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法国外贸银行 · Hadrien CAMATTE · 2026/08/28

法国政治:REF 会议快报

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营销传播:本文件为营销演示文稿。其编写未遵循旨在促进投资研究独立性的法律要求;且不受投资研究传播前禁止交易的任何限制。28 年 2026 月 欧洲、中东及非洲宏观快照 法国政治:REF 会议快报 与每年一样,法国雇主协会(Medef)于昨日结束了其夏季会议“法国企业会议”(REF)。这场为期两天的活动涵盖了广泛的主题,从通过创新和新技术(尤其是人工智能和机器人技术)提升竞争力和生产力,到社会问题,包括人口挑战和工作与生活平衡。会议最终以七位官方总统候选人的辩论收尾——这是他们首次有机会就五大关键政策领域发表观点:公共财政、再工业化、劳动力成本、遗产税和监管简化。本简报概述了每位候选人的核心信息,并强调了我们认为最值得关注的法经济结构性弱点。简言之,尽管所有候选人都认同需要减少公共赤字、控制国家债务并实现法国再工业化,但他们在如何实现这些目标上存在分歧。分歧在劳动力成本以及雇员和雇主社会保障缴款的未来方面最为明显。值得注意的是,没有候选人质疑法国在欧盟或欧元区的成员国身份。尽管如此,大多数与会者提出的具体措施寥寥无几,且大体上含糊其辞。相反,少数几位承诺将在未来几周内就多个议题发布详细提议。我们认为,在明年一月官方总统竞选活动开始、每位候选人完整的经济纲领发布之前,噪音将持续不断。作者:Hadrien CAMATTE 电话:+33 1 58 55 39 43 hadrien.camatte@natixis.com Alain DURRE 博士 电话:+33 1 58 55 60 49 alain.durre@natixis.com 在网站了解更多

EMEA宏观速览2总统选举主要候选人之间的首次辩论,但具体措施寥寥无几。公共财政与税收公共财政整顿仍然是候选人之间的主要分歧线,但提议缺乏细节。爱德华·菲利普(地平线党)和加布里埃尔·阿塔尔(复兴党)强烈主张财政纪律和结构性改革。菲利普警告不要“烧掉债务”,认为此类提议将使法国被排除在国际金融市场之外(“银行禁令”)。阿塔尔的目标是到2032年将公共赤字降至3%以下,并在2037年实现预算平衡。玛丽娜·勒庞(国民联盟)承诺她的政党将“偿还”国家债务。她计划在预算辩论前提出一份详细的公共财政复苏轨迹,承诺通过大幅削减国家支出来节省€125亿欧元。在结构性转变中,她承诺引入一项关于公共赤字的“黄金法则”。然而,她的计划迄今细节严重不足,仅依赖于国家机构的节支、提高青年劳动参与率、对欧盟的贡献以及移民。让-吕克·梅朗雄(不屈法国)继续支持取消法国欠欧洲中央银行(ECB)的部分债务,以释放财政空间。拉斐尔·格鲁克斯曼(公共广场党)提出一项有针对性的税收转变:降低工资的CSG(社会普遍捐金)以提高购买力,通过对超级富豪(“超级继承人”)增加遗产税来为此提供资金。布鲁诺·勒塔约(共和党)强调,没有候选人能在不进行深度养老金改革的情况下解决债务危机,同时侧重于通过放松管制来削减行政成本。养老金、劳动力成本和社会捐金养老金和退休年龄让-吕克·梅朗雄和拉斐尔·格鲁克斯曼都承诺废除当前的养老金改革。梅朗雄计划立即恢复到62岁,最终目标是回到60岁。格鲁克斯曼要求建立一套围绕工作艰苦程度(pénibilité)的新体系。玛丽娜·勒庞(国民联盟)提议将法定退休年龄恢复到62,岁,对长期职业生涯者(在20岁前开始工作)则回到60岁,需缴纳42年社保。布鲁诺·勒塔约(共和党)建议通过将法定退休年龄与预期寿命挂钩的结构性转变,在《劳动法典》中采用比例公式,以确保长期养老金资金的可持续性。工资和劳动力成本加布里埃尔·阿塔尔(复兴党)旨在通过回撤自2024年以来(在他担任马蒂尼翁总理后的各届政府期间)引入的劳动力成本增长来提高竞争力。

EMEA宏观速览 3 Marine Tondelier(欧洲生态党)主张提高最低工资(Smic至€2,000毛工资),并配套针对微型企业和中小企业的全面支持计划(TPE/PME)。Jean-Luc Mélenchon(不屈法国)敦促企业提高工资和最低工资,认为不这样做将使法国经济直接陷入消费主导的衰退。相反,Édouard Philippe提出收紧失业救济,将-50岁以下人群的补偿最长期限缩短至12个月,以激励就业。再工业化、竞争力和生态转型 候选人一致认为振兴法国工业迫在眉睫,但口号多于具体措施。简化和放松管制 Bruno Retailleau(共和党)支持对"官僚国家"进行休克疗法。他承诺绕过传统立法障碍,并在就职后不久通过行政命令(ordonnances)废除"100项最愚蠢的法规"。Gabriel Attal(复兴党)提议修改宪法以简化法律挑战,将行政和环境上诉的时间限制在最多18个月。3企业补贴和生态转型 Jean-Luc Mélenchon(不屈法国)主张严格的条件性,提议在没有约束性企业承诺(如就业、投资)的情况下,不发放任何国家援助或企业补贴。Raphaël Glucksmann(公共广场党)遗憾缺乏欧洲战略产业重点,批评全球投资(如由基金资助的沙特主题公园项目),而关键的国内绿色能源项目却被放弃。Marine Tondelier(欧洲生态党)警告说,生态转型对未来企业的生存至关重要,并强调法国的经济无法在没有2050的情况下运转,即需要融入三百万外国工人以解决劳动力短缺。欧洲 Édouard Philippe(地平线党)将法国的外部竞争力战略聚焦于全球范围,特别是指出中国带来的工业挑战,并推行供给侧政策(politique de l'offre)以保持全球竞争力。Gabriel Attal(复兴党)和Raphaël Glucksmann(公共广场党)将竞争重点主要放在欧洲内部市场,特别分析法国相对于德国的地位和竞争力。Jean-Luc Mélenchon(不屈法国)主张在欧盟规则与法国选民授权相冲突时采取"不服从"政策。他断言,必须重新谈判欧盟条约,以防止法国在现行自由市场规则下"政治、社会和工业衰退"。

EMEA 宏观速览 4 值得关注的关键结构性弱点 下一任总统将面临恶化的宏观经济环境。根据我们 7 月的预测,GDP 增长预计将低于潜在增长率——0.6% 年在 2026 和 0.8% 年在 2027,而潜在增长率约为 1%。此外,公共赤字仍然很高(2025 年为 5.1%,预计 2026 年至少同样高),伴随着偿债成本异常快速的上升,预计到 2030, 年每年将增加约 0.2 至 0.3 个百分点的 GDP,最终根据情景达到 GDP 的 3.5% 至 4%(见《法国公共债务上升:账单到期》)。因此,在 2032 年底前稳定公共债务——这需要将公共赤字恢复到接近 3%——将是下一个五年任期的重大挑战之一。今早公布的 GDP 增长数据证实了法国经济的放缓,并凸显了即将到来的总统候选人面临的挑战: ► 上半年 GDP 增长被下调。Q2 2026 增长被削减了 0.2 个百分点至持平(0.0%),而 Q1 被下调了 0.1 个百分点至 -0.2%。根据法国国家统计与经济研究所(Insee),这些修正反映了农业产出的恶化比 7 月底初步估计的更为严重,同时市场服务价格(尤其是运输)的势头强于预期。 ► 因此,法国在上半年勉强避免了技术性衰退。Q2 末 2026 年的增长结转效应已下调至 0.3%(此前发布为 0.5%)。这使得政府 0.7% 年 GDP 增长目标明显遥不可及,甚至我们自己 0.6% 的预测现在看来也较为乐观——尤其是 Q3 的表现受到历史性干旱的严重拖累,这正在重创农业生产。增长疲弱也给公共财政带来不利影响;如果没有纠正措施,今年的赤字现在可能超出我们 5.1% 的预测(而政府的 5.0% 目标)。 ► 与此同时,家庭账户数据证实了购买力的急剧下降(每个消费单位 -0.6%),反映出中东战争爆发以来能源通胀的激增。虽然家庭消费在 Q2, 显示出一定的韧性,但这只是在惨淡的第一季度(Q1 为 -0.3% 之后,Q2 环比为 +0.3%)之后。因此,家庭大量动用储蓄来平滑购买力冲击,导致储蓄率下降了 0.7 个百分点至 17.2%。 ► 在企业方面,非金融企业(NFCs)的利润率稳定在 31.5%。尽管因全球能源价格上涨导致贸易条件恶化挤压了利润率,但实际工资的下降抵消了这一拖累。然而,从长期来看,企业将需要提高价格或降低成本以维持其利润率。对于家庭而言,在能源冲击和劳动力市场恶化的背景下,2026 年他们的购买力将再次下降,预计 2027, 年初失业率将达到 8.5%,这解释了为什么这是法国选民在 2027 总统选举前最关心的问题之一(见《法国:总统选举前不到一年的问答》)。

EMEA 宏观速览 5 从更长期的角度来看,我们此前曾指出,当前疲弱的潜在增长率将面临人口老龄化与绿色转型带来的负面生产率冲击的挑战(参见《欧元区:解析潜在增长》,作者 2030)。正如昨日辩论中各位候选人所承认的那样,要确保公共债务与社会保障的可持续性,唯一出路是通过创新以及对新IT/人工智能技术的投资来提升生产率(参见《人工智能终将引发生产率革命吗?》)。接下来,从现在到明年一月总统竞选正式开始之前,噪音将持续不断,直到明年一月正式竞选启动、各位候选人发布完整经济纲领之时。此外,可能还会有新的角逐者宣布参选,例如北部大区(上法兰西)议会主席泽维尔·贝特朗(来自中右翼政党共和党)。现实情况是,许多人志在参与,但成功者寥寥,原因至少有三点。首先,每位候选人都需要获得 500 人的签名支持。其次,政党有可能组织初选以推选唯一候选人,从而减少选票分散。目前仅有社会党宣布了此类初选。第三,如今一些候选资格是出于策略性考虑,目的是以退出总统竞选为筹码,换取政治安排(可能是下一届政府中的职位)。评估各党派和候选人政治与经济定位的下一个关键节点,将是明年九月开始的法国议会关于 2027 年预算的谈判。

