Supplement No. 3 dated 30 June Certificates NATIXIS STRUCTURED PRODUCTS LIMITED

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1 Supplement No. 3 dated 30 June 2010 to the BASE PROSPECTUS pursuant to Art. 5 (4) of Directive 2003/71/EC dated 22 January 2010 for Certificates linked to Stocks/Indices/Investment Funds/Currencies/Commodities/Baskets of Shares/a Selection of Shares/Index Baskets/Fund Baskets or on a combination thereof and to be issued under a EUR 1,000,000, German Certificate Programme of NATIXIS STRUCTURED PRODUCTS LIMITED (Jersey) Dealer, Arranger and Guarantor: NATIXIS This supplement (the Supplement or the Third Supplement ) is supplemental to, and should be read in conjunction with the base prospectus dated 22 January 2010, prepared in relation to the German Certificate Programme of NATIXIS Structured Products Limited ( NATIXIS Structured Products or the Issuer ), the first supplement dated 4 March 2010 and the second supplement dated 31 May 2010 (together, the Base Prospectus ), as approved on 22 January 2010, 4 March 2010 and 31 May 2010, respectively, by the Commission de Surveillance du Secteur Financier (the CSSF ) for the purposes of Article 5 (4) of Directive 2003/71/EC (the Prospectus Directive ) and Article 13 of the Luxembourg Law on Prospectuses for Securities dated 10 July 2005 (the Luxembourg Law ). This Supplement constitutes a supplement for the purposes of Article 16 of the Prospectus Directive and Article 13 of the Luxembourg Law for the purposes of updating certain information contained in the Base Prospectus as described below. The Issuer accepts responsibility for the information contained or incorporated by reference in this Supplement. The Issuer confirms that, having taken all reasonable care to ensure that such is the case, the information contained or incorporated by reference in this Supplement is, to the best of its knowledge, in accordance with the facts and does not omit anything likely to affect the import of such information. This Supplement is not intended to provide the basis of any credit or other evaluation and should not be considered as a recommendation by the Issuer that any recipient of this Supplement or any other financial statements should purchase the Certificates. This Supplement is supplemental to, and should be read in conjunction with, the Base Prospectus. Terms defined in the Base Prospectus shall have the same meaning when used in this Sup- 1

2 plement. To the extent that there is any inconsistency between (a) any statement in this Supplement and (b) any other statement in or incorporated by reference in the Base Prospectus, the statements in (a) above will prevail. In accordance with Article 13 paragraph 2 of the Luxembourg Law, investors who have already agreed to purchase or subscribe for securities of the Issuer before this Supplement is published have the right, exercisable within a time limit of two working days after the publication of this Supplement, to withdraw their acceptances. This Supplement will be published on the Luxembourg Stock Exchange's website CHANGES TO THE BASE PROSPECTUS: The Base Prospectus is supplemented as follows: 1. As from the date of this Supplement, the term NATIXIS Guarantee in the Base Prospectus shall be replaced by 2005 NATIXIS Guarantee or, as the case may be, 2010 NATIXIS Guarantee. 2. On pages 13 to 14 of the Base Prospectus, in the section A. Summary, the paragraph Guarantee is replaced in its entirety by the following: Guarantee Subject to the replacement as described below, IXIS Corporate & Investment Bank ( IXIS CIB ) has granted to the Issuer a guarantee under French law in the form of a joint and several obligation (cautionnement solidaire) dated 14 October 2005 and with effect from (and including) such date for the benefit of the counterparties of the Issuer (the 2005 NATIXIS Guarantee ). The General Assembly (Assemblée Générale Mixte) of the shareholders of