natixis global asset management

This material is provided for information only to Professional or Qualified Investors. It must not be distributed to Retail Investors.

Harris Associates – Citywire Event Mike Mangan, CFA, Partner and Portfolio Manager

2

Harris Associates L.P.

Overview

• Harris Associates manages U.S. equity, international equity, global equity and balanced portfolios.

• The firm employs an intensive, fundamental in-house research process to identify companies trading at a significant discount to managers' estimates of intrinsic business value.

• Managers construct portfolios on a stock-by-stock basis and follow a strict buy/sell discipline.

• Headquarters: Chicago

• Founded: 1976

• Assets Under Management: USD 76.2 billion/EUR 55.9 billion (as of 31/12/2012)

3

Harris Associates Organizational Overview


USD 76.2 billion total assets under management

U.S. strategies established 1976

USD 42.2 billion

Global strategies established 1999

USD 13.0 billion

International strategies established 1992

USD 21.0 billion

Large Cap

Concentrated

Balanced

Global All Cap

Global

Global Concentrated

International

International Small Cap

Japan

Offering in Natixis International Funds (Lux) I

Harris Associates

U.S. Equity Fund

Harris Associates

Concentrated U.S. Equity Fund

Harris Associates

Global Equity Fund

As of 31 December 2012

4

• The new landscape provides an excellent environment for truly active,

fundamental oriented managers such as us

− Buy high quality businesses trading at a significant discount to our estimate of intrinsic value

− Invest in companies expected to grow intrinsic value over time

− Invest with management teams that think and act as owners

• Focused Portfolios built with only the most attractive stocks our analysts uncover

− Harris Associates Concentrated U.S. Equity Fund: Portfolio of 20 best ideas

− Harris Associates U.S. Equity Fund: 40-50 stocks where each position can contribute to the portfolio meaningfully

• Time horizon is a key factor

− 3-5 year investment horizon allows our investment thesis time to play out

− Short term market turbulence creates outstanding investment opportunities

Why Harris Associates in today’s environment?

5

Company’s intrinsic value

Company’s stock price

Investment Philosophy

Paying significantly less than our estimate of intrinsic value helps generate investment returns while preserving capital and reducing portfolio risk

60

100 Identify a wide gap between stock price and intrinsic business value.

Growth in value and closing of price/value gap drive investment performance.

Confirm growth in intrinsic value.

Paying significantly less than our estimate of intrinsic value helps generate investment returns while preserving capital and reducing portfolio risk.

6

Fundamental Research

Our research effort is proprietary. Our analysts meet regularly with management teams and industry contacts to develop our valuation estimates

• Research analysts are generalists; focus on most attractive ideas

− Conduct intensive, fundamental analysis

− Assess management ability, objectives and incentives

− Potential catalysts for investment:

• Missed earnings expectations

• Corporate restructurings/spin-offs

• Time horizon: Wall Street overly focused on near-term condition

• Fallen angels /“New low” list

• Mergers & acquisitions

• Management changes

7

Approved List – Holdings Under Constant Scrutiny

The Stock Selection Group meeting includes all investment professionals so investment ideas receive the broadest input and scrutiny

− Stock Selection Group (SSG)

• Weekly meeting for all investment professionals

• Three voting members

• Robert M. Levy, CIO and Portfolio Manager

• William C. Nygren, Portfolio Manager

• Clyde S. McGregor, Portfolio Manager

• Evaluate existing holdings and introduce new ideas

− Approved List

• Approximately 150 companies on list

• Portfolio Managers build customized portfolios from the Approved List

• Once sold, stocks are deleted from the list to encourage new ideas and reduce “maintenance” research

8

• Attractive Business: Semi-capital equipment is a durable technology franchise. AMAT has a dominant share due

to technological prowess and economies of scale. Diversified global revenue mix - 25% China, 20% Taiwan, 19% N. America, 12% S. Korea, 11% Europe, 9% Japan and 4% Rest of the world.

• Growing Shareholder Value: Solid financial position with no net debt on the balance sheet. Management is

focused on shareholder returns and repurchases shares regularly. Cash flow break-even at cyclical trough which will build as this cycle improves.

• Discount to Intrinsic Value: Trading at a PE of only 8.5x 2014E EPS.

Applied Materials (AMAT)

The analyses and opinions referenced herein represent the subjective views of Harris Associates. Data source: Harris Associates L.P.

8

$0

$5

$10

$15

$20

Applied Materials3-Year Price History

02/15/10-02/15/13

Last 13.74 High on 03/03/11 16.85Low on 10/03/11 9.85

9

• Attractive Business: Oracle is the dominant database provider. High switching costs keep their customer churn low and the maintenance revenue stream leads to a high level of recurring revenue.

• Growing Shareholder Value: Management has done a great job creating value for shareholders through M&A which consolidated the industry. 7% of shares outstanding over the last 12 months via share repurchases.

• Discount to Intrinsic Value: ORCL trades at a PE of just 11x 2013E EPS.

Oracle (ORCL)

The analyses and opinions referenced herein represent the subjective views of Harris Associates. Data source: Harris Associates L.P.

