Loomis Sayles Absolute Strategies Bond Fund Product Overview with Matt Eagan 1 June 2011 Natixis International Funds (Lux) I This material is provided for information only to Professional or Qualified Investors. It must not be distributed to Retail Investors.
Natixis Global Asset Management Overview 1 As of 31 March 2011. 2 Source: Cerulli Associates, Global Markets 2010 – June 2010, based on total assets under management as of 31 December 2009. 3 Source: IPE Survey, Listing of asset managers active in the European marketplace - June 2010, based on total assets under management as of 31 December 2009. 4 Divisions of Natixis Asset Management Advisors. 5 Natixis Caspian Private Equity is a joint venture between Natixis Global Asset Management, Natixis Private Equity and Caspian Capital Management.
Each of our affiliates manages their clients’ assets independently
USD 753 billion (EUR 530 billion) under management 1
15th largest asset management company worldwide 2
11th largest asset management company in Europe 3
Diversified product line and client base
2,932 employees worldwide
Local representation in key markets
Asset management affiliates by domicile Global, affiliate-based organization H2O Asset Management Ossiam U.S. Europe and Asia Natixis Caspian Private Equity 5 Hansberger Global Investors Aurora Investment Management Vaughan Nelson Investment Management Managed Portfolio Advisors 4 Gateway Investment Advisers AlphaSimplex Group Snyder Capital Management Loomis, Sayles & Company Capital Growth Management AEW Capital Management Reich & Tang Asset Management Harris Associates Caspian Capital Management Active Investment Advisors 4 Natixis Multimanager Natixis Asset Management AEW Europe Absolute Asia Asset Management
Loomis, Sayles & Company, L.P. Overview
Loomis Sayles has served the needs of institutional and individual investors for more than 80 years.
As an actively managed, multi-style investment manager, the firm offers both traditional and highly specialized asset classes.
Employing an opportunistic approach, balanced with disciplined, bottom-up research and quantitative risk analysis, the investment teams strive to produce above-average returns across asset classes and categories.
Assets Under Management: US$ 156 billion/€ 110 billion (as of 31/3/2011)
Expertise in all sectors of the fixed income market
20 fixed income portfolio managers with an average of 26 years experience
22 senior fundamental credit analysts with an average of 20 years experience and 16 credit research analysts and associates
5 securitized asset analysts with an average of 11 years experience
6 global sovereign analysts/strategists with an average of 20 years experience
10 quantitative analysts with an average of 9 years experience
37 specialized bond traders and compliance specialists with an average of 15 years of experience
Fixed Income As of 31 March 2011; Years experience indicates industry experience. Performance-driven bond manager offering a broad range of fixed income strategies
Loomis Sayles Fixed Income AUM USD 140 Billion as of 31 March 2011 As of 31 March 2011 ASSETS ($ billions) US Investment Grade Corporates 38 US High Yield Corporates 24 Non-US Corporates 23 Sovereigns 17 US Governments 10 Securitized 9 Convertible/Preferreds 8 Short Term Investments 4 Other 4 Bank Loans 3
Research: Coverage Spans the Globe
We follow and rate
23 developed markets
58 emerging markets*
1058 corporate credits and 242 bank loans (includes 144a and other non-index eligible issuers)
Industry coverage conducted on a global basis, across quality spectrum and includes:
96% of investment grade issuers in the Barclays Capital Corporate Index
86% of investment grade issuers in the Barclays Capital Global Aggregate Credit Index
87% of high yield issuers in the Barclays Capital High Yield Index
Ability to provide an in-depth credit analysis of all sectors in the Barclays Securitized Index including commercial real estate, residential real estate, and asset-backed-related
As of 1 January 2011. *Emerging market countries include any country determined by Loomis Sayles to have an emerging market economy, taking into account a number of factors, which may include whether the country has a low-to-middle-income economy according to the International Bank for Reconstruction and Development (the World Bank), the country's foreign currency debt rating, its location and neighboring countries, its political and economic stability and the development of its financial and capital markets. These countries include those located in Latin America, Asia, Africa, the former Soviet Union, the Middle East and the developing countries of Europe, primarily Eastern Europe. A complete list of emerging market countries, as defined by Loomis Sayles, is available upon request. Coverage percentages above are based on market value of issuers covered. Covered issuers include those under coverage (followed closely and rated by Loomis Sayles research department) and under shadow coverage (followed by Loomis Sayles research department but not rated).
