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April 2011


Victoires des SICAV : Natixis Asset Management awarded In the 2011 Victoires des SICAV, Natixis Asset Management was awarded by La Tribune in partnership with EuroPerformance, for its management of the CNP Assur Performance fund in the category "Diversified– Flexible international management". The 15th Victoires des SICAV awarded Natixis Asset Management's expertise in its management of the CNP Assur Performance fund which reached the 1st place in the "Diversified - Flexible international management" category. This prize illustrates the quality of its fund management and its ability to create performance over the long-term within a managed risk framework. The EuroPerformance methodology takes account of risk-adjusted performance not just over 1 year, but also over 3 and 5 years. CNP Assur Performance thus offers the best risk/return profile in its EuroPerformance category.

Source: Supplement La Tribune – Les Victoires des Sicav, 01/04/2011.

The quoted figures refer to the past. Past performance is not a reliable indicator of future performance. References to a ranking, prize, or grading for a UCITS are not an indication of its future performance. CORPORATE AND INVESTMENT BANKING / INVESTMENT SOLUTIONS / SPECIALIZED FINANCIAL SERVICES


METHODOLOGY The Victoires des SICAV are awarded by La Tribune in partnership with EuroPerformance, and aim to reward asset management companies for the quality of their products. Only funds with at least a 5-year track record are considered, which, on the one hand, guarantees the statistical significance of the results, and, on the other hand, awards a premium for consistent results and long-term investments. There are two types of prizes: prizes by company and by category.


n by category

As there is not a single universal criterion for judging the quality of products, a pragmatic approach has been adopted, depending upon the types of funds analyzed:

This prize highlights the products with the best risk/return profile within homogenous categories. The category prizes thus reward: - funds, and not complete fund ranges, - non-institutional units.

n For other fund categories, where the choice of a benchmark index for the entire category may prove difficult, the Sharpe ratio is used, which measures the excess performance of the fund compared to a risk-free asset, relative to the total risk taken (its volatility).


n In order to attribute particular importance to the recent past, for category prizes, this year’s rating is an average of the ratings for the following periods: 1 year, 3 years, 5 years.

nE  quity funds: for funds within the equity segment, the adjusted Information ratio (also called the Appraisal ratio) is used. The adjusted Information Ratio equals the alpha divided by the fund’s specific risk, relative to the chosen benchmark index by category.

The range of funds is subject to the following restrictions: • open funds, • funds with a five-year track record at December 31, 2010, • funds distributed in France, • units present in the EuroPerformance Awards (maximum 2 unit classes per sub-fund: retail units + institutional units, or one mixed unit class), • funds belonging to the EuroPerformance 2010 categories defined in the methodology. Disqualifying conditions: • units hedged completely against exchange rate movements, • index funds or ETFs, • Bear funds, • 130/30 funds.

PRIZES AWARDED n by company This prize assesses the overall quality of the company’s range of funds.

1/ Ratios The prize uses calculations made for 5 years, calculated monthly, 3 years, calculated monthly, and 1 year, calculated weekly.

nO  ther funds: for other funds (bonds or diversified), the Sharpe ratio is used. 2/ Calculation of percentiles A percentile is calculated for each unit in an eligible fund (with no constraints on the fund management company), and for each period (1, 3, 5 years). 3/ Calculation of the average percentile by sub-fund An average percentile is calculated for each eligible sub-fund, for each period. 4/ Calculation of the rating by sub-fund For each sub-fund, the average of the 3 periods for the ratings in step 3 is calculated. This score gives the final rating, the fund with the lowest rating is the winner.

For more information on the methodology for the Victoires des SICAV: For more information about Natixis Asset Management:

The quoted figures refer to the past. Past performance is not a reliable indicator of future performance. References to a ranking, prize, or grading for a UCITS are not an indication of its future performance.

This document has been conceived by the Communications Department - April 2011

n For equity funds the information ratio is used. This measures the outperformance of fund managers relative to the risk taken compared to a benchmark index for the market in which they are investing.