9

$0

$10

$20

$30

$40

Oracle3-Year Price History

02/15/10 - 02/15/13

Last 34.81 High on 05/02/11 36.37Low on 06/30/10 21.46

10

Harris Associates Concentrated Strategy

10

0%

25%

50%

75%

100%

125%

Price-to-Value Average Price-to-Value

Avg = 69%

*Annualized gross-of-fees "Price-to-Value” represents the asset-weighted relative attractiveness of the portfolio as a whole. For each holding, we calculate the ratio by dividing the current stock price by our own internal estimate of the stock’s Expected Price/Intrinsic Value (including expected dividends) over our forecast horizon. SOURCE: Harris Associates Internal Equity Research Database.

P/V = 75% 7 Year Return* Harris = 7.3% S&P 500 = 4.1%




Price-to-Value December 2000 - 2012

Appendix

Harris Associates U.S. Equities

12

Portfolio Management Harris Associates

We seek to drive investment performance through stock selection

− Construct portfolios stock by stock using a bottom-up investment process

• Avoid over-diversification

• Set security weightings to reflect confidence and expected return

• Long-term time horizon leads to low portfolio turnover (generally 25-50%)

− Conduct weekly portfolio strategy meetings

• Includes representation from the Stock Selection Group

• Discuss current and potential holdings

• Review security weightings

13

Investment and Risk Management Harris Associates

We define risk as the permanent loss of capital

− Philosophy

• Buy at a substantial discount to intrinsic value

• Invest with owner-oriented management teams

− Research Process

• Conduct intensive, fundamental analysis

• Limit analyst research workload to promote thorough, creative effort

• Perform regular company reviews, including Devil’s Advocate

− Portfolio Management

• Achieve adequate portfolio diversification. In general:

• No more than 25% in one industry

• No more than 10% in one company – Concentrated U.S. Equity Fund

• No more than 7% in one company – U.S. Equity Fund

• Perform regular peer reviews to ensure compliance with client guidelines

Performance and Portfolio Profile

Harris Associates Concentrated U.S. Equity Fund

15

Portfolio Characteristics Harris Associates Concentrated U.S. Equity Fund

Index: S&P 500 TR. Data source: MSCI, BBH. Please see the Reference Information page for important information.

Portfolio characteristics as of 31 January 2013

Fund Index

# of Holdings 20 500

% Asset in Top 10 Holdings 53.0 18.9

Value Measures Fund Index

Price/Earnings 11.7 15.1

Price/Book 1.9 2.2

Price/Sales 1.6 1.4

Dividend Yield 1.5 2.2

Sector Allocation as of 31 January 2013, %

Sector GICS Classif ication Fund Index

Energy 12.2 11.3

Materials - 3.6

Industrials 10.7 10.2

Consumer Discretionary 31.3 11.6

Consumer Staples - 10.7

HealthCare - 12.3

Financials 24.7 15.7

Information Technology 21.1 18.4

Telecom Services - 3.0

Utilities - 3.4

Top 10 Holdings by absolute weight as of 31 January 2013, %

Security Fund, %

WELLS FARGO & CO 6.6

JPMORGAN CHASE & CO 6.3

PENN NATIONAL GAMING 5.6

DELPHI AUTOMOTIVE PLC 5.0

APPLIED MATERIALS 5.0

AMERICAN INT'L GROUP 5.0

STARWOOD HOT.&RES. WORLD 4.9

INTEL CORP 4.9

TIFFANY & CO 4.8

FRANKLIN RESOURCES 4.8

Market Capitalization Allocation as of 31 January 2013, %

Market Capitalization Fund Index

> 50 Bln 40.8 52.6

25 to 50 Bln 18.5 18.6

10 to 25 Bln 20.3 20.8

5 to 10 Bln 10.4 6.5

2 to 5 Bln 10.0 1.6

1 to 2 Bln - 0.0

16

Data Source: NGAM S.A. As of 31/01/2013

15.5016.00

0

2

4

6

8

10

12

14

16

18

2008 2009 2010 2011 2012

Fund Index

Harris Associates Concentrated U.S. Equity Fund I/A (USD)

ISIN LU0647999084 Share class I/A (USD)

Inception Date 10/08/2011 Fund Size (USD,m) 283.90

Reference Index S&P 500 TR USD

PERFORMANCE DATA SHOWN REPRESENTS PAST PERFORMANCE AND IS NOT A GUARANTEE OF FUTURE RESULTS. All data including performance data is sourced from NGAM S.A. as of the date of this material, except where otherwise indicated. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Performance shown is net of all fund expenses, but does not include the effect of sales charges, taxation or paying agent charges, and assumes reinvestment of dividends. If such charges were included, returns would have been lower. Performance for other share classes will be more or less depending on differences in fees and sales charges. For periods when certain share classes were unsubscribed or not yet created (the "inactive share classes"), performance is imputed using the actual performance of the fund's active share class which has been determined by the management company as having the closest characteristics to such inactive share class and adjusting it based on the difference in TERs and, where applicable, converting the net asset value of the active share class into the currency of quotation of the inactive share class. The quoted performance for such inactive share class is the result of an indicative calculation. Please see additional notes for important information. S&P 500® Index measures the performance of 500 stocks chosen for market size, liquidity, and industry group representation. This Index is shown for comparative purposes only. Index Source: Standard & Poor's

1M 3M YTD 1Y3Y

Ann.

5Y

Ann.

7Y

Ann.

10Y

Ann.

Incep.

