AFEP - MEDEF Recommendations

The Corporate Governance 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, in application of the law of July 3, 2008 transposing the European Parliament directive 2006/46 and Council of June 14, 2006, the AFEP-MEDEF code thus modified will be used to prepare the report required under Artcle L.225-68 of the French Commercial Code.