Proprietary, one of the oldest proprietary rating systems in the country
Industry coverage conducted on a global basis, across quality spectrum
Career analysts compensated for their effectiveness
Career analysts integrated into sector teams
As of 31 March 2011; Years experience indicates industry experience.
Loomis Sayles Fixed Income Research Team Senior Credit Analysts – Coverage by sector / industry Ken Heffner Chemicals Energy Paula Reiters Retailers Textile Pharmaceuticals Janet Sung Insurance Finance Beth Schroeder Banking Brokerage Mark Ravanesi Paper Packaging Metals & Mining Jim Barr REITs Airlines (EETCs) Transportation Services Diversified Mfg Industrial Other Paul Hanson Restaurants Consumer Cyclical Services Consumer Products Supermarkets and Drugstores Diana Monteith Biotechnology Convertibles Distressed/Special Situations Matt Welch Technology Emerging Markets Steve Bocamazo Environmental Services Aerospace & Defense Automotive Construction Machinery Railroads Tobacco Elisabeth Colleran Telecom Emerging Markets Carol Gentile Entertainment Media-Cable Media-NonCable Mark LaRochelle Newspapers Food and Beverage Shannon O’Mara Building Materials Electric Home Construction Pipelines Natural Gas Joanne McIntosh Gaming Electric Lodging Pipelines Natural Gas Chris Keller European Credits Ryan MacKay Health Care Technology Health Insurance Ed Thaute European Credits Global Banks Ryan McGrail Energy MLP Charles Kishpaugh Municipal Credits Joy Molack Municipal Credits GSEs As of 31 March 2011
Absolute Strategies Bond Product overview
Seeks consistent returns through all market environments
Return Objective*: Greater of 3-month US LIBOR plus 200-400 basis points or 6% over a market cycle
Targets yield curve, credit spread, and currency opportunities
Utilizes a disciplined risk management process that targets absolute volatility and seeks to mitigate downside tail risk
Risk Objective: Annualized standard deviation of 400 to 600 basis points
Employs long and short investment strategies
Total long or short exposure will not exceed 100% short and 100% long on a notional basis**
*There is no guarantee that any investment or return objective will be realized or that the strategy will be able to generate any positive or excess return. (Return objective is based on risk volatility of the strategy.) ** As a % of capital, excluding the use of futures and related options.
Why Loomis Sayles?
Experience investing with an absolute return frame of reference
Experienced global macro investor in the multi-sector space
Idea generation from recognized fundamental & quantitative research and trading capabilities
Extensive coverage of cash and derivative markets
Sophisticated portfolio management tools and compliance infrastructure
Significant quantitative research capability
Why Absolute Strategies?
Pursues absolute returns
Expansive market opportunities
Diversity of alpha sources
Utilizes long and short capabilities
Seeks to actively manage systemic risk
Low correlation with most traditional
Absolute Strategies Bond Product overview (conti)
Highly experienced, seasoned team Matthew Eagan, CFA 21 years in the industry Kevin Kearns 25 years in the industry Todd Vandam, CFA 17 years in the industry Portfolio management Key support Portfolio Analysis & Research A. DiCenso K. Heffner M. Murphy L. Sarlo T. Stolberg Sector Teams U.S. Government Securitized Assets Investment Grade/ Global Credit High Yield/Bank Loans Convertibles Emerging Markets Developed Non-U.S. Markets Firmwide resources Product Manager Roger Ackerman Risk Analysis Karl Davis Quantitative Research Risk Analysis Director 10 Fixed Analysts 4 Equity Analysts Equity Research 2 Co-Directors 15 Sector Analysts 4 Jr. Analysts/Research Associate Fixed Income Trading Director 22 Traders 14 Portfolio Specialists Trading Risk Manager Securitized Asset Research Senior Strategist 5 Analysts Sovereign Analysis 6 Analysts/Strategist-Non U.S. Credit Research 22 Senior Analysts 8 Analysts 8 Research Associates As of 31 March 2011 Macro Macro Strategy US Yield Curve Global Asset Allocation Macro Strategy Director Sr Global Macro Strategist Chief Economist Manager, Strategy Analytics 4 Analysts Associate
Sector teams Seek to assess value for each sector and identify best opportunities
Answer the questions: Does your sector represent investment value? What are the most attractive securities in your sector?
