PHOENIX Memory WO - ALV GY; CS 3.00% p.a. 03 September 2018

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1 PHOENIX Memory WO - ALV GY; CS 3.00% p.a. 03 September 2018 DEFINITIVE SIMPLIFIED PROSPECTUS This definitive simplified prospectus contains final terms and conditions. IMPORTANT NOTICE The product described in this document does not constitute a participation in a collective investment scheme within the meaning of the Swiss Federal Act on Collective Investment Schemes (CISA). Therefore, the Notes are not subject to authorization, approval or supervision by the Swiss Financial Market Supervisory Authority (FINMA), and investors in the Notes will not benefit from protection under the CISA or supervision by FINMA. Investors bear the Issuer risk. The information on the Notes in this simplified prospectus is not available in one of Switzerland s official languages. 1. Product Description Instrument Type: Euro Medium Term Note («Note») Description of the product Categorization number and product name according to categorization of the Swiss Structured Products Association Issuer: Issuer s Rating: Calculation Agent: Guarantor: Guarantor s Rating: The Phoenix Memory WO Geared Put pays a conditional coupon on each Payment Date with a memory effect. Redemption may occur during the term of the Note (as described further under Redemption ). If no Redemption Event occurred and if all the Underlyings close at or above the Barrier Price on the Valuation Date, the Noteholder will receive on the Maturity Date a Final Redemption Amount equal to the Denomination. If at least one of the Underlyings close below the Barrier Price on the Valuation Date, the Noteholder is exposed to a capital loss (see Final Redemption Amount for further details) Reverse Convertible Autocallable - Yield Enhancement Products SSPA Product Type : 1220 NATIXIS Structured Issuance SA. Incorporated as a Société Anonyme under the laws of the Grand Duchy of Luxembourg, with registered office at 51, avenue JF Kennedy, L-1855 Luxembourg. The issuer is not subject to prudential supervision. Consequently the Notes are issued by an entity which is not a regulated financial intermediary pursuant to Article 5 paragraph 1 of the Collective Investment Schemes Act (CISA). However, the product is guaranteed and backed with equivalent sureties by NATIXIS, a foreign bank institution that is subject to equivalent standards of supervision pursuant to Article 5 paragraph 1 (a) (4) CISA. No rating has been granted to the Issuer but to its Guarantor (see below). NATIXIS Calculation Agent department, 40 avenue des Terroirs de France, Paris, France NATIXIS Incorporated as a Société Anonyme under the laws of France, with registered office at 30 Avenue Pierre Mendes France, Paris, France Natixis is generally supervised by the European Central bank (ECB) and 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 in France by the Autorité des Marchés Financiers (AMF) in respect of its investment services activities Standard & Poor's: A / Moody's: A2 / Fitch: A Long Term Debt 1

2 Paying Agent: Dealer: Specified Currency: Underlying: BNP Paribas Securities Services, Luxembourg Branch NATIXIS Incorporated as a Société Anonyme under the laws of France, with registered office at 30 Avenue Pierre Mendes France, Paris, France EUR i Share Bloomberg Code ISIN Code 1 ALLIANZ SE-REG ALV GY DE AXA CS FP FR Aggregate Nominal Amount: EUR 4,600,000 Minimum Investment: EUR 1,000 Denomination: EUR 1,000 Issue Price: 100% Trading Volume and Ratio: Trading Volume = EUR 1,000 Trading Ratio = 1/1 (1 Denomination gives right to 1 Note) Trading volume refers to the minimum trading lot, i.e. the minimum denomination or minimum number of units of structured products/certificates that can be traded on the secondary market. Trade Date: 19 August 2016 Strike Date: i Share Strike Date 1 ALLIANZ SE-REG 19 August AXA 19 August 2016 Issue Date: 2 September 2016 Valuation Date: 20 August 2018 Maturity Date: 3 September 2018 Business Day Convention: Business Days Capital Guaranteed at Maturity: Coupon Amounts: Following TARGET 0.00% If on any Redemption Valuation Date (t) and/or on the Valuation Date, the price of the LPS on such date at the Valuation Time, as determined by the Calculation Agent, is equal to or greater than its respective Phoenix Barrier Price, then payment in respect of each Note on the immediately following Coupon Payment Date of an Coupon Amounts in Specified Currency equal to: Denomination x (0.75% x n) - Memory Coupon with n = 1 to 8 in respect of each 3 months period. 2