EMEA 宏观速览 6 企业与投资银行研究主管 宏观经济与金融机构研究主管 Jean-François ROBIN Nathalie DEZEURE +33 1 58 55 13 09 +33 1 58 55 99 93 jean-francois.robin@natixis.com nathalie.dezeure@natixis.com 欧洲宏观研究主管 金融机构研究 Alain DURRE, Ph.D. Bouchra RHAJBAL +33 1 58 55 60 49 +33 1 58 55 79 93 alain.durre@natixis.com bouchra.rhajbal@natixis.com 法国、比利时、欧元区 德国、欧元区 担保债券 Hadrien CAMATTE Bastien AILLET Jennifer LEVY +33 1 58 55 39 43 +49 699 715 3358 +33 1 58 55 05 81 hadrien.camatte@natixis.com bastien.aillet@natixis.com jennifer.levy@natixis.com 西班牙、意大利、希腊、葡萄牙、欧元区 通胀、宏观建模、欧元区 Jesus CASTILLO Patricia FLOREZ CABRA +33 1 58 55 99 90 +33 1 58 55 62 71 jesus.castillo@natixis.com patricia.florezcabra@natixis.com CEMEA 英国、北欧、房地产 Inna MUFTEEVA, CFA Sylwia HUBAR, Ph.D. +33 1 58 55 52 04 +33 1 58 55 35 59 inna.mufteeva@natixis.com sylwia.hubar@natixis.com 助理经济学家 Théa BARTOLETTI Rita BEJJANI Leslie HUYNH thea.bartoletti@natixis.com rita.bejjani@natixis.com leslie.huynh@natixis.com 数据库 Ludovic DUCROCQ Camille CREUZE Eric RABARISON +33 1 58 55 14 76 +33 1 58 55 99 92 +33 1 58 55 12 65 ludovic.ducrocq@natixis.com camille.creuze@natixis.com eric.rabarison@natixis.com Andriat RAKOTOVAO +33 1 58 55 14 92 andriatsaramiafara.rakotovao @natixis.com

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This material is not, and is not intended to be, a “research report”, “investment research” or “independent research” as may be defined in applicable laws and regulations worldwide. However, it may constitute “research” as defined in Recital 28 of the Commission Delegated Directive (EU) 2017/593 and in the Financial Conduct Authority’s Handbook. EU : In compliance with Market Abuse Regulation (MAR), please find relevant information regarding investment recommendations. If this material is an investment recommendation as that term is defined in Article 3(1)(35) of the EU and UK MAR, distribution of this material is subject to the relevant provisions of MAR. Policy for managing conflicts of interest: Summary-Policy-management-of- conflicts-of-interests_ENG_20241212.pdf Information about potential conflicts of interest within Natixis/Groupe BCPE: https://home.cib.natixis.com/regulation. USA : Natixis, a foreign bank and broker-dealer, makes this report available solely for distribution in the United States to major U.S. institutional investors as defined in Rule 15a-6 under the U.S. securities Exchange Act of 1934. This document shall not be distributed to any other persons in the United States. All major U.S. institutional investors receiving this document shall not distribute the original nor a copy thereof to any other person in the United States. Natixis is a National Futures Association (NFA) member in the United States and has filed its Swap Dealer registration per the Commodity Futures Trading Commission (CFTC) regulations, and is registered as a Security-Based Swap Dealer with the Securities and Exchange Commission (SEC). Please refer to the Natixis website and applicable final legal documentation relating to the relevant product for additional risk disclosures. Investors are exposed to the default risk of the issuer and/or the guarantor as applicable. For any swap products, please also refer to Dodd-Frank Act - Compliance – Natixis https://www.natixis.com/natixis/en/dodd-frank-act-rpaz5_115246.html. Structured securities, options, futures and other derivatives are complex instruments and may involve a high degree of risk. Before entering into any such transactions, please ensure that you have read and understood the Options Clearing Corporation’s Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD) available at: http://www.theocc.com/about/publications/character-risks.jsp . THIS COMMUNICATION IS NOT A “RESEARCH REPORT” AS DEFINED IN CFTC REGULATIONS 1.71 and 