Ze Book 02.2009_EN by Clémence Derennes

ZE BOOK

Product profiles fEBRUARY 2009

Money market Fixed income Equities Absolute return Alternative Balanced

money market

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

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.

ctive management of modified duration combined with A rigorous security selection criteria

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

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.

overview

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).

Investisment universe Euro-denominated securities issued or guaranteed by euro zone member states

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.

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

Benchmark Eonia 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 second-largest European player in cash management*. The money market management team comprises twelve managers and two financial engineers managing assets of € 70,8 billion for this asset class at end-September 2008. The team is very stable, with an average length of service of 13 years and a consistent track record for over ten years. * Source: Feri Fund Market as of 30/06/2008.

Fund features 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. The risk control team performs a triple check every day:

Maximum operating and management fees

n Liquidity monitoring Liquidity control takes account of the residual lifespan and quality of assets compared to the liabilities. n Credit risk control Indicators used include the average default score, average lifespan, geographic and sector diversification thresholds, etc. n Counter-valuation The Risk Department performs a daily countervaluation of the accounting valuations.

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 January 2009. 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 48 228 000.36 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

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

igh level of credit quality and short lifespan of securities H held in the portfolio

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

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). Natixis Cash A1P1 is monitored on a daily basis by the Risk Department (compliance with different ratios, independent valuation, etc.).

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

rigorous management process and high degree of A 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

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 second-largest European player in cash management*. The money market management team comprises twelve managers and two financial engineers managing assets of € 70.8 billion for this asset class at end-September 2008. The team is very stable, with an average length of service of 13 years and a consistent track record for over ten years. * Source: Feri Fund Market as of 30/06/2008

Fund features I Share Management company

Natixis Asset Management

Legal form

French mutual fund (FCP)

UCITS compliant

Yes

Inception date

11 August 2004

Risk management

Accounting currency

The main risks of the fund are interest rate and credit risks.

Maximum operating and management

n Liquidity monitoring Liquidity control takes account of the residual lifespan and quality of assets compared to the liabilities.

EUR

ISIN/Allocation of income

FR0010322438/Accumulation

including taxes Maximum subscription fee

Maximum redemption fee

0.12%*

not paid to the fund

None

paid to the fund

None

not paid to the fund

None

paid to the fund

None

n Credit risk control Indicators used include the average default score, average lifespan, geographic and sector diversification thresholds, etc.

Performance fee including taxes

n Counter-valuation The Risk Department performs a daily countervaluation of the accounting valuations.

None

Minimum share fraction

One thousandth

Minimum subscription

€ 500,000

Initial Net Asset Value

€ 100

Net Asset Value Calculation

Daily

Cut-off time

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 December 2008. Natixis Asset Management - A French limited company (société anonyme) with share capital of €48,153,738.96 - Paris Registry of Companies (RCS Paris) 329 450 738 AMF certification no. GP 90-009 - 21, quai d’Austerlitz - 75634 Paris Cedex 13 -Tel: +33 1 78 40 80 00

www.am.natixis.com

money market

Natixis

Cash

Remunerate overnight cash within the framework of Socially Responsible Investment

performance close to that of Eonia in a Socially A Responsible Investment (SRI) universe Natixis Impact Cash aims to achieve a performance (net of management fees) close to that of Eonia by investing in companies and states meeting SRI criteria. The investment team invests in French and foreign short term debt instruments and similar money market securities of all types.

anagement of modified duration through fixed rate/variable M rate allocation The Natixis Impact Cash investment team relies on the core scenario drawn up by Natixis Asset Management’s Macro-economic and Money Market Committees. Based on an analysis of the market data on the actual and forecast euro yield curve, the team determines interest rate forecasts 1 month and 3 months out. Depending on expectations on the Central Banks’ monetary policies and on fluctuations in the yield curve, the investment team decides on an optimum allocation between fixed and variable rates. The portfolio is managed within a modified duration range of 0 to 0.125.

n A Socially Responsible money market portfolio n Active management of fixed rate/ variable rate allocation n Rigorous stock-picking

overview Investment universe Short term money market instruments of public and private issuers meeting Socially Responsible Investment criteria

1 - Fixed rate/variable rate allocation • Macroeconomic scenario • Expectations on Central Banks' monetary policies

Portfolio construction Financial research

key points

Extra-financial research • Investment universe • Eligibility of issuers and counterparties

2 - Issuer selection

Rigorous selection of SRI issuers

Benchmark Eonia Minimum recommended investment period 1 day Risk indicator Modified duration of 0 to 0.125

Natixis Impact Cash holds French and foreign short term debt instruments and similar money market securities of all types. The investment team selects mainly private issuers (up to 100% of the fund’s assets) and relies on the recommendations issued by the extra-financial and credit analysis team (comprised of 18 analysts) which focuses on two qualitative criteria he issuer’s credit quality (securities issued by entities with a minimum rating of A- (Standard T & Poor’s/Fitch) or A3 (Moody’s). The SRI criteria analysed for each issuer according to a cutting-edge, innovative extrafinancial research process perfected by Natixis Asset Management.

Intended for professional clients only

NATIXIS IMPACT brand gathers all Natixis Asset Management's open-end funds managed with an SRI approach.

Natixis

Cash

Investment team SRI analysis at Natixis Asset Management The extra-financial and credit research teams of Natixis Asset Management, comprised of 18 analysts, assess issuers with regard to the three Environmental, Social and Governance criteria. Within the team, two engineers identify, measure and categorize relevant and material criteria for each business sector. Once the material criteria have been identified for a given sector, the SRI analysts use external and internal data sources to issue quantitative, qualitative and prospective recommendations for each security.

Natixis Asset Management is the second largest European player in money market management*. The money market investment team comprises 12 specialised money market managers and two analysts with €70.8 billion in assets under management for this asset class**. The team of specialists covers a broad spectrum, including all areas of money market management with funds that have achieved remarkably consistent performances over more than ten years. * Source: FERI Fundfile June 2008 ** Source: Natixis Asset Management au 30/09/2008

FUND FEATURES R Share

Risk management Natixis Impact Cash is exposed to two main risks: n A limited credit risk related to the rating of the securities eligible for the portfolio and their short lifespan. n A limited interest rate risk related to the fund’s investment strategy. The portfolio is managed with a modified duration range of 0 to 0.125. The risk control team performs a triple check on a daily basis: n Liquidity monitoring Liquidity control takes account of the residual lifespan and quality of assets held in the portfolio. n Credit risk control Indicators used include the average score, average lifespan, geographic and sector diversification thresholds, etc. n Counter-valuation The Risk Department performs a daily countervaluation of the accounting valuations.

Management Company

Natixis Asset Management

Legal form

French mutual fund (FCP)

UCITS compliant

Yes

Inception date

4 September 2003

Accounting currency

EUR

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

FR0010008003/Accumulation 0.5%*

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/subsequent subscription

None One ten thousandth One share/One share

Initial Net Asset Value

l 100

Net Asset Value calculation

Daily

Cut-off time

D 12.30pm (CET)

* Basis: 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, 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 December 2008. 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 48 228 000.36 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

chieving a performance close to Eonia over a period of a 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.

igorous portfolio construction to actuate two performance R engines 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. 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). Lastly, the fund is monitored on a daily basis by the Risk Department (compliance with different ratios, independent valuation, etc.).

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.

Natixis Asset Management is the second-largest European player in cash management*. The money market management team comprises twelve managers and two financial engineers managing assets of € 70.8 billion for this asset class at end-September 2008. The team is very stable, with an average length of service of 13 years and a consistent track record for over ten years. * Source: Feri Fund Market as of 30/06/2008.

