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法国外贸银行 · Patricia FLOREZ CABRA · 2026/08/27

欧元区:8月通胀预览

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营销通讯:本文档为营销材料。其编写未遵循旨在促进投资研究独立性的法律要求;且不受投资研究发布前禁止交易的任何约束。27 8月 2026 欧洲、中东及非洲宏观经济快照 欧元区:8月通胀预览 近期前景日益受能源市场影响。能源价格上涨是推动欧元区及其四大经济体整体通胀走高的主要因素。我们预计8月欧元区整体通胀将同比(yoy)达到3.20%,较7月的2.94%有所上升。核心通胀(不包括能源、食品、酒精和烟草)预计8月同比将达到2.50%,高于7月的2.48%。在此基础上,我们对全年的预测为:2026,年欧元区整体通胀平均同比2.83%,核心通胀平均同比2.42%。在国家层面,8月欧元区四大主要国家的通胀预计将上升,德国达到同比3.0%,法国2.8%,意大利3.1%,西班牙4.2%。对于整个2026,年,我们预计德国和意大利的整体通胀平均水平为2.7%,法国为2.3%,西班牙为3.5%。 作者 帕特里夏·弗洛雷斯·卡夫拉 电话 +33 1 58 55 62 71 patricia.florezcabra@natixis.com 探索更多请访问我们的网站

EMEA宏观速览 2 欧元区关键预测 近期前景日益受到能源市场的影响。能源价格上涨是推动欧元区及其四大经济体整体通胀上升的主要因素。► 欧元区:我们预计8月欧元区整体通胀同比将加速至3.20%,高于7月的2.94%。在这一路径下,预计2026的年均通胀率将稳定在2.8%。► 德国:预计8月整体通胀同比将升至3.04%,较7月的2.84%有所上升。这一上升趋势使预计的2026年均通胀率升至2.7%。► 法国:预计8月整体通胀同比将显著上升,达到2.8%,而7月为2.37%。因此,我们预计法国2026的年均通胀率将落在2.3%。► 西班牙:我们预计8月整体通胀同比将进一步攀升至4.2%,高于7月的3.90%。因此,我们预计全年年均通胀率将稳定在3.5%。► 意大利:预计8月整体通胀同比将小幅升至3.1%,高于7月的2.91%。这一路径与我们预测的该国2026年均通胀率2.8%一致。能源 8月能源价格1将成为推动通胀上行的主要因素。尽管布伦特原油价格$88美元/桶仍低于春季峰值$104,,但其同比比较已恶化,从6月和7月的同比21%升至8月的同比31%。这意味着8月石油对整体年度通胀的上行压力将大于前两个月。环比来看,油价重新获得上行动能,8月环比上涨5%,而6月环比下跌-19%,7月持平(环比-1%)。8月欧元兑美元小幅升值,从7月的1.14升至1.16;然而,这一温和涨幅与飙升的油价相比相形见绌。来看汽车燃料2,价格出现大幅加速。汽油环比上涨3%,延续7月的稳步攀升(环比+4%),而柴油环比飙升8%(高于7月的环比5%)。8月的这一动能,叠加不利的基数效应,将年度利率推至年内最高水平:汽油同比攀升至20%(高于7月的15%),而柴油同比达到33%(高于7月的21%),逼近4月同比36%的峰值。汽油和柴油分别占HICP篮子权重的2.2%和1.5%。尽管8月欧元区所有主要经济体的燃料价格压力均有所加剧,但德国和西班牙的加速幅度最为显著,柴油年度通胀率飙升超过10个百分点。► 德国:尽管月度涨幅放缓至汽油环比2%、柴油环比7%(低于7月的11%和15%),但年度利率仍飙升至年内同比1。平均价格截至258月2026计算。2含税价格来自欧盟委员会每周石油公告,258月2026。

EMEA宏观快照 3 高位,汽油同比上涨 28%(前值为同比 24%),柴油同比跃升至 40%(前值为同比 28%)。► 法国:8月份上行势头积聚,汽油环比上涨 3%,柴油环比跃升 9%。这一价格加速推动年度显著反弹,汽油同比升至 20%(7月为同比 17%),柴油同比升至 37%(7月为同比 24%)。► 意大利:燃油市场再度承压,汽油环比上涨 6%,柴油环比上涨 4%。月度压力显著推高年度增速,汽油同比升至 17%(7月为同比 9%),柴油同比升至 27%(7月为同比 21%)。► 西班牙:月度大幅飙升,汽油环比激增 8%,柴油环比跃升 13%。这一快速上行引发年度大幅增长,汽油同比升至 15%(7月为同比 5%),柴油同比升至 28%(7月为同比 13%)。天然气价格几乎比去年上涨了一倍。8月份TTF均价达到 €61/兆瓦时,其年度通胀率高达 87%(同比)。这一增长受到连续大规模月度飙升的推动:8月份环比上涨 13%,紧随7月份环比大幅上涨 20% 之后。电价也呈现类似的上行轨迹,8月份平均为 €145/兆瓦时。电力的年度通胀率几乎翻倍,从7月的 37.4% 跃升至8月的同比 69.8%。食品方面,8月份全球农业大宗商品价格有所回落,标普GSCI农业现货指数同比上涨 15%,环比上涨 5%,较7月的涨幅(同比 17%,环比 9%)有所放缓。这一减速得到欧元区农场出厂价和批发价格的支持,7月份这些价格延续了年初至今的下行趋势,同比下降 8%,环比下降 2%。此外,7月份化肥价格同比下跌 3%,环比下跌 4%。考虑到这些较低的投入成本,加上批发价格的负增长轨迹以及全球大宗商品动能的降温,我们预计8月份欧元区和EMU-4 的年度食品通胀将稳定在与7月相当的水平。商品和服务方面,欧元区核心通胀预计8月份同比达到 2.50%,与7月水平接近。► 欧洲央行的薪资追踪指标自5月以来呈现温和上行趋势,7月份达到 2.57% 的峰值,8月份小幅回落至 2.55%。尽管这表明近期呈上升轨迹,但这些数值仍远低于前几年的水平,例如 2025 年记录的同比 3.20% 平均值和 2024 年的 4.64%。此外,欧洲央行对Q3 2026 每位员工薪酬的6月预测为同比 3.1%,较 2025 年记录的同比 3.9% 显著下降。► 全球供应链压力指数(GSCPI)凸显了 2026, 年供应链的波动路径,从1月份的 0.47 低点升至4月份的 1.84 和5月份的 1.81 峰值。然而,这一上行压力开始消退,该指数在6月份降至 1.19,7月份进一步降至 0.80,表明全球供应状况正逐步正常化。尽管如此,

EMEA宏观速览 4 国际环境依然高度动荡,这意味着这一改善趋势很容易逆转,若出现新的全球性干扰,价格压力可能再度上升。►最新数据显示,非能源和非食品类大宗商品的价格压力显著缓解。7月份价格同比上涨 2%,较6月份录得的同比 8% 大幅减速,也远低于1月份观察到的同比峰值 19%。环比来看,7月份价格环比下降 3%,与6月份的降幅持平。►运输价格预计仍将面临上行压力。主要风险来自运输服务,其正面临能源部分所强调的燃料成本上升带来的显著阻力。与此同时,Harpex航运指数(追踪集装箱租船费率)环比上涨 1%,使其年增长率达到同比 7%(较7月份的同比 8% 略有下降)。

EMEA宏观速览 5 企业与投资银行研究主管 宏观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 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 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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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.