Ann.

Fund at NAV 4.94 9.26 4.94 16.37 - - - - 18.75

Index 5.18 6.75 5.18 16.78 - - - - 24.42

1Y 3Y 5Y 7Y 10Y

Alpha -1.39 - - - -

Beta 1.06 - - - -

R-Squared 0.71 - - - -

Sharpe Ratio 1.28 - - - -

Fund Std Dev 12.43 - - - -

Index Std Dev 10.77 - - - -

Tracking Error 4.95 - - - -

Risk Measures as of Month End

Fund Stats

Fund 128.95 Index 138.16

80

90

100

110

120

130

140

150

08/2011 11/2011 02/2012 05/2012 08/2012 11/2012

Trailing Returns as of Month End, %

Hypothetical Growth of $100 Investment

17

Reference information Share class information

Share class availability by currency of quotation A = Accumulating, D = Distributing, H- = Hedged

Reference Information Harris Associates Concentrated U.S. Value Fund

Reference index S&P 500® Index TR

Fund inception 10 August 2011

Legal structure and domicile

Sub-fund of Natixis International Funds (Lux) I organized as an investment company with variable capital under the laws of the Grand Duchy of Luxembourg and authorized by the CSSF as a UCITS

Administrator / Custodian Brown Brothers Harriman (Luxembourg) S.C.A.

Auditor PricewaterhouseCoopers S.à.r.l. – Luxembourg

Management company NGAM S.A.

Investment manager Harris Associates L.P.

Portfolio manager Robert Levy, Mike Mangan, Edward Loeb

Registrations Austria, Finland, France, Italy, Germany, Luxembourg, Netherlands, Norway, Singapore*, Spain, Sweden, Switzerland, U.K.

ISIN, Bloomberg code I/A(USD) - LU0647999084, NATHCVI LX

Share class TER, % Max sales charge, %

Minimum initial investment

S - Super institutional 0.85 4.00 USD/EUR/CHF 15 million,

GBP 7 million,

I - Institutional 1.25 4.00 USD/EUR/CHF 100,000, GBP 50,000

R - Retail 2.10 4.00 USD/EUR 1,000, GBP 500

RE - Retail E 2.70 None USD/EUR 1,000

N - No trail 1.20 4.00 USD/EUR 100,000, GBP 50,000

Share class USD EUR GBP CHF

S - Super institutional A, D A, H-A A, H-A A, H-A

I - Institutional A, D A, H-A A, H-A A, H-A

R - Retail A, D A A, D

RE - Retail E A A, H-A

N - No trail A H-A H-A

Dealing frequency Daily

Cutoff time D, 13h30 Luxembourg time

Settlement Date D+3

RISKS The Fund is subject to special risk considerations, including portfolio concentration risk, geographic concentration risk, and growth/value equities risk. Please refer to the full Prospectus for additional details on risks.

S&P 500® Index measures the performance of 500 stocks chosen for market size, liquidity, and industry group representation. This Index is shown for comparative purposes only. Index Source: Standard & Poor's.

Harris Associates L.P., a subsidiary of Natixis Global Asset Management, is an investment adviser registered with the U.S. Securities and Exchange Commission (IARD No. 106960) and is licensed to provide investment management services in the U.S. The company conducts all investment management services in and from the U.S.

*The prospectus together with the “Important Information for Singapore Investors” must at all times accompany this document for offers in Singapore under Sections 304 and 305 of the Securities and Futures Act, Chapter 289 of Singapore.

This material is provided for information purposes only, and its distribution may be restricted in certain countries and to certain types of investors. The Fund may not be offered or sold in the U.S., to citizens or residents of the U.S., or in any other country or jurisdiction where it would be unlawful to offer or sell the Fund.

Please read the prospectus and key investor information carefully before investing, available, if registered in your jurisdiction, from Natixis Global Asset Management offices (ngam.natixis.com) and the following Paying Agents/Representatives: France CACEIS Bank France, 1-3, Place Valhubert, 75013 Paris. Germany Rheinland-Pfalz Bank, Große Bleiche 54-56, D-55098 Mainz. Italy State Street Bank SpA, Via Ferrante Aporti, 10, 20125 Milano. Switzerland RBC Investor Services Bank S.A. Esch-sur-Alzette, Zurich branch, Badenerstrasse 567, PO Box 101, CH-8066 Zurich.

18

Concentrated Value Equity Composite Historical gross of fees performance as of December 31, 2012

CONCENTRATED S&P 500 EXCESS

Annualized

Periods CONCENTRATED S&P 500 EXCESS

2012 17.4 16.0 1.4 1-Year 17.4 16.0 1.4

2011 -1.4 2.1 -3.5 3-Year 11.4 10.9 0.6

2010 19.6 15.1 4.5 5-Year 5.7 1.7 4.0

2009 57.9 26.5 31.5 10-Year 10.3 7.1 3.2

2008 -39.7 -37.0 -2.7 15-Year 10.7 4.5 6.2

2007 5.8 5.5 0.3 Since Inception 14.7 9.1 5.5

2006 17.2 15.8 1.4 (1/1/1991)

2005 1.9 4.9 -3.0

2004 13.4 10.9 2.5

2003 40.8 28.7 12.1

2002 -14.3 -22.1 7.8

2001 32.8 -11.9 44.7

2000 9.6 -9.1 18.7

1999 15.2 21.0 -5.8

1998 19.9 28.6 -8.7

1997 29.1 33.4 -4.3

1996 22.6 23.0 -0.4

1995 31.8 37.6 -5.8

1994 -2.7 1.3 -4.0

1993 25.7 10.1 15.6

1992 30.6 7.6 23.0

1991 32.7 30.5 2.2

See accompanying notes to performance.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance

data quoted. The performance presented does not reflect the deduction of investment advisory fees. The client’s return will be

reduced by the advisory fees and other expenses it may incur in the management of its account. The advisory fee,

compounded over a period of years, will have an adverse effect on the value of the client’s portfolio.

