accomplishment of or reasonableness of, nor should any reliance be placed on any projections, targets, estimates or forecasts, or on the statements, assumptions and opinions expressed in this document.  Nothing is this document should be relied on as a promise or guarantee as to the future. The information contained in this document does not take into account specific tax rules or accounting methods applicable to counterparties, clients or potential clients of Natixis. Therefore, Natixis shall not be liable for differences, if any, between its own valuations and those valuations provided by third parties; as such differences may arise as a result of the application and implementation of alternative accounting methods, tax rules or valuation models.

It should not be assumed that the information contained in this document will have been updated subsequent to the date stated on the front page of this document. In addition, the delivery of this document does not imply in any way an obligation on anyone to update the information contained herein at any time.

Natixis shall not be liable for any financial loss or any decision taken on the basis of the information contained in this document and Natixis does not hold itself out as providing any advice, particularly in relation to investment services.

Prices and margins are deemed to be indicative only and are subject to changes at any time depending on, inter alia, market conditions. Past performance and simulations of past performance are not a reliable indicator and therefore do not predict future results. The information contained in this document may include results of analyses from a quantitative model, which represent potential future events that may or may not be realised, and is not a complete analysis of every material fact representing any product. Information may be changed or withdrawn by Natixis at any time without notice. Natixis makes no representation or warranty, express or implied, as to the accomplishment of or reasonableness of, nor should any reliance be placed on any projections, targets, estimates or forecasts, or on the statements, assumptions and opinions expressed in this document. Nothing in this document should be relied on as a promise or guarantee as to the future. More generally, no responsibility is accepted by Natixis, nor by any of its holding companies, subsidiaries, associated undertakings or controlling persons, or any of their respective directors, officers, partners, employees, agents, representatives or advisors as to or in relation to the characteristics of this information.

Natixis, as part of its activities, may deal as principal in or own securities/instruments or other investments that may be the subject of opinions or recommendation discussed in this document or may advise the issuers of such securities. Natixis and its holding entities, affiliates, employees or clients may have interest or possess or acquire information in any products, markets, indices or securities mentioned in this document that could be material and/or could give rise to a conflict of interest or potential conflict of interest. This may involve activities such as dealing in, holding, acting as market makers, or performing financial or advisory services in relation to any products, markets, indices or securities mentioned in this document.

Natixis reserves the right to record, exchange, analyse and use relevant information about you and your relationships with any affiliates of Natixis (including the nature of your transactions) for combating money laundering and terrorists financing as well as for credit assessment, market research, insurance and administrative purposes including back office management. This may include information provided by you, or someone acting on your behalf. Relevant information may also be exchanged with members of the Natixis group and others, for audit or compliance purposes and if required by appropriate governmental and non-governmental regulators as well as in accordance with applicable laws and regulations.

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 (including its branches and subsidiaries) is regulated by the Autorité des Marchés Financiers (AMF) in respect of its investment services activities.

In the UK, Natixis London Branch is authorised by the ACPR and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request.

In Germany, NATIXIS is authorized by the ACPR as a bank – investment services provider and is subject to its supervision. NATIXIS Zweigniederlassung Deutschland is subject to a limited form of regulation by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) with regards to the conduct of its business in Germany under the right of establishment there. The transfer / distribution of this document in Germany is performed by / under the responsibility of NATIXIS Zweigniederlassung Deutschland.

Natixis is authorised by the ACPR and regulated by Bank of Spain and the Comisión Nacional de Mercado de Valores (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 (Commissione Nazionale per le Società e la Borsa) (CONSOB) for the conduct of its business under the right of establishment in Italy.

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). The document is being made available to the recipient with the understanding that it meets the DFSA definition of a Professional Client; the recipient is otherwise required to inform Natixis if this is not the case 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.

In Hong Kong, Natixis is regulated by the Hong Kong Monetary Authority and registered with the Securities and Futures Commission to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 5 (advising on futures contracts) and Type 6 (advising on Corporate Finance) regulated activities under the Securities and Futures Ordinance.

Natixis Asia Limited is registered with the Securities and Futures Commission to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities) and Type 5 (advising on futures contracts) regulated activities under the Securities and Futures Ordinance. In Australia it is not regulated by the Australian Securities and Investments Commission (ASIC) but benefits from an exemption (Class Order 03/1103) in Australia pursuant to section 911A(2)(h) of the Corporations Act 2000 and the ASIC Policy Statement 176 and can only deal with wholesale investors. If this document is distributed in Hong Kong, this document is only to Professional Investors as defined in the Securities and Futures Ordinance (Cap. 571) (“the Ordinance”) of Hong Kong and any rules made under the Ordinance.

Natixis Australia Pty Limited (“NAPL”) is registered with the Australian Securities and Investment Commission and holds an Australian Financial Services License (No 317114) which enables NAPL to conduct its business in Australia with “wholesale” clients.

In China, Natixis is authorized by the China Banking and Insurance Regulatory Commission as a bank products and services provider and is subject to its supervision.

In Taiwan, Natixis Taipei Branch is authorized by the Financial Supervisory Commission as a commercial bank and is subject to its supervision.

In Singapore, Natixis is regulated by the Monetary Authority of Singapore. If this document is distributed in Singapore, this document is intended solely for distribution to Institutional Investors, Accredited Investors, Expert Investors as defined in Section 4A of the Securities and Futures Act of Singapore

This document is not intended for distribution in the United States, or to any US person, or in Canada, or, the Republic of South Africa or Japan.

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