NGAM Global Institutional Investor Survey Highlights Page 1 of 4

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1 NATIXIS GLOBAL ASSET MANAGEMENT GLOBAL INSTITUTIONAL INVESTOR SURVEY HIGHLIGHTS Below are highlights of a survey of 482 institutional investors around the globe by Natixis Global Asset Management (NGAM), one of the 15 largest asset managers in the world based on assets under management 1, which was released on September 25, 2012 by NGAM s Durable Portfolio Construction Research Center. The study was based on telephone and online surveys conducted by OnResearch in June-July, Institutional investors surveyed manage/oversee corporate pensions; public/government pensions; funds of funds; sovereign wealth funds; insurance reserves/liabilities and/or endowments/foundations. The median asset level managed by the survey respondents was approximately $23 billion. Survey respondents were based in 13 countries in Asia, Europe and the Middle East, as well as the U.K. and the U.S. 1 Cerulli Quantitative Update: Global Markets 2012 ranked Natixis Global Asset Management, S.A. as the 13 th largest asset manager in the world based on assets under management as of December 31, Institutional investors around the globe say market volatility is here to stay and that they must use the lessons learned in the past five years to manage their portfolios. Eight in 10 (80%) global institutional investors say market volatility is here to stay and a similar proportion (84%) believe that volatility creates investment opportunities. (Q20) The vast majority (81%) of global institutional investors say they find it difficult to mitigate the impact of market volatility on their portfolios. (Q21) On a global basis, three in four (74%) institutional investors find it difficult to adhere to asset allocation targets during periods of market volatility (Q21); one-third (32%) say they cannot effectively manage portfolio risk because of unpredictable market volatility. Only 22% of institutional investors in the U.S. claim say they cannot effectively manage portfolio risk because of unpredictable market volatility. Q20) The No. 1 investment priority over the next 12 months selected by institutional investors across the globe is to use strategies that limit exposure to market volatility (15%); a full 31% of institutional investors in the UK say it is their top investment priority. (Q34) The lessons apply both to asset correlations Just 31% of respondents say they had above-average success in the past five years in constructing portfolios that reduced correlation among assets. In the U.S. 41% of investors say they have had that high level of success; in the Middle East, only 19% say the same. (Q22) More than half of global institutional investors (53%) say traditional assets are too highly correlated to provide distinctive sources of return. This is more likely to be believed in the Middle East (65%) and the U.K. (67%). However, 91% of investors worldwide say increasing allocations to non-correlated assets is the best way to temper volatility. (Q27) and risk. Three in 10 (31%) report that their risk tolerance is lower today than five years ago, compared to 28% who say their risk tolerance is higher. (Q30) NGAM Global Institutional Investor Survey Highlights Page 1 of 4

2 Almost three-quarters (74%) of investors say they have changed their approach to risk management in the past five years, and a similar proportion (70%) are more confident that their current approach to risk management is right for volatile markets. In the Middle East, 81% say they are more confident with their current approach. (Q31, Q33) Increasing allocations to non-correlated assets is viewed by 91% of institutional investors as an effective portfolio risk management strategy; so, too, is risk budgeting (90%); increasing allocations to fixed income (84%); increasing allocations to global equities (79%); and currency hedging (76%). (Q37) Investors take numerous steps to manage risk on a daily or weekly/monthly basis. More than three-quarters of institutional investors (78%) say they examine short-term correlations to global stock indices (such as the Standard & Poor s 500) on a daily or weekly/monthly basis; 79% consider which investments are designed specifically to produce a low correlation to the broader markets. (Q36) The majority of global institutional investors say many of the old rules of investing do not apply to current markets. The financial crisis of has changed the way they look at investing. More than two-thirds of respondents (67%) agree that institutional investors need to replace traditional diversification and portfolio construction techniques with new approaches to achieve results. In the United Kingdom, 80% of investors agree on the need for new approaches.(q27) Most (65%) global institutional investors say static 60/40 policy portfolios are no longer the best way to pursue return and manage investment risk; 80% of U.K. respondents agree with the statement. (Q27) More than half (57%) say that historical data demonstrating that longer holding periods decreases the likelihood of a negative annualized return are no longer valid. (Q20) One-third (33%) of global institutional investors rate their institution s capabilities as above average for removing the guesswork in managing risk during periods of volatility; another 56% say they have average capabilities. In the Middle East, 45% of investors say their institution s capabilities are above average. (Q22) Global economic and political policies weigh on investment decisions of global institutional investors. Three in 10 (30%) global institutional investors predict the No. 1 source of market volatility over the next two years will be contagion from the European debt crisis, 53% of institutional investors in the U.K. make the same prediction. On a global basis, other top sources of market volatility cited include an uneven global economic recovery (16%), and political/regulatory gridlock in responding to sovereign debt levels (13%). (Q26) Half (50%) of global institutional investors say a contagion resulting from the European debt crisis is one of the top three issues keeping them awake at night as they think about their investment objectives. One-third (33%) say regulatory uncertainty leads to sleepless nights, while 31% point to discovering unexpected sources of risk in their portfolio and 30% say it s the inability to react quickly to volatile market conditions. (Q23) Rising energy/fuel prices was selected by 16% of institutional investors in the Middle East as the top source of volatility in the next two years, compared to only 9% on a global basis. (Q26) NGAM Global Institutional Investor Survey Highlights Page 2 of 4

