ze book 02.2009_en

ZE BOOKProduct Profiles

feBruArY 2009

Money marketFixed income

Equities

Absolute returnAlternativeBalanced

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.

Natixis Cash Première

m o n e y m a r k e t

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

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

Benchmark Eonia

Minimum recommended investment period 1 day to 3 months

Risk indicator Modified duration of 0 to 0.5

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

Intended for professional clients only

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.

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

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

* Source: Feri Fund Market as of 30/06/2008.

iNvEsTMENT TEAMThe 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.The risk control team performs a triple check every day:

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

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

n Counter-valuationThe Risk Department performs a daily counter-valuation of the accounting valuations.

Natixis Cash Première

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 January 2009.

Natixis Asset Management - Registered Office: 21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

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

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.

Natixis Cash A1P1

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

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

Benchmark Eonia capitalised

Minimum recommended investment period 1 day

Risk indicator Modified duration close to 0

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


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.

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).

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

kEy PoiNTS


This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management.Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund.The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription.The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com.Non contractual document, written in December 2008.

Disclaimer

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

www.am.natixis.com

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

* Source: Feri Fund Market as of 30/06/2008

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 are interest rate and credit risks.


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

n Counter-valuationThe Risk Department performs a daily counter- valuation of the accounting valuations.

Natixis Cash A1P1

RiSk MANAgEMENT

FuND FEATuRESi Share



uCiTS compliant yes

inception date 11 August 2004

Accounting currency EuR

iSiN/Allocation of income FR0010322438/Accumulation

Maximum operating and management


Maximum subscription fee not paid to the fund None


Maximum redemption fee not paid to the fund None



Minimum share fraction one thousandth

Minimum subscription € 500,000

initial Net Asset Value € 100

Net Asset Value Calculation Daily


* Basis: net assets except Natixis Asset Management funds

A performance close to that of Eonia in a Socially Responsible Investment (SRI) universe

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

n A Socially Responsible money market portfolio

n Active management of fixed rate/variable rate allocation

n Rigorous stock-picking

kEy poINTS

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

Benchmark Eonia

Minimum recommended investment period 1 day

Risk indicator Modified duration of 0 to 0.125

Remunerate overnight cash within the framework of Socially Responsible Investment


Management of modified duration through fixed rate/variable rate allocation

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


2 - Issuer selection

1 - Fixed rate/variable rate allocation

• Investment universe• Eligibility of issuers and counterparties

• Macroeconomic scenario• Expectations on Central Banks'

monetary policies

Rigorous selection of SRI issuers

Natixis Impact Cash holds French and foreign short term debt instruments and similar money market securities of all types. The investment team selects mainly private issuers (up to 100% of the fund’s assets) and relies on the recommendations issued by the extra-financial and credit analysis team (comprised of 18 analysts) which focuses on two qualitative criteria

The issuer’s credit quality (securities issued by entities with a minimum rating of A- (Standard & poor’s/Fitch) or A3 (Moody’s).

The SRI criteria analysed for each issuer according to a cutting-edge, innovative extra-financial research process perfected by Natixis Asset Management.

Financial research Extra-financial research

Natixis Cash


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

This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management.Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com.Non contractual document, written in December 2008.

Disclaimer


www.am.natixis.com

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

* Source: FERI Fundfile June 2008

** Source: Natixis Asset Management au 30/09/2008

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

Natixis Impact Cash is exposed to two main risks:n A limited credit risk related to the rating of the securities eligible for the portfolio and their short lifespan. n A limited interest rate risk related to the fund’s investment strategy. The portfolio is managed with a modified duration range of 0 to 0.125.

The risk control team performs a triple check on a daily basis:n Liquidity monitoring Liquidity control takes account of the residual lifespan and quality of assets held in the portfolio.n Credit risk controlIndicators used include the average score, average lifespan, geographic and sector diversification thresholds, etc.n Counter-valuationThe Risk Department performs a daily counter-valuation of the accounting valuations.

RISk MANAGEMENT

FUND FEATURES

* Basis: net assets

R Share

Management Company Natixis Asset Management

Legal form French mutual fund (FCp)

UCITS compliant yes

Inception date 4 September 2003


ISIN/Allocation of income FR0010008003/Accumulation

Maximum operating and management fees including taxes

0.5%*







performance fee including taxes None

Minimum share fraction one ten thousandth

Minimum initial/subsequent subscription one share/one share

Initial Net Asset value l 100

Net Asset value calculation Daily

Cut-off time D 12.30pm (CET)

Natixis Cash

Achieving a performance close to Eonia over a period of a few days to a few weeks

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

Natixis Cash Eonia

M O N E Y M A R K E T

n Active management of fixed/variable rate allocation

n Rigorous selection of securities held in the portfolio

n Significant assets under management and a high volume of subscriptions/redemptions offering a high degree of liquidity

OVERVIEW

KEY POINTS

Investment universe Investment Grade debt securities, issued mainly by private issuers


Minimum recommended investment period A few days to a few weeks

Risk indicator Modified duration between 0 and 0.5

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


Rigorous portfolio construction to actuate two performance engines

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.

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


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

This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management.Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com.Non contractual document, written in January 2009.

Disclaimer

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

www.am.natixis.com

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


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.



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

n Counter-valuationThe Risk Department performs a daily counter- valuation of the accounting valuations.

Natixis Cash Eonia

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%*





not paid to the fund None 0.10%



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.

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.

Natixis TrésoEuribor 3 mois

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

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

kEy pOINTS

OVErVIEwInvestment universe Debt securities, issued mainly by private Investment Grade issuers


Minimum recommended investment period 3 months

Risk indicator Modified duration between 0 and 0.25

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


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.

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 (ABCp) and medium-term (ABS – AAA tranches only) securitisations. The unit trust may also use credit derivatives (CDS) for hedging purposes, or to gain exposure to specific credit risks. The investment team manages the liquidity of the fund by ensuring an even balance between the different maturities of the securities held in the portfolio.

Lastly, Natixis Tréso Euribor 3 mois is monitored on a daily basis by the risk Department (compliance with different ratios, independent valuation, etc.).


This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management.Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The funds is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a funds. The risks and fees connected to investment in a funds are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com.Non contractual document, written in December 2008.

Disclaimer

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

www.am.natixis.com

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


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.