Fund features I Share

R Share

Management company

Natixis Asset Management

Legal form

French mutual fund (FCP)

UCITS compliant

Yes

Inception date

3 September 2003

Accounting currency

Risk management The main risks of the fund are interest rate and credit risks. n Liquidity monitoring Liquidity control takes account of the residual lifespan and quality of assets compared to the liabilities.

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

n Credit risk control Indicators used include the average default score, average lifespan, geographic and sector diversification thresholds, etc. n Counter-valuation The Risk Department performs a daily countervaluation of the accounting valuations.

Net Asset Value calculation

Minimum share fraction

0.10% 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)

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 January 2009. Natixis Asset Management – A French limited company (société anonyme) with share capital of €48,228,000.36 – Paris Registry of Companies (RCS Paris) 329 450 738 AMF certification no. GP 90-009 - 21, quai d’Austerlitz - 75634 Paris Cedex 13 -Tel: +33 1 78 40 80 00

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

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

A special focus on the quality of investments

k e y p oints n An original positioning: indexation to Euribor 3-month n AA+/V1 Fitch rating 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 short-term bonds. To diversify the portfolio, the investment team may also invest in short-term (ABCP) and medium-term (ABS – AAA tranches only) securitisations. The unit trust may also use credit derivatives (CDS) for hedging purposes, or to gain exposure 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. Lastly, Natixis Tréso Euribor 3 mois is monitored on a daily basis by the Risk Department (compliance with different ratios, independent valuation, etc.).

A rigorous investment process and a high degree of liquidity 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. 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

overview Investment universe Debt securities, issued mainly by private Investment Grade issuers Benchmark Eonia capitalised Minimum recommended investment period 3 months Risk indicator Modified duration between 0 and 0.25

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 second-largest European player in cash management*. The money market management team comprises twelve managers and two financial engineers managing assets of € 70.8 billion for this asset class at end-september 2008. The team is very stable, with an average length of service of 13 years and a consistent track record for over ten years. * Source: Feri Fund Market as of 30/06/2008.

Fund features I Share Management company

Natixis Asset Management

Legal form

French SICAV

UCITS compliant

Yes

Inception date

5 June 1989

Accounting currency

Risk management The main risks of the fund are interest rate and credit risks.

ISIN/Allocation of income

FR0000293714/Accumulation

Maximum operating and management fees including taxes Maximum subscription fee

n Liquidity monitoring Liquidity control takes account of the residual lifespan and quality of assets compared to the liabilities.

EUR

Maximum redemption fee

0.25%*

not paid to the fund

None

paid to the fund

None

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 One share e 15,244.90 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 December 2008. Natixis Asset Management – A French limited company (société anonyme) with share capital of €48,153,738.96 – Paris Registry of Companies (RCS Paris) 329 450 738 AMF certification no. GP 90-009 - 21, quai d’Austerlitz - 75634 Paris Cedex 13 -Tel: +33 1 78 40 80 00

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

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

KEY POINTS n A privileged access sovereign bonds from the euro zone with maturity ranging from 1 to 3 years n Acknowledged expertise in active interest rate management

strategy relying on Natixis Asset Managementâ&#x20AC;&#x2122;s fixed A 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 3 added value strategies: relative value, duration and yield curve

conclusions of the Macroeconomic Research strategists; 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; 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.

Euro zone sovereign bond product range by maturity

Maturity 10 yrs

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

7 yrs

OVERVIEW

Natixis Souverains Euro 7-10 Natixis Souverains Euro 5-7

5 yrs

Natixis Souverains Euro 3-5

3 yrs

Natixis Souverains Euro 1-3

1 yrs 0,5

4,5

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

Modified duration

Benchmark EuroMTS 1-3

n index based investment process focusing on 3 sources of A added value 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; 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; 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

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 39 specialised fund managers* managing total assets of €197.2 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 31/12/2008 **as of 30/09/2008.

Sector Teams

Macroeconomic research

Duration

Yield curve

Relative Value

Technical analysis

Analysis of key macroeconomic factors and of the situation on fixed income markets Government Bond Committee Step 1

Selection and prioritization of asset classes and strategies According to expected returns and strength of team's conviction

Step 2

Model portfolio construction

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

Fund manager

Step 3

Compliance with leeway

Conception of real portfolio

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.

Volatility

FUND FEATURES I Share

R Share

Management company

Natixis Asset Management

Legal Form

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 January 2009. 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 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° 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

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

key points n A privileged access sovereign bonds from the euro zone with maturity ranging from 7 to 10 years n Acknowledged expertise in active interest rate management

strategy relying on Natixis Asset Managementâ&#x20AC;&#x2122;s fixed A income expertise 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 3 added value strategies: relative value, duration and yield curve

Euro zone sovereign bond product range by maturity

Maturity 10 yrs

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

7 yrs

OVERVIEW

Natixis Souverains Euro 7-10 Natixis Souverains Euro 5-7

Investment universe Sovereign bonds from the euro zone with maturity ranging mostly from 7 to 10 years

5 yrs

Natixis Souverains Euro 3-5

3 yrs

Natixis Souverains Euro 1-3

1 yrs 0,5

4,5

Modified duration

Intended for professional clients only

Benchmark 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 39 specialised fund managers* managing total assets of €197.2 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 31/12/2008 **as of 30/09/2008.

Sector Teams

Macroeconomic research

Duration

Yield curve

Relative Value

Technical analysis

Analysis of key macroeconomic factors and of the situation on fixed income markets Government Bond Committee Step 1

Selection and prioritization of asset classes and strategies According to expected returns and strength of team's conviction

Step 2

Model portfolio construction

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

Fund manager

Step 3

Compliance with leeway

Conception of real portfolio

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.

Volatility

FUND FEATURES Management company

Natixis Asset Management

Legal Form

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

None One ten-thousandth

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

e 10,000 e 1,524.49 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 January 2009. 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 48 228 000.36 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 government bonds

A fund dedicated to eurozone government 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.

n active conviction-based strategy relying on Natixis Asset A Managementâ&#x20AC;&#x2122;s expertise in bond markets

key points n A â&#x20AC;&#x153;pureâ&#x20AC;? eurozone government bond product n Acknowledged expertise in active interest rate management n Multiple sources of added value

The Natixis Souverains Euro management team relies on complementary inputs produced by different teams allowing the ranking of the strategies applied to the portfolio: conclusions of the Macroeconomic Research strategists; 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: Government Bond management, Insurance management, Trading Desk, financial strategists and economists; 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 leeway.

An investment process focusing on 4 sources of added value The fund's management process relies mainly on 4 sources of added value to meet its objective: 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; 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); 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 of the different eurozone countries; diversification: mainly through inflation-indexed bonds to improve the risk/return ratio and benefit from inflationary tensions in the government bond markets.

Intended for professional clients only

overview Investment universe Bonds and other negotiable debt securities from the eurozone Benchmark JP Morgan EMU Global Minimum recommended investment period 3 years Risk indicators Ex ante tracking-error of 1% (3.5% maximum by way of indication only) A target modified duration between 3 and 9, maximum 1 and 12

Natixis Souverains Euro investment team The bond management team of Natixis Asset Management comprises 39 specialised fund managers* managing total assets of €197.2 billion for this asset class**. 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. Source: Natixis Asset Management *as of 31/12/2008 **as of 30/09/2008.

Macroeconomic research

Sector Teams Duration

Yield curve

Relative Value

Technical analysis

Inflation

Analysis of key macroeconomic factors and of the situation on fixed income markets Government Bond Committee Phase 1

Selection and prioritization of asset classes and strategies According to expected returns and strength of team's conviction

Phase 2

Model portfolio construction

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

Fund manager

Phase 3

Compliance with leeway

Conception of real portfolio

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 and 12.

