perst_09.2010_-_en by Clémence Derennes

ZE BOOK

PRODUCT PROFILES septembER 2010

Money market Fixed income Equities Performance

www.am.natixis.com CORPORATE AND INVESTMENT BANKING / INVESTMENT SOLUTIONS / SPECIALIZED FINANCIAL SERVICES

Money Market Natixis Cash Première

Natixis Cash A1P1 Natixis Cash Eonia Natixis Tréso Plus 3 mois Natixis Tréso Euribor 3 Mois

Fixed income Natixis Souverains Euro

Natixis Souverains Euro 1-3 Natixis Souverains Euro 3-5 Natixis Souverains Euro 5-7 Natixis Souverains Euro 7-10 Natixis Obli Opportunités 12 mois Natixis Inflation Euro Natixis Crédit Euro Natixis Convertibles Euro Natixis Convertibles Europe Natixis Court Terme 6 Mois

Equities Natixis Actions Euro Value

Natixis Actions Global Emergents Natixis Actions US Growth Impact Funds - Climate Change Sonic Monde

Performance

Natixis Performance Quant Bond 18 M Natixis Performance Strategic Bond Natixis Performance Active Allocation Natixis Performance Swap Arbitrage

money market

Natixis Cash Première Remunerate cash by investing exclusively in euro-denominated securities, issued or guaranteed by euro zone member states

o A secure proposition for short-term investments Natixis Cash Première aims to achieve a performance close to that of Eonia minus management fees to remunerate overnight investments. The fund invests solely in eurodenominated securities, issued or guaranteed by euro zone member states. The fund has no direct or indirect exposure to the securitisation risk. The fund’s modified duration is managed actively by the investment team and varies between 0 and 0.5.

o Active management of modified duration combined with rigorous security selection criteria The Natixis Cash Première investment team relies on the core scenario drawn up by Natixis Asset Management’s Macro-economic and Money Market Committees. Depending on expectations on the European Central Bank’s monetary policy and on fluctuations in the euro yield curve, the investment team decides on an appropriate allocation between fixed and variable rates. Active management of the portfolio’s exposure to fixed and variable rates aims to enhance the fund’s performance. To guarantee high portfolio quality, it is exclusively invested in government guaranteed securities with a long-term rating of at least A- (S&P and Fitch) or A3 (Moody’s). For securities with a maturity of less than one year and no long-term rating, the minimum rating is A-1 (S&P), P-1 (Moody’s) or F1 (Fitch). In addition, the investment team sets itself an average lifespan of 3 months maximum for securities held in the portfolio, thus ensuring that the fund remains highly liquid.

key points n A portfolio invested exclusively in government guaranteed eurodenominated securities n Rigorous security selection (minimum long term rating: A-/A3, short term: A-1/P-1/F1) n Active management of fixed rate / variable rate allocation

overview Investment universe Euro-denominated securities issued or guaranteed by euro zone member states Benchmark Eonia

Fixed rate / Variable rate allocation • Macro-economic scenario • Expectations on central banks’ monetary policies

Portfolio construction • Investment universe • Financial research • Issuer and counterparty eligibility

Issuer selection

Intended for professional clients only

Minimum recommended investment period 1 day to 3 months Risk indicator Modified duration of 0 to 0.5

Natixis Cash Première Investment team The Natixis Cash Première investment team determines the fixed rate / variable rate allocation of the fund based on expectations on fluctuations in the yield curve. When the investment team expects intervention rates to be cut by more than the market consensus, it increases the portfolio’s exposure to fixed rate securities (3 months maximum). Conversely, if it expects a rate hike, it increases the fund’s exposure to variable rate securities indexed to Eonia. In certain market configurations, the fixed rate / variable rate allocation may thus generate additional performance compared to a strategy entirely indexed to Eonia.

Natixis Asset Management is the fourth-largest European player in cash management*. The money market management team comprises 11 portfolio managers and 2 financial engineers managing assets of e 62.4 billion for this asset class at end-June 2010**. The team is very stable, with an average length of service of 13 years and a consistent track record for over 10 years. * Source: Feri Fund Market as of 31/05/2010. ** Source: Natixis AM

Fund features I share Management company

Natixis Asset Management

Legal form

French mutual fund (FCP)

UCITS compliant

Yes

Inception date

19 April 2005

Risk management

Accounting currency

The main risk of the fund is the interest rate risk.

Maximum operating and management fees

In addition to the external controls performed by the statutory auditor and the custodian, the fund is put through three different levels of internal risk control: a first level of control is performed by the investment team, a second level by the compliance, internal controls and risks department and a third via the regular audits performed by the holding company and Natixis’ general inspection.

EUR

ISIN/Allocation of income

FR0010157834/Accumulation

including taxes

0.12%*

Maximum subscription fee

not paid to the fund

None

paid to the fund

None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

Performance fee including taxes Minimum share fraction

None One thousandth

Minimum initial subscription

€ 500,000

Initial Net Asset Value

e 100,000

Net Asset Value Calculation Cut-off time

Daily D 12:30pm (CET)

* Basis: net assets (excluding Natixis Global Asset Management funds)

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The Fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a Fund. The risks and fees connected to investment in a Fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office: 21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

money market

Natixis Cash A1P1 Remunerate cash on an overnight basis by investing in securities indexed to Eonia

o Performance close to Eonia for overnight investments Natixis Cash A1P1 aims to achieve a performance net of management fees close to Eonia to remunerate overnight investments. The fund's policy is to invest in short-term money market securities indexed to Eonia, either directly due to their issue terms, or indirectly after backing them with interest rate swaps. As Natixis Cash A1P1 is not exposed to an interest rate risk, its modified duration is close to 0.

key points n Short lifespan of assets: 3 months at most on acquisition n AAA/V1 Fitch rating n Rigorous selection of investments

High level of credit quality and short lifespan of o securities held in the portfolio Natixis Cash A1P1 invests solely in money market instruments with maturities of less than 3 months, issued by private issuers rated at least A1/P1/F1 by Moodyâ&#x20AC;&#x2122;s, Fitch and S&P. The fund is not exposed to Asset Backed Securities, whether directly or indirectly. For the security selection process, the investment team relies on the recommendations of 9 credit analysts. In addition, a division dedicated to Credit Risk within the Risk Department of Natixis Asset Management verifies that the conditions for eligibility of the securities included in the investment universe are maintained (credit monitoring).

n Significant assets under management offering robust capacity for absorbing subscriptions/ redemptions

overview Investment universe Negotiable debt securities with a short-term rating of at least A1/P1/F1

o A rigorous management process and high degree of liquidity Natixis Cash A1P1 was awarded a Fitch rating of AAA/V1 in June 2008, underscoring its excellent credit quality and the low volatility of its performance. This rating also rewards the consistency of the investment process and the stability of the management teams. Natixis Cash A1P1 has significant assets under management, enabling it to absorb a large volume of subscriptions/redemptions and favouring daily liquidity.

Intended for professional clients only

Benchmark Eonia capitalised Minimum recommended investment period 1 day Risk indicator Modified duration close to 0

Natixis Cash A1P1 investment team Natixis Cash A1P1 uses interest rate swaps to index to Eonia those securities that are not directly indexed by their issue terms. In this case, the fund sets up a flow exchange with the contract’s counterparty, under which the fund pays a fixed rate and receives an interest rate indexed to Eonia. This transaction aims to exempt the fund from the interest rate risk, so that the only source of performance is the credit risk, which is controlled very carefully by the investment team, the credit analysis team and the Risk Department.

Natixis Asset Management is the fourth-largest European player in cash management*. The money market management team comprises 11 portfolio managers and 2 financial engineers managing assets of € 62.4 billion for this asset class at end-June 2010**. The team is very stable, with an average length of service of 13 years and a consistent track record for over 10 years. * Source: Feri Fund Market as of 31/05/2010. ** Source: Natixis AM

Fund features I Share Management company

Natixis Asset Management

Legal form

French mutual fund (FCP)

UCITS compliant

Yes

Inception date

11 August 2004

Accounting currency

Risk management

ISIN/Allocation of income

The main risks of the fund is a very low interest rate risk.

Maximum operating and management including taxes

EUR FR0010322438/ Accumulation

FR0010731463/ Distribution

0.12%*

not paid to the fund Maximum subscription fee paid to the fund

None

not paid to the fund

None

paid to the fund

None

Maximum redemption fee

None

Performance fee including taxes

None

Minimum share fraction

One thousandth

Minimum subscription Initial Net Asset Value

€ 500,000 € 100

Net Asset Value Calculation Cut-off time

€ 115,000 Daily

D 12:30pm (CET)

* Basis: net assets except Natixis Asset Management funds

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office: 21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

money market

Natixis Cash Eonia Active management of modified duration to remunerate cash over an investment horizon of a few days to a few weeks

Achieving a performance close to Eonia over a period of o a few days to a few weeks Natixis Cash Eonia has two main sources of performance: allocation between fixed and variable rates and tapping the credit premium. The fund invests mainly in money market instruments that are indexed to Eonia. Other securities have either a fixed rate or a revisable rate. The fund’s modified duration, managed actively by the investment team, varies between 0 and 0.5.

Rigorous portfolio construction to actuate two o performance engines n Active management of modified duration through fixed/variable rate allocation The Natixis Cash Eonia investment team relies on the core scenario drawn up by Natixis Asset Management’s Macroeconomic and Money Market Committees. Depending on expectations on the Central Banks’ monetary policies and yield curve fluctuations, the investment team decides on an appropriate allocation between fixed and variable rates. n A fine-tuned issuer selection to tap the credit premium Natixis Cash Eonia buys solely securities rated Investment Grade by Moody’s, Fitch and S&P. The portfolio is comprised mainly of negotiable debt securities traded in the money market and of short-term bonds. The investment team relies on the recommendations of Natixis Asset Management’s team of 9 credit analysts for the security selection process. In addition, a division dedicated to Credit Risk in the Risk Department constantly checks compliance with the conditions for eligibility of the securities included in the investment universe (credit intelligence).

1 - Fixed rate/Variable rate allocation • Macroeconomic scenario • Expectations on Central Banks’ monetary policies

Portfolio construction • Investment universe • Financial research • Eligibility of issuers and counterparties

2 - Issuer selection

Intended for professional clients only

KEY POINTS n Active management of fixed/ variable rate allocation n Rigorous selection of securities held in the portfolio n Significant assets under management and a high volume of subscriptions/redemptions offering a high degree of liquidity

OVERvIEW Investment universe Investment Grade debt securities, issued mainly by private issuers Benchmark Eonia capitalised Minimum recommended investment period A few days to a few weeks Risk indicator Modified duration between 0 and 0.5

Natixis Cash Eonia investment team The Natixis Cash Eonia investment team determines the fixed/variable rate allocation of the fund’s portfolio based on expectations on fluctuations in the yield curve. When the investment team expects intervention rates to be cut by more than the market consensus, it increases the portfolio’s exposure to fixed rate securities. Conversely, if it expects a rate hike, it increases the fund’s exposure to variable rate securities. In certain market configurations, the fixed/variable rate allocation may thus generate additional performance compared to a strategy entirely indexed on Eonia.

Fund features I Share Management company Legal form

R Share

Natixis Asset Management French mutual fund (FCP)

UCITS compliant

Yes

Inception date

3 September 2003

Accounting currency

Risk management The main risks of the fund are credit risks and a low interest rate risk. In addition to the external controls performed by the statutory auditor and the custodian, the fund is put through three different levels of internal risk control: a first level of control is performed by the investment team, a second level by the compliance, internal controls and risks department and a third via the regular audits performed by the holding company and Natixis’ general inspection.

ISIN / Allocation of income Maximum operating and management fees including taxes

EUR FR0010298943 / Accumulation

FR0007084926 / Accumulation

0.12%*

0.15%*

Maximum subscription fee

not paid to the fund

None

paid to the fund

None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

Performance fee including taxes Minimum share fraction

None One thousandth

None

Minimum initial subscription

€ 5,000,000

None

Initial Net Asset Value

€ 100,000 (22/06/2006)

€ 108,929.02 (03/09/2003)

Net Asset Value calculation Cut-off time

Daily D 12:30pm (CET)

* Basis: net assets excluding other funds.

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in July 2010. Natixis Asset Management - Registered Office: 21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

money market

Natixis Tréso Euribor 3 mois Outperform Eonia over a three-month horizon by investing in securities indexed to Euribor 3-month

o An original positioning: indexation to Euribor 3-month Natixis Tréso Euribor 3 mois aims to outperform EONIA over the recommended minimum investment period of three months by using the Euribor 3-month / Eonia spread as the main source of performance. The Sicav’s policy is to invest in securities indexed to Euribor 3-month, either directly due to their terms of issue, or indirectly through interest rate swaps.

k e y points n An original positioning: indexation to Euribor 3-month n AA+/V1 Fitch rating

As it is indexed to Euribor 3-month, the Sicav's modified duration ranges from 0 to 0.25.

o A special focus on the quality of investments

n Significant assets under management and a high volume of subscription/redemption offering a high degree of liquidity

Natixis Tréso Euribor 3 mois invests solely in securities rated Investment Grade by Moody’s, Fitch and S&P. For the security selection process, the investment team relies on the recommendations of 9 credit analysts. In addition, a division dedicated to credit risk within the risk department of Natixis Asset Management verifies that the conditions for eligibility of the securities included in the investment universe are maintained (credit monitoring). Natixis Tréso Euribor 3 mois invests mainly in money market instruments and in shortterm bonds. To diversify the portfolio, the investment team may also invest in short-term securitization (ABCP). The portfolio also has an historical holding of medium term securitization (ABS – AAA tranches only) . The unit trust may also use credit derivatives (CDS) for hedging purposes to specific credit risks. The investment team manages the liquidity of the fund by ensuring an even balance between the different maturities of the securities held in the portfolio.

overview Investment universe Debt securities, issued mainly by private Investment Grade issuers Benchmark Eonia capitalised

o A rigorous investment process and a high degree of liquidity

Minimum recommended investment period 3 months

Natixis Tréso Euribor 3 mois has a 10 year track record and was awarded a Fitch rating of AA+/V1 in September 2006, underscoring its excellent credit quality and the low volatility of its performance. This rating also rewards the consistency of the investment process and the stability of the management teams.

Risk indicator Modified duration between 0 and 0.25

Natixis Tréso Euribor 3 mois has significant assets under management, enabling it to absorb large volumes of subscriptions/redemptions, favouring daily liquidity and a stable evolution of its Net Asset Value.