The S&P 500 Total Return Index is a broad market-weighted average of U.S. blue-chip companies. This index is unmanaged and investors cannot invest

directly in this index. This benchmark calculates reinvested dividends net of withholding taxes. Benchmark returns are not covered by the report of the

independent verifiers.

Copies of the verification report and the examination report are available upon request.

Source: Harris Associates

The S&P 500 Total Return Index is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S.

equity market. All returns reflect reinvested dividends and capital gains distributions. This index is unmanaged and investors cannot invest directly

in this index. Benchmark returns are not covered by the report of the independent verifiers.

19

CONCENTRATED S&P 500 EXCESS

Annualized

Periods CONCENTRATED S&P 500 EXCESS

2012 16.2 16.0 0.2 1-Year 16.2 16.0 0.2

2011 -2.4 2.1 -4.5 3-Year 10.3 10.9 -0.5

2010 18.4 15.1 3.4 5-Year 4.6 1.7 3.0

2009 56.4 26.5 30.0 10-Year 9.4 7.1 2.3

2008 -40.4 -37.0 -3.4 15-Year 9.9 4.5 5.4

2007 5.3 5.5 -0.2 Since Inception 13.8 9.1 4.7

2006 16.6 15.8 0.8 (1/1/1991)

2005 1.3 4.9 -3.6

2004 12.8 10.9 1.9

2003 40.0 28.7 11.3

2002 -14.8 -22.1 7.3

2001 32.0 -11.9 43.9

2000 8.8 -9.1 17.9

1999 14.4 21.0 -6.6

1998 19.1 28.6 -9.5

1997 28.3 33.4 -5.1

1996 21.7 23.0 -1.3

1995 30.9 37.6 -6.7

1994 -3.4 1.3 -4.7

1993 24.6 10.1 14.5

1992 29.5 7.6 21.9

1991 31.6 30.5 1.1


Past performance is no guarantee of future results. Current performance may be lower or higher than the performance

data quoted.

The S&P 500 Total Return Index is a broad market-weighted average of U.S. blue-chip companies. This index is unmanaged and investors cannot invest

directly in this index. This benchmark calculates reinvested dividends net of withholding taxes. Benchmark returns are not covered by the report of the

independent verifiers.


Concentrated Value Equity Composite Historical net of fees performance as of December 31, 2012

Source: Harris Associates

The S&P 500 Total Return Index is a market capitalization-weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. All

returns reflect reinvested dividends and capital gains distributions. This index is unmanaged and investors cannot invest directly in this index. Benchmark returns are

not covered by the report of the independent verifiers.

Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be

lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when

redeemed, will be worth more or less than their original cost. Please see Composite Disclosure and Additional Notes for important

information

20

Performance Footnotes

S&P 500 Gross Internal

Gross Net Index Composite Benchmark Composite Percentage of

Return Return Return 3-Yr St Dev 3-Yr St Dev Number of Dispersion Firm Assets

Annual Period Ended (%) (%) (%) (%) (%) Accounts (%) (%)

December 31, 2012 17.4 16.2 16.0 19.5 15.3 36 0.5 2.5

December 31, 2011 -1.4 -2.4 2.1 24.6 19.0 34 0.7 2.3

December 31, 2010 19.6 18.4 15.1 37 0.4 2.6

December 31, 2009 57.9 56.4 26.5 33 0.8 2.9

December 31, 2008 -39.7 -40.4 -37.0 36 0.4 2.6

December 31, 2007 5.8 5.3 5.5 37 0.7 2.5

December 31, 2006 17.2 16.6 15.8 33 0.4 2.3

December 31, 2005 1.9 1.3 4.9 34 0.2 2.1

December 31, 2004 13.4 12.8 10.9 36 0.5 2.3

December 31, 2003 40.8 40.0 28.7 35 1.3 2.8

($ 000s)

1,872,330

1,473,121

1,583,083

1,280,146

68,542,321

63,409,330

996,412

($ 000s)

76,197,779

37,689,145

65,703,105

1,384,163

1,362,660

1,590,399

1,673,529

46,243,992

60,318,515

Composite

Assets

50,874,779

Total Firm

Assets

61,508,850

1,478,804 64,505,053

January 1, 2003 through December 31, 2012


Concentrated Value Equity Composite

I. Harris Associates L.P. (Harris Associates) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance

with the GIPS standards. Harris Associates has been independently verified for the periods January 1, 1993 through December 31, 2011. Verification assesses whether (1) the firm has

complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present

performance in compliance with the GIPS standards. The Concentrated Value Equity Composite has been examined for the periods January 1, 1999 through December 31, 2011. Theverification and performance examination reports are available upon request. Harris Associates did not comply with the GIPS standards prior to January 1, 1993.

