private_placement_09.2010_-_en

ZE BOOKPRODUCT PROFILESseptembeR 2010

Money marketFixed income

EquitiesPerformance

www.am.natixis.com

CORPORATE AND INVESTMENT BANKING / INVESTMENT SOLUTIONS / SPECIALIZED FINANCIAL SERVICES

Money Market NatixisCashPremière NatixisCashA1P1 NatixisCashEonia NatixisTrésoPlus3mois NatixisTrésoEuribor3Mois

Fixed income NatixisSouverainsEuro NatixisSouverainsEuro1-3 NatixisSouverainsEuro3-5 NatixisSouverainsEuro5-7 NatixisSouverainsEuro7-10 NatixisObliOpportunités12mois NatixisInflationEuro NatixisCréditEuro NatixisConvertiblesEuro NatixisConvertiblesEurope NatixisCourtTerme6Mois

Equities NatixisActionsEuroValue NatixisActionsGlobalEmergents NatixisActionsUSGrowth ImpactFunds-ClimateChange SonicMonde

Performance NatixisPerformanceQuantBond18M NatixisPerformanceStrategicBond NatixisPerformanceActiveAllocation NatixisPerformanceSwapArbitrage

o A secure proposition for short-term investments

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

o Active management of modified duration combined with rigorous security selection criteria

The Natixis Cash Première investment team relies on the core scenario drawn up by Natixis Asset Management’s Macro-economic and Money Market Committees. Depending on expectations on the European Central Bank’s monetary policy and on fluctuations in the euro yield curve, the investment team decides on an appropriate allocation between fixed and variable rates. Active management of the portfolio’s exposure to fixed and variable rates aims to enhance the fund’s performance.

To guarantee high portfolio quality, it is exclusively invested in government guaranteed securities with a long-term rating of at least A- (S&P and Fitch) or A3 (Moody’s). For securities with a maturity of less than one year and no long-term rating, the minimum rating is A-1 (S&P), P-1 (Moody’s) or F1 (Fitch).

In addition, the investment team sets itself an average lifespan of 3 months maximum for securities held in the portfolio, thus ensuring that the fund remains highly liquid.

n A portfolio invested exclusively

in government guaranteed euro-

denominated 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

kEy PoINTS

ovERvIEwInvestment universeEuro-denominated securities issued

or guaranteed by euro zone member

states

BenchmarkEonia

Minimum recommended investment period 1 day to 3 months

Risk indicatorModified duration of 0 to 0.5

Intended for professional clients only

Portfolio construction

Issuer selection

Fixed rate / Variable rate allocation

• Investment universe• Financial research• Issuer and counterparty eligibility

• Macro-economic scenario• Expectations on central banks’ monetary policies

Money MaRket

natixis Cash PremièreRemunerate cash by investing exclusively in euro-denominated securities, issued or guaranteed by euro zone member states

I share

Management company Natixis Asset Management

Legal form French mutual fund (FCP)

UCITS compliant yes

Inception date 19 April 2005

Accounting currency EUR

ISIN/Allocation of income FR0010157834/Accumulation

Maximum operating and management fees

including taxes0.12%*

Maximum subscription fee

not paid to the fund None

paid to the fund None

Maximum redemption fee



Performance fee including taxes None

Minimum share fraction one thousandth

Minimum initial subscription € 500,000

Initial Net Asset value e 100,000

Net Asset value Calculation Daily

Cut-off time D 12:30pm (CET)

Disclaimer

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

* Source: Feri Fund Market as of 31/05/2010. ** Source: Natixis AM

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.

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

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

RISk MANAgEMENT

FUND FEATURES

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

Natixis Asset Management - Registered Office: 21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

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

natixis Cash Première

�o�Performance�close�to�Eonia�for�overnight�investments

Natixis Cash A1P1 aims to achieve a performance net of management fees close to Eonia to remunerate overnight investments.

The fund's policy is to invest in short-term money market securities indexed to Eonia, either directly due to their issue terms, or indirectly after backing them with interest rate swaps. As Natixis Cash A1P1 is not exposed to an interest rate risk, its modified duration is close to 0.

�o�High�level�of�credit�quality�and�short�lifespan�of�securities�held�in�the�portfolio

Natixis Cash A1P1 invests solely in money market instruments with maturities of less than 3 months, issued by private issuers rated at least A1/P1/F1 by Moody’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).

o�A�rigorous�management�process�and�high�degree�of�liquidity

Natixis Cash A1P1 was awarded a Fitch rating of AAA/V1 in June 2008, underscoring its excellent credit quality and the low volatility of its performance. This rating also rewards the consistency of the investment process and the stability of the management teams.

Natixis Cash A1P1 has significant assets under management, enabling it to absorb a large volume of subscriptions/redemptions and favouring daily liquidity.

n Short lifespan of assets: 3 months

at most on acquisition

n AAA/V1 Fitch rating

n Rigorous selection of investments

n Significant assets under

management offering robust

capacity for absorbing subscriptions/

redemptions

oVERVIEw

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

BenchmarkEonia capitalised

Minimum recommended investment period1 day

Risk indicatorModified duration close to 0


kEy PoINTS

Natixis Cash A1P1Remunerate cash on an overnight basis by investing in securities indexed to Eonia

MoNEy MARkEt

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


www.am.natixis.com

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


INVESTMENT TEAMNatixis 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.

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


Natixis Cash A1P1

RISk MANAgEMENT

FuND FEATuRESI Share



uCITS compliant yes

Inception date 11 August 2004

Accounting currency EuR

ISIN/Allocation of incomeFR0010322438/Accumulation

FR0010731463/Distribution

Maximum operating and management including taxes 0.12%*








Minimum share fraction one thousandth

Minimum subscription € 500,000

Initial Net Asset Value € 100 € 115,000

Net Asset Value Calculation Daily


* Basis: net assets except Natixis Asset Management funds

�o�Achieving�a�performance�close�to�Eonia�over�a�period�of�a�few�days�to�a�few�weeksNatixis 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.

�o�Rigorous�portfolio�construction�to�actuate�two�performance�engines

n Active�management�of�modified�duration�through�fixed/variable�rate�allocationThe Natixis Cash Eonia investment team relies on the core scenario drawn up by Natixis Asset Management’s Macroeconomic and Money Market Committees. Depending on expectations on the Central Banks’ monetary policies and yield curve fluctuations, the investment team decides on an appropriate allocation between fixed and variable rates.

n A�fine-tuned�issuer�selection�to�tap�the�credit�premiumNatixis 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).

n Active management of fixed/


n Rigorous selection of securities

held in the portfolio


management and a high volume of

subscriptions/redemptions offering a

high degree of liquidity

OVERVIEW

KEY POINTS

Investment universeInvestment Grade debt securities,

issued mainly by private issuers


Minimum recommended investment period A few days to a few weeks

Risk indicatorModified duration between 0 and 0.5



2 - Issuer selection

1 - Fixed rate/Variable rate allocation

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

• Macroeconomic scenario• Expectations on Central Banks’ monetary policies

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

MoNEy MARkEt

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


www.am.natixis.com

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

* Source: Feri Fund Market as of 31/05/2010. ** Source: Natixis AM.

INVESTMENT TEAMThe 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.

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


RISK MANAGEMENT

FuND FEATuRESI Share R Share



uCITS compliant Yes

Inception date 3 September 2003


ISIN / Allocation of income FR0010298943 / Accumulation

FR0007084926 / Accumulation

Maximum operating and management fees including taxes 0.12%* 0.15%*








Minimum share fraction One thousandth None

Minimum initial subscription € 5,000,000 None

Initial Net Asset Value € 100,000 (22/06/2006)

€ 108,929.02 (03/09/2003)

Net Asset Value calculation Daily


* Basis: net assets excluding other funds.

Natixis Cash Eonia

o An original positioning: indexation to Euribor 3-month

Natixis Tréso Euribor 3 mois aims to outperform EONIA over the recommended minimum investment period of three months by using the Euribor 3-month / Eonia spread as the main source of performance.

The Sicav’s policy is to invest in securities indexed to Euribor 3-month, either directly due to their terms of issue, or indirectly through interest rate swaps.

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

o A special focus on the quality of investments

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 securitization (ABCP). The portfolio also has an historical holding of medium term securitization (ABS – AAA tranches only) . The unit trust may also use credit derivatives (CDS) for hedging purposes to specific credit risks. The investment team manages the liquidity of the fund by ensuring an even balance between the different maturities of the securities held in the portfolio.

o 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.

n An original positioning: indexation to

Euribor 3-month

n AA+/V1 Fitch rating



subscription/redemption offering a


kEy POINTS

OVErVIEwInvestment universeDebt securities, issued mainly by

private Investment Grade issuers


Minimum recommended investment period

3 months

Risk indicatorModified duration between 0 and

0.25


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

MONEy MaRkET

I Share r Share


Legal form French SICAV

UCITS compliant yes

Inception date 5 June 1989

Accounting currency EUr

ISIN/Allocation of incomeFr0010831693/Accumulation

Fr0000293714/Accumulation

Maximum operating and management including taxes 0.20%* 0.25%*








Minimum share fraction One ten thousandth One share

Minimum initial / subsequent subscription e 50,000,000/None One share/ One share

Initial Net Asset Value e 100,000 e 15,244.90



* Basis: net assets excluding Funds

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


www.am.natixis.com

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


INVESTMENT TEAMEuribor (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.