Intended for professional clients only

Natixis Tréso Euribor 3 mois investment team Euribor (Euro Interbank Offered Rate) is the rate at which a prime bank within the euro-zone is willing to lend funds to another prime bank. Eonia (Euro OverNight Index Average) is the average rate of the overnight transactions completed in the interbank market. By indexing on Euribor 3-month, it is possible to outperform Eonia in a favourable yield curve configuration: durable positive slope. The slope of the yield curve results from two main factors: the liquidity premium and the outlook on the European Central Bank’s monetary policy. In a configuration of a lasting inversion of the yield curve, however, Euribor offers less returns than Eonia.

Natixis Asset Management is the fourth-largest European player in cash management*. The money market management team comprises 11 managers and 2 financial engineers managing assets of e 62,4 billion for this asset class at end-June 2010**. The team is very stable, with an average length of service of 13 years and a consistent track record for over 10 years. * Source: Feri Fund Market as of 31/05/2010. ** Source: Natixis AM

Fund features I Share Management company

R Share

Natixis Asset Management

Legal form

French SICAV

UCITS compliant

Yes

Inception date

5 June 1989

Accounting currency ISIN/Allocation of income

Risk management The main risks of the fund are credit risks and securitization risks. In addition to the external controls performed by the statutory auditor and the custodian, the fund is put through three different levels of internal risk control: a first level of control is performed by the investment team, a second level by the compliance, internal controls and risks department and a third via the regular audits performed by the holding company and Natixis’ general inspection.

Maximum operating and management including taxes

EUR FR0010831693/ Accumulation

FR0000293714/ Accumulation

0.20%*

0.25%*

Maximum subscription fee

not paid to the fund

None

paid to the fund

None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

Performance fee including taxes

None

Minimum share fraction

One ten thousandth

One share

Minimum initial / subsequent subscription

e 50,000,000/None

One share/ One share

e 100,000

e 15,244.90

Initial Net Asset Value Net Asset Value Calculation Cut-off time

Daily D 12:30pm (CET)

* Basis: net assets excluding Funds

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The funds is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a funds. The risks and fees connected to investment in a funds are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office: 21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

money market

Natixis Tréso Euribor 3 mois Outperform Eonia over a three-month horizon by investing in securities indexed to Euribor 3-month

k e y points n An original positioning: indexation to Euribor 3-month n AA+/V1 Fitch rating

As it is indexed to Euribor 3-month, the Sicav's modified duration ranges from 0 to 0.25.

o A special focus on the quality of investments

n Significant assets under management and a high volume of subscription/redemption offering a high degree of liquidity

overview Investment universe Debt securities, issued mainly by private Investment Grade issuers Benchmark Eonia capitalised

o A rigorous investment process and a high degree of liquidity

Minimum recommended investment period 3 months

Risk indicator Modified duration between 0 and 0.25

Intended for professional clients only

Fund features I Share Management company

R Share

Natixis Asset Management

Legal form

French SICAV

UCITS compliant

Yes

Inception date

5 June 1989

Accounting currency ISIN/Allocation of income

Maximum operating and management including taxes

EUR FR0010831693/ Accumulation

FR0000293714/ Accumulation

0.20%*

0.25%*

Maximum subscription fee

not paid to the fund

None

paid to the fund

None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

Performance fee including taxes

None

Minimum share fraction

One ten thousandth

One share

Minimum initial / subsequent subscription

e 50,000,000/None

One share/ One share

e 100,000

e 15,244.90

Initial Net Asset Value Net Asset Value Calculation Cut-off time

Daily D 12:30pm (CET)

* Basis: net assets excluding Funds

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The funds is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a funds. The risks and fees connected to investment in a funds are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office: 21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

government bonds

Natixis Souverains Euro Benefit from an active management of eurozone sovereign bonds

o A fund dedicated to eurozone sovereign bonds Natixis Souverains Euro is a French SICAV invested in government bonds issued by eurozone countries. The fund aims to outperform the JP Morgan EMU Global index, representing eurozone government bonds of all maturities, over an investment period of at least three years.

key points n A â&#x20AC;&#x153;pureâ&#x20AC;? eurozone sovereign bond product n Recognized expertise in active interest rate management

o An active conviction-based strategy relying on Natixis Asset Managementâ&#x20AC;&#x2122;s fixed income expertise

n Multiple sources of added value

Natixis Souverains Euro's management team relies on complementary inputs produced by different teams allowing the ranking of the strategies applied to the portfolio: n conclusions of the Macroeconomic Research strategists; n analyses of 6 specialised task forces (Sector Teams) which provide opinions on key elements of the fixed income markets: duration, yield curve, relative value, inflation, technical analysis and volatility. The Sector Teams combine members of the following departments: interest rate management, Insurance management, Trading Desk, financial strategists and economists; n recommendations of the specialist interest rate committees, which integrate all the research inputs and prioritise the strategies to be implemented in the portfolio. This initial phase produces a model portfolio which takes account of ex-ante trackingerror constraints by type of strategy. Finally, the investment team builds the real portfolio, incorporating its leeway.

overview

o An investment process focusing on 4 sources of added value

Investment universe Bonds and other negotiable debt securities from the eurozone

The fund's management process relies mainly on 4 sources of added value to meet its objective: n active management of duration: depending on its expectations on interest rate trends, the investment team defines a target modified duration within a range of 3 to 9; n dynamic allocation on the yield curve: depending on expectations on distortions in the yield curve (steepening or flattening), the investment team defines an allocation in relation to the benchmark index on short, medium and long-term maturities (0 to 50 years); n relative weighting between eurozone markets: depending on its opinions on domestic markets and the relative expensiveness of government bonds, the investment team takes advantage of interest rate differences between government bonds from the different eurozone countries; n diversification: mainly through inflation-indexed bonds to improve the risk/return ratio and benefit from inflationary tensions in the interest rate markets.

Intended for professional clients only

Benchmark JP Morgan EMU Global Minimum recommended investment period 3 years Risk indicators A target modified duration between 1 and 12 A tracking-error of 1% (for indicative purposes)

Natixis Souverains Euro investment team The bond management team of Natixis Asset Management comprises 40 specialised fund managers managing total assets of e160.7 billion for this asset class as of 30 June 2010. Within the department, a manager/analyst specialised in government bonds is more specifically dedicated to managing Natixis Souverains Euro and interacts constantly with the interest rate and inflation specialists.

Macroeconomic research

Sector Teams Modified duration

Yield curve

Relative Value

Technical analysis

Inflation

Volatility

Analysis of macroeconomic key factors and of the situation on government bond markets Interest rate committee Step 1

Selection and prioritization of asset classes and strategies depending on expected returns and degree of conviction of the team

Step 2

Model portfolio construction

Source: Natixis Asset Management

Portfolio manager

Step 3

Portfolio manager's discretionary leeway within the fund's specific constraints

Intégration, by iteration of the ex ante tracking-error constraints for each strategy

Real portfolio construction

RISK MANAGEMENT The main risk when investing in Natixis Souverains Euro is the interest rate risk, i.e. the possible depreciation of fixed income instruments resulting from changes in interest rates. To frame this risk, the Natixis Souverains Euro investment team has set itself target modified duration within a range of 3 to 9, with a maximum between 1 to 12.

FUND FEATURES I Share Asset Manager

R Share

Natixis Asset Management

Legal Form

French SICAV

UCITS compliant

Yes

Inception date

19 January 1994

Accounting currency ISIN/Allocation income Maximum operating and management fees including taxes

EUR FR0010655456/ Accumulation

FR0000003196/ Accumulation FR0000171233/ Distribution

0.45%*

0.70%*

Maximum subscription fee

not paid to the fund paid to the fund

None None

3%**

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

Performance fee including taxes Minimum share fraction

None One ten-thousandth

Minimum initial subscription

e 100,000

Initial Net Asset Value

e 100,000

Net Asset Value calculation Cut-off time

None e 152.45 Daily

D 12.30pm (CET)

* Basis: net assets (excluding Natixis Global Asset Management funds). ** Excluding any exoneration.

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office: 21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

GOVERNMENT BONDS

Natixis Souverains Euro 1-3 Benefit from the potential evolution of euro denominated sovereign debt with maturities ranging from 1 to 3 years

o A fund dedicated to 1 to 3 year maturity government bonds from the euro zone

KEY POINTS

Natixis Souverains Euro 1-3 is invested in government bonds issued or guaranteed by euro zone countries, with maturity ranging mostly from 1 to 3 years. The fund aims to outperform the EuroMTS 1-3 index, representing euro zone government bonds with maturity ranging from 1 to 3 years, over an investment period of at least two years.

n A privileged access sovereign bonds from the euro zone with maturity ranging from 1 to 3 years

o A strategy relying on Natixis Asset Managementâ&#x20AC;&#x2122;s fixed income expertise The Natixis Souverains Euro 1-3 management team relies on complementary inputs produced by different teams from the Fixed Income department allowing the ranking of the strategies applied to the portfolio:

n Acknowledged expertise in active interest rate management n 3 added value strategies: relative value, duration and yield curve

n conclusions of the Macroeconomic Research strategists; n analyses of 5 specialised task forces (Sector Teams) which provide opinions on key elements of the fixed income markets: duration, yield curve, relative value, technical analysis and volatility. The Sector Teams combine members of the following departments: Government Bond management, Insurance management, Trading Desk, financial strategists and economists; n recommendations of the specialist Government Bond committees, which integrate all of the research and prioritise the strategies to be implemented in the portfolio. This initial phase produces a model portfolio which takes account of ex-ante tracking error constraints by type of strategy. Finally, the investment team builds the real portfolio, incorporating its fund management guidelines.

Eurozone sovereign bond product range by maturity

Maturity 10 yrs -

7 yrs -

On each maturity range, the target modified duration has to respect a range of 98% to 102% of that of the benchmark index

Natixis Souverains Euro 7-10

OVERVIEW

Natixis Souverains Euro 5-7

5 yrs -

Natixis Souverains Euro 3-5 3 yrs -

Investment universe Sovereign bonds from the euro zone with maturity ranging mostly from 1 to 3 years

Natixis Souverains Euro 1-3

1 yr 0,5

4,5

Target modified duration

o An index based investment process focusing on 3 sources of added value n Relative weighting between euro zone markets: depending on its opinions on domestic markets and the relative expensiveness of government bonds, the investment team takes advantage of interest rate differences between government bonds of the different euro zone countries; n Active management of duration: depending on its expectations on interest rate trends, the investment team defines a target modified duration within a range of 98% to 102% of that of the benchmark index; n Dynamic allocation on the yield curve: depending on expectations on distortions in the yield curve (steepening or flattening), the investment team defines an allocation on the maturity range included in the benchmark index.

Intended for professional clients only

Benchmark EuroMTS 1-3 Minimum recommended investment period 2 years Risk indicator Modified duration between 98% and 102% of its benchmark index

Natixis Souverains Euro 1-3 investment team The bond management team of Natixis Asset Management comprises 40 specialised fund managers managing total assets of e160.7 billion for this asset class. Within the department, a manager specialised in government bonds is more specifically dedicated to managing Natixis Souverains Euro 1-3 and interacts constantly with the interest rate specialists. Source: Natixis Asset Management as of 30/06/2010.

Sector Teams

Macroeconomic research

Modified duration

Yield curve

Relative Value

Technical analysis

Volatility

Analysis of macroeconomic key factors and of the situation on government bond markets Interest rate committee Step 1

Selection and prioritization of asset classes and strategies

Step 2

Model portfolio construction

depending on expected returns and degree of conviction of the team

Integration, by iteration of the ex-ante tracking-error constraints for each strategy

Portfolio manager Portfolio manager's discretionary leeway within the fund's specific contraints

Step 3

Real portfolio construction

RISK MANAGEMENT The main risk when investing in Natixis Souverains Euro 1-3 is the interest rate risk, i.e. the possible depreciation of fixed income instruments resulting from changes in interest rates. To frame this risk, the Natixis Souverains Euro 1-3 investment team has set itself a modified duration between 0.5 and 3 while remaining in a range of 98% to 102% in relation to that of its benchmark index. Moreover, the investment team allows itself to select bonds with residual maturities ranging from 6 months to three and half years.

FUND FEATURES I Share Management company Legal Form

R Share

Natixis Asset Management French mutual fund (FCP)

UCITS compliant

Yes

Inception date

4 October 1993

Accounting currency ISIN/Allocation income Maximum operating and management fees including taxes

EUR FR0010208421/ Accumulation

FR0010657387/ Accumulation

0.40%*

0.70%*

None

3%**

Maximum subscription fee

not paid to the fund paid to the fund

None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

Performance fee including taxes Minimum share fraction Minimum initial subscription Initial Net Asset Value Net Asset Value calculation Cut-off time

None One ten-thousandth e 10,000

None

e 1,524.49

e 100 Daily

D 12:30pm (CET)

* Basis: net assets ** Excluding any exoneration

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office: 21 quai dâ&#x20AC;&#x2122;Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under nÂ° GP 90 009

www.am.natixis.com

GOVERNMENT BONDS

Natixis Souverains Euro 3-5 Benefit from the potential evolution of euro denominated sovereign debt with maturities ranging from 3 to 5 years

o A fund dedicated to 3 to 5 year maturity government bonds from the euro zone

KEY POINTS

Natixis Souverains Euro 3-5 is invested in government bonds issued or guaranteed by euro zone countries, with maturity ranging mostly from 3 to 5 years. The fund aims to outperform the EuroMTS 3-5 index, representing euro zone government bonds with maturity ranging from 3 to 5 years, over an investment period of at least two years.

n A privileged access sovereign bonds from the euro zone with maturity ranging from 3 to 5 years

o A strategy relying on Natixis Asset Managementâ&#x20AC;&#x2122;s fixed income expertise

n Acknowledged expertise in active interest rate management

The Natixis Souverains Euro 3-5 management team relies on complementary inputs produced by different teams from the Fixed Income department allowing the ranking of the strategies applied to the portfolio: n conclusions of the Macroeconomic Research strategists; n analyses of 5 specialised task forces (Sector Teams) which provide opinions on key elements of the fixed income markets: duration, yield curve, relative value, technical analysis and volatility. The Sector Teams combine members of the following departments: Government Bond management, Insurance management, Trading Desk, financial strategists and economists; n recommendations of the Eurozone sovereign bond product range by maturity specialist Government Bond Maturity committees, which integrate 10 yrs On each maturity range, the target all of the research and Natixis Souverains modified duration has to respect a Euro 7-10 range of 98% to 102% of that of the prioritise the strategies to be benchmark index 7 yrs implemented in the portfolio. Natixis Souverains This initial phase produces Euro 5-7 a model portfolio which 5 yrs Natixis takes account of ex-ante Souverains tracking error constraints by Euro 3-5 type of strategy. Finally, the 3 yrs Natixis Souverains investment team builds the Euro 1-3 real portfolio, incorporating its 1 yr fund management guidelines. 0,5 5 3 4 4,5 7 8

n 3 added value strategies: relative value, duration and yield curve

Target modified duration

Intended for professional clients only

OVERVIEW Investment universe Sovereign bonds from the euro zone with maturity ranging mostly from 3 to 5 years Benchmark index EuroMTS 3-5 Minimum recommended investment period 2 years Risk indicator Modified duration between 98% and 102% of its benchmark index

Natixis Souverains Euro 3-5 INVESTMENT team The bond management team of Natixis Asset Management comprises 40 specialised fund managers managing total assets of e160.7 billion for this asset class. Within the department, a manager specialised in government bonds is more specifically dedicated to managing Natixis Souverains Euro 3-5 and interacts constantly with the interest rate specialists. Source: Natixis Asset Management as of 30/06/2010

Sector Teams

Macroeconomic research

Modified duration

Yield curve

Relative Value

Technical analysis

Volatility

Analysis of macroeconomic key factors and of the situation on government bond markets Interest rate committee Step 1

Selection and prioritization of asset classes and strategies

Step 2

Model portfolio construction

depending on expected returns and degree of conviction of the team

Integration, by iteration of the ex-ante tracking-error constraints for each strategy

Portfolio manager Portfolio manager's discretionary leeway within the fund's specific contraints

Step 3

Real portfolio construction

RISK MANAGEMENT The main risk when investing in Natixis Souverains Euro 3-5 is the interest rate risk, i.e. the possible depreciation of fixed income instruments resulting from changes in interest rates. To frame this risk, the Natixis Souverains Euro 3-5 investment team has set itself a modified duration between 3 and 4 while remaining in a range of 98% to 102% in relation to that of its benchmark index. Moreover, the investment team allows itself to select bonds with residual maturities ranging from two and a half years to five and a half years.