II. Harris Associates is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The general partnership interest in

Harris Associates is owned by Harris Associates, Inc., a corporate subsidiary of Natixis Global Asset Management.

III. The Concentrated Value Equity Composite was created January 1, 1999. The composite includes all fully discretionary, supervised, institutional, tax-exempt, large/mid cap,

concentrated, domestic, equity accounts in excess of $2 million. The reporting currency is U.S. Dollar. A complete list of composite descriptions and policies for valuing portfolios,

calculating performance, and preparing compliant presentations are available upon request. Both gross and net returns reflect the reinvestment of income and the deduction of

transaction costs. Gross returns do not reflect the deduction of investment advisory fees or any other expenses that may be incurred in the management of the account. Effective June

1, 2009, model net returns are calculated by subtracting the highest fee of the standard fee schedule from the gross composite return. From January 1, 2008 to May 31, 2009, model netreturns were calculated by subtracting the highest fee charged to any account on a monthly basis from the gross composite return. Prior to January 1, 2008, net returns were based on

actual fees. The standard annual fee schedule currently in effect is as follows: 1.00% on the first $10 million plus .50% on the balance of the portfolio. Fees may be higher for mutual

funds included in the composite. Actual advisory fees charged may vary depending on, among other things, the applicable fee schedule and portfolio size. Additional information may

be found in Part 2A of Form ADV, which is available upon request.

IV. The three-year annualized standard deviation measures the variability of gross composite returns and benchmark returns over the preceding 36-month period. The standard

deviation is not presented for periods prior to 2011 because it is not required by the GIPS standards.

V. For accounts included in the composite for the full presentation period, the asset-weighted standard deviation of account gross returns is presented as a measure of internaldispersion. Internal dispersion is not presented (n/a) for periods with less than five accounts in the composite for the full year, as it is not considered meaningful.

VI. Past performance is no guarantee of future results. The results presented above should not be considered a prediction of future performance. Current performance may be lower or

higher than the performance data quoted. Financial consultants to whom Harris Associates provides before-fee performance data may use the data only in one-on-one presentations.

Gross performance presented does not reflect the deduction of investment advisory fees.

VII. The S&P 500 Total Return Index is a broad market-weighted average of U.S. blue-chip companies. This index is unmanaged and investors cannot invest directly in this index.

Benchmark returns are not covered by the report of the independent verifiers. For comparison purposes, the index includes the reinvestment of income and other earnings but does not

include any trading expenses, management fees, or other costs.

Performance and Portfolio Profile

Harris Associates U.S. Equity Fund

22

Portfolio Characteristics Harris Associates U.S. Equity Fund

Portfolio characteristics as of 31 January 2013

Fund Index

# of Holdings 41 696

% Asset in Top 10 Holdings 38.7 27.2

Value Measures Fund Index

Price/Earnings 12.7 14.1

Price/Book 2.0 1.6

Price/Sales 1.5 1.1

Dividend Yield 1.7 2.4

Top 10 Holdings by absolute weight as of 31 January 2013, %

Security Fund, %

WELLS FARGO & CO 4.9

INTEL CORP 4.7

JPMORGAN CHASE & CO 4.2

MASTERCARD A 4.1

ORACLE CORP 3.8

ILLINOIS TOOL WORKS 3.7

FEDEX CORP 3.6

GOLDMAN SACHS GROUP 3.3

FRANKLIN RESOURCES 3.3

APPLIED MATERIALS 3.2

Index: Russell 1000® Value Index TR. Data source: MSCI, BBH. Please see the Reference Information page for important information.

Market Capitalization Allocation as of 31 January 2013, %

Market Capitalization Fund Index

> 50 Bln 43.8 42.1

25 to 50 Bln 21.8 17.4

10 to 25 Bln 24.2 21.5

5 to 10 Bln 10.1 9.4

2 to 5 Bln - 8.6

1 to 2 Bln - 0.9

0.5 to 1 Bln - 0.0

< 0.5 Bln - 0.0

Sector Allocation as of 31 January 2013, %

Sector GICS Classif ication Fund Index

Energy 7.0 16.3

Materials - 3.8

Industrials 17.8 9.1

Consumer Discretionary 26.4 8.2

Consumer Staples - 7.2

HealthCare 0.5 11.7

Financials 23.3 27.4

Information Technology 24.9 6.4

Telecom Services - 3.3

Utilities - 6.5

23


-33.20

41.02

12.88

-2.13

16.77

-36.85

19.6915.51

0.39

17.51

-50

-40

-30

-20

-10

0

10

20

30

40

50

2008 2009 2010 2011 2012

Fund Index

Harris Associates U.S. Equity Fund I/A (USD)

ISIN LU0130102931 Share class I/A (USD)

Inception Date 21/06/2001 Fund Size (USD,m) 82.55

Reference Index Russell 1000® Value TR USD

PERFORMANCE DATA SHOWN REPRESENTS PAST PERFORMANCE AND IS NOT A GUARANTEE OF FUTURE RESULTS. All data including performance data is sourced from NGAM S.A. as of the date of this material, except where otherwise indicated. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Performance shown is net of all fund expenses, but does not include the effect of sales charges, taxation or paying agent charges, and assumes reinvestment of dividends. If such charges were included, returns would have been lower. Performance for other share classes will be more or less depending on differences in fees and sales charges. For periods when certain share classes were unsubscribed or not yet created (the "inactive share classes"), performance is imputed using the actual performance of the fund's active share class which has been determined by the management company as having the closest characteristics to such inactive share class and adjusting it based on the difference in TERs and, where applicable, converting the net asset value of the active share class into the currency of quotation of the inactive share class. The quoted performance for such inactive share class is the result of an indicative calculation. Please see additional notes for important information. Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. This Index is shown for comparative purposes only. Index Source: Frank Russell Company.