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

n Counter-valuationThe risk Department performs a daily counter- valuation of the accounting valuations.

Natixis TrésoEuribor 3 mois

rISk MANAGEMENT

FuND FEATurES

* Basis: net assets excluding Funds

I Share


Legal form French SICAV

uCITS compliant yes

Inception date 5 June 1989

Accounting currency Eur

ISIN/Allocation of income Fr0000293714/Accumulation

Maximum operating and management fees


Maximum subscription fee not paid to the fund None


Maximum redemption fee not paid to the fund None



Minimum share fraction One ten thousandth

Minimum initial subscription One share

Initial Net Asset Value e 15,244.90

Net Asset Value Calculation Daily


Natixis Souverains Euro 1-3

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

Benchmark EuroMTS 1-3

Minimum recommended investment period 2 years

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

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


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

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

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:

conclusions of the Macroeconomic Research strategists;

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

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

10 yrs

7 yrs

5 yrs

3 yrs

1 yrs

Maturity

Modified duration



0,5 3 4 4,5 5 7 8


Euro zone 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


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

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

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

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

g o v e r n m e n t b o n d s


Disclaimer


www.am.natixis.com

The bond management team of Natixis Asset Management comprises 39 specialised fund managers* managing total assets of €197.2 billion for this asset class**. Within the department, a manager specialised in government bonds is more specifically dedicated to managing Natixis Souverains Euro 1-3 and interacts constantly with the interest rate specialists.

Source: Natixis Asset Management *as 31/12/2008 **as of 30/09/2008.

INVESTMENT TEAM

RISK MANAGEMENT


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

FUND FEATURESI Share R Share


Legal Form French mutual fund (FCP)

UCITS compliant Yes

Inception date 4 October 1993


ISIN/Allocation incomeFR0010208421/

AccumulationFR0010657387/

Accumulation


0.40%* 0.70%*


not paid to the fund None 3%**






Minimum share fraction One ten-thousandth

Minimum initial subscription e 10,000 None

Initial Net Asset Value e 1,524.49 e 100



* Basis: net assets** Excluding any exoneration

Macroeconomic research

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

Conception of real portfolio

Model portfolio construction

Duration Yield curve Technical analysis VolatilityRelative

Value

Sector Teams

Government Bond Committee

Fund manager

Compliance with leeway

Analysis of key macroeconomic factors and of the situation on fixed income markets

Step 1

Step 2

Step 3

Integration, by iteration of the

ex-ante tracking-error

constraints for each strategy


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


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

OVERVIEW

kEy pOInts

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

Benchmark EuroMts 7-10


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

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


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

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

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

the natixis souverains Euro 7-10 management team relies on complementary inputs produced by different teams from the Fixed Income department allowing the ranking of the strategies applied to the portfolio:

conclusions of the Macroeconomic Research strategists;

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

recommendations of the specialist Government Bond committees, which integrate all of the research and prioritise the strategies to be implemented in the portfolio.

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

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

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

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

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

10 yrs

7 yrs

5 yrs

3 yrs

1 yrs

Maturity

Modified duration




0,5 3 4 4,5 5 7 8


Euro zone 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

g o v e r n m e n t b o n d s


Disclaimer


www.am.natixis.com

the bond management team of natixis Asset Management comprises 39 specialised fund managers* managing total assets of €197.2 billion for this asset class**. Within the department, a manager specialised in government bonds is more specifically dedicated to managing natixis souverains Euro 7-10 and interacts constantly with the interest rate specialists.

Source: Natixis Asset Management : *as of 31/12/2008 **as of 30/09/2008.

InVEstMEnt tEAM

RIsk MAnAGEMEnt


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

FUnD FEAtUREsManagement company natixis Asset Management

Legal Form French mutual fund (FCp)

UCIts compliant yes



IsIn/Allocation incomeFR0000449092

Accumulation/Distribution


0,40%*


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 assets (excluding Natixis Global Asset Management funds)






Value

Sector Teams


Fund manager



Step 1

Step 2

Step 3

Integration, by iteration of the

ex-ante tracking-error


A fund dedicated to eurozone government bonds

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

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

An active conviction-based strategy relying on Natixis Asset Management’s expertise in bond markets

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

conclusions of the Macroeconomic Research strategists; analyses of 6 specialised task forces (Sector Teams) which provide opinions on key

elements of the fixed income markets: duration, yield curve, relative value, inflation, technical analysis and volatility. The Sector Teams combine members of the following departments: Government Bond management, Insurance management, Trading Desk, financial strategists and economists; recommendations of the specialist Government Bond committees, which integrate all of the

research and prioritise the strategies to be implemented in the portfolio.

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

An investment process focusing on 4 sources of added value

The fund's management process relies mainly on 4 sources of added value to meet its objective:

active management of duration: depending on its expectations on interest rate trends, the investment team defines a target modified duration within a range of 3 to 9; dynamic allocation on the yield curve: depending on expectations on distortions in the

yield curve (steepening or flattening), the investment team defines an allocation in relation to the benchmark index on short, medium and long-term maturities (0 to 50 years); relative weighting between eurozone markets: depending on its opinions on domestic

markets and the relative expensiveness of government bonds, the investment team takes advantage of interest rate differences between government bonds of the different eurozone countries; diversification: mainly through inflation-indexed bonds to improve the risk/return ratio

and benefit from inflationary tensions in the government bond markets.

Natixis Souverains Euro

n A “pure” eurozone government bond product


n Multiple sources of added value

oVERVIEw

kEy PoINTS

Investment universe Bonds and other negotiable debt securities from the eurozone

Benchmark JP Morgan EMU Global


Risk indicators Ex ante tracking-error of 1% (3.5% maximum by way of indication only)

A target modified duration between 3 and 9, maximum 1 and 12

Benefit from an active management of eurozone government bonds


G O V E R N M E N T B O N D S


Disclaimer


www.am.natixis.com

The bond management team of Natixis Asset Management comprises 39 specialised fund managers* managing total assets of €197.2 billion for this asset class**. within the department, a manager/analyst specialised in government bonds is more specifically dedicated to managing Natixis Souverains Euro and interacts constantly with the interest rate and inflation specialists.

Source: Natixis Asset Management *as of 31/12/2008 **as of 30/09/2008.