Volatility

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%*

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

None One ten-thousandth

Minimum initial subscription

e 100,000

None

Initial Net Asset Value

e 100,000

e 152.45

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 January 2009. 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 48 228 000.36 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

The attractiveness of inflation-linked bonds Natixis Inflation Euro aims to gain capital appreciation 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: by construction, they offer protection against rising inflation; 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; 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 p oint s 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

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.

Lhe es 4 components T

The forward indicators

Energy

Oil price, €/$ 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.

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: exposure to real interest rates; position on the real yield curve; arbitrage between inflation rates (eg. French inflation vs. euro zone inflation); exposure to nominal rates; 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.

The bond management team of Natixis Asset Management comprises 39 specialised fund managers* managing total assets of €197.2 billion for this asset class**. 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 *as 31/12/2008 **as of 30/09/2008.

Breakeven = Nominal rates – Real rates

fund features I Share

R Share

Management company

Natixis Asset Management

Risk management

Legal form

French mutual fund (FCP)

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.

Inception date

UCITS compliant

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

None

3%**

paid to the fund

None

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

Maximum redemption fee

Performance fee including taxes Minimum share fraction

None One ten thousandth

Minimum initial subscription

€ 100,000

None

Initial Net Asset Value

€ 1,524.29

€ 28.501025

Net Asset Value calculation Cut-off time

Daily D 12:30pm (CET)

* Basis: net assets (including 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 January 2009. 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 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

GOVERNMENT BONDS

Natixis Nord-Sud Développement Benefit from global bond performance while promoting infrastructure projects and growth in developing countries, as well as helping under-privileged populations to access credit

Combine performance with solidarity Natixis Impact Nord-Sud Développement aims to outperform the JP Morgan Government Bond Index Global All Maturity Hedged index calculated in euros and hedged for forex risk. The fund supports sustainable development via 3 investment areas: supranational institutions, emerging market bonds and microcredit institutions, which provide credit to the most under-privileged segment of society excluded from traditional financial institutions. Natixis Impact Nord-Sud Développement thus combines performance with solidarity.

n active investment style that benefits from four sources A of performance The team uses an active investment strategy with 4 sources of performance: exposure to interest rate risk yield curve positioning currency management opportunistic diversification on emerging market bonds.

n investment process based on an ethical investment A universe The fund is invested mainly in bonds (a minimum of 75%) issued by supranational institutions such as the World Bank or the European Bank for Reconstruction and Development Bank (EBRD). The fund authorises exposure of up to 10% in emerging market securities issued on international markets.

Solidarity investment at every stage of the process Fixed-income Committee

Emerging markets Committee

Ethics Committee

Supranational institutions

Emerging market bonds

Microcredit institutions

75% to 100% of assets

0% to 10% of assets

International aid

National aid

Local aid

KEY POINTS n Natixis Impact Nord-Sud Développement combines the performance of global bonds with solidarity towards developing countries n A successful achievement since 1985: Natixis Asset Management has more than 20 years’ experience in selecting ethical projects n An original fund with a Finansol* label since 2006 *French organisation that guarantees the transparency of collective investment schemes (OPCVM) and their respect for solidarity criteria.

OVERVIEW Investment universe Global bonds Benchmark JP Morgan Governement Bond Index Global All Maturity hedged in euro Minimum recommended investment period 2 years Risk indicator Modified duration between 2 and 8

Emerging market universe is filtered via the Worldwide Governance Indicators -WGI Indexwhich analyse 6 criteria for 212 countries, namely democracy, political stability, government effectiveness, regulatory quality, rule of law and control of corruption. Furthermore, the fund’s investments, which are controlled by the ethical committee, assist in concrete development projects by financing microcredit institutions in South America, Asia, Africa, and, since 2005, in Eastern Europe. The purpose of this exposure is not to optimise portfolio yield, but to achieve the ethical aspect of the investment. Foreign exchange risk coud represent 20% (maximum) of the fund's net assets. The Finansol label garantees the solidarity and transparency of Natixis Impact Nord-Sud Développement - www.finansol.org.

Intended for professional clients only

NATIXIS IMPACT brand gathers all Natixis Asset Management's open-end funds managed with an SRI approach.

Natixis Nord-Sud Développement INVESTMENT TEAM Aid for financing the post-tsunami reconstruction of Sri Lanka. Since inception, Natixis Impact Nord-Sud Développement has been financing various solidarity projects. For instance, the fund took part in the € 70 million financing package granted to Sri Lanka by the European Investment Bank (EIB) for post-tsunami reconstruction. This helped to finance small and medium enterprises and industries to build new homes for the local population, as well as infrastructure projects for developing telecommunications, agriculture, energy and tourism in the country. At the end of June 2008, the fund had invested approximately € 8 million in four separate EIB projects. * The EIB was established by the Treaty of Rome to help achieve European Union objectives by providing long-term finance for viable investment projects. Its shareholders are the member states, whose finance ministers make up the Board of Governors.

Natixis Asset Management is a European pioneer in solidarity and socially responsible investment with total assets under management of € 3.6bn for this asset class (at end December 2008). Since 1985 the fund has been managed by specialised committees such as the Emerging Markets Committee, a multidisciplinary team composed of strategists, economists and fixed income fund managers. Our investment team also relies on the expertise of the18 analysts of the Extra-financial and Credit Research Department who analyse issuers according to Environnemental, Social and Governance criteria.

FUND FEATURES I Share Management company

RISK MANAGEMENT The main risk related to the SICAV is the interest rate risk linked to the solidarity investments. The ethics committee is a multi-departmental board covering both the financial and ethical dimensions. Natixis Asset Management has developed true expertise in the selection of projects for financing. Each case is studied and selected by the Ethical Committee before ratification by the fund’s board of directors. The fund’s censors are grass-roots specialists who know the players and have experience in solidarity projects. Financial expertise

Directors representatives of the major French financial institutions(1)

Natixis Impact Nord-Sud Développement Ethical guarantee

Censors from NGOs and charity organisations(2)

(1) List of directors (legal entities): Caisse des dépôts, CNCE, Natixis Asset Management, BNP Paribas, and Natixis. (2) List of censors: La Société d’Investissement et de Développement International, La Mutualité d'Outre Mer, Frères des Hommes, SOS Sahel International France, and Comité français de solidarité internationale.

R Share

Natixis Asset Management

Legal form

French SICAV

UCITS compliant

Yes

Inception date

25 May 1984

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

EUR FR0010532044 / Accumulation

FR0010532051 / Distribution

FR0010680561 / Accumulation

0.80%*

1.30%*

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

None

3%**

None

not paid to the fund

None

paid to the fund

None

Maximum redemption fee

Performance fee including taxes

None

Minimum share fraction

One ten thousandth

Minimum initial subscription

€ 100,000

None

Initial Net Asset Value

€ 152.45

€ 100

Net Asset Value calculation Cut-off time

Daily D 12pm (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 January 2009. 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 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF n° GP 90-009

www.am.natixis.com

C O R P O R AT E B O N D S

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

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.

Convertible bonds: attractive financial instruments

Convertible Bond Price

Convertible bonds allow to convert bonds to shares of an issuer according to a pre-determined 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 Convertible bond convexity in a similar way to the underlying stock "Bond" profile "Mixed" profile "Stock" profile (“equity” profile). Conversely, if the underlying stock has fallen sharply the convertible bond will perform just like a normal bond (“bond” profile). Mixed profile convertible bonds Bond value of the convertible bond (with a delta of between 15% and Impur : Natixis AM Stock Price 75%) are the most convex.

n investment process that optimises convertible bond’s A 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 fund portfolios corresponding to the desired 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: fundamental analysis of the issuers, with the added expertise of our Equities and Credit teams; technical analysis using proprietary models developed by the qualitative research team; valuation of the convertible by analysing its technical characteristics.