FUND FEATURES I Share

R Share

Asset Manager

Natixis Asset Management

Legal Form

French mutual fund (FCP)

UCITS compliant

Yes

Inception date

15 January 2004

Accounting currency

EUR

ISIN / Allocation income Maximum operating and management fees including taxes

FR0010036400 / Accumulation

FR0010745638 / Accumulation FR0010745646 / Distribution

0.40%*

0.70%*

Maximum subscription fee

not paid to the fund paid to the fund

None None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

Performance fee including taxes

None

Minimum share fraction Minimum initial subscription Initial Net Asset Value Net Asset Value calculation Cut-off time

3%**

One ten-thousandth e 10,000

None

e 2,022.12

e 100 Daily D 12.30 pm (CET)

* Fund net assets (excluding Natixis Global Asset Management funds) ** Excluding any exoneration

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office: 21 quai dâ&#x20AC;&#x2122;Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under nÂ° GP 90 009

www.am.natixis.com

government bonds

Natixis Souverains Euro 5-7 Benefit from the potential evolution of euro denominated sovereign debt with maturities ranging from 5 to 7 years

o A fund dedicated to 5 to 7 year maturity government bonds from the euro zone

KEY POINTS

Natixis Souverains Euro 5-7 is invested in government bonds issued or guaranteed by euro zone countries, with maturity ranging mostly from 5 to 7 years. The fund aims to outperform the EuroMTS 5-7 index, representing euro zone government bonds with maturity ranging from 5 to 7 years, over an investment period of at least two years.

n A privileged access sovereign bonds from the euro zone with maturity ranging from 5 to 7 years

o A strategy relying on Natixis Asset Managementâ&#x20AC;&#x2122;s fixed income expertise

n Acknowledged expertise in active interest rate management

The Natixis Souverains Euro 5-7 management team relies on complementary inputs produced by different teams from the Fixed Income department allowing the ranking of the strategies applied to the portfolio:

n 3 added value strategies: relative value, duration and yield curve

Eurozone sovereign bond product range by maturity

Maturity 10 yrs -

7 yrs -

On each maturity range, the target modified duration has to respect a range of 98% to 102% of that of the benchmark index

Natixis Souverains Euro 7-10

OVERVIEW

Natixis Souverains Euro 5-7

5 yrs -

Natixis Souverains Euro 3-5 3 yrs -

Investment universe Sovereign bonds from the euro zone with maturity ranging mostly from 5 to 7 years

Natixis Souverains Euro 1-3

1 yr 0,5

4,5

Target modified duration

Intendedwww.am.natixis.com for professional clients only

Benchmark index EuroMTS 5-7 Minimum recommended investment period 2 years Risk indicator Modified duration between 98% and 102% of its benchmark index

Natixis Souverains Euro 5-7 INVESTMENT team The bond management team of Natixis Asset Management comprises 40 specialised fund managers managing total assets of e160.7 billion for this asset class. Within the department, a manager specialised in government bonds is more specifically dedicated to managing Natixis Souverains Euro 5-7 and interacts constantly with the interest rate specialists. Source: Natixis Asset Management as of 30/06/2010.

Sector Teams

Macroeconomic research

Modified duration

Yield curve

Relative Value

Technical analysis

Volatility

Analysis of macroeconomic key factors and of the situation on government bond markets Interest rate committee Step 1

Selection and prioritization of asset classes and strategies

Step 2

Model portfolio construction

depending on expected returns and degree of conviction of the team

Integration, by iteration of the ex-ante tracking-error constraints for each strategy

Portfolio manager Portfolio manager's discretionary leeway within the fund's specific contraints

Step 3

Real portfolio construction

RISK MANAGEMENT The main risk when investing in Natixis Souverains Euro 3-5 is the interest rate risk, i.e. the possible depreciation of fixed income instruments resulting from changes in interest rates. To frame this risk, the Natixis Souverains Euro 5-7 investment team has set itself a modified duration between 4.5 and 7 while remaining in a range of 98% to 102% in relation to that of its benchmark index. Moreover, the investment team allows itself to select bonds with residual maturities ranging from four and a half years to seven and a half years.

FUND FEATURES Management company Legal Form

Natixis Asset Management French mutual fund (FCP)

UCITS compliant

Yes

Inception date

23 September 1993

Accounting currency ISIN / Allocation income Maximum operating and management fees including taxes

EUR FR0010201699 / Accumulation 0.40%*

Maximum subscription fee

not paid to the fund

None

paid to the fund

None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

Performance fee including taxes Minimum share fraction Minimum initial subscription Initial Net Asset Value Net Asset Value calculation Cut-off time

None One ten-thousandth e 10,000 e 1,524.49 Daily D 12:30 pm (CET)

* Basis: net asset.

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com.Non contractual document, written in August 2010. Natixis Asset Management - Registered Office: 21 quai dâ&#x20AC;&#x2122;Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under nÂ° GP 90 009

www.am.natixis.com

government bonds

Natixis Souverains Euro 7-10 Benefit from the potential evolution of euro denominated sovereign debt with maturities ranging from 7 to 10 years

o A fund dedicated to 7 to 10 year maturity government bonds from the euro zone

kEy pOInts

Natixis Souverains Euro 7-10 is invested in government bonds issued or guaranteed euro zone countries, with maturity ranging mostly from 7 to 10 years. The fund aims to outperform the EuroMts 7-10 index, representing euro zone government bonds with maturity ranging from 7 to 10 years, over an investment period of at least two years.

n A privileged access sovereign bonds from the euro zone with maturity ranging from 7 to 10 years

o A strategy relying on Natixis Asset Managementâ&#x20AC;&#x2122;s fixed income expertise

n Acknowledged expertise in active interest rate management

The Natixis Souverains Euro 7-10 management team relies on complementary inputs produced by different teams from the Fixed Income department allowing the ranking of the strategies applied to the portfolio: n conclusions of the Macroeconomic Research strategists; n analyses of 5 specialised task forces (sector teams) which provide opinions on key elements of the fixed income markets: duration, yield curve, relative value, technical analysis and volatility. The sector teams combine members of the following departments: Government Bond management, Insurance management, trading Desk, financial strategists and economists; nâ&#x20AC;&#x2030;recommendations of Eurozone sovereign bond product range by maturity Maturity the specialist Government Bond committees, which 10 yrs On each maturity range, the target Natixis Souverains integrate all of the research modified duration has to respect a Euro 7-10 range of 98% to 102% of that of the and prioritise the strategies benchmark index 7 yrs to be implemented in the Natixis Souverains portfolio. This initial phase Euro 5-7 produces a model portfolio 5 yrs Natixis which takes account of Souverains ex-ante tracking error Euro 3-5 constraints by type of strategy. 3 yrs Natixis Souverains Finally, the investment team Euro 1-3 builds the real portfolio, 1 yr incorporating its leeway. 0,5 5 3 4 4,5 7 8

n 3 added value strategies: relative value, duration and yield curve

Target modified duration

Intended for professional clients only

Lâ&#x20AC;&#x2122;essentiel Investment universe Sovereign bonds from the euro zone with maturity ranging mostly from 7 to 10 years Benchmark index EuroMTS 7-10 Minimum recommended investment period 2 years Risk indicator Modified duration between 98% and 102% of its benchmark index

Natixis Souverains Euro 7-10 INVESTMENT team The bond management team of Natixis Asset Management comprises 40 specialised fund managers managing total assets of e160.7 billion for this asset class. Within the department, a manager specialised in government bonds is more specifically dedicated to managing Natixis Souverains Euro 7-10 and interacts constantly with the interest rate specialists. Source: Natixis Asset Management as of 30/06/2010.

Sector Teams

Macroeconomic research

Modified duration

Yield curve

Relative Value

Technical analysis

Volatility

Analysis of macroeconomic key factors and of the situation on government bond markets Interest rate committee Step 1

Selection and prioritization of asset classes and strategies

Step 2

Model portfolio construction

depending on expected returns and degree of conviction of the team

Integration, by iteration of the ex-ante tracking-error constraints for each strategy

Portfolio manager Portfolio manager's discretionary leeway within the fund's specific contraints

Step 3

Real portfolio construction

RIsk MAnAGEMEnt The main risk when investing in Natixis Souverains Euro 7-10 is the interest rate risk, i.e. the possible depreciation of fixed income instruments resulting from changes in interest rates. To frame this risk, the Natixis Souverains Euro 7-10 investment team has set itself a modified duration between 5 and 8 while remaining in a range of 98% to 102% in relation to that of its benchmark index. Moreover, the investment team allows itself to select bonds with residual maturities ranging from six and a half years to ten and a half years.

FUnD FEAtUREs Management company Legal Form

Natixis Asset Management French mutual fund (FCP)

UCITS compliant

Yes

Inception date

4 October 1993

Accounting currency ISIN / Allocation income

EUR FR0000449092 Accumulation/Distribution

Maximum operating and management fees including taxes

0.40%*

Maximum subscription fee

not paid to the fund

None

paid to the fund

None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

Performance fee including taxes Minimum share fraction Minimum initial subscription Initial Net Asset Value Net Asset Value calculation Cut-off time

None One ten-thousandth e 10,000 e 1,524.49 Daily D 12.30pm (CET)

* Basis: net asset (excluding Natixis Global Asset Management).

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office: 21 quai dâ&#x20AC;&#x2122;Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under nÂ° GP 90 009

www.am.natixis.com

government bonds

Natixis Obli Opportunités 12 mois An opportunistic allocation among the main interest rate strategies over a 12-month horizon

o Benefit from a bond investment over a short-term horizon Natixis Obli Opportunités 12 Mois is a bond investment which aims to take profit from all configurations in fixed-income markets, over a one-year horizon. By investing in bonds or moneymarket securities of good quality*, it implements the main interest rate strategies: carry, modified duration, curve and relative value. The objective of Natixis Obli Opportunités 12 Mois (I share) is to outperform capitalized EONIA by 75 bp (net of fees) over a recommended investment period of 12 months.

o An investment principle based on a double allocation

K E Y P O I NTS n A dynamic alternative to moneymarket investments n A bond investment with a limited risk profile

The portfolio of Natixis Obli Opportunités 12 Mois comprises two distinct compartments: n A dynamic compartment: this portion comprises bonds* and money-market securities* denominated in euros and issued by OECD and EEA member states, or by private issuers guaranteed by these member states. It involves active one-to-three-year bond management based on various sources of added value: active management of the modified duration, dynamic allocation in the yield curve and selection of countries and securities.

n A dynamic double allocation: bonds versus money-market, active management versus securities carry

n A carry compartment: this compartment comprises covered bonds*, guaranteed debts and sovereign bonds of eurozone states* and enables investors to take advantage of attractive credit spreads.

n Rigorous selection of quality securities*

o An opportunistic management process

OVERVIEW

In order to take advantage of the different conditions in the fixed-income market, the investment team has implemented an opportunistic strategy based on a double allocation: n in the dynamic compartment, an allocation between bonds and money-market securities; the modified duration of this portion may accordingly range from 0, when the portion is monetarized, to 4, when the investment team implements a maximum exposure to interest rates; n between the dynamic compartment and the carry portion in order to capture all scenarios associated with movements in interest rates and credit spreads.

Interest rate evolution

Credit spread evolution Widening of credit spreads

Narrowing of credit spreads

Increase of interest rate

Overweight Dynamic compartment

Overweight Carry compartment

Decrease of interest rate

Overweight Dynamic compartment

Overweight Money-Market Overweight Carry compartment

Overweight Bonds Allocation between Dynamic compartment / Carry compartment

Performance objective Capitalized EONIA + 75 bp (I share) Investment universe Bonds issued by OECD and EEA member states, or by private issuers guaranteed by these member states, and eurozone covered bonds Benchmark Capitalized EONIA Minimum recommended investment period 1 year

Allocation between Money-Market / Bonds in the dynamic compartment

Risk indicators When determining the allocation to be adopted, the investment team uses the recommendations of the macroeconomic research analysts, Sector Teams specialized in fixed-income markets and analyses by the Covered Bond Research team. * Rated as follows: - for securities of the money-market type (with maturity of less than 1 year): between A+ and A1 according to S&P, P1 according to Moody's - for securities of the bond type (with maturity of more than 1 year): between AAA and AA- according to S&P, between Aaa and Aa3 according to Moody's (except supranational issuers or OECD member states)

Intended for professional clients only

Modified duration between 0 and 4

Natixis Obli Opportunités 12 Mois Investment team Covered bonds are bonds issued by banks and whose repayment is guaranteed by a set of assets. They are an alternative way of financing to senior or subordinated debt. Unlike similar securities such as securitizations and ABSs, covered bonds benefit from: n a selection of assets fulfilling strict eligibility criteria, resulting in better-quality assets; n specific regulations and supervision by a designated entity (public or independent, depending on the country); n double protection for investors (by the issuing credit institution and a proof of assets) and priority access to repayment in the event of default.