INVESTMENT TEAM

RISk MANAGEMENT

Natixis Souverains Euro

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

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%*








Minimum share fraction one ten-thousandth


Initial Net Asset Value e 100,000 e 152.45



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






Value Inflation

Sector Teams


Fund manager



Phase 1

Phase 2

Phase 3

Intégration, by iteration of the

ex ante tracking-error


The attractiveness of inflation-linked bonds

Natixis Inflation Euro aims to gain capital appreciation over a two-year recommanded investment horizon, while offering protection against inflation-related risks. The fund is mainly invested in Euro inflation-linked bonds. However, depending on market conditions, the fund may be exposed to euro fixed-rate bonds, for no more than 25%.

Inflation-linked bonds, also called “real rates”, offer three advantages: by construction, they offer protection against rising inflation; they improve the risk/return ratio of a portfolio’s bond component. Inflation-linked bonds can be used to optimise a portfolio’s construction as OATI historically offer less volatile yields than nominal rates over the long term;

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

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.

Our strategy is based on 5 sources of performance

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

Natixis Inflation Euro

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 universe Eurozone inflation-linked bonds

Benchmark Barclays Euro Government Inflation Linked Bonds All Maturities


Risk indicator Modified duration comprised between 3 and 15

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


Les 4 components the forward indicators

Energy Oil price, €/$ effect

Food seasonal effect

Goods ppI seasonal effect

Services Construction prices, wages

the

G o v e r n m e n t b o n d s

This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to thedescription of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management.Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription.The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com.Non contractual document, written in January 2009.

Disclaimer

Natixis Asset Management - Registered Office :21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

The bond management team of Natixis Asset Management comprises 39 specialised fund managers* managing total assets of €197.2 billion for this asset class**.Our management team is supported by a team of 6 economists who provide macroeconomic analyses essential to inflation forecasts, and a team of financial engineers in charge of optimising the risk allocation within the bond portfolios and developing quantitative tools for the managers.

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.

Natixis Inflation Euro

rIsk MANAGEMENT

FuND FEATurEsI share r share



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






Minimum initial subscription € 100,000 None

Initial Net Asset value € 1,524.29 € 28.501025



* Basis: net assets (including 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. Source: Natixis Asset Management *as 31/12/2008 **as of 30/09/2008.

Combine performance with solidarity

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

An active investment style that benefits from four sources of performance

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

An investment process based on an ethical investment universe

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

Emerging market universe is filtered via the Worldwide Governance Indicators -WGI Index- which analyse 6 criteria for 212 countries, namely democracy, political stability, government effectiveness, regulatory quality, rule of law and control of corruption.

Furthermore, the fund’s investments, which are controlled by the ethical committee, assist in concrete development projects by financing microcredit institutions in South America, Asia, Africa, and, since 2005, in Eastern Europe. The purpose of this exposure is not to optimise portfolio yield, but to achieve the ethical aspect of the investment.

Foreign exchange risk coud represent 20% (maximum) of the fund's net assets.

n Natixis Impact Nord-Sud Développement combines the performance of global bonds with solidarity towards developing countries

n A successful achievement since 1985: Natixis Asset Management has more than 20 years’ experience in selecting ethical projects

n An original fund with a Finansol* label since 2006

OVERVIEW

KEY POINTS

Investment universe Global bonds

Benchmark JP Morgan Governement Bond Index Global All Maturity hedged in euro


Risk indicator Modified duration between 2 and 8

Benefit from global bond performance while promoting infrastructure projects and growth in developing countries,

as well as helping under-privileged populations to access credit


Solidarity investment at every stage of the process

International aid National aid Local aid

Fixed-income Committee

Supranational institutions

Emerging market bonds

Microcredit institutions

Emerging markets Committee Ethics Committee

75% to 100% of assets 0% to 10% of assets 0% to 10% of assets

*French organisation that guarantees the transpa-rency of collective investment schemes (OPCVM) and their respect for solidarity criteria.

The Finansol label garantees the solidarity and transparency of Natixis Impact Nord-Sud Développement - www.finansol.org.

Natixis Nord-Sud Développement

G O V E R N M E N T B O N D S


This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management.Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The Fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a Fund. The risks and fees connected to investment in a Fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com.Non contractual document, written in January 2009.

Disclaimer

Natixis Asset Management - Registred Office: 21 quai d'Austerlitz - 75634 Paris Cedex 13 - Tel : +33 1 78 40 80 00 Limited Liability Company, Share Capital 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF n° GP 90-009

www.am.natixis.com

Natixis Asset Management is a European pioneer in solidarity and socially responsible investment with total assets under management of € 3.6bn for this asset class (at end December 2008).

Since 1985 the fund has been managed by specialised committees such as the Emerging Markets Committee, a multidisciplinary team composed of strategists, economists and fixed income fund managers.

Our investment team also relies on the expertise of the18 analysts of the Extra-financial and Credit Research Department who analyse issuers according to Environnemental, Social and Governance criteria.

INVESTMENT TEAM

RISK MANAGEMENT

FUND FEATURES I Share R Share


Legal form French SICAV

UCITS compliant Yes

Inception date 25 May 1984


ISIN / Allocation of income


FR0010532051 / Distribution



0.80%* 0.80%* 1.30%*





not paid to the fund None None




Minimum initial subscription € 100,000 € 100,000 None

Initial Net Asset Value € 152.45 € 152.45 € 100


Cut-off time D 12pm (CET)

Aid for financing the post-tsunami reconstruction of Sri Lanka.Since inception, Natixis Impact Nord-Sud Développement has been financing various solidarity projects. For instance, the fund took part in the € 70 million financing package granted to Sri Lanka by the European Investment Bank (EIB) for post-tsunami reconstruction. This helped to finance small and medium enterprises and industries to build new homes for the local population, as well as infrastructure projects for developing telecommunications, agriculture, energy and tourism in the country. At the end of June 2008, the fund had invested approximately € 8 million in four separate EIB projects.

* The EIB was established by the Treaty of Rome to help achieve European Union objectives by providing long-term finance for viable investment projects. Its shareholders are the member states, whose finance ministers make up the Board of Governors.

(1) List of directors (legal entities): Caisse des dépôts, CNCE, Natixis Asset Management, BNP Paribas, and Natixis.

(2) List of censors: La Société d’Investissement et de Développement International, La Mutualité d'Outre Mer, Frères des Hommes, SOS Sahel International France, and Comité français de solidarité internationale.