The main risks of the fund are credit risks and securitization risks.


rISk MANAGEMENT

FUND FEATUrES

Natixis Tréso Euribor 3 mois

o An original positioning: indexation to Euribor 3-month

Natixis Tréso Euribor 3 mois aims to outperform EONIA over the recommended minimum investment period of three months by using the Euribor 3-month / Eonia spread as the main source of performance.

The Sicav’s policy is to invest in securities indexed to Euribor 3-month, either directly due to their terms of issue, or indirectly through interest rate swaps.

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

o A special focus on the quality of investments

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 securitization (ABCP). The portfolio also has an historical holding of medium term securitization (ABS – AAA tranches only) . The unit trust may also use credit derivatives (CDS) for hedging purposes to specific credit risks. The investment team manages the liquidity of the fund by ensuring an even balance between the different maturities of the securities held in the portfolio.

o 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.

n An original positioning: indexation to

Euribor 3-month

n AA+/V1 Fitch rating



subscription/redemption offering a


kEy POINTS

OVErVIEwInvestment universeDebt securities, issued mainly by

private Investment Grade issuers



3 months

Risk indicatorModified duration between 0 and

0.25


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

MONEy MaRkET

I Share r Share


Legal form French SICAV

UCITS compliant yes



ISIN/Allocation of incomeFr0010831693/Accumulation

Fr0000293714/Accumulation

Maximum operating and management including taxes 0.20%* 0.25%*








Minimum share fraction One ten thousandth One share

Minimum initial / subsequent subscription e 50,000,000/None One share/ One share

Initial Net Asset Value e 100,000 e 15,244.90



* Basis: net assets excluding Funds

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


www.am.natixis.com

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


INVESTMENT TEAMEuribor (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.

The main risks of the fund are credit risks and securitization risks.


rISk MANAGEMENT

FUND FEATUrES

Natixis Tréso Euribor 3 mois

o A fund dedicated to eurozone sovereign bonds

Natixis Souverains Euro is a French SICAV invested in government bonds issued by eurozone countries.

The fund aims to outperform the JP Morgan EMU Global index, representing eurozone government bonds of all maturities, over an investment period of at least three years.

o An active conviction-based strategy relying on Natixis Asset Management’s fixed income expertise

Natixis Souverains Euro's management team relies on complementary inputs produced by different teams allowing the ranking of the strategies applied to the portfolio:

n conclusions of the Macroeconomic Research strategists;

n analyses of 6 specialised task forces (Sector Teams) which provide opinions on key elements of the fixed income markets: duration, yield curve, relative value, inflation, technical analysis and volatility. The Sector Teams combine members of the following departments: interest rate management, Insurance management, Trading Desk, financial strategists and economists;

n recommendations of the specialist interest rate committees, which integrate all the research inputs and prioritise the strategies to be implemented in the portfolio.

This initial phase produces a model portfolio which takes account of ex-ante tracking-error constraints by type of strategy. Finally, the investment team builds the real portfolio, incorporating its leeway.

o 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:

n active management of duration: depending on its expectations on interest rate trends, the investment team defines a target modified duration within a range of 3 to 9;

n dynamic allocation on the yield curve: depending on expectations on distortions in the yield curve (steepening or flattening), the investment team defines an allocation in relation to the benchmark index on short, medium and long-term maturities (0 to 50 years);

n relative weighting between eurozone markets: depending on its opinions on domestic markets and the relative expensiveness of government bonds, the investment team takes advantage of interest rate differences between government bonds from the different eurozone countries;

n diversification: mainly through inflation-indexed bonds to improve the risk/return ratio and benefit from inflationary tensions in the interest rate markets.

n A “pure” eurozone sovereign

bond product

n Recognized expertise in active

interest rate management

n Multiple sources of added value

oVERVIEw

kEy PoINTS

Investment universeBonds and other negotiable debt

securities from the eurozone

BenchmarkJP Morgan EMU Global

Minimum recommended investment period3 years

Risk indicators A target modified duration between

1 and 12

A tracking-error of 1% (for indicative

purposes)


Natixis Souverains EuroBenefit from an active management of eurozone sovereign bonds

govERNMENt BoNdS

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


www.am.natixis.com

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

Source: Natixis Asset Management

INVESTMENT TEAM

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

FUND FEATURESI Share R Share

Asset Manager Natixis Asset Management

Legal Form French SICAV

UCITS compliant yes

Inception date 19 January 1994


ISIN/Allocation income FR0010655456/ Accumulation

FR0000003196/ Accumulation

FR0000171233/ Distribution

Maximum operating and management fees including taxes 0.45%* 0.70%*


not paid to the fund None 3%**






Minimum share fraction one ten-thousandth

Minimum initial subscription e 100,000 None

Initial Net Asset Value e 100,000 e 152.45


Cut-off time D 12.30pm (CET)

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

Macroeconomic research

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

Real portfolio construction

Model portfolio construction

Modified duration Yield curve Technical

analysis VolatilityRelative Value Inflation

Sector Teams

Interest rate committee

Portfolio managerPortfolio manager's discretionary leeway within the fund's

specific constraints

Analysis of macroeconomic key factors and of the situation on government bond markets

Step 1

Step 2

Step 3

Intégration, by iteration of the

ex ante tracking-error

constraints for each strategy

Natixis Souverains Euro

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

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

OVERVIEW

KEY POINTS

Investment universeSovereign bonds from the euro zone with maturity ranging mostly from

1 to 3 years

BenchmarkEuroMTS 1-3


Risk indicator Modified duration between 98% and 102% of its benchmark index


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

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


n analyses of 5 specialised task forces (Sector Teams) which provide opinions on key elements of the fixed income markets: duration, yield curve, relative value, technical analysis and volatility. The Sector Teams combine members of the following departments: Government Bond management, Insurance management, Trading Desk, financial strategists and economists;

n recommendations of the specialist Government Bond committees, which integrate all of the research and prioritise the strategies to be implemented in the portfolio.This initial phase produces a model portfolio which takes account of ex-ante tracking error constraints by type of strategy. Finally, the investment team builds the real portfolio, incorporating its fund management guidelines.

o An index based investment process focusing on 3 sources of added valuen Relative weighting between euro zone markets: depending on its opinions on domestic markets and the relative expensiveness of government bonds, the investment team takes advantage of interest rate differences between government bonds of the different euro zone countries;

n Active management of duration: depending on its expectations on interest rate trends, the investment team defines a target modified duration within a range of 98% to 102% of that of the benchmark index;

n Dynamic allocation on the yield curve: depending on expectations on distortions in the yield curve (steepening or flattening), the investment team defines an allocation on the maturity range included in the benchmark index.

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

GOVERNMENT BONDS

Eurozone sovereign bond product range by maturity

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

benchmark index

Natixis Souverains Euro 1-3

Natixis Souverains

Euro 3-5


Maturity

10 yrs -

7 yrs -

5 yrs -

3 yrs -

1 yr -

0,5 3 4,5 5 7 84Target modified duration




www.am.natixis.com

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

Source: Natixis Asset Management as of 30/06/2010.

INVESTMENT TEAM

RISK MANAGEMENTThe 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.



Legal Form French mutual fund (FCP)

UCITS compliant Yes

Inception date 4 October 1993


ISIN/Allocation incomeFR0010208421/ Accumulation


Maximum operating and management fees including taxes

0.40%* 0.70%*








Minimum share fraction One ten-thousandth


Initial Net Asset Value e 1,524.49 e 100



* Basis: net assets ** Excluding any exoneration






analysis VolatilityRelative Value

Sector Teams


Portfolio managerPortfolio manager's discretionary leeway within

the fund's specific contraints


Step 1

Step 2

Step 3

Integration, by iteration of the

ex-ante tracking-error



n A privileged access sovereign bonds from the euro zone with

maturity ranging from 3 to 5 years

n Acknowledged expertise in active



OVERVIEW

KEY POINTS


3 to 5 years

Benchmark indexEuroMTS 3-5




o A strategy relying on Natixis Asset Management’s fixed income expertise

The Natixis Souverains Euro 3-5 management team relies on complementary inputs produced by different teams from the Fixed Income department allowing the ranking of the strategies applied to the portfolio:




o An index based investment process focusing on 3 sources of added valuen 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;





GOVERNMENT BONDS



benchmark index


Natixis Souverains

Euro 3-5


Maturity

10 yrs -

7 yrs -

5 yrs -

3 yrs -

1 yr -





www.am.natixis.com


Source: Natixis Asset Management as of 30/06/2010

INVESTMENT TEAM

RISK MANAGEMENTThe main risk when investing in Natixis Souverains Euro 3-5 is the interest rate risk, i.e. the possible depreciation of fixed income instruments resulting from changes in interest rates. To frame this risk, the Natixis Souverains Euro 3-5 investment team has set itself a modified duration between 3 and 4 while remaining in a range of 98% to 102% in relation to that of its benchmark index.