23.605 AND IS TO BE DISTRIBUTED ONLY TO INSTITUTIONAL CLIENTS. THIS COMMUNICATION HAS BEEN GENERATED BY ONE OR MORE EMPLOYEES OF NATIXIS AND IS BEING CONVEYED TO YOU EITHER (I) COMMENTARY ON ECONOMIC, POLITICAL, OR MARKET CONDITIONS AND STATISTICAL SUMMARIES OF MULTIPLE COMPANIES’ FINANCIAL DATA, WHICH MAY INCLUDE LISTS OF CURRENT RATINGS, AND ON THE BASIS OF WHICH NO INVESTMENT DECISION SHOULD BE MADE AS THIS MATERIAL IS CONDENSED, NOT COMPREHENSIVE, AND DOES NOT INCLUDE ALL RISK FACTORS OR OTHER MATTERS THAT MAY BE MATERIAL, OR (II) A SOLICITATION FOR ENTERING INTO A DERIVATIVES TRANSACTION, BUT IS NOT A BINDING OFFER TO BUY OR SELL ANY FINANCIAL INSTRUMENT. THE VIEWS EXPRESSED HEREIN ARE THOSE OF THE AUTHOR AS OF THE DATE OF THIS COMMUNICATION AND ARE NOT TO BE RELIED ON AS AUTHORITATIVE, AND DO NOT NECESSARILY REFLECT THE VIEWS OF NATIXIS OR ANY OF ITS AFFILIATES OR SUBSIDIARIES, OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, CONTRACTORS, AGENTS, REPRESENTATIVES, SUCCESSORS AND ASSIGNS. THIS IS NOT A RECOMMENDATION OR INVESTMENT ADVICE. ANY VIEWS EXPRESSED HEREIN MAY NOT BE OBJECTIVE OR INDEPENDENT OF THE AUTHOR OR OTHER NATIXIS (AND ITS AFFILIATES) SALES AND TRADING DESKS, WHO ARE ACTIVE PARTICIPANTS IN THE MARKETS, INVESTMENTS, OR STRATEGIES REFERRED TO IN THIS COMMUNICATION. THEY ARE SUBJECT TO CHANGE WITHOUT NOTICE. THIS COMMUNICATION IS BASED ON PUBLIC INFORMATION AND SHALL NOT BE USED NOR CONSIDERED AS AN UNDERTAKING FROM NATIXIS. NATIXIS TAKES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS AND DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THE COMMUNICATION. NEITHER THE AUTHORS NOR NATIXIS HAVE ANY OBLIGATION TO UPDATE, MODIFY OR OTHERWISE NOTIFY THE RECIPIENT IN THE EVENT ANY INFORMATION CONTAINED HEREIN, INCLUDING ANY OPINION OR VIEW, CHANGES OR BECOMES INACCURATE. NATIXIS SHALL NOT BE LIABLE FOR ANY FINANCIAL LOSS, DAMAGES, OR ANY DECISION TAKEN ON THE BASIS OF THE INFORMATION DISCLOSED IN THIS COMMUNICATION AND NATIXIS DOES NOT PROVIDE ANY ADVICE, INCLUDING IN CASE OF INVESTMENT SERVICES. THIS COMMUNICATION IS COMMUNICATED TO EACH RECIPIENT FOR INFORMATIONAL PURPOSES ONLY. This document does not constitute a financial analysis or research report and has not been developed in accordance with legal requirements designed to promote the independence of investment research. Accordingly, there are no prohibitions on dealing ahead of its dissemination. Opinions expressed may differ from the opinions expressed by other business units of Natixis. Natixis and each of its respective affiliates accepts no liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However, this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not lawfully be disclaimed. No representation or assurance is provided by Natixis with respect to whether any product or financial instrument referenced in this document meets requirements or criteria established under any regulatory, industry or other rules and standards related to climate, sustainability or environmental matters. Canada : In Canada, this document may only be transmitted to “permitted clients” as defined in National Instrument 31-103. No further distribution is permitted. Distribution to retail investors is prohibited. In Canada, Natixis operates through Natixis Canada Branch, a Foreign Bank Branch (Schedule 3 – Lending only). Natixis Securities Americas LLC is not a registered broker-dealer in any Canadian province but operates under the International Dealer Exemption in each province. Natixis S.A. is not a registered broker-dealer in any Canadian province and operates under the International Dealer Exemption in Quebec and Ontario. Any securities transaction or other offer, sale, or solicitation will be structured to be in compliance with such exemption. Mexico : As per your request, this information is delivered to you, which strictly pertains to activities performed by Natixis, a Foreign Financial Entity in its country of origin, such institution is herein represented by its