Natixis refers to the AFEP-MEDEF corporate governance code of listed corporations.

In its meeting of December 18, 2008, the Supervisory Board of Natixis became acquainted with the recommendations of AFEP-MEDEF (French Business Confederation) concerning the compensation of corporate officers of listed companies.

These recommendations are in line with Natixis’ corporate governance approach.

Therefore, the AFEP-MEDEF code is the one to which Natixis will refer to prepare its corporate governance report.