NATIXIS held on 20 December 2007 approved the merger between IXIS CIB and NATIXIS (the Merger ) and consequent absorption of IXIS CIB by NATIXIS with a final completion date as of 31 December 2007, midnight Paris time (the Effective Date ). As part of the Merger, the Issuer became a wholly-owned subsidiary of NATIXIS as from the Effective Date. The Merger, governed by the provisions of article L of the French Commercial Code, included all assets and liabilities of IXIS CIB, including the transfer of the 2005 NATIXIS Guarantee and all the rights and obligations under the Certificates issued under the Base Prospectus, which became rights, obligations and undertakings of NATIXIS under the same terms and conditions and, upon completion of the Merger, were continued with full force and effect in accordance with their respective terms with NATIXIS being substituted to IXIS CIB as guarantor, dealer, arranger, calculation agent, borrower, counterparty or otherwise, as the case may be. By a letter dated 15 October 2007 NATIXIS confirmed that within the context of this transaction and by reason of the Merger and from the Effective Date, all rights, obligations 2

3 and undertakings of IXIS CIB under the 2005 NATIXIS Guarantee, had become undertakings of NATIXIS under the same terms and conditions and, upon completion of the Merger, the 2005 NATIXIS Guarantee, were continued with full force and effect in accordance with its terms with NATIXIS being substituted to IXIS CIB as guarantor. As a result: (a) the creditors of the Issuer who, at the Effective Date, benefited from the 2005 NATIXIS Guarantee by reason of the transactions entered into up to the Effective Date with the Issuer (including Certificates issued up to the Effective Date), are able to continue to exercise their rights under the 2005 NATIXIS Guarantee directly against NATIXIS as from the Effective Date; (b) as from the Effective Date, the new creditors of the Issuer under any transaction entered into after the Effective Date with the Issuer (including Certificates issued after the Effective Date) and falling within the scope of the 2005 NATIXIS Guarantee are able to claim directly from NATIXIS the benefit of the 2005 NATIXIS Guarantee against NATIXIS. It was specified that the creditors of the Issuer who, at the Effective Date of the Merger, benefited from the 2005 NATIXIS Guarantee are able to continue to exercise their rights directly against NATIXIS as from the Effective Date under the 2005 NATIXIS Guarantee. NATIXIS published notices in accordance with the terms of the 2005 NATIXIS Guarantee, that the 2005 NATIXIS Guarantee would be revoked and terminated with effect as of 31 December 2010 (the Termination Effective Date). For the avoidance of doubt, Transactions (as defined in the 2005 NATIXIS Guarantee) (including Certificates issued by the Issuer prior to the Termination Effective Date) entered into by the Issuer prior to the Termination Effective Date with the benefit of the 2005 NATIXIS Guarantee will continue to benefit from the undertakings given by NATIXIS under the 2005 NATIXIS Guarantee until all obligations thereunder have been performed in full. In respect of such Transactions, prior to all such obligations having been performed in full, the 2005 NATIXIS Guarantee will, and will continue to, constitute legal, valid and binding obligations in accordance with its terms. NATIXIS has granted a new irrevocable and unconditional guarantee (cautionnement solidaire) governed by French Law which is dated 15 June 2010 (the 2010 NATIXIS Guarantee), with effect from and including such date, for the benefit of holders of certain Financial Instruments (as defined in the 2010 NATIXIS Guarantee) of the Issuer and which expression includes Certificates issued by the Issuer on or after 15 June 2010 under this Prospectus. 3. On page 16 of the Base Prospectus, in the section A. Summary, the paragraph The significant risks with regard to the NATIXIS Guarantee include that is replaced in its entirety by the following: The significant risks with regard to the 2005 NATIXIS Guarantee include that the 2005 NATIXIS Guarantee is not a 'first demand' guarantee, i.e. a counterparty must first deliver a written payment request to the Issuer for amounts due but unpaid, before claiming under the 2005 NATIXIS Guarantee; 3