Natixis Asset Management’s fixed income investment team comprises 40 specialist managers responsible for a total of e 160.7 billion of assets under management in this asset class as of 30 June 2010. Within this division, a manager/analyst specialized in government bonds is devoted in particular to the management of the Natixis Obli Opportunités 12 Mois fund. He interacts constantly with the team of three managers/ analysts specialized in the selection of covered bonds. Source: Natixis Asset Management

risk management The main risk when investing in Natixis Obli Opportunités 12 Mois is the interest rate risk, i.e. the possible depreciation in the value of fixed-income instruments resulting from changes in interest rates. In order to manage this risk, the investment team has set a modified duration range of 0 to 4. The investment team has also chosen to limit the credit risk by selecting good-quality securities rated as follows: - for securities of the money-market type: between A+ and A1 according to S&P, P1 according to Moody's - for securities of the bond type: between AAA and AA- according to S&P, between Aaa and Aa3 according to Moody's (except supranational issuers or OECD member states).

FUND FEATURES I Share Management company Legal form UCITS compliant Inception date Accounting currency ISIN / Allocation of income Maximum operating and management fees including taxes not paid to the fund Maximum subscription fee paid to the fund not paid to the fund Maximum redemption fee paid to the fund Performance fee including taxes Minimum share fraction Minimum initial subscription Initial net asset value Net asset value calculation Cut-off time

R Share

Natixis Asset Management French SICAV Yes 16 may 1995* EUR FR0010796391 / Accumulation FR0007493226 / Accumulation 0.30%** 0.4784%** None 1% None None None None None None 30% inc. taxes of the net outperformance 30% inc. taxes of the net outperformance relative to the capitalized Eonia Index +0.75% relative to the capitalized Eonia Index +0.55% One ten-thousandth e 50,000 None e 50,000 e 4,573.47 Daily D 12.30 pm (CET)

* Change of investment strategy on September 14th, 2009 ** Basis: net asset.

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office: 21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

government bonds

Natixis Inflation Euro Benefiting from the diversification offered by inflation-linked bonds, one of the essential variables in the economic cycle

o The attractiveness of inflation-linked bonds Natixis Inflation Euro aims at obtaining a performance equivalent to that of the index " Barclays Euro Government Inflation - Linked Bonds All Maturities" over a two-year recommanded investment horizon, while offering protection against inflation-related risks. The fund is mainly invested in Euro inflation-linked bonds. However, depending on market conditions, the fund may be exposed to euro fixed-rate bonds, for no more than 25%. Inflation-linked bonds, also called “real rates”, offer three advantages: n by construction, they offer protection against rising inflation; n they improve the risk/return ratio of a portfolio’s bond component. Inflation-linked bonds can be used to optimise a portfolio’s construction as OATI historically offer less volatile yields than nominal rates over the long term; n lastly, they play the role of a cushion in the event of rate hikes while benefiting from decreases, to a lesser extent.

k e y points n A dynamic and mature asset class n Historical expertise developed by the Natixis Asset Management teams n A source of diversification that improves the risk/return ratio of a bond portfolio

o A major challenge: anticipating inflation Natixis Asset Management has developed a rigorous inflation forecasting method. For short-term expectations, it combines three factors: analysis of the four key components of inflation, their volatility and seasonality.

T Lhe es 4 components

The forward indicators

Energy

Oil price, e/$ effect

Food

Seasonal effect

Goods

PPI seasonal effect

Services

Construction prices, Wages

For medium-term expectations, cyclical factors such as economic growth and inventories are analysed. These forecasts are enhanced with a market analysis based on the monthly macroeconomic scenario, flows and other technical indicators.

o Our strategy is based on 5 sources of performance Our management style is active and seeks to optimise the allocation between different strategies while ensuring a protection against inflation. 5 sources of performance are used: n exposure to real interest rates; n position on the real yield curve; n arbitrage between inflation rates (eg. French inflation vs. euro zone inflation); n exposure to nominal rates; n exposure to international bonds on an opportunistic basis.

Intended for professional clients only

overview Investment universe Eurozone inflation-linked bonds Benchmark Barclays Euro Government Inflation - Linked Bonds All Maturities Minimum recommended investment period 2 years Risk indicator Modified duration comprised between 3 and 15

Natixis Inflation Euro investment team Breakeven inflation Breakeven inflation corresponds to expected inflation. It determines the relative attractiveness of inflation-indexed bonds in relation to nominal bonds. For instance, if the inflation recorded over the period averages more than expected inflation (the breakeven), an inflation-indexed bond will have performed better than a fixed-rate bond of same maturity. Breakeven = Nominal rates – Real rates

The bond management team of Natixis Asset Management comprises 40 specialised fund managers managing total assets of e160.7 billion for this asset class as of 30 June 2010. Natixis Asset Management has a strong specific expertise in inflation-linked bonds since 1999. Our management team is supported by a team of 6 economists who provide macroeconomic analyses essential to inflation forecasts, and a team of financial engineers in charge of optimising the risk allocation within the bond portfolios and developing quantitative tools for the managers. Source: Natixis Asset Management

fund features I Share

Risk management

Management company

The main risk related to Natixis Inflation Euro is the interest rate risk. The portfolio’s risk is measured and controlled at every phase of construction and management, such as the fund’s sensitivity, which is comprised between 3 and 15. A proprietary front-office tool monitors risk parameters constantly and in real time. The portfolios are also placed under the independent supervision of the Middle Office and Risk Control.

UCITS compliant

Legal form Inception date

R Share

Natixis Asset Management French mutual fund (FCP) Yes 23 September 1993

Accounting currency

EUR FR0010680223/ Accumulation and/or Distribution

FR0010680231/ Accumulation and/or Distribution

0.45%*

0.70%*

not paid to the fund Maximum subscription fee paid to the fund

None

3%**

None

not paid to the fund Maximum redemption fee paid to the fund

None

ISIN / Allocation of income Maximum operating and management fees including taxes

Performance fee including taxes Minimum share fraction

None One ten-thousandth

Minimum initial subscription

e 100,000

None

Initial Net Asset Value

e 1,524.29

e 28.501025

Net Asset Value calculation Cut-off time

Daily D 12:30pm (CET)

* Basis: net assets (excluding Natixis Global Asset Management funds) ** Excluding any exoneration

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office :21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

corporate bonds

Natixis Crédit Euro A conviction-based investment focusing on the euro Investment Grade bonds universe

o Active management combining top-down and bottom-up approaches

KEY POINTS

Mainly invest in euro-denominated Investment Grade* debt securities, Natixis Crédit Euro aims to outperform the Barclays Capital Euro Aggregate Corporate index, with a comparable level of risk, over a recommended investment period of 3 years. To this end, the investment team applies a conviction-based approach combining three sources of performance : directional exposure, sector allocation and issuer selection.

n An attractive universe: the Euro Investment Grade bonds

The investment process for Natixis Crédit Euro combines top-down and bottom-up approaches. Macro- and microeconomic fundamentals, valuation, market sentiment and technical factors determine the credit directional and sector allocation. This top-down vision is complemented by a bottom-up approach based on fundamental credit research and a search for relative value in selecting issuers and stocks.

n A conviction-based strategies based on the expertise of 8 senior portfolio managers, 13 credit analysts, 2 dedicated financial engineers

The fund is invested mainly in euro-denominated bonds and other similar debt securities issued by corporate issuers. At the time of acquisition, these securities are rated at least BBB- (S&P) or Baa3 (Moody’s).

o Bond-picking: analysis, conviction and risk control

OVERVIEW

Natixis Asset Management’s Credit Sector Teams comprise specialist managers and financial analysts. The Sector Teams have a triple objective: providing a global vision of the sector 12 months out, positioning issuers on a risk scale from the least to the most risky in each sector, and estimating the relative value between issuers within the sector analysed.

Investment universe Mainly Investment Grade* debt securities, euro-denominated

Sectors are grouped into three macro-sectors: financials, defensive and cyclical. The 3 macro-sectors Financials Banks Brokers Insurance Real Estate

Defensive Consumer Non-Cyclical Consumer Products Food and Beverage Pharmaceuticals Tobacco Supermarkets Communications Utilities Energy

Cyclical Consumer Cyclical Basic Industry Capital Goods Media Technology Transportation

The credit analysts closely monitor the eligible issuers and track any changes in notations, alerts, or other warning indicators. The Risk Management Division constantly monitors the eligibility criteria of securities admitted into the investment universe. * Bond issues rated at least BBB- or Baa3 (Standard & Poor’s/Moody’s)

Intended for professional clients only

Benchmark Barclays Capital Euro Aggregate Corporate Minimum recommended investment period 3 years

* Bond issues rated at least BBB- or Baa3 (Standard & Poor’s/Moody’s)

Natixis Crédit Euro INVESTMENT TEAM Credit research Credit research seeks to identify the best issuers in each sector in order to make a lasting contribution to performance, using an active and disciplined stock picking process. To this end, Natixis Asset Management’s Paris-based credit analysis team uses an analysis process based on a fundamental, long-term opinion for each issuer. The analysts are all specialised by industry and cover all issuers, whether investment grade or high yield. Each credit analyst therefore expresses his or her views.

Natixis Asset Management fixed income investment team comprises 40 specialist managers responsible for a total of e 160.7 billion of assets under management in this asset class as of 30 June 2010. Within the department, a team of Credit portfolio managers is dedicated to managing the Natixis Crédit Euro Fund, supported by the Credit analysts, who liaise constantly through the sector teams and weekly committees. Source: Natixis Asset Management

RISK MANAGEMENT The two main risks of Natixis Crédit Euro are the credit risk, i.e. the risk of default or depreciation of an issuer, and the interest rate risk, i.e. the possible depreciation of fixed income instruments resulting from changes in interest rates. Tools are used to control these risks at three levels: Front Office, Middle Office and, independently, the Risk Department. The fund is managed within a modified duration range of 0 to 8. The fund manager steers modified duration within a range of +/- 10% in relation to the fund’s benchmark index (indicative only).

fund features I Share

R Share Natixis Asset Management French FCP Yes 6 November 2002 EUR FR0010171108 / FR0010690966 / Accumulation-Distribution Accumulation-Distribution

Management company Legal form UCITS compliant Inception date Accounting currency ISIN / Allocation of income Maximum operating and management fees including taxes not paid to the fund Maximum subscription fee paid to the fund not paid to the fund Maximum redemption fee paid to the fund Performance fee including taxes Minimum share fraction Minimum initial subscription Initial net asset value Net asset value calculation Cut-off time

0,60 %* None None None None None One ten-thousandth e 100,000 e 100

1 %* 3 %** None None None None One ten-thousandth None e 100 Daily D 12:00 am (CET)

* Basis: fund net assets ** Excluding any exoneration.

www.am.natixis.com

corporate bonds

Natixis Convertibles Euro An original and attractive investment that benefits from both the dynamic potential of equities and the more limited volatility of bonds

o An original medium-term investment alternative Natixis Convertibles Euro is mostly invested in euro-denominated convertible bonds from OECD country issuers. The aim is to outperform the Exane Convertible Index Euro (ECI), representative of the Eurozone convertible bond market, over a minimum 4-year investment period.

o Convertible bonds: attractive financial instruments Convertible bonds allow to convert bonds to shares of an issuer according to a predetermined ratio and period. The convertible bond’s value therefore depends directly on the underlying stock’s price variations. This sensitivity to the equity market is called “delta”. The characteristic of the delta is that it is higher in a bull market than in a bear market. That is called convexity. Convertible bonds therefore profit more from the rise of the underlying stock than they suffer from its fall. If the underlying stock has risen sharply, the convertible bond will have a very high delta and therefore perform in a similar way to the underlying stock (“equity” profile). Conversely, if the underlying stock Convertible bond convexity has fallen sharply the "Bond" profile "Mixed" profile "Stock" profile convertible bond will perform just like a normal bond (“bond” profile). Mixed profile convertible bonds (with a delta of between 15% and Evolution of the underlying stock 75%) are the most convex. Bond value of the convertible bond

Underlying stock price

k e y points n An opportunistic management of the convexity n A rigorous stock selection enhanced by the added expertise of our Equities and Credit teams n More than ten years of experience in the convertible bond market

overview Investment universe Euro-denominated convertible bonds from OECD issuers Benchmark Exane Convertible Index Euro NDR

Imput : Natixis AM

o An investment process that optimises the convertible bond’s convexity Depending on the strategists’ macro-economic scenario and expectations for equity and fixed income markets, the investment team will identify a target range of average delta for the portfolio corresponding to the wanted equity exposure. The team will focus on the most convex convertible bonds having a “mixed” profile. The aim is to get the most out of the dynamic nature of convertible bonds when markets are rising and their defensive nature when markets fall. Shares are selected through three complementary procedures: n fundamental analysis of the issuers, with the added expertise of our Equities and Credit teams; n technical analysis using proprietary models developed by the quantitative research team; n valuation of the convertible by analysing its technical characteristics.

Intended for professional clients only

Minimum recommended investment period 4 years Risk indicator Modified duration between 0 and 8

Natixis Convertibles Euro INVESTMENT TEAM The convertible bond is made up of a bond and a call option on the issuer’s underlying share.The convertible bond will therefore move in line with the call. This offers the bond investor an opportunity to play the rise in the equity markets. Conversely, the equity investor is provided with a share with a put option. This represents an investment in the underlying share with limited risk in uncertain market periods.

The fixed income department of Natixis Asset Management comprises 40 specialised managers with total assets under management of e 160.7 bn for this asset class as of June 2010. Within this division, a specialised convertible bond team is responsible for arbitraging and directional investment of this asset class. This team interacts constantly with the trading, equity research and credit teams when selecting stocks. Source: Natixis Asset Management

FUND FEATURES I Share Manager company

Natixis Asset Management

Legal form

RISK MANAGEMENT Because it includes high-yield securities, Natixis Convertibles Euro is subject to interest rate and credit risk. The characteristics of convertible bonds also make them subject to equity market risk, although this is limited in the event of a market downturn because of their convexity. If the equity markets go up, the investment team makes high-delta convertibles a priority, and low-delta ones if the markets fall. Fund managers select securities with a delta ranging between 15% and 75% to obtain an average portfolio delta of between 30% and 60%. Because of the implicit call option for the underlying share in each security, the price of the convertible is sensitive to volatility movements.

R Share

French mutal fund (FCP)

UCITS compliant

Yes

Inception date

20 June 1996

Accounting currency

EUR

ISIN / Allocation of income Maximum operating and management fees including taxes

FR0010658963 Accumulation

FR0010660142 Accumulation

1%*

1.60%*

Maximum subscription fee

not paid to the fund

None

3 %**

paid to the fund

None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

Performance fee including taxes Minimum share fraction

One ten-thousandth One ten-thousandth

Minimum initial subscription

e 100,000

None

Initial Net Aset Value

e 100,000

e 1,524.49

Net Asset Value Calculation Cut-off time

Daily D 12:30pm (CET)

* Basis: net assets. ** Excluding any exoneration.

