Disclaimer

Natixis’ newsletters, reports, studies, articles and any other documents published / available on this website as well as any document referred to in the said newsletters, reports,studies, articles and documents do not address non-ESG factors and/or risks, including but not limited to credit risk, liquidity risk, market value risk, or price volatility.

Natixis’ newsletters, reports, studies, articles and any document referred to in the said newsletters, reports, studies, articles and documents do not constitute statements of current or historical fact. They: (i) do not constitute or provide ESG ratings or investment or financial advice as defined in the applicable jurisdictions; (ii) are not and do not provide recommendations to purchase, sell, or hold particular securities; and (iii) do not comment on the suitability of an investment for any particular investor.

Natixis’ newsletters, reports, studies, articles and any document referred to in the said newsletters, reports, studies, articles and documents are not intended for use by any person as a benchmark and must not be used in any way that could result in them being considered a benchmark.

All information developed or produced by Natixis in any newsletters, reports, studies, articles or any other documents published / available on this website (including the images, texts and graphics contained therein, the layout and Natixis’ logo) may not be copied or otherwise reproduced or transmitted, for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person without Natixis’ prior written consent.

They are for information purposes only and Natixis will not accept any form of liability for the substance of these newsletters, reports, studies, articles or documents and/or any liability for damage arising from their use and/or the information provided in them.

All information contained herein is obtained by Natixis from sources believed by it to be accurate and reliable. However, while Natixis exercised dure care in compiling this study, it makes no warranty, expressed or implied, of any kind, that the information contained herein is complete, accurate and up to date.

Natixis is supervised by the European Central bank (ECB). Natixis is authorised in France by the Autorité de Controle Prudentiel et de Résolution (ACPR) as a Bank – Investment Services Provider and subject to its supervision. Natixis is regulated by the Autorité des Marchés Financiers (AMF) in respect of its investment services activities.

In the UK, Natixis SA is authorised by the 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.

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

Natixis is authorised by the ACPR and regulated by Bank of Spain and the Comisión Nacional de Mercado de Valores (CNMV) for the conduct of its business under the right of establishment in Spain.

Natixis is authorised by the ACPR and subject to limited regulation by the Bank of Italy and the Commissione Nazionale per le Società e la Borsa (CONSOB) for the conduct of its business under the right of establishment in Italy.

Natixis is authorised by the ACPR and regulated by the Dubai Financial Services Authority (DFSA) for the conduct of its business in and from the Dubai International Financial Centre (DIFC). The document is being made available to the recipient with the understanding that it meets the DFSA definition of a Professional Client or Market Counterparty; 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.

Natixis, its subsidiaries and affiliates, may have issued or may issue reports that are inconsistent with, and/or reach different conclusions from, the information presented herein.

Natixis, a foreign non-US bank and a nonUS broker-dealer that is not registered with the US Securities & Exchange Commission, may makes this document available to entities in the United States. Natixis Securities Americas LLC, a U.S. registered brokerdealer and member of FINRA, is a subsidiary of Natixis. Natixis Securities Americas LLC did not participate in the preparation of this document and as such assumes no responsibility for its content.

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

In Australia it is not regulated by the Australian Securities and Investments Commission (ASIC) but benefits from an exemption (Class Order 03/1103) in Australia pursuant to section 911A(2)(h) of the Corporations Act 2000 and the ASIC Policy Statement 176 and can only deal with wholesale investors. If this document is distributed in Hong Kong, this document is only to Professional Investors as defined in the Securities and Futures Ordinance (Cap. 571) (“the Ordinance”) of Hong Kong and any rules made under the Ordinance. Natixis Australia Pty Limited (“NAPL”) is registered with the Australian Securities and Investment Commission and holds an Australian Financial Services License (No 317114) which enables NAPL to conduct its business in Australia with “wholesale” clients.

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

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

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