Intended for professional clients only

k e y p oint s 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 experience in the convertible bond market

overview Investment universe Euro-denominated convertible bonds from OECD issuers Benchmark Exane Convertible Index Euro (ECI) NDR Minimum recommended investment period 4 years Risk indicator Modified duration between 0 and 8 Average delta of between 30 and 60 (indicative range)

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 39 specialised managers* with total assets under management of € 197.2 bn for this asset class, including € 550 m on the convertible bond expertise**. 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, equities research and credit teams when selecting stocks. Source: Natixis Asset Management *as of 31/12/2008 **30/09/2008.

FUND FEATURES I Share Manager company

Natixis Asset Management

Legal form

RISK MANAGEMENT

Fund compliant

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 lowdelta 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.

Accounting currency

R Share

French mutal fund (FCP) Yes

Inception date

20 June 1996 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 January 2009. 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 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

C O R P O R AT E B O N D S

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

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.

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.

Convertible Bond Price

If the underlying share has risen sharply, the convertible bond will have a very high delta and therefore perform in Convertible bond convexity a similar way to the "Bond" profile "Mixed" profile "Stock" profile underlying stock (“equity” profile). Conversely, if the underlying stock has fallen sharply the convertible bond will perform just like a normal bond (“bond” profile). Mixed profile convertible bonds (with a delta of between 15% Bond value of the convertible bond and 75%) are the most Impur : Natixis AM Stock Price convex.

n investment process that optimises convertible bond’s A 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 fund portfolios corresponding to the desired European equity exposure. Shares are then selected through three complementary procedures: Fundamental analysis of the issuers, with the added expertise of our Equities and Credit teams; Technical analysis using proprietary models developed by the qualitative research teams; 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 Euro-zone 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 A target range of average delta aiming at the best global convexity (between 20 and 70, indicative range)

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

R Share

Management company

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

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

None e 100 Daily

D 12pm (CET)

* Basis: 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, 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 January 2009.

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 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF n° GP 90-009

www.am.natixis.com

EUROPEAN EQUITIES

Natixis Actions Europe Dividende Tapping the potential of European shares within the scope of a conviction-based strategy

High-dividend shares in original positioning Natixis Actions Europe Dividende is invested in high-dividend shares. Fund managers select shares they believe to be discounted or undervalued by the market in relation to their intrinsic value or equilibrium (value style), generating important cash flow that ensures regular high dividend payouts (high dividend style). The fund seeks to outperform the European equities market in a recommended 5-year investment period, but with less volatility. The investment process is based on conviction, using in-depth knowledge of the shares constituting the portfolio and a systematic valuation process.

key points n Conviction investing focused on high-dividend European equities n A clearly-defined investment process n A specialised team of fund managers with strong expertise in value investing

The importance of dividends in equity portfolio performance The investment team is convinced of the importance of dividend yield in the performance of European equity portfolios. Regular dividend payouts are a sign of a financially sound company. Various studies show that over a long period high-dividend equity portfolios outperform the equity market overall and are more resilient in bear markets.

overview Conviction investing to optimise yield and volatility

Investment universe European equities

The investment philosophy of Natixis Actions Europe Dividende identifies companies offering a high dividend, as well as a capacity to increase it further and a balance sheet structure that can finance dividends over time. The portfolio is made up of some 60 shares representing the teamâ&#x20AC;&#x2122;s strongest convictions. Within A universe of high-dividend shares the high-dividend universe, the investment process breaks down into 3 phases:

Benchmark MSCI Europe DNR

1- Uses quantitative and qualitative analysis to seek the best investment opportunities

Fundamental and quantitative financial analysis

2- Selects shares on the basis of in-depth knowledge of the companies in the portfolio and systematic valuations

Convictions

Risk indicator Volatility below or equal to that of MSCI Europe DNR

3- Constructs a portfolio taking care to ensure a good degree of sector and country diversification.

Share selection Diversification Portfolio construction

Intended for professional clients only

Minimum recommended investment period 5 years

Natixis Actions Europe Dividende INVESTMENT TEAM The fund managers combine a three-fold approach when selecting Natixis Actions Europe Dividende shares: high gross yield of 100 bp above the market average, a two-year dividend growth perspective and a healthy balance sheet for a company that makes moderate use of leverage. Nevertheless, the team has some leeway depending on the configurations and/or market forecasts.

The Equity Division of Natixis Asset Management comprises 35 fund managers* with a broad range of expertise, managing assets of € 35,9 bn**. 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 specialist managers who have designed a complementary range of three funds in different approaches: growth (Natixis Euro Actions Croissance), value (Natixis Actions Euro Value) and high-dividend (Natixis Actions Europe Dividende). * Source: Natixis Asset Management at 11/30/2008. ** Source: Natixis Asset Management at 09/30/2008.

Gross dividend yield

RISK MANAGEMENT nd de ivi ity) d ble solid na tai cial s Su inan (f

Investment area

Dividend growth

The fund is mainly subject to equity market risk. Many studies demonstrate that a high-dividend strategy performs well over a long period but is subject to certain specific risks. It may underperform in exceptional circumstances, such as the 1998-2000 Internet bubble. The valuation of high-dividend equities also depends on interest rates: a low interest rate environment is more favourable to this type of strategy. This strategy can lead to sector and country bias. Fund managers measure and correct this bias when necessary, according to their macroeconomic anticipations.

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 initial charge paid to the fund not paid to the fund Maximum redemption fee paid to the fund Performance fee including taxes Minimum share fraction Minimum subscription Initial Net Asset Value Net Asset Value calculation Cut-off time *Basis: net assets.

R Share Natixis Asset Management French mutual fund (FCP) Yes 28 February 2008 EUR FR0010582478 / Accumulation FR0010573782 / Accumulation FR0010582494 / Distribution FR0010582510 / Distribution 1.10%* 1.80%* 3%** None None None 20% of performance above MSCI Europe One ten-thousandth € 1,000,000 One share € 100,000 € 100 Daily D 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 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 December 2008. 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 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

european EQUITIES

Natixis Life Quality Invest in an “Environment and Healthcare” thematic fund that deals with the major challenges of the 21st century

A response to the major issues of the 21st century Natixis Impact Life Quality is an “Environment and Healthcare” thematic fund that aims to outperform the European equity market over a minimum 5-year recommended investment period. Invested predominantly in a European investment universe (75% minimum), Natixis Impact Life Quality focuses on companies whose main activity is linked to environmental protection and, more broadly, life quality improvement. The fund is therefore set in sectors that provide concrete answers to some of the major issues of the 21st century: the demographic challenge with the problem of an ageing population in developed countries and the sharp demographic increase in emerging ones; the social challenge with the general aspiration for a better life quality; the environmental challenge with the depletion of natural resources as a result of an increasing global demand, climate change, ecological awareness in both public and private sectors, standards and regulations aiming to protect the environment.

Across the board understanding of sustainable development Since the world is facing numerous challenges, Natixis Impact Life Quality is not focused on a single sector but diversified into all areas that may potentially find lasting solutions to these issues. The investment team initially applies a thematic filter to sort the shares into 3 key investment areas: environmental services; renewable energy and energy efficiency; life quality improvement Key investment areas Environmental services Renewable energies and energy efficiency Healthcare and caring professions

Sectors community services, water treatment and recycling, waste management ... wind power, solar energy, and also energy savings, green construction, sustainable transports, sustainable agriculture... Pharmacy, biotechnologies, medical technologies, and also food industries …

Approximately 200 shares are selected at this stage. Specific analysis is then carried out based on various criteria such as the companies’ strategy and positioning, their competitive advantages and market share, and the legal framework in which they operate. The portfolio management team then uses financial analysis to validate this selection of innovative values and to create a portfolio of 40 to 60 shares. Finally, the portfolio is evaluated according to environmental, social and governance criteria (ESG) to ensure that the majority of companies in the portfolio are compliant with these. Considering the fund’s theme, special attention is paid to the environmental criteria.