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

* Basis: net assets ** Excluding any exoneration

Natixis Nord-Sud Développement

Directorsrepresentatives of the major French financial

institutions(1)

Financial expertise

Ethical guarantee

Censorsfrom NGOs and charity organisations(2)

Natixis Impact Nord-Sud Développement

An original medium-term investment alternative

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

Convertible bonds: attractive financial instruments

Convertible 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.

Natixis Convertibles Euro

C O R P O R A T E B O N D S

n An opportunistic management of the convexity

n A rigorous stock selection enhanced by the added expertise of our Equities and Credit teams

n More than ten years experience in the convertible bond market

kEy pOINTs

OvErvIEwInvestment universe Euro-denominated convertible bonds from OECD issuers

Benchmark Exane Convertible Index Euro (ECI) NDr


Risk indicator Modified duration between 0 and 8 Average delta of between 30 and 60 (indicative range)

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


Bond value of the convertible bond

Stock Price Impur : Natixis AM

Conv

ertib

le B

ond

Pric

e

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

An investment process that optimises 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 fund portfolios corresponding to the desired equity exposure.

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

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

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

Convertible bond convexity

This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to thedescription of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management.Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription.The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com.Non contractual document, written in January 2009.

Disclaimer


www.am.natixis.com

The fixed income department of Natixis Asset Management comprises 39 specialised managers* with total assets under management of € 197.2 bn for this asset class, including € 550 m on the convertible bond expertise**. within this division, a specialised convertible bond team is responsible for arbitraging and directional investment of this asset class. This team interacts constantly with the trading, equities research and credit teams when selecting stocks.

Source: Natixis Asset Management *as of 31/12/2008 **30/09/2008.

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.

Natixis Convertibles Euro

rIsk MANAGEMENT

FUND FEATUrEsI share r share

Manager company Natixis Asset Management

Legal form French mutal fund (FCp)

Fund compliant yes

Inception date 20 June 1996

Accounting currency EUr

IsIN / Allocation of income

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

Net Asset value Calculation Daily


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

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.

C O R P O R A T E B O N D S

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.

Natixis Convertibles Europe

n A large investment universe containing all European countries (the Euro-zone members and the others)

n An opportunistic management of the convexity

n A team with more than ten years experience in the convertible bond market

kEy pOINTs

OvErvIEwInvestment universe Convertible bonds issued by European OECD members

Benchmark Exane Convertible Index Europe


Risk indicator Modified duration between 1 and 8

A target range of average delta aiming at the best global convexity (between 20 and 70, indicative range)

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


An investment process that optimises 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 fund portfolios corresponding to the desired European equity exposure. shares are then selected through three complementary procedures: Fundamental analysis of the issuers, with the added expertise of our Equities and Credit teams; Technical analysis using proprietary models developed by the qualitative research teams; valuation of the convertible by analysing its technical characteristics.

Convertible bond convexity

Bond value of the convertible bond

Stock Price Impur : Natixis AM

Conv

ertib

le B

ond

Pric

e

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

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%*


not paid to the fund None 3%





perfomance fee including taxes None None

Minimum share fraction One ten-thousandth One ten-thousandth


Initial Net Asset value e 4,153.11 e 100


Cut-off time D 12pm (CET)


Disclaimer

Natixis Asset Management - Registred Office: 21 quai d'Austerlitz - 75634 Paris Cedex 13 - Tel : +33 1 78 40 80 00 Limited Liability Company, Share Capital 48 228 000.36 euros - RCS Number 329 450 738 Paris - Regulated by AMF n° GP 90-009

www.am.natixis.com

The fixed income department of Natixis Asset Management comprises 39 specialised managers* with total assets under management of € 197.2 bn for this asset class, including € 550 m on the convertible bond expertise**. within this division, a specialised convertible bond team is responsible for arbitraging and directional investment of this asset class. This team interacts constantly with the trading, equities research and credit teams when selecting stocks.

Source: Natixis Asset Management *as of 31/12/2008 **30/09/2008.

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

Natixis Convertibles Europe

rIsk MANAgEMENTFUND FEATUrEs

* Basis: net assets

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.

High-dividend shares in original positioning

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

The importance of dividends in equity portfolio performance

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

Conviction investing to optimise yield and volatility

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

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

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

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

Natixis Actions Europe Dividende

E U R O P E A N E Q U I T I E S

n Conviction investing focused on high-dividend European equities

n A clearly-defined investment process

n A specialised team of fund managers with strong expertise in value investing

oVERViEW

kEy poiNTS

Investment universe European equities

Benchmark MSCi Europe DNR


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

Tapping the potential of European shares within the scope of a conviction-based strategy


A universe of high-dividend shares

Fundamental and quantitative financial analysis

portfolioconstruction

Share selection

Diversification

Convictions

The Equity Division of Natixis Asset Management comprises 35 fund managers* with a broad range of expertise, managing assets of € 35,9 bn**. in addition to 20 years’ experience in core European fund management, this division has developed specific expertise in European satellite management. of these, the Europe Equity Style team includes two specialist managers who have designed a complementary range of three funds in different approaches: growth (Natixis Euro Actions Croissance), value (Natixis Actions Euro Value) and high-dividend (Natixis Actions Europe Dividende). * Source: Natixis Asset Management at 11/30/2008.** Source: Natixis Asset Management at 09/30/2008.

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

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

RiSk MANAGEMENT

FUND FEATURESi Share R Share



UCiTS compliant yes

inception date 28 February 2008


iSiN / Allocation of income FR0010582478 / AccumulationFR0010582494 / Distribution

FR0010573782 / AccumulationFR0010582510 / Distribution


Maximum initial charge not paid to the fund 3%**


Maximum redemption feenot paid to the fund None


performance fee including taxes 20% of performance above MSCi Europe


Minimum subscription € 1,000,000 one share

initial Net Asset Value € 100,000 € 100



Investment area

Gros

s di

vide

nd y

ield

Dividend growth

Sustainable divid

end

(financial so

lidity)

Natixis Actions Europe Dividende

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


Disclaimer


www.am.natixis.com

A response to the major issues of the 21st century

Natixis Impact Life Quality is an “Environment and Healthcare” thematic fund that aims to outperform the European equity market over a minimum 5-year recommended investment period. Invested predominantly in a European investment universe (75% minimum), Natixis Impact Life Quality focuses on companies whose main activity is linked to environmental protection and, more broadly, life quality improvement.