3 Thirteen percent of institutional investors in the UK selected a hard landing for the economy in China as the No. 1 source of market volatility in the next two years, compared to 4% of Asian investors and 6% of institutional investors on a global basis. (Q26) The top economic issue cited by global institutional investors as having a significant influence on investment decisions is the European financial crisis (56%); 73% of investors in the U.K. and 50% in the US., agree. On a global basis, other top economic issues include economic growth (54%), central bank and monetary policy (45%) and government debt levels (42%). (Q25) One in four (25%) global institutional investors say that unemployment has a significant influence on investment decisions, compared to 31% in the US, 20% in Asia and 19% in the Middle East. (Q25) Global fiscal imbalance is cited as the greatest risk to their institution s investment objectives by 15% of institutional investors on a global basis, including 32% in the Middle East. Other top risks to achieving investment objectives are global equity market risk (14%), changes in tax policies or regulations/laws (11%), change in the stability/liquidly of counter-parties (10%) and geopolitical risk (9%).(Q24) Institutional investors find the consequences of global regulatory reform worrisome. The vast majority (85%) of institutional investors in Europe, including the U.K., agree that the regulations imposed by the Alternative Investment Fund Managers Directive (AIFMD) will affect fund managers negatively due to their broad scope. (Q29) Nearly nine in 10 (86%) institutional investors in Asia along with 76% of investors in Europe agree that the staggered pace of implementing financial reform around the world (e.g. the U.S., Europe, Hong Kong) is creating more, not less, systemic risk. Investors in the Middle East were less concerned, with only 68% in agreement. (Q29) Nearly half (47%) of institutional investors in the U.K. disagree with the statement that the most significant unintended consequence of global financial regulatory reform will be less, not more, transparency on correlated credit/equity exposures, counterparty risk, etc., compared to institutional investors in the rest of Europe (19%), Asia (20%) and the Middle East (36%). (Q29) Institutional investors are looking beyond traditional approaches to improve performance and lower risk over the long term. Seven in 10 (69%) institutional investors believe it is essential to invest in alternative investments such as hedge funds, private equity or venture capital to diversify portfolio risk. A similar percentage (63%) believes it is essential to invest in alternative assets to outperform the broad market. U.S. investors (with 73% in agreement) are most likely to say alternatives are necessary to beat market returns. (Q27) Among respondents who use alternative assets, 85% say they are pleased with the performance of those holdings, compared with 15% who are disappointed. (Q39) Twice as many investors (24%) who use alternatives would increase their allocation to those assets classes as would decrease it (12%) if they had to do it all again; 64% would keep their allocation the same. U.K. investors, at 44%, are the most likely to say they would raise their allocation to alternative investments. (Q41) In a show of confidence, 61% of investors say the alternative strategies they invest in will outperform last year s returns. Some 71% of Middle East investors expect better returns. (Q27) NGAM Global Institutional Investor Survey Highlights Page 3 of 4