Representation Office in Mexico. This information is being delivered to you for information purposes only. Please note that the Representation Office in Mexico is prevented from negotiating, executing, or participating in (i) operations related to listed derivatives; and (ii) securing funds from the general public in Mexico. Brazil: This communication and the matters discussed therein have not been and will not be issued, placed, distributed or offered in the Brazilian market. Documents relating to this communication, as well as information contained therein may not be supplied to the public in Brazil nor be used in connection with any offer for subscription or sale of financial products or services to the public in Brazil. This communication will not be offered in Brazil, except in circumstances which do not constitute any breach or noncompliance with the Brazilian applicable legislation. Persons wishing to acquire or invest in any debt or equity interest in Brazil should consult with their own counsel as to the applicability of registration requirements or any exemption therefrom. This material is only intended for persons who are eligible investors residing in Brazil, which are considered to be Professional Investors (Investidores Profissionais), as designated by the applicable regulation, mainly the CVM Resolution No. 30 from the 11th of May 2021. Argentina : Products/services included in the presentation have not been and will not be publicly issued, placed, distributed, offered, or registered in Argentine Securities Commission (Comisión Nacional de Valores (CNV). Neither this nor any other material may be utilized in connection with any general offering to the public within Argentina. Any Argentine resident who acquires any products or services will do so under his/her own responsibility under the terms of a private offering to him/her, from outside of Argentina. Panama : This document and its content are for information purposes and shall not be interpreted as banking or financial intermediation, business solicitation and/or public offering of any kind. Natixis is duly authorized by the relevant authorities to carry out banking activities in the United States. Any and all services provided by Natixis are provided on a cross border basis outside of Panama. Natixis is not authorized by the Superintendence of Banks nor the Superintendence of the Securities Market to carry out any activities in Panama.The information contained herein is not intended to be a source of advice or credit analysis with respect to the material presented, and the information and/or documents contained in this material do not constitute investment advice or an invitation to offer. EMEA M ACRO S NAPSHOT research.natixis.com Peru : The products or information discussed here have not been registered under the Peruvian Securities Market Law (Supreme Decree N° 093-2002-EF) or before the Superintendencia del Mercado de Valores (SMV). There will be no public offering of the shares in Peru. The SMV has not reviewed the information provided to the investor. This material is only for the exclusive use of institutional investors in Peru and is not for public distribution. Colombia : By receiving this document you confirm that you have requested us to provide you this document and information on the matters described in it. You also confirm that your interest in requesting such documents and information arose out of your own private interest and was not the result of any direct or indirect solicitation, promotion or offering of services or products by Natixis or by any of its representatives. Accordingly, the information contained in this document is not intended and should not be construed as constituting onshore promotion, marketing or solicitation of securities-market services or products. The distribution of the information contained in this document is restricted by law and persons who access it are required to comply with all such restrictions. The information is not intended