perspectives.06.2009.en

macro analysisThe global economic profile is improving

asset allocationTrend reversal or pullback

in a bear market?

product FocusSélection Obli Juillet 2014

perspectives

June

200

9

Data as of 04/30/2009

Perspectives is a Natixis Asset Management's publication

Natixis Asset Management - Communications Department - Business Development

[email protected]

Cover picture: Bandstand Cutural Center, de La Warr Pavilion,Bexhill-on-sea.England. Niall McLaughlin Architects. Photography: Nicholas Kane/Corbis.

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The global economic profile is improving"The reconstruction of the global economy has started. The across-the-board slump seen at the end of 2008 is giving way to a more differentiated pattern of activity, suggesting that the global economic trend is finally turning around…"by Philippe Waechter, Chief Economist

Monthly Market DataArbitrage on the US market: Standard and Poor’s index versus 10-year interest rates

Trend reversal or pullback in a bear market?"Global stock markets surged powerfully in April, building on a relatively strong technical recovery in March from a low point on the 9th..." by Franck Nicolas, Head of Global Asset Allocation & ALM

Sélection Obli Juillet 2014"Natixis Asset Management recently launched Sélection Obli Juillet 2014. This fund enables investors to benefit from today’s opportunities in fixed income markets. This 5-year hold-to-maturity fund invests in euro-denominated bonds with maturities no later than 2014. The sales period of Sélection Obli Juillet 2014 is also limited to 9 weeks (June 2nd to July 31st, 2009)..."by Christophe Peyraud, portfolio manager

Summary of Natixis Asset Management’s international offer and of its expertise

Net new inflows: Natixis Asset Management tops rankings With net new inflows of EUR 3 billion in April this year, Natixis Asset Management picked up first place in EuroPerformance-Telekurs Financial’s monthly rankings of the best-performing institutions in terms of net new inflows into investment funds established under French law.

NATixiS ASSeT MANAgeMeNTLimited Liability CompanyShare Capital 50 434 604,76 €RCS Number 329 450 738 ParisRegulated by AMF under n°GP 90-009Registered Office: 21 quai d’Austerlitz75 634 Paris, Cedex 13 Tel. +33 1 78 40 80 00

www.am.natixis.com

NATixiS MulTiMANAgerSubsidiary of Natixis Asset ManagementA French simplified joint-stock company Share Capital of 7 536 452 euros RCS Number 438 284 192 ParisRegulated by AMF under n°GP 01-054Registered Office: 1-3, rue des Italiens 75009 Paris Tel. +33 1 78 40 32 00

www.multimanager.natixis.com

Publishing Director: F. LenoirEditorial Committee: F. Delorme, S.de Quelen,H. Henriques, A.Lançon, K.Massicot, Ph. Le Mée,R. Monclar, F. Nicolas, Ch. Point, A. Reynier, M-L. Rouy, Ph. WaechterCoordination - Writing : N. ClémotHead of design: F. DupertuysContributors: J. Caron, C. Peyraud

Macroeconomic Analysis

Asset Allocation

Market Data

Overview of our international product range

9

News

Product Focus

1www.am.natixis.com June 2009

Editorial

Philippe Zaouati Head of Business

Development

The long-term downturn on the financial markets seems at last to be bottoming out.Philippe Waechter, Chief Economist of Natixis Asset Management, sees the global economic profile as improving, heralding new conditions around the world, in which the downturn will be less uniformly evident. Nevertheless, the indiscriminate impact on the regions of the world of the two shocks dealt by the oil and financial sectors meant that any return “to normalcy” would be long and complex [Cf.Macroeconomic Analysis page 2]

The economic actors appear to be expecting something more favorable, as their economic horizon becomes wider and the dawn appears over it. Franck Nicolas, Head of Global Asset Allocation &

ALM, sees this as justifying a return to assets – equities in particular – that have been ignored in recent months.Although the equities markets are likely to remain highly volatile, the steady downward movement of the markets seems to have been halted [Cf. Asset Allocation page 4]. Equities markets are to be the focus of Natixis Asset Management’s workshop in Paris on 10 June: “Speculative bubbles yesterday, risk-aversion today; what is the future for equities markets?"

This issue includes a summary of Natixis Asset Management’s international offer [page 6 to 8]. A particular focus is dedicated to Sélection Obli Juillet 2014, that Natixis Asset Management has just launched [Product Focus page 9]. Managed by Christophe Peyraut, this HTM (hold-to-maturity) fund invests mainly in euro bonds. How does it work? By sticking to current credit market returns for five years while endeavoring to avoid defaults.