4 Almost nine in 10 (89%) investors say increasing the use of liquid (more unconstrained) alternatives such as global macro or long/short equity strategies is an effective way of limiting portfolio risk. (Q37) Three in 10 (32%) global investors say their institution s allocation to real estate is below target; 40% of investors in Asia and 39% in Europe report the same. (Q40) More than one in four (28%) global investors say their institution s allocation to socially responsible investing is below target; half (50%) of investors in the U.K. and 40% in the Middle East also report below target allocations. (Q40) Looking ahead to the next 12 months, institutional investors expect to face headwinds as they work to balance risk and return. Asked to select up to three priorities for the next 12 months, 27% say one of their institution s top actions will be to pay more attention to correlations between asset classes. (Q34) More than one-fourth (26%) named increase holdings of safe cash-like investments as a top investment priority in the next year. (Q34) A similar proportion (25%) of institutional investors around the globe chose use absolute strategies. (Q34) About Natixis Global Asset Management, S.A. Natixis Global Asset Management, S.A. is one of the 15 largest asset managers in the world based on assets under management. 1 Its affiliated asset management companies provide investment products that seek to enhance and protect the wealth and retirement assets of both institutional and individual investor clients. Its proprietary distribution network helps package and deliver its affiliates products around the world. Natixis Global Asset Management, S.A. brings together the expertise of multiple specialized investment managers based in Europe, the United States and Asia to offer a wide spectrum of equity, fixed-income and alternative investment strategies. Headquartered in Paris and Boston, Natixis Global Asset Management, S.A. has assets under management totaling $711 billion ( 560 billion) as of June 30, Natixis Global Asset Management, S.A. is part of Natixis. Listed on the Paris Stock Exchange, Natixis is a subsidiary of BPCE, the second-largest banking group in France. Natixis Global Asset Management, S.A. s affiliated investment management firms and distribution and service groups include: Absolute Asia Asset Management; AEW Capital Management; AEW Europe; AlphaSimplex Group; Aurora Investment Management; Capital Growth Management; Caspian Private Equity; Darius Capital Partners; Gateway Investment Advisers; H2O Asset Management; Hansberger Global Investors; Harris Associates; IDFC Asset Management Company; Loomis, Sayles & Company; Natixis Asset Management; Natixis Multimanager; Ossiam; Reich & Tang Asset Management; Snyder Capital Management; and Vaughan Nelson Investment Management. Natixis Global Asset Management, S.A. also includes business development units located across the globe, and NGAM S.A., a Luxembourg management company authorized by the financial regulator (Commission de Surveillance du Secteur Financier) and incorporated under Luxembourg laws (Registration n. B ). NGAM S.A. is located at 51, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. 1 Cerulli Quantitative Update: Global Markets 2012 ranked Natixis Global Asset Management, S.A. as the 13 th largest asset manager in the world based on assets under management as of December 31, Assets under management (AUM) may include assets for which non-regulatory AUM services are provided. Nonregulatory AUM includes assets which do not fall within the SEC s definition of regulatory AUM in Form ADV, Part 1. # # # NGAM Global Institutional Investor Survey Highlights Page 4 of

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6 Key Findings from the Natixis Global Asset Management 2012 Study of Institutional Investors Institutional investors around the globe say market volatility is here to stay and that they must use the lessons learned in the past five years to manage their portfolios. The lessons apply both to asset correlations and risk. The vast majority say that increasing allocations to non-correlated assets is the best way to temper volatility. Global economic, political and regulatory policies weigh on investment decisions of global institutional investors. Over the next two years, institutional investors see challenges to their ability deliver strong performance, including market volatility, with contagion from the European debt crisis and uneven economic growth as the most likely causes of such volatility. The majority of global institutional investors say many of the old rules of investing do not apply to current markets. The financial crisis of and the market volatility that has ensued has changed the way they look at investing. Institutional investors are exploring new approaches to improve performance, mitigate the impact of volatility on their portfolios and lower risk over the long term. Alternative investing strategies continue to hold their appeal, even for those who recently began investing in them. Those who have invested in hedge funds, private equity funds and venture capital are satisfied with their results and believe the alternative strategies they invest in will outperform last year s returns. Table of Contents About the Survey..3 Introduction 4 Findings The Way Forward..11 2