4 NATIXIS published notices in accordance with the terms of the 2005 NATIXIS Guarantee, that the 2005 NATIXIS Guarantee would be revoked and terminated as of 31 December 2010; an enforcement of the rights under the 2005 NATIXIS Guarantee may for certain legal requirements and language differences be more difficult than the enforcement of a German law guarantee which is granted by a German company. The significant risks with regard to the 2010 NATIXIS Guarantee include that the 2010 NATIXIS Guarantee is not a 'first demand' guarantee, i.e. a claim under the 2010 NATIXIS Guarantee must be sent in writing by a duly authorised officer of the claimant to the Issuer in accordance with Clause 4 (Demand Notices) of the 2010 NATIXIS Guarantee; the 2010 NATIXIS Guarantee may be revoked upon the giving of notice in accordance with its terms; although it will continue to apply to any Certificates already issued with the benefit of such guarantee, notwithstanding such revocation, until all obligations under such Certificates have been performed in full. This may affect the overall creditworthiness of the Issuer; the scope of the 2010 NATIXIS Guarantee is limited in accordance with its terms. It has been designed to cover certain transactions only entered into by the Issuer as from 15 June 2010 (whatever their respective maturity dates) and is not limited to the Issuer's obligations under Certificates issued by it under this Prospectus; an enforcement of the rights under the 2010 NATIXIS Guarantee may for certain legal requirements and language differences be more difficult than the enforcement of a German law guarantee which is granted by a German company. 4. On pages 31 to 32 of the Base Prospectus, in the section B. Zusammenfassung, the paragraph Garantie is replaced in its entirety by the following: Garantie Vorbehaltlich der nachstehend beschriebenen Ersetzung der Bürgschaft wurde gegenüber der Emittentin am 14. Oktober 2005 und mit Wirkung zugunsten der Vertragspartner der Emittentin von diesem an Tag (einschließlich) durch IXIS Corporate & Investment Bank ( IXIS CIB ) eine Bürgschaft (cautionnement solidaire) nach französischem Recht gewährt (die 2005 NATIXIS Bürgschaft). Die Hauptversammlung (Assemblée Générale Mixte) der Aktionäre der NATIXIS, die am 20. Dezember 2007 abgehalten wurde, genehmigte die Verschmelzung zwischen IXIS CIB und NATIXIS (die Verschmelzung ) und die entsprechende Aufnahme der IXIS CIB in der NATIXIS mit dem endgültigen Vollendigungsdatum 31. Dezember 2007, Mitternacht Pariser Uhrzeit (das Datum des Inkrafttretens ). Als Teil der Verschmelzung ist die Emittentin zum Datum des Inkrafttretens eine hundertprozentige Tochtergesellschaft der NATIXIS geworden. 4

5 Die Verschmelzung, die von der Bestimmung des Artikels L des französischen Handelsgesetzbuches geregelt wird, umfasste alle Vermögenswerte und Verbindlichkeiten der IXIS CIB, einschließlich der Übertragung der 2005 NATIXIS Bürgschaft und aller Rechte und Verpflichtungen aus den unter dem Basisprospekt emittierten Zertifikaten, die unter denselben Bedingungen Rechte, Verpflichtungen und Vereinbarungen der NATIXIS mit Beendigung der Verschmelzung wurden und die vollumfänglich bestehen blieben und entsprechend ihrer jeweiligen Bedingungen in Kraft blieben, wobei NATIXIS IXIS CIB als Bürgschaftgeber, Anbieter, Arranger, Berechnungsstelle, Darlehensnehmer, Gegenpartei bzw. in sonstiger Weise ersetzt. Mit Brief vom 15. Oktober 2007 bestätigte NATIXIS, dass im Zusammenhang mit dieser Transaktion und aufgrund der Verschmelzung zum Datum des