At the end of May, the expertise of Natixis Asset Management is awarded. Natixis Asset Management received Gold, Silver and Bronze trophies from Le Revenu (a French leading business and financial magazine) in partnership with EuroPerformance.

Enjoy reading it.

Philippe Zaouati Head of Business Development

Awards SICAV and Funds Trophies*Le Revenu - 2009

Natixis Asset Management awarded in the category “Network banks”:

Golden TrophyBest range of international bonds funds over 3 years

Silver TrophyBest range of international equities funds over 3 years

Bronze TrophiesBest overall performance& Best range of sector equities funds over 3 years

Prize for distribution*L'Agefi Actifs - 2009

Golden PrizesNatixis Actions US Value Category "Equity funds - Networks" over 1 year

Natixis Souverains Euro 3-5 Category "Bond funds - Networks" over 1 year

Past performance or reference to any rankings or awards cannot be interpreted as indicating the future performance of a fund.

* Further information page 10

2 June 2009 www.am.natixis.com

Macro Analysis

PhiliPPe Waechter

The Context

Several indices suggest that, in Asia and the US, the volume of activity has been picking up gradually since the end of the winter. Europe lags behind as its economic policy is not sufficiently pro-active, but the slowdown here has bottomed out.

The Key Point

After a steep and dramatic decline in the second half of 2008, the signals are now becoming more favorable, indicating that changes are taking place in the global economy.

The Challenge

The reconstruction of the global economy has started. The Asian model is changing and is moving towards a probable rebalancing of Chinese growth in favor of its internal market. In the US, while there are still considerable constraints and uncertainties, the changes taking place are now more supportive to growth.This China/US G2 will be at the crux of the new economic cycle that is beginning.

the global economic profile is improving

chief economist

Gradually, we are seeing some bright spots lighting up a global economy that was plunged into crisis in the summer of 2007. The across-the-board slump seen at the end of 2008 is giving way to a more differentiated pattern of activity, suggesting that the global economic trend is finally turning around. The profile of the world economy is therefore improving. But the process will be as long and complex as the scale of the shocks suffered by the global economy was exceptional. And to make matters worse, there was the extraordinary phenomenon of a simultaneous contraction across all geographical regions. The simultaneous nature of the downturn was all the more worrying given that crises are generally more localized.

Two major shocks with lasting effectsThe sharp downturn seen since last fall is the result of two major phenomena: a severe oil shock (similar to those encountered in the 1970’s) and a financial shock. The financial shock, triggered by the collapse of the investment bank Lehman Brothers in September 2008, created uncertainty among all economic players and led to a tightening of liquidity across many markets.

No region in the world was spared the effects of these two shocks:

n The oil market had been driven in recent years by burgeoning demand from emerging nations. Consequently, soaring oil prices affected not only industrialized countries but also these emerging markets, which were suddenly hit by an excessive constraint on growth.

n Meanwhile, the financial shock reflects the spreading of the crisis from Wall Street to “Main Street”. All economic players are wondering and worrying about the consequences of the financial and banking turmoil that began in

September 2008. Uncertainty over the solidity of the banking sector and the scale of the rescue packages proposed by governments have prompted a cautious approach. The wait-and-see attitude adopted by economic players has led to decisions and long-term commitments being put back. The result has been a dramatic decline in business investment indicators.

These two shocks, severe enough to take a lasting toll on economic activity, have forced businesses to slash their workforces in fairly brutal fashion. In the US, the number of job losses has been the biggest since the 1960s. In Germany and France, the drastic economic downturn has also led to a significant reduction in employment. The effects will be drawn out, as the contraction in the labor market has still not been as great as the slowdown in economic activity.

The economic deterioration going back to 2008 continues to have a severe impact in 2009. If proof were needed, we only have to look at the changes in GDP in the major countries and regions. In the US, the fall in GDP for the first quarter of 2009 was 6.1%, while in the eurozone it was 10% and in Japan 15.2% [the figures here are annualized rates]. These figures are exceptionally high and reflect the fragility of the industrialized countries’ economies.