Moreover, the investment team allows itself to select bonds with residual maturities ranging from two and a half years to five and a half years.


Asset Manager Natixis Asset Management


UCITS compliant Yes

Inception date 15 January 2004


ISIN / Allocation incomeFR0010036400 /

AccumulationFR0010745638 / AccumulationFR0010745646 / Distribution


0.40%* 0.70%*












Cut-off time D 12.30 pm (CET)

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








Sector Teams





Step 1

Step 2

Step 3




n A privileged access sovereign bonds from the euro zone with





OVERVIEW

KEY POINTS


5 to 7 years

Benchmark indexEuroMTS 5-7



www.am.natixis.com


o A strategy relying on Natixis Asset Management’s fixed income expertise

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




o An index based investment process focusing on 3 sources of added value

n Relative weighting between euro zone markets: depending on its opinions on domestic markets and the relative expensiveness of government bonds, the investment team takes advantage of interest rate differences between government bonds of the different euro zone countries;





govERNMENt BoNdS



benchmark index


Natixis Souverains

Euro 3-5


Maturity

10 yrs -

7 yrs -

5 yrs -

3 yrs -

1 yr -





www.am.natixis.com



INVESTMENT TEAM

RISK MANAGEMENTThe main risk when investing in Natixis Souverains Euro 3-5 is the interest rate risk, i.e. the possible depreciation of fixed income instruments resulting from changes in interest rates. To frame this risk, the Natixis Souverains Euro 5-7 investment team has set itself a modified duration between 4.5 and 7 while remaining in a range of 98% to 102% in relation to that of its benchmark index.

Moreover, the investment team allows itself to select bonds with residual maturities ranging from four and a half years to seven and a half years.

FUND FEATURESManagement company Natixis Asset Management


UCITS compliant Yes



ISIN / Allocation income FR0010201699 / Accumulation


0.40%*









Minimum initial subscription e 10,000

Initial Net Asset Value e 1,524.49


Cut-off time D 12:30 pm (CET)

* Basis: net asset.








Sector Teams





Step 1

Step 2

Step 3




n A privileged access sovereign

bonds from the euro zone with




n 3 added value strategies: relative

value, duration and yield curve

L’essentieL

key pOints

Investment universesovereign bonds from the euro zone with maturity ranging mostly from

7 to 10 years

Benchmark indexeuroMts 7-10



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

o A strategy relying on Natixis Asset Management’s fixed in-come expertisethe 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 analyses of 5 specialised task forces (sector teams) which provide opinions on key elements of the fixed income markets: duration, yield curve, relative value, technical analysis and volatility. the sector teams combine members of the following departments: Government Bond management, insurance management, trading Desk, financial strategists and economists;

n recommendations of the specialist Government Bond committees, which integrate all of the research and prioritise the strategies to be implemented in the portfolio. this initial phase produces a model portfolio which takes account of ex-ante tracking error constraints by type of strategy. Finally, the investment team builds the real portfolio, incorporating its leeway.

o An index based investment process focusing on 3 sources of added value

n Relative weighting between euro zone markets: depending on its opinions on domestic markets and the relative expensiveness of government bonds, the investment team takes advantage of interest rate differences between government bonds of the different euro zone countries;





govERNMENt BoNdS



benchmark index


Natixis Souverains

Euro 3-5


Maturity

10 yrs -

7 yrs -

5 yrs -

3 yrs -

1 yr -



Management company natixis Asset Management

Legal Form French mutual fund (FCp)

UCits compliant yes

inception date 4 October 1993

Accounting currency eUR

isin / Allocation income FR0000449092 Accumulation/Distribution


0.40%*


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 none


Minimum initial subscription e 10,000

initial net Asset Value e 1,524.49

net Asset Value calculation Daily

Cut-off time D 12.30pm (Cet)

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

the bond management team of natixis Asset Management comprises 40 specialised fund managers managing total assets of e160.7 billion for this asset class. Within the department, a manager specialised in government bonds is more specifically dedicated to managing natixis souverains euro 7-10 and interacts constantly with the interest rate specialists.


inVestMent teAM

Risk MAnAGeMentthe main risk when investing in natixis souverains euro 7-10 is the interest rate risk, i.e. the possible depreciation of fixed income instruments resulting from changes in interest rates. to frame this risk, the natixis souverains euro 7-10 investment team has set itself a modified duration between 5 and 8 while remaining in a range of 98% to 102% in relation to that of its benchmark index.

Moreover, the investment team allows itself to select bonds with residual maturities ranging from six and a half years to ten and a half years.

FUnD FeAtURes



www.am.natixis.com








Sector Teams





Step 1

Step 2

Step 3




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

o An investment principle based on a double allocation

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

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

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

n A dynamic alternative to money-

market investments

n A bond investment with a limited

risk profile

n A dynamic double allocation:

bonds versus money-market,

active management versus

securities carry

n Rigorous selection of quality

securities*

KEY POINTS

OVERVIEW

Performance objective

Capitalized EONIA + 75 bp (I share)

Investment universeBonds issued by OECD and EEA

member states, or by private issuers

guaranteed by these member states,

and eurozone covered bonds

Benchmark

Capitalized EONIA


1 year

Risk indicators

Modified duration between 0 and 4


When determining the allocation to be adopted, the investment team uses the recommendations of the macroeconomic research analysts, Sector Teams specialized in fixed-income markets and analyses by the Covered Bond Research team.

Widening of credit spreads Narrowing of credit spreads

Increase of interest rate

Overweight Dynamic compartment Overweight Carry compartment

Overweight Money-Market

Decrease of interest rate

Overweight Dynamic compartment Overweight Carry compartment

Overweight Bonds

Credit spread evolution

inte

res

t r

ate

evo

luti

on

Allocation between Dynamic compartment / Carry compartment

Allocation between Money-Market / Bonds in the dynamic compartment

* Rated as follows: - for securities of the money-market type (with maturity of less than 1 year): between A+ and A1 according to S&P, P1 according to Moody's- for securities of the bond type (with maturity of more than 1 year): between AAA and AA- according to S&P, between Aaa and Aa3 according to Moody's (except supranational issuers or OECD member states)

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

gOveRNMeNt BONDs



www.am.natixis.com

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

INVESTMENT TEAM

RISK MANAgEMENT

Covered bonds are bonds issued by banks and whose repayment is guaranteed by a set of assets. They are an alternative way of financing to senior or subordinated debt.

Unlike similar securities such as securitizations and ABSs, covered bonds benefit from:

n a selection of assets fulfilling strict eligibility criteria, resulting in better-quality assets;

n specific regulations and supervision by a designated entity (public or independent, depending on the country);

n double protection for investors (by the issuing credit institution and a proof of assets) and priority access to repayment in the event of default.


Management company Natixis Asset ManagementLegal form French SICAVUCITS compliant YesInception date 16 may 1995*Accounting currency EURISIN / Allocation of income FR0010796391 / Accumulation FR0007493226 / AccumulationMaximum operating and management fees including taxes 0.30%** 0.4784%**Maximum subscription fee

not paid to the fund None 1%paid to the fund None None


not paid to the fund None Nonepaid to the fund None None

Performance fee including taxes30% inc. taxes of the net outperformance

relative to the capitalized Eonia Index +0.75% 30% inc. taxes of the net outperformance

relative to the capitalized Eonia Index +0.55%

Minimum share fraction One ten-thousandthMinimum initial subscription e 50,000 NoneInitial net asset value e 50,000 e 4,573.47Net asset value calculation DailyCut-off time D 12.30 pm (CET)

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


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

Natixis Obli Opportunités 12 Mois

�o The attractiveness of inflation-linked bonds

Natixis Inflation Euro aims at obtaining a performance equivalent to that of the index " Barclays Euro Government Inflation - Linked Bonds All Maturities" over a two-year recommanded investment horizon, while offering protection against inflation-related risks. The fund is mainly invested in Euro inflation-linked bonds. However, depending on market conditions, the fund may be exposed to euro fixed-rate bonds, for no more than 25%.

Inflation-linked bonds, also called “real rates”, offer three advantages:n by construction, they offer protection against rising inflation;n they improve the risk/return ratio of a portfolio’s bond component. Inflation-linked bonds

can be used to optimise a portfolio’s construction as OATI historically offer less volatile yields than nominal rates over the long term;

n lastly, they play the role of a cushion in the event of rate hikes while benefiting from decreases, to a lesser extent.

o A major challenge: anticipating inflation

Natixis Asset Management has developed a rigorous inflation forecasting method.