LEGAL INFORMATION The funds mentioned in this material are not registered or authorized in

2000; or are high net worth businesses with called up share capital or net

all jurisdictions and may not be available to all investors in a jurisdiction.

assets of at least £5 million or in the case of a trust assets of at least £10

The provision of this material does not constitute an offer of services,

million; or any other person to whom the material may otherwise lawfully

nor an offer or recommendation to purchase or sell shares in any finan-

be distributed in accordance with the Financial Services and Markets Act

cial instrument. Investors should consider the investment objectives,

2000 (Financial Promotion) Order 2005 or the (Promotion of Collective In-

risks and expenses of any investment carefully before investing. In the

vestment Schemes) (Exemption) Order 2001 (the "Intended Recipients").

case of a fund, these can be found in the fund’s prospectus or offering

To the extent that this material is issued by Natixis Global Associates UK

memorandum, which should be read carefully before investing. If you

Limited, the fund, services or opinions referred to in this material are

would like further information about any of the funds, including charges,

only available to the Intended Recipients and this material must not be

expenses and risk considerations, contact the sender of this document

relied nor acted upon by any other persons. Registered Address: Cannon

or your financial advisor for a free prospectus, simplified prospectus,

Bridge House, 25 Dowgate Hill, London, EC4R 2YA.

copy of the Articles of Incorporation, the semi and annual reports, and/ or other materials and translations that are relevant to your jurisdiction.

In the E.U. (outside of the UK): This material is provided by Natixis Global

Any reference to a ranking, a rating or an award provides no guarantee for

Associates S.A. or one of its branch offices listed below. Natixis Global

future performance results and is not constant over time. Performance

Associates S.A. is a Luxembourg management company that is autho-

data shown represents past performance and is not a guarantee of fu-

rized by the Commission de Surveillance du Secteur Financier and is in-

ture results. More recent performance may be lower or higher. Principal

corporated under Luxembourg laws and registered under n. B 115843.

value and returns fluctuate over time (including as a result of currency

Registered office of Natixis Global Associates S.A.: 2-8 Avenue Charles

fluctuations) so that shares, when redeemed, will be worth more or less

de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg. France:

than their original cost. Performance shown is net of all fund expenses,

Natixis Global Associates International (n.509 471 173 RCS Paris). Regis-

but does not include the effect of sales charges or correspondent bank

tered office: 21 quai d'Austerlitz, 75013 Paris. Italy: Natixis Global Asso-

charges, and assumes reinvestment of distributions. If such charges

ciates S.A. Succursale Italiana (Bank of Italy Register of Italian Asset Ma-

were included, returns would have been lower. The analyses, opinions,

nagement Companies no 23458.3). Registered office: Via San Clemente,

and certain of the investment themes and processes referenced herein

1 - 20122, Milan,MI, Italy. Germany: Natixis Global Associates S.A., Zwei-

represent the views of the author(s) referenced as of the date indicated.

gniederlassung Deutschland (Registration number: HRB 88541). Regis-

These, as well as the portfolio holdings and characteristics shown, are

tered office: Im Trutz Frankfurt 55, Westend Carrée, 7. Floor, Frankfurt

subject to change. There can be no assurance that developments will

am Main 60322, Germany. Netherlands: Natixis Global Associates S.A.,

transpire as may be forecasted in this material.

Nederlands filiaal (Registration number 50774670). Registered office: Evert van de Beekstraat 310, 1118CX Schiphol, the Netherlands. Swe-

In certain cases, this material is provided by one of the Natixis Global

den: Natixis Global Associates S.A. (Luxembourg) Nordics Filial (Regis-

Associates entities listed below, each of which is a subsidiary of Natixis

tration number 516405-9601 - Swedish Companies Registration Office).

Global Asset Management, the holding company of a diverse line-up of

Registered office: Master Samuelsgatan 60, 8th Floor, Stockholm 111 21,

specialised investment management and distribution entities worldwide,


each of which conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized. Their services and the

In Switzerland: This material is provided to Qualified Investors by Natixis

products they manage are not available to all investors in all jurisdictions.

Global Associates Switzerland Sàrl. Registered office: place de la Fusterie

Although Natixis Global Associates believes that the information provi-

12, 1204 Genève.

ded in this material to be reliable, it does not guarantee the accuracy, adequacy, or completeness of such information.

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

In the UK: This material is provided by Natixis Global Associates UK Li-

Associates UK Limited, which is regulated by the DFSA. Related financial

mited which is authorised and regulated by the UK Financial Services

products or services are only available to persons who have sufficient

Authority (register no. 190258). This material is intended to be communi-

financial experience and understanding to participate in financial markets

cated to and/or directed at persons (1) in the United Kingdom, and should

within the DIFC, and qualify as Professional Clients as defined by the

not to be regarded as an offer to buy or sell, or the solicitation of any offer

DFSA. Registered office: PO Box. 118257, 5th Floor, Building 8, Gate Vil-

to buy or sell securities in any other jurisdiction than the United Kingdom;

lage, DIFC, Dubai, United Arab Emirates.

and (2) who are authorised under the Financial Services and Markets Act