A complex, geographically uneven recoveryThe information that has become available since March suggests that the situation is improving, and that the disastrous uniformity seen at the end of 2008 has given way to a more differentiated picture.

n In Asia, the situation is evolving very rapidly. In response to the hiatus in economic activity, governments in Asia (and notably China and South Korea) have


Macro Analysis

the global economic profile is improving

Source: Facset; Calculations: Natixis Asset Management

put in place significant policies to boost growth. Expansive fiscal and monetary policies, together with a sharp pullback in commodities prices, have gradually led to more favorable economic conditions.

n In China, for instance, surveys conducted among business executives show that there has been a real improvement since the low point reached at the end of 2008. On a more general level, in China, Taiwan and South Korea for instance, manufacturing indices, which had plummeted in the last few months of 2008, appear to have picked up again, as has trade within the region.

This is encouraging: it seems that Asia might be set for a recovery. However, the Asian model is changing. While Asia is – in keeping with tradition – hoping for an upturn in exports (especially when the US economy recovers), we are now also seeing a change in the nature of the region’s own internal market. This is the first sign of a gradual rebalancing of growth. Asia is sketching a new blueprint for its economic activity.Meanwhile, in the US the situation is also evolving. Pro-active economic policies have played a major role there.

The situation for companies (which was drastic at the end of 2008) is beginning to improve. Orders are gaining momentum and inventories are falling rapidly.

These are very favorable conditions for production to take off again. Meanwhile, indicators which had been showing a downtrend in business investment are changing direction. Sentiment among companies regarding the US economic outlook has therefore improved, which is having an immediate impact on the labor market: the number of new applications for unemployment insurance, a statistic published every Thursday afternoon, has been falling since the start of April. The more favorable conditions in the labor market perhaps explain the upturn in consumer confidence, which has been clearly more positive since April.Meanwhile, there are now clearer signs of stabilization in the real estate market.

In general, US economic players are therefore indicating that their economic horizon is lengthening and that, consequently, their aversion to risk is falling. This, together with the factors mentioned above, reinforces the view that we could see a stabilization and improvement in economic activity in the summer of 2009.

n In Europe, the situation remains very complicated. Economic policy here is less pro-active than in Asia and the US. In addition, in the case of the ECB, the strategy adopted is taking longer to implement. The internal market is therefore more limited and does not seem capable

by itself of providing the conditions needed for a strong and lasting recovery. The specific shocks that have hit certain countries (Spain, Ireland and Austria, for instance) are also creating an additional burden on the European market.A European recovery will therefore depend on the global environment – and even if this improves, it will only have a gradual effect on Europe. Growth will therefore be limited and will be accompanied by a protracted downturn in the labor market which threatens to put downward pressure on labor costs. Yet, despite this complex dynamic, recent surveys among business executives suggest that the European economy has bottomed out and that there are signs of a modest upturn in activity.

ConclusionThese changes to the global economy are only gradual, the come uncertainties persist. Consequently, it is difficult to tell what the pace of the growth will be. The most important thing, in the first instance, is for the economic slowdown to be halted. This is probably what we are seeing at the moment, and it is a very positive sign.

Written on 05/25/2009

Perception of the economy in the manufacturing sector


Asset Allocation

Franck nicOlaS Head of Global asset allocation & alm

Trend reversal or pullback in a bear market?

Global stock markets surged powerfully in April, building on a relatively strong technical recovery in March from a low point on the 9th. Four factors look to have triggered this major rally: clear upturns by some leading indicators and by housing sales, corporate results that were less disappointing than expected following major adjustments to analysts’ forecasts, better news from the banks and, finally, plentiful liquidity as big investors now hold fewer risky assets. Despite this good news, market uncertainty is likely to persist for some little time yet.

Our recommendations by asset class

Fixed incomeWe remain positive on sovereign debt, but only for the short term.

At the moment, Natixis AM’s central scenario sees little prospect of lasting deflation. The BCE is likely to make one or two additional rate cuts and the Fed should continue its quantitative easing. But, by summer, the bond market will probably have priced in these new factors and will be starting to look further ahead.

According to our forecasts, the outlook for government debt as an asset class is likely to deteriorate as industrial countries will probably return to positive growth in 2010, virtually eliminating any chance of an attractive performance.

Credits, however, continue to offer excellent yields. For this reason, our allocation teams are gradually migrating their sovereign exposure into corporate debt.

equitiesThe equity market has rallied sharply since its low point in March and, despite some consolidation, asset values (sustained by massive stimulus packages) remain attractive. That said, a return to lows, while unlikely, cannot be ruled out. There seems little chance, however, that the market could pull back below its March bottom.

Equity markets remain intensely volatile, but in a more favourable environment.

The period of steady market decline now looks to be over although this does not necessarily augur the imminent start of an uptrend.