Intended for professional clients only

Key points n A thematic approach compliant with ESG criteria n A large sector diversification n A growing investment universe turned to the future n A fund benefiting from the "SRI Thematic label" assigned by Novethic* * Novethic is a centre for Socially Responsible Investment resources and expertise.

overview Investment universe Shares and equity instruments from the EU (minimum 75%) and from the rest of the world (maximum 25%). Benchmark None. MSCI Europe could be used as a posteriori performance indicator. Minimum recommended investment period 5 years

NATIXIS IMPACT brand gathers all Natixis Asset Management's open-end funds managed with an SRI approach.

Natixis Life Quality Investment team A fund making the most of sustainable development opportunities Natixis Impact Life Quality and its investment universe are positioned to benefit from the potential of growth linked to Environment and Health issues. Indeed, innovation is favoured in these sectors (medical technology, energy efficiency, etc.), thereby optimising the portfolio’s financial and extra-financial performance. In addition, the sectors selected to build the portfolio benefit from a favourable legal environment, such as government measures in favour of sustainable development.

Natixis Asset Management is the French leader on SRI management* and one of the pioneers in Europe, with over € 3.6 billion** assets under management. Natixis Impact Life Quality is managed by the "Active European Equity Management" team, which comprises 18 managers-analysts. They use extra-financial research produced by a team of 18 analysts, 8 of whom are specialised in the quantitative and qualitative study of ESG criteria. * Source: Novethic half-yearly indicator, at 30/07/08. ** Source: Natixis Asset Management as of the end December 2008.

Risk management Natixis Impact Life Quality is subject to equity market risks and, for that part invested in small caps, to liquidity risk related to them. Nevertheless, the fund’s risk/return profile is optimised by the balanced portfolio construction, based on diversification of both capital size and sector. Natixis Impact Life Quality may be invested in small, medium and large caps as well as in several sectors. The portfolio is also subject to independent and rigorous supervision by the middleoffice and the Risk Control department.

Fund features C 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

E Share D Share Natixis Asset Management French mutual fund (FCP) Yes 17 January 2007 EUR FR001040274/Accumulation FR0010458539/Accumulation FR0010626176/Distribution 0.80%* 1.50%* 0.80%* 2%** 2%** 2%** None None None 20% of performance above MSCI Europe one hundredth one thousandth one ten-thousandth e 1,000,000 None e 1,000,000 e 100,000 e 100 e 100,000 Daily D 3:30pm (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 September 2008. 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 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

global EQUITIES

AAA Actions Agro Alimentaire Investing in food and consumer goods within the scope of a conviction-based strategy

A “food and consumer goods” thematic fund AAA Actions Agro Alimentaire is a thematic equity fund that invests in food and consumer goods businesses in four main sectors: agrifood, retail, catering, and consumer/household goods. The fund consists of a minimum of 75% listed European Community (EC) shares. It may diversify up to 25% outside the EC and invest in companies of all sizes. The minimum recommended investment period is 5 years.

AAA Actions Agro Alimentaire is historically less sensitive to market cycles than traditional equity funds thanks to the fund’s food and consumer goods theme as well as its broad geographic and sector spread.

A broad investment spectrum from small to large caps Up to 25% invested outside of Europe A broad view of the agrifood sector, which includes production, distribution and related activities

n In-depth knowledge of the key success factors in the food and consumer goods sectors

n Historical data going back more than 20 years

A defensive investment theme

An investment universe that is less impacted by market cycles and enjoys long-term growth prospects

k e y p oints

n Sector and geographic diversification

Less volatility than European equity markets globally

Geographic risk diversification

Sector risk diversification

Conviction investing that emphasises stock-picking The fund’s investment philosophy is based on Natixis Asset Management’s three major active investment principles: fundamental share analysis, rigorous selection and active portfolio management. The investment process is driven by these main principles and is carried out in three stages: geographic and sector analysis (top-down approach) using macroeconomic research by Natixis AM’s strategists; use of quantitative decision-making tools in order to filter the original investment universe down to approximately 85 shares; stock-picking (bottom-up approach) based on analysis of data acquired whilst meeting with the listed companies’ management as well as broker equity research. Thus, the portfolio managers take into account the companies individual characteristics: the quality of their management, their business model in relation to the competition, their strategy and their ability to generate value. The portfolio is built around 60 stocks, without market capitalisation restriction, whilst paying attention to sector and geographic diversification.

Intended for professional clients only

overview Investment universe International equities Benchmark MSCI Europe (indicative only, the fund does not aim to replicate the index) Minimum recommended investment period 5 years Risk indicator Volatility below or equal to that of MSCI Europe

AAA Actions Agro Alimentaire INVESTMENT TEAM The Equity Division in Natixis Asset Management, managing assets of €35,9 bn*, comprises 35 fund managers** with a broad range of expertise. Among those is a more than 20 years’ experience in core European investment. This department includes the model-based and Insurance & LDI investment teams, as well as the active European investment team, which handles AAA Actions Agro Alimentaire.

Thanks to its investment universe, AAA Actions Agro Alimentaire is at the heat of major food and consumer goods trends: Demographic •D emographic explosion in developing countries

• Ageing population in developed countries

Social

Technical

• Considerable growth of

• Improving product quality

• Increase of female labour

• Increasing plant yield • Traceability of the food

middle classes in developing countries participation in developed countries

(taste, preservation)

production chain

• Change of food habits

in developing countries (increasing use of processed foods)

* Source: Natixis Asset Management at 30/09/2008. ** Source: Natixis Asset Management at 30/11/2008.

RISK MANAGEMENT The fund is mainly subject to equity market risk. Food and consumer goods companies provide good visibility in terms of both strategies and results. Profit fluctuations according to economic cycles are also limited thanks to the enduring nature of the business. However, over short periods, the fund may underperform, for instance in the event of food safety concerns.

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 no paid to the fund Maximum redemption fee paid to the fund Performance fee including taxes Minimum share fraction Minimum initial / subsequent subscription Initial Net Asset Value

R Share Natixis Asset Management French mutual fund (FCP) Yes 24 June 1985 (SICAV) - 12 May 2004 (FCP) EUR

FR0010152967/Accumulation 0.90%* 1.5%** None

One share € 1,000,000/ One share € 100,000 (13 January 2005)

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

FR0010058529/Accumulation FR0010062695/Distribution 1.794%* 2%** 0.5%** in case of subscription in securities None None None One hundredth One hundredth of a share/ One hundredth of a share € 417.84 (RC Share - 12 May 2004) € 359.75 (RD Share - 12 May 2004) Daily D 3.30pm (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 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 December 2008. 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 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

EUROPEAN EQUITIES

Natixis Europe Avenir Capture growth opportunities in Southern and Emerging Europe and benefit from the European convergence effect

n original positioning between Southern and Emerging A Europe Natixis Europe Avenir is an equity fund that targets exposure in the equity markets of both Southern Europe (including France) and emerging Europe. The two geographical areas are managed by two specialised investment teams who both seek regional growth opportunities while benefiting from the positive trend of European convergence. By construction the fund may only invest up to 25% outside the European Economic Area. The minimum recommended investment period is 5 years.

key points n A dual investment expertise in a shared stock-picking and conviction investing approach n Strong growth potential in emerging Europe

Capturing Southern European economic growth Natixis Europe Avenir is largely invested (between 50% and 60%) in Southern European equity markets, namely Spain, Portugal, Greece, Italy and France. The region offers an attractive growth profile particularly in the areas of infrastructure, energy and finance, because of its need to catch up with the rest of Europe. These countries also benefit from strong relationships with Latin American and the Mediterranean countries, which are in full economic boom.