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to thedescription of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in July 2010. Natixis Asset Management - Registered Office :21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

corporate bonds

Natixis Convertibles Europe An original and attractive investment that benefits from both the dynamic potential of equities and the more limited volatility of bonds

o An original medium-term investment alternative Natixis Convertibles Europe is mostly invested in convertible bonds issued by European OECD members. The aim is to outperform the Exane Convertible Index Europe, representative of the European convertible bond market, over a minimum 4-year investment period.

o Convertible bonds: attractive financial instruments Convertible bonds allow to convert bonds to shares of an issuer according to a pre-determined ratio and period. The convertible bond’s value is therefore a direct function of the underlying stock’s price variations. This sensitivity to the equity market is called “delta”. The characteristic of delta variation is that it is higher in a bull market than in a bear market. That is called convexity. Convertible bonds therefore profit more from the rise of the underlying stock than they suffer from its fall. If the underlying share has risen sharply, the convertible bond will have a very high delta and therefore perform in a similar way to the underlying stock (“equity” profile). Conversely, if the underlying stock Convertible bond convexity has fallen sharply the "Bond" profile "Mixed" profile "Stock" profile convertible bond will perform just like a normal bond (“bond” profile). Mixed profile convertible bonds (with a delta of between 15% and Evolution of the underlying stock 75%) are the most convex. Bond value of the convertible bond

Underlying stock price

Imput : Natixis AM

An investment process that optimises the convertible bond’s convexity In order to optimize the risk/return ratio, the team will focus on the most convex convertible bonds within the “mixed” profile range. The aim is to get the most out of the dynamic nature of convertible bonds when markets are rising and their defensive nature when markets fall. However, depending on the strategists’ macro-economic scenario and expectations for equity and fixed income markets, the investment team will identify a target range of average delta for the portfolio corresponding to the wanted European equity exposure. Shares are then selected through three complementary procedures: nF undamental analysis of the issuers, with the added expertise of our Equities and Credit teams; n Technical analysis using proprietary models developed by the quantitative research teams; n Valuation of the convertible by analysing its technical characteristics.

Intended for professional clients only

key points n A large investment universe containing all European countries (the eurozone members and the others) n An opportunistic management of the convexity n A team with more than ten years experience in the convertible bond market

overview Investment universe Convertible bonds issued by European OECD members Benchmark Exane Convertible Index Europe Minimum recommended investment period 4 years Risk indicator Modified duration between 1 and 8

Natixis Convertibles Europe Investment team For the bond investor, the convertible bond is similar to a regular bond with a call option on the issuer’s underlying share. This offers an opportunity to play the rise in the equity markets. Conversely, the equity investor is provided with a share with a put option. This represents an investment in the underlying share with limited risk in uncertain market periods.

Fund features Risk management Because of the characteristics of convertible bonds, Natixis Convertibles Europe is subject to equity market risk, although this is limited in the event of market downturns thanks to their convexity. If the equity markets go up, the investment team makes high-delta convertibles a priority and low-delta ones if the markets fall. In any case, fund managers select securities with the best convexity profile. Because it includes high-yield securities, Natixis Convertibles Europe is subject to interest rate and credit risk. Moreover, because of the implicit call option for the underlying share in each security, the price of the convertible is sensitive to volatility movements. Finally, because of the currency diversity in the portfolio, Natixis Convertibles Europe is sensitive to the evolution of the holdings’ accounting currencies

I Share Management company

R Share

Natixis Asset Management

Legal Form

French mutual fund (FCP)

UCITS compliant

Yes

Inception date

27 April 2005

Accounting currency

EUR FR0010171678 / Accumulation

FR0010678359 / Accumulation

Maximum operating and management fees including taxes

1%*

1.60%*

Maximum subscription fee

not paid to the fund

None

3%**

paid to the fund

None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

ISIN / Allocation of income

Perfomance fee including taxes Minimum share fraction

One ten-thousandth One ten-thousandth

Minimum initial subscription

e 100,000

Initial Net Asset Value

e 4,153.11

Net Asset Value calculation Cut-off time * Basis: net assets

None e 100 Daily

D 12pm (CET) ** Excluding any exoneration

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registred Office: 21 quai d'Austerlitz - 75634 Paris Cedex 13 - Tel : +33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF n° GP 90-009

www.am.natixis.com

aggregate bonds

Natixis Court Terme 6 mois Remunerating cash through active management of a portfolio of debt securities with an average maturity of up to 12 months

o Lengthening of maturities to outperform Eonia Over its minimum recommended investment period, Natixis Court Terme 6 Mois aims to achieve an annualized performance that exceeds capitalized Eonia by 0.30% in the case of I(C) and I(D) shares and 0.20% in the case of the R share (after deduction of management fees). The maximum residual life of each security at the time of acquisition is 24 months, with the weighted average life (WAL) of the portfolio being kept below 12 months. In order to maintain transparency for investors and to emphasize the choice of securities with slightly longer maturities than those currently included in Natixis Asset Management’s money market funds, it has been decided to classify this fund in the bond category. Natixis Court Terme 6 Mois is nevertheless managed within Natixis Asset Management’s money market team and its investment universe is limited to issuers eligible for our money market mutual funds. The fund also operates within a modified duration range of 0 to 0.5.

KEY POINTS n Weighted average life of securities in the portfolio less than 12 months n Active management of fixed/ variable rate allocation n Rigorous selection of securities held in the portfolio

o Active management of modified duration combined with rigorous securities selection criteria The investment team uses several sources of added value to achieve the fund’s performance objective: n Active management of modified duration through fixed/variable rate allocation The Natixis Court Terme 6 Mois investment team relies on the core scenario drawn up by Natixis Asset Management’s Macroeconomic and Money Market Committees. Depending on expectations with regard to the central banks’ monetary policies and yield curve fluctuations, the money market investment team decides on an appropriate allocation between fixed and variable rates. n Rigorous issuer selection to tap the credit premium Natixis Court Terme 6 Mois purchases all types of debt securities issued by private entities or governments. Their minimum long-term rating will be BBB- or Baa3 (Investment Grade). In the case of issuers not having a long-term rating, and only if the debt securities have a residual maturity of less than one year, the minimum short-term rating will be A3 or P3 or F3. The fund is not permitted to invest in securities issued by securitization vehicles. The investment team relies on the recommendations of Natixis Asset Management’s team of credit analysts for its selection of securities within the money market investment universe. In addition, a division dedicated Fixed /variable rate allocation to Credit Risk in the Risk Department • Macroeconomic scenario • Expectations for central banks' monetary constantly checks policies compliance with the conditions for eligibility of the Construction of the portfolio securities included in the investment universe. • Money market investment universe • Financial research • Eligibility of issuers and counterparties

Selection of issuers

Intended for professional clients only

OVERVIEW Investment universe Short- and medium-term debt securities of public or private issuers Benchmark Capitalized Eonia Minimum recommended investment period 6 months Risk indicator Modified duration between 0 and 0.5

Natixis Court Terme 6 mois INVESTMENT TEAM The Natixis Court Terme 6 Mois investment team determines the fund’s fixed/variable rate allocation on the basis of expectations with regard to fluctuations in the yield curve. When the investment team expects key rates to be cut by more than the market consensus, it increases the portfolio’s exposure to fixed rate securities. Conversely, if it expects a rate hike, it increases the fund’s exposure to variable rate securities indexed to Eonia. In certain market configurations, the fixed/variable rate allocation may thus generate additional performance compared to a strategy entirely indexed to Eonia.

Natixis Court Terme 6 Mois is managed within the money market investment team of Natixis Asset Management, Europe’s fourth-largest operator in cash management*. The money market investment team comprises 11 portfolio managers and two financial engineers managing over e62,4 billion of assets as at the end of June 2010**. This specialist team is very stable, with an average length of service of 13 years and a consistent track record for over 10 years. * Source: Feri Fund Market as at 31/05/2010 ** Source: Natixis AM

risk management The fund is mainly exposed to credit and interest rate risks. It does not benefit from any guarantee. In addition to the external controls performed by the statutory auditor and the custodian, the fund is put through three different levels of internal risk control: a first level of control is performed by the management and the middle office, a second level by the Compliance, Internal Controls and Risks department and a third through the regular audits performed by the Natixis Global Asset Management holding company.

FUND FEATURES I (C) Share Managemenet company Legal form UCITS compliant Inception date Accounting currency ISIN / Allocation of income Maximum operating and management fees including taxes not paid to the fund Maximum subscription fee paid to the fund not paid to the fund Maximum redemption fee paid to the fund Performance fee including taxes Minimum share fraction Minimum initial subscription Initial net asset value Net asset value calculation Cut-off time

FR0010885236 / Accumulation

I (D) Share Natixis Asset Management Frech FCP Yes 5 May 2010 EUR FR0010885251 / Distribution

0.20%* None None None None

30% TTC inc. tax of net outperformance relative to Capitalized Eonia index + 0.30% One ten-thousandth e 500,000 e 100,000

One ten-thousandth e 500,000 e 100,000 Daily 12:30 pm

R Share

FR0010885210 / Accumulation 0.30%* None None None None

30% TTC inc. tax of net outperformance relative to Capitalized Eonia index + 0.20% None 1 share e 10,000

* Basis: fund net assets, excluding UCITS of Natixis Global AM

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, in whole or in part, without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in July 2010. Natixis Asset Management - Registered Office: 21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

eurozone EQUITIES

Natixis Actions Euro Value Tapping the potential of Eurozone value equities within the scope of a conviction-based strategy

o Taking advantage of value investing in the Eurozone To benefit from a broad range of opportunities, the Natixis Actions Euro Value team focuses on stocks deemed to be discounted or undervalued by the market in relation to their intrinsic value or equilibrium price (value investing). Natixis Actions Euro Value implements a conviction-based management in a bid to outperform the Eurozone equity market over a recommended investment horizon of five years.

o A clear-cut value approach The value approach of Natixis Actions Euro Value is based on the idea that a share price can veer away from its intrinsic value over a more or less prolonged period. The fund managers seek to identify stocks “neglected” by the market, for which it identifies a turnaround point for expected earnings growth and significant upside potential. Stockpicking relies on in-depth knowledge of the stocks in the portfolio combined with a systematic valuation process.

k e y p o ints n Conviction investing on Eurozone value stocks

n A clearly-defined investment process

n A specialised team of fund managers, with long-standing expertise in value investing

The stock selection is based on four clearly identified value segments: n Return and visibility: companies offering good earnings visibility; n Discounted cyclicals: cyclical stocks trading at a significant discount; n Restructuring: companies penalised by a disappointing operating performance in the short term, but which have set up a convincing restructuring plan; n Conglomerates: companies active in several fields exaggeratedly penalised (holding discounts).

o A conviction-based investment focusing on stock-picking Stock-picking is the portfolio’s main source of added value. Natixis Actions Euro Value is constructed with some sixty large cap stocks representing the management team’s strongest convictions. The investment process breaks down into 3 phases: 1- Detection of opportunities: qualitative and quantitative analysis to seek the best investment opportunities; 2- Selection of the strongest convictions: stock picks based on in-depth knowledge of the stocks in the portfolio and a systematic valuation process; 3- Portfolio construction attentive to a good degree of sector and country diversification.

Investment universe

Fundamental and quantitative financial analysis Convictions Stock-picking Diversification Portfolio construction

Intended for professional clients only

o verv iew Investment universe Eurozone equities Benchmark MSCI EMU NDR Minimum recommended investment period 5 years

Natixis Actions Euro Value Investment team The Equity Division of Natixis Asset Management comprises 35 fund managers with a broad range of expertise, managing assets of e 35,5 bn as of 30 June 2010*. In addition to 20 years’ experience in core European fund management, this division has developed specific expertise in European satellite management. Of these, the Europe Equity Style team includes two managers specialising in the following funds: a value fund (Natixis Actions Euro Value) and a high dividend fund (Natixis Actions Europe Dividende). *Source: Natixis Asset Management

Risk management The portfolio is mainly exposed to equity risk. During the portfolio construction phase, the management team contrasts the upside potential of each stock under consideration with its estimated risk level. The managers also check that the four value segments are evenly balanced. Lastly, as value investing may result in sector and country biases, the management team measures and steers these biases to ensure the portfolio is well diversified.

The analysis of the investment universe of Natixis Actions Euro Value stems essentially from two factors: expectations for medium-term profit growth and momentum in revisions to earnings growth expectations.

+ Strong expectations

Positive negative revisions revisions

Low expectations

Low investor expectations in relation to the expected earnings growth in the medium term

Growth

Value

+ Identification of an existing or imminent turnaround point

“Value +” dial = low expectations and identification of a turnaround point

Adapted from Richard Bernstein, Style Investing.

fund features I Share R Share Natixis Asset Management French mutual fund (FCP) Yes 27 December 2005 Euro

Management company Legal form UCITS compliant Inception date Accounting currency

FR0010270025 / Accumulation

FR0010259382 / Accumulation

1.20%*

2%*

not paid to the fund

None

3 %**

paid to the fund not paid to the fund paid to the fund

None None None

ISIN / Allocation of income Maximum operating and management fees including taxes Maximum subscription fee Maximum redemption fee

Performance fee including taxes Minimum share fraction Minimum initial / subsequent subscription Initial net asset value Net asset value calculation Cut-off time

20 % of the outperformance of MSCI EMU NDR Index One hundredth e 10 000 / None 1 share / None e 100 e 100 Daily D 12:30 pm (CET)

* Basis: net assets. ** Excluding any exoneration.

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office :21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

GLOBAL EQUITIES

Natixis Actions Global Emergents Benefit from active management focused on country allocation in the dynamic universe of emerging equities

o Emerging equities: an attractive and heterogeneous universe Natixis Actions Global Emergents aims to outperform its benchmark index, the MSCI Emerging Markets** with net dividends reinvested, denominated in euros, over a recommended investment period of five years. To achieve this objective, the managers implement a fundamental top-down approach based on a country allocation managed within a precise risk budget. Emerging equities offer attractive returns, since the emerging markets stand out in terms of: n dynamism: a sustained pace of development with annual GDP growth of over 6% since 2000, compared to an average of 1,5% for the advanced economies (source: World Economic Outlook 2010); n diversity: wide disparity in development levels and driving factors. Two major groups can be distinguished: countries whose economies are strongly linked to commodities (such as Brazil and South Africa) and manufacturing countries taking advantage of the relocation of production from developed countries (such as China and Mexico).

o Active management of country allocation combined with optimization of risk budget The Natixis Actions Global Emergents investment team applies an original three-stage investment process based on a tactical country allocation. The first stage involves an analysis of each emerging market in terms of its macroeconomic environment, valuation and market conditions. This in-depth study identifies the best country opportunities. It gives rise to a monthly meeting of the Emerging Equities Allocation Committee. The second stage involves a quantitative optimization resulting from its qualitative views. This determines the relative weight of each country in the portfolio, taking particular account of tracking error constraints. Finally, the third stage comprises the tactical management of the portfolio and the control of risks. The managers of Natixis Actions Global Emergents use liquid investment vehicles, which allow a high degree of responsiveness while limiting transaction costs: country, regional and/or global emerging market ETFs*, emerging market futures (in the case of the most liquid markets). The Natixis Actions Global Emergents investment team is assisted by five professionals (an economist specializing in the emerging markets, a strategist and three allocation managers) who have an average of 17 yearsâ&#x20AC;&#x2122; experience.