Develop top-down valuation frameworks using proprietary and non-proprietary analytics
Draw upon combined expertise of portfolio managers, research analysts and traders
Ongoing assessment of recommendations
Macro Strategy US Yield Curve Global Asset Allocation Macro Developed Non-US Markets Inv Grade/ Global Credit High Yield/ Bank Loans Convertibles Emerging Markets Securitized Assets US Government Traders Real-time market information Portfolio Managers Macro analysis and portfolio strategy Fixed Income Research Fundamental analysis of individual issues
Investment universe Instrument / Security Type Asset Class Geography US Investment Grade Credit Securitized (MBS/ABS) High Yield Credit Cash Bonds Credit Derivatives Interest Rate/ Currency Derivatives Structured Securities Equity/ Equity Options Bank Loans Govt/Agency Leveraged Loans Convertible/ Preferred Local Currency Non-US Developed Emerging Markets
Integrate global macro & relative value sector analysis and our best bottom up investment strategies to generate what we view as the highest potential to meet the risk / return objective*
Portfolio construction & optimization is integrated with risk analysis & management
*There is no guarantee that the strategy will be able to achieve any specific return.
Themes and portfolio strategies
Information from several specialized research teams used to formulate investment framework
Macro/Global Economic outlook
Establish portfolio strategy
Identify global investment opportunities
US Inv Grade Credit US Government Commodities High Yield/ Converts Emerging Markets Developed Non-US Markets Bank Loans Currencies Equities Securitized
OUR BEST OPPORTUNITIES
3- & 12-month return forecasts
Baseline, bull & bear scenarios
Sector Team’s Top investment ideas
Assess top down risk/return opportunities
Global Asset Allocation Team
Relative value sector analysis
Compare returns & risk ratings to find our best cross-asset class ideas
Our best bottom-up ideas Research
Propriety Rating System
Portfolio managers gain insight into individual credits using the broader Loomis Sayles research effort
Value of Sector
Specific Bond Volatility
Relative Value Return Analysis
Sector Team Trading and Quantitative Research Risk Analysis (QRRA)
Generating alpha drivers Investment Team generates potential Alpha drivers:
Term Structure Trades
Term Structure Trades
Credit Currency Curve
Directional Long or Short
Allocation, construction & optimization Charts are illustrative for presentation purposes only as a sampling of risk management tool output. The information is not intended to represent any actual portfolio. Scenario analysis examines hypothetical impacts to the portfolio using past known market events. Contribution to risk measures estimated volatility by trading strategy by factor risks and issue specific risks example
Process of risk management Measure Calculate Validate Manage Contribution to risk of each security’s beta relative to an Index (or other instrument) on a short and long term basis. Total Portfolio risk is decomposed into contributing factors of spread, term structure, and currency. Approximations of Total Portfolio beta relative to key risk factors are calculated. For example, the portfolio's beta to the high yield market is used as a proxy for measuring sensitivity to credit risk. Scenario analysis and stress tests are conducted in an attempt to validate the measured systemic risk level in the portfolio. Systemic risk factors may be adjusted by modifying sector allocations or by using derivatives instruments, depending upon market conditions.
Objective of risk management
Gross long/gross short exposure
Sector and industry exposure
Country and currency exposure
Interest rate exposure (duration)
Exposure by quality rating
Exposure to individual issuers
Credit spread risk analysis
Interest rate curve analysis
Historical simulation/covariance analysis
Scenario testing and stress testing
Analyze downside risks in seeking to achieve absolute returns in both up and down markets Seek to manage these risks through use of derivatives and/or cash instruments Nominal Volatility/risk-based Types of Risk Measurements
Risk management tools Beta analysis measures the strength of the relationship of the portfolio to interest rate changes or high yield corporate spread Historical volatility view of total contribution to risk over time Charts are illustrative for presentation purposes only as a sampling of risk management tool output. The information is not intended to represent any actual portfolio. example
Risk management tools Trade specific contribution to risk highlights particular trades and the corresponding contribution to MTD performance Charts are illustrative for presentation purposes only as a sampling of risk management tool output. The information is not intended to represent any actual portfolio. example