1M 3M YTD 1Y3Y

Ann.

5Y

Ann.

7Y

Ann.

10Y

Ann.

Incep.

Ann.

Fund at NAV 5.78 9.23 5.78 16.67 12.21 5.71 5.32 7.11 4.58

Index 6.50 8.65 6.50 20.58 14.26 2.70 3.68 8.32 4.86

1Y 3Y 5Y 7Y 10Y

Alpha -4.61 -3.44 2.91 1.57 -1.25

Beta 1.03 1.10 1.05 1.04 1.01

R-Squared 0.73 0.87 0.89 0.89 0.88

Sharpe Ratio 1.31 0.65 0.22 0.17 0.30

Fund Std Dev 12.46 18.23 22.17 19.32 16.80

Index Std Dev 11.24 15.88 20.28 17.75 15.78

Tracking Error 4.49 5.44 6.14 5.68 5.49

Risk Measures as of Month End

Fund Stats

Calendar Year Returns

Fund 168.32 Index 173.51

0

50

100

150

200

2001 2003 2005 2007 2009 2011

Trailing Returns as of Month End, %

Hypothetical Growth of $100 Investment

24


Large Cap Value Equity Composite Historical gross of fees performance as of December 31, 2012

LARGE CAP

RUSSELL 1000®

VALUE S&P 500

Annualized

Periods LARGE CAP

RUSSELL 1000®

VALUE S&P 500

2012 18.3 17.5 16.0 1-Year 18.3 17.5 16.0

2011 -0.3 0.4 2.1 3-Year 10.5 10.9 10.9

2010 14.3 15.5 15.1 5-Year 3.7 0.6 1.7

2009 46.7 19.7 26.5 10-Year 7.6 7.4 7.1

2008 -39.5 -36.8 -37.0 Since Inception 6.6 4.6 3.5

2007 -0.5 -0.2 5.5 (7/1/1998)

2006 17.6 22.2 15.8

2005 0.7 7.1 4.9

2004 10.6 16.5 10.9

2003 33.3 30.0 28.7

2002 -14.9 -15.5 -22.1

2001 22.9 -5.6 -11.9

2000 21.1 7.0 -9.1

1999 -2.2 7.3 21.0

1998* -2.4 3.1 9.2

*July 1 through December 31, 1998.


Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data

quoted. The performance presented does not reflect the deduction of investment advisory fees. The client’s return will be reduced

by the advisory fees and other expenses it may incur in the management of its account. The advisory fee, compounded over a

period of years, will have an adverse effect on the value of the client’s portfolio.

The S&P 500 Total Return Index is a broad market-weighted average of U.S. blue-chip companies. This index is unmanaged and investors cannot invest directly

in this index. This benchmark calculates reinvested dividends net of withholding taxes. Benchmark returns are not covered by the report of the independent

verifiers.


The Russell 1000®

Value Index measures the performance of those Russell 1000®

companies with lower price-to-book ratios and lower forecasted growth values.

This index is unmanaged and investors cannot invest directly in this index. This benchmark calculates reinvested dividends net of withholding taxes. Benchmark

returns are not covered by the report of the independent verifiers.

25


Large Cap Value Equity Composite Historical net of fees performance as of December 31, 2012

LARGE CAP

RUSSELL 1000®

VALUE S&P 500

Annualized

Periods LARGE CAP

RUSSELL 1000®

VALUE S&P 500

2012 17.4 17.5 16.0 1-Year 17.4 17.5 16.0

2011 -1.0 0.4 2.1 3-Year 9.7 10.9 10.9

2010 13.5 15.5 15.1 5-Year 2.9 0.6 1.7

2009 45.6 19.7 26.5 10-Year 6.8 7.4 7.1

2008 -40.0 -36.8 -37.0 Since Inception 5.8 4.6 3.5

2007 -1.0 -0.2 5.5 (7/1/1998)

2006 16.9 22.2 15.8

2005 0.2 7.1 4.9

2004 9.7 16.5 10.9

2003 31.7 30.0 28.7

2002 -15.7 -15.5 -22.1

2001 21.6 -5.6 -11.9

2000 20.4 7.0 -9.1

1999 -2.6 7.3 21.0

1998* -2.7 3.1 9.2

*July 1 through December 31, 1998.


Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data

quoted.

The S&P 500 Total Return Index is a broad market-weighted average of U.S. blue-chip companies. This index is unmanaged and investors cannot invest directly

in this index. This benchmark calculates reinvested dividends net of withholding taxes. Benchmark returns are not covered by the report of the independent

verifiers.