In light of all these factors, the asset allocation team has opted to gradually restore portfolios’ equity exposure to give them more bullish stance. Favoured picks are cyclical sectors, US stocks and a gradual move back into emerging markets.

CurrenciesThe dollar seems to be losing some buoyancy as recent stress conditions recede into the past. The same is likely to be true for the Swiss franc and yen. While these currencies have profited from an aversion to risky assets they may, by the same token, suffer as global recovery gathers pace.

CommoditiesIt is still too soon to take exposure to this asset class. Movements in commodities should, however, correlate to those in credit and equity markets if the themes of an end to economic deterioration and then recovery come to the fore. Oil, ferrous metals and agricultural commodities should do particularly well from these themes.


Scale from -- to ++

Risk categories Risk subcategories

Tactical allocation*

Apr. 09(1) May. 09(2)

FixeD iNcOMe + =

equities = -

FixeD iNcOMe united states + =

euro + =uK + =emerging countries

= =

Japan = =

eurO issuers

corporate = +

equities united states + +euro = -

uK = -

Japan = =

curreNcies Dollar = =

(AgAinst thE Euro)

Yen - =

Pound = =

cOMMODities Oil - =

Gold + =

(1) Investment committee on 03/26/2009.(2) Investment committee on 04/30/2009.

* weighting gap v.s. strategic allocation of an investor.


Market Data

As of 04/30/2009

Value 1 year 2009 CAC 40 3 159.85 -36.76% -1.81%

CAC Mid 100 4 752.88 -33.81% 7.48%

IT CAC 20 2 880.13 -29.91% -1.06%

SBF 120 2 291.33 -36.71% -0.85%

SBF 250 2 236.71 -36.70% -0.65%

Value 1 year 2009 MSCI Europe 69.91 -38.08% 0.69%

Euro Stoxx 50 2 375.34 -37.90% -3.11%

DAX 4 769.45 -31.36% -0.85%

Footsie 4 243.71 -30.29% -4.30%

Value 1 year 2009 Dow Jones 8 168.12 -36.29% -6.93%

S&P 500 872.81 -37.01% -3.37%

Nasdaq 1 717.30 -28.83% 8.89%

Brent Crude Future 50.80 -54.38% 11.43%

Value 1 year 2009 Nikkeï 8 828.26 -36.26% -0.35%

Hong Kong 15 520.99 -39.74% 7.88%

Singapore 1 920.28 -39.00% 9.01%

Shanghaï 162.28 -37.90% 46.31%

Value 1 year 2009

MSCI World 893.02 -40.82% -2.96%

Rate 1 year 2009 Eonia 0.588% -3.622% -1.764%

Euribor 3 months 1.365% -3.492% -1.527%

Euribor 6 months 1.562% -3.320% -1.409%

Euribor 1 year 1.728% -3.227% -1.321%

Fed Funds 0.200% -2.020% 0.110%

Rate 1 year 2009 5 years French Treasury Bond 2.856% -1.202% 0.105%

5 years USTN 2.010% -1.113% 0.458%

10 years French Treasury Bond 3.740% -0.609% 0.294%

10 years USTN 3.120% -0.702% 0.906%

30 years French Treasury Bond 4.257% -0.514% 0.533%

30 years USTN 4.038% -0.516% 1.370%

Value 1 year 2009 Euro/Dollar 1.325 -14.89% -4.67%

Euro/Yen (100) 130.370 -19.88% 3.46%

Euro/Sterling 0.894 13.76% -7.51%

Dollar/Yen 98.385 -5.86% 8.53%

France

Money Market

Fixed Income

Currencies

Europe

United States

Asia

World

Financial market sentiment has changed since the start of March. The news on the banking sector (particularly in the United States), together with more positive macroeconomic signals, led the market to believe that we could emerge from recession in the foreseeable future. This reassured investors, reducing their risk aversion. They therefore rethought their investments, moving back towards assets bearing greater risk, such as equities and corporate bonds, which in theory offer the chance of higher returns. At the same time, there was a move away from assets regarded as “ultra-safe”, such as government bonds, where the potential for returns is now more limited.

The share price rally thus triggered a rise in long-term interest rates as well. However, this surge in yields at the long end is unlikely to last beyond these immediate arbitrage

effects, as the factors that could produce such a trend over the long run are not in place. Inflation risk is reduced, savings rates are high, and central banks intend to continue their accommodative monetary policy, possibly in conjunction with bond purchases to keep long-term rates very low.