Inkrafttretens alle Rechte, Verpflichtungen und Vereinbarungen der IXIS CIB gemäß der 2005 NATIXIS Bürgschaft Vereinbarungen der NATIXIS gemäß denselben Bedingungen wurden und, dass mit Vollendung der Verschmelzung die 2005 NATIXIS Bürgschaft vollumfänglich beibehalten wurde und entsprechend ihrer Bedingungen in Kraft blieb, wobei NATIXIS IXIS CIB als Garantiegeber ersetzt. Infolgedessen: (a) können die Gläubiger der Emittentin, die zum Datum des Inkrafttretens von der 2005 NATIXIS Bürgschaft von Vereinbarungen, die bis zum Datum des Inkrafttretens mit der Emittentin geschlossen wurden, profitierten (einschließlich von Zertifikaten, die bis zum Datum des Inkrafttretens ausgegeben wurden), ihre Rechte aus der 2005 NATIXIS Bürgschaft fortlaufend ab dem Datum des Inkrafttretens direkt gegenüber NATIXIS ausüben; (b) können ab dem Datum des Inkrafttretens alle neuen Gläubiger der Emittentin aus Vereinbarungen mit der Emittentin, die nach dem Datum des Inkrafttretens abgeschlossen wurden (einschließlich Schuldverschreibungen, die nach dem Datum des Inkrafttretens ausgegeben wurden) und die in den Anwendungsbereich der 2005 NATIXIS Bürgschaft fallen, direkt von NATIXIS beanspruchen, von der 2005 NATIXIS Bürgschaft zu profitieren. Es wurde festgelegt, dass alle Gläubiger der Emittentin, die zum Datum des Inkrafttretens der Verschmelzung von der 2005 NATIXIS Bürgschaft profitierten, ihre Rechte aus der 2005 NATIXIS Bürgschaft ab dem Datum des Inkrafttretens direkt gegenüber NATIXIS geltend machen können. NATIXIS veröffentlichte in Übereinstimmung mit den Bedingungen der 2005 NATIXIS Bürgschaft eine Bekanntmachung, dass die 2005 NATIXIS Bürgschaft mit Wirkung zum 31. Dezember 2010 (das Datum des Wirksamwerdens der Kündigung) widerrufen und gekündigt wurde. Zur Klarstellung: alle Transaktionen (Transactions) (wie in der 2005 NATIXIS Bürgschaft definiert) (einschließlich Zertifikate, die von der Emittentin vor dem Datum des Wirksamwerdens der Kündigung begeben wurden), die von der Emittentin vor dem Datum des Wirksamwerdens der Kündigung und profitierend von der 2005 NATIXIS Bürgschaft eingegangen wurden, profitieren bis zu ihrer jeweiligen Fälligkeit und bis alle Verpflichtungen darunter erfüllt wurden, von den Zusicherungen, die NATIXIS unter der 2005 NATIXIS Bürgschaft abgegeben hat. In Bezug auf solche Transaktionen und bis alle diese Verpflichtungen vollständig erfüllt wurden, stellt die 2005 NATIXIS Bürgschaft - auch zukünftig in Übereinstimmung mit ihren Bedingungen rechtlich wirksame und verbindliche Verpflichtungen dar. NATIXIS hat eine neue, unwiderrufliche und unbedingte Bürgschaft (cautionnement solidaire) unter französischem Recht und datierend auf den 15. Juni 2010 und mit Wirkung ab einschließlich dem 15. Juni 2010 zugunsten der Inhaber be- 5

6 stimmter Finanzinstrumente (wie in der 2010 NATIXIS Bürgschaft definiert), was auch unter diesem Prospekt begebene Zertifikate einschließt, der Emittentin abgegeben (die NATIXIS Mai 2010 Bürgschaft ). 5. On page 34 of the Base Prospectus, in the section B. Zusammenfassung, the paragraph Zu den wesentlichen Risiken im Hinblick auf die NATIXIS Bürgschaft zählen, dass is replaced in its entirety by the following: Zu den wesentlichen Risiken im Hinblick auf die 2005 NATIXIS Bürgschaften zählen, dass die 2005 NATIXIS Bürgschaft keine Bürgschaft auf erstes Anfordern ist, d.h., dass die Gegenpartei zunächst bei der Emittentin die fälligen, aber unbezahlten Beträge schriftlich zur Zahlung anfordern muss, bevor ein Anspruch aus der 2005 NATIXIS Bürgschaft geltend gemacht werden kann; NATIXIS veröffentlichte in Übereinstimmung mit den Bedingugnen der 2005 NATIXIS Bürgschaft eine Bekanntmachung, dass die 2005 NATIXIS Garantie mit Wirkung zum 31. Dezember 2010 widerrufen und gekündigt wurde; die Durchsetzung der Ansprüche aus der 2005 NATIXIS Bürgschaft auf Grund rechtlicher Anforderungen und sprachlicher Unterschiede schwieriger sein kann als die