For short-term expectations, it combines three factors: analysis of the four key components of inflation, their volatility and seasonality.

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

o Our strategy is based on 5 sources of performance

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

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

kEy pOINTs

OvErvIEw

Investment universeEurozone inflation-linked bonds

BenchmarkBarclays Euro Government

Inflation - Linked Bonds All

Maturities


Risk indicatorModified duration comprised

between 3 and 15


Les 4 components the forward indicators

Energy Oil price, e/$ effect

Food seasonal effect

Goods ppI seasonal effect

Services Construction prices, wages

The

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

govERNMENt BoNds

DisclaimerThis 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 August 2010.

Natixis Asset Management - Registered Office :21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

The bond management team of Natixis Asset Management comprises 40 specialised fund managers managing total assets of e160.7 billion for this asset class as of 30 June 2010.

Natixis Asset Management has a strong specific expertise in inflation-linked bonds since 1999.

Our management team is supported by a team of 6 economists who provide macroeconomic analyses essential to inflation forecasts, and a team of financial engineers in charge of optimising the risk allocation within the bond portfolios and developing quantitative tools for the managers.


INvEsTMENT TEAM

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.

rIsk MANAGEMENT

FuND FEATurEsI share r share


Legal form French mutual fund (FCp)

uCITs compliant yes

Inception date 23 september 1993

Accounting currency Eur

IsIN / Allocation of incomeFr0010680223/

Accumulation and/or Distribution

Fr0010680231/Accumulation and/or

Distribution


0.45%* 0.70%*



paid to the fund None None


not paid to the fund None None


performance fee including taxes None



Initial Net Asset value e 1,524.29 e 28.501025

Net Asset value calculation Daily


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

Breakeven = Nominal rates – Real rates

Breakeven inflationBreakeven 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.

Natixis Inflation Euro

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

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

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

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

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

Sectors are grouped into three macro-sectors: financials, defensive and cyclical.

The credit analysts closely monitor the eligible issuers and track any changes in notations, alerts, or other warning indicators. The Risk Management Division constantly monitors the eligibility criteria of securities admitted into the investment universe.

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

KEY POINTS

n An attractive universe: the Euro

Investment Grade bonds

n A conviction-based strategies based

on the expertise of 8 senior portfolio

managers, 13 credit analysts,

2 dedicated financial engineers

OVERVIEWInvestment universeMainly Investment Grade* debt

securities, euro-denominated

BenchmarkBarclays Capital Euro Aggregate

Corporate


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


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

CorporAtE BoNds

Financials

BanksBrokersInsurance Real Estate

defensive

Consumer Non-CyclicalConsumer ProductsFood and BeveragePharmaceuticalsTobaccoSupermarketsCommunicationsUtilitiesEnergy

Cyclical

Consumer CyclicalBasic IndustryCapital GoodsMediaTechnologyTransportation

the 3 macro-sectors

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


www.am.natixis.com

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


RISK MANAGEMENTThe two main risks of Natixis Crédit Euro are the credit risk, i.e. the risk of default or depreciation of an issuer, and the interest rate risk, i.e. the possible depreciation of fixed income instruments resulting from changes in interest rates. Tools are used to control these risks at three levels: Front Office, Middle Office and, independently, the Risk Department.

The fund is managed within a modified duration range of 0 to 8. The fund manager steers modified duration within a range of +/- 10% in relation to the fund’s benchmark index (indicative only).

Credit research

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


Management company Natixis Asset ManagementLegal form French FCPuCITS compliant YesInception date 6 November 2002Accounting currency EuR

ISIN / Allocation of income

FR0010171108 /Accumulation-Distribution

FR0010690966 /Accumulation-Distribution

Maximum operating and management fees including taxes 0,60 %* 1 %*


not paid to the fund None 3 %**paid to the fund None None



Performance fee including taxes None NoneMinimum share fraction One ten-thousandth One ten-thousandthMinimum initial subscription e 100,000 NoneInitial net asset value e 100 e 100Net asset value calculation DailyCut-off time D 12:00 am (CET)* Basis: fund net assets ** Excluding any exoneration.

Natixis Crédit Euro

o An original medium-term investment alternative

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

o Convertible bonds: attractive financial instruments

Convertible bonds allow to convert bonds to shares of an issuer according to a 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 in a similar way to the 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% and 75%) are the most convex.

o An investment process that optimises the convertible bond’s convexity

Depending on the strategists’ macro-economic scenario and expectations for equity and fixed income markets, the investment team will identify a target range of average delta for the portfolio corresponding to the wanted equity exposure.

The team will focus on the most convex convertible bonds having a “mixed” profile. The aim is to get the most out of the dynamic nature of convertible bonds when markets are rising and their defensive nature when markets fall.

Shares are selected through three complementary procedures:n fundamental analysis of the issuers, with the added expertise of our Equities and Credit

teams;n technical analysis using proprietary models developed by the quantitative research team;n valuation of the convertible by analysing its technical characteristics.

n An opportunistic management of

the convexity

n A rigorous stock selection enhanced

by the added expertise of our Equities

and Credit teams

n More than ten years of experience

in the convertible bond market

kEy pOINTS

overviewInvestment universe euro-denominated convertible bonds from oeCD issuers

Benchmark exane Convertible index euro NDr

Minimum recommended investment period 4 years

Risk indicatorModified duration between 0 and 8


Bond value of the convertible bond

Imput : Natixis AM

"Bond" profile "Mixed" profile "Stock" profile

Evolution of the underlying stock

Underlying stock price

Convertible bond convexity

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

CorporAtE boNds

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


www.am.natixis.com

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


INVESTMENT TEAMThe 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.

Because it includes high-yield securities,

Natixis Convertibles Euro is subject to interest

rate and credit risk. The characteristics of

convertible bonds also make them subject

to equity market risk, although this is limited

in the event of a market downturn because

of their convexity. If the equity markets go

up, the investment team makes high-delta

convertibles a priority, and low-delta ones

if the markets fall. Fund managers select

securities with a delta ranging between 15%

and 75% to obtain an average portfolio delta

of between 30% and 60%. Because of the

implicit call option for the underlying share in

each security, the price of the convertible is

sensitive to volatility movements.

RISk MANAGEMENT


Manager company Natixis Asset Management

Legal form French mutal fund (FCp)

UCITS compliant yes




FR0010658963 Accumulation

FR0010660142 Accumulation


1%* 1.60%*


not paid to the fund None 3 %**





performance fee including taxes None None

Minimum share fraction One ten-thousandth One ten-thousandth


Initial Net Aset Value e 100,000 e 1,524.49



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

Natixis Convertibles Euro

o An original medium-term investment alternative

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

o Convertible bonds: attractive financial instruments

Convertible bonds allow to convert bonds to shares of an issuer according to a pre-determined ratio and period. The convertible bond’s value is therefore a direct function of the underlying stock’s price variations. This sensitivity to the equity market is called “delta”.

The characteristic of delta variation is that it is higher in a bull market than in a bear market. That is called convexity. Convertible bonds therefore profit more from the rise of the underlying stock than they suffer from its fall.

If the underlying share has risen sharply, the convertible bond will have a very high delta and therefore perform in a similar way to the underlying stock (“equity” profile). Conversely, if the underlying stock 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% and 75%) are the most convex.

An investment process that optimises the convertible bond’s convexity

In order to optimize the risk/return ratio, the team will focus on the most convex convertible bonds within the “mixed” profile range. The aim is to get the most out of the dynamic nature of convertible bonds when markets are rising and their defensive nature when markets fall.However, depending on the strategists’ macro-economic scenario and expectations for equity and fixed income markets, the investment team will identify a target range of average delta for the portfolio corresponding to the wanted European equity exposure. Shares are then selected through three complementary procedures:n Fundamental analysis of the issuers, with the added expertise of our Equities and Credit

teams;n Technical analysis using proprietary models developed by the quantitative research teams;n Valuation of the convertible by analysing its technical characteristics.

n A large investment universe

containing all European countries (the

eurozone members and the others)

n An opportunistic management of

the convexity

n A team with more than ten years

experience in the convertible bond

market

kEy pOINTS

OVErVIEwInvestment universeConvertible bonds issued by

European OECD members

BenchmarkExane Convertible Index Europe


Risk indicator Modified duration between 1 and 8


Bond value of the convertible bond

Imput : Natixis AM

"Bond" profile "Mixed" profile "Stock" profile

Evolution of the underlying stock

Underlying stock price

Convertible bond convexity

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

CoRpoRAtE BoNds

I Share r Share


Legal Form French mutual fund (FCp)

UCITS compliant yes

Inception date 27 April 2005


ISIN / Allocation of income Fr0010171678 / Accumulation

Fr0010678359 / Accumulation

Maximum operating and management fees including taxes 1%* 1.60%*







perfomance fee including taxes None None





Cut-off time D 12pm (CET)

* Basis: net assets ** Excluding any exoneration


Natixis Asset Management - Registred Office: 21 quai d'Austerlitz - 75634 Paris Cedex 13 - Tel : +33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604.76 euros - RCS Number 329 450 738 Paris - Regulated by AMF n° GP 90-009

www.am.natixis.com

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


INVESTMENT TEAM

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

rISk MANAgEMENT

FUND FEATUrES

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.