The monthly Index

Arbitrage on the US market

Source: Factset - Calculations: Natixis Asset Management

10-year interest rates (right-hand axis)

Standard and Poor’s index (left-hand axis)

6 January 2009 www.am.natixis.com


These 7 sub funds of the Natixis International Funds (lux) I SICAV reflect the key expertise of Natixis Asset Management

sub funds of the NiF (Lux) i sicAV managed by Natixis Asset Management

I, C EUR LU0161120547R, C EUR LU0161121271

F, C EUR LU0390502424I, C EUR LU0255251166

I, C EUR LU0155376477R, C EUR LU0155380156

• Investment universe: Mainly Euro denominated government or private issuers rated Investment / Diversifying fixed income assets

• Benchmark: Barclays Euro Aggregate• Minimum recommended investment period: 3 years

• Investment universe: Mainly Euro denominated government or private issuers rated Investment - Diversifying fixed income assets

• Benchmark: Barclays World Government Inflation linked all maturities Index hedged in euro

• Minimum recommended investment period: 2 years• Risk Indicator: Tracking-error ex ante of 2%(maximum)

• Investment universe: Mainly Euro-denominated investment grade debt securities issued by OECD as well as cash, money market instruments or other securities

• Benchmark: Barclays Euro Aggregate Corporate Index• Minimum recommended investment period: 3 years

Isabelle Delannée-Méric

Sophie Potard

Christophe Peyraud

Benefit from a broad range of fixed income investment opportunities

Get the most out of diversification in inflation-indexed bonds in

a global universe

Benefiting from the SRI expertise of Natixis Asset Management through a socially responsible

portfolio of investment grade corporate bonds

Natixis Euro Aggregate Plus Fund

Natixis Global Inflation Fund

Natixis Impact Euro Corporate Bond Fund

See the full prospectus which is the only legally binding document.

7www.am.natixis.com January 2009

I, C EUR LU0147917792I, C USD LU0095830922R, C EUR LU0147918923R, C USD LU0084288595R, D USD LU0084288678

I, C EUR LU0095828512I, D EUR LU0095828785R, C EUR LU0066549592R, D EUR LU0066549832

I, C EUR LU0095827381R, C EUR LU0064070138R, D EUR LU0064070211

I, C EUR LU0389329003

• Investment universe: Emerging Europe Equities• Benchmark: MSCI Emerging Europe Index• Minimum recommended investment period: 5 years• Risk Indicator: Tracking-error ex ante between 6 and 8

• Investment universe: European Small and Mid Equities• Benchmark: None (MSCI Europe Small Cap: indicative only)• Minimum recommended investment period: 5 years• Risk Indicator: Tracking-error ex ante between 4 and 7

(indicative)

• Investment universe: Eurozone Equities• Benchmark: None (MSCI EMU DNR: indicative only)• Minimum recommended investment period: 5 years

• Investment universe: European equities• Benchmark: MSCI Europe• Minimum recommended investment period: 3 years

Matthieu Belondrade François Théret

Thierry Cuypers

Olivier Lefèvre

Christine Lebreton

Get the most out of the growth in the emerging European zone as part of a conviction

management strategy

Benefiting from the potential of European Small & Midcaps within the scope of a conviction-based strategy

Tapping the potential of Eurozone value equities within the scope of a

conviction-based strategy

Active and responsible investing to maximise SRI value added

Natixis Emerging Europe Fund

Natixis Europe Smaller Companies Fund

Natixis Euro Value Fund

Natixis Impact Europe Equities Fund

sub funds of the NiF (Lux) i sicAV managed by Natixis Asset Management

See the full prospectus which is the only legally binding document.See the full prospectus which is the only legally binding document.


25 complementary funds covering all asset classes are available through Private Placement. This quarterly reviewed list of funds aims to provide Natixis Global Associates' teams* with the most innovative products of Natixis Asset Management and to offer a wider range of expertise.


Funds of Natixis Asset Management available through Private PlacementFi

xed

inco

me

Natixis Souverains Euro 1-3 I: FR0010208421

Natixis Souverains Euro 3-5 FR0010036400



Natixis Souverains Euro RC: FR0000003196

Natixis Inflation Euro I: FR0007475413 R: FR0010170944

Natixis Crédit Euro I: FR0010171108 R: FR0010690966

Natixis Convertibles Euro I: FR0010658963 R: FR0010660142

Natixis Convertibles Europe C: FR0010171678

Alte

rn.