3 Memory Coupon: Coupon Payment Date(s): Redemption: Redemption Number of Shares: Redemption Price (t): Means in respect of an Coupon Payment Date, the sum of the paid Coupon Amounts on each of the previous Coupon Payment Dates. Means with respect to an Redemption Valuation Date (t), the Redemption Date (t) just following such Redemption Valuation Date (t) and with respect to the Valuation Date, the Maturity Date. t Redemption Valuation Date (t) Redemption Date (t) Redemption Rate (t) 1 21 November December % 2 20 February March % 3 19 May June % 4 21 August September % 5 20 November December % 6 19 February March % 7 21 May June % If on any Redemption Valuation Date (t), the respective Share Price of a number of Shares equal to the Redemption Number of Shares is greater than or equal to its respective Redemption Price, then the Notes shall be automatically redeemed in whole but not in part on the relevant Redemption Date (t) and the Redemption Amount payable by the Issuer on such date shall be an amount equal to the product of the Denomination and the Redemption Rate (t). 2 Means in respect to an Redemption Valuation Date (t), and in respect of any Share, the relevant percentage of the Initial Price specified below: Redemption Redemption t Valuation Date (t) Price 1 21 November % 2 20 February % 3 19 May % 4 21 August % 5 20 November % 6 19 February % 7 21 May % 3

4 Final Redemption Amount: The Final Redemption Amount per Note payable on the Maturity Date shall be an amount determined by the Calculation Agent on the Valuation Date in the Specified Currency as follows: Case 1: If the Final Price of the Lowest Performing Share on the Valuation Date is greater than or equal to % of its respective initial Price, then: Denomination x % Case 2: If the Final Price of the Lowest Performing Share on the Valuation Date is lower than % of its respective initial Price, then: Denomination x (100.00% - P) With P = (1/60.00%) x Max (60.00% - Final Performance; 0)) Final Performance: Means The Share Performance of the Lowest Performing Share Lowest Performing Share ( LPS ): Share Performance («Pi»): Means, the Share with the numerically lowest Share Performance as determined by the Calculation Agent on any Redemption Valuation Date (t), and/or on the Valuation Date, as the case may be. In respect of any Share, a rate determined by the Calculation Agent in accordance with the following formula: Pi = Final Price(i) / Initial Price(i) with i = 1 to 2 Share Price : Final Price: Means, in respect of any Share, the price per such Share as determined by the Calculation Agent as of the Valuation Time on the relevant Exchange on an Redemption Valuation Date. Means, in respect of any Share, the price of the Share on the Exchange as determined by the Calculation Agent on the Valuation Date, as of the Valuation Time. Initial Price: i Share Initial Price 1 ALLIANZ SE-REG EUR AXA EUR (i.e means the price of the Share on the Exchange as determined by the Calculation Agent on the Strike Date as of the Valuation Time). Phoenix Barrier Price: In respect of any Share, the Phoenix Barrier Price is 60.00% of the Initial Price. i Share Phoenix Barrier Price 1 ALLIANZ SE-REG EUR AXA EUR Valuation Time: Exercise Details/Style: The Scheduled Closing Time on the relevant Exchange on the relevant date. Cash settlement Nominal settlement 4

5 Fees: Exchange: Governing law: Place of Jurisdiction: Settlement: Clearing system : Tefra Rules: Form of Notes: Listing: ISIN Code: Acknowledging that the payment of the fees described below may lead to a potential conflict of interests between the party receiving the fees (the "Receiving Party") and the investor, the investor hereby confirms that he/she/it is aware of the fees described below, including their amount, and explicity agrees that the Receiving Party may retain such fees and shall not be required to pass them on to the investors. Further information on the fees described below is available from the Issuer or the Distributor upon the investor s written request. Structuring Fee In addition to and independent of any other fees described herein, if any, the Issuer will pay the Distributor a structuring fee, which may amount up to 1.46% (corresponding to 0.73% p.a. during the lifetime of the Securities). The fee is included in the Issue Price and will be charged in full upon subscription (up-front fee). See Condition 19 of the Issuer's Base Prospectus. English Law The High Court of Justice in England Settlement in nominal Euroclear / Clearstream Tefra D Classic Global Notes None XS Valoren Code: Valuation: Secondary Market: Status of the Notes: Price Information: Adjustments to the Underlying: Under normal market conditions, NATIXIS shall provide a valuation of the Notes [on a daily basis] until the redemption of the Notes. There can be no assurance as to whether a secondary market will develop in the Notes, and, if so, as to the price the Notes will trade in any such secondary market or as to the liquidity of any such market. The Notes are not a liquid instrument. Investors should be prepared to hold the Notes until maturity (should it not be called, if such