Growth prospects in emerging Europe Some 40%-50% of the fund is invested in emerging Europe stocks, mostly in central European countries but also in Russia and Turkey. The regions geographic situation at the crossroads of Europe and Asia, makes it an engine of world growth as well as one of its main beneficiaries. It is an area of strong economic growth thanks to: institutional and economic convergence with the European Union, the Russian economic boom (particularly in the energy sector) as well as Turkeyâ&#x20AC;&#x2122;s.

Target allocation southern vs. emerging.

50 to 60%

overview Investment universe European equities

Europe

Benchmark MSCI Europe NDR 40 to 50%

onstant dialogue to optimise portfolio C construction

Southern

n A source of diversification with attractive risk/yield opportunities

0 to 10%

Emerging Europe

Liquidity

Our specialised teams work closely together and they both focus on stock-picking and conviction investing. The investment process varies according to the geographic region. In Southern Europe, the target is shares that combine growth prospects with a reasonable price. In emerging Europe the team combines a top-down approach in country selection macroeconomic fundamentals and valuations levels by country - with a bottom-up approach to stock selection: priority is given to the most dynamic shares in the regions. The fund managers regularly exchange their views on the allocation between Southern and emerging Europe, so as to anticipate any change in the economic situation of either region. The team also pays special attention to sector diversity when constructing the portfolio.

Intended for professional clients only

Minimum recommended investment period 5 years

Natixis Europe Avenir INVESTMENT TEAM Overall, stock markets in Emerging Europe continue to offer more attractive investment opportunities than those in Western Europe. Several factors support these markets and feed a virtuous circle: high growth sustained by foreign capital drawn by the prospect of an attractive return on investment; sound economic fundamentals and an improving regulatory environment; cheap qualified labour, as well as and a large consumer base with increasing purchasing power.

The equities team in Natixis Asset Management includes 35* fund managers covering a broad spectrum of specialities, with total assets under management of €35.9bn**. In addition to more than 20 years’ experience in core European fund management, this unit has developed specific expertise in European satellite management. Natixis Europe Avenir is managed by two teams of fund managers, one of which specialises in Emerging Europe, and the other in European securities. Together, they implement a conviction investment style based on their considerable experience of Southern & Emerging European countries. *Source: Natixis Asset Management at 30/11/2008. **Source: Natixis Asset Management at 30/09/2008.

Fund features Management company

Natixis Asset Management

Risk management

Legal form

French SICAV

The fund’s main risks are equity risk and emerging markets risk. To control liquidity risk in emerging countries, the investment team has defined specific rules in terms of market capitalisation (minimum $500m on average) and average daily trading volume (minimum of $1 million). These rules ensure that a position may be taken or liquidated within 5 business days.

Inception date

In addition, the team pays special attention to sector diversification during the portfolio construction. A weekly committee gauges and, if necessary, corrects the sector weighting resulting from stock-picking in both regions.

Maximum subscription fee

not paid to the fund

4 %**

paid to the fund

None

Maximum redemption fee

not paid to the fund

None

paid to the fund

None

UCITS compliant

Yes 27 October 1988

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

Performance fee including taxes Minimum share fraction

EUR FR0010231035 / Accumulation and/or Distribution 2.1528%*

23.92% if over-performs the MSCI Europe*** One ten-thousandth

Minimum initial subscritption

One share

Initial Net Asset Value

k 152.45

Net Asset Value calculation Cut-off time

Daily D 12:30pm (CET)

* Basis: net assets ** Excluding any exoneration *** Over the reference period

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 December 2008. 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 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

global EQUITIES

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

An international equity fund of funds Sonic Monde is a fund of funds invested mainly in the international equity markets, with exposure to equities comprised between 80% and 120%. 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 (net dividends reinvested, 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.

Conviction-based management on asset class, 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 Multimanagerâ&#x20AC;&#x2122;s dual expertise in asset allocation and fund selection. The process involves several phases: First, the reference strategic allocation defines the medium/long term breakdown of investments by asset class: the equity pocket can represent at least 80% and at most 120% 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. 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. 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. The portfolio construction phase aims to achieve the best possible combination of styles and managers. 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 boost the performance.

Macro analysis Valuations

Screening

Market inefficiencies

Technical analysis

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 Risk management department of Natixis Multimanager.

Natixis Multimanager, a subsidiary of Natixis Asset Management, is the multimanagement expertise centre of Natixis. With €4 billion in assets under management*, it benefits from over 10 years of experience in multimanagement and asset allocation advisory services. The team comprises 25 specialists dedicated to investment management, of which 9 managers, 5 analysts, 5 assistant portfolio managers and 4 due diligence analysts. The Sonic Monde fund is managed by the long only multimanagement team. *Source: Natixis Multimanager as at 30/06/2008.

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) and the foreign currency risk related to the underlying Fund. 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 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 Multimanager French mutual fund (FCP) Yes 18 December 2007 24 March 2000 EUR FR0010555797/ FR0000993446/ FR0010296731/ Accumulation Accumulation Distribution 0.80%* 2.34%* 2%** 3%** None None None 20%* of the performance above the benchmark indicator: 50% MSCI AC World ex-EMU NDR in EUR None + 50% DJ Eurostoxx 50 Total One ten thousandth e 1,000,000 None e 100,000 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 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 December 2008. Natixis Multimanager - "Société par Actions Simplifiée" with share capital of €7,536,452 - Paris Registry of Companies (RCS Paris) 438 84 192 - AMF certification n° GP 01054 1-3 rue des Italiens - 75009 Paris -Tel : +33 1 78 40 32 00

www.am.natixis.com

ABSOLUte return

Natixis Absolute Quant Bond 12 M A quantitative management approach taking advantage of fluctuations in the euro zone yield curve as part of an absolute return strategy

eizing opportunities on the euro zone yield curve in all S market configurations

Key points

Natixis Absolute Quant Bond 12 M implements a quantitative management approach to take advantage of fluctuations in euro zone interest rates, both upwards and downwards. This absolute return strategy enables the fund to tap opportunities whatever the market configuration. The fund’s investment universe comprises euro-denominated securities, issued or guaranteed by the French government. The fund managers also use fixed income derivatives to hedge or expose the portfolio. The fund’s modified duration bracket is - 2 to + 2. Natixis Absolute Quant Bond 12 M aims to outperform Eonia capitalised over the recommended investment horizon of 12 months.

n An absolute return strategy in the euro zone’s fixed income markets n Enhance returns on cash by investing in government guaranteed securities n Proprietary quantitative models to capture market trends

quantitative strategy taking advantage of the two main A curve movements Natixis Absolute Quant Bond 12 M is distinctive in that it captures the trend in the euro zone yield curve whatever the market configuration. The financial engineers of Natixis Asset Management have perfected quantitative tools used to break down and analyse the elementary movements of the yield curve based on two main elements:

9 market scenarios are pre-determined depending on the different Shift and Twist configurations.

Rise in rates

S H TWIST F T

Négative modified duration

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

Positive modified duration

The investment team defines a model portfolio for each of the nine scenarios. The purpose of these model portfolios Flattening Steepening is to optimise performance through long or short positions on shortterm and long-term rates, under risk constraints (modified duration by pillars and VaR). Every day, a proprietary Sell short term rates Buy long term rates Fall in rates Buy long term rates Sell short term rates quantitative model enables the team to detect the market trend Vente Taux Courts for the Shift and Twist elements, Achat Taux longs as well as the strength of the trend. This quantitative signal is compared to the expectations obtained from a macroeconomic model, also perfected in-house. Depending on the results (contradictory or not), the model portfolio is more or less weighted within the real portfolio.