Risk management tools “ Heat map” graphically illustrates trade-specific sources of MTD and YTD return and risk Security dashboard summarizes key data for each security Charts are illustrative for presentation purposes only as a sampling of risk management tool output. The information is not intended to represent any actual portfolio. example
Loomis Sayles Absolute Strategies Bond Fund Characteristics and Performance
Loomis Sayles Absolute Strategies Bond Fund I/A (USD) 28.00
Loomis Sayles Absolute Strategies Bond Fund Characteristics as of 31 March 2011 Data source: Loomis Sayles. Due to active management, characteristics will evolve over time. Strategy Net Exposure Long Physicals Long Derivatives Long Total Short Physicals Short Derivatives Short Total Currency 3.73% 0.00% 3.74% 3.74% 0.00% 0.00% 0.00% Treasury/Agency 2.14% 2.14% 0.00% 2.14% 0.00% 0.00% 0.00% Inv Grade Corporate Credit 27.03% 27.03% 0.00% 27.03% 0.00% 0.00% 0.00% High Yield Corporate Credit 29.38% 33.41% 0.00% 33.41% 0.00% -4.02% -4.02% Bank Loans 8.72% 8.72% 0.00% 8.72% 0.00% 0.00% 0.00% Securitized 15.55% 15.55% 0.00% 15.55% 0.00% 0.00% 0.00% Equity/Equity Derivatives -3.04% 1.87% 0.00% 1.87% 0.00% -4.91% -4.91% Net 83.52% 88.71% 3.74% 92.45% 0.00% -8.93% -8.93% Cash and equivalents 10.12% 10.12% 0.00% 10.12% 0.00% 0.00% 0.00% Collateral 1.13% 1.13% 0.00% 1.13% 0.00% 0.00% 0.00% Interest Rate Derivatives -10.60% 0.00% 98.47% 98.47% 0.00% -109.07% -109.07% Overall Net 84.17% 99.96% 102.21% 202.17% 0.00% -118.00% -118.00%
Loomis Sayles Absolute Strategies Bond Fund Characteristics as of 31 March 2011 Data source: Loomis Sayles. Due to active management, characteristics will evolve over time. Physicals/CDS/CVT Quality Net Exposure Long Short AAA 7.00% 7.00% 0.00% AA 3.94% 3.94% 0.00% A 7.95% 7.95% 0.00% BAA 19.18% 19.18% 0.00% BA 18.96% 18.96% 0.00% B 17.38% 17.38% 0.00% CAA & Lower 10.30% 10.30% 0.00% NR 0.00% 0.00% 0.00% Currency Net Exposure USD 89.58% CAD 4.00 MXN 2.49 RUB 1.15 ZAR 1.07 IDR 1.04 NZD 1.04 CNY 1.02 SGD 1.02 MYR 0.50 GBP 0.11 EUR 0.01 TRY -0.18 JPY -2.86 Characteristics Effective Duration 2.85% # of issues 94 Average Maturity 5.57 years
Reference Information Loomis Sayles Absolute Strategies Bond Fund 3 month USD Libor is a widely-used benchmark for short-term interest rates based on the London Interbank Offered Rate; it is the rate of interest at which banks borrow funds from each other, in marketable size, over a period of 3 months. This Index is shown for comparative purposes only. Index Source: British Banker's Association. Loomis, Sayles & Company, L.P., a subsidiary of Natixis Global Asset Management, is an investment adviser registered with the U.S. Securities and Exchange Commission (IARD No. 105377) and is authorized to provide investment management services in the U.S. The company conducts all investment management services in and from the U.S. Distribution of this document may be restricted in certain countries. The Fund is not authorized for sale in all jurisdictions and its offering and sale may be limited by the local regulator to certain types of investors. Please ask your financial advisor if you have any questions. It is the responsibility of your financial advisor to ensure that the offering and sale of Fund shares complies with the relevant national law. 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. This material is distributed for information purposes only. It is not a prospectus and does not constitute an offering of shares. If you would like further information about this Fund, including charges, expenses, and risk considerations, contact 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. For assistance locating a financial advisor in your jurisdiction please call +44 203 405 2154. If the Fund is registered in your jurisdiction, these documents are also available free of charge from the Natixis Global Associates offices (ga.natixis.com) and the paying agents/representatives listed below. Please read the prospectus carefully before investing. Austria Erste Bank der österreichischen Sparkassen AG, Am Graben 21, 1010 Vienna. France CACEIS Bank, 1-3, Place Valhubert, 75013 Paris. Germany Rheinland-Pfalz Bank, Große Bleiche 54-56, D-55098 Mainz. Luxembourg Natixis Global Associates., 2-8 avenue Charles de Gaulle, L-1653 Luxembourg. Switzerland RBC Dexia Investor Services Bank S.A., Esch-sur-Alzette, Badenerstrasse 567, P.O. Box 101, CH-8066 Zurich. Risks Investments in fixed income securities are subject to certain risks including interest-rate risk, credit risk, and inflation risk. In addition, mortgage-backed/asset-backed securities