The information 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 the information, to or from certain jurisdictions may be restricted or prohibited by law. Recipients of the information 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 the information in, to or from any jurisdiction.

The information is communicated to the recipient for information purposes only and does neither constitute a personalized recommendation nor an offer to sell, or a solicitation of any offer to buy financial instruments. 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. Accordingly, no representation, warranty or undertaking, express or implied, is made to the recipients of the information as to or in relation to the accuracy or completeness or otherwise of the information or as to the reasonableness of any assumption contained. 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.
Past and simulated performances offer no guarantee as to future performances. Any opinions offered herein reflect our current judgment and may change without notice
The information should not be assumed to have been updated at any time subsequent to date shown on the website. The information does not constitute a representation by any person that it will be updated at any time after the publication.
Natixis shall not be liable for any financial loss or any decision taken on the basis of the information disclosed on the website. 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 the information complies with your objectives and constraints and to obtain an independent valuation of the transaction, its risks factors and rewards.
Natixis is authorised 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 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.
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.
The information 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.

Publications' calendar

NATIXIS may act or be remunerated for the underwriting, the placement of or as adviser of the companies referred to in our publications.

Information concerning the regulation of our activities (sources, methodology, recommendation summary, etc...) is mentioned in our publications.

NATIXIS is duly authorised by the Autorité de contrôle prudentiel (ACP) and regulated by the AMF.

Due to the specific characteristics of a number of credit market segments, notably the covered bond and ABS markets, the nature of tracking differs from that provided for the financials and corporate sectors. In contrast to the latter segments, for which tracking is based principally on the analysis of a limited number of issuers, tracking the covered bond and ABS segments consists, above all, of analyzing issues (legal framework, quality of underlying assets, etc.) rather than the issuers themselves. Excluding exceptional cases where they deem it necessary, analysts of these segments are therefore not required to comment on current events concerning issuers. Both these segments (covered bonds and ABS) are tracked in a dedicated weekly publication (Weekly Covered Bond Market and ABS & CDO Weekly) and in intermittent research notes, depending on events and problems inherent to these segments.

Stake held by the Group Natixis on the 02/08/2010	Mnemonic	Name
Stake > 66,66% in percentage of interest and voting rights	n.a.	n.a.
Stake > 50,00% / 33,33% / 20,00% in percentage of interest and voting rights	n.a.	n.a.
Stake > 10,00% in percentage of interest and voting rights	n.a.	n.a.
Stake > 5,00% in percentage of interest and voting rights	n.a.	n.a.
Stake > 1,00% in percentage of interest and voting rights	FR0000120073	AIR LIQUIDE
	IT0000072618	INTESA SAN PAOLO
	ES0144580Y14	IBERDROLA
	FR0000125007	SAINT GOBAIN
	FR0000127771	VIVENDI

Participations to different boards [1]	Mnemonic	Name
	FR0010242511	EDF
	FR0000124141	VEOLIA ENVIRONNEMENT
	FR0000125486	VINCI

Liquidity contracts [2]	Mnemonic	Name
	FR0011178938	CFF

Capital increase [3]	Mnemonic	Name
	FR0000121501	PEUGEOT [4]
	FR0010220475	ALSTOM [5]