Natixis Convertibles Europe

o Lengthening of maturities to outperform Eonia

Over its minimum recommended investment period, Natixis Court Terme 6 Mois aims to achieve an annualized performance that exceeds capitalized Eonia by 0.30% in the case of I(C) and I(D) shares and 0.20% in the case of the R share (after deduction of management fees).

The maximum residual life of each security at the time of acquisition is 24 months, with the weighted average life (WAL) of the portfolio being kept below 12 months.

In order to maintain transparency for investors and to emphasize the choice of securities with slightly longer maturities than those currently included in Natixis Asset Management’s money market funds, it has been decided to classify this fund in the bond category. Natixis Court Terme 6 Mois is nevertheless managed within Natixis Asset Management’s money market team and its investment universe is limited to issuers eligible for our money market mutual funds. The fund also operates within a modified duration range of 0 to 0.5.

o Active management of modified duration combined with rigorous securities selection criteriaThe investment team uses several sources of added value to achieve the fund’s performance objective:

n Active management of modified duration through fixed/variable rate allocation The Natixis Court Terme 6 Mois investment team relies on the core scenario drawn up by Natixis Asset Management’s Macroeconomic and Money Market Committees. Depending on expectations with regard to the central banks’ monetary policies and yield curve fluctuations, the money market investment team decides on an appropriate allocation between fixed and variable rates.

n Rigorous issuer selection to tap the credit premiumNatixis Court Terme 6 Mois purchases all types of debt securities issued by private entities or governments. Their minimum long-term rating will be BBB- or Baa3 (Investment Grade). In the case of issuers not having a long-term rating, and only if the debt securities have a residual maturity of less than one year, the minimum short-term rating will be A3 or P3 or F3. The fund is not permitted to invest in securities issued by securitization vehicles.

The investment team relies on the recommendations of Natixis Asset Management’s team of credit analysts for its selection of securities within the money market investment universe. In addition, a division dedicated to Credit Risk in the Risk Department constantly checks compliance with the conditions for eligibility of the securities included in the investment universe.

n Weighted average life of securities

in the portfolio less than 12 months

n Active management of fixed/


n Rigorous selection of securities

held in the portfolio

KEY POINTS

OVERVIEWInvestment universeShort- and medium-term debt

securities of public or private issuers

BenchmarkCapitalized Eonia

Minimum recommended investment period6 months

Risk indicatorModified duration between 0 and 0.5


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

Construction of the portfolio

Selection of issuers

Fixed /variable rate allocation

• Money market investment universe• Financial research• Eligibility of issuers and counterparties

• Macroeconomic scenario• Expectations for central banks' monetary

policies

aggRegaTe BoNdS

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


www.am.natixis.com

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

* Source: Feri Fund Market as at 31/05/2010 ** Source: Natixis AM

INVESTMENT TEAM

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

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

I (C) Share I (D) Share R ShareManagemenet company Natixis Asset ManagementLegal form Frech FCPUCITS compliant YesInception date 5 May 2010Accounting currency EUR


FR0010885236 /Accumulation

FR0010885251 /Distribution

FR0010885210 /Accumulation

Maximum operating and management fees including taxes 0.20%* 0.20%* 0.30%*


not paid to the fund None None Nonepaid to the fund None None None


not paid to the fund None None Nonepaid to the fund None None None

Performance fee including taxes 30% TTC inc. tax of net outperformance relative to Capitalized Eonia index + 0.30%

30% TTC inc. tax of net outperformance relative to

Capitalized Eonia index + 0.20%

Minimum share fraction One ten-thousandth One ten-thousandth NoneMinimum initial subscription e 500,000 e 500,000 1 shareInitial net asset value e 100,000 e 100,000 e 10,000Net asset value calculation Daily

Cut-off time 12:30 pm* Basis: fund net assets, excluding UCITS of Natixis Global AM

FUND FEATURES

Natixis Court Terme 6 mois

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

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

The stock selection is based on four clearly identified value segments:

n Return and visibility: companies offering good earnings visibility;

n Discounted cyclicals: cyclical stocks trading at a significant discount;

n Restructuring: companies penalised by a disappointing operating performance in the short term, but which have set up a convincing restructuring plan;

n Conglomerates: companies active in several fields exaggeratedly penalised (holding discounts).

o A conviction-based investment focusing on stock-pickingStock-picking is the portfolio’s main source of added value. Natixis Actions Euro Value is constructed with some sixty large cap stocks representing the management team’s strongest convictions. The investment process breaks down into 3 phases:

1- Detection of opportunities: qualitative and quantitative analysis to seek the best investment opportunities;

2- Selection of the strongest convictions: stock picks based on in-depth knowledge of the stocks in the portfolio and a systematic valuation process;

3- Portfolio construction attentive to a good degree of sector and country diversification.

n Conviction investing on Eurozone

value stocks

n A clearly-defined investment

process

n A specialised team of fund

managers, with long-standing

expertise in value investing

oVERViEw

kEy PoiNTS

Investment universeEurozone equities

BenchmarkMSCi EMU NDR


investment universe

Fundamental and quantitative financial analysis


Stock-picking

Diversification

Convictions


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

EurozoNE EQuITIES

i Share R Share



UCiTS compliant yes

inception date 27 December 2005

Accounting currency Euro

iSiN / Allocation of incomeFR0010270025 /

AccumulationFR0010259382 /

Accumulation

Maximum operating and management fees including taxes 1.20%* 2%*


not paid to the fund None 3 %**





Performance fee including taxes20 % of the outperformance

of MSCi EMU NDR index

Minimum share fraction one hundredth

Minimum initial / subsequent subscription e 10 000 / None 1 share / None

initial net asset value e 100 e 100Net asset value calculation DailyCut-off time D 12:30 pm (CET)

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

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


www.am.natixis.com

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

*Source: Natixis Asset Management

iNVESTMENT TEAM

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

RiSk MANAgEMENTFUND FEATURES

Natixis Actions Euro Value

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

Adapted from Richard Bernstein, Style Investing.

Strong expectations

Low expectations

Positiverevisions

negativerevisions

Growth

Value Value

Growth

+

_

_

+

Low investor expectations in relation to the expected

earnings growth in the medium term

identification of an existing or imminent turnaround

point

“Value +” dial = low expectations and

identification of a turnaround point

o Emerging equities: an attractive and heterogeneous universe

Natixis Actions Global Emergents aims to outperform its benchmark index, the MSCI Emerging Markets** with net dividends reinvested, denominated in euros, over a recommended investment period of five years. To achieve this objective, the managers implement a fundamental top-down approach based on a country allocation managed within a precise risk budget.

Emerging equities offer attractive returns, since the emerging markets stand out in terms of:

n dynamism: a sustained pace of development with annual GDP growth of over 6% since 2000, compared to an average of 1,5% for the advanced economies (source: World Economic Outlook 2010);

n diversity: wide disparity in development levels and driving factors. Two major groups can be distinguished: countries whose economies are strongly linked to commodities (such as Brazil and South Africa) and manufacturing countries taking advantage of the relocation of production from developed countries (such as China and Mexico).

o Active management of country allocation combined with optimization of risk budget

The Natixis Actions Global Emergents investment team applies an original three-stage investment process based on a tactical country allocation. The first stage involves an analysis of each emerging market in terms of its macroeconomic environment, valuation and market conditions. This in-depth study identifies the best country opportunities. It gives rise to a monthly meeting of the Emerging Equities Allocation Committee. The second stage involves a quantitative optimization resulting from its qualitative views. This determines the relative weight of each country in the portfolio, taking particular account of tracking error constraints.

Finally, the third stage comprises the tactical management of the portfolio and the control of risks. The managers of Natixis Actions Global Emergents use liquid investment vehicles, which allow a high degree of responsiveness while limiting transaction costs: country, regional and/or global emerging market ETFs*, emerging market futures (in the case of the most liquid markets). The Natixis Actions Global Emergents investment team is assisted by five professionals (an economist specializing in the emerging markets, a strategist and three allocation managers) who have an average of 17 years’ experience.

* Exchange Traded Funds: funds which aim to replicate an index, also known as trackers.

** Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey (list of the 21 countries represented in the MSCI Emerging Markets index as at 1st June 2010).

n Process based on active country

allocation

n Effective combination of

fundamental analysis and

quantitative optimization

n Responsive management due to

liquid investment vehicles (ETFs*)

OVERVIEW

KEY POINTS

Investment universeEmerging equities essentially

represented in the index MSCI

Emerging Markets

Benchmark indexMSCI Emerging Markets DNR

denominated in EUR


Risk indicatorEx-ante tracking error of up to 5%

(by way of indication)

www.am.natixis.comIntended for professional clients only

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

GLOBAL EQUITIES


Natixis Asset Management - Registered Office :21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 50 434 604,76 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

I Share


Legal form French Mutual Fund (FCP)

UCITS compliant Yes

Inception date 23 March 2009


ISIN/Allocation of incomeFR0010711051 /


Accumulation


1.20%* 2,00%*


not paid to the fund None 3%**paid to the fund None None



Performance fee including taxes 20% of the performance above the index MSCI Emerging Markets


Minimum initial subscription i 50,000 None

Initial net asset value i 50,000 i 100

Net asset value calculation Daily

Cut-off time D 12,30 pm

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

FUND FEATURES

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

RISK MANAGEMENT

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


THE INVESTMENT TEAM

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

the Emerging Equities Allocation Committee: country assessment criteria

Macroeconomic environment

Evolution of the macroeconomic indicators

Impact of monetary policiesAnticipation on the currencies

Analysis of the evolution of the forecasts of profits

Study of the indicators of valuation of equity markets

Analysis investors positioningAnalyzes technique of stock

exchange indices

Valuation Market conditions

Scenario Fundamentals Conditions

Trends Attractiveness Momentum

Country rating + = -Overweighted neutral Sub-weighted

+ + +- - -

Natixis Actions Global Emergents

o Focusing on long term growth

Natixis Actions US Growth is invested mainly in equities of US companies with a market capitalisation of over $3 billion. The fund aims to outperform its benchmark, the S&P 500 TR in dollars, over an investment horizon of at least 5 years.

The management approach consists first in identifying companies with strong upside potential in terms of earnings and profit (Growth style). The investment team then picks companies capable of generating a sufficient amount of cash flow over the long term.

o Stock-picking at the heart of the investment process

The portfolio is constructed with a bottom-up approach: stock-picking stems from an analysis of the fundamental characteristics of each company. This analysis is based on three criteria:

n identifying new catalysts (e.g. new product, structural change in the industry, change of management, etc.),

n the quality of the business model,

n an assessment of the company’s value. In regards to the latter item, specific attention is paid to each company’s ability to generate long-term growth.

The investment team aims to pick stocks answering strong convictions and to hold them in the portfolio for three to five years, resulting in a low target turnover rate (30% to 40%). The portfolio focuses on 25 to 35 stocks. Approximately two-thirds of these stocks correspond to companies enjoying a long track record of growth, generally leaders in their industry. The remaining third comprises companies identified as starting on the growth track, intentionally underweighted in the portfolio as they are riskier.

o Extensive expertise in managing US stocks

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

n A differentiated “growth”

philosophy, emphasizing intrinsic

business value and cash economics

n An experienced investment team

based in the United States

n An extensive track record in

growth-style management

OVERVIEW

KEY POINTS

Investment universeNorth American large cap equities

Benchmark indexS&P 500 TR



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

GLOBAL EQUITIES

I Share R Share


Sub advisor Delaware Investment

Legal form French Mutual Fund (FCP)

UCITS compliant Yes

Inception date 19 December 2005

Accounting currency USD

ISIN/Allocation of incomeFR0010256404 /


Accumulation


1.20%* 1.80%*


not paid to the fund None 3%**paid to the fund None None




Minimum share fraction One tenth One tenth

Minimum initial / subsequent subscription $ 50,000 / 1 Share None / None

Initial net asset value $ 100,000 $ 10,000

Net asset value calculation Daily

Cut-off time D 3:30 pm (CET)

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



www.am.natixis.com

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

* Source: Delaware Investments

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

INVESTMENT TEAM

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

RISK MANAGEMENT

FUND FEATURES

Natixis Asset Management offers 2 US equity funds: Natixis US focus growth (Growth investing) and Natixis US Opportunities (Value investing). Both investment styles complement one another and may be favoured depending on market conditions and investor preferences.

Growth investment consists of identifying stocks showing strong growth potential or whose earnings are expected to grow at faster than average pace than its industry or the overall market.

Value investing consists in identifying stocks trading on the market at a price lower than their intrinsic value, where the stock price does not reflect long-term fundamentals.

Natixis Actions US Growth

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

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

n Mitigation : reduction of greenhouse gas emissions;

n Adaptation to the inevitable consequences of climate change;

n Better management of natural resources.

This very wide approach to the theme makes it possible to go beyond the sometimes simplistic approaches (e.g. single-sector funds covering green energies or water), by investing in a large spectrum of sectors. For example, beyond the most obvious industries such as clean energies or soil treatment, the fund extends its analysis to include other sub-themes like reinsurance or changes in consumer behavior (e.g.: development of teleworking and e-commerce), which are also directly or indirectly associated with global warming.

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

An exclusion filter is then applied to the preselected stocks to ensure that they do not infringe the fundamental principles of responsible investment. The investment team finally builds a concentrated portfolio which reflect its convictions, without any sector or country constraints in relation to an index.

In addition to the question of responsibility, the experts at Natixis Asset Management are convinced that climate change represents genuine opportunities for investors: the companies that take the lead in this theme build a competitive advantage that should become more valuable over time, particularly since climate change factors do not currently seem to be priced into equities.

n Active management combined

with a scientific approach

n A global, multi-thematic and multi-

sector investment universe

n An investment combining

responsibility and performance

oriented strategy

KEY POINTS

OVERVIEWInvestment universe Global equities

BenchmarkNone.

The MSCI World index could be used

for performance comparison.

Minimum recommended investment periodFive years minimum

Intended for professional clients only, as defined by MIFID

Funds - Climate ChangeReconciling climate change with a performance oriented strategy in a global equity fund

GLOBAL EQUITIES

I/A share I/A share H-I/A share R/A share R/A share H-R/A share

Management company Natixis Global Associates

Delegated financial manager Natixis Asset Management

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

UCITS compliant Yes

Date of CSSF approval 29 September 2009

Inception date 5 October 2009

Accounting currency EUR USD EUR EUR USD EUR

ISIN /Allocation income

LU0448199371 / Capitalisation






TER* 1.25 % 1.25 % 1.25 % 2 % 2 % 2 %

Maximum subscription fee 4 %

Maximum redemption fee None


Minimum initial /Subsequent subscription

e 50,000 / 1 share

$ 50,000 / 1 share

e 50,000 / 1 share

None None None

Initial Net Asset Value e 10,000 $ 10,000 e 10,000 e 100 $ 100 e 100

Net asset value calculation Every working day in Luxembourg and France

Cut-off time D 12.00 noon (Luxembourg time)* Total Expense Ratio.

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

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

INVESTMENT TEAM

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

MAIN RISKS

FUND FEATURES

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

- Provide information on climate change.This Committee is chaired by Carlos Joly, a co-founder of the United Nations Principles for Responsible Investment and a partner of Natixis Asset Management in this approach.

Funds - Climate Change

o An international equity fund of funds

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

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

The investment process of Sonic Monde benefits from Natixis Multimanager expertise in fund selection and also asset allocation. The process involves several phases:

n Fund selection process : the Managers-Analysts refer to quantitative and qualitative studies to select funds likely to generate performance in each of the geographic regions, themes, sectors and management styles they wish to favour.

n The reference strategic allocation defines the medium/long term breakdown of investments by asset class: the equity pocket can represent at least 80% of the fund’s net assets, the fixed income pocket can vary between 0 and 20% of the net assets and the alternative pocket between 0 and 10%. The main strategy consists in increasing or trimming exposure to the equity markets.

n At the same time, within each asset pocket, the investment team sets up a tactical allocation by geographic region, sector and theme according to its short-term convictions. This allocation, based on market inefficiencies and opportunities, is managed dynamically.

The investment team then constructs the portfolio by making a rigorous selection of styles and investment vehicules. These vehicules are selected according to a core/satellite approach, consisting in defining a core that corresponds to the investment objective and satellite funds to diversify the sources of performance.

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

KEY POINTS

OvERvIEW

Investment universeInternational equities (maximum

exposure to emerging countries:

25% of net assets)

Benchmark50% 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


Macro analysis

Valuations

Risks

Strategic allocation


Medium/long term convictions

Screening

Due diligence

Meetings with fund managers

Fund selection

Fund manager selection

Market inefficiencies

Market opportunities

Momentum

Tactical allocation

Short term convictions

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

gloBAl equItIeS

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Multimanager. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Multimanager based on sources considered to be reliable. Natixis Multimanager reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Multimanager.Natixis Multimanager will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Multimanager upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Multimanager website at: www.multimanager.natixis.com.Non contractual document, written in August 2010.