are subject to market value, liquidity and certain other risks. Lower rated debt securities have speculative characteristics because of the credit risk of their issuers and may be subject to greater price volatility and liquidity risks. Use of derivatives, including credit default swaps, involves special risks, including those associated with leverage, valuation, liquidity and counterparties. International investing involves additional risks, such as currency exchange rate fluctuations, political or regulatory developments, economic instability and lack of information transparency. These and other risks of the Fund are described in greater detail in the Prospectus. Reference information Share class information Share class availability by currency of quotation A = Accumulating, H- = Hedged Share class TER, % Max sales charge, % Minimum initial investment S - Super institutional 0.80 3.00 USD/EUR 15 million, GBP 7 million I – Institutional 1.20 3.00 USD/EUR 100,000, GBP 50,000 R – Retail 1.70 3.00 USD/EUR 1,000, GBP 500 Share class USD EUR GBP S - Super institutional A A, H-A A, H-A I – Institutional A A A R – Retail A A A Dealing frequency Daily Cutoff time D, 13h30 Luxembourg time Reference index 3 Month USD Libor Fund inception 2 November 2010 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 Natixis Global Associates S.A. Investment manager Loomis, Sayles & Company, L.P. Portfolio manager Matthew Eagan, Kevin Kearns, Todd Vandam Registrations Austria, Finland, Germany, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden, Switzerland, U.K. ISIN, Bloomberg code I/A(USD) – LU0556612868, LSASIAU LX
Description of the hypothetical paper portfolio
The Paper Portfolio represents a hypothetical portfolio managed in the Absolute Strategies style. Trades are initiated by the portfolio managers and sent to trading to simulate execution into the portfolio.
Inception is 31/5/09
The Paper Portfolio is maintained on the Loomis Sayles Data Warehouse Software
Pricing is daily
Hypothetical account size at inception: USD 160 million
Data source: Loomis Sayles. Please be advised that the information regarding the Absolute Strategies Bond Fund included on this page reflects that of a paper portfolio and not an actual portfolio. The simulated performance of a paper portfolio has inherent limitations. Material market and economic factors may affect investment decisions differently when the managers are investing actual client assets. The simulated results do not reflect the impact of actual portfolio trading which may impact the price and availability of securities. Simulated trades may be executed at different times than trades for actual accounts which will impact results. The simulated results do not reflect the deduction of fess and expenses which would lower investment results and assume the reinvestment of dividends and capital gains.
Paper portfolio performance as of 31 October 2010 * Gross returns are net of trading costs. ** Net returns are gross returns less effective management fees charged for the time period Data source: Loomis Sayles. Please be advised that the information regarding the Absolute Strategies Bond Fund included on this page reflects that of a paper portfolio and not an actual portfolio. Inception of the Paper Portfolio is 5/31/09. The simulated performance of a paper portfolio has inherent limitations. Material market and economic factors may affect investment decisions differently when the managers are investing actual client assets. The simulated results do not reflect the impact of actual portfolio trading which may impact the price and availability of securities. Simulated trades may be executed at different times than trades for actual accounts which will impact results. The simulated results do not reflect the deduction of fess and expenses which would lower investment results and assume the reinvestment of dividends and capital gains. Paper Portfolio Gross* Paper Portfolio Net** 3mos US Dollar LIBOR Barclays Capital Universal 6/09 3.60% 3.55% 0.05% 0.76% 7/09 3.41% 3.36% 0.04% 1.89% 8/09 2.79% 2.74% 0.03% 1.16% 9/09 0.95% 0.90% 0.02% 1.36% 10/09 1.44% 1.39% 0.02% 0.58% 11/09 0.16% 0.11% 0.02% 1.27% 12/09 1.54% 1.49% 0.02% -1.25% 1/10 2.59% 2.54% 0.02% 1.52% 2/10 0.42% 0.37% 0.02% 0.38% 3/10 1.69% 1.64% 0.02% 0.13% 4/10 1.45% 1.40% 0.02% 1.11% 5/10 -1.60% -1.65% 0.03% 0.45% 6/10 0.83% 0.78% 0.05% 1.55% 7/10 1.31% 1.26% 0.04% 1.29% 8/10 0.72% 0.67% 0.04% 1.25% 9/10 2.16% 2.11% 0.03% 0.32% 10/10 0.78% 0.73% 0.02% 0.51% 6/09-10/10 27.04% 25.98% 0.38% 10.54%
Credit Risk – the risk that the issuer or borrower will fail to make timely payments of interest and/or principal. This risk is heightened for lower rated fixed income securities or borrowers.