option exists, by the Issuer). The Issuer intends, under normal market conditions, to provide on request bid and/or offer prices for this Note with a maximum bid/ask spread of 1%. However, the Issuer makes no firm commitment to provide liquidity by means of bid and/or offer prices for this Note, and assumes no legal obligation to quote any such prices or with respect to the level or determination of such prices. The Notes constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and shall at all times rank pari passu without any preference among themselves and shall at all times rank at least equally with all other unsecured and unsubordinated indebtedness and monetary obligations of the Issuer present and future. In case of default of the Issuer (including insolvency), investors in the Notes may suffer a loss of all or portion of their investment therein, irrespective of any favorable development of other Note value determining factors, such as performance of the Underlying(s). Reuters page Bloomberg Telekurs Website: The relevant provisions are fully set out in the Prospectus, as defined below. e.g. unforeseen changes to the terms and conditions for the structured product which were not agreed contractually but which may arise during the product s term will be announced and information shall be available on the Website (see link above). 5

6 Issuer margin In compensation for its services, the Issuer margin is composed in particular of a compensation for the costs for structuring, engineering, issuing, hedging and operating the product. Security arrangements: a. Description of security arrangement : NATIXIS granted an unconditional and irrevocable guarantee in the form of a joint and several obligation guarantee (cautionnement solidaire/solidarbürgschaft) for the benefit of Natixis Structured Issuance SA b. Methodology of the security arrangement: NATIXIS granted an unconditional and irrevocable guarantee (the NATIXIS Guarantee) in the form of a joint and several obligation (cautionnement solidaire) dated 23 January 2014, with effect from and including such date, for the benefit of the holders of certain Financial Instruments (as defined in the NATIXIS Guarantee) of Natixis Structured Issuance SA and which expression includes Notes issued under the Programme. The NATIXIS Guarantee extends to all Notes under the Programme issued by Natixis Structured Issuance SA as well as to those Financial Instruments issued by Natixis Structured Issuance SA, other than (i) any subordinated securities or debts issued or entered into by Natixis Structured Issuance SA subject to a subordination provision which is intended for or which results in the assimilation of such securities or debts to own funds as defined by applicable banking regulation and (ii) any Financial Instruments provided that it is expressly specified in the legal documentation attached to such Financial Instruments that these do not benefit from the NATIXIS Guarantee. Notice of any claim under the NATIXIS Guarantee must be sent in writing signed by a duly authorised officer of the claimant after Natixis Structured Issuance SA has defaulted in its payment obligation under a Financial Instrument. Such notice must include copies of the relevant supporting documentation (as further detailed in the NATIXIS Guarantee) and shall be effective as of the date of receipt, provided however, that if a notice is received on a day that is not a Business Day (as defined in the NATIXIS Guarantee) or is received on a Business Day after 3 (three) p.m. (Paris time), such notice shall be deemed received by NATIXIS on the following Business Day. The NATIXIS Guarantee may be terminated at any time by NATIXIS. If so terminated, Natixis Structured Issuance SA must inform the relevant beneficiaries of the NATIXIS Guarantee by publishing a public announcement in at least one financial newspaper in each of Paris, London, Frankfurt, New York and Tokyo, at least two months before the effective date of the intended termination. Notwithstanding termination of the NATIXIS Guarantee at any time, any Financial Instruments (including issued under the Programme) issued by Natixis Structured Issuance SA with the benefit of the NATIXIS Guarantee will continue to benefit from the NATIXIS Guarantee and the undertakings given by NATIXIS thereunder until all obligations under such issued have been performed in full. The NATIXIS Guarantee dated 23 January 2014 is governed by French law c. Amount of security : 100% of the secured claim d. Quality of security: See above the Guarantor s Ranking e. Performance of the Guarantee: The mechanism, the scope and conditions of the performance of the guarantee/payment by Natixis of the obligations of Natixis Structured Issuance SA, when and as the same become due and payable, are provided by the NATIXIS Guarantee contract dated 23 January 