to be published or made available to any person in any jurisdiction where doing so would contravene any applicable laws or regulations. By receiving this document, you confirm that you are aware of the laws in Colombia relating to the promotion and marketing of financial services products and you warrant and represent that you will not pass on or utilise the information contained in this document in a manner that could constitute a breach of such laws by Natixis, its affiliates or any other person. Any securities mentioned in this document have not been and will not be registered with the National Register of Securities ("Registro Nacional de Valores y Emisores") maintained by the Colombian Financial Superintendency ("Superintendencia Financiera de Colombia") and may not be publicly offered or sold in Colombia. This information does not constitute and should not be construed as an offer to enter into any agreement, or to purchase or subscribe any securities. The information on the following pages is provided for information purposes only and does not constitute investment, legal, tax or other advice or any recommendation to buy, sell or otherwise transact in any of the funds or securities mentioned. Prospective investors should take appropriate professional advice before making any investment decision. Bolivia : Natixis is not authorized to conduct in Bolivia activities reserved by law for financial intermediation entities and/or brokerage firms. The products/services offered will be provided from Natixis's offices outside of Bolivia. Chile : This communication and any accompanying information (the "Materials") are intended solely for informational purposes and do not constitute (and should not be interpreted to constitute) the selling, or conducting of business with respect to such products or services in Chile (this "Jurisdiction"), or the conducting of any brokerage, banking or other similarly regulated activities in this Jurisdiction. Natixis ("Bank") is not registered (or intended to be registered) in this Jurisdiction. The Materials are private, confidential and are sent by the Bank only for the exclusive use of the addressee. The Materials must not be publicly distributed and any use of the Materials by anyone other than the addressee is not authorized. The addressee is required to comply with all applicable laws in this Jurisdiction, including, without limitation, tax laws and exchange control regulations, if any. The services do not include the offer or intermediation of any securities. Additionally, the Bank will not be liable for investment decisions made by the client based on the information derived or obtain from the Bank's materials. UK : In the UK, Natixis SA is authorised by L'Autorité de contrôle prudentiel et de resolution (ACPR), supervised by the European Central Bank (ECB) and regulated by the Autorité des Marchés Financiers (AMF), Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Germany : 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. Spain: Natixis is regulated by Bank of Spain and the CNMV (Comisión Nacional del Mercado de Valores) for the conduct of its business under the right of establishment in Spain. Italy: Natixis is 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. Japan: Natixis Tokyo Branch is authorized in Japan by the Financial Service Agency as a Bank. Natixis Japan Securities Co., Ltd. (NJS) is a Financial Instruments Business Operator (Director General of Kanto Local Finance Bureau (Kinsho) No. 2527 and a Money Lender (Tokyo Governor (4) No. 31548), supervised by the Financial Services Agency. NJS is a member of the Japan Securities Dealers Association and Type II Financial Instruments Firms Association. This document is intended solely for distribution to Professional Investors as defined in Article 2.31 of the Financial Instruments and Exchange Act. Hong Kong: In Hong Kong, Natixis is regulated by the Hong Kong Monetary Authority and registered with the Securities and Futures Commission (the “SFC”) 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 (Cap. 571 of the Laws of Hong Kong) (“SFO”). This document has not been approved by the SFC nor has a copy of this document been registered by the Registrar of Companies in Hong Kong, unless specified otherwise. The investments contained herein may or may not be authorised by the SFC. You are advised to exercise caution in relation to the investments contained herein. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. The investments may not be offered or sold in Hong Kong, by means of any document, other than (i) to “professional investors” as defined in the SFO and any rules made under the SFO, or (ii) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong)(the “C(WUMP)O”) or which do not constitute an offer to the public within the meaning of the C(WUMP)O. No person shall issue or possess for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the investments, which to his knowledge is or contains an invitation to the public of Hong Kong (except if permitted to do so under the applicable laws and rules of Hong Kong) other than with respect to investments which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” as defined in the SFO and any rules made under the SFO. This document is not and should not be construed as Natixis (or any affiliate or anyone else) offering or holding itself out as being willing or able to provide any service or to carry on any activity which it is not licensed to provide or carry on in Hong Kong. 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. Singapore: Natixis Singapore branch 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 and Expert Investors as defined in Section 4A of the Securities and Futures Act 2001 of Singapore. People’s Republic of China: In Mainland China, Natixis Shanghai branch and Natixis Beijing branch are regulated in the People’s Republic of China (the “PRC”, which, for such purposes, does not include the Hong Kong or Macau Specifical Administrative Regions or Taiwan) by National Financial Regulatory Administration, the People’s Bank of China, and the State Administration of Foreign Exchange for the engagement of banking business. This document is intended solely for distribution to investors of the PRC who are qualified/authorized under the laws of the People’s Republic of China to engage in the purchase of Product of the type being offered or sold. PRC investors are responsible for verifying their eligibility to purchase the Product, obtaining all relevant approvals/licenses, verification and/or registrations themselves from relevant governmental authorities, and complying with all relevant applicable regulatory requirements under the PRC legal regime, including, but not limited to, all relevant foreign exchange regulations and/or outbound investment regulations. Taiwan: In Taiwan, Natixis Taipei Branch is authorized by the Financial Supervisory Commission as a commercial bank and is subject to its supervision. The Product may not be sold or offered to Taiwan resident investors or in Taiwan unless they are made available, (i) outside Taiwan for purchase by such investors outside Taiwan and/or (ii) investors are authorized to engage in the purchase of product in accordance with applicable laws. South Korea: In Korea, Natixis Asia Limited Seoul Branch is registered as a licensed financial investment business entity under the Financial Investment Services and Capital Markets Act (“FSCMA”) and regulated by the Financial Supervisory Services and Financial Services Commission. This document/communication is distributed by Natixis Asia Limited Seoul Branch in the republic of Korea to Professional Investor only and is not intended for investors in Korea who are not Professional Investor within the meaning of the Article 9(5) of the FSCMA and should not be passed on to any such persons. Some products or transactions described in this document/communication may not be authorized in Korea and may not be available to