Issuer Risk – the risk that the value of securities may decline due to a number of reasons relating to the issuer or the borrower or their industries or sectors. This risk is heightened for lower rated fixed income securities or borrowers.
Liquidity Risk – the risk that the Fund may be unable to find a buyer for its investments when it seeks to sell them, which is heightened for high yield, mortgage-backed and asset-backed securities.
Interest Rate Risk – the risk that the value of a debt obligation falls as interest rates rise.
Derivatives Risk – the risk that the value of the Fund’s derivatives instruments will fall because of changes in the value of the underlying reference instrument, pricing difficulties or lack of correlation with the underlying investment.
Counterparty Risk – the risk that the counterparty to a swap or other derivatives contract with default on its obligations.
Prepayment Risk – the risk that debt securities may be prepaid, resulting in reinvestment of proceeds in securities with lower yields. The Fund may also incur a loss when there is a prepayment of securities purchased at a premium.
Extension Risk – the risk that an unexpected rise in interest rates will extend the life of a mortgage or asset-backed security beyond the expected prepayment time, typically reducing the securities value.
Management Risk – the risk that the investment manager’s investment techniques will be unsuccessful.
There is no guarantee the portfolio will achieve its investment objective. For a more detailed description of the risks, prospective investors should carefully review any offering documents related to the product.
Additional Notes This material has been provided for information purposes only to investment service providers or other Professional Clients, Qualified or Institutional Investors and, when required by local regulation, only at their written request. In the E.U. (outside of the UK) This material is provided by Natixis Global Associates S.A. or one of its branch offices listed below. Natixis Global Associates S.A. is a Luxembourg management company that is authorized by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered under n. B 115843. Registered office of Natixis Global Associates S.A.: 51, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. France: Natixis Global Associates International (n.509 471 173 RCS Paris). Registered office: 21 quai d'Austerlitz, 75013 Paris. Italy: Natixis Global Associates S.A. Succursale Italiana (Bank of Italy Register of Italian Asset Management Companies no 23458.3). Registered office: Via San Clemente, 1 - 20122, Milan, Italy. Germany: Natixis Global Associates S.A., Zweigniederlassung Deutschland (Registration number: HRB 88541). Registered office: Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt am Main 60322, Germany. Netherlands: Natixis Global Associates S.A., Nederlands filiaal (Registration number 50774670). Registered office: Zuidplein 36 – 1077 XV Amsterdam, the Netherlands. Sweden: Natixis Global Associates S.A. (Luxembourg) Nordics Filial (Registration number 516405-9601 - Swedish Companies Registration Office). Registered office: Kungsgatan 48 5tr, Stockholm 111 35, Sweden. In Switzerland This material is provided to Qualified Investors by Natixis Global Associates Switzerland Sàrl. Address: Place de la Fusterie 12, 1204 Genève. In the U.K. This material is provided by Natixis Global Associates UK Limited which is authorised and regulated by the UK Financial Services Authority (register no. 190258). This material is intended to be communicated to and/or directed at persons (1) in the United Kingdom, and should not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell securities in any other jurisdiction than the United Kingdom; and (2) who are authorised under the Financial Services and Markets Act 2000 (FSMA 2000); or are high net worth businesses with called up share capital or net assets of at least £5 million or in the case of a trust assets of at least £10 million; or any other person to whom the material may otherwise lawfully be distributed in accordance with the FSMA 2000 (Financial Promotion) Order 2005 or the FSMA 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (the "Intended Recipients"). To the extent that this material is issued by Natixis Global Associates UK Limited, the fund, services or opinions referred to in this material are only available to the Intended Recipients and this material must not be relied nor acted upon by any other persons. Registered Office: Natixis Global Associates UK Limited, Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA. 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: Office 603 - Level 6, Currency House Tower 2, PO Box 118257, DIFC, Dubai, United Arab Emirates. The above referenced entities are business development units of Natixis Global Associates and subsidiaries 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. 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. Although Natixis Global Associates believes the information provided in this material to be reliable, it does not guarantee the accuracy, adequacy, or completeness of such 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.