* Exchange Traded Funds: funds which aim to replicate an index, also known as trackers. ** Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey (list of the 21 countries represented in the MSCI Emerging Markets index as at 1st June 2010).

Intendedwww.am.natixis.com for professional clients only

KEY POINTS n Process based on active country allocation

n Effective combination of fundamental analysis and quantitative optimization

n Responsive management due to liquid investment vehicles (ETFs*)

OVERVIEW Investment universe Emerging equities essentially represented in the index MSCI Emerging Markets Benchmark index MSCI Emerging Markets DNR denominated in EUR Minimum recommended investment period 5 years Risk indicator Ex-ante tracking error of up to 5% (by way of indication)

Natixis Actions Global Emergents the Emerging Equities Allocation Committee: country assessment criteria The Allocation Committee draws up a monthly investment strategy for each country and defines the exposure level. It is based on analyses of three sets of criteria: macroeconomic environment, valuation and market conditions. A positive or negative signal on a single criterion may trigger a recommendation to go overweight, remain neutral or go underweight.

Macroeconomic environment Scenario

Valuation

Market conditions

Fundamentals +

Conditions

Evolution of the macroeconomic indicators Impact of monetary policies Anticipation on the currencies

Analysis of the evolution of the forecasts of profits Study of the indicators of valuation of equity markets

Analysis investors positioning Analyzes technique of stock exchange indices

Trends

Attractiveness

Momentum

Country rating

Overweighted neutral

Sub-weighted

THE Investment team The Natixis Actions Global Emergents fund is managed within Natixis Asset Management’s Global Asset Allocation & ALM division. This team comprises 26 managers (including a strategist) with total assets of i24,5 billion as of 30 June 2010*. It deploys a comprehensive range of expertise: benchmarked diversified management, save-as-you-earn, absolute return management, modeling & strategy and insurance management. The investment teams benefit from an extensive and dynamic view of asset classes, geographic regions and vehicles within a framework of controlled risks. *Source: Natixis Asset Management

RISK MANAGEMENT Natixis Actions Global Emergents is exposed principally to equity risk, accentuated by the risk associated with the nature of the emerging markets (sharp movements in prices of securities and currencies in these countries). To manage this risk, the investment team relies on a dedicated economist who regularly supplies information on factors liable to affect trends in the emerging asset class (macroeconomic indicators, political developments, etc.) and on a flexible process whereby proactive adjustments can be made to country positions. The contributions from the various strategies to the ex-ante tracking error are taken into account in the construction of the portfolio, while the various parameters are monitored ex-post by a control function that is independent of the risk management.

fund features I Share Management company

Natixis Asset Management

Legal form

French Mutual Fund (FCP)

UCITS compliant Inception date

Yes 23 March 2009

Accounting currency ISIN/Allocation of income Maximum operating and management fees including taxes not paid to the fund Maximum subscription fee paid to the fund not paid to the fund Maximum redemption fee paid to the fund Performance fee including taxes Minimum share fraction

EUR FR0010711051 / Accumulation

FR0010706960 / Accumulation

1.20%*

2,00%*

None 3%** None None None None None None 20% of the performance above the index MSCI Emerging Markets One ten-thousandth One ten-thousandth

Minimum initial subscription

i 50,000

Initial net asset value

i 50,000

Net asset value calculation Cut-off time

None i 100 Daily D 12,30 pm

* Basis: net assets excluding NGAM’s UCITs. **Excluding any exoneration.

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office :21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604,76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

GLOBAL EQUITIES

Natixis Actions US Growth Outperform the S&P 500 TR in dollars using a growth approach

o Focusing on long term growth Natixis Actions US Growth is invested mainly in equities of US companies with a market capitalisation of over $3 billion. The fund aims to outperform its benchmark, the S&P 500 TR in dollars, over an investment horizon of at least 5 years. The management approach consists first in identifying companies with strong upside potential in terms of earnings and profit (Growth style). The investment team then picks companies capable of generating a sufficient amount of cash flow over the long term.

o Stock-picking at the heart of the investment process The portfolio is constructed with a bottom-up approach: stock-picking stems from an analysis of the fundamental characteristics of each company. This analysis is based on three criteria: n identifying new catalysts (e.g. new product, structural change in the industry, change of management, etc.),

KEY POINTS n A differentiated “growth” philosophy, emphasizing intrinsic business value and cash economics

n An experienced investment team based in the United States

n An extensive track record in growth-style management

n the quality of the business model, n an assessment of the company’s value. In regards to the latter item, specific attention is paid to each company’s ability to generate long-term growth. The investment team aims to pick stocks answering strong convictions and to hold them in the portfolio for three to five years, resulting in a low target turnover rate (30% to 40%). The portfolio focuses on 25 to 35 stocks. Approximately two-thirds of these stocks correspond to companies enjoying a long track record of growth, generally leaders in their industry. The remaining third comprises companies identified as starting on the growth track, intentionally underweighted in the portfolio as they are riskier.

o Extensive expertise in managing US stocks The management of Natixis Actions US Growth is delegated to US-based Delaware Investments. The investment team has extensive experience in US “growth” stocks and has acquired robust expertise in this asset class. It has been following the same investment philosophy since the 1980s, demonstrating its ability to weather different market configurations.

Intendedwww.am.natixis.com for professional clients only

OVERVIEW Investment universe North American large cap equities Benchmark index S&P 500 TR Minimum recommended investment period 5 years

Natixis Actions US Growth Investment team Philadelphia-based Delaware Investments is a US management company specialising in US bonds and equities. Delaware Investments is a subsidiary of Macquarie Group. It has a distinctive entrepreneurial culture and operates as a boutique. As of the 30th of June 2010, Delaware Investments had $200 billion in assets under management*, with a broad range of mandates, dedicated funds, open-end funds, pension funds and delegated management for private and institutional investors such as private banks, pension funds and foundations.

Natixis Asset Management offers 2 US equity funds: Natixis US focus growth (Growth investing) and Natixis US Opportunities (Value investing). Both investment styles complement one another and may be favoured depending on market conditions and investor preferences. Growth investment consists of identifying stocks showing strong growth potential or whose earnings are expected to grow at faster than average pace than its industry or the overall market. Value investing consists in identifying stocks trading on the market at a price lower than their intrinsic value, where the stock price does not reflect longterm fundamentals.

* Source: Delaware Investments

Delaware Investments refers to Delaware Management Holdings, Inc. and its subsidiaries. Macquarie Group refers to Macquarie Group Limited and its affiliates and subsidiaries worldwide. .Advisory services are provided by Delaware Management Business Trust (DMBT), as a registered investment adviser. DMBT is not an authorized deposit taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and DMBT’s obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of DMBT.

fund features I Share Management company Sub advisor

Delaware Investment

Legal form

French Mutual Fund (FCP)

UCITS compliant Inception date

The main risk presented by the fund is the equity risk, which the investment team seeks to alleviate by selecting high-quality companies with stable cash flow and robust fundamentals. At the portfolio level, the fund selects just one company per sector and avoids holding correlated stocks. Lastly, the investment team tends to underweight companies in the commodities sector and to favour companies in sectors that are starting on the growth track. As the fund is denominated in dollars, it may present a currency risk for an investor in euros.

Yes 19 December 2005

Accounting currency ISIN/Allocation of income

Risk management

R Share

Natixis Asset Management

Maximum operating and management fees including taxes not paid to the fund paid to the fund not paid to the fund Maximum redemption fee paid to the fund Performance fee including taxes Maximum subscription fee

Minimum share fraction Minimum initial / subsequent subscription Initial net asset value Net asset value calculation Cut-off time

USD FR0010256404 / Accumulation

FR0010236877 / Accumulation

1.20%*

1.80%*

None None None None

3%** None None None None

One tenth

$ 50,000 / 1 Share

None / None

$ 100,000

$ 10,000 Daily

D 3:30 pm (CET)

* Basis: net assets. **Excluding any exoneration.

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office: 21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

GLOBAL EQUITIES

Funds - Climate Change

Reconciling climate change with a performance oriented strategy in a global equity fund

o Climate change: a global challenge Impact Funds - Climate Change is a thematic fund which aims to outperform the global equity market over a recommended horizon of five years minimum. The Fund invests in companies whose activities contribute to mitigating carbon emissions, adapting to the consequences of climate change, or to better management of natural resources. Since climate change is a global challenge, Impact Funds - Climate Change has an international geographic coverage. As they are also active on the global warming issues, emerging countries are included in the investment universe.

o A 360째 approach to climate change based on solid scientific research A key factor of Impact Funds - Climate Change is its comprehensive approach to the theme of climate change. Drawing on the research work of a dedicated Scientific Advisory Committee, the investment team has defined ten key themes related to climate change, grouped into three macro-themes

KEY POINTS n Active management combined with a scientific approach

n A global, multi-thematic and multisector investment universe

n An investment combining responsibility and performance oriented strategy

n Mitigation : reduction of greenhouse gas emissions; n Adaptation to the inevitable consequences of climate change; n Better management of natural resources. This very wide approach to the theme makes it possible to go beyond the sometimes simplistic approaches (e.g. single-sector funds covering green energies or water), by investing in a large spectrum of sectors. For example, beyond the most obvious industries such as clean energies or soil treatment, the fund extends its analysis to include other subthemes like reinsurance or changes in consumer behavior (e.g.: development of teleworking and e-commerce), which are also directly or indirectly associated with global warming.

o Combining responsibility with a performance oriented strategy After the completion of this research work, which identifies a universe of stocks meeting the key challenges of climate change, the investment team conducts an in-depth financial analysis (quantitative and qualitative) to detect the most attractive profiles in terms of appreciation potential and level of risk. Only stocks fulfilling both thematic and financial criteria are eligible. Hence a company extremely innovative on the thematic level but with an unattractive financial profile would not be selected.

OVERVIEW Investment universe Global equities Benchmark None. The MSCI World index could be used for performance comparison. Minimum recommended investment period Five years minimum

An exclusion filter is then applied to the preselected stocks to ensure that they do not infringe the fundamental principles of responsible investment. The investment team finally builds a concentrated portfolio which reflect its convictions, without any sector or country constraints in relation to an index. In addition to the question of responsibility, the experts at Natixis Asset Management are convinced that climate change represents genuine opportunities for investors: the companies that take the lead in this theme build a competitive advantage that should become more valuable over time, particularly since climate change factors do not currently seem to be priced into equities.

Intended for professional clients only, as defined by MIFID

Funds - Climate Change INVESTMENT TEAM As a major player in the asset management market in Europe, Natixis Asset Management distinguishes itself notably by its solid expertise in equity management and more particularly on the thematic field. The company is also acknowledged for its know-how in responsible investment. Impact Funds - Climate Change is managed within the Conviction-Based Equity Management team by two portfolio managers with complementary profiles, each of whom has 20 yearsâ&#x20AC;&#x2122; experience in equity investment. They also draw on the expertise of 35 portfolio managers/ analysts specializing in particular sectors and market segments.

A Scientific Advisory Committee devoted to climate change The implementation of climate change factors into an investment strategy requires an in-depth understanding of the geographic, sectoral, technological and human impacts resulting from global warming. Natixis Asset Management is mindful that climate change is a complex and constantly evolving issue, and has therefore established a Scientific Advisory Committee made up of eight experts with varied and complementary profiles. The role of this committee is to: - Enlighten the portfolio managers on climate change and its impacts; - Issue an opinion on the relevance of the stocks in which the portfolio is invested (without interfering in investment decisions); - Provide information on climate change. This Committee is chaired by Carlos Joly, a co-founder of the United Nations Principles for Responsible Investment and a partner of Natixis Asset Management in this approach.

MAIN RISKS The main risks associated with Impact Funds - Climate Change lie in the risk of capital loss (there is no guarantee that the invested capital will be returned to the investor in full, and the net asset value could significantly diverge - increasingly or decreasingly - compared to the subscription value) and in the risk implied by its exposure to the equity market. The fund also involves risks regarding its exposure to emerging markets, an exchange rate risk, a portfolio risk concentration and a risk due to its potential investment in small and mid capitalization companies. The extensive approach applied on a sector and geographic level will nevertheless ensure that the investments are well diversified. Besides, the portfolio is submitted to the independent review of middle office and risk control teams.

FUND FEATURES I/A share

I/A share

Management company

Yes 29 September 2009

Inception date

TER*

5 October 2009 EUR

USD

EUR

USD

EUR

LU0448199371 / Capitalisation

LU0448199025 / Capitalisation

LU0448199454 / Capitalisation

LU0448199611 / Capitalisation

LU0448199538 / Capitalisation

LU0448199702 / Capitalisation

1.25 %

e 50,000 / 1 share

None

e 10,000

e 100

$ 100

e 100

Maximum subscription fee

Maximum redemption fee

None

Performance fee including taxes

None

Minimum initial / Subsequent subscription

e 50,000 / 1 share

$ 50,000 / 1 share

Initial Net Asset Value

e 10,000

$ 10,000

Net asset value calculation Cut-off time

H-R/A share

Sub-fund of the IMPACT FUNDS, an investment company with variable share capital organized under the laws of the Grand-Duchy of Luxembourg and authorized by the financial regulator (the CSSF) as a UCITS

Date of CSSF approval

ISIN / Allocation income

R/A share

Natixis Asset Management

UCITS compliant

Accounting currency

R/A share

Natixis Global Associates

Delegated financial manager Legal form

H-I/A share

Every working day in Luxembourg and France D 12.00 noon (Luxembourg time)

* Total Expense Ratio.