2014 ( Irrevocable and Unconditional Guarantee of NATIXIS in favour of the holders of financial instruments issued by Natixis Structured Issuance SA ). For a complete description of the provisions please refer to the Guarantee contract which may be obtained free of charge (see below Contact). The guaranteed amounts shall be paid to the account designated by the relevant claimant in the same currency as that in which Natixis Structured Issuance SA should have paid the amount of the relevant obligation and according to the same terms and conditions as Natixis Structured Issuance SA would have been subject to. Natixis may not invoke any defense that Natixis Structured Issuance SA could assert against a claimant, including the unenforceability or invalidity of any obligation of Natixis Structured Issuance SA under these Notes. In addition, Natixis has waived irrevocably and unconditionally any right to the benefit of 6

7 any set-off against claimants as provided under Article 1294 of the French Civil Code. If Natixis should be compelled by law to make any deduction for or on account of any present or future taxes, duties, fees or imposts, of whatsoever nature, imposed or levied by French law, it shall pay, to the extent not prohibited by French law, such additional amounts as may be necessary in order that the relevant claimant(s) receive, after such deduction, the amount of the relevant obligations, to be then due and payable. Contact: The security agreement can be obtained free of charge at Natixis Global Asset Management (NGAM), rue du Vieux College 10, Geneva, CH Switzerland Tax Information: Tax Treatment in Switzerland (indicative): All tax relevant information contained in this document is purely indicative and based upon a diligent analysis of the laws and regulations applicable on the date this document is issued and any other information available to the Issuer considered to be reliable. The Issuer explicitly excludes all and any liability in respect of any tax implications based upon the information contained in this document. The Issuer cannot be held responsible for any tax matter arising from any investment made in this product. The investors only will be liable for all current and future taxes and duties. All investors should therefore consult their legal and tax advisors on the tax implications of buying, holding and selling this financial product taking into account their particular circumstances. The summary on Swiss Taxation and EU Savings Tax does not purport to address all tax consequences linked to the products that may be relevant to a decision to purchase, own or dispose of the products and does not constitute, and should not be construed to constitute, tax advice. No representation as to the tax consequences to any particular person is made hereby. Investors are advised to consult their own tax adviser in light of their particular circumstances as to the tax consequences of purchasing, holding or disposing of the products. Tax laws and tax doctrine may change, possibly with retroactive effect. Swiss stamp transfer tax Primary market transactions concerning the product are not subject to Swiss stamp transfer tax. Secondary market transactions concerning the product are not subject to Swiss stamp transfer tax. The physical delivery of securities upon redemption of the product is subject to Swiss stamp transfer tax if it is made by or through the intermediary of a Swiss bank or Swiss securities dealer and if no exemption applies. The cash redemptions of the product are not subject to Swiss stamp transfer tax. Swiss income tax This product is classified for Swiss tax purposes as a transparent non-swiss bond-like derivative financial instrument with a predominantly one-time interest payment ( Obligationen-ähnliches Produkt mit überwiegender Einmalverzinsung ; IUP). As a result, only the positive difference between the value of the bond floor (in CHF) at the redemption/disposal and the value of the bond floor (in CHF) at the issuance/acquisition of the product is taxable income at redemption/disposal date for Swiss resident individual investors ( Modifizierte Differenzbesteuerung ). The remaining part of the return of the product is tax-free for Swiss resident individual investors holding the product for private investment purposes. A capital loss on the bond floor is only tax-deductible to the extent that it can be offset against gains/income of IUP products. EU saving tax For Swiss paying agents, the product is not subject to EU Savings Tax (out of scope TK 7). Swiss withholding tax The product is not subject to Swiss withholding tax. However, Switzerland has entered into bilateral tax treaties with several States (currently the United Kingdom and Austria) relating to, amongst others, a final withholding tax (Abgeltungssteuer) on investment income and capital gains of investors resident in any of these States. Such final withholding tax will be levied by the Swiss paying agent (e.g. Swiss bank) of such investor and transferred to the authorities in the 7