Durchsetzung einer Bürgschaft nach deutschem Recht, die von einer deutschen Gesellschaft gewährt wurde. Zu den wesentlichen Risiken im Hinblick auf die 2010 NATIXIS Bürgschaften zählen, dass die 2010 NATIXIS Bürgschaft keine Bürgschaften auf erstes Anfordern ist, d.h., ein Anspruch unter der 2010 NATIXIS Garantie muss von einem ordnungsgemäß bevollmächtigten Handlungsbevollmächtigten des Anspruchsstellers schriftlich und in Übereinstimmung mit Ziffer 4 (Mitteilung von Ansprüchen (Demand Notices)) der 2010 NATIXIS Garantie an die Emittentin geschickt werden; die 2010 NATIXIS Bürgschaft grundsätzlich jederzeit gemäß den Bedingungen der 2010 NATIXIS Bürgschaft widerrufen werden kann, obwohl sie ungeachtet eines solchen Wiederrufs weiterhin und bis alle Verpflichtungen unter den Zertifiakten erfüllt sind, für solche Zertifikate gilt, die von der Garantie profitierend begeben wurden. Dies kann die allgemeine Bonität der Emittentin beeinträchtigen; der Umfang der 2010 NATIXIS Garantie in Übereinstimmung mit den Bedingungen der Garantie beschränkt ist. Sie ist so gestaltet, dass sie bestimmte Transaktionen (unabhängig von deren jeweiliger Laufzeit) der Emittentin abdeckt, die diese vom 15. Juni 2010 an eingegangen ist; ist aber nicht auf Verpflichtungen der Emittentin aus unter diesem Prospekt begebenen Zertifikaten begrenzt; die Durchsetzung der Ansprüche aus der 2010 NATIXIS Bürgschaft auf Grund rechtlicher Anforderungen und sprachlicher Unterschiede schwieriger sein kann als die Durchsetzung einer Bürgschaft nach deutschem Recht, die von einer deutschen Gesellschaft gewährt wurde. 6

7 6. On pages 45 to 46 of the Base Prospectus, in the section C. Risk Factors, the paragraphs from and including Scope of the Guarantee to and including Counter Guarantee are replaced in their entirety by the following: Risk Factors with regard to the 2005 NATIXIS Guarantee Scope of the 2005 NATIXIS Guarantee The 2005 NATIXIS Guarantee is not a 'first demand' guarantee. Before claiming under the 2005 NATIXIS Guarantee, a counterparty must first deliver a written payment request to the Issuer for amounts due but unpaid. If the amount claimed remains unpaid by the Issuer two Business Days (under the terms of the 2005 NATIXIS Guarantee) after receipt by the Issuer of the payment request, the counterparty may issue a written demand on NATIXIS in accordance with the terms of the 2005 NATIXIS Guarantee, and NATIXIS will be obliged to pay amounts due to the counterparty within three Business Days of receipt of such written demand subject to and in accordance with the terms of the 2005 NATIXIS Guarantee. Revocation of the 2005 NATIXIS Guarantee NATIXIS published notices in accordance with the terms of the 2005 NATIXIS Guarantee, that the 2005 NATIXIS Guarantee would be revoked and terminated with effect as of 31 December 2010 (the Termination Effective Date). For the avoidance of doubt, Transactions (as defined in the 2005 NATIXIS Guarantee) (including Certificates issued prior to the Termination Effective Date) entered into by the Issuer prior to the Termination Effective Date with the benefit of the 2005 NATIXIS Guarantee will continue to benefit from the undertakings given by NATIXIS under the 2005 NATIXIS Guarantee until all obligations thereunder have been performed in full and in respect of which the 2005 NATIXIS Guarantee will, and will continue to, constitute legal, valid and binding obligations in accordance with its terms. Credit Risk of NATIXIS and the 2005 NATIXIS Guarantee A holder of a Certificate is, apart from the Issuer s credit risk from the Certificates, also exposed to NATIXIS s credit risk from the 2005 NATIXIS Guarantee (when applicable). Enforceability of the 2005 NATIXIS Guarantee As NATIXIS, being the obligor under the 2005 NATIXIS Guarantee, is a French company and the 2005 NATIXIS Guarantee is subject to French law, an enforcement of the rights under the 2005 NATIXIS Guarantee may for certain