NATIXIS_REGISTRATION_DOCUMENT_2017

ENVIRONMENTAL AND SOCIAL RESPONSIBILITY Business line contributions to green and sustainable growth

DEVELOPMENT OF SUSTAINABLE INVESTMENT SOLUTIONS 6.2.2

Natixis examines ESG criteria closely when preparing its investment strategies, designed to provide investors with value-creatingsolutionsover the long term. The consideration of ESG criteria, which have structured the investment policy enacted by Natixis Asset Management and Mirova from the beginning,is graduallybeing adoptedby Natixis’ AssetManagementand Insurancebusinesslines. Natixis Asset Management's responsible investment policy Natixis Asset Managementhas been committed to sustainable developmentand socially responsibleinvestment(SRI) for nearly 30 years (1) . It decided to take additional steps in recent years by developinga responsiblemanagementapproachthat it applies to all its investmentprocesses. The aim of this approach is to facilitate the integration of sustainabilitycriteria in investmentdecisionsacross the board, in accordance with the recommendations of the leading internationalstandards such as the United Nations Principles for ResponsibleInvestment(UN-PRI),of which Natixis AM has been a signatorysince 2008. This approach is the result of an extensive analysis conducted over several years, centered around four key commitmentsand special pro-climate initiatives implemented daily by the investment teams depending on the specific characteristics of their asset class: Understandingsustainabledevelopmentpriorities a Natixis Asset Managementrelies on proprietaryextra-financial research expertise, developedand conductedby 12 dedicated expertsworkingat Mirova. The analysts performa review of ESG opportunitiesand risks, assessing both the incorporation of sustainable development priorities in an issuer's business model and consideration of the associatedESG risks. All of these ratings are made available to the portfolio management teams, which take part in sustainable developmentawareness-raisingand traininginitiatives. ESG integrationand exclusionpolicies a Natixis Asset Management has adopted two complementary approaches in all areas of portfolio managementexpertise to improvethe way it handlesextra-financialconcerns: identificationof ESG criteria to be included, based on the j specific features of each asset class: The portfolio managementteams assess the materialityof ESG criteria, thereby gradually identifying how they will include these criteria in their analysisof issuers, exclusion of certain issuers involved in controversial j weapons activities, or who have breached the principles of the United Nations Global Compact and/or the OECD Guidelines for Multinational Enterprises, from Natixis Asset Management'sinvestmentuniverse.

Votingand engagementpolicy a The purpose of this policy is to encourage issuers to improve their ESG practicesby initiatinga constructivedialogwith them and exercising Natixis Asset Management's voting rights at GeneralShareholders’Meetings: in 2017, Natixis Asset Management participated in 1,528 j Annual General Shareholders’Meetingswith a voting rate of 99.8%. In the same year, 282 companies were the focus of individual dialog initiatives, while 124 companies were the focus of  collaborativeengagementinitiatives. In addition, through the collaborativeplatform launched by Mirova (of which it is a member), Natixis Asset Management continued its efforts to initiate dialog on complexissues calling for closemonitoringof the practices used by the companiesin question: social impacts: working conditions and human rights , j particularly in the supply chains of several major textile manufacturers and companies in the Information and CommunicationTechnology(ICT) sector; direct environmentalimpacts: Natixis Asset Management j maintains a dialog with companies exposed to the risk of explorationin the ArcticOcean; co-constructionand promotion of RI/ESG standards with a SRI professionals: active involvement in over 15 Market Committees and dedicated working groups; support of academic research, signing of numerous Investor Statements, etc. SRI and solidarity-basedinvesting made considerable strides in 2017, both in terms of assets under management and the percentageof AuMmanagedby NatixisAssetManagement.

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2017

2016 2015

SRI and solidarity assets under management (in billions of euros) in Natixis AM open-ended, dedicated and employee savings funds (a) SRI and solidarity assets under management relative to Natixis Asset Management’s total AuM (as a %) (a)

19.5 17.2 16.4

5.62 4.95 4.98 Source: Natixis Asset Management at 12.31.2017 in open-ended, (a) dedicated and employee saving funds. Natixis Assurances’ investment policy After signing the UN-PRI in June 2016 to formally establish its responsible investment goals, Natixis Assurances now includes ESG (Environment, Social and Governance) criteria in its investment process and publishes the carbon footprint of over 65%of its investments. This approach,graduallybeing rolled out to its directly held asset classes, is founded on three pillars, as described in the energy transitionreport availableon its website:

Natixis Impact Nord Sud Développement – Natixis’ first solidarity-based investment fund – was created in 1985. A full range of SRI and (1) solidarity-based investment funds has since been developed.

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Natixis Registration Document 2017