Korean investors. This document/communication is being provided in accordance with procedures required under applicable laws and regulations as well as internal control standards of Natixis Asia Limited, Seoul Branch. India, Indonesia, and Thailand: Natixis has set-up representative offices in India, Indonesia and Thailand. The activities of the representative offices are supervised by the Reserve Bank of India, the Otoritas Jasa Keuangan (Financial Services Authority) and the Bank of Thailand respectively. Australia: 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 SFO. If this document is distributed in Hong Kong, this document is only to Professional Investors as defined in the SFO of Hong Kong and any rules made under the SFO. In Australia, Natixis has a wholly owned subsidiary, Natixis Australia Pty Limited ("NAPL"). NAPL is registered with the Australian Securities and Investments Commission and holds an Australian Financial Services License (No. 317114) which enables NAPL to conduct its financial services business in Australia with "wholesale" clients. Details of the AFSL are available upon request Natixis S.A. is not an Authorised Deposit-Taking Institution under the Australian Banking Act 1959, nor is it regulated by the Australian Prudential Regulation Authority. Any references made to banking in the document refer to Natixis activities outside of Australia. United Arab Emirates: 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 Market Counterparty or Professional Client; the recipient is otherwise required to inform Natixis if this is not the case and return the document. In accordance with the Decision No (13/R.M) of 2021 on the Financial Activities Rulebook and Mechanisms of Adjustment of the Securities and Commodities Authority (SCA) (the SCA Rulebook), the products to which this document relates may only be promoted in the UAE (excluding the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM)) as follows: (i) to a person who meets the definition of a “professional investor” under the SCA Rulebook; or (ii) following a ‘reverse’ (i.e., unsolicited) enquiry by an investor. Further, this document does not constitute a public offer of securities in the United Arab Emirates (including the DIFC and the ADGM) and is not intended to be a public offer. The SCA has not verified this document or other documents in connection with the products. Accordingly, the SCA has not approved this document or any other associated documents nor taken any steps to verify the information set out in this document. The SCA may not be held liable for the accuracy or completeness of the information in this document. The products to which this document relates may be illiquid or subject to restrictions on their resale. Prospective investors should conduct their own due diligence on the products. If you do not understand the contents of this document you should consult an authorised financial advisor. 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. Oman: In Oman, Natixis neither has a registered business presence nor a representative office and does not undertake banking business or provide financial services in Oman. Consequently, Natixis is not regulated by either the Central Bank of Oman or Oman’s Financial Services Authority. This document has been prepared by Natixis. The information contained in this document is for discussion purposes only and neither constitutes an offer of securities in Oman as contemplated by the Commercial Companies Law of Oman (Royal Decree 18/2019) or the Securities Law (Royal Decree 46/2022), nor does it constitute an offer to sell, or the solicitation of any offer to buy non-Omani securities in Oman as contemplated by Article 139 of the Executive Regulations to the Capital Market Law (issued vide CMA Decision 1/2009). Additionally, this document is not intended to lead to the conclusion of a contract for the sale or purchase of securities. Natixis does not solicit business in Oman and the only circumstances in which