The fund is therefore set in sectors that provide concrete answers to some of the major issues of the 21st century: the demographic challenge with the problem of an ageing population in developed

countries and the sharp demographic increase in emerging ones; the social challenge with the general aspiration for a better life quality; the environmental challenge with the depletion of natural resources as a result of an

increasing global demand, climate change, ecological awareness in both public and private sectors, standards and regulations aiming to protect the environment.

Across the board understanding of sustainable development

Since the world is facing numerous challenges, Natixis Impact Life Quality is not focused on a single sector but diversified into all areas that may potentially find lasting solutions to these issues.

The investment team initially applies a thematic filter to sort the shares into 3 key investment areas: environmental services; renewable energy and energy efficiency; life quality improvement

Approximately 200 shares are selected at this stage. Specific analysis is then carried out based on various criteria such as the companies’ strategy and positioning, their competitive advantages and market share, and the legal framework in which they operate. The portfolio management team then uses financial analysis to validate this selection of innovative values and to create a portfolio of 40 to 60 shares.

Finally, the portfolio is evaluated according to environmental, social and governance criteria (ESG) to ensure that the majority of companies in the portfolio are compliant with these. Considering the fund’s theme, special attention is paid to the environmental criteria.

e u r o p e a n e Q u I T I e S

n A thematic approach compliant with ESG criteria

n A large sector diversification

n A growing investment universe turned to the future

n A fund benefiting from the "SRI Thematic label" assigned by Novethic*

* Novethic is a centre for Socially Responsible Investment resources and expertise.

ovERvIEw

KEy poINTS

Investment universe Shares and equity instruments from the EU (minimum 75%) and from the rest of the world (maximum 25%).

Benchmark None. MSCI Europe could be used as a posteriori performance indicator.


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


Key investment areas Sectors

Environmental services community services, water treatment and recycling, waste management ...

Renewable energies and energy efficiency

wind power, solar energy, and also energy savings, green construction, sustainable transports, sustainable agriculture...

Healthcare and caring professions pharmacy, biotechnologies, medical technologies, and also food industries …

Natixis Life Quality



www.am.natixis.com

Natixis Asset Management is the French leader on SRI management* and one of the pioneers in Europe, with over € 3.6 billion** assets under management.Natixis Impact Life Quality is managed by the "Active European Equity Management" team, which comprises 18 managers-analysts. They use extra-financial research produced by a team of 18 analysts, 8 of whom are specialised in the quantitative and qualitative study of ESG criteria.

* Source: Novethic half-yearly indicator, at 30/07/08.** Source: Natixis Asset Management as of the end December 2008.

INvESTMENT TEAMa fund making the most of sustainable development opportunities

Natixis Impact Life Quality and its investment universe are positioned to benefit from the potential of growth linked to Environment and Health issues.

Indeed, innovation is favoured in these sectors (medical technology, energy efficiency, etc.), thereby optimising the portfolio’s financial and extra-financial performance.

In addition, the sectors selected to build the portfolio benefit from a favourable legal environment, such as government measures in favour of sustainable development.

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

The portfolio is also subject to independent and rigorous supervision by the middle-office and the Risk Control department.

RISK MANAGEMENT

FUNd FEATURES C Share E Share d Share



UCITS compliant yes

Inception date 17 January 2007


ISIN/Allocation of income FR001040274/Accumulation FR0010458539/Accumulation FR0010626176/distribution

Maximum operating and management fees including taxes 0.80%* 1.50%* 0.80%*

Maximum subscription feenot paid to the fund 2%** 2%** 2%**


Maximum redemption feenot paid to the fund None


performance fee including taxes 20% of performance above MSCI Europe

Minimum share fraction one hundredth one thousandth one ten-thousandth

Minimum initial subscription e 1,000,000 None e 1,000,000

Initial Net Asset value e 100,000 e 100 e 100,000

Net Asset value calculation daily

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

* Basis: net assets. ** Excluding any exoneration

This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management.Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com.Non contractual document, written in September 2008.

disclaimer

Natixis Life Quality

A “food and consumer goods” thematic fund

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

A defensive investment theme

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

Conviction investing that emphasises stock-picking

The fund’s investment philosophy is based on Natixis Asset Management’s three major active investment principles: fundamental share analysis, rigorous selection and active portfolio management.

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

g l o b a l E Q U I T I E S

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

n Historical data going back more than 20 years

n Sector and geographic diversification

kEy poINTS

ovErvIEwInvestment universe International equities

Benchmark MSCI Europe (indicative only, the fund does not aim to replicate the index)


Risk indicator volatility below or equal to that of MSCI Europe

Investing in food and consumer goods within the scope of a conviction-based strategy


AAA Actions Agro Alimentaire

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

A broad investment spectrum from small to large caps

Up to 25% invested outside of Europe

A broad view of the agrifood sector, which includes production, distribution and related activities

Less volatility than European equity markets globally

Geographic risk diversification

Sector risk diversification

I Share r ShareManagement company Natixis Asset ManagementLegal form French mutual fund (FCp)UCITS Compliant yesInception date 24 June 1985 (SICAv) - 12 May 2004 (FCp)Accounting currency EUr

ISIN/Allocation of income Fr0010152967/Accumulation Fr0010058529/Accumulation Fr0010062695/Distribution


Maximum subscription feenot paid to the fund 1.5%** 2%**

paid to the fund None 0.5%** in case of subscription in securities

Maximum redemption feeno paid to the fund Nonepaid to the fund None

performance fee including taxes NoneMinimum share fraction one share one hundredthMinimum initial / subsequent subscription € 1,000,000/ one share one hundredth of a share/ one hundredth of a share

Initial Net Asset value € 100,000 (13 January 2005) € 417.84 (rC Share - 12 May 2004)€ 359.75 (rD Share - 12 May 2004)

Net Asset value calculation DailyCut-off time D 3.30pm (CET)


Disclaimer


www.am.natixis.com

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

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

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

INvESTMENT TEAM

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

rISk MANAGEMENT

FUND FEATUrES

AAA Actions Agro Alimentaire

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

Thanks to its investment universe, AAA Actions Agro Alimentaire is at the heat of major food and consumer goods trends:

Demographic Social Technical

• Demographic explosion in developing countries

• Ageing population in developed countries

• Considerable growth of middle classes in developing countries

• Increase of female labour participation in developed countries

• Change of food habits in developing countries (increasing use of processed foods)

• Improving product quality (taste, preservation)

• Increasing plant yield

• Traceability of the food production chain

An original positioning between Southern and Emerging Europe

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

Capturing Southern European economic growth

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

Constant dialogue to optimise portfolio construction

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

E U R O P E A N E Q U I T I E S

n A dual investment expertise in a shared stock-picking and conviction investing approach

n Strong growth potential in emerging Europe

n A source of diversification with attractive risk/yield opportunities

kEy POINTS

OvErvIEwInvestment universe European equities

Benchmark MSCI Europe NDr


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


Natixis Europe Avenir

Growth prospects in emerging Europe

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

Target allocation

southern vs. emerging.