8 relevant State. The applicable tax rate depends on the home country of the investor and the category of capital income. Interest income (if any) subject to EU Savings Tax retention of 35% is carved out of the investment income subject to the final withholding tax. Where the investment income is payable to a relevant UK resident investor a tax finality payment of up to 8% is also applied. The relevant investor may authorize the Swiss paying agent to report the investment income and capital gains to the Swiss federal tax authority who will then report it to the relevant State. Such a reporting substitutes the final withholding tax and the EU Savings Tax retention (if any). Bond Floor: Reference Rate: 100% indicative 0.00% indicative 2. Prospects for profit and losses Noteholders Market Expectation / Characteristics Noteholders Market Expectation: Underlying moving sideways or slightly rising Decreasing volatility Underlying will not close below the Barrier Price on Valuation Date Characteristics: Should the underlying trade above the Redemption Price on the observation date, an early redemption consisting of nominal plus an additional coupon amount is paid Offers the possibility of an early redemption combined with an attractive yield opportunity Smaller risk of loss than with direct investment in the underlying With higher risk levels, multiple underlyings (Worst-of) allow for higher coupons or lower barriers Limited profit potential (Cap) Maximum / Minimum Redemption Amounts Maximum Redemption Amounts: Minimum Redemption Amounts: par 0.00 (zero)/ EUR Effect of the performance of the Underlying(s) on redemption amount and on the delivery obligation Positive Performance Sideways to slightly negative performance Pronounced negative performance If the Underlying(s) perform positively, the Noteholders realise a positive return. If the Underlying(s) perform sideways to slightly negative, the Noteholders still realise a positive return. If the Underlying(s) perform negatively and additionally the Barrier Price has been reached, the Noteholders may lose some or all of their investment. 3. Significant risks for investors Risk Information: Notice: This product is not a collective investment scheme as per the Federal Act on Collective Investment Schemes (CISA) and is not subject to approval or supervision by the Swiss Financial Market Supervisory Authority FINMA. Considerable risks are associated with investments in structured products. It is therefore the investor s duty to seek the professional and independent advice of a trusted financial advisor. No investor should invest in this product before having understood the risks associated with it and its suitability compared to the investor s financial condition. This document is purely for information purposes. It does not constitute an offer or a solicitation to buy or sell financial products and in no way replaces the essential advice and risk information you should seek from 8

9 your financial advisor. It is intended solely for distribution in Switzerland. Printed copies of this simplified prospectus are available on request at your financial intermediary office and can be downloaded on the web page: This document is a simplified prospectus for the public offer of structured products according to Art. 5 CISA. The prospectus requirements of Art. 652a or Art of the Swiss Code of Obligations are not applicable. This document has been prepared by the Issuer for distribution of the product to non-qualified investor in Switzerland. It is of summary nature with a view to include the information required by Art. 5 CISA and the Guidelines of the Swiss Bankers Association. The legally binding terms and conditions for the Notes are set forth in the final terms (the Final Terms), which must be read together with the Base Prospectus dated 29 December 2015 (as supplemented as of the date of the Final Terms, the Base Prospectus). The Final Terms together with the Base Prospectus form the prospectus (the Prospectus). In case of discrepancy or inconsistency between this document and the Prospectus, the Prospectus shall prevail. Copies of this document and of the Prospectus and the documents incorporated by reference therein are published on the internet pages of NATIXIS Equity Solutions ( may be obtained free of charge from [Natixis Global Asset Management (NGAM), rue du Vieux College 10, Geneva, CH Switzerland]. This document does not represent a recommendation to invest in the product or in any of the underlyings. The Issuer cannot guarantee the completeness and accuracy of the information contained herein and, therefore, expressly waives any liability associated