Natixis Constellation European Event IC: LU0161071237 IC: LU0161073951

Alpha Hedge + RC: FR0010058453

Abso

lute

re

turn Natixis Absolute Quant Bond 18M I: FR0010232348 R: FR0010249219

Natixis Absolute Swap Arbitrage IC: FR0010654921 RC: FR0010657924

Bala

n-ce

d Réactis Emerging I: FR0010634345 RC: FR0010626218

eq

uiti

es

Natixis Actions Europe Dividende IC: FR0010582478 RC: FR0010573782

Natixis Impact Life Quality C: FR0010410274 E: FR0010458539

Natixis Actions US Value I: FR0010256412 R: FR0010236893

Natixis Actions US Growth I: FR0010256404 R: FR0010236877

Natixis Actions Europe Convictions C: FR0010346429

Sonic Monde I: FR0010555797 RC: FR0000993446

Mo

ney

Mar

ket Natixis Cash Première C: FR0010157834

Natixis Cash A1P1 C: FR0010322438

Natixis Impact Cash C: FR0010008003

Natixis Cash Eonia I: FR0010298943 R: FR0007084926

Natixis Tréso Euribor 3 Mois FR0000293714

These funds are authorized for sale in France and possibly in other country(ies) where their sale is not contrary to local legislation. Please refer to legal information of this material.

* Natixis Global Associates is a global distribution platform which brings their investment expertise of the affilliated investment managers to clients outside France.

Asset class Fund name Share and ISIN code

Source: Barclays Capital - Figures: Natixis Asset Management


Product Focus

Sélection Obli Juillet 2014

IntervIew wIth ChrIstophe peyrauD

Source: Barclays Capital - Figures: Natixis Asset Management

Natixis Asset Management recently launched Sélection Obli Juillet 2014, enabling investors to benefit from today’s opportunities in fixed income markets.

Natixis Asset management, a recognised player in European fixed income, recently launched Sélection Obli Juillet 2014, a 5-year hold-to-maturity fund. The fund invests in euro-denominated bonds with maturities no later than 2014. The fund aims to obtain an attractive risk/return ratio by investing in selection of bonds and holding them until maturity. Due to the nature of the fund, the sales period of Sélection Obli Juillet 2014 is limited to 9 weeks, between June 2nd and July 31st.

The objective of this fund is to outperform a bond issued in Euros by the German government (today’s reference in European fixed income markets) at maturity, in July 2014. Sélection Obli Juillet 2014 relies on the knowledge and experience of Natixis Asset Management’s portfolio managers and credit analysts. The proposition presents the following characteristics:

n Management company natixis Asset Management

n Legal form French mutual fund (FCP)

n UCITS compliant yes

n Inception date 2 June 2009

n Accounting currency Eur

n ISIN/Allocation of income

Fr0010762526 share r(Accumulation) / Fr0010762534 share r(Distribution)

Fr0010751347 share i(Accumulation) / Fr0010762542 share i(Distribution)

n Maximum operating and management fees including taxes

share r(Accumulation) et share r(Distribution): 0.80% of net assets

n Share I(Accumulating) and Share I(Distribution) 0.50% of net assets

n Maximum subscription fee paid to the fund none

n Maximum subscription fee not paid to the fund

share r (Accumulation) and share r (Distribution): 2.5% maximum and 4% (after the 07/31/2009 at 12.00)

n Share I(Accumulation) and Share I(Distribution)

none and 4% maximum (after the 07/31/2009 at 12.00)

n Maximum redemption fee paid to the fund

1 % from the 07/31/2009 (12.00) to the 07/11/2014, then none.

n Maximum redemption fee not paid to the fund

3 % maximum until the 07/11/2014 (12.00), then none

n Basis net assets

n Minimum share fraction none (share r); 100.000 € (share i).

Why invest today in Sélection Obli Juillet 2014?

Companies have a hard time obtaining credit directly from banks, and there is a generalized lack of liquidity in capital markets. In order to raise capital,

these companies try to attract investors by issuing bonds with attractive remunerations. Sélection Obli Juillet 2014 offers the opportunity to participate in the performance potential of this unique market environment, whether on the primary or the secondary market.