Natixis sends information or material describing financial products or financial services to recipients in Oman, is where such information or material has been requested from Natixis and by receiving this document, the person or entity to whom it has been dispatched by Natixis understands, acknowledges and agrees that this document has not been approved by the CBO, the FSA or any other regulatory body or authority in Oman. Natixis does not market, offer, sell or distribute any financial or investment products or services in Oman and no subscription to any securities, products or financial services may or will be consummated within Oman. This document has not been approved by the FSA or any other regulatory body or authority in Oman, and no authorization, licence or approval has been received by Natixis from the FSA or any other regulatory authority in Oman, to market, offer, sell, or distribute the securities within Oman. Natixis does not advise persons or entities resident or based in Oman as to the appropriateness of investing in or purchasing or selling securities or other financial products. Nothing contained in this document is intended to constitute Omani investment, legal, tax, accounting or other professional advice. The recipient of this communication represents that it is a financial institution and/or is a sophisticated investor (as described in Article 139 of the Executive Regulations of the Capital Market Law) and that its officers/employees have such experience in business and financial matters that they are capable of evaluating the merits and risks of investments. Qatar: The investments described in this document have not been, and will not be, offered, sold or delivered at any time, directly or indirectly, in the State of Qatar in a manner that would constitute a public offering. This document has not been, and will not be, filed with, reviewed by or approved by the Qatar Central Bank, the Qatar Financial Markets Authority or any other relevant Qatari authority. This document is intended for the original recipient only and should not be provided to any other person. It is not for general circulation in the State of Qatar and should not be reproduced or used for any other purpose. Saudi Arabia: Natixis Saudi Arabia Investment Company, licensed and regulated by the Capital Market Authority (Number: 19205-31), located in Alfaisaliah Tower, 16th Floor, King Fahad Road, Riyadh – KSA. Turkey: Natixis is not licensed in Turkey to perform any banking/capital market activity. No information in this document is provided for the purpose of offering, marketing and sale by any means of any capital market instruments in the Republic of Turkey. Therefore, this document may not be considered as an offer made or to be made to residents of the Republic of Turkey. Accordingly, neither this document nor any other material may be utilized in connection with any offering to the public within the Republic of Turkey without the prior approval of the Turkish Capital Markets Board. However, according to Article 15 (d) (ii) of the Decree No. 32 there is no restriction on the purchase or sale of products in this document by residents of the Republic of Turkey, provided that: they purchase or sell such products in the financial markets outside of the Republic of Turkey; and such sale and purchase is made through banks, and/or licensed brokerage firms in the Republic of Turkey. Links from or to web sites outside Natixis sites are meant for convenience only. Natixis does not review, endorse, approve or control, and is not responsible for any sites linked from or to Natixis sites, the content of those sites, the third parties named therein, or their products and services. Linking to any other site is at your sole risk and Natixis will not be responsible or liable for any damages in connection with linking. No endorsement or approval of any third parties or their advice, opinions, information, products or services is expressed or implied by these materials.