The Russell 1000®

Value Index measures the performance of those Russell 1000®

companies with lower price-to-book ratios and lower forecasted growth

values. This index is unmanaged and investors cannot invest directly in this index. This benchmark calculates reinvested dividends net of withholding taxes.

Benchmark returns are not covered by the report of the independent verifiers.

26


Performance Footnotes

Russell 1000® Gross Internal

Gross Net Value Index Composite Benchmark Composite Percentage of

Return Return Return 3-Yr St Dev 3-Yr St Dev Number of Dispersion Firm Assets

Annual Period Ended (%) (%) (%) (%) (%) Accounts (%) (%)

December 31, 2012 18.3 17.4 17.5 18.3 15.7 13 0.2 4.9

December 31, 2011 -0.3 -1.0 0.4 23.8 21.0 13 0.2 5.0

December 31, 2010 14.3 13.5 15.5 14 0.3 5.4

December 31, 2009 46.7 45.6 19.7 13 1.0 5.7

December 31, 2008 -39.5 -40.0 -36.8 16 0.2 5.4

December 31, 2007 -0.5 -1.0 -0.2 35 1.1 7.0

December 31, 2006 17.6 16.9 22.2 39 0.5 6.3

December 31, 2005 0.7 0.2 7.1 56 0.5 6.1

December 31, 2004 10.6 9.7 16.5 47 0.4 4.6

December 31, 2003 33.3 31.7 30.0 24 1.1 3.3 46,243,992

37,689,145

3,869,939

4,285,963

2,766,621

63,409,330

3,760,905

3,204,287

($ 000s)

60,318,515

64,505,053

65,703,105

61,508,850

68,542,321

2,878,674

3,330,877

50,874,779

1,528,861

2,046,830

4,589,117

Large Cap Value Equity Composite

76,197,779

Assets

($ 000s)

January 1, 2003 through December 31, 2012

Total FirmComposite

Assets


I. Harris Associates L.P. (Harris Associates) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance

with the GIPS standards. Harris Associates has been independently verified for the periods January 1, 1993 through December 31, 2011. Verification assesses whether (1) the firm has

complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present

performance in compliance with the GIPS standards. The Large Cap Value Equity Composite has been examined for the periods July 1, 1998 through December 31, 2011. Theverification and performance examination reports are available upon request.

II. Harris Associates is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The general partnership interest in

Harris Associates is owned by Harris Associates, Inc., a corporate subsidiary of Natixis Global Asset Management.

III. The Large Cap Value Equity Composite was created on October 31, 2000. The composite includes all fully discretionary, supervised, institutional, large-cap, diversified, domestic,

equity accounts in excess of $2 million. The reporting currency is U.S. Dollar. A complete list of composite descriptions and policies for valuing portfolios, calculating performance,

and preparing compliant presentations are available upon request. Both gross and net returns reflect the reinvestment of income and the deduction of transaction costs. Gross returns do

not reflect the deduction of investment advisory fees or any other expenses that may be incurred in the management of the account. Effective June 1, 2009, model net returns are

calculated by subtracting the highest fee of the standard fee schedule from the gross composite return. From January 1, 2008 to May 31, 2009, model net returns were calculated bysubtracting the highest fee charged to any account on a monthly basis from the gross composite return. Prior to January 1, 2008, net returns were based on actual fees. The standard

annual fee schedule currently in effect is as follows: 0.75% on the first $15 million plus 0.45% on the balance of the portfolio. Fees may be higher for mutual funds included in the

composite. Actual advisory fees charged may vary depending on, among other things, the applicable fee schedule and portfolio size. Additional information may be found in Part 2A

of Form ADV, which is available upon request.

IV. The three-year annualized standard deviation measures the variability of gross composite returns and benchmark returns over the preceding 36-month period. The standard

deviation is not presented for periods prior to 2011 because it is not required by the GIPS standards.

V. For accounts included in the composite for the full presentation period, the asset-weighted standard deviation of account gross returns is presented as a measure of internaldispersion. Internal dispersion is not presented (n/a) for periods with less than five accounts in the composite for the full year, as it is not considered meaningful.

VI. Past performance is no guarantee of future results. The results presented above should not be considered a prediction of future performance. Current performance may be lower or

higher than the performance data quoted. Financial consultants to whom Harris Associates provides before-fee performance data may use the data only in one-on-one presentations.

Gross performance presented does not reflect the deduction of investment advisory fees.

VII. The Russell 1000® Value Index measures the performance of those Russell 1000® companies with lower price-to-book ratios and lower forecasted growth values. This index is

unmanaged and investors cannot invest directly in this index. Benchmark returns are not covered by the report of the independent verifiers. For comparison purposes, the index

includes the reinvestment of income and other earnings but does not include any trading expenses, management fees, or other costs.

27

Reference information Share class information

Share class availability by currency of quotation A = Accumulating, D = Distributing, H- = Hedged

Reference Information Harris Associates U.S. Equity Fund

Reference index Russell 1000® Value Index TR

Fund inception 21 June 2001

Legal structure and domicile

Sub-fund of Natixis International Funds (Lux) I organized as an investment company with variable capital under the laws of the Grand Duchy of Luxembourg and authorized by the CSSF as a UCITS

Administrator / Custodian Brown Brothers Harriman (Luxembourg) S.C.A.

Auditor PricewaterhouseCoopers S.à.r.l. – Luxembourg

Management company NGAM S.A.