Natixis Multimanager - "Société par Actions Simplifiée" with share capital of e7,536,452 - Paris Registry of Companies (RCS Paris) 438 84 192 - AMF certification n° GP 0105421, quai d'Austerlitz - 75634 Paris Cedex 13-Tel : +33 1 78 40 80 00

www.am.natixis.com

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

Source: Natixis Multimanager.

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

INvESTMENT TEAM

RISK MANAgEMENT

Sonic Monde offers access to a selection of funds invested in the leading stock markets. Selection is based on a rigorous process, revolving around the following phases:

n definition of the investment universe: universe of 12,000 UCITS-compliant funds classified by a proprietary tool;

n quantitative approach: analysis of performances, volatility, and other specific indicators;

n qualitative approach: more in-depth approach by managers/analysts (company visits, conference calls). Based on these quantitative and qualitative approaches, the analysts draft a summary for each pre-selected fund. The final selection of an underlying fund must first be submitted to the Fund Research and Selection Committee and approved by the Compliance, Internal Control and Risk Control management department of Natixis Multimanager.

I-C Share R-C Share R-D Share R-C ShareManagement company Natixis MultimanagerLegal form French mutual fund (FCP)UCITS compliant YesInception date 24 March 2000Accounting currency EUR USD EUR EUR USD

ISIN/Allocation of incomeFR0010555797/ Accumulation

FR0010702126/Accumulation


FR0010296731/ Distribution


Maximum operating and management fees including taxes 0.80%* 0.80%* 2.34%* 2.34%* 2.34%*Maximum indirect management fees 3%* 3%* 3%* 3%* 3%**


not paid to the fund 2%** 2%** 3%** 3%** 3%*paid to the fund None None None None None


not paid to the fund None None None None Nonepaid to the fund None None None None None

Performance fee including taxes20%* of the performance above the benchmark indicator: 50% MSCI AC World ex-EMU NDR in

EUR + 50% DJ Eurostoxx 50 Total Return in EURNone None None

Minimum share fraction One ten thousandthMinimum initial subscription e 1,000,000 / None $ 500,000 / None None None NoneInitial Net Asset value e 100,000 $ 1,000 e 100 e 100 e 100Net Asset value calculation DailyCut-off time D-1 12:30pm (CET)* Basis: net assets. ** Excluding any exoneration.

FUND FEATURES

Sonic Monde

o Seizing opportunities on the eurozone yield curve

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

o Taking advantage of the two main movements in the curve

The originality of Natixis Performance Quant Bond 18 M lies in its ability to capture the trends in the eurozone yield curve whatever the market configuration. The financial engineers of Natixis Asset Management have developed quantitative tools to break down and analyze the elementary movements of the yield curve based on two main elements: Parallel movement of the curve (rise/fall in rates) or “Shift” Distortion of the curve (steepening or flattening) or “Twist”

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

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

On a day-to-day basis, a proprietary quantitative model enables the team to detect the market trend for the Shift and Twist elements, as well as the “strength” of the trend. This quantitative signal is compared to the expectations obtained from a macroeconomic model, which is also developed in-house. Depending on the results (contradictory or otherwise), the actual portfolio will be exposed to the yield curve to a greater or lesser extent.

* see Focus overleaf

KEy POINTS

n An “Performance”* strategy in the

euro zone’s fixed income markets n Enhance returns on cash by investing

in first-class securities

n Proprietary quantitative models to

capture market trends

OVERVIEwPerformance targetAnnual outperformance, net of fees,

of 100 bp relative to the capitalized

Eonia index over the recommended

investment period (I share)

Investment universeEuro-denominated securities issued

or guaranteed by eurozone member

states

BenchmarkCapitalized Eonia

Minimum recommended investment period 18 months

Risk indicatorIndicative target monthly ex-ante VaR

of 1% (with a probability of 99%)


T W I S T

SH

FT

Rise in rates

Fall in rates

SteepeningFlattening

Néga

tive

mod

ified

dur

atio

n

Buy short term ratesSell long term rates

Sell short term ratesBuy long term rates

Vente Taux CourtsAchat Taux longs

Posi

tive

mod

ified

dur

atio

n

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

PERFORMANCE

DisclaimerThis 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 infor-mation. The Fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a Fund. The risks and fees connected to investment in a Fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com.Non contractual document, written in August 2010.


www.am.natixis.com

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


Natixis Performance Quant Bond 18 M is part of Natixis Asset Management’s Performance range. The funds in this range seek to ensure good mobility of allocations towards key themes, while endeavouring to preserve assets in the current market context and improving the overall risk/return profile.

The selected solutions are aimed at expectations of consistent, positive performances that are as independent as possible of directional market trends, combined with risk management: the managers are able to generate positive returns even when markets fall, by implementing short or arbitrage strategies.

In order to allocate the risk envelope among the various strategies, each manager carries out dynamic risk management by means of VaR.

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


Management Company Natixis Asset Management


uCITS compliant yes



ISIN / Allocation of income FR0010232348 / Accumulation

FR0010249219 / Accumulation

Maximum operating and management fees including taxes(1) 0.36% 0.60%


not paid to the fund None 2%(3)





Performance fee including taxes(2)

23,92% of the performance in excess of Eonia capitali-

sed + 100 bps(4)

23,92% of the performance in excess of Eonia capitali-

sed + 76 bps(4)

Minimum share fraction One hundredth

Minimum initial/subsequent subscription € 50,000 / One share One share

Intitial Net Asset Value € 100,000 € 100



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

Natixis Performance Quant Bond 18 M

n Opportunist management with a

modified duration between -3 and +3

n Triple allocation between money-

market and bond assets, then

between bond assets and finally

within bond asset classes

n Multiple alpha sources both from

arbitrage and directional strategies

n Risk allocation inside a VaR budget

Key pOinTs

OVeRViewInvestment universen international Bonds and other

negotiable debt securities and

money-market instruments

BenchmarkCapitalized eonia on an indicative basis

Minimum recommended investment period12 months

Risk indicatorModified duration between -3 and +3

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

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

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

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

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

o The capacity to adapt to market condition evolution

such strategies implemented by direct investments in cash, bonds and/or derivatives instruments can be grouped in two categories:

n non-directional strategies with an aim either to benefit from evolutions between the different markets or to take profit from specific situations on markets or specific securities :

- triple allocation between money-market and bond assets, then among bond assets (government bonds, bonds issued by agencies and supranational organizations, government-guaranteed bonds and credit securities) and finally, strategies implemented within asset classes (relative value among eurozone countries, financial/corporate issuers…),

- international interest rate arbitrage (curve, modified duration and security selection) but also diversification (OeCD, convertibles and inflation-indexed bonds).

n and directional strategies, more classical but with relatively large allocation possibilities.

All these strategies are also calibrated (stop-loss and dynamic take-profit), so as to comply with the specified risk limits and maximize the risk/return profile.


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

PERFORMANCE

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

Natixis Asset Management - Société anonyme au capital de 50 434 604,76 euros - RCS Paris 329 450 738 - Agrément AMF n° GP 90-00921, quai d’Austerlitz - 75634 Paris Cedex 13 -Tel : +33 1 78 40 80 00

www.am.natixis.com

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

inVesTMenT TeAM

RisK MAnAgeMenT

Directional strategies include :

n Active modified duration management in order to benefit from both interest rates rise or fall (between -3 and +3),

n Currency exposures (Us dollar, Canadian dollar, yen, sterling pound, swiss franc, northern & eastern europe currencies, Latin American & Asian currencies…) up to 20%,

n Diversifications on emerging or convertibles bonds up to 10%.

i-C share i-D share R-C

Management company natixis Asset Management

Legal form French mutual fund (FCp)

UCiTs compliant yes

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

Accounting currency eUR

isin/Allocation of income

FR0010008250Accumulation

FR0010008268Distribution

FR0010903575 Capitalisation

Maximum operating and management fees including taxes 0.35%* 0.35%* 0.60%*

Max. subscription fee

not paid to the fund none none 2%

paid to the fund none none none

Maximumredemption fee

not paid to the fund none none none

paid to the fund none none none

performance fee including taxes From 1st July 2010 30% over Capitalized eonia +0.75% a year 30% over Capitalized eonia

+0.5% a year

Minimum share fraction One hundred-thousandth One ten-thousandth

Minimum initial/subsequent subscription e50 000/none One share/none

initial net asset value e762.25 e100

net asset value calculation Daily

Cut-off time 12:30pm

* of average net assets.

FUnD FeATURes

The main risks when investing in natixis performance strategic Bond are interest rate risk, overexposure risk, risk linked to arbitrage strategies, credit risk, discretionary management risk and currency risk.

The credit risk is limited in the portfolio to investment grade rated bond issues. The foreign exchange risk is limited to 10%. emerging markets and convertible bonds risks are limited to 10% max each.

Natixis Performance Strategic Bond

o Multiple strategies to adapt to all market configurationsNatixis Performance Active Allocation benefits from a process combining strategies which seek to generate performance whatever the market context.