What are the key points of Sélection Obli Juillet 2014?

n The selection of the most attractive opportunities in investment grade* bonds

Natixis Asset Management’s experts first select high quality issuers, rated Investment Grade or better, in order to construct the portfolio. Within this universe, the investment team chooses only the issuers (government or corporate) showing the most attractive return over 5 years, while taking into account default risk over the same time period. This approach aims to take advantage of today’s high credit spread levels.

n The portfolio diversification

The portfolio is composed of 45 issuers minimum, allowing an optimal diversification. The large number of bonds in the portfolio reduces default risk and protects it.

n The active monitoring of portfolio

During the investment period, the team will actively follow the evolution of the default risk of the selected issuers. If a bond is flagged as potentially damaging to the performance of the fund, the team may decide to sell or hedge the security**.

* Rated at minimum BBB- or Baa3 by Standard & Poor’s and Moody’s. **The management team may also, if market conditions are deemed favourable, invest in unrated debt instruments, if the internal rating attributed by Natixis Asset Management is at least equivalent to BBB-.


portfolio manager

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.

It is advisable to respect recommended investment horizons.

FUND FEATURES


News

Net new inflows: Natixis Asset Management tops rankings With net new inflows of EUR 3 billion in April this year, Natixis Asset Management picked up first place in EuroPerformance-Telekurs Financial’s(1) monthly rankings of the best-performing institutions in terms of net new inflows into investment funds established under French law.

The record figure achieved by Natixis Asset Management was mainly due to the massive scale of subscriptions for its range of money market UCITS (total net new inflows of EUR 2.9 billion in April).

The growth recorded by the funds are testimony to Natixis Asset Management’s expertise in a global market for investment funds under French law worth EUR 810 billion, up 7.5% since the start of the year(2).

(1)Rankings published in l’Agefi-Hebdo(weekly French magazine) [May 20 - May 27, 2009].(2)Source : EuroPerformance.

The International Forum on Microfinance “Convergences 2015” For the second consecutive year, Natixis Asset Management participated at Convergences 2015, the International Forum on Microfinance. Launched in 2008 by ACTED (Agency for Technical Cooperation and Development)(1), Convergences 2015 is a permanent forum for information exchange with the objective of developing synergies between experts and microfinance practitioners operating in the public sector, in international finance, in the private sector and in the new technologies sectors.

Emmanuel Gautier, portfolio manager and specialist in solidarity financing at Natixis Asset Management spoke at the “Socially Responsible Investment and Microfinancing” round-table” led by Anne-Catherine Husson-Traoré, CEO of Novethic, a French research and consultancy body specialised in SRI and corporate societal responsibility.

What is the link between Socially Responsible Investment and Microfinance? According to ACTED: “While Socially Responsible Investment was until fairly recently limited to very specific funds operating only in developed countries, a broader form of SRI has been available for a few years that enables investors to participate in the microfinance sector operating in southern hemisphere countries”.

The morning session of the Forum focused on South Asia, where microfinancing was first practiced. And in the afternoon, the round tables focused on the overall issues and risks involved in microfinancing, its recent trends, and the advantages and opportunities that it offers.

(1)ACTED is one of the principal French NGOs operating in the field of international solidarity via microfinancing programs since 1997 (http://www.acted.org/fr/).

Awards: a successful quarter

After triumphing at the Le Monde Eurofonds-Fundclass Grands Prix, at the Lipper Fund Awards France and at the La Tribune-Morningstar Victoires des SICAV awards, Natixis Asset Management had been widely recognized at the 2009 edition of the SICAV-Le Revenu Trophies and at the 2009 Actifs du Patrimoine Awards.

The SICAV-Le Revenu Trophies 2009: Natixis Asset Management walked away with four trophies - gold, silver and double bronze in the category "networks banks" over 3 years

Golden TrophyBest range of international bonds funds

Silver TrophyBest range of international equities funds

Bronze TrophiesBest overall performance & Best range of sector equities funds

To be awarded, the funds or fund ranges had to strike the best balance between risk and return of their peer groups in the various categories, measured over three years or ten years.

The Actifs du Patrimoine Awards: Natixis Asset Management has won two Golden Prizes for distribution over 1 year

Golden Prizes for distribution Natixis Actions US Value in the "Equity funds – Networks" categoryNatixis Souverains Euro 3-5 in the "Bond funds – Networks" category

Handed out by the French magazine L’Agefi-Actifs, the Golden Prizes for distribution award the funds distributed in France and exclusively dedicated to wealth management. This purely quantitative approach validates record sales of UCITS. Thus, according to EuroPerformance, the Natixis Souverains Euro 3-5 and the Natixis Actions US Value funds were the top sellers in their respective categories between April 1, 2008 and March 31, 2009.


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 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. Natixis Global Associates UK Limited, Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA.