Disclaimer

This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, distributed or disclosed to third parties, in whole or in part, without the prior written authorization of Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for information purposes. It is a presentation created and prepared by Natixis Asset Management based on sources which it deems to be reliable.Natixis Asset Management reserves the right to amend the information in this document at any time without notice, particularly with regard to the description of the investment processes, which under no circumstances constitutes a commitment on the part of Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of information in this document, nor for any use that a third party might make of such information. The Fund is authorized for sale in France and possibly in other countries where such sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees associated with investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management on request. The prospectus must be supplied to the investor prior to subscription. The risk indicators mentioned in this document are described in detail on the website at: www.am.natixis.com.Updated in August 2010.

global equities

Sonic Monde A multimanagement fund aiming to draw on the growth potential of international equities

o An international equity fund of funds Sonic Monde is a fund of funds invested mainly in the international equity markets, with a minimum 80% exposure to equities. As an international fund of funds, Sonic Monde aims to outperform its composite benchmark: 50% MSCI World AC (ex-EMU) and 50% DJ Eurostoxx 50 (Total Return, in euros) over a recommended investment period of 7 to 8 years. The fund may invest in other asset classes (fixed income and alternative) within a limit of 20% of the portfolio in bonds and 10% of the portfolio in alternative investments.

o Conviction-based management on asset class, styles geographic and thematic allocation

KEY POINTS n An international equity fund of funds tailored to European investors n A combination of five sources of diversification: asset classes/ countries/sectors/styles/managers n Active and conviction-based management

The investment process of Sonic Monde benefits from Natixis Multimanager expertise in fund selection and also asset allocation. The process involves several phases: n Fund selection process : the Managers-Analysts refer to quantitative and qualitative studies to select funds likely to generate performance in each of the geographic regions, themes, sectors and management styles they wish to favour. n The reference strategic allocation defines the medium/long term breakdown of investments by asset class: the equity pocket can represent at least 80% of the fundâ&#x20AC;&#x2122;s net assets, the fixed income pocket can vary between 0 and 20% of the net assets and the alternative pocket between 0 and 10%. The main strategy consists in increasing or trimming exposure to the equity markets. n At the same time, within each asset pocket, the investment team sets up a tactical allocation by geographic region, sector and theme according to its short-term convictions. This allocation, based on market inefficiencies and opportunities, is managed dynamically. The investment team then constructs the portfolio by making a rigorous selection of styles and investment vehicules. These vehicules are selected according to a core/satellite approach, consisting in defining a core that corresponds to the investment objective and satellite funds to diversify the sources of performance.

Macro analysis

Screening

Market inefficiencies

Valuations

Due diligence

Market opportunities

Risks

Meetings with fund managers

Momentum

Medium/long term convictions

Fund manager selection

Short term convictions

Strategic allocation

Fund selection

Tactical allocation

Portfolio construction

Intended for professional clients only

overview Investment universe International equities (maximum exposure to emerging countries: 25% of net assets) Benchmark 50% MSCI World All Countries NDR in EUR (ex-EMU) 50% DJ Eurostoxx 50 Total Return in EUR (ex-post benchmark) Minimum recommended investment period 7-8 years

Sonic Monde Investment team Sonic Monde offers access to a selection of funds invested in the leading stock markets. Selection is based on a rigorous process, revolving around the following phases: n definition of the investment universe: universe of 12,000 UCITS-compliant funds classified by a proprietary tool; n quantitative approach: analysis of performances, volatility, and other specific indicators; n qualitative approach: more in-depth approach by managers/analysts (company visits, conference calls). Based on these quantitative and qualitative approaches, the analysts draft a summary for each pre-selected fund. The final selection of an underlying fund must first be submitted to the Fund Research and Selection Committee and approved by the Compliance, Internal Control and Risk Control management department of Natixis Multimanager.

Natixis Multimanager, a subsidiary of Natixis Asset Management, is the multimanagement expertise centre of Natixis. With e2.5 billion in assets under management as of 30 June 2010, it benefits from over 10 years of experience in multimanagement. The team comprises 18 specialists dedicated to investment management, of which 7 managers, 3 analysts, 3 due diligence analysts and 5 assistant analysts. The Sonic Monde fund is managed by the long only multimanagement team. Source: Natixis Multimanager.

Risk management The main risks involved in investing in the fund are the equity risk, the risk related to investing in emerging markets (maximum exposure to emerging countries: 25% of net assets) the interest rate risk, the overexposure risk, the alternative management risk and the foreign currency risk related to the underlying Funds. The latter risk is analysed constantly within the scope of the fund selection and monitoring process and may be hedged. More generally, the funds held in the portfolio are monitored precisely: contribution in terms of risk/return, monitoring of performance and process deviations, comparison of the funds in the portfolio with the pre-selected funds.

fund features I-C Share Management company Legal form UCITS compliant Inception date Accounting currency ISIN/Allocation of income Maximum operating and management fees including taxes Maximum indirect management fees not paid to the fund Maximum subscription fee paid to the fund not paid to the fund Maximum redemption fee paid to the fund Performance fee including taxes Minimum share fraction Minimum initial subscription Initial Net Asset Value Net Asset Value calculation Cut-off time * Basis: net assets.

R-C Share Natixis Multimanager French mutual fund (FCP) Yes 24 March 2000 EUR

R-D Share

R-C Share

EUR

USD

EUR

USD

FR0010555797/ Accumulation

FR0010702126/ Accumulation

FR0000993446/ Accumulation

FR0010296731/ Distribution

FR0010702134/ Accumulation

0.80%* 3%* 2%** None None None

2.34%* 3%* 3%** None None None

2.34%* 3%** 3%* None None None

None

None e 100

20%* of the performance above the benchmark indicator: 50% MSCI AC World ex-EMU NDR in EUR + 50% DJ Eurostoxx 50 Total Return in EUR e 1,000,000 / None e 100,000

$ 500,000 / None $ 1,000

One ten thousandth None e 100 Daily D-1 12:30pm (CET)

** Excluding any exoneration.

disclaimer

This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Multimanager. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Multimanager based on sources considered to be reliable. Natixis Multimanager reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Multimanager. Natixis Multimanager will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Multimanager upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Multimanager website at: www.multimanager.natixis.com. Non contractual document, written in August 2010. Natixis Multimanager - "Société par Actions Simplifiée" with share capital of e7,536,452 - Paris Registry of Companies (RCS Paris) 438 84 192 - AMF certification n° GP 01054 21, quai d'Austerlitz - 75634 Paris Cedex 13-Tel : +33 1 78 40 80 00

www.am.natixis.com

PERFORMANCE

Natixis Performance Quant Bond 18 M An investment that seeks to take advantage of fluctuations in the eurozone yield curve whatever the market configuration

o Seizing opportunities on the eurozone yield curve Natixis Performance Quant Bond 18 M seeks to take advantage of upward or downward interest rate movements in the eurozone. The aim of its “Performance”* strategy is to enable the fund to seize opportunities whatever the market configuration. The fund’s investment universe comprises euro-denominated securities issued or guaranteed by eurozone member states. The managers also have recourse to interest rate derivative instruments to hedge or expose the portfolio. The fund has a modified duration bracket of -4 to +4. The objective of Natixis Performance Quant Bond 18 M (I share) is to achieve an annual outperformance of 100 bp relative to the capitalized Eonia index over a recommended investment period of 18 months.

Key points n An “Performance”* strategy in the euro zone’s fixed income markets n Enhance returns on cash by investing in first-class securities n Proprietary quantitative models to capture market trends

o Taking advantage of the two main movements in the curve The originality of Natixis Performance Quant Bond 18 M lies in its ability to capture the trends in the eurozone yield curve whatever the market configuration. The financial engineers of Natixis Asset Management have developed quantitative tools to break down and analyze the elementary movements of the yield curve based on two main elements:

The investment team defines a model portfolio for each of the nine scenarios. The purpose of these model portfolios is to optimise performance through long or short positions on short-term and longterm rates, under risk constraints (modified duration by pillars and VaR).

Rise in rates

Flattening

S H TWIST F T

Steepening Positive modified duration

Nine market scenarios are predetermined depending on the different Shift and Twist configurations.

Négative modified duration

Parallel movement of the curve (rise/fall in rates) or “Shift” Distortion of the curve (steepening or flattening) or “Twist”

On a day-to-day basis, a proprietary Sell short term rates Buy short term rates Fall in rates quantitative model enables the Buy long term rates Sell long term rates team to detect the market trend for the Shift and Twist elements, as Vente Taux Courts Achat Taux longs well as the “strength” of the trend. This quantitative signal is compared to the expectations obtained from a macroeconomic model, which is also developed in-house. Depending on the results (contradictory or otherwise), the actual portfolio will be exposed to the yield curve to a greater or lesser extent. * see Focus overleaf

Intended for professional clients only

overview Performance target Annual outperformance, net of fees, of 100 bp relative to the capitalized Eonia index over the recommended investment period (I share) Investment universe Euro-denominated securities issued or guaranteed by eurozone member states Benchmark Capitalized Eonia Minimum recommended investment period 18 months Risk indicator Indicative target monthly ex-ante VaR of 1% (with a probability of 99%)

Natixis Performance Quant Bond 18 M investment team Natixis Performance Quant Bond 18 M is part of Natixis Asset Management’s Performance range. The funds in this range seek to ensure good mobility of allocations towards key themes, while endeavouring to preserve assets in the current market context and improving the overall risk/ return profile. The selected solutions are aimed at expectations of consistent, positive performances that are as independent as possible of directional market trends, combined with risk management: the managers are able to generate positive returns even when markets fall, by implementing short or arbitrage strategies. In order to allocate the risk envelope among the various strategies, each manager carries out dynamic risk management by means of VaR.

Natixis Asset Management’s fixed-income investment team comprises 40 specialist managers responsible for a total of e 160.7 billion of assets under management in this asset class as of 30 June 2010*. Within this division, the quantitative and arbitrage investment team carries out technological monitoring and regularly develops new quantitative models. A manager specializing in the fixed-income markets is devoted in particular to the management of the Natixis Performance Quant Bond 18 M fund. *Source: Natixis Asset Management

Fund features I Share Management Company Legal form

French mutual fund (FCP) Yes

Inception date

14 September 2005

Accounting currency

Maximum operating and management fees including taxes(1)

The fund has a modified duration bracket of -4 to +4. The main risks associated with this type of product are interest rate risk, overexposure risk and capital loss risk. The indicative target monthly ex-ante Value at Risk is 1% with a probability of 99%.

Natixis Asset Management

UCITS compliant

ISIN / Allocation of income

Risk management

R Share

EUR FR0010232348 / Accumulation

FR0010249219 / Accumulation

0.36%

0.60%

Maximum subscription fee

not paid to the fund

None

2%(3)

paid to the fund

None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

23,92% of the performance in excess of Eonia capitalised + 100 bps(4)

23,92% of the performance in excess of Eonia capitalised + 76 bps(4)

Performance fee including taxes(2) Minimum share fraction Minimum initial/subsequent subscription Intitial Net Asset Value Net Asset Value calculation Cut-off time

One hundredth € 50,000 / One share

One share

€ 100,000

€ 100 Daily D 12:30pm (CET)

(1)Basis: net assets. (2)Basis: net assets. (3)Excluding any exoneration. (4)After substracting management and operating fees and expenses.

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The Fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a Fund. The risks and fees connected to investment in a Fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in August 2010. Natixis Asset Management - Registered Office :21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

PERFORMANCE

Natixis Performance Strategic Bond In search of bond performance over a 12 months period

o Take advantage of bond market opportunities with a short-term horizon

Key points

Over a recommended investment period of twelve months, Natixis Performance Strategic Bond aims to achieve an annual performance that is 0.75% higher than capitalized EONIA for I shares net of fees, by a conviction management within the predefined risk limits.

n Opportunist management with a modified duration between -3 and +3

In order to carry out opportunistic investment that seeks to take advantage of all market configurations while endeavouring to preserve assets, Natixis Performance Strategic Bond aims to deliver positive performance, as independent as possible of market trends, combined with increased risk control.

n Triple allocation between moneymarket and bond assets, then between bond assets and finally within bond asset classes

Fed by fundamental and quant research, the portfolio manager implements diversified strategic and tactical positions over short, mid and long term, according to market anticipations and conviction level within the management constraints envelop. This investment solution also enables to generate positive returns even when markets fall, by implementing short or arbitrage strategies. Moreover a constant risk budget monitoring is carried out by means of VaR* in order to allocate the risk envelope among the various implemented strategies.

n Multiple alpha sources both from arbitrage and directional strategies n Risk allocation inside a VaR budget

* As an indication, the average weekly VaR (probability of a maximum loss under normal market conditions) is 0.65% with a maximum of 1.3% (with a 99% probability).

o The capacity to adapt to market condition evolution Such strategies implemented by direct investments in cash, bonds and/or derivatives instruments can be grouped in two categories: n non-directional strategies with an aim either to benefit from evolutions between the different markets or to take profit from specific situations on markets or specific securities : - triple allocation between money-market and bond assets, then among bond assets (government bonds, bonds issued by agencies and supranational organizations, government-guaranteed bonds and credit securities) and finally, strategies implemented within asset classes (relative value among eurozone countries, financial/corporate issuersâ&#x20AC;Ś), - international interest rate arbitrage (curve, modified duration and security selection) but also diversification (OECD, convertibles and inflation-indexed bonds). n and directional strategies, more classical but with relatively large allocation possibilities. All these strategies are also calibrated (stop-loss and dynamic take-profit), so as to comply with the specified risk limits and maximize the risk/return profile.

Intendedwww.am.natixis.com for professional clients only

Overview Investment universe n International Bonds and other negotiable debt securities and money-market instruments Benchmark Capitalized Eonia on an indicative basis Minimum recommended investment period 12 months Risk indicator Modified duration between -3 and +3

Natixis Performance Strategic Bond Investment team Directional strategies include : n Active modified duration management in order to benefit from both interest rates rise or fall (between -3 and +3), n Currency exposures (US dollar, Canadian dollar, yen, sterling pound, swiss franc, northern & eastern Europe currencies, Latin American & Asian currencies…) up to 20%, n Diversifications on emerging or convertibles bonds up to 10%.

Natixis Asset Management’s fixed income investment team comprises 40 specialist managers with a total of e160.7 billion under management in this asset class as at 30 June 2010. A dedicated investment team in the Multistrategy Absolute Return pole is responsible for the management of Natixis Performance Strategic Bond. This team works closely with the Sector teams as well as the quantitative Team (SAMS*) which ensure technological support and regularly develop new systems. *Structuring, analysis, modeling and solutions Source: Natixis Asset Management.

Risk management The main risks when investing in Natixis Performance Strategic Bond are interest rate risk, overexposure risk, risk linked to arbitrage strategies, credit risk, discretionary management risk and currency risk. The credit risk is limited in the portfolio to Investment Grade rated bond issues. The foreign exchange risk is limited to 10%. Emerging markets and convertible bonds risks are limited to 10% max each.

Fund features I-C share

I-D share

R-C

Natixis Asset Management

Management company Legal form

French mutual fund (FCP)

UCITS compliant

Yes 25/2/86 (Transformation 1 June 2010 and strategy amended on 1st August 2004)

Inception date

Accounting currency ISIN/ Allocation of income Maximum operating and management fees including taxes Max. subscription not paid to the fund fee paid to the fund Maximum redemption fee

EUR FR0010008250 Accumulation

FR0010008268 Distribution

FR0010903575 Capitalisation

0.35%*

0.60%*

None

not paid to the fund

None

paid to the fund

None

Performance fee including taxes From 1st July 2010 Minimum share fraction Minimum initial/subsequent subscription Initial net asset value

30% over Capitalized Eonia +0.75% a year

30% over Capitalized Eonia +0.5% a year

One hundred-thousandth

One ten-thousandth

e50 000/None

One share/None

e762.25

e100

Net asset value calculation

Daily

Cut-off time

12:30pm

* of average net assets.