with it. The distribution of this document may be restricted by local law or regulation in certain jurisdictions. It is not intended for distribution to or for the use by any person or entity in any such jurisdiction. All binding legal documentation is available free of charge from the Issuer. Telephone calls may be recorded agreement of any caller is assumed. Selling Restrictions: These Notes will be distributed to non-qualified investors in Switzerland. No action has been or will be taken in any jurisdiction that would permit a public offering of the securities described herein, save where explicitly stated in the Final Terms. The securities must be sold in accordance with all applicable selling restrictions in the jurisdictions in which they are sold. Not for distribution in the United States or to U.S. persons. For details, please refer to the applicable selling restrictions as set out in the Issuer Base Prospectus. RISK FACTORS: Product-specific risks: THE NOTES MAY REDEEM BELOW PAR AND THE REDEMPTION AMOUNT MAY VARY CONSIDERABLY DUE TO MARKET CONDITIONS AND WILL LIKELY BE VALUED AT A CONSIDERABLE DISCOUNT TO ITS PAR VALUE. ANY AMOUNT SCHEDULED AND DUE UNDER THE TERMS OF THE NOTES BEARS THE CREDIT RISK OF THE ISSUER. Prospective investors should be aware that in case of early redemption of the Notes for taxation reasons or for illegality or in case of an Event of Default or in certain circumstances relating to the Underlying the Notes may be redeemed at their fair market value as determined by the Calculation Agent and accordingly at an amount below par (subject to a minimum of zero and no accrued unpaid interest will be payable but will be taken into account in calculating the fair market value of each Note. In these circumstances the shortfall will be borne by Noteholders and no further amount shall be payable by the Issuer). The return on the Notes is linked to the value and performance of the Underlying. The investment return on the Notes will depend primarily on the performance of the Underlying. The early redemption amount due in the event of an early redemption may be less than their principal amount (subject to a minimum of zero). In these circumstances, the shortfall will be borne by Noteholders and no further amount shall be payable by the Issuer. Due to the performance of the Underlying, the Notes may redeem at maturity below par and the minimum redemption amount per note shall equal to zero. During the term of the investment, bid and offer prices may possibly differ to a greater or lesser extent (spread). Issuer related Risks Investors bear the issuer risk. The investment instrument's value is dependant not only on the development of the underlying(s), but also on the creditworthiness of the Issuer and/or Guarantor, which may vary over 9

10 Suitability Test the term of the structured product. The Issuer is subject to prudential supervision (see the Issuer description above). Furthermore reference is made to the brochure Special risks in securities trading, available free of charge from the Issuer. PROSPECTIVE INVESTORS SHOULD HAVE SUFFICIENT KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS TO EVALUATE THE MERITS AND RISKS OF INVESTING IN THE NOTES AS WELL AS ACCESS TO, AND KNOWLEDGE OF, APPROPRIATE ANALYTICAL TOOLS TO EVALUATE SUCH MERITS AND RISK IN THE CONTEXT OF THEIR FINANCIAL SITUATION. THE CALCULATION AGENT IS THE SAME ENTITY AS THE GUARANTOR AS THE CALCULATION AGENT IS THE SAME ENTITY AS THE GUARANTOR AND THE ISSUER IS AN AFFILIATE OF THE GUARANTOR, POTENTIAL CONFLICTS OF INTEREST MAY EXIST BETWEEN THE CALCULATION AGENT AND THE PURCHASERS, INCLUDING WITH RESPECT TO THE EXERCISE OF THE VERY BROAD DISCRETIONARY POWERS OF THE CALCULATION AGENT. THE CALCULATION AGENT HAS THE AUTHORITY (I) TO DETERMINE WHETHER CERTAIN SPECIFIED EVENTS AND/OR MATTERS SO SPECIFIED IN THE CONDITIONS RELATING TO A SERIES OF SECURITIES HAVE OCCURRED, AND (II) TO DETERMINE ANY RESULTING ADJUSTMENTS AND CALCULATIONS AS DESCRIBED IN SUCH CONDITIONS. PROSPECTIVE PURCHASERS SHOULD BE AWARE THAT ANY DETERMINATION MADE BY THE CALCULATION AGENT MAY HAVE AN IMPACT ON THE VALUE AND FINANCIAL RETURN OF THE SECURITIES. ANY SUCH DISCRETION EXERCISED BY, OR ANY CALCULATION MADE BY, THE CALCULATION AGENT (IN THE ABSENCE OF MANIFEST OR PROVEN ERROR) SHALL BE BINDING ON THE ISSUER AND ALL PURCHASERS OF THE SECURITIES. For more details, see Base Prospectus. Investing in such product or entering into the transaction described here (where applicable) could lead to a significant risk level. This term sheet does not intend to identify all these risks (whether direct or indirect) nor any other factor you may consider relevant which could be associated to the product or transaction. Before investing in such product or entering into any transaction, potential investors or the transaction s counterparty (where such exists) shall make their own review independently and consult (where applicable) their own external financial advisors in order to assess (1) the specific risks associated to the product or transaction; (2) the legal, accounting fiscal and regulatory implications; (3) the suitability and appropriateness of the product or transaction to their investment objectives, financial situation or any other constraint. Natixis generally considers that it does not provide any investment advice. In the event in which it might, Natixis must inform its client on the risk/return/liquidity aspects of the product and collects information on its client s investment objectives in accordance with the regulations in force. Having regard to this product, Natixis considers that it corresponds to the following characteristics: Long term (>5 years maximum maturity) Short/Medium term (<5 years maximum maturity) Investment/Hedging Speculation/Arbitraging High Liquidity Low or medium Liquidity Low risk investment (e.g. Nominal value redemption by the Issuer at maturity or maximum loss capped to paid premium) High/Medium risk investment (e.g. No guaranteed redemption amount or loss potentially above paid premium) 10

11 Disclaimer: This document is a definitive terms sheet it is highly confidential, the property of Natixis and should not be transmitted to any person other than its original addressee(s) without the prior written consent of Natixis. 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 required to inform themselves of and comply with all such restrictions or prohibitions. Neither Natixis, nor any of its affiliates, directors, employees, agents or advisers or any other person accepts any liability to any person in relation to the distribution, possession or delivery of this document in, to or from any jurisdiction. This document is communicated to the recipient for information purposes only and does not constitute a personalized recommendation. The products or services described herein do not take into account any specific investment objective, financial situation or particular need of any particular recipient. Any undertaking is subject to a formal approval by Natixis in accordance with its current internal procedures. Natixis has neither verified nor carried out independent analysis of the information set out in this document. Accordingly, no representation, warranty or undertaking, express or implied, is made to the recipients of this document as to or in relation to the accuracy or completeness or otherwise of this document or as to the reasonableness of any assumption contained in this document. Information 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. The information contained in this document should not be assumed to have been updated at any time subsequent to date shown on the first page of this document and the delivery of this document does not constitute a representation by any person that such information will be updated at any time after the date of this document. Natixis shall not be liable for any financial loss or any decision taken on the basis of the information disclosed in this document and Natixis does not provide for any advice, including in particular in case of investment services. In any event, you should request for any internal and/or external advice that you consider necessary or desirable to obtain, including from any financial, legal, tax or accounting advisor, or any other specialist, in order to verify in particular that the transaction described in this document complies with your objectives and constraints and to obtain an independent valuation of the transaction, its risks factors and rewards. Natixis is generally supervised by the European Central bank (ECB). Natixis is authorized in France by the Autorite de controle prudentiel et de résolution (ACPR) as a Bank Investment Services Provider and subject to its supervision. Natixis is regulated by the AMF in respect of its investment services activities. In the UK: Natixis is authorised by the Autorité de Contrôle Prudentiel et de Résolution (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. NATIXIS is regulated by the BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) for the conduct of investment business in Germany. The transfer / distribution of this document in Germany is done by / under the responsibility of NATIXIS Zweigniederlassung Deutschland. Natixis is authorized by the ACPR and regulated by Bank of Spain and the CNMV (Comisión Nacional de Mercado de Valores) 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 in Italy. Natixis is authorized 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. This document is not intended for distribution in the United States, or to any US person, or in Canada, Australia, the Republic of Ireland, the Republic of South Africa or Japan. 11