• In the E.U. (outside of Germany, Austria, 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 office of Natixis Global Associates S.A.: 2-8 Avenue Charles de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg. Registered office of Natixis Global Associates International (n.509 471 173 RCS Paris): 21 quai d'Austerlitz, 75013 Paris.

• In Germany: This material is provided by Natixis Global Associates Germany GmbH, a tied agent of Natixis Global Associates UK Limited. Natixis Global Associates UK Limited 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 Federal Republic of Germany, and should not 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 Federal Republic of Germany; and (2) who are lawfully authorised to receive this material under the provisions of § 2 (11) paragraph of the German Investment Act (“Intended Recipients”). To the extent that this material is issued by Natixis Global Associates Germany GmbH, the fund, services or opinions referred to in this material are only available to the Intended Recipients and this material must not be relied or acted upon by any other person. Registered office of Natixis Global Associates Germany GmbH (Frankfurt am Main HRB 45540):

Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt am Main 60322, Germany.

• In Austria: This material is provided by Natixis Global Associates Germany GmbH, a tied agent of Natixis Global Associates UK Limited. Natixis Global Associates UK Limited 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 Republic of Austria, and should not 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 republic of Austria; and (2) who are Qualified Investors as defined in Article 1 (1) 5a of the Austrian Capital Market Act (“Intended Recipients”). To the extent that this material is issued by Natixis Global Associates Germany GmbH, the fund referred to in this material is only available to the Intended Recipients and this material must not be relied or acted upon by any other person. Registered office of Natixis Global Associates Germany GmbH (Frankfurt am Main HRB 45540): Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt am Main 60322, Germany.

• 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 office: Via Larga, 4 - 20122, Milan, Italy.

• In Switzerland: This material is provided to Qualified Investors by Natixis Global Associates Switzerland Sàrl. Registered office: place de la Fusterie 12, 1204 Genève.

• In the DIFC: This material is provided in and from the DIFC financial district by Natixis Global Associates Middle East, a branch of Natixis Global Associates UK Limited, which is regulated by the DFSA. Related financial products or services are 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 DFSA. Registered office: PO Box. 118257, 5th Floor, Building 8, Gate Village, DIFC, Dubai, United Arab Emirates.

Legal informationThis material has been prepared by Natixis Asset Management, a subsidiary of Natixis global Asset Management. Natixis Asset Management is a French asset manager authorized by the Autorité des Marchés Financiers (Code 1200009, Agreement No. gP90009) and licensed to provide investment management services in the eu.

contacts

Prospectus and sales documents required for subscription are available on demand:

n Natixis Global Associates (Operations): [email protected]

n or CACEIS Luxembourg (Prime Transfer Agent): [email protected] (352) 47 67 70 78

n or Natixis Asset Management (Clients servicing): [email protected]

Natixis Asset Management - Agrément AMF n° GP 90-009 - RCS Paris 329 450 738

Past performance or reference to any rankings or awards cannot be interpreted as indicating the future performance of a fund.(1) Companies with more than 101 funds registered for sale in Europe and rated by Fundclass for at least four years as of 12/31/2008. (Source: Le Monde Argent of 03/08/2009). (2) Companies with funds registered for sale in France and rated by Lipper for at least three years as of 12/31/2008. (Source: Lipper Thomson Reuters). (3) Companies with more than 15 bond funds registered for sale in France and rated by Morningstar for at least five years as of 06/30/2008. (Source: Morningstar).(4) Category «Network banks» with European funds registered for sale in France and rated by EuroPerformance for at least three years as of 03/31/2009 (Source: Le Revenu).

natixis asset management has again been recognized for its consistent results over time.

With around 278 billion in assets under management as of march 31, 2009 and around 600 employees based in paris, natixis asset management offers institutional investors, large companies, distributors and banking networks a wide range of products and investments issues across all asset classes.

european expert of natixis Global asset management www.am.natixis.com

• no. 1 French asset manager• no. 1 european asset manager

Grands Prix le Monde eurofonds - Fundclass 2009(1)

• Best Bond Grouplipper Fund awards 2009 (France)(2)

• 1st prize large Bond Group la tribune - Morningstar “Victoires des SicaV” awards 2009(3)

• Golden trophy - Best range of international bonds funds • Silver trophy - Best range of international equities funds• Bronze trophies - Best overall performance & Best range of sector equities funds trophées des meilleurs SicaV et Fonds - le revenu - 2009(4)

tHinKpositiVe.

perspectives.06.2009.en

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