7 About the Study The study of 482 institutional investors undertaken by the Natixis Global Asset Management (NGAM) Durable Portfolio Construction Research Center based upon telephone and online surveys conducted by OnResearch in June-July, The survey respondents were based in 13 countries in Asia, Europe and the Middle East, as well as the United Kingdom and the United States. The investors surveyed work in an institutional investment firm (including consultants), investment bank or retail bank and serve as an investment consultant/advisor, investment team member (e.g. portfolio management, analyst, trade) or work in legal/compliance or risk management. The assets the survey respondents oversee are held by corporate pensions; public/government pensions; funds of funds; sovereign wealth funds; insurance reserves/liabilities and/or endowments/foundations. The cumulative assets of the respondent s organization must be greater than $500 million in the U.S. and 500 million in the U.K.; the median asset level managed by the survey respondents was approximately $23 billion. 3

8 Introduction In today s investment environment, institutional investors are facing a near universal challenge: address increasing risk appetites while mitigating market volatility and preserving investment principal. In response, institutional investors are trying to build more durable investment portfolios that perform in both up and down markets to generate the returns they need. In today s markets, this requires a bifurcated approach to investing. On the one hand, investors need to be more aggressive in seeking returns in a low-interest rate environment. On the other hand, they need to defend against elevated levels of risk in highly volatile markets. This approach to investing requires nothing less than a fundamental reconsideration of conventional investing methodologies. Investors seem to be increasingly comfortable with stepping outside the lines of past approaches to build and manage portfolios with strategies that had been unconventional only a few years ago. The financial crisis and slow economic recovery threats the ability of institutional investors to generate current income and meet future obligations. Many of the investors we surveyed are building such portfolios using alternative investment strategies that seek higher returns that are less correlated to overall markets. The data from the NGAM study suggest that the combination of a severe financial crisis and an ambiguous market recovery is accelerating the mainstreaming of alternative investment approaches, a trend that had begun more than decade ago but is now achieving wide acceptance. The past five years have been a difficult time for institutional investors such as the managers and overseers of corporate and public/government pensions, funds of funds, sovereign wealth funds, endowments and foundations and insurance reserves. Institutional investors must not only safeguard their assets but also generate current income and growth sufficient to meet future obligations. Yet plunges in the financial markets, the most severe economic downturn in 75 years and continued market volatility, low interest rates and slow economic growth have combined to create a vortex of challenges unlike anything most institutional investors have seen before. Investors find themselves both becoming more aggressive in seeking returns and defending against risk on highly volatile markets. Since the value of their holdings underwent sharp declines in , investors have struggled to recover that value while faced with: Real interest rates that in some nations have dropped below zero; global economic growth that has been stagnant, at best; and, a macro market environment in which policy, not traditional investing fundamentals, holds sway. In a global economy in which outperformance is increasingly difficult to achieve, investors are concerned about their ability to meet current income requirements and as the Baby Boom generation retires their ability to fund future expenses. 4

9 Survey Findings Institutional investors around the globe say market volatility is here to stay Equity market volatility not just day-to-day fluctuations but longer-term swings from bull to bear markets are a signature characteristic of the financial environment of the past dozen years, with greater volatility in the last decade than in the previous 50 years combined, according to data from Yahoo! Finance. Two severe bear markets, combined with uneven recoveries, have tested the nerves of investors. With no signs of a consistent, long-term upward trend in the markets, investors have come to expect that such swings will be a persistent feature of the markets into the future. Eight in 10 institutional investors surveyed by NGAM have concluded that market volatility is here to stay. There is no shortage of concern about the implications of volatility. Eight in 10 investors surveyed also say they find it difficult to mitigate the impact of market volatility on their portfolios, and three in four find it difficult to adhere to their asset allocation targets during periods of market volatility. 5