legal requirements and language differences be more difficult than the enforcement of a German law guarantee which is granted by a German company. Risk Factors with regard to the 2010 NATIXIS Guarantee Scope of the 2010 NATIXIS Guarantee The scope of the 2010 NATIXIS Guarantee is limited to Financial Instruments (as defined in the 2010 NATIXIS Guarantee) of the Issuer entered into on or after 15 June 2010, whatever their respective maturity dates. Such financial instruments include any notes, bonds, certificates, warrants or other securities or other financial instruments issued by the Issuer as from such date, including Certificates issued under this Prospectus and other than (i) any financial instruments which benefit from the 2005 NATIXIS Guarantee, (ii) any subordinated securities 7

8 or debts issued or entered into by the Issuer subject to a subordination provision which is intended for or which results in the assimilation of such securities or debts to own funds as defined by applicable banking regulation, and (iii) any financial instruments provided that it is expressly specified in the legal documentation attached to such financial instruments that these do not benefit from the 2010 NATIXIS Guarantee. The 2010 NATIXIS Guarantee is not limited to the Issuer's obligations under Certificates issued by it under this Prospectus. Revocation of the 2010 NATIXIS Guarantee The 2010 NATIXIS Guarantee may be revoked upon the giving of notice in accordance with its terms. Although any Certificates issued with the benefit of the 2010 NATIXIS Guarantee will continue to benefit from such guarantee, notwithstanding its revocation, until all obligations under such Certificates have been performed in full, such revocation may affect the overall creditworthiness of the Issuer. Requirement to give notice of a claim under the 2010 NATIXIS Guarantee in writing The 2010 NATIXIS Guarantee is not a first demand guarantee. A claim under the 2010 NATIXIS Guarantee must be sent in writing by a duly authorised officer of the claimant to the Issuer in accordance with Clause 4 (Demand Notices) of the 2010 NATIXIS Guarantee. Credit Risk of NATIXIS and the 2010 NATIXIS Guarantee A holder of a Certificate is, apart from the Issuer s credit risk from the Certificates, also exposed to NATIXIS s credit risk from the 2010 NATIXIS Guarantee (when applicable). Enforceability of the 2010 NATIXIS Guarantee As NATIXIS, being the obligor under the 2010 NATIXIS Guarantee, is a French company and the 2010 NATIXIS Guarantee is subject to French law, an enforcement of the rights under the 2010 NATIXIS Guarantee may for certain legal requirements and language differences be more difficult than the enforcement of a German law guarantee which is granted by a German company. 7. On pages 71 to 72 of the Base Prospectus, in the section E. Information regarding the Issuer, the Guarantor and the Guarantee, the paragraph II. Information regarding the Guarantee is replaced in its entirety by the following: The 2005 NATIXIS Guarantee Subject to the replacement as described below, dated 14 October 2005 and with effect from such date, IXIS Corporate & Investment Bank ( IXIS CIB ) has granted a guarantee (cautionnement solidaire) to the Issuer for the benefit of counterparties of the Issuer (the 2005 NATIXIS Guarantee ) and which is subject to French law. The General Assembly (Assemblée Générale Mixte) of the shareholders of NATIXIS held on 20 December 2007 approved the merger between IXIS CIB and NATIXIS (the Merger ) and consequent absorption of IXIS CIB by NATIXIS with a final completion date as of 31 December 2007, midnight Paris time (the Effective Date ). 8