Natixis Performance Active Allocation aims to achieve an annual performance that is 2 % higher than capitalized EONIA for I shares net of fees (1.60 % for R shares) over a recommended investment period of two years. To that end, the investment team deploys a wide range of strategies, directional positions (long or short) and arbitrage positions. The fund’s investment universe covers:

n all asset classes (equities, bonds, currencies, commodity indices, etc.),n all geographic regions (Europe, United States, Japan, emerging markets).

o Two complementary and autonomous approaches to generate performance

Natixis Performance Active Allocation comprises two independently managed engines, whose allocation in the portfolio is balanced. In each “pocket”, the managers identify the many investment opportunities on the basis of quantitative, fundamental or technical analysis signals. These strategies are then calibrated in accordance with their contributions to the fund’s overall risk and monitored daily.

n The first engine is managed in accordance with a fundamental approach of the “Global Macro” type. The manager bases his investment decisions on various types of analysis, which can be combined or used separately: macroeconomic analysis, technical analysis, flows and psychology, valuation of markets and momentum. The manager’s decision-making is discretionary and the positions are calibrated in terms of VaR (Value-at-Risk).

n The second engine bases its strategies on a quantitative analysis confirmed by a discretionary analysis. An internally developed tool is used to detect the main market trends in a systematic way. Once identified, the strategies in this “Quant” pocket are implemented on a discretionary basis by the manager. The positions are calibrated using an optimization process which allows a balanced and robust allocation of risk budgets.

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

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

n Access to multi-asset class

strategies within an active allocation

framework

n Two engines of performance: one

fundamental, the other quantitative

n A portfolio invested in liquid, passive

and pure vehicles (ETFs, futures

contracts).

KEY POINTS

OVERVIEWPerformance target net of feesI share: EONIA + 2.00 %/year

R share: EONIA + 1.60 %/year

Investment universe

Diversified (equities, bonds,

currencies, commodities, etc.)

BenchmarkCapitalized EONIA

Minimum recommended investment period 2 years

Risk indicatorMaximum loss (maximum draw-

down) less than 5 % with a

probability of 95 % (on an indicative

basis)

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

Fixed income strategies Range of sensibility included between -8 et +8.

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

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

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

PERFORMANCE



www.am.natixis.com

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

THE INVESTMENT TEAM

In view of the fund’s multiple investment strategies, there are various risks associated with Natixis Performance Active Allocation (equity, interest rate, credit, emerging market exposure, foreign exchange, etc.) which can give rise to a risk of capital loss.

To control these risks, the managers of the fund ensure that a balance is maintained among the strategies. Since the emphasis is on diversifying sources of performance, each strategy is associated with an asset class and a type of position (directional or arbitrage) which individually generates a moderate risk in the portfolio.

On an indicative basis, the managers ensure compliance with a maximum risk level that is calculated and monitored in such a way that the total of the consumed risk (drawdown or loss observed on the highest net asset value since the inception of the fund) and the anticipated risk (ex-ante VaR, or loss estimate) is below 5 %, with a probability of 95 %.

RISK MANAGEMENT




UCITS Compliant Yes

Inception date 6 march 2009


ISIN /Allocation of income



Maximum operating and management fees including taxes*

0.60 %* 1 %*


not paid to the fund 0 %** 2 %**





Maximum indirect fees 2% 2%

Performance fee including taxes**

30 % of the perfor-mance above Eonia

capitalised + 200 bps per year***

30 % of the perfor-mance above Eonia

capitalised+ 160 bps per year***


Minimum initial subscription / subsequent e 50,000 / None None

Initial Net Asset Value e 50,000 e 100

Net Asset Value calculation Weekly (Friday)

Cut-off time D-1, 11:00

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

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

GLOBAL MACRO Engine

QUANTITATIVE Engine

Investment horizon

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

Mid term positions (3/6 months)

Approach DiscretionaryEssentially top-down

SystematicExclusively bottom-up analyzing every market independently of the others

Type of positions

Opportunists and selectiveEssentially directional

Widely diversifiedRelative value are privileged

Construction of positions

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

Calibration through an optimizationAccent put on the regularity and the diversification

Natixis Performance Active Allocation

o Diversified sources of performance

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

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

KEY POINTS

OVERVIEW

Target return

Annual performance net of operating

and management fees above

Eonia capitalized + 2% (I share)

Investment universe Interest rate swaps of selected OECD

countries*, and Euro denominated

debt securities and money market

instruments

BenchmarkEonia capitalized


2 years

Risk indicatorTarget annual volatility of 3%

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

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

o Non-directional strategies

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

o Benefit from opportunities on swap curves from selected countries

Natixis Performance Swap Arbitrage’s investment philosophy is based on a simple observation: fixed income markets are inefficient by nature. The diversity of players, each with diverging objectives and constraints, creates different expectations with regards to the evolution of swap curves. These differences result in arbitrage opportunities within or between yield curves.

The fund benefits from these opportunities through duration neutral arbitrage strategies on 10 swap curves from selected OECD countries*. The investment team has developed an expertise on interest rate swaps, specifically on spot rate spreads (spread between 2 spot rates) and forward rate spreads (spread between 2 future rates anticipated by the market).

4,0%

2,0%

Yield

5-10 spot yield spread

5 10 15 20

Maturity (Years)

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

Spot swap yield curve 1 year forward swap yield curve

4,0%

2,0%

Yield

5-10 forward yield spread

5

Maturity (Years)

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

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

10 15 20

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

PERFORMANCE



www.am.natixis.com

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

Source: Natixis Asset Management.

INVESTMENT TEAMn Swap curve: yield curve made up of different points corresponding to swap rates for different maturities. An interest rate swap is an over-the-counter contract that allows the exchange of one interest rate for another.

n Spot rate: rate corresponding to market expectations for an immediate transaction. n Forward rate: rate anticipated by the market for a transaction which will begin at a future point in time.

n Rate spread: spread between two rates, spot or forward.

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

RISK MANAGEMENT




UCITS compliant Yes

Inception date 12 september 2008


ISIN/Allocation of income FR0010654921/Accumulation


Maximum operating and management fees including taxes 0.60%* 1%*







Performance fee including taxes**30% of the performance above Eonia capitalised + 200bps per year***

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



Intitial Net Asset Value e 50,000 e 100



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

Natixis Performance Swap Arbitrage

ThismaterialhasbeenpreparedbyNatixisAssetManagement.

The funds mentioned in this material are not registered or authorized in all jurisdictions and may not be available to all investors in a jurisdiction. The provision of this material does not constitute an offer of services, nor an offer or recommendation to purchase or sell shares in any financial instrument. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing. In the case of a fund, these can be found in the fund’s prospectus or offering memorandum, which should be read carefully before investing. If you would like further information about any of the funds, including charges, expenses and risk considerations, contact the sender of this document or your financial advisor for a free prospectus, simplified prospectus, copy of the Articles of Incorporation, the semi and annual reports, and/or other materials and translations that are relevant to your jurisdiction. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time.

In certain cases, this material is provided by one of the Natixis Global Associates entities listed below to its clients who qualify as Professional Clients or Qualified Investors. Natixis Global Associates is the global distribution organization of Natixis Global Asset Management, the holding company of a diverse line-up of specialised investment management and distribution entities worldwide. Although Natixis Global Associates believes that the information provided in this material to be reliable, it does not guarantee the accuracy, adequacy, or completeness of such information.

• In the E.U. ((outside of the UK): This material is provided to the investment service provider or other Professional Client or Qualified Investor who has requested it by Natixis Global Associates S.A. or one of its branch offices listed below. Natixis Global Associates S.A. is a Luxembourg management company that is authorized by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered under n. B 115843. Registered office of Natixis Global Associates S.A.: 2-8 Avenue Charles de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg.France: Natixis Global Associates International (n.509 471 173 RCS Paris). Registered office: 21 quai d’Austerlitz, 75013 Paris. Italy: Natixis Global Associates S.A. Succursale Italiana (Bank of Italy Register of Italian Asset Management Companies no 23458.3). Registered office: Via San Clemente, 1 - 20122, Milan,MI, Italy. Germany: Natixis Global Associates S.A., Zweigniederlassung Deutschland (Registration number: HRB 88541). Registered office: Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt am Main 60322, Germany..

• IntheUK: 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 (FSMA 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 FSMA 2000 (Financial Promotion) Order 2005 or the FSMA 2000 (Promotion of Collective Investment Schemes) (Exemptions) 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 Office: Natixis Global Associates UK Limited, Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA.

• InSwitzerland: This material is provided to Qualified Investors by Natixis Global Associates Switzerland Sàrl.

• In the DIFC: This material is provided to the investment service provider or other Professional Client or Qualified Investor who has requested it 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.

Additional Notes

private_placement_09.2010_-_en

Documents

Transcript of private_placement_09.2010_-_en