Investment manager Harris Associates L.P.

Portfolio manager Robert Levy, Mike Mangan

Registrations Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Peru*, Singapore, Spain, Sweden, Switzerland, Taiwan, U.K.

ISIN, Bloomberg code I/A(USD) - LU0130102931, CDCOLCI LX

Share class TER, % Max sales charge, %

Minimum initial investment

S - Super institutional 0.70 4.00 USD/EUR 15 million, GBP 7 million,

SGD 20 million

I - Institutional 1.20 4.00 USD/EUR/SGD 100,000, GBP 50,000

R - Retail 2.00 4.00 None

RE - Retail E 2.60 None None

N - No trail 1.20 4.00 USD/EUR 100,000, GBP 50,000

Share class USD EUR GBP SGD

S - Super institutional A, D A, H-A A, D A

I - Institutional A, D A, H-A A, D A

R - Retail A, D A A, D A

RE - Retail E A A

N - No trail A H-A H-A

Dealing frequency Daily

Cutoff time D, 13h30 Luxembourg time

Settlement Date D+3

RISKS The Fund is subject to special risk considerations, including geographic concentration risk, portfolio concentration risk and growth/value equities risk. Please refer to the full Prospectus for additional details on risks.

Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. This Index is shown for comparative purposes only. Index Source: Frank Russell Company.

Harris Associates L.P., a subsidiary of Natixis Global Asset Management, is an investment adviser registered with the U.S. Securities and Exchange Commission (IARD No. 106960) and is licensed to provide investment management services in the U.S. The company conducts all investment management services in and from the U.S.

* The Fund is available for investment in Peru to institutional investors regulated by the Peruvian Banking Law or entities qualified as such by the Securities Exchange Commission. The prospectus together with the “Important Information for Singapore Investors” must at all times accompany this document for offers in Singapore under Sections 304 and 305 of the Securities and Futures Act, Chapter 289 of Singapore.

This material is provided for information purposes only, and its distribution may be restricted in certain countries and to certain types of investors. The Fund may not be offered or sold in the U.S., to citizens or residents of the U.S., or in any other country or jurisdiction where it would be unlawful to offer or sell the Fund.

Please read the prospectus and key investor information carefully before investing, available, if registered in your jurisdiction, from Natixis Global Asset Management offices (ngam.natixis.com) and the following Paying Agents/Representatives: France CACEIS Bank France, 1-3, Place Valhubert, 75013 Paris. Germany Rheinland-Pfalz Bank, Große Bleiche 54-56, D-55098 Mainz. Italy State Street Bank SpA, Via Ferrante Aporti, 10, 20125 Milano. Luxembourg NGAM S.A., 51, avenue J.F. Kennedy, L-1855 Luxembourg. Switzerland RBC Investor Services Bank S.A. Esch-sur-Alzette, Zurich branch, Badenerstrasse 567, PO Box 101, CH-8066 Zurich.

Additional Notes This material has been provided for information purposes only to investment service providers or other Professional Clients or Qualified Investors. It is the responsibility of each investment service

provider to ensure that the offering or sale of fund shares or third party investment services to its clients complies with the relevant national law.

In the UK: This material is provided by NGAM UK Limited which is authorised and regulated by the UK Financial Services Authority (register no. 190258). This material is intended to be

communicated to and/or directed at persons (1) in the United Kingdom, and should not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell securities in any other

jurisdiction than the United Kingdom; and (2) who are authorised under the Financial Services and Markets Act 2000 (FSMA 2000); or are high net worth businesses with called up share capital or

net assets of at least £5 million or in the case of a trust assets of at least £10 million; or any other person to whom the material may otherwise lawfully be distributed in accordance with the FSMA

2000 (Financial Promotion) Order 2005 or the FSMA 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the "Intended Recipients"). To the extent that this material is

issued by NGAM UK Limited, the fund, services or opinions referred to in this material are only available to the Intended Recipients and this material must not be relied nor acted upon by any

other persons. Registered Office: NGAM UK Limited, Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA.

The above referenced entity is a business development unit of Natixis Global Asset Management, the holding company of a diverse line-up of specialised investment management and distribution

entities worldwide. The investment management and distribution subsidiaries of Natixis Global Asset Management conduct any regulated activities only in and from the jurisdictions in which they

are licensed or authorized. Their services and the products they manage are not available to all investors in all jurisdictions.

Although Natixis Global Asset Management believes the information provided in this material to be reliable, it does not guarantee the accuracy, adequacy, or completeness of such information.

Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time

(including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Please see Composite Disclosure and Additional Notes for

important information

The provision of this material and/or reference to specific securities, sectors, or markets within this material does not constitute investment advice, or a recommendation or an offer to buy or to sell

any security, or an offer of services. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing. The analyses, opinions, and certain of

the investment themes and processes referenced herein represent the views of the portfolio manager(s) as of the date indicated. These, as well as the portfolio holdings and characteristics

shown, are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.

This material may not be distributed, published, or reproduced, in whole or in part.

All amounts shown are expressed in USD unless otherwise indicated.

29

NGAM UK Sales Contacts

Derek Brander

Email: [email protected]

Phone: +44 (0) 20 3405 2181

James Walkin

Email: [email protected]

Phone: +44 (0) 20 3405 2156

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