Intended for professional clients only

overview Target return Annual performance net of operating and management fees above Eonia capitalised + 60 bps (I Share) Investment universe Euro-denominated securities, issued or guaranteed by the French government Benchmark Eonia capitalised Minimum recommended investment period 12 months Risk indicator Maximum monthly ex-ante VaR of 0.85 % (with a probability of 99 %)

Natixis Absolute Quant Bond 12 M investment team A trend detector identifies trends in the yield curve and determines buy/sell signals. This tool also includes two functions enabling the fund to be particularly responsive to market trends: n Implementation of a dynamic stop loss:

strategies are neutralised when the trend becomes less pronounced. The investment team does not persist with a trend against the market. Take Profit strategy: profits are systematically taken when interest rate movements are pronounced.

The fixed income investment team of Natixis Asset Management comprises 39 specialised managers* with total assets under management of € 197,2 bn for this asset class**. Within the division, a team in charge of quantitative bond strategies is responsible for technological intelligence and regularly perfects new quantitative models. A fund manager/quantitative analyst specialising in fixed income markets is specifically dedicated to managing the Natixis Absolute Quant Bond 12 M fund. * Source: Natixis Asset Management as of 31/12/2008. ** Source: Natixis Asset Management as of 30/09/2008.

Fund features I Share

R Share

Management Company

Natixis Asset Management

Legal form

French mutual fund (FCP)

UCITS compliant

Yes

Inception date

Risk management The fund has a modified duration bracket of - 2 to + 2. The main risk related to this type of product is the interest rate risk, the risk of depreciation of fixed income instruments resulting from interest rate fluctuations. The maximum monthly ex-ante Value at Risk is 0.85 % with a probability of 99 %. The fund investment process also includes a maximum drawdown limited to 1.40 % under the historical high.

30 August 1999

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

EUR FR0010684266 / Accumulation

FR0010684290 / Accumulation

0.30%

0.50%

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

30% of the performance in excess of Eonia capitalised + 60 bps***

30 % of the performance in excess of Eonia capitalised + 40 bps***

Performance fee including taxes** Minimum share fraction Minimum initial/subsequent subscription Intitial Net Asset Value

One ten-thousandth € 50,000 / One share

One share

€ 100,000

€ 50,000

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 website at: www.am.natixis.com. Non contractual document, written in December 2008. 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 48 153 738,96 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

ABSOLUTE RETURN

Natixis Absolute Quant Bond 18 M A quantitative management approach taking advantage of fluctuations in the euro zone yield curve as part of an absolute return strategy

eizing opportunities on the euro zone yield curve in all S market configurations

Key points

Natixis Absolute Quant Bond 18 M implements a quantitative management approach to take advantage of fluctuations in euro zone interest rates, both upwards and downwards. This absolute return strategy enables the fund to tap opportunities whatever the market configuration. The fund’s investment universe comprises euro-denominated securities, issued or guaranteed by euro zone member states. The fund managers also use fixed income derivatives to hedge or expose the portfolio. The fund’s modified duration bracket is - 4 to + 4. Natixis Absolute Quant Bond 18 M aims to outperform Eonia capitalised over the recommended investment horizon of 18 months.

quantitative strategy taking advantage of the two main A curve movements Natixis Absolute Quant Bond 18 M is distinctive in that it captures the trend in the euro zone yield curve whatever the market configuration. The financial engineers of Natixis Asset Management have perfected quantitative tools used to break down and analyse the elementary movements of the yield curve based on two main elements:

9 market scenarios are pre-determined depending on the different Shift and Twist configurations

Rise in rates

S H TWIST F T

Négative modified duration

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

Positive modified duration

The investment team defines a model portfolio for each of the nine scenarios. The purpose of these model portfolios is to optimise performance through Flattening Steepening long or short positions on shortterm and long-term rates, under risk constraints (modified duration by pillars and VaR). Every day, a proprietary quantitative model enables the team to detect the Sell short term rates Buy long term rates Fall in rates Buy long term rates market trend for the Shift and Twist Sell short term rates elements, as well as the strength of Vente Taux Courts the trend. This quantitative signal Achat Taux longs is compared to the expectations obtained from a macroeconomic model, also perfected in-house. Depending on the results (contradictory or not), the model portfolio is more or less weighted within the real portfolio.

Intended for professional clients only

overview Target return Annual performance net of operating and management fees above Eonia capitalised + 100 bps (I Share) Investment universe Euro-denominated securities, issued or guaranteed by euro zone member states Benchmark Eonia capitalised Minimum recommended investment period 18 months Risk indicator Maximum monthly ex-ante VaR of 1% (with a probability of 99 %)

Natixis Absolute Quant Bond 18 M investment team A trend detector identifies trends in the yield curve and determines buy/sell signals. This tool also includes two functions enabling the fund to be particularly responsive to market trends: n Implementation of a dynamic stop loss:

The fixed income investment team of Natixis Asset Management comprises 39 specialised managers* with total assets under management of € 197,2 bn for this asset class**. Within the division, a team in charge of quantitative bond strategies is responsible for technological intelligence and regularly perfects new quantitative models. A fund manager/quantitative analyst specialising in fixed income markets is specifically dedicated to managing the Natixis Absolute Quant Bond 18 M fund. * Source: Natixis Asset Management as of 31/12/2008. ** Source: Natixis Asset Management as of 30/09/2008.

Fund features

I Share

R Share

Management Company

Natixis Asset Management

Legal form

French mutual fund (FCP)

UCITS compliant

Yes

Inception date

Risk management The fund has a modified duration bracket of - 4 to + 4. The main risk related to this type of product is the interest rate risk, the risk of depreciation of fixed income instruments resulting from interest rate fluctuations. The maximum monthly ex-ante Value at Risk is 1% with a probability of 99 %. The fund investment process also includes a maximum drawdown limited to 2% under the historical high.

14 September 2005

Accounting currency FR0010232348 / Accumulation

FR0010249219 / Accumulation

0.36%

0.60%

not paid to the fund

None

2%(3)

paid to the fund

None

not paid to the fund

None

paid to the fund

None

ISIN / Allocation of income Maximum operating and management fees including taxes(1) Maximum subscription fee Maximum redemption fee

EUR

Performance fee including taxes(2)

23,92% of the performance 23,92% of the performance in excess of Eonia capitalised in excess of Eonia capitalised + 100 bps(4) + 76 bps(4)

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 December 2008. 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 48 153 738.96 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

absolute return this document is intended for professional clients only (as defined by the MiFID)

Natixis Absolute Swap Arbitrage Absolute performance through arbitrage strategies on interest rate swaps

Absolute performance through non-directional strategies Over an investment period of 2 years, Natixis Absolute 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.

enefit from opportunities on swap curves from selected B countries Natixis Absolute 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 5-10 forward yield spread

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

4,0%

2,0%

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

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: short term anticipations on the convergence or the divergence between forward and spot rate spreads medium term trend following strategies, capitalizing on lags between spot and forward rate spreads long-term repulsion strategies, in situations where rate spreads reach their historical boundaries

Intended for professional clients only

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

Natixis Absolute 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-thecounter 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 39 specialised managers* with total assets under management of € 197.2 bn for this asset class**. An investment team specialized in interest rate swaps is responsible for the management of Natixis Absolute 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 as of 30/06/2008. ** Source : Natixis Asset Management as of 30/09/2008.

Fund features I Share

RISK MANAGEMENT Natixis Absolute Swap Arbitrage is mainly exposed to an arbitrage risk, whitch depends on the portfolio management team’s ability to correctly anticipate the futue 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

Management Company

Natixis Asset Management

Legal form

French mutual fund (FCP)

UCITS compliant

Yes

Inception date

12 september 2008

Accounting currency FR0010654921/ Accumulation

FR0010657924/ Accumulation

0.60%*

1%*

not paid to the fund

None

2%**

paid to the fund

None

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

EUR

not paid to the fund

None

paid to the fund

None

30% of the performance above Eonia capitalised + 200bps per year***

30% of the performance above Eonia capitalised + 160bps per year***

Performance fee including taxes** Minimum share fraction

One ten-thousandth

Minimum initial subscription

€ 50,000

None

Intitial Net Asset Value

€ 50,000

€ 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 December 2008.

