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Flash infos Fitch confirms the quality of Natixis Asset Management’s CDO expertise Fitch Ratings has assigned Natixis Asset Management a CAM1-* CDO Asset Manager rating for investment grade corporate CDOs. It is the best rating assigned to a CDO manager in Europe (source: Fitch Ratings on 05/07/2008).

Fitch rates CDO asset managers by asset class, on a scale of 1 to 5, with 1 being the highest rating. The rating scale includes "plus" (+) and "minus" (-) designations to sharpen the analysis. Natixis AM's rating is based on the company's composite score, which is a weighted average of the scores assigned for each category summarised below: • Company and management experience: 1• Staffing: 1• Procedures and controls: 1 • Portfolio management: 1• CDO administration: 1 • Technology: 1 • CDO performance: 2+ The rating is primarily based on Natixis AM's strong IG corporate synthetic CDO franchise built on extensive credit investment experience and supported by dedicated technology resources. Within the Fixed income management Department, the Credit management team led by Hanna Stekelorom manages CDO portfolios within the rating agencies’ framework. Natixis AM launched its first synthetic IG corp CDO in 2002 and this CDO expertise is today promoted by Fitch Ratings. The rating showcases the achievements of the Investment Management and Structuring Analysis Modelling & Solutions teams, supported by the various core teams involved in this activity. It is a testimony to the long-lasting quality of the investment process and the expertise of the teams. This CAM1- rating positions Natixis Asset Management as a world leading management company on the CDO market.

*CAM rating : CDO Asset Manager rating

Flash infos

CDO Management (key figures as of 03/31/2008) • EUR 3.2 bn under management (or a delta equivalent of around €30 bn managed). • A team of 34 specialists including 8 credit portfolio managers and 2 credit portfolio analysts. • 24 Investment Grade CDOs (public and private),”market value” products and leveraged structures. • Over 600 European issuers followed and over 760 corporate credits followed in the United States.

Disclaimer This document is intended for professional clients. It may not be used for any purpose other than that for which it was intended and may not be reproduced, disseminated or disclosed to third parties, whether in part on in whole without prior authorization in writing from Natixis Asset Management. No information contained in this document may be interpreted as being contractual in any way. This document is produced purely for informational purposes. It is a presentation created and prepared by Natixis Asset Management based on sources considered to be reliable. Natixis Asset Management reserves the right to change the information in this document at any time without notice, and in particular anything relating to the description of the investment process, which under no circumstances constitutes a commitment from Natixis Asset Management. Natixis Asset Management will not be held liable for any decision taken or not taken on the basis of the information in this document, nor for any use that a third party might make of the information. Prior to any investment, investors must check that they are legally authorized to invest in a fund. The risks and fees connected to investment in each fund are described in the relevant prospectus. The prospectus and periodic documents are available from Natixis Asset Management upon request. The prospectus must be given to the investor prior to the subscription. The figures mentioned refer to previous years. The Fund’s past performance or reference to any rankings or awards received by it or its manager cannot be interpreted as indicating the future performance of the products or of their managers.



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