DISCLAIMER

This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, distributed or disclosed to third parties, in whole or in part, without the prior written authorization of Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for information purposes. It is a presentation created and prepared by Natixis Asset Management based on sources which it deems to be reliable. Natixis Asset Management reserves the right to amend the information in this document at any time without notice, particularly with regard to the description of the investment processes, which under no circumstances constitutes a commitment on the part of Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of information in this document, nor for any use that a third party might make of such information. The Fund is authorized for sale in France and possibly in other countries where such sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees associated with investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management on request. The prospectus must be supplied to the investor prior to subscription. The risk indicators mentioned in this document are described in detail on the website at: www.am.natixis.com. Non-contractual document, compiled in August 2010. Natixis Asset Management - Société anonyme au capital de 50 434 604,76 euros - RCS Paris 329 450 738 - Agrément AMF n° GP 90-009 21, quai d’Austerlitz - 75634 Paris Cedex 13 -Tel : +33 1 78 40 80 00

www.am.natixis.com

PERFORMANCE

Natixis Performance Active Allocation An active allocation benefiting from a dual approach: fundamental and quantitative

o Multiple strategies to adapt to all market configurations Natixis Performance Active Allocation benefits from a process combining strategies which seek to generate performance whatever the market context. Natixis Performance Active Allocation aims to achieve an annual performance that is 2 % higher than capitalized EONIA for I shares net of fees (1.60 % for R shares) over a recommended investment period of two years. To that end, the investment team deploys a wide range of strategies, directional positions (long or short) and arbitrage positions. The fund’s investment universe covers: n all asset classes (equities, bonds, currencies, commodity indices, etc.), n all geographic regions (Europe, United States, Japan, emerging markets).

o Two complementary and autonomous approaches to generate performance Natixis Performance Active Allocation comprises two independently managed engines, whose allocation in the portfolio is balanced. In each “pocket”, the managers identify the many investment opportunities on the basis of quantitative, fundamental or technical analysis signals. These strategies are then calibrated in accordance with their contributions to the fund’s overall risk and monitored daily. n The first engine is managed in accordance with a fundamental approach of the “Global Macro” type. The manager bases his investment decisions on various types of analysis, which can be combined or used separately: macroeconomic analysis, technical analysis, flows and psychology, valuation of markets and momentum. The manager’s decision-making is discretionary and the positions are calibrated in terms of VaR (Value-at-Risk). n The second engine bases its strategies on a quantitative analysis confirmed by a discretionary analysis. An internally developed tool is used to detect the main market trends in a systematic way. Once identified, the strategies in this “Quant” pocket are implemented on a discretionary basis by the manager. The positions are calibrated using an optimization process which allows a balanced and robust allocation of risk budgets.

KEY POINTS n Access to multi-asset class strategies within an active allocation framework n Two engines of performance: one fundamental, the other quantitative n A portfolio invested in liquid, passive and pure vehicles (ETFs, futures contracts).

OVERVIEW Performance target net of fees I share: EONIA + 2.00 %/year R share: EONIA + 1.60 %/year Investment universe Diversified (equities, bonds, currencies, commodities, etc.)

o A discretionary allocation between strategies structured around risk management

Benchmark Capitalized EONIA

The investment team manages the allocation between the two engines on a discretionary basis so as to obtain a balanced distribution of the risk budgets allocated to the various sources of performance.

Minimum recommended investment period 2 years

Similarly, the allocation manager is in charge of overall risk management: he aims to contain the maximum loss risk (maximum draw-down) below a 5 % limit (with a probability of 95 %). He also ensures that the main investment constraints are complied with:

Fixed income strategies

Range of sensibility included between -8 et +8.

Equities strategies

Exposure included between -50 % / +50 % of the asset of the fund.

Currencies strategies

Exposure included between -40 % / +40 % of the asset of the fund.

Risk indicator Maximum loss (maximum drawdown) less than 5 % with a probability of 95 % (on an indicative basis)

Intended for professional clients only (as defined by teh MiFID)

Natixis Performance Active Allocation The investment team Both approaches within the portfolio are complementary because of four major elements of differentiation: the horizon of investment, the technique of management, the type of positions and the construction of the positions.

The Natixis Performance Active Allocation fund is managed within Natixis Asset Management’s Global Asset Allocation & ALM division. This team comprises 26 portfolio managers and seven analysts, with globally e24,5 billion of assets under management as of 30 June 2010 (source: Natixis Asset Management). It deploys a wide range of expertise: Benchmarked diversified management, Employee Savings schemes, Absolute return management, Modeling and Strategy, Insurance management & Liability Driven Investments (LDI). The investment teams benefit from an extensive and dynamic view of asset classes, geographic regions and vehicles within a controlled risk framework.

GLOBAL MACRO Engine

QUANTITATIVE Engine

Investment horizon

Combination of longterm positions (6/12 month) and short term ones (< 1 month)

Mid term positions (3/6 months)

Approach

Discretionary Essentially top-down

Systematic Exclusively bottom-up analyzing every market independently of the others

Type of positions

Opportunists and selective Essentially directional

Widely diversified Relative value are privileged

Management Company

Construction of positions

Calibration in VaR Depending on the conviction degree of the portfolio manager

Calibration through an optimization Accent put on the regularity and the diversification

UCITS Compliant

Risk management In view of the fund’s multiple investment strategies, there are various risks associated with Natixis Performance Active Allocation (equity, interest rate, credit, emerging market exposure, foreign exchange, etc.) which can give rise to a risk of capital loss. To control these risks, the managers of the fund ensure that a balance is maintained among the strategies. Since the emphasis is on diversifying sources of performance, each strategy is associated with an asset class and a type of position (directional or arbitrage) which individually generates a moderate risk in the portfolio. On an indicative basis, the managers ensure compliance with a maximum risk level that is calculated and monitored in such a way that the total of the consumed risk (drawdown or loss observed on the highest net asset value since the inception of the fund) and the anticipated risk (ex-ante VaR, or loss estimate) is below 5 %, with a probability of 95 %.

FUND FEATURES I Share Legal form

R Share

Natixis Asset Management French mutual fund (FCP) Yes

Inception date

6 march 2009

Accounting currency ISIN / Allocation of income

EUR FR0010688812/ Accumulation

FR0010693044/ Accumulation

0.60 %*

1 %*

not paid to the fund Maximum subscription fee paid to the fund

0 %**

2 %**

None

not paid to the fund

None

Maximum operating and management fees including taxes*

Maximum redemption fee paid to the fund Maximum indirect fees

Performance fee including taxes** Minimum share fraction Minimum initial subscription / subsequent Initial Net Asset Value Net Asset Value calculation Cut-off time

30 % of the perfor30 % of the performance above Eonia mance above Eonia capitalised capitalised + 200 bps per year*** + 160 bps per year*** One ten-thousandth e 50,000 / None

None

e 50,000

e 100

Weekly (Friday) D-1, 11:00

* Basis: net asset. ** Excluding any exoneration. *** After substracting management and operating fees and expenses.

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in July 2010. Natixis Asset Management - Registered Office: 21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

PERFORMANCE

Natixis Performance Swap Arbitrage In search of positive performance through arbitrage strategies on interest rate swaps

o Non-directional strategies Over an investment period of 2 years, Natixis Performance Swap Arbitrage aims to attain an annual performance higher than Eonia + 2%, after operating and management fees (I share), while remaining within predefined risk parameters (target volatility of 3%). The investment team implements three types of swap curve arbitrage strategies, all duration neutral with no currency risk. These arbitrage positions are reached through interest rate swaps, off balance sheet derivative instruments, which are standard and liquid. The fund’s cash is mostly invested in debt securities and money market instruments.

o Benefit from opportunities on swap curves from selected countries Natixis Performance Swap Arbitrage’s investment philosophy is based on a simple observation: fixed income markets are inefficient by nature. The diversity of players, each with diverging objectives and constraints, creates different expectations with regards to the evolution of swap curves. These differences result in arbitrage opportunities within or between yield curves. The fund benefits from these opportunities through duration neutral arbitrage strategies on 10 swap curves from selected OECD countries*. The investment team has developed an expertise on interest rate swaps, specifically on spot rate spreads (spread between 2 spot rates) and forward rate spreads (spread between 2 future rates anticipated by the market).

Spot swap yield curve

1 year forward swap yield curve

Yield

5-10 spot yield spread

KEY POINTS n Innovative, complementary, and duration neutral arbitrage strategies with no currency risk n Interest rate swaps: standard and liquid instruments n A discretionary investment process based on quantitative tools facilitating the detection of a very large number of arbitrage opportunities

OVERVIEW Target return Annual performance net of operating and management fees above Eonia capitalized + 2% (I share)

Yield

Yield spread between a 5 year spot swap and a 10 year spot swap

4,0%

2,0%

5-10 forward yield spread

Yield spread between a 5 year forward swap and a 10 year forward swap

4,0%

2,0% Maturity (Years) 5

Maturity (Years)

Source : Natixis Asset Management, graphique à titre d’illustration

o Diversified sources of performance The fund studies a wide universe in order to identify opportunities for alpha creation. Natixis Asset Management has developed in-house quantitative tools allowing the detection of investment opportunities on a very large number of rate spread combinations (10 swap curves, spreads ranging from very short to very long maturities, several forward expiries). After a quantitative screening, the investment team selects the best opportunities on a discretionary basis. The portfolio combines 3 types of strategies: n short term anticipations on the convergence or the divergence between forward and spot rate spreads n medium term trend following strategies, capitalizing on lags between spot and forward rate spreads n long-term repulsion strategies, in situations where rate spreads reach their historical boundaries.

Investment universe Interest rate swaps of selected OECD countries*, and Euro denominated debt securities and money market instruments Benchmark Eonia capitalized Minimum recommended investment period 2 years Risk indicator Target annual volatility of 3%

* Australia, Canada, Switzerland, Euro zone, Japan, New-Zealand, United-Kingdom, Sweden, Norway, United States

Intended for professional clients only (as defined by the MiFID)

Natixis Performance Swap Arbitrage INVESTMENT TEAM n Swap curve: yield curve made up of different points corresponding to swap rates for different maturities. An interest rate swap is an over-the-counter contract that allows the exchange of one interest rate for another. n Spot rate: rate corresponding to market expectations for an immediate transaction. n Forward rate: rate anticipated by the market for a transaction which will begin at a future point in time. n Rate spread: spread between two rates, spot or forward.

The fixed income investment team of Natixis Asset Management comprises 40 specialised managers with total assets under management of e 160.7 bn for this asset class as of 30 June 2010. An investment team specialized in interest rate swaps is responsible for the management of Natixis Performance Swap Arbitrage. This team works closely with the quantitative fixed income analysts, which ensure technological support and regularly develop new systems. Source: Natixis Asset Management.

FUND FEATURES I Share Management Company Legal form

RISK MANAGEMENT Natixis Performance Swap Arbitrage is mainly exposed to an arbitrage risk, whitch depends on the portfolio management team’s ability to correctly anticipate the future relative variations in international fixed income markets. To manage this risk, the team constantly takes into account a target weekly Value at Risk (VaR) of 0.70% with a 95% confidence interval, which corresponds to a target annual volatility of 3%. At all times, the team balances its VaR allocation between the different strategies, favouring positions with low historical correlations and combining tactical and strategic positions. The fund aims to be duration neutral and has therefore little exposure to interest rate markets.

R Share

Natixis Asset Management French mutual fund (FCP)

UCITS compliant

Yes

Inception date

12 september 2008

Accounting currency ISIN/Allocation of income Maximum operating and management fees including taxes

EUR FR0010654921/ Accumulation

FR0010657924/ Accumulation

0.60%*

1%*

Maximum subscription fee

not paid to the fund

None

2%**

paid to the fund

None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

Performance fee including taxes** Minimum share fraction

30% of the performance 30% of the performance above Eonia capitalised above Eonia capitalised + 200bps per year*** + 160bps per year*** One ten-thousandth

Minimum initial subscription

e 50,000

None

Intitial Net Asset Value

e 50,000

e 100

Net Asset Value calculation Cut-off time

Daily D 12:30pm (CET)

* Basis : net assets ** Excluding any exoneration *** After substracting management and operating fees and expenses

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com. Non contractual document, written in July 2010. Natixis Asset Management - Registered Office :21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

Additional Notes This material has been prepared by Natixis Asset Management. The funds mentioned in this material are not registered or authorized in all jurisdictions and may not be available to all investors in a jurisdiction. The provision of this material does not constitute an offer of services, nor an offer or recommendation to purchase or sell shares in any financial instrument. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing. In the case of a fund, these can be found in the fund’s prospectus or offering memorandum, which should be read carefully before investing. If you would like further information about any of the funds, including charges, expenses and risk considerations, contact the sender of this document or your financial advisor for a free prospectus, simplified prospectus, copy of the Articles of Incorporation, the semi and annual reports, and/or other materials and translations that are relevant to your jurisdiction. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. In certain cases, this material is provided by one of the Natixis Global Associates entities listed below to its clients who qualify as Professional Clients or Qualified Investors. Natixis Global Associates is the global distribution organization of Natixis Global Asset Management, the holding company of a diverse line-up of specialised investment management and distribution entities worldwide. Although Natixis Global Associates believes that the information provided in this material to be reliable, it does not guarantee the accuracy, adequacy, or completeness of such information. • In the E.U. ((outside of the UK): This material is provided to the investment service provider or other Professional Client or Qualified Investor who has requested it by Natixis Global Associates S.A. or one of its branch offices listed below. Natixis Global Associates S.A. is a Luxembourg management company that is authorized by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered under n. B 115843. Registered office of Natixis Global Associates S.A.: 2-8 Avenue Charles de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg. France: Natixis Global Associates International (n.509 471 173 RCS Paris). Registered office: 21 quai d’Austerlitz, 75013 Paris. Italy: Natixis Global Associates S.A. Succursale Italiana (Bank of Italy Register of Italian Asset Management Companies no 23458.3). Registered office: Via San Clemente, 1 - 20122, Milan,MI, Italy. Germany: Natixis Global Associates S.A., Zweigniederlassung Deutschland (Registration number: HRB 88541). Registered office: Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt am Main 60322, Germany.. • In the UK: This material is provided by Natixis Global Associates UK Limited which is authorised and regulated by the UK Financial Services Authority (register no. 190258). 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