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 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

A LT E R N AT I v e

Alpha Hedge + A multi-strategy fund of funds seeking to benefit from opportunities in all alternative strategies

he aim at a performance uncorrelated from the trends on T the main international financial markets Alpha Hedge + is an alternative fund of funds investing in a broad universe of hedge funds and aiming to achieve a performance as uncorrelated as possible with directional market risks over a minimum investment period of 5 years, with a target volatility of 8% to 10% (indicative range). To meet this goal, the fund is invested at least up to 10% and at most up to 100%* in alternative funds. It may also be invested up to 90% in euro money market and bond funds for risk and liquidity management purposes.

n active management based on the full range of alternative A strategies The allocation by strategy is based on the convictions of the investment team and the opportunities identified. Alpha Hedge + thus invests mainly in funds applying alternative strategies: Long/Short Equity, Volatility arbitrage, Interest rate arbitrage, Event Driven, Global Macro, Managed Futures, etc.

key points n A Due Diligence team of 4 specialists providing an exhaustive analysis of the underlying alternative funds n Flexible allocation covering the full range of alternative strategies and geographic regions n Access to a broad selection of international hedge funds

overview A rigorous and opportunistic selection of underlying funds to maximise the risk/reward ratio The investment process of Alpha Hedge + benefits from Natixis Multimanagerâ&#x20AC;&#x2122;s dual expertise in asset allocation and fund selection, which revolves around a well-structured process:

the definition of strategic recommendations depending on macroeconomic data, expected returns by strategy and opportunities by sub-strategy;

a fund selection in several phases: quantitative analysis (building up to a quantitative screening committee) and qualitative analysis (analysis of the investment process, assessment of the fund manager, etc.). In addition to these studies, an Operational Due Diligence is performed by a dedicated team of 3 people, who analyse in particular the risks related to the financial, legal and contractual structure of the management companies;

the

portfolio construction following the strategic recommendations and pre-defined constraints.

* and temporarily up to 110% of net assets if the fund borrows cash due to the postponement of value dates for subscription/redemption transactions on liabilities or purchases/sales on assets

Intended for professional clients only

Investment universe Alternative funds Benchmark Ex-post comparative indicator, EONIA Minimum recommended investment period 5 years Risk indicator Target volatility of 8%-10% (indicative range) with a maximum of 12%

Alpha Hedge + Investment team Recommendation by strategy Macro Committee (Monthly)

Fund selection Committee in charge of the Alternative Funds Selection (Monthly)

Construction of alternative portfolio Performance monitoring vs objectives/constraints Performance monitoring Committee (Every two months)

Natixis Multimanager, the multimanagement expertise centre of Natixis, manages assets of over €3.7 billion* and has a team of 23 specialists dedicated to investment management comprising: 9 managers, 5 analysts, 4 assistant analysts and 3 due diligence analysts**. A specialist manager/analyst within the Alternative Multimanagement team is dedicated to the Alpha Hedge + fund. * Source Natixis Multimanager as of 30/09/2008. * Source Natixis Multimanager as of 31/12/2008.

Fund features Risk control and monitoring

I Share

Management company

R Share

Natixis Multimanager

Legal form

French mutual fund (FCP) No

UCITS compliants

Risk management Due to its construction and the diversity of the assets comprised in its portfolio, Alpha Hedge + is principally sensitive to the risks related to the different investment strategies it focuses on, as well as to the liquidity risk. Given the low correlation between the different strategies, the portfolio’s overall risk is limited to a maximum volatility target of 12%, measured by two criteria: n a volatility limit by asset class, in particular by setting specific risk/return and maximum loss targets; n weighting by asset class by measuring their historical volatility. Risk control and monitoring are performed with: n quantitative and qualitative monitoring of the underlying funds; n a operational risk control on underlying funds by operational Due Diligence Team; n controls, on regulatory constraints on 21 levels by Compliances International Conttrol Risks Department.

12 march 2004

Inception date EUR

Accounting currency ISIN / Allocation of income

Accumulation

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

USD

Accumulation

0.90%* 3%** None None

paid to the fund

None

15% of the performance above EONIA capitalised

Performance fee including taxes

None

Minimum share fraction € 5,000,000 / One share

$ 5,000,000 / One share

€ 100,000 / One share

10 000 €

10 000 $

10 000 €

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

Accumulation 1.25%*

not paid to the fund

Minimum initial/subsequent subscription

EUR

FR0010058453 / FR0010670729 / FR0010702837 /

Monthly, see Prospectus for details For subscription requests: 12.30pm (CET), on the 5th trading day before the day of calculation of the NAV For redemption requests: 12.30pm (CET), 35 trading days before the day of calculation of the NAV

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

Disclaimer The Alpha Hedge + fund is a fund of alternative funds. It is not subjected to the same rules as “all subscribers” funds and may therefore be riskier. Only investors mentioned under the heading “eligible investors” of the prospectus may purchase shares of the Alpha Hedge + fund. 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 January 2009.. Natixis Multimanager - "Société par Actions Simplifiée" with share capital of €7,536,452 - Paris Registry of Companies (RCS Paris) 438 84 192 - AMF certification n° GP 01054 1-3 rue des Italiens - 75009 Paris -Tel : +33 1 78 40 32 00

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 Germany, Italy, and the UK): This material is provided by Natixis Global Associates S.A. or its branch office in France, Natixis Global Associates International. 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 Address of Natixis Global Associates S.A.: 2-8 Avenue Charles de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg. Registered Address of Natixis Global Associates International (n.509 471 173 RCS Paris): 21 quai d'Austerlitz, 75013 Paris. • In Italy: This material is provided by Natixis Global Associates Italia SGR, S.p.A., an investment management company (“Societa di Gestione del Risparmio”) registered and regulated by the Bank of Italy (registration no. 119, code no. 15143.1). Registered address: Via Larga, 4 - 20122, Milan, Italy. • I n 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). This material is intended to be communicated to and/or directed at persons (1) in the United Kingdom, and should not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell securities in any other jurisdiction than the United Kingdom; and (2) who are authorised under the Financial Services and Markets Act 2000; or are high net worth businesses with called up share capital or net assets of at least £5 million or in the case of a trust assets of at least £10 million; or any other person to whom the material may otherwise lawfully be distributed in accordance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or the (Promotion of Collective Investment Schemes) (Exemption) Order 2001 (the "Intended Recipients"). To the extent that this material is issued by Natixis Global Associates UK Limited, the fund, services or opinions referred to in this material are only available to the Intended Recipients and this material must not be relied nor acted upon by any other persons. Registered Address: Natixis Global Associates UK Limited, Canon Bridge House, 25 Dowgate Hill, London, EC4R 2YA. • In Switzerland: This material is provided to Qualified Investors by Natixis Global Associates Switzerland Sàrl. • I n the DIFC: This material is provided in and from the Dubai International Financial Center (DIFC) by Natixis Global Associates Middle East. It is only available to persons who have sufficient financial experience and understanding to participate in financial markets within the DIFC, and qualify as Professional Clients as defined by the Dubai Financial Services Authority (DFSA). This communication should not be delivered to or relied on by any other type of person. Natixis Global Associates Middle East is the trade name for Natixis Global Associates Middle East, a branch of Natixis Global Associates UK Limited, which is duly licensed and regulated by the DFSA. Registered address: PO Box 118257, 5th Floor, Building 8, Gate Village, DIFC, Dubai, United Arab Emirates.