10 Investors say they must use the lessons learned in the past five years to manage their portfolios Despite the portfolio risks that such volatility can present, an even greater proportion of investors, 84 percent, believe that volatility also creates investment opportunities. Many of them say that applying the lessons learned in the past five years can position them to take advantage of these opportunities. In fact, adopting strategies that limit their exposure to market volatility is investors single highest investment priority over the coming year. The lessons apply both to asset correlations The growing correlation of asset classes makes it harder to outperform the markets while increasing risk during downturns. One of the key lessons relates to correlation among assets. A generation ago, diversification among asset classes, such as equities and fixedincome securities, was expected to ensure that only a portion of an investor s portfolio lost value during a market decline. Increasingly, however, various asset classes seem to move in lock-step, with correlation even appearing to grow during times of market stress. The implications of this correlation include both greater risk and lower returns: More than half of the investors surveyed say traditional assets already are too highly correlated to provide distinctive sources of return. While there is uncertainty about why this phenomenon has occurred and whether it is a permanent fixture of a more volatile investment landscape, investors increasingly seek to reduce correlation among the assets in their portfolios. 6

11 Nine in 10 investors say increasing allocations to non-correlated assets is the best way to temper volatility. However, fewer than one in three say they have had aboveaverage success in the past five years in constructing portfolios that reduced correlation among assets. And risk The received wisdom is that investors, badly singed by two bear markets less than a decade apart, are risk-averse. However, this is not necessarily true. A separate NGAM survey of financial advisors earlier this year found that 80 percent saying that a majority of their individual investor clients are torn between seeking increased returns and the need to keep their investments safe. The split is equally true of institutional investors. The NGAM survey found that nearly one in three (31%) report that their risk tolerance is lower today than five years ago; yet nearly as many (28%) say their risk tolerance is higher than it was then. Clearly, the imperative to rebuild portfolios and generate income is so strong for many investors that it overcomes any hesitancy. Yet this higher risk tolerance is accompanied by a focus on improved risk management. Almost three-quarters of investors say they have changed their approach to risk management in the past five years, and nearly as many (70%) are more confident that their current approach to risk management is right for volatile markets. Given the concern over asset correlation, nine in 10 portfolio institutional investors believe that increasing allocations to non-correlated assets is an effective risk management strategy; nearly as many say that risk budgeting breaking down aggregate risk by asset class and setting individual asset class limits is also effective. 7

12 More than three-quarters of investors say they examine short-term correlations to global stock indices on a daily or weekly/monthly basis, and about as many consider which investments are designed specifically to produce a low correlation to the broader markets. Global economic, political and regulatory policies weigh on investment decisions of global institutional investors With a significant amount of day-to-day market volatility appearing to stem from investor reaction to global events and decisions, economic and political policies increasingly weigh on investment decisions of institutional investors. Nearly two- thirds of investors surveyed think that the leading source of market volatility over the next two years will be contagion from the European debt crisis. An uneven global economic recovery and political or regulatory gridlock in responding to sovereign debt levels trail as expected sources of volatility. In response to a different question, What is the economic issue with the most significant influence on their investment decision-making?, the European financial crisis again led with more than half of the investors globally citing it as their top worry, followed closely by economic growth. Other issues, such as central bank and monetary policy, government debt levels and unemployment, all trailed as concerns. Institutional investors find the uncertain consequences of global regulatory reform worrisome. Nearly nine in 10 European institutional investors surveyed agree that the broad scope of the regulations imposed by the Alternative Investment Fund Managers Directive (AIFMD) will affect fund managers negatively. 8