9 As part of the Merger, the Issuer became a wholly-owned subsidiary of NATIXIS as from the Effective Date. The Merger, governed by the provisions of article L of the French Commercial Code, included all assets and liabilities of IXIS CIB, including the transfer of the 2005 NATIXIS Guarantee and all the rights and obligations under the Certificates issued under the Base Prospectus, which became rights, obligations and undertakings of NATIXIS under the same terms and conditions and, upon completion of the Merger, were continued with full force and effect in accordance with their respective terms with NATIXIS being substituted to IXIS CIB as guarantor, dealer, arranger, calculation agent, borrower, counterparty or otherwise, as the case may be. By a letter dated 15 October 2007 NATIXIS confirmed that within the context of this transaction and by reason of the Merger and from the Effective Date, all rights, obligations and undertakings of IXIS CIB under the 2005 NATIXIS Guarantee, had become undertakings of NATIXIS under the same terms and conditions and, upon completion of the Merger, the 2005 NATIXIS Guarantee, were continued with full force and effect in accordance with its terms with NATIXIS being substituted to IXIS CIB as guarantor. As a result: (a) the creditors of the Issuer who, at the Effective Date, benefited from the 2005 NATIXIS Guarantee by reason of the transactions entered into up to the Effective Date with the Issuer (including Certificates issued up to the Effective Date), are able to continue to exercise their rights under the 2005 NATIXIS Guarantee directly against NATIXIS as from the Effective Date; (b) as from the Effective Date, the new creditors of the Issuer under any transaction entered into after the Effective Date with the Issuer (including Certificates issued after the Effective Date) and falling within the scope of the 2005 NATIXIS Guarantee are able to claim directly from NATIXIS the benefit of the 2005 NATIXIS Guarantee against NATIXIS. It was specified that the creditors of the Issuer who, at the Effective Date of the Merger, benefited from the 2005 NATIXIS Guarantee are able to continue to exercise their rights directly against NATIXIS as from the Effective Date under the 2005 NATIXIS Guarantee. The 2005 NATIXIS Guarantee extends both to all on-balance sheet and off-balance sheet Transactions (which term includes the Certificates issued by the Issuer) entered into by the Issuer in the period from (and including) 14 October 2005 to (but excluding) 31 December 2010 irrespective of the maturity date of such transaction, except for (i) obligations to pay arising from any subordinated securities or other debts issued or entered into by the Issuer subject to a subordination provision which is intended for or which results in the assimilation of such securities or debts to its own funds (fonds propres, as defined by French banking regulations) or (ii) obligations to pay arising from any transaction specifically excluded from the benefit of the 2005 NATIXIS Guarantee. Before claiming under the 2005 NATIXIS Guarantee, a counterparty must first deliver a written payment request to the Issuer for amounts due but unpaid. If the amount claimed remains unpaid by the Issuer 2 Business Days after receipt by it of the payment request, the counterparty may issue a written demand to NATIXIS in accordance with the terms of the 9

10 2005 NATIXIS Guarantee. Subject to and in accordance with the terms of the 2005 NATIXIS Guarantee, NATIXIS will be obliged to pay amounts due to the Certificateholders within three Business Days after receipt of a written demand. NATIXIS published notices in accordance with the terms of the 2005 NATIXIS Guarantee, that the 2005 NATIXIS Guarantee would be revoked and terminated with effect as of 31 December 2010 (the Termination Effective Date). For the avoidance of doubt, Transactions (as defined in the 2005 NATIXIS Guarantee) (including Certificates issued prior to the Termination Effective Date) entered into by the Issuer prior to the Termination Effective Date with the benefit of the 2005 NATIXIS Guarantee will continue to benefit from the undertakings given by NATIXIS under the 2005 NATIXIS Guarantee until all