Liquidity

Emerging

Europe

Southern

Europe

0 to 10%

40 to 50%

50 to 60%


Legal form French SICAv

UCITS compliant yes



ISIN / Allocation of income Fr0010231035 / Accumulation and/or Distribution


2.1528%*


not paid to the fund 4 %**





Performance fee including taxes 23.92% if over-performs the MSCI Europe***


Minimum initial subscritption One share

Initial Net Asset value k 152.45



Disclaimer

The equities team in Natixis Asset Management includes 35* fund managers covering a broad spectrum of specialities, with total assets under management of €35.9bn**. In addition to more than 20 years’ experience in core European fund management, this unit has developed specific expertise in European satellite management.

Natixis Europe Avenir is managed by two teams of fund managers, one of which specialises in Emerging Europe, and the other in European securities. Together, they implement a conviction investment style based on their considerable experience of Southern & Emerging European countries.

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

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

INvESTMENT TEAM

FUND FEATUrES

Natixis Europe Avenir

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

Overall, stock markets in Emerging Europe continue to offer more attractive investment opportunities than those in western Europe.

Several factors support these markets and feed a virtuous circle: high growth sustained by foreign capital drawn by the prospect of an attractive return on investment; sound economic fundamentals and an improving regulatory environment; cheap qualified labour, as well as and a large consumer base with increasing purchasing power.

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

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

rISk MANAGEMENT


www.am.natixis.com


An international equity fund of funds

Sonic Monde is a fund of funds invested mainly in the international equity markets, with exposure to equities comprised between 80% and 120%. As an international fund of funds, Sonic Monde aims to outperform its composite benchmark: 50% MSCI World AC (ex-EMU) and 50% DJ Eurostoxx 50 (net dividends reinvested, in euros) over a recommended investment period of 7 to 8 years. The fund may invest in other asset classes (fixed income and alternative) within a limit of 20% of the portfolio in bonds and 10% of the portfolio in alternative investments.

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

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

First, the reference strategic allocation defines the medium/long term breakdown of investments by asset class: the equity pocket can represent at least 80% and at most 120% of the 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.

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

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

The investment team then constructs the portfolio by making a rigorous selection of styles and investment vehicules. The portfolio construction phase aims to achieve the best possible combination of styles and managers. These vehicules are selected according to a core/satellite approach, consisting in defining a core that corresponds to the investment objective and satellite funds to boost the performance.

g l o b a l E Q U I T I E S

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 universe International equities (maximum exposure to emerging countries: 25% of net assets)

Benchmark 50% MSCI World All Countries NDr in EUr (ex-EMU) 50% DJ Eurostoxx 50 Total return in EUr (ex-post benchmark)

Minimum recommended investment period 7-8 years

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


Sonic Monde

Valuations

Macro analysis

Technical analysis

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

This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Multimanager. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Multimanager based on sources considered to be reliable. Natixis Multimanager reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Multimanager.Natixis Multimanager will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Multimanager upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Multimanager website at: www.multimanager.natixis.com.Non contractual document, written in December 2008.

Disclaimer

Natixis Multimanager - "Société par Actions Simplifiée" with share capital of €7,536,452 - Paris Registry of Companies (RCS Paris) 438 84 192 - AMF certification n° GP 010541-3 rue des Italiens - 75009 Paris -Tel : +33 1 78 40 32 00

www.am.natixis.com

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

*Source: Natixis Multimanager as at 30/06/2008.

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

INvESTMENT TEAM

rISK MANAgEMENT

Sonic Monde

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

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

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

n qualitative approach: more in-depth approach by managers/analysts (company visits, conference calls).

Based on these quantitative and qualitative approaches, the analysts draft a summary for each pre-selected fund. The final selection of an underlying fund must first be submitted to the Fund research and Selection Committee and approved by the risk management department of Natixis Multimanager.

I Share r ShareManagement company Natixis MultimanagerLegal form French mutual fund (FCP)UCITS compliant YesInception date 18 December 2007 24 March 2000Accounting currency EUr

ISIN/Allocation of income Fr0010555797/ Accumulation

Fr0000993446/ Accumulation

Fr0010296731/ Distribution

Maximum operating and management fees including taxes 0.80%* 2.34%*Maximum subscription fee

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


not paid to the fund Nonepaid to the fund 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

None

Minimum share fraction One ten thousandthMinimum initial subscription e 1,000,000 NoneInitial Net Asset value e 100,000 e 100Net Asset value calculation DailyCut-off time D 12:30pm (CET)

FUND FEATUrES


Seizing opportunities on the euro zone yield curve in all market configurations

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

A quantitative strategy taking advantage of the two main curve movements

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

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

9 market scenarios are pre-determined 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).Every day, 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, also perfected in-house. Depending on the results (contradictory or not), the model portfolio is more or less weighted within the real portfolio.

Natixis Absolute Quant Bond 12 M

A B S O L U t e r e t U r n

n An absolute return strategy in the euro zone’s fixed income markets n Enhance returns on cash by investing in government guaranteed securities

n Proprietary quantitative models to capture market trends

KEy PoiNTS

oVERViEwTarget return Annual performance net of operating and management fees above Eonia capitalised + 60 bps (i Share)

Investment universe Euro-denominated securities, issued or guaranteed by the French government



Risk indicator Maximum monthly ex-ante VaR of 0.85 % (with a probability of 99 %)

A quantitative management approach taking advantage of fluctuations in the euro zone yield curve as part of an absolute return strategy


T W I S T

SH

FT

Rise in rates

Fall in rates

SteepeningFlattening

Néga

tive

mod

ified

dur

atio

n

Buy long term ratesSell short term rates

Sell short term ratesBuy long term rates

Vente Taux CourtsAchat Taux longs

Posi

tive

mod

ified

dur

atio

n

This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management.Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis website at: www.am.natixis.com.Non contractual document, written in December 2008.