13 The staggered pace of implementing financial reform around the world also comes in for criticism, with nearly eight in 10 investors saying that it is creating more, not less, systemic risk. British investors have a notably different take on whether the most significant unintended consequence of global financial regulatory reform will be less, not more, transparency on correlated credit/equity exposures, counterparty risk, etc. Just a third of British investors say this, compared to more than half of European and Asian investors overall. Looking ahead over the next year, institutional investors expect to face headwinds as they work to balance risk and return. In order to address this issue, nearly three in 10 say one of their institution s top actions during the coming 12 months will be to pay more attention to correlations between asset classes. Substantial numbers approximately one in four each also expect to use absolute strategies or ease holdings of safe cash-like investments. The majority of global institutional investors say many of the old rules of investing do not apply to current markets The financial crisis of , and the failure of so many widely-held beliefs to hold up, has caused a significant rethinking among institutional investors, financial advisors and other professionals. Institutional investors have long been at the forefront of finding alternatives to traditional asset allocation and portfolio construction techniques, from developing global macro and active currency management strategies to complex risk mitigation strategies. Investors say that many of the old rules of investing no longer apply in today s markets, and investors are looking for new approaches. Not surprisingly, a solid majority of institutional investors in the NGAM study say that many of the old rules of investing do not apply to current markets. Two-thirds agree they need to replace traditional diversification and portfolio construction techniques with new approaches to achieve results, and nearly as many say static 60/40 portfolios are no longer the best way to pursue return and manage investment risk, and a majority thinks that historical data demonstrating that longer holding periods decreases the likelihood of a negative annualized return are no longer valid. Alternative investing strategies continue to hold their appeal, even for those who recently began investing in them While investors may have a way to go before they are successful in adopting the new rules of portfolio construction, they have sense of where they need to go. And for a large majority of institutions, that road leads to alternative investments. Alternative investments have captured an increasing share of institutional flows in recent years. This trend has helped push the hedge fund industry s aggregate assets 9

14 to $2.1 trillion today, 1 compared to just $39 billion in 1990, according to Hedge Fund Research. While the industry continues to mature, it has also improved its appeal to institutions looking for uncorrelated returns to the market and risk-sensitive strategies. Seven in 10 institutional investors NGAM surveyed believe it is essential to invest in alternative investments such as hedge funds, private equity or venture capital to diversify portfolio risk; nearly as many believe it is essential to invest in alternative assets to outperform the broad market. Among the investors who already use alternative assets, more than eight in 10 say they are pleased with the performance of those holdings. Looking forward, three in five investors say the alternative strategies they invest in will outperform last year s returns. Underscoring their confidence, a solid majority of investors who currently use alternatives would keep their allocation the same if they were starting over again. Among those who would change their allocation to those asset classes, twice as many would increase their allocation as would decrease it. 1 Hedge Fund Capital Inflows Steady Through Volatile 2Q12, Hedge Fund Research news release, July 19,

15 Durability: The Way Forward If the market has taught institutional investors anything over the past five years, it s that risk, correlations and volatility are a fact of life in increasingly interconnected and policy-driven global markets. And those that fail to learn this lesson, to paraphrase the adage about history, are deemed to repeat their mistakes. Institutions have quickly adapted to this new reality. They are incorporating new portfolio management techniques to guard against highly correlated risks and the ever present market fear of contagion. Several core portfolio management principles are emerging from the post-financial crisis period. First, make risk the primary consideration for asset allocation. Second, minimize the impact of extreme market movements. Third, truly improve diversification, so portfolios can grow in both up and down markets. Durable portfolio construction is designed to generate returns in both up and down markets while minimizing the impact of market swings. These concepts build durability by making risk the primary consideration for asset allocation, seeking to minimize the impact of extreme market movements and achieving true diversification for portfolios not just by asset class, but by risk, by correlation and by exposure to varied sources of alpha. The latter is achieved through smarter use of traditional asset classes, exposure to uncorrelated investments such as currencies and managed futures and investment techniques such as hedging and shorting. In today s challenging markets, investors worldwide are anxious about risk and volatility. Building more durable portfolios can help investors better manage volatility, stay invested and meet their long-term savings goals. About the Natixis Global Asset Management Durable Portfolio Construction Research Center The NGAM Durable Portfolio Construction Research Center generates research on asset allocation, risk management and other issues. The center builds upon continuing NGAM research initiatives in the United States and the United Kingdom, including its Client Insights Research Program, and produces new studies of financial advisors and institutional investors to gauge current sentiment on issues affecting markets and their impact on investors. Institutional investors, their consultants and other financial professionals can learn more information about durable portfolio construction by contacting their NGAM representative.