obligations thereunder have been performed in full. In respect of such Transactions, prior to all such obligations having been performed in full, the 2005 NATIXIS Guarantee will, and will continue to, constitute legal, valid and binding obligations in accordance with its terms. The 2010 NATIXIS Guarantee NATIXIS granted a guarantee in the form of a joint and several obligation (cautionnement solidaire) governed by French Law which is dated 15 June 2010 (the 2010 NATIXIS Guarantee), with effect from and including such date, for the benefit of holders of certain Financial Instruments (as defined in the 2010 NATIXIS Guarantee) of the Issuer and which expression includes Certificates issued by the Issuer on or after 15 June 2010 under this Prospectus The 2010 NATIXIS Guarantee constitutes an unconditional, irrevocable, unsecured and unsubordinated obligation of NATIXIS in accordance with its terms. The payment obligations of Natixis under the 2010 NATIXIS Guarantee shall at all times rank at least equally with all other unsecured and unsubordinated indebtedness and monetary obligations (save for statutorily preferred exceptions) of NATIXIS, present and future. The 2010 NATIXIS Guarantee extends to those Financial Instruments issued by the Issuer on or after 15 June 2010 other than (i) any financial instruments which benefits from the 2005 NATIXIS Guarantee, (ii) any subordinated securities or debts issued or entered into by the Issuer subject to a subordination provision which is intended for or which results in the assimilation of such securities or debts to own funds as defined by applicable banking regulation and (iii) any financial instruments provided that it is expressly specified in the legal documentation attached to such financial instruments that these do not benefit from the 2010 NATIXIS Guarantee. For the avoidance of doubt, if the Final Terms specify that the 2010 NATIXIS Guarantee shall apply to any such Certificates, the 2005 NATIXIS Guarantee shall not apply to such Certificates. For so long as any amount remains payable in respect of the Financial Instruments (as defined in the 2010 NATIXIS Guarantee), NATIXIS will not exercise any right or recourse (including subrogation) against the Issuer pursuant to the 2010 NATIXIS Guarantee or take any other action that would result in asserting claims of NATIXIS at the same time as or prior to claims of the Beneficiaries (as defined in the 2010 NATIXIS Guarantee). 10

11 NATIXIS may not invoke any defence that the Issuer could assert against a Beneficiary, including the unenforceability or invalidity of any obligation of the Issuer under the relevant Financial Instruments. The 2010 NATIXIS Guarantee may be terminated at any time by NATIXIS. If so terminated, the Issuer must inform the relevant beneficiaries of the 2010 NATIXIS Guarantee by publishing a public announcement in at least one financial newspaper in each of Paris, London, Frankfurt, New York and Tokyo, at least two (2) months before the effective date of the intended termination. Notwithstanding a termination of the 2010 NATIXIS Guarantee, relevant financial instruments issued by the Issuer up to the date of termination of the 2010 NATIXIS Guarantee with the benefit of the 2010 NATIXIS Guarantee will continue to benefit from the 2010 NATIXIS Guarantee and the undertakings given by NATIXIS under the 2010 NATIXIS Guarantee until their respective maturity dates and all obligations under such Certificates have been performed in full. 8. On page 98 of the Base Prospectus, in the section II. Key Features of the Issue, between the lines Guarantor and Issue Size the following is inserted: Guarantee: [The Certificates will have the benefit of the 2005 NATIXIS Guarantee.]* [The Certificates will have the benefit of the 2010 NATIXIS Guarantee.] *Only applies to Certificates issued before 31 December 2010, being the Termination Effective Date of the 2005 NATIXIS Guarantee. *** 11