Disclaimer

Natixis Asset Management - Registered Office :21 quai d’Austerlitz - 75634 Paris Cedex 13 - Tel 33 1 78 40 80 00 Limited Liability Company, Share Capital 48 153 738,96 euros - RCS Number 329 450 738 Paris - Regulated by AMF under n° GP 90 009

www.am.natixis.com

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

iNVESTMENT TEAMA trend detector identifies trends in the yield curve and determines buy/sell signals. This tool also includes two functions enabling the fund to be particularly responsive to market trends:

n implementation of a dynamic stop loss: strategies are neutralised when the trend becomes less pronounced. The investment team does not persist with a trend against the market.

n Take Profit strategy: profits are systematically taken when interest rate movements are pronounced.

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


RiSK MANAgEMENT

FuND FEATuRES

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

i Share R Share



uCiTS compliant yes

inception date 30 August 1999


iSiN / Allocation of income FR0010684266 / Accumulation


Maximum operating and management fees including taxes* 0.30% 0.50%







Performance fee including taxes**30% of the performance in excess of Eonia capitalised

+ 60 bps***

30 % of the performance in excess of Eonia capitalised

+ 40 bps***


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

intitial Net Asset Value € 100,000 € 50,000



Seizing opportunities on the euro zone yield curve in all market configurations

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

A quantitative strategy taking advantage of the two main curve movements

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

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

9 market scenarios are pre-determined 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).Every day, 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, also perfected in-house. Depending on the results (contradictory or not), the model portfolio is more or less weighted within the real portfolio.


A B S O L U T E R E T U R N

n An absolute return strategy in the euro zone’s fixed income markets n Enhance returns on cash by investing in government guaranteed securities

n Proprietary quantitative models to capture market trends

KEy PoiNTS

oVERViEwTarget return Annual performance net of operating and management fees above Eonia capitalised + 100 bps (i Share)

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



Risk indicator Maximum monthly ex-ante VaR of 1% (with a probability of 99 %)

A quantitative management approach taking advantage of fluctuations in the euro zone yield curve as part of an absolute return strategy


T W I S T

SH

FT

Rise in rates

Fall in rates

SteepeningFlattening

Néga

tive

mod

ified

dur

atio

n

Buy long term ratesSell short term rates

Sell short term ratesBuy long term rates

Vente Taux CourtsAchat Taux longs

Posi

tive

mod

ified

dur

atio

n

This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management.Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The Fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a Fund. The risks and fees connected to investment in a Fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Asset Management website at: www.am.natixis.com.Non contractual document, written in December 2008.

Disclaimer


www.am.natixis.com

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

* Source: Natixis Asset Management as of 31/12/2008.** Source: Natixis Asset Management as of 30/09/2008.

iNVESTMENT TEAMA trend detector identifies trends in the yield curve and determines buy/sell signals. This tool also includes two functions enabling the fund to be particularly responsive to market trends:

n implementation of a dynamic stop loss: strategies are neutralised when the trend becomes less pronounced. The investment team does not persist with a trend against the market.

n Take Profit strategy: profits are systematically taken when interest rate movements are pronounced.

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


RiSK MANAgEMENT

FuND FEATuRES

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

i Share R Share



uCiTS compliant yes

inception date 14 September 2005


iSiN / Allocation of income FR0010232348 / 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 capitalised

+ 100 bps(4)

23,92% of the performance in excess of Eonia capitalised

+ 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



Diversified sources of performance

The fund studies a wide universe in order to identify opportunities for alpha creation. Natixis Asset Management has developed in-house quantitative tools allowing the detection of investment opportunities on a very large number of rate spread combinations (10 swap curves, spreads ranging from very short to very long maturities, several forward expiries). After a quantitative screening, the investment team selects the best opportunities on a discretionary basis. The portfolio combines 3 types of strategies:

short term anticipations on the convergence or the divergence between forward and spot rate spreads

medium term trend following strategies, capitalizing on lags between spot and forward rate spreads

long-term repulsion strategies, in situations where rate spreads reach their historical boundaries

Natixis Absolute Swap Arbitrage

a b s o l u t e r e t u r n

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

overvIewTarget 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

Benchmark eonia capitalized


Risk indicator Target annual volatility of 3%

Absolute performance through arbitrage strategies on interest rate swaps


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

Absolute performance through non-directional strategies

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

Benefit from opportunities on swap curves from selected countries

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

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

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

this document is intended for professional clients only (as defined by the mifid)


Disclaimer


www.am.natixis.com

The fixed income investment team of Natixis Asset Management comprises 39 specialised managers* with total assets under management of € 197.2 bn for this asset class**. An investment team specialized in interest rate swaps is responsible for the management of Natixis Absolute swap Arbitrage. This team works closely with the quantitative fixed income analysts, which ensure technological support and regularly develop new systems.

* Source : Natixis Asset Management as of 30/06/2008.** Source : Natixis Asset Management as of 30/09/2008.

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 timen Rate spread: spread between two rates, spot or forward

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

Natixis Absolute Swap Arbitrage

rIsK MANAGeMeNT

FuND FeATures

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

I share r share



uCITs compliant yes

Inception date 12 september 2008

Accounting currency eur

IsIN/Allocation of income Fr0010654921/Accumulation

Fr0010657924/ 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***


Minimum initial subscription € 50,000 None

Intitial Net Asset value € 50,000 € 100


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

The aim at a performance uncorrelated from the trends on the main international financial markets

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

Alpha Hedge +

n A Due Diligence team of 4 specialists providing an exhaustive analysis of the underlying alternative funds

n Flexible allocation covering the full range of alternative strategies and geographic regions

n Access to a broad selection of international hedge funds

key poInTs

overvIewInvestment universe Alternative funds

Benchmark ex-post comparative indicator, eonIA


Risk indicator Target volatility of 8%-10% (indicative range) with a maximum of 12%

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


An active management based on the full range of alternative strategies

The allocation by strategy is based on the convictions of the investment team and the opportunities identified. Alpha Hedge + thus invests mainly in funds applying alternative strategies: Long/short equity, volatility arbitrage, Interest rate arbitrage, event Driven, Global Macro, Managed Futures, etc.