16 About Natixis Global Asset Management, S.A. Natixis Global Asset Management, S.A. is one of the 15 largest asset managers in the world based on assets under management. 2 Its affiliated asset management companies provide investment products that seek to enhance and protect the wealth and retirement assets of both institutional and individual investor clients. Its proprietary distribution network helps package and deliver its affiliates products around the world. Natixis Global Asset Management, S.A. brings together the expertise of multiple specialized investment managers based in Europe, the United States and Asia to offer a wide spectrum of equity, fixed-income and alternative investment strategies. Headquartered in Paris and Boston, Natixis Global Asset Management, S.A. has assets under management totaling $711 billion ( 560 billion) as of June 30, Natixis Global Asset Management, S.A. is part of Natixis. Listed on the Paris Stock Exchange, Natixis is a subsidiary of BPCE, the second-largest banking group in France. Natixis Global Asset Management, S.A. s affiliated investment management firms and distribution and service groups include: Absolute Asia Asset Management; AEW Capital Management; AEW Europe; AlphaSimplex Group; Aurora Investment Management; Capital Growth Management; Caspian Private Equity; Darius Capital Partners; Gateway Investment Advisers; H2O Asset Management; Hansberger Global Investors; Harris Associates; IDFC Asset Management Company; Loomis, Sayles & Company; Natixis Asset Management; Natixis Multimanager; Ossiam; Reich & Tang Asset Management; Snyder Capital Management; and Vaughan Nelson Investment Management. Natixis Global Asset Management, S.A. also includes business development units located across the globe, and NGAM S.A., a Luxembourg management company authorized by the financial regulator (Commission de Surveillance du Secteur Financier) and incorporated under Luxembourg laws (Registration n. B ). NGAM S.A. is located at 51, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. 2 Cerulli Quantitative Update: Global Markets 2012 ranked Natixis Global Asset Management, S.A. as the 13 th largest asset manager in the world based on assets under management as of December 31, Assets under management (AUM) may include assets for which non-regulatory AUM services are provided. Non-regulatory AUM includes assets which do not fall within the SEC s definition of regulatory AUM in Form ADV, Part 1. This communication is for information only and is intended for members of the press. In the EU (ex UK): Distributed by NGAM S.A., a Luxembourg management company authorized by the CSSF, or one of its branch offices. In Switzerland: Provided by NGAM, Switzerland Sàrl. In the UK: Approved for use by NGAM UK Limited, authorized and regulated by the Financial Services Authority. In the DIFC: Distributed in and from the DIFC financial district to Professional Clients only by NGAM Middle East, a branch of NGAM UK Limited, which is regulated 12

17 by the DFSA. Registered office: Office Level 6, Currency House Tower 2, PO Box , DIFC, Dubai, United Arab Emirates. In Singapore: Provided by NGAM Singapore (name registration no FD), a division of Absolute Asia Asset Management Limited, to Institutional Investors and Accredited Investors for information only. Absolute Asia Asset Management Limited is authorized by the Monetary Authority of Singapore (Company registration No D) and holds a Capital Markets Services License to provide investment management services in Singapore. Registered office: 8 Eu Tong Sen Street, #23-90 The Central, Singapore In Taiwan: Provided by NGAM Securities Investment Consulting (Taipei) Co., Ltd. a Securities Investment Consulting Enterprise, regulated by the Taiwan Financial Supervisory Commission. Registered address: Unit 3, 5/F, No.136, Chung Hsiao East Road, Section 3, Taipei, Taiwan, 106, R.O.C., license number 2009 FSC SICE No. 004, Tel In Japan: Provided by Natixis Asset Management Japan Co., Registration No.: Director-General of the Kanto Local Financial Bureau (kinsho) No Content of Business: The Company conducts discretionary asset management business and investment advisory and agency business as a Financial Instruments Business Operator. Registered address: Uchisaiwaicho, Chiyoda-ku, Tokyo. In the United States: Furnished by NGAM Distribution L.P. 399 Boylston St. Boston, MA Natixis Global Asset Management consists of Natixis Global Asset Management, S.A., NGAM Distribution, L.P., NGAM Advisors, L.P., NGAM S.A., and NGAM S.A. s business development units across the globe, each of which is an affiliate of Natixis Global Asset Management, S.A. The affiliated investment managers and distribution companies are each an affiliate of Natixis Global Asset Management, S.A. This material should not be considered a solicitation to buy or an offer to sell any product or service to any person in any jurisdiction where such activity would be unlawful. NGAM S.A., 51, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. ngam.natixis.com # # #