A rigorous and opportunistic selection of underlying funds to maximise the risk/reward ratio

The investment process of Alpha Hedge + benefits from natixis Multimanager’s dual expertise in asset allocation and fund selection, which revolves around a well-structured process:

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

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

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

* and temporarily up to 110% of net assets if the fund borrows cash due to the postponement of value

dates for subscription/redemption transactions on liabilities or purchases/sales on assets

A L T E R N A T I v E

The Alpha Hedge + fund is a fund of alternative funds. It is not subjected to the same rules as “all subscribers” funds and may therefore be riskier. Only investors mentioned under the heading “eligible investors” of the prospectus may purchase shares of the Alpha Hedge + fund.This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Multimanager. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Multimanager based on sources considered to be reliable. Natixis Multimanager reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Multimanager.Natixis Multimanager will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. The fund is authorized for sale in France and possibly in other countries where the sale is not contrary to local legislation. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in a fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Multimanager upon request. The prospectus must be given to the investor prior to the subscription. The risk indicators mentioned in this document are described in detail on the Natixis Multimanager website at: www.multimanager.natixis.com.Non contractual document, written in January 2009..

Disclaimer

Natixis Multimanager - "Société par Actions Simplifiée" with share capital of €7,536,452 - Paris Registry of Companies (RCS Paris) 438 84 192 - AMF certification n° GP 010541-3 rue des Italiens - 75009 Paris -Tel : +33 1 78 40 32 00

www.am.natixis.com

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

* source natixis Multimanager as of 30/09/2008.* source natixis Multimanager as of 31/12/2008.

InvesTMenT TeAM

Due to its construction and the diversity of the assets comprised in its portfolio, Alpha Hedge + is principally sensitive to the risks related to the different investment strategies it focuses on, as well as to the liquidity risk. Given the low correlation between the different strategies, the portfolio’s overall risk is limited to a maximum volatility target of 12%, measured by two criteria:

n a volatility limit by asset class, in particular by setting specific risk/return and maximum loss targets;

n weighting by asset class by measuring their historical volatility.

risk control and monitoring are performed with:

n quantitative and qualitative monitoring of the underlying funds;

n a operational risk control on underlying funds by operational Due Diligence Team;

n controls, on regulatory constraints on 21 levels by Compliances International Conttrol risks Department.

Alpha Hedge +

rIsk MAnAGeMenT


Recommendation by strategy

Macro Committee (Monthly)

Performance monitoring vs objectives/constraints

Performance monitoring Committee

(Every two months)

Risk control and monitoring

Fund selection

Committee in charge of the Alternative Funds

Selection (Monthly)

Construction of alternative portfolio

FunD FeATuresI share r share

Management company natixis Multimanager


uCITs compliants no

Inception date 12 march 2004

Accounting currency eur usD eur

IsIn / Allocation of incomeFr0010058453 /

AccumulationFr0010670729 /

AccumulationFr0010702837 /

Accumulation


0.90%* 1.25%*


not paid to the fund 3%**





performance fee including taxes 15% of the performance above eonIA capitalised

Minimum share fraction none

Minimum initial/subsequent subscription

€ 5,000,000 / one share

$ 5,000,000 / one share

€ 100,000 / one share

Initial net Asset value 10 000 € 10 000 $ 10 000 €

net Asset value calculation Monthly, see prospectus for details

Cut-off time

For subscription requests: 12.30pm (CeT), on the 5th trading day before the day of calculation of the nAvFor redemption requests: 12.30pm (CeT), 35 trading

days before the day of calculation of the nAv

This material has been prepared by Natixis Asset Management.

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

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

•� In the E.U. (outside of Germany, Italy, and the UK): This material is provided by Natixis Global Associates S.A. or its branch office in France, Natixis Global Associates International. Natixis Global Associates S.A. is a Luxembourg management company that is authorized by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered under n. B 115843. Registered Address of Natixis Global Associates S.A.: 2-8 Avenue Charles de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg. Registered Address of Natixis Global Associates International (n.509 471 173 RCS Paris): 21 quai d'Austerlitz, 75013 Paris.

• In Italy: This material is provided by Natixis Global Associates Italia SGR, S.p.A., an investment management company (“Societa di Gestione del Risparmio”) registered and regulated by the Bank of Italy (registration no. 119, code no. 15143.1). Registered address: Via Larga, 4 - 20122, Milan, Italy.

• In the UK: This material is provided by Natixis Global Associates UK Limited which is authorised and regulated by the UK Financial Services Authority (register no. 190258). This material is intended to be communicated to and/or directed at persons (1) in the United Kingdom, and should not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell securities in any other jurisdiction than the United Kingdom; and (2) who are authorised under the Financial Services and Markets Act 2000; or are high net worth businesses with called up share capital or net assets of at least £5 million or in the case of a trust assets of at least £10 million; or any other person to whom the material may otherwise lawfully be distributed in accordance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or the (Promotion of Collective Investment Schemes) (Exemption) Order 2001 (the "Intended Recipients"). To the extent that this material is issued by Natixis Global Associates UK Limited, the fund, services or opinions referred to in this material are only available to the Intended Recipients and this material must not be relied nor acted upon by any other persons. Registered Address: Natixis Global Associates UK Limited, Canon Bridge House, 25 Dowgate Hill, London, EC4R 2YA.

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

• In the DIFC: This material is provided in and from the Dubai International Financial Center (DIFC) by Natixis Global Associates Middle East. It is only available to persons who have sufficient financial experience and understanding to participate in financial markets within the DIFC, and qualify as Professional Clients as defined by the Dubai Financial Services Authority (DFSA). This communication should not be delivered to or relied on by any other type of person. Natixis Global Associates Middle East is the trade name for Natixis Global Associates Middle East, a branch of Natixis Global Associates UK Limited, which is duly licensed and regulated by the DFSA. Registered address: PO Box 118257, 5th Floor, Building 8, Gate Village, DIFC, Dubai, United Arab Emirates.

Additional Notes

ze book 02.2009_en

Documents

cash management

fund nonepaid

management fees

